Morgan Housel - Behaviors that Influence our Money Decisions and Habits | Prof G Conversations

Morgan Housel, a partner at The Collaborative Fund, and the bestselling author of “The Psychology of Money,” joins Scott to discuss his new book, “Same as Ever: A Guide to What Never Changes.” They get into topics including what to think about when buying a house, how to make healthier financial decisions, and the role money plays in our happiness.

Timestamps:
00:00 - In this Episode
00:42 - Tell us about your new book, “Same as Ever.”
02:43 - What past behaviors around money might inform how we approach financial situations today?
04:52 - How should people in their 20s/30s think about buying a home?
06:55 - Walk us through key behaviors that are impacting the economy
09:43 - What are your thoughts on ignoring your emotions when it comes to investing?
12:05 - What does ‘invest in preparedness, not in prediction’ mean?
15:50 - How can understanding the constants in your life lead to a more successful and fulfilling life beyond just financial comforts?
17:46 - Do people bifurcate their behaviors when it comes to the relationship with money versus the relationships with other parts of their lives?
20:09 - What are you thoughts on making self-worth dependent on how much money you makes?
24:50 - Say more about the relationship between happiness and expectations.
28:11 - How does the way you’re raised impact your relationship with money as you get older?
31:10 - How do you teach your kids about grit?

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[mariahsmom]

Totally agree that his books should be required reading. He is a phenomenal writer and a very smart man. Loved this interview!!

[AliArslan-tktr]

Morgan is very intelligent and smart on this subject.

[Unkuuu]

I just finished The Psychology of Money. Brilliant book and I am looking forward to reading Same as Ever

[-Gramps]

Great interview, Scott! I wish Morgan’s work *were* required reading, even in a “Life 101” type classroom. His research & approach to life are laudatory

[hdsushi]

Thank you so much Mr. Scott for having Mr. Morgan on. I read every new article on the collabfund religiously.

Your knowledge and his have really impacted me and I share both of your content to whoever's interested in receiving.

Thanks so much for the half hour of life lessons. Love from Nigeria 🇳🇬❤️

[jeffbeamer]

Everyone wants the admiration of strangers? I can only speak for myself but I do not think or care what other people think about me. I feel like the host, and I give him credit for this, is revealing a neurosis in himself that needs to be addressed. If someone's criteria, especially a stranger, depends on the kind of car you drive why on earth would you want their admiration? (Howard Roark in The Fountainhead is a good model for proper human relationships in this regard IMO) Having said that money is great! And definitely follow this gentleman's financial advice!

[tecala]

you can't beat Morgan Housel's advice. "Even God can't beat dollar cost averaging"

[guacamolekryddan]

At 19:30, the admission of being addicted to money and admiration, I have so much respect for the honesty, vulnerability, and I can so much relate ❤to

[jimcifelli]

Love Morgan's book "The Philosophy of Money". Which I learned about from a Scott Galloway pod cast. The Earthquake analogy is perfect. John Bogle would be proud!

[joea]

Important topic and conversation. Illusion of success: homeowner, high end car, healthy 401k/ Investment balances...so so hard to overcome and make a true and lasting paradigm shift.

[GoWorldGo]

9:03 to 9:43 is pretty much everything you need to know about investing. It's good to hear somebody like Scott just be real about how emotions and trying to outsmart the market can derail you. I wish I didn't have to learn this the hard way, but that's sometime the only way people learn.

[eh]

"Nobody knows" sums up everything. I read and watch a lot of people and analyze tons of companies and succeed less than just buying the market no matter what.

[FlyingFlaneur]

Buffet's first rule is "don't lose money". but this is *inevitable*.
My first rule is "survive". Specifically: "be prepared to take multiple hits at once". Stay in the game.
Mindful of rule 1, I can take lots of risk. Some risk will pan out, some will not.
I'm at peace with that. That peace is power.

[mayankvyas]

Prof G. You make my life happier. Thank you.

[tuho]

An amazing discussion—truly thought-provoking and insightful. I really learned a lot from it.

[CL]

ProfG you saved me from existential and quarter life crisis

[kurtnunn]

A great half hour. I know what he meant when he said “find a stable corporate job”. At one time, that was not an oxymoron. My father wanted me to get a job with a good medical and benefits package so I could start on building my retirement at an early age. There’s no way his generation could foresee what our economy has mutated into

[andreaqui]

Only someone who has never been poor could say that money doesn't equate to happiness. Nothing is wrong with that thought, but it highlights the different perspectives of what money can provide.

[Sumonebody]

Interesting question on the bifurcating of behaviour and relationships - I have a very high risk tolerance for finance, but a very low risk tolerance at work and in relationships.

[GregCurtin]

That was inspiring, educational, and depressing all at the same time. Thank you Morgan, Scott, everyone connected with the #ProfGshow