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#702: Morgan Housel — Contrarian Money and Writing Advice, Three Simple Goals to Guide Your Life, Journaling Prompts, Choosing the Right Game to Play, Must-Read Books, and More

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Oct 31, 2023

Guest

Morgan Housel

Morgan Housel, a partner at The Collaborative Fund and author of bestselling books on finance, shares his insights on the timeless nature of human behavior and the complexity of wealth. He discusses the hurdles of social debt faced by sudden wealth holders and emphasizes the connection between wealth and happiness. Housel reflects on how fame can amplify inherent traits while urging listeners to prioritize genuine relationships over material success. He also offers intriguing perspectives on the philosophical challenges of decision-making in uncertain times.

02:18:21

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ANECDOTE

Avalanche Experience

Morgan Housel recounts a near-fatal avalanche experience, losing two friends.
This highlighted life's fragility and the impact of seemingly small decisions.

volunteer_activism

ADVICE

Questioning Assumptions

Recognize personal experiences are unique, not universal truths.
Consider different perspectives by questioning assumptions and biases.

insights

INSIGHT

Respect and Materialism

Many crave respect, resorting to material possessions when lacking other means.
Financial freedom comes from not needing to impress anyone.

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The Timeless Nature of Human Behavior and Predictive Challenges

05:25 • 5min

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Navigating Fear and Creativity

10:04 • 12min

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Navigating Social Debt and Wealth

21:51 • 17min

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The Interplay of Wealth and Happiness

39:00 • 5min

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Wealth, Fame, and the Fragility of Life

43:30 • 23min

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Rethinking Wealth and Relationships

01:06:24 • 14min

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Navigating Fame and Public Perception

01:20:40 • 26min

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The Art of Biography: Immersion and Inquiry

01:46:56 • 5min

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The Legacy of the Triangle Fire and Labor Rights Reform

01:51:37 • 4min

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Exploring Life, Literature, and Resilience

01:55:24 • 14min

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Insights and Sponsorship Highlights

02:09:41 • 9min

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#1547

• Mentioned in 27 episodes

Will

Mark Manson

Will Smith

In 'Will', Will Smith opens up about his life, sharing anecdotes from his early days in West Philadelphia, his rise in the music industry as part of DJ Jazzy Jeff and the Fresh Prince, and his subsequent success in Hollywood. The book delves into his complex relationship with his father, the impact of his family on his life, and his journey to align outer success with inner happiness and human connection. Written with the help of Mark Manson, the book offers a blend of vulnerability, humor, and life lessons that reflect Will Smith's trademark style and larger-than-life personality.

#18906

• Mentioned in 3 episodes

Triangle

The Fire That Changed America

David von Drehle

This book by David von Drehle provides a detailed and riveting history of the Triangle Shirtwaist factory fire that occurred on March 25, 1911. The fire resulted in the deaths of 146 workers, mostly young immigrant women, and was a pivotal event in American labor history. The book explores the conditions leading up to the fire, the tragedy itself, and the subsequent manslaughter trial of the factory owners. It also delves into the broader historical context, including the labor movement, immigration, and the political environment of the time. The narrative includes discussions on Tammany Hall, the Women's Trade Union League, and the reforms that followed the disaster.

#15115

• Mentioned in 3 episodes

The Strange Last Voyage of Donald Crowhurst

Nicholas Tomalin

Ron Hall

This book tells the disturbing and engrossing story of Donald Crowhurst, an amateur sailor who entered a round-the-world race sponsored by the Sunday Times. Crowhurst, a mild-mannered English businessman, attempted to fake his journey by forging log books and sending false radio reports. However, his hoax led to mental deterioration, and he eventually disappeared, leaving his ship adrift in the Atlantic. The authors provide a detailed reconstruction of Crowhurst's voyage, analyzing his mental state and the circumstances that led to his tragic end. The book includes Crowhurst's last writings, photographs, and charts, making it a compelling and gripping read.

#591

• Mentioned in 54 episodes

The snowball

Warren Buffett and the Business of Life

Alice Schroeder

This book provides an unprecedented look into the life and investment philosophy of Warren Buffett. Written by Alice Schroeder, who gained unparalleled access to Buffett and his inner circle, it delves into the complexities and paradoxes of Buffett's life. The book covers his work, opinions, struggles, and triumphs, and highlights key principles such as intrinsic value, margin of safety, and long-term perspective. Buffett’s legacy is not just his wealth, but the principles and ideas that have enriched people’s lives.

#2381

• Mentioned in 19 episodes

The Year of Living Biblically

One Man's Humble Quest to Follow the Bible as Literally as Possible

A.J. Jacobs

In this book, A.J. Jacobs embarks on a year-long experiment to live according to the Bible's rules as literally as possible. Raised in a secular Jewish family, Jacobs delves into the world of religion to understand its relevance in modern life. He follows over 700 biblical rules, from the well-known Ten Commandments to the lesser-known laws such as avoiding clothes made of mixed fibers and stoning adulterers. The book is a humorous and profound account of his journey, where he interacts with various religious groups, including Amish, Hassidic Jews, and evangelical Christians. Jacobs' experiment leads to surprising insights and personal growth, challenging his initial skepticism about religion and highlighting the complexities of biblical literalism.

#6238

• Mentioned in 8 episodes

No Ordinary Time

Franklin and Eleanor Roosevelt, The Home Front in World War II

Doris Kearns Goodwin

Edward Herrmann

This book masterfully weaves together the story lines of Eleanor and Franklin’s marriage, Eleanor’s life as First Lady, and FDR’s White House, highlighting their impact on America and the world during World War II. It provides an intimate portrait of the Roosevelts and the era in which a new, modern America was born. The book also explores their remarkable partnership, FDR’s political tactics, and the significant social and political changes they championed, including New Deal programs and steps toward racial equality.

#2927

• Mentioned in 16 episodes

The Tao of Charlie Munger

A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David Clark

David Clark

This book is a compendium of quotes from Charlie Munger, culled from interviews, speeches, and questions and answers at the Berkshire Hathaway and Wesco annual meetings. It offers insights into Munger’s remarkable financial success and life philosophies. Described by Business Insider as 'sharp in his wit and investing wisdom,' Munger’s investment tips, business philosophy, and rules for living are unique, intelligent, and successful. The book is structured similarly to The Tao of Warren Buffett and The Tao of Te Ching, with commentary by David Clark, coauthor of the Buffettology series.

#5342

• Mentioned in 9 episodes

Elon Musk Biography

UFF EDITION

This biography, written by Walter Isaacson, provides an in-depth look at the life of Elon Musk, from his tumultuous childhood in South Africa to his rise as a visionary entrepreneur behind companies like SpaceX, Tesla, and SolarCity. The book is based on two years of shadowing Musk, attending his meetings, and conducting extensive interviews with him, his family, friends, coworkers, and adversaries. It explores the triumphs and turmoil of Musk's life, addressing the question of whether the demons that drive him are also what drive his innovation and progress.

#61920

Empty Mansions

The Mysterious Life of Huguette Clark and the Spending of a Great American Fortune

Bill Dedman

This book chronicles the life of Huguette Clark, daughter of copper industrialist and U.S. Senator William A. Clark. It delves into her early life in the largest house in New York City, her inheritance of a $300 million fortune, and her reclusive later years spent in hospitals despite owning multiple lavish homes. The authors, Bill Dedman and Paul Clark Newell, Jr., uncover the controversies surrounding her financial advisors, the elder abuse she suffered, and the battle over her estate after her death. The book is rich in historical detail, spanning from the Gilded Age to the 21st century, and includes numerous photographs and personal stories that flesh out Huguette's enigmatic life.

#33

• Mentioned in 298 episodes

Die with Zero

Bill Perkins

Die with Zero presents a provocative philosophy and practical guide on how to get the most out of your money and your life. Bill Perkins argues against over-saving and under-living, advocating for investing in experiences early and maximizing positive life experiences. The book introduces concepts like 'time-bucketing,' 'net worth curve,' and 'fulfillment curve' to help readers optimize their life stages and make the most of their resources. Drawing from his own life experiences and insights from psychological science and behavioral finance, Perkins makes a compelling case for living large and accumulating memorable experiences rather than wealth.

#16924

• Mentioned in 3 episodes

What We Knew

Terror, Mass Murder, and Everyday Life in Nazi Germany

Eric A. Johnson

Karl-Heinz Reuband

This book combines the expertise of a German sociologist and an American historian to offer a startling oral history of life in the Third Reich. It draws on oral histories and a unique survey of 4,000 people, including both German Jews and non-Jewish Germans, who lived under the Nazi regime. The research confirms that both Germans and Jews were aware of the mass murder of European Jews as it was occurring. It also refutes long-held assumptions, suggesting that Hitler and National Socialism were genuinely popular among ordinary Germans, and that intimidation and terror played a minor role in enforcing loyalty. The book is crucial for understanding life in the Third Reich and is a central work for scholars of the Holocaust, World War II, and totalitarianism.

#20

• Mentioned in 381 episodes

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

Morgan Housel

In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge.

#331

• Mentioned in 82 episodes

Same as Ever

A Guide to What Never Changes

Morgan Housel

In 'Same as Ever,' Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living a fulfilling life by focusing on what remains constant in a changing world. Through engaging stories and examples, Housel shows how understanding permanent truths about human behavior can help readers make better decisions and navigate uncertainties. The book emphasizes the importance of recognizing and adapting to timeless principles in finance, business, and personal life, rather than trying to predict specific future events.

#2573

• Mentioned in 18 episodes

The Great Depression, A Diary

Benjamin Roth

#1373

• Mentioned in 30 episodes

Working

people talk about what they do all day and how they feel about what they do

Studs Terkel

In 'Working,' Studs Terkel conducts in-depth interviews with people from diverse occupations, ranging from gravediggers to studio heads. The book provides a snapshot of American working life in the early 1970s, highlighting the emotional and physical aspects of work. It explores themes of job satisfaction, the search for meaning, and the impact of work on individuals' lives. The interviews are edited to preserve the voices and stories of the subjects, offering a powerful and original perspective on work and its significance in human experience.

Brought to you by Cometeer delicious hyper-fresh, flash-frozen coffee; Momentous high-quality supplements; and LinkedIn Jobs recruitment platform with 900M+ users.

Morgan Housel (@morganhousel) is a partner at The Collaborative Fund. His book The Psychology of Money has sold more than three million copies and has been translated into 53 languages.

He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel.

Morgan’s new book is Same As Ever: A Guide to What Never Changes. You can find my first, widely popular interview with Morgan at tim.blog/morganhousel.

Please enjoy!

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[07:20] Buffett’s Snickers.

[12:21] What prompted Morgan to write Same As Ever?

[17:44] Morgan’s worst advice for aspiring writers is what works for him.

[21:48] The upsides of being rich and anonymous.

[26:35] Tips for raising unspoiled kids.

[33:19] Should families avoid passing along dynastic wealth?

[35:45] Finding worthy charities and causes.

[41:02] Money and happiness.

[48:37] Avalanches and other random, life-changing flukes.

[54:32] We can prepare for the future, but we can’t predict it.

[1:00:58] What current unknowns will seem shockingly obvious in a year?

[1:03:22] Which of our current views would change if our incentives were different?