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Morgan Housel


The Morgan Housel Podcast -- timeless lessons on wealth, greed, and happiness.


The Morgan Housel Podcast

A look at the big story dominating this year: tails drive everything, and everything from businesses to careers either work extraordinarily well, or not at all. 

With thanks to my friends at Nitrogen: check out nitrogenwealth.com.

What I Learned In 2024: A Tale of Tails

The knee-jerk way to set expectations is to anchor to what everyone else has right now. But imagine the tragedy of there being unbelievable progress throughout your life and you enjoy none of it because you expected all of it. 

This episode is all about expectations, and how the key to happiness in so many things in life is to aim low.

Low Expectations

A weird thing in life is that everyone strives for a good life because they think it will make them happy. But what actually brings happiness is the contrast between what you have now and whatever you were just doing.

The best drink you will ever taste is a glass of tap water when you’re thirsty.

The best food you will ever eat is fast food when you’re starving.

The best massage you will ever feel is sitting on a couch after a long run.

The best sleep you will ever experience is when your newborn finally sleeps through the night.

This episode is about happiness, and the counterintuitive places it's often found.

What Makes You Happy

Chris Rock joked that Bill Gates would jump out the window if he woke up with Oprah’s money. Like most comedy, it’s funny because it contains a nugget of truth.

There is no objective level of wealth -- everything is just relative to something, or someone, else. That means a billionaire can feel poorer than someone with infinitely less money.

This episode tries to create a spectrum of wealth based on the quality of your life, feelings, and social circles, versus measuring it on money alone.

The Spectrum of Wealth

I think there’s an “ideal” net worth for everyone, when money not only stops bringing pleasure but becomes a social liability. And that number is probably lower than most people think.

A subtle problem with money is that assets are easy to measure but liabilities can be hidden. Measuring assets is simple. But how do you measure losing your privacy? Or the nagging doubt that some friends only like you for your money? That’s way harder.

My theory is that the more money people have, the more social debt they tend to be burdened with.

Rich and Anonymous

A few laws from random sciences that almost certainly apply to your own -- regardless of what you do for a living. 

Thanks to my friends at Nitrogen -- check out nitrogenwealth.com

Universal Laws of the World

A look at why so many Americans think the best was better than it was: People in the past may have been poorer than we are now, but they probably did a better job keeping their expectations in check. 

Thanks to my friends at nitrogenwealth.com.

The Most Important Financial Skill: Getting The Goalpost to Stop Moving

The first episode -- who knows where this will go?

There is a science to spending money – how to find a bargain, how to make a budget, things like that.

But there’s also an art to spending. A part that can’t be quantified and varies person to person.

In my book I called money “the greatest show on earth” because of its ability to reveal things about people’s character and values. How people invest their money tends to be hidden from view. But how they spend is far more visible, so what it shows about who you are can be even more insightful.

Everyone’s different, which is part of what makes this topic fascinating. There are no black-and-white rules.

But here are a few things I’ve noticed about the art of spending money.

The Art of Spending Money

Episode 2: A look at the lifestyles we all choose to live, with an old story I came across that might be my favorite example of living for the approval and applause of other people vs. doing things just because they make you happy.

Lifestyles

There are only a handful of financial rules, ideas, and observations that really move the needle -- and explain the majority of what you need to know to do better with your money. 

I could have narrowed this down to 10, but I had fun with this thought experiment, so here are my top 30 rules of the money game.

Rules of the Money Game

In some fields our knowledge is seamlessly passed down across generations. In others, it’s fleeting. To paraphrase investor Jim Grant: Knowledge in some fields is cumulative. In other fields it’s cyclical (at best).

Cumulative vs. Cyclical Knowledge

Cumulative vs. Cyclical Knowledge

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