MI333: Millennial Investing Book Club: The Psychology Of Money w/ David Fagan

The Intrinsic Value Podcast - The Investor’s Podcast Network

The Investor's Podcast Network

Investing, Education, Business

4.6 • 593 Ratings

🗓️ 5 March 2024

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kyle Grieve chats with TIP Mastermind Community member David Fagan about the universal truths about money, hidden areas of life where compounding happens, why we should welcome doses of luck to help us succeed, how to be financially unbreakable, why asymmetric investments are so powerful, why we all must pay a fee to earn our wealth (and why it’s worth it), the power of narratives in building wealth, and a whole lot more! IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 04:29 - Why we disagree with others on money and why that’s ok. 12:07 - Why we should all strive to compound knowledge. 14:04 - What shapes our willingness to bear risk. 14:04 - The role of luck in success and failure. 14:52 - Why we should understand how luck impacts our outcomes. 16:53 - Why saving can increase happiness. 16:53 - Why building wealth has little to do with your income and everything to do with your savings rate. 22:51 - How you can be wrong 50% of the time and still generate life-changing wealth. 22:51 - The power of concentrated bursts of activity while defaulting to inactivity. 23:41 - Why it’s so difficult to understand the effects of compounding. 25:13 - Why it can be hard to “see” wealth, but not the rich. 25:13 - Why the stock market offers asymmetric upside. 29:43 - How to use history to help guide us into the future. 30:22 - Why we should expect to be surprised regularly. 41:07 - The hidden costs of success. 41:26 - Why we should be willing to pay the fees to benefit from investing. 41:26 - What those fees are and why they can be perceived as being difficult to pay. 44:41 - Why you should be financially flexible. 49:22 - How Kyle and David think about saving and investing. 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. Buy a copy of The Psychology Of Money here. Check out the books mentioned in the podcast here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Fiscal.AI Connect with Kyle: Twitter | LinkedIn | Website Connect with David: LinkedIn | Website 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.
0:03.0	We treat wealth like a game, not from ego.
0:07.2	I think that's really important to have some humility and kindness in what you do.
0:13.8	My wife and I don't have elaborate needs or wants, and in fact, the older we get, it's actually the less we want, not the more we want, which is
0:23.0	kind of interesting. And, you know, one of our ethos is to be humble, kind, and compassionate.
0:33.6	In today's book club episode edition of Millennial Investing, I'll be discussing one of the most
0:38.4	impactful books I've ever read, the psychology of money with my friend and TIP Mastermind
0:43.2	Community member, David Fagan. I got a chance to meet with David at our meetup for the
0:48.0	TIP Mastermind Community members in New York back in 2023, and we instantly hit it off.
0:53.6	One of our first deep conversations was
0:55.8	when we were standing in J.P. Morgan's incredible library inside the J.P. Morgan Library and Museum.
1:01.6	We were both in awe of his book collection and dedication to collecting great books and artifacts.
1:07.0	But we also appreciated all the deep learning and thinking he must have done there to help him attain the success he did.
1:12.8	While in that room, we discussed a few different books that we had been reading.
1:16.3	I realized since we shared reading so many investing and non-investing related books that David might be the right person to start this book club with.
1:23.7	You're going to hear us chat about the universal truths of money, hidden areas of life where compounding happens, why we should welcome doses of luck to help us succeed, how to be financially
1:33.2	unbreakable, why asymmetric investments are so powerful, while we all must pay a fee to earn
1:38.7	our wealth and why it's worth it, the power of narratives and building wealth, and a whole
1:43.0	lot more. We made an effort to connect
1:45.4	many of the concepts from this book into what we have learned experientially, as well as to
1:50.0	connect the ideas to other insights we've collected from other great minds. If you enjoy learning
1:54.9	about money, what it means to you, and how we can leverage ourselves to create wealth,
	...

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