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The Morgan Housel Podcast

The Most Important Financial Skill: Getting The Goalpost to Stop Moving

The Morgan Housel Podcast

Morgan Housel

Business

4.91.1K Ratings

🗓️ 18 December 2024

⏱️ 21 minutes

🧾️ Download transcript

Summary

A look at why so many Americans think the best was better than it was: People in the past may have been poorer than we are now, but they probably did a better job keeping their expectations in check.

Thanks to my friends at nitrogenwealth.com.

Transcript

Click on a timestamp to play from that location

0:00.0

This episode is brought to you by my friends at Nitrogen. And if you are a financial advisor,

0:04.3

or if you work with a financial advisor, you should know about nitrogen. It's a great group of people

0:09.7

with a great product. Nitrogen's platform is built to help financial advisors engage with their

0:14.7

clients and deliver personalized advice. It's everything from risk-tolerance assessments

0:19.8

to investing research and retirement planning all in one place.

0:24.8

If you want to learn more about how nitrogen helps financial advisors bring clarity to their clients' investing strategies

0:30.1

and join the tens of thousands of financial advisors who are already using the product, head to nitrogenwealth.com.

0:44.4

Thank you. using the product, head to nitrogenwealth.com. Just a few days ago, a friend sent me a tweet that was making the rounds on the internet,

0:50.3

and he sent it to me because he knew exactly how I would respond to it, because this is a

0:55.4

topic that I've spoken a lot about, written a lot about. I get very passionate about it.

1:02.0

The tweet is a picture of a family in the 1950s. I'm just going to try to describe the picture to you.

1:09.1

It is a husband and a wife and two young kids standing in front of a nice little house with a car in the driveway.

1:16.6

And the tweet, the caption on the tweet says,

1:18.4

The average American family in Detroit, Michigan, 1954.

1:22.9

A house, a car, and enough to support a family all on a Ford factory workers' wages.

1:30.0

And this tweet exploded. I'm looking at it right now, it's been 13 million times. People love

1:36.0

this idea, and it evokes a lot of emotion, because the takeaway, without even saying it, is,

1:42.4

life used to be so much better back then, that this family on one

1:46.5

worker's wage could afford a house, a car, two kids, and now they can't do that anymore.

1:52.4

If you're a Ford worker today, that's not the life that you live.

1:56.2

And I am sensitive to that argument, because I think it has a grain of truth to it, maybe several

2:01.3

grains of truth to it, that it is a different world today that we live in economically,

...

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