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The Intrinsic Value Podcast - The Investor’s Podcast Network

MI171: The Psychology of Money Book Review (Mini-Episode)

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Business, Education, Investing

4.6592 Ratings

🗓️ 21 May 2022

⏱️ 29 minutes

🧾️ Download transcript

Summary

IN THIS EPISODE, YOU’LL LEARN: 01:19 - Clay’s biggest takeaways from reading The Psychology of Money by Morgan Housel. 04:55 - Why it’s better to study broad trends and patterns rather than specific individuals. 08:44 - Warren Buffett’s secret weapon to becoming one of the richest people on the planet. 09:30 - The story of how Jesse Livermore built a fortune trading stocks, only to eventually lose it all. 14:39 - What Morgan Housel’s definition of wealth is. 17:25 - Why trying to make market predictions is a fool’s game. 24:50 - How Morgan Housel thinks about and handles his own finances. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Morgan Housel’s book The Psychology of Money. Housel's concept of the man in the car paradox. JL Collin’s book The Simple Path to Wealth. Ramit Sethi’s book I Will Teach You To Be Rich. Robert and Clay’s tool for picking stock winners and managing our portfolios: TIP Finance. Follow Clay on Twitter. Get a FREE audiobook from Audible. Check out our Investing Starter Packs about business and finance. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Clay: Twitter HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!  Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Transcript

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0:00.0

You're listening to TIP.

0:02.8

Hey everyone, welcome to the millennial investing podcast.

0:05.9

I'm your host, Clay Fink, and today is another release of our mini-episode series that is released

0:11.6

every Saturday.

0:13.2

This is the type of episodes where it's just me diving into a specific topic related to personal

0:18.4

finance, money, investing, and other money challenges that millennials

0:22.3

might face in regards to their finances. These episodes will be shorter than our other episodes

0:27.4

where we typically interview professionals and industry experts in the finance space.

0:32.5

If you have any topics or questions you'd like me to dive into future many episodes,

0:36.7

feel free to DM me on Twitter

0:38.2

at Clay underscore Fink. That's C-L-A-Y-U-S-I-N-C-K. Or you can shoot me an email at Clay at

0:46.9

The Investorspodcast.com. If you enjoy this episode, I would really appreciate it if you

0:52.0

shared it with just one friend to help us continue

0:54.7

to spread the word of the show. With that, let's dive right in. You're listening to Millennial

1:00.3

Investing by the Investors Podcast Network, where your hosts, Robert Leonard and Clay Fink, interview

1:06.2

successful entrepreneurs, business leaders and investors to help educate and inspire the millennial generation.

1:17.0

All right, during this episode, I'm going to be covering Morgan Howells' book, The Psychology of Money.

1:25.5

This is one of my favorite personal finance books, so I thought it would be a

1:28.8

great one to read through and give you guys a rundown on my biggest takeaways from reading it.

1:34.1

One big lesson I learned from this book is that doing well with money has little to do with

1:38.9

how smart you are and a lot to do with how you behave. And behavior is hard to teach,

1:43.5

even to really smart people.

...

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