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The Morgan Housel Podcast

Everything You Can't Have

The Morgan Housel Podcast

Morgan Housel

Business

4.91.1K Ratings

🗓️ 30 March 2023

⏱️ 14 minutes

🧾️ Download transcript

Summary

This episode covers a hard topic about money: What you want more than anything is everything you can't have. Your brain doesn’t want stuff. It doesn’t even want new stuff. It wants to engage in the process and anticipation of getting new stuff. The change, not the amount, is what matters.When it comes to happiness and money, it's not about how much you have. It's about the change in how much you have. Special cameo from Richard Nixon.

Transcript

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0:00.0

Welcome back to episode 5. Thank you again so much for being here.

0:07.0

What I want to talk about today are two little things that have always interests me and I've always found so fascinating.

0:14.0

Number one is that some of the richest people you will ever meet

0:18.0

come across as incredibly unhappy, abnormally unhappy. And number two, which is very related,

0:25.0

is how big a role our expectations play

0:28.0

in our financial success.

0:31.0

A few years ago, I heard this amazing quote from Richard Nixon of all people about

0:36.4

money and happiness that I thought was so spot on and so accurate. I was going

0:41.9

to read it out for you but I'm going to have it come straight from his mouth.

0:44.8

Here's what he had to say.

0:46.1

To me, the unhappiness people of the world are those in the watering places, the international watering places like the

0:59.8

South Coast of France and Newport and Palm Springs and Palm Beach going to parties every

1:07.8

night playing golf every afternoon then, drinking too much, talking too much, thinking too little, retired,

1:21.5

no purpose.

1:25.0

And so, well I know there are those who totally would disagree with this and say,

1:31.0

gee, boy, if I could just be a millionaire, that would be the most wonderful thing.

1:37.1

If I could just not have to work every day, if I could just be out fishing or hunting or playing golf or traveling, that

1:46.6

would be the most wonderful life in the world. They don't know life. Because what makes life mean something is a purpose, a goal, the battle, the

2:00.4

struggle, even if you don't win it.

2:04.0

That's astounding right? I think he's absolutely correct here and it goes against so much

2:10.3

intuition but if you are fortunate enough to have met some extremely

2:14.6

wealthy people you know exactly what Nixon is talking about here.

...

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