4.7 • 1.7K Ratings
🗓️ 24 February 2021
⏱️ 75 minutes
🧾️ Download transcript
This week’s conversation is with Morgan Housel, a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal.
He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.
Morgan recently published a book titled, The Psychology of Money, and it’s the impetus for why I wanted to talk to him.
If you’ve listened to this podcast for a while, you know I live by this stance: having a philosophy for your life is imperative...
What I hope you take from this conversation is that the same can be said for how you think about money.
There isn’t simply one "right" way to manage your money, but it should align with the greater values you live by.
At one point in our conversation, Morgan shares that he doesn’t have a mortgage on his house, that he owns it outright.
I was a bit stumped at first because it would appear, especially in our current climate with how low interest rates are, that this is foolish.
Isn’t there a huge opportunity cost to that?
But Morgan is clear on his principles, what makes him feel secure, and what’s “enough” for him... not having to think about a mortgage is something that’s important to him.
So this conversation isn’t focused so much on what to do with your money, but the importance of having clarity on the reasons why you choose to do, what you do, with it.
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0:00.0 | How I think about life and goals might be different from how you think about it, |
0:03.4 | different from everyone, like money is not math where two plus two equals four for everyone. |
0:08.2 | There's one right answer for everyone. |
0:09.7 | This is all very lifestyle based philosophy based goals based generationally based. |
0:14.6 | So it's different for everyone. |
0:16.1 | But for me, I do think that some people who's been true for me have to go through a period of time |
0:21.7 | where they do not control their time to realize how valuable it is. |
0:25.2 | Like time and freedom is like, is like oxygen where you don't realize it. |
0:28.8 | And, you know, how valuable it is until it's gone kind of thing. |
0:31.4 | I think that's really true for everyone that you're never going to value independence |
0:35.4 | until you go through a period, even a short period of your life, which was that that was, |
0:38.4 | that was the case for me where you don't control your time. |
0:40.9 | And you realize I never want to go back there. |
0:42.9 | And the ability for me to wake up every morning and say, I can do whatever I want today. |
0:46.4 | And most days I want to work hard. |
0:47.9 | That's most, that's what I want to do. |
0:49.7 | This is not, you know, saying freedom means you can just retire early. |
0:53.1 | Most days I want to work, but it's on my terms. |
0:55.4 | It's doing work that I want to do. |
0:56.9 | Once you taste that and you compare it to the time when someone told you |
1:00.8 | one to wake up and told you one to go to work and told you what to work on that day. |
1:03.9 | Once you compare those two things, to me, it's just so clear, which way I want to go. |
... |
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