What Financial Experts Won't Tell You About Money

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Ep 4 - Author of the New York Times bestseller “The Psychology of Money” Morgan Housel shares today with us his realistic tips and strategies for saving, investing, and achieving financial freedom. Learn how to have a better relationship with your money without compromising happiness along the way.

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Timestamps:
00:00 - Intro
01:50 - Is there a “right answer” in finance?
04:33 - The closest thing to a formula for better finance
09:15 - Biggest mistakes to avoid when investing
12:36 - Red flags to look out for in the finance industry
30:45 - Morgan’s approach to investing today
39:18 - The secret to Warren Buffett’s investing success
53:20 - Advice to achieve financial independence
1:06:36 - What happened to Warren Buffett’s partner Charlie Munger?
01:23:18 - The Psychology of Money Book
1:31:00 - Morgan Taught Me

[Greggsberdard]

I sometimes wonder how successful investors manage to accumulate enormous wealth from their investment endeavours because I am an avid investor. I currently have equity from a recent house sale that exceeds $545K, but I'm not sure what to do with my money next. Is now the right moment to buy stocks, or should I wait for a better opportunity?

[Riggsnic_co]

Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[MoneyMoves]

Financial literacy is so important. We should have it as a mandatory course in school. Luckily we have all these incredible content creators on YouTube teaching what we missed in school.💸

[jameswood]

"It all comes down to interest rates. As an investor, all you're doing is putting up a lump-sump payment for a future cash flow."

[avaisabella-nb]

The difficulties that the current generation faces are quite depressing. I wanted to know how to use some money that I had. I used a small portion of it for online sales, but that failed. My primary concern is safeguarding my $300K stock portfolio from loss, but I'm not sure how to go about it.

[fredm]

I was an investment advisor. The advice in the video is excellent and true for the typical American. But for people who have a good portfolio of about $5m, if you look around, most people are still active at 70 (I live in LA) but by 80, not so much, so enjoy yourself at some point before it’s too late. That nice vacation will pay for your last week in the nursing home. There is a difference between wasting money and spending it. Be value-conscious.

[williamyejun]

I feel investors should focus on under-the-radar stocks, especially given the present rollercoaster nature of the stock market, because 35% of my $270k portfolio consists of plunging stocks that were once respected, and I'm at a loss for what to do now.

[Aengel]

At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.

[jhpt]

Great interview. Thanks for it. Housel is terrific.

I saw a couple of comments before saying (in so many words) “wish I had started sooner” - I was broke at 42 and am much better off today (53) I say that to give hope to somebody who may be reading this and thinking, “I’m (whatever age), it’s too late for me.” You can always improve. You can always learn. You can always choose a better path.

[alvarotrujillo]

My Blcktken300 shorts are doing pretty well and I plan to hold much longer.

[John-wwfv]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[Bernando]

It's quite shocking how few people know about the forbidden book: Making money your reality

[Richardcarlett]

I'm a single, 45 -year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.

[FernandoHermosa-bwfy]

I'm DCAing in Blcktken300 as well. ETH heavier DCA and ALGO. I'm taking your advice and starting Google tomorrow with a 50 dollar purchase and continuing Microsoft and Apple. VTI and VOO on another app and longterm portfolio. Here we go family!

[ponchoro]

"Wealth is not to gain nicer stuff, it is to gain total independence and autonomy in my life." POWERFUL AND TRUE FOR ME!!!

[candacemattila]

About that Coach purse: I bought a good basic Coach shoulder bag in 1988 when I worked at a major department store (and got a 20% employee discount on it) and 35 years later I still have that bag. It's classic, always in style and lasted long than any designer bag I bought. My parents taught me to buy the best item I can afford that will last the longest. And take care of it.

[rymmwev]

Managing your expectations in life can make a HUGE difference! I loved listening to this podcast, thank you Erika and Morgan!

[rougeur]

"Discover the untold truth about money! Financial experts may not reveal all, ut i will tell you this investing in the financial market is for everyone. Break free from financial constraints, invest in your future, and unlock sustainable wealth. Empower yourself with knowledge, invest with confidence, and shine with financial freedom!"

[nivyaabraham]

This podcast has literally enlightened me so much on various levels! Not just in trying to understand money better but how certain things/perspectives Morgan talked about life in relation to money or business just hit me so hard, this is amazing!

[camriehingle]

This is what I needed to hear back when I was coming fresh out of high school. However… I’m so glad that I’m more disciplined & in tune with my finances now. I’m able to now understand & be receptive to great ideas/ knowledge that are pertinent to the lifestyle I want. Keep this up, you guys are changing lives!