702 Morgan Housel — Contrarian Money and Writing Advice, Three Simple Goals to Guide Your Life, Journaling Prompts, Choosing the Right Game to Play, Must-Read Books, and More

This is a OPEN AI summary of the Tim Ferriss Podcast #702- visit www.TinyTim.blog for more AI summaries, or www.Tim.blog for the official Tim Ferriss Podcasts.

In this episode, Tim Ferriss interviews Morgan Housel, a partner at the Collaborative Fund and author of The Psychology of Money and Same as Ever: A Guide to What Never Changes. Housel shares the story of how he came to write his latest book, which is based on the idea that we should focus on things that never change. He also discusses Warren Buffett's approach to investing, which is based on bettin on things that stay the same forever.

1. The media focuses on what is going to change in the future, but this is not the best way to predict the future. 2. Instead, we should focus on what will never change, as this is more likely to give us a accurate picture of the future. 3. One example of something that will never change is human behavior, which has remained consistent for centuries. 4. By focusing on what will never change, we can better understand the future.

In this interview, Housel discusses his new book, The Psychology of Money. He explains that he was inspired to write it after realizing that many of the same dynamics are at play in our lives today as were in ancient times. He talks about how writing is intrinsically selfish, and how good writing is easy while bad writing is hard. He also discusses how he chooses to write only when he feels he has to, and not when it's convenient or easy.

In this excerpt, Tim Ferriss and Morgan Housel discuss the importance of knowing what you can and cannot control in your life in order to reduce anxiety. Housel shares that he is a "first draft and publish writer," meaning that he writes one sentence at a time and then moves on, without editing or rewriting until he is finished with the piece. This method works for him because he is not concerned with perfection, but rather with getting the ideas down on paper. Ferriss shares that he tends to write in a similar way, but with more focus on structure and planning before he begins writing.

This is a summary of an interview with Morgan Housel, in which he discusses his process for coming up with ideas and writing blog posts. He starts with a headline and then lets his thoughts flow, often taking walks during the process to generate new ideas. He also talks about the concept of "social debt," which is the obligation one feels to help others with the money they earn.

This is a discussion between Tim Ferriss and Morgan Housel about the idea that every dollar of net worth gained comes with at least a couple pennies of social debt. They talk about a wealthy family that has made intentional decisions to remain anonymous and live a fairly normal life in order to avoid ruining their children.

In this excerpt, Tim Ferriss and Morgan Housel discuss the importance of teaching children about money in a way that doesn't make them feel entitled. They share the story of a family Housel worked with who went to great lengths to ensure their children were well-balanced and self-aware, despite their wealth. Ferriss asks what other families can do to produce similar outcomes, and Housel shares some of his thoughts on the matter.

The only way to raise kids that don't grow up to be spoiled little brats is to give them less money. The reason that money is valuable is because you usually have to work hard for it. If you don't have to work hard for it, it becomes not that valuable to you. Every cent that you give your children, particularly your older children, you are robbing them of the opportunity of earning their own income.

In this thought exercise, Morgan Housel and Tim Ferriss discuss what they would do with a billion dollars if they had it. They both agree that they would give their children a good education and provide for them in other ways, but they would not leave them a large inheritance when they die. Instead, they would donate most of the money to charity. This is difficult to do in a way that feels like it is making a big difference, but they both think it is important.

The author describes how difficult it is to give away money, even when it is for a good cause. He cites the example of his mother filling up a shopping cart at CVS and then paying for it, with no thanks or acknowledgement from the recipient. He argues that it is even more difficult for people like Bill Gates and Warren Buffett to give away large sums of money, because they have to be sure that it will be used effectively.

The interviewee in this piece is J. Paul Getty, who at one point was the richest man in the world. He reflects on how money has changed him, noting that it has made him more depressed and less happy. He also notes that it has changed his personality, making him more of a jerk. He concludes that money just accentuates who you are, and that if you're already depressed, it's not going to make you any happier.

In this conversation, Morgan Housel and Tim Ferriss discuss the idea that adversity doesn't necessarily build character, but instead reveals it. They talk about how wealth can change a person's perspective, and how contentment is different from happiness. They also discuss the work of comedians and how they can be thought leaders.

Morgan Housel describes an experience he had as a teenager when he and two friends triggered a small avalanche while skiing. They were able to get to the bottom and hitchhike back, but when he went to pick them up, they were nowhere to be found. Later that day, he learned that they had both missed appointments, and no one knew where they were.

In this story, the author describes how a decision to not go on a second run with his friends ended up saving his life. He reflects on how fragile life is and how small decisions can have huge impacts.

In this interview, Morgan Housel discusses the importance of considering different perspectives and points of view in order to get a fuller understanding of the world. He talks about how our individual experiences shape the way we see the world and how we can often be blind to the experiences of others. Housel also shares his thoughts on how our past experiences can influence our future decisions and how life is full of unpredictable events that can change our course in an instant.

In a recent interview, Tim Ferriss asked Morgan Housel about his process for thinking about investing. Housel explained that he tries to keep in mind the idea that there are an infinite number of possible worlds, and that we just happen to live in one. He also said that it's important to remember that even the tiniest things can change the course of history.

Incentives are a powerful thing - they can make people overlook obvious downsides in order to get what they want. This was the case with Hitler in Nazi Germany and El Chapo in Mexico. In both cases, the leaders promised a better life for their followers and the people were willing to overlook the negatives in order to get what they wanted.

The most important personal finance asset is not needing to impress anyone. This can be cultivated by focusing on gaining respect and admiration from wisdom, intelligence, humor, and love, rather than from material possessions.

Housel suggests that a lot of luck is involved in finding a successful marriage partner, as people usually want to marry during a narrow window of their lives. He says that many people maximize for the wrong variables when they're young, such as beauty or money, when what actually works in the long term is marrying your best friend. He attributes his own successful marriage to luck and says that love is respecting someone for their faults as much as their good traits.

In this conversation, Morgan Housel and Tim Ferriss discuss the importance of respect and compromise in relationships. Housel shares that his three major life goals are to stay married, not get fat, and be there for his kids. He also discusses the idea that if both partners in a relationship are willing to serve each other, the relationship is more likely to be successful. Ferriss asks Housel what he believes is the "hassle" that people are trying to eliminate when they achieve success. Housel responds that many successful people are conditioned to look for problems to solve, and that this does not always foster a sense of contentment.

In order to be successful, one must be willing to sacrifice many personal aspects of their life. This includes time with family and friends, as well as a stable personal life. However, many people are willing to make these sacrifices in order to achieve success.

In this excerpt, Morgan Housel and Tim Ferriss discuss the role of hope in people's lives. Ferriss argues that hope is not trivial, and that it can be a valuable investment for people who feel trapped or unhappy with their current situation. Housel agrees, and adds that people in the public spotlight need to be careful of fostering envy among their fans.

The risks of video microfame or macrofame are very real and can be very scary for those who are not prepared for them. The temptation to perform for social media can be very strong, but it is important to remember that the downside risks are very high. Young people who are trying to break into the social media world need to be aware of the dangers and be careful not to put themselves in compromising situations.

In this excerpt, Tim Ferriss and Morgan Housel discuss the importance of sustainability in various areas of life, including relationships, careers, and investing. Ferriss argues that it is important to find something that one can sustain for a long period of time, rather than something that may offer a higher return in the short term. Housel agrees, and adds that it is often difficult for "type A" personalities to live at 80-90% of their potential in order to maintain sustainable habits.

In this conversation, Tim Ferriss and Morgan Housel discuss the challenges faced by podcasting and the potential of text-based content. Housel shares that audiobooks often outsell physical books, and Ferriss notes that text is a single activity that can be consumed more easily than other types of content. They agree that text has the potential to be more successful in the future as people are increasingly trained to value their time.

It is easier to speak than it is to write, so those who are good at speaking will always have a larger audience than those who are good at writing. However, writing is still a valuable skill, and there is always a market for good writers. Most book publishers want authors to narrate their own audiobooks, but this is not always the best decision, as not all authors are good speakers. It is hard to get accurate analytics on the value of a read versus a listen, but it is generally assumed that the audience for a podcast is larger than the audience for a blog.

In an interview, Morgan Housel and Tim Ferriss discuss the success of Ferriss's podcast. Housel notes that the podcast audience is different from Ferriss's blog readership, and Ferriss says he never could have predicted the podcast's success. Ferriss attributes the success of his career to his book The 4-Hour Workweek, which he says is still his bestselling book.

In this excerpt, Tim Ferriss and Morgan Housel discuss the difference between books and podcasts. Ferriss argues that people are more likely to forget a podcast episode than they are to forget a book. Housel argues that this is because books are more likely to be seen as profound and worth taking action on.

In this podcast, Morgan Housel and Tim Ferriss discuss great books that Housel has read lately. Housel starts with a book by Robert Caro called Working, which is a biography of sorts that details Caros life and practice as a writer. Housel admires Caro for his thoroughness and patience as a biographer. Ferriss then goes on to ask Housel about other great books he has read recently, including Triangle Fire, Empty Mansions, and The Strange Last Voyage of Donald Crowhurst.

Ken Burns is a skilled storyteller, and most of the information in his documentaries is already well-known. However, Robert Caro is able to uncover new information that is unparalleled to anyone else. Caro's skill is just that he works harder and is more patient than any other writer.

The Triangle Shirtwaist Fire was a tragic event that resulted in the death of many workers. This event sparked a movement for worker rights and protections, which led to many changes in the United States. The book "No Ordinary Time" tells the story of this event and its aftermath.

In 1968, Donald Crowhurst set out to sail around the world solo in a race sponsored by a local newspaper. Crowhurst was an amateur sailor at best and had failed at many things in his life up to that point. Despite this, he made it halfway down the coast of Africa before his boat sprung a leak. Facing the choice of turning back or continuing on and likely dying, Crowhurst chose to keep sailing and falsify his position reports to make it appear as though he was still in the race. This decision eventually led to his downfall and death. In this book, Doris Kearns Goodwin tells the story of Crowhurst's ill-fated voyage and how it affected those around him.

In his book, "The Lifestyle Scam," Morgan Housel tells the story of a man who was so obsessed with gaining the respect and admiration of others that he was willing to fake sailing around the world for six months and then take his own life when he realized he would be found out. It is a story of the lengths some people will go to in order to achieve their goals and the mental state of someone who is so driven by what other people think of them.

In this book, Tim Ferriss and Morgan Housel discuss the importance of having the right behaviors when it comes to investing. They both agree that no one can predict the future, but if you have the right mindset and are properly prepared, you can weather any storm.

In his book, "The Psychology of Money", Morgan Housel shares his thoughts on a variety of topics related to money, including investing, philosophy, and politics. He advocates for a "30,000 foot" view of these topics, saying that it is the best way to understand the broader behaviors that guide people's reactions to them.

In this conversation, Tim Ferriss and Morgan Housel discuss a variety of topics related to change. Housel shares his thoughts on what never changes, and the two discuss the importance of being kind to others and to oneself.

https://tim.blog/2023/10/31/morgan-housel/