PSYCHOLOGY OF MONEY: Timeless Lessons from Morgan Housel

The Next Big Idea

Next Big Idea Club

Education, Social Sciences, Science, Society & Culture

4.4 • 1.3K Ratings

🗓️ 14 December 2023

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

We may live in an ever-evolving world, but some things never change. The power of a good story. The miracle of compound interest. The cold, hard fact that money can’t buy happiness. This is the deceptively simple premise of “Same as Ever” by Morgan Housel. If we can master the behaviors that never change, we’ll be ready to handle whatever the future throws at us. On today’s show, Morgan sits down with Rufus to share some of the timeless lessons from his new book as well as enduring wisdom from his last, “The Psychology of Money.” Host: Rufus Griscom Guest: Morgan Housel • Support our show by joining the Next Big Idea Club. Visit nextbigideaclub.com to learn more, and use the code PODCAST for a 20% discount

Transcript

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0:00.0	LinkedIn presents.
0:05.0	I'm Rufus Griskam, and this is the next big idea.
0:10.0	Today, money won't make you happy but lower expectations might. There's a great short story by John Updike. A man riding home on the train
0:36.9	scribbles notes to himself about something he read in the paper, that the 1950s
0:41.9	are coming back.
0:45.0	Kind years to me, he reminuses.
0:48.0	Entered them poor and left them comfortable.
0:50.0	Entered them chased and left them a father. Not only kind years but beautiful ones.
0:56.0	The unnamed narrator is not the only one who feels nostalgic for the era of
1:01.0	mulchops, drive-in movies, and chrome trim chevies.
1:05.0	A few years ago, a non-profit asked Americans,
1:07.5	are things better or worse than they were in 1950?
1:11.5	51% said worse. Seen from the hazy distance of 60-odd years, I can understand why
1:18.0	the 50s might look pretty good. I can picture an earnest young veteran going to school on the GI Bill, finding a well-paying job at a highly regarded company,
1:28.0	marrying Annette, his high school sweetheart, and moving to a split level in the suburbs to raise their children
1:34.0	and mow the lawn, simpler times.
1:38.0	Even the coffee tasted better.
1:39.4	Ew smell good ground coffee, that's Maxwell House coffee.
1:45.6	Listen to the sound of the Maxwell House coffee pot at work.
1:50.8	But here's the thing, When you get past the white picket fence sentimentality and
1:56.5	see the 50s for what they really were, you find you're looking at an era that by
2:01.0	almost every conceivable measure was worse than our own.
	...

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