In this episode, I talk to Morgan Housel, partner at Collaborative Fund and author of The Psychology of Money. Among other things, Morgan shares his idea of writing, key lessons he learned from his parents and the ones he wishes to pass on to his kids, the most important thing money can buy, and practicing simplicity in a complex world.
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0:00 Introduction
2:02 Why writing means for Morgan
2:48 What’s true for every writer
3:56 Most fascinating thing about writing
6:15 Benefits of journaling
7:54 Morgan’s process of writing well
10:53 How to get writing ideas
12:30 You cannot force creativity
14:22 Most important lessons while growing up
16:45 The only purpose of building wealth
18:28 Developing the idea of ‘enough’
22:11 What Morgan worries about the most
24:48 No one is crazy
31:57 Money vs happiness
35:23 What becoming a parent teaches
38:48 Most undervalued skill
41:56 Favourite story from The Psychology of Money
43:48 Reasonable vs rational
44:28 Obvious things people don’t observe about money and investing
47:05 Being bold vs being reckless
50:38 Simplicity in a complex world
53:03 Fascinating things about investing
54:39 Lessons from failure
55:39 Meditating on mortality
57:04 Best and worst pieces of advice
57:30 Disagreeing with people on Wall Street
57:30 Disagreeing with people in Silicon Valley
58:30 One final advice