99% Of People Watching This Will Stay Broke - Will You Be The 1% That Builds Wealth? | Morgan Housel PT 2

Tom Bilyeu's Impact Theory

Impact Theory

Business, News Commentary, News

4.7 • 5.2K Ratings

🗓️ 15 November 2023

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome back to part two of an important conversation with Morgan Housel that could impact your future wealth! After a deep dive into the principles of wealth creation in part one, we're ready to tackle the remaining hurdles on your journey to financial independence. In this episode, we'll unmask the societal expectations and envy that often cloud our financial decisions, and delve into strategies to overcome these formidable obstacles. Morgan, with his insightful perspectives, will guide us through understanding the importance of aligning our financial decisions with our individual desires, abilities, and risk tolerance. The journey to financial autonomy doesn't have to be complicated. Tune in to part two of this series to continue unlocking the secrets to financial freedom! Check out Morgan’s latest book, Same As Ever, A Guide to What Never Changes: https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709 Follow Morgan Housel Website: https://www.morganhousel.com/ Twitter: https://twitter.com/morganhousel Instagram:https://www.instagram.com/morganhousel/ Podcast: https://podcasts.apple.com/us/podcast/the-morgan-housel-podcast/id1675310669 Follow Tom Bilyeu: Website: https://impacttheoryuniversity.com/ Twitter: https://twitter.com/TomBilyeu Instagram: https://www.instagram.com/tombilyeu/ SPONSORS: Get 5 free AG1 Travel Packs and a FREE 1 year supply of Vitamin D with your first purchase at https://bit.ly/AG1Impact. Right now, Kajabi is offering a 30-day free trial to start your own business if you go to https://bit.ly/Kajabi-Impact. Head to www.insidetracker.com and use code “IMPACTTHEORY” to get 20% off! Learn a new language and get 55% off at https://bit.ly/BabbelImpact. Try NordVPN risk-free with a 30-day money-back guarantee by going to https://bit.ly/NordVPNImpact Give online therapy a try at https://bit.ly/BetterhelpImpact and get on your way to being your best self. Go to https://bit.ly/PlungeImpact and use code IMPACT to get $150 off your incredible cold plunge tub today. ***Are You Ready for EXTRA Impact?*** If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you. Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness. This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day. * New episodes delivered ad-free * Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more * Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list * You’ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more: *Legendary Mindset: Mindset & Self-Improvement *Money Mindset: Business & Finance *Relationship Theory: Relationships *Health Theory: Mental & Physical Health *Power Ups: Weekly Doses of Short Motivational Quotes *****Subscribe on Apple Podcasts: https://apple.co/3PCvJaz***** Subscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome back to part two with bestselling author Morgan Housel.
0:03.4	We're going to go deep back into how to get rich, stay rich, and avoid the traps that lead so many to making poor life decisions.
0:12.6	There's an awesome Einstein quote, and he said, the most important decision anybody will ever make is whether they live in a friendly or a hostile universe.
0:22.1	What I love about that quote, decision is that he says decision. And so was COVID good or bad?
0:29.1	It's a decision. There is nothing good or bad, but thinking makes it so. So says Shakespeare.
0:34.6	And I think that's right. And I think that's the thing that will pull us out of the
0:40.7	depths of hell is that the depths of hell is simply a frame of reference. And if my frame of
0:46.0	reference is that free will is an illusion and therefore I am powerless to do anything,
0:50.3	and so I might as well just sit around, I'm screwed but if I instead go all right
0:55.3	well if I'm just a billiard ball let me take the most optimistic joy filled response that I can
1:01.1	have to this that I can even think of and just say that's my role as the billiard ball is to live the
1:05.5	most loving joyful fulfilled life humanly possible and how do I know? Because I have that impulse. Cool.
1:11.6	Then do that and be that billiard ball.
1:14.6	But if you decide that things are bad, they are going to be bad.
1:18.6	If you decide that you can get better, even though, let's say it's way harder for you.
1:23.6	Fair.
1:24.6	Like finance does not come easily to me.
1:26.6	Brutely difficult. And yet I've managed to make part of my business. Fair. Like finance does not come easily to me.
1:28.2	Brutely difficult.
1:34.4	And yet I've managed to make part of my business that I have gotten tens of millions,
1:42.5	more views on my, in fact, way more, tens and tens of millions of views on my finance-based content.
1:43.3	Yeah.
	...

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