How FOMO, Doom, and Ego Impact Your Money — ft. Morgan Housel | Prof G Markets

This week on Prof G Markets, Morgan Housel, New York Times bestselling author of “The Psychology of Money,” joins the show to break down some of the worst traits an investor can have. He also discusses the difference between being wealthy and being rich, how to deal with uncertainty in the markets, and how he thinks about giving money to his kids.

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Timestamps:
00:00 - Today's number
01:07 - Ad break
01:09 - Today's episode
04:17 - Headlines
20:10 - Ad break
20:16 - How FOMO, Doom, and Ego Impact Your Money — ft. Morgan Housel
20:27 - What should someone in their mid-20s be thinking about when it comes to investing?
22:30 - Is suppressing the idea of being rich one of the ways that you get wealthy?
24:20 - How does social media impact our definition of wealth?
26:25 - What are the psychological safeguards one can use to protect oneself from doom spending?
28:51 - What are some practical best practices for young people who aspire to get wealthy vs be rich?
30:24 - What are the traits of a bad investor?
31:57 - What is dollar cost averaging?
32:45 - How should investors think about 'uncertainty' in the context of investing?
34:36 - Why should anyone pay attention to the markets?
37:46 - Ad break
37:53 - Are young people ever going to be able to afford a home?
40:02 - What are the risks in the market right now that people might be missing?
41:00 - What are the best practices about talking about money with your partner?
42:39 - How do you recommend teaching kids about money?
44:43 - As a parent how do you practically give your kids money?
45:39 - Would you support your kids' lifestyle when they are young adults?
46:49 - What are your current observations on the markets?
48:55 - What is the best financial decision you've made?
49:56 - What are you currently working on?
50:04 - How should I (Scott) spend my money?
51:56 - Algebra of Wealth

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[sylarfx]

One of the reasons why I like this pod is that Scott has the balls to admit that luck plays an important factor in life of self-made rich people, most cant see past their ego and admit it

[drakeblessum]

Literally, my two favorite thought leaders in business and investing!!! 🎉❤

[FighterFlash]

Yes, Morgan’s books are paradigm changing!

[todorkolev]

Every time I see the Fundrise Fund ad I laugh because Prog G is an exciting and poignant speaker and he's also a professor in MARKETING (so he knows what a good ad looks like) and yet he delivers this ad so flatly and bored... Can't accuse him for faking interest in it! :D

[TUBEDOUT]

Morgan Housel is so grounded and has great amount of wisdom in how views $

[Mr.Eeeeeeeee]

Amazing channel. Comparison is the thief of joy. Read both of Morgan’s books and they had a tremendous impact on me. Glad I found this channel.

[tombesson]

Intelligence can be defined as the ability to adapt to the environment. Morgan nailed this definition when he talked about the Instagram environment vs. the real world environment. You are intelligent if you can adapt to reality instead of what your ego wants you to adapt to.

[Ryanandboys]

Making say $125k in NYC is cump change. By the time you figure in the extra taxes and the very high living expenses thats like making $75k in a small Midwestern city. How you really get ahead is having a profitable business in a low cost of living and low tax area. Ecen better is you can buy alot of the stuff you would post taxs via the business pre tax and exspense it to the company. I used to work in tech abd made $150k in Minneapolis and my purchasing power for the stuff i wanted to buy was awful. Now i am back in a very poor area and run my farm and farm services company and i pay myself $40k year and have over $125k in margins that i buy more land and equipment with to grow. It depends on what you like to do with your money but fir me a city with high w2 wage sucked.

[gregamerica]

I say with 100% humility Morgan Housel is completely correct. I waisted the fist 10 years of my life ego investing.

[Dog_Years]

I could listen to these three endlessly

[georgelien]

Yes, I always learn something new from Morgan’s interviews.

[tedknudstrup]

Wow, What a great video. Thanks posting. Morgan has truly found his calling. Brings his wisdom and passion to explain and inspire. Really enjoyed the both of them in this one. Looking forward to Morgan’s future work. Particularly liked his insight that people have varying desires, preferences and motivations. Great work.

[Ian-zxcc]

When it comes to money, Morgan Housel and Scott Galloway are by far my best 🇰🇪 🇦🇺 .

[friedaprilida]

Wow!!! I really enjoyed this video! Love it!!👏🏻great job guys!!🙌🏻

[MayorMcC]

the prof is wearing a suit now that he's on top, hilarious

[mitchiefloyd]

Helping your kids is complicated. I am currently helping my struggling 25-year old child by helping her fund her Roth IRA while she worries about her immediate expenses.

[mikex]

Thank you to the administrator for shooing away the crypto shillers.

[luke]

One of my favorite concepts about giving kids money is from rich dad poor dad. The idea was to give his kid the 3k to buy a car but they had to put it in the stock market and double it first to put the other half in a college fund.

[soulsynthesiscreations]

'Maybe odd is the control group' Classic quote

[edferguson]

I was surprised there wasn’t more talk about Apple sharing that their AI would leverage entirely internal infrastructure, unlike that of android phones. This, should Apple be able to execute, would allow them to integrate with Siri and leverage your personal information creating the first really broad compelling use case for AI. Combining that with a unique value proposition around privacy, a material concern when leveraging existing AI for many companies, could be a real differentiator. Execution is far from a given, but this was the most compelling announcement from Apple for investors in many years in my opinion.