You can afford anything but not everything. Every choice that you make is a trade-off

against something else and that doesn't just apply to your money. That applies to your

time, your focus, your energy, your attention, any limited resource you need to manage.

And that opens up two questions. First, what matters most? And second, how do you align

your decisions accordingly? Answering those two questions is a lifetime practice. And that's

what this podcast is here to explore. My name is Paula Pat. I'm the host of the Afford

Anything Podcast. And we are currently on what we call the September sabbatical. If you

have been a long-time listener of this podcast, here's what we do. Every year we've done

this for the past at least three years, I think, during the month of September, we air

some of our favorite episodes from our archives. And we theme these four weeks of episodes

around the acronym F-I-R-E, which we've rebranded as financial psychology, investing, real estate

and entrepreneurship. This week, we're playing the letter I, investing, and from our archives

from more than 400 episodes that we've produced, one of our favorite, most insightful, most

educational interviews around the topic of investing was our interview with award-winning

financial journalist Morgan Howell. He's a former columnist for the Wall Street Journal

and the Motley Fool, the best-selling author of the book The Psychology of Money, and

one of the foremost thinkers in the world of investing. In this interview, we discuss how

to develop self-awareness around cognitive biases. We talk about saving like a pessimist

and investing like an optimist. We talk about how to be durable in the face of market

adversity, which is particularly relevant right now. Have you seen, you know what, actually

don't look at what the markets are doing right now? You're not going to like it. So we

talk about how to be durable in the face of that. We discuss the key difference between

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