NGPF Podcast: Morgan Housel discusses his new book "The Psychology of Money"
Morgan Housel is back for an encore performance on the NGPF Podcast to talk about his new book, The Psychology of Money. Morgan has that rare talent of making financial lessons memorable through incredible storytelling that weaves in history, psychology, sociology and even medicine. In fact, his book is a compilation of 19 of his favorite stories. Listen to this podcast and learn about his creative process, his favorite stories and the money lessons they teach and COVID-19's long-term impact on financial behaviors. Enjoy!
- 0:00~1:02 Introduction
- 1:02~5:37 How Morgan became interested in the psychology of money and investing
- 5:37~8:51 Taking emotions out of investing through dollar-cost averaging and index funds
- 8:51~11:11 Importance of good storytelling
- 11:11~14:57 Being reasonable versus rational with money
- 14:57~16:50 Creative process behind Morgan’s blog posts
- 16:50~20:19 Alternatives to the risk questionnaire
- 20:19~23:30 How should we be thinking about investing?
- 23:30~27:06 No one is crazy with their money
- 27:06~30:59 Getting rich versus staying rich
- 30:59~33:05 How Morgan’s book is formatted
- 33:05~39:14 COVID-19’s impact on people’s attitudes towards money
- 39:14~43:10 Happiness and money
- 43:10~47:33 How to become a better storyteller
- 47:33~50:07 Getting people out poverty
- 50:07~54:03 On universal basic income
- 54:03~56:03 History of market volatility
- 56:03~58:10 Conclusion
- Morgan’s Blog for the Collaborative Fund (weekly posts)
- The Psychology of Money: Timeless lessons on wealth, greed, and happiness
“No one is crazy. What I mean by that is people do crazy things with their money. People make all kinds of bad decisions and regrettable decisions but no one is crazy because we are all just trying to make the model of the world with how we think the world works based on our own experiences and trying to make money decisions off of that model. And everyone’s model and everyone’s interpretation of the world is different because we all have different experiences.”