4.8 • 1.1K Ratings
🗓️ 6 October 2025
⏱️ 83 minutes
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| 0:00.0 | dopamine doesn't care how much you have. |
| 0:01.6 | All it wants is more, more, more. What would feel better? Your net worth is $100,000 during a bull market or your net worth is a million dollars, but it's going to be a million dollars for the next decade. Yeah. What feels better? The bull market feels so much better. The growth is what feels good. And so because of that, no matter what your net worth is, the right amount |
| 0:22.1 | that you think is going to satiate you is always 2x. A lot of people think getting rich is the key to |
| 0:31.8 | solving their problems. Are they right? I think they can be right. They can be right. So the answer is not no, but it's not a resounding yes either. I think it is very easy for everybody to assume that if you wake up in the morning and you're like, oh, I'm not satisfied with my life. I have this hole that needs to be filled. It's very easy to assume that that hole needs to be filled with more money. |
| 0:54.9 | Why? Why is that the assumption? I think one of the big reasons why that is so easy to make |
| 0:59.8 | that assumption is this. Money is so quantifiable. And so you can measure your progress and I can |
| 1:06.3 | measure myself relative to you very easily, very, very easily. I give the example of this. If I said I wanted to be a better husband, I'd like to be a 10% better husband, great goal, very noble goal. I would love to be a 10% better. What the hell does that even mean? How do I measure that? How do I try to progress? There's no husband points. If I were to say, like, who is a better father? Me or you or somebody, |
| 1:28.0 | who knows? But if I said, I want to increase my net worth by 10%, I can track that. |
| 1:33.2 | If I said, I want to have a higher net worth than you, I can track that, down to the penny, |
| 1:37.6 | a purely objective. So I think because it is so easy to quantify, it's easy to overestimate |
| 1:42.9 | the importance. And again, if you wake up with a |
| 1:44.7 | hole in your life, the knee-jerk assumption is very commonly that a hole needs to be filled |
| 1:50.2 | with money. Now, again, I think that can be true sometimes. I think everybody can use money to live |
| 1:55.5 | a better, happier, more fulfilling life. But I think we overestimate the extent of what it can do. And so there is a long |
| 2:02.3 | list of things that money can do to give yourself a better life. There is an even longer list of |
| 2:07.0 | things that it cannot do for you. And so many times in life, that hole that you have in the morning |
| 2:11.4 | might be what needs to be filled in there is a different career, better relationships, better |
| 2:17.2 | health, those kind of things. |
| 2:18.8 | And by the way, you can use money to help those things. But it's not a direct one for one. |
| 2:24.3 | You know, if only I had more money, that whole would be filled and everything would be great. |
| 2:28.6 | That's rarely the case. Got it. So you're saying basically money should not be the default. |
| 2:32.5 | I want to get into the case that you're making. So the book is called the art of spending money. And this is after Morgan, you've written books on investing basically, the psychology of money, same as ever. These were books on how to earn, how to save, how to invest, particularly how to work your mental and your brain software to be oriented towards those things. |
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