Book Discussion - The Psychology of Money Part 2

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Oct 25, 2020

Guest

Morgan Housel

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ANECDOTE

Disney's 400 Failures Before Snow White

Disney lost money on its first ~400 cartoons before Snow White's massive success erased those losses.
Ali compares their YouTube catalogue: many mediocre videos but occasional hits that drive subscribers and revenue.

ANECDOTE

Deryck Sivers Found Freedom With $500 A Month

Deryck Sivers became 'free' when he realized he only needed $500/month and could busk to cover it, long before selling his company.
That reframing of needs created financial freedom independent of big exits.

ADVICE

Stuff Doesn't Buy The Right Kind Of Respect

Buying expensive things rarely buys admiration from those you want to impress; character traits do.
Morgan Housel's letter to his son: humility, kindness, and empathy earn more respect than horsepower or flashy goods.

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This is the second part of our discussion of Morgan Housel’s book The Psychology of Money. We continue to explore some of the key points, like the role that luck plays in success, why poor people buy lottery tickets, and the differences between getting wealthy and staying wealthy.

Links

The Psychology of Money

The Psychology of Money – Book Summary & Notes

Morgan Housel's Website

Morgan Housel's Twitter

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