avatar

The Savings Expert: “Do Not Buy A House!” Do THIS Instead! - Morgan Housel

The Diary Of A CEO

5.7M Views . 2023-11-06

If you enjoy hearing about how to master the world of finance, I recommend you check out my conversation with Ramit Sethi, which you can find here: https://www.youtube.com/watch?v=ORqd9QAC8OY 00:00 Intro 02:23 Why Do You Write Books About Money? 04:14 The Psychology of Money & What Wealth Really Means 10:53 Why Not Having Control in Your Life Is Making You Unhealthy and Unhappy 14:05 Why You Need to Learn to Stop Pushing Your Financial Goals 18:20 The First and Most Important Rule of Happiness 22:16 The Most Valuable Financial Skill Anyone Can Have 25:35 The Most Important Saying for a Relationship or Career 27:48 Why Low Income People Are More Reckless With Money 32:17 How to Learn to Finally Save Your Money 35:55 A Tragic Incident That Taught Me My Most Valuable Lesson About Money 41:33 Investing and the Biggest Mistake Most People Make 45:55 The Best Advice on How to Invest Your Money 51:58 The Janitor That Became a Multimillionaire 54:41 Pensions 56:28 How Do We Know When Enough Is Enough? 59:34 Should We Save Our Money for Our Children? 01:03:19 Why You Should Never Check Up on Your Investments 01:07:34 The Benefits of Not Working for Big Companies 01:08:58 Why Everyone Is Bullshitting Their Way Through Investing 01:11:27 Why You Should Take That Risk 01:17:32 The Best Bit of Advice I Ever Received 01:26:15 The Biggest Factor That Will Ensure You Lose Your Money 01:31:48 The Confidence Rule Around Your Finances You Need to Know 01:41:55 The Power of a Great Story 01:44:42 The Power of Compounding Interest 01:50:15 Bad Times Often Change Us for Good 01:53:03 Wealth Creation Conclusion 01:53:57 The Last Guest’s Question You can purchase Morgan’s most recent book, ‘Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life’, here: https://amzn.to/467d77x Follow Morgan: Instagram: https://bit.ly/3spU4HK Twitter: https://bit.ly/40mE6uF Flightfund: https://flightfund.com/ My new book! 'The 33 Laws Of Business & Life' is out now: https://smarturl.it/DOACbook Listen on: Apple podcast - https://podcasts.apple.com/gb/podcast/the-diary-of-a-ceo-by-steven-bartlett/id1291423644 Spotify - https://open.spotify.com/show/7iQXmUT7XGuZSzAMjoNWlX Join this channel to get access to perks: https://www.youtube.com/channel/UCGq-a57w-aPwyi3pW7XLiHw/join FOLLOW ► Instagram: https://www.instagram.com/steven/ Twitter: https://x.com/StevenBartlett?s=20 Linkedin: https://www.linkedin.com/in/steven-bartlett-56986834/ Sponsors: British Airways: https://www.britishairways.com/en-gb/offers/sale Huel: https://g2ul0.app.link/G4RjcdKNKsb Eightsleep: https://www.eightsleep.com/uk/steven/ CODE: STEVEN (save $150 on the Pod Cover)

This episode features Morgan Housel, author of 'The Psychology of Money', a book that is considered a must-read for anyone interested in wealth and finance. The author's book aims to help individuals understand the psychology behind wealth and investing, providing valuable insights to avoid common pitfalls and achieve long-term financial success.

Psychology of Money
Wealth Building
Financial Success

  • The author, Mr. Morgan, wrote a book titled 'The Psychology of Money', which is a bestselling business book and helps people build wealth and change their lives.
  • Morgan's book focuses on how people's relationship with money often leads them to make poor financial decisions and emphasizes the importance of understanding the psychology of wealth building.

Insights from the YouTube Video Introduction:

1. The Power of Financial Literacy:

This introduction emphasizes the importance of understanding money and its psychology. The speaker highlights how reading "The Psychology of Money" helped him avoid financial pitfalls and achieve wealth. It suggests that understanding the psychology of money is crucial for financial success.

2. Wealth is Not Just About Skills:

The speaker contrasts the stories of Ronald Reed, a janitor who accumulated an $8 million fortune, and Warren Buffet, a billionaire. This comparison suggests that wealth is not solely determined by conventional "wealthy" skills but also by mindset and financial discipline.

3. Patience and Endurance in Investing:

The speaker emphasizes the importance of patience and endurance in

Get the AI Notebook app

Paste YouTube links, then get summary, table of content with high quality AI notes in one click.

Loved by 100k+ users