How To Live A Happy and Contented Life, Why Wealth Is Nothing To Do With Money & Why Hacks Don’t Work with Morgan Housel #430

Feel Better, Live More with Dr Rangan Chatterjee

Dr Rangan Chatterjee

Health & Fitness, Medicine, Alternative Health, Mental Health

4.8 • 10.9K Ratings

🗓️ 28 February 2024

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

When John D Rockefeller was asked how much money was enough, he famously replied, “Just a little bit more.” This quote is often used to illustrate our hard-to-shake view that money will solve all life’s problems. But as today’s guest is keen to point out, it probably won’t. Because life’s true riches don’t have a £-sign in front of them. Today’s guest is the multi award-winning financial writer and bestselling author Morgan Housel. Morgan is a partner at The Collaborative Fund and a former columnist at The Wall Street Journal. In his first book, The Psychology of Money, Morgan explains how doing well with finance is less about what you know and more about how you behave. This is an idea that I believe applies equally to health. That book became a global sensation and to date has sold over 4 million copies. And his second book, Same as Ever:Timeless Lessons on Risk, Opportunity and Living a Good Life has just come out. Morgan explains that in finance, as in health, we generally don’t want to put in the hard work over the long term. We want shortcuts, secret hacks, silver bullets. Yet, he says, basic truths and principles remain the same as ever. We also talk about the relationship between money and happiness, the relationship between our finances and our health, the real meaning of wealth and the importance of having a sense of control. We discuss the problems with black and white thinking, the dangers of social comparison, the difference between success and happiness, and why we need to be careful about who we look up to. At its core, this is a conversation about what it really means to live a happy and contented life. There’s a quote from Lao Tzu, that I really like: “He who knows he has enough is rich.” It’s such simple yet profound advice. And it chimes with Morgan’s ultimate message, that whatever your current financial situation, what’s going to make you happy is probably not what you think. This is a thought provoking conversation that I’m pretty sure will have you thinking deeply about your life. Support the podcast and enjoy Ad-Free episodes. Try FREE for 7 days on Apple Podcasts https://apple.co/feelbetterlivemore. For other podcast platforms go to https://fblm.supercast.com. Find out more about my NEW Journal here https://drchatterjee.com/journal Thanks to our sponsors: https://vivobarefoot.com/livemore https://drinkag1.com/livemore Show notes https://drchatterjee.com/430 DISCLAIMER: The content in the podcast and on this webpage is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your doctor or qualified healthcare provider. Never disregard professional medical advice or delay in seeking it because of something you have heard on the podcast or on my website.

Transcript

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0:00.0	It's astounding between what our habits are early in life versus what our regrets are later in life when we can look back with a greater sense of wisdom.
0:10.4	If you look at the habits of people in between age 20 and 60, what is it? It's work, work, work, work, more money, more money, more money.
0:18.7	Not a single person looking back at their life said, I more money, more money. Not a single person looking back
0:21.2	at their life said, I wish I earned more money. Not a single person said, I wish I worked harder.
0:26.3	Nobody. What virtually all of them said was, I wish I spent more time with my kids. I wish I was
0:31.5	nicer to people. I wish I forgave people. That was universal. Money never even came up.
0:37.2	Hey guys, how you doing?
0:39.0	I hope you having a good week so far.
0:41.0	My name is Dr. Rongan Chatterjee, and this is my podcast.
0:45.5	Feel Better Live More.
0:49.6	When John D. Rockefeller was asked how much money was enough, he famously replied, just a little bit more.
0:59.0	Now, this quote is often used to illustrate our hard-to-shake view that a bit more money will solve all of life's
1:06.1	problems. But as today's guest is keen to point out, it probably won't.
1:11.9	Because life's true riches don't have a pound sign in front of them.
1:17.6	Today's guest is Morgan Housel, author, partner at the Collaborative Fund,
1:24.0	and a former columnist at the Wall Street Journal.
1:27.4	Now, in Morgan's first book, The Psychology of Money,
1:30.9	he explains how doing well with finance is less about what you know
1:36.7	and more about how you behave, an idea that I believe applies equally to health.
1:43.9	Now, that book became a global sensation and to date has sold over 4 million copies.
1:51.0	And his second book, same as ever, timeless lessons on risk, opportunity and living a good life, has just been published.
2:00.0	Now, when I first came across Morgan a few months ago, I was
	...

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