The Savings Expert: Passive Income Is A Scam! Post-Traumatic Broke Syndrome Is Controlling Millions!
Morgan Housel on status, money, contentment, passive-income myths, expectations, and respecting your future self.
- Podcast Name
- The Diary Of A CEO
- Guests
- Morgan Housel
Is There Something Wrong with Chasing Status?
An exercise to help you know better what you want
Everyone is jealous of what you’ve got, nobody is jealous of how you got it. <br>— Jimmy Carr
Saving Addiction
Can Money Make You Happy?
Will a nice house/money make you happy?
Are We All Stuck in a Status Game?
Jealousy of Other People’s Wealth
If you win the lottery, the probability of your neighbor going bankrupt increases
Take away
How Does Dopamine Factor Into All of This?
We're Wired to Want More
Passive Income Myths
There are 2 ways to get wealthier
*Self-control is empathy with your future self.<br>It’s you’re making a decision to either do or not do something today because you have respect for your future self and you care about your future self. — Jerry Seinfeld* 1 lesson from the book 30 Lessons for Living by Karl Pillemer : He interviewed a bunch of elderly Americans and asked them the secret to a good life. Of the thousand people we interviewed, not a single one, looking back on their life, said, “I wish I had made more money.” Not a single person said, “I would have picked a career that paid more money.”
If nobody is watching, what would you want to do?
Morgan Housel thinks we get into trouble when we chase happiness when what we’re actually going for is contentment. We actually just want to get to an area where we’re like, I’m good. I’m all set.
The Exact Formula for Spending
The biggest relief and the best news is that you don’t have to follow somebody else’s playbook; you can do it your own way.<br>Also, it’s easier to do it your own way when you come to terms with the fact that nobody is paying as much attention to you as you think they are.<br>You can do it your own way, free of judgment and other people making fun of you or judging how you’re living life because they are too busy worrying about themselves. You have to figure out what works for you and do it, and that’s as close as we can get as a formula for living a better life.
*Happiness is when your expectations of how your life is supposed to be going are met. <br>— Mo Gorda* Your expectations are a debt that has to be repaid. Expectations are a controllable element to our happiness, because it's more in your control than things like what the economy or the stock market’s going to do next.