Love Morgan's book "The Philosophy of Money". Which I learned about from a Scott Galloway pod cast. The Earthquake analogy is perfect. John Bogle would be proud!

Great interview, Scott! I wish Morgan’s work *were* required reading, even in a “Life 101” type classroom. His research & approach to life are laudatory

Only someone who has never been poor could say that money doesn't equate to happiness. Nothing is wrong with that thought, but it highlights the different perspectives of what money can provide.

@victorhankinson1530

7 ай бұрын

Poor is an interesting word you choose there. I have been extremely economically insecure. I’ve worked full time since I was 16. I think you’ve missed to point. And from observations of my own family, I can attest that wealth certainly helps in cultivating happiness. But no more than that

@mephik

7 ай бұрын

@@victorhankinson1530 Having 0 worries about any bills or emergencies has done wonders for my happiness. Was happy and functional before but the absolute care free it brings is not insignificant in said pursuit.

@cceats9009

Ай бұрын

@@victorhankinson1530❤q

@mariahsmom9457

5 күн бұрын

He grew up very poor. He talks at some length about it in other interviews.

Thank you so much Mr. Scott for having Mr. Morgan on. I read every new article on the collabfund religiously. Your knowledge and his have really impacted me and I share both of your content to whoever's interested in receiving. Thanks so much for the half hour of life lessons. Love from Nigeria 🇳🇬❤️

you can't beat Morgan Housel's advice. "Even God can't beat dollar cost averaging"

@benb8336

7 ай бұрын

We save a lot of time this way, too - set and forget with automatic buys 👌

I just finished The Psychology of Money. Brilliant book and I am looking forward to reading Same as Ever

@Ian-zx1cc

3 ай бұрын

Both are amazing books, please grab yourself a copy.

@oliviapeart7797

2 ай бұрын

I've known people who had to fund raise for medical treatment ... money pays for services that keep you safe and healthy. Happiness is a totally different concept around personality. Happiness and wealth need to be uncoupled.

9:03 to 9:43 is pretty much everything you need to know about investing. It's good to hear somebody like Scott just be real about how emotions and trying to outsmart the market can derail you. I wish I didn't have to learn this the hard way, but that's sometime the only way people learn.

@HMuny55

7 ай бұрын

The fact that he said he sold off bc of Trump and Covid means he needs to probably stay off twitter lol

"Nobody knows" sums up everything. I read and watch a lot of people and analyze tons of companies and succeed less than just buying the market no matter what.

One of your best shows.

Important topic and conversation. Illusion of success: homeowner, high end car, healthy 401k/ Investment balances...so so hard to overcome and make a true and lasting paradigm shift.

Buffet's first rule is "don't lose money". but this is *inevitable*. My first rule is "survive". Specifically: "be prepared to take multiple hits at once". Stay in the game. Mindful of rule 1, I can take lots of risk. Some risk will pan out, some will not. I'm at peace with that. That peace is power.

@eddenoy321

7 ай бұрын

You most certainly can minimize losses by staying away from equities completely. I have watched CD , Annuity, and Treasury rates for over 25 years. I strive to get the highest interest rates possible. I watch all my expenses closely. I never got rich nor ever set that as a goal. My spouse and I are frugal and we cherish good health. We have a home, no debt, and enough money to support us until we die. We have enough to live well. I will never enter the equity casino and I am not trying to impress anyone. Never have. Cannot grasp why some people live with the existential dread of losing 20-30% of their holdings every 7-8 yrs. or so. It is too stressful.

@FlyingFlaneur

7 ай бұрын

​@@eddenoy321Real returns for treasuries have been 2% or less for the last 25 years and have even turned negative in the last couple years. You can't escape risk. Real returns for CDs have been flat or negative for the last 25 years. If you compounded the average 7% real rate for stocks for 25 years, you'd have more than 5x your starting capital.

Totally agree that his books should be required reading. He is a phenomenal writer and a very smart man. Loved this interview!!

A great half hour. I know what he meant when he said “find a stable corporate job”. At one time, that was not an oxymoron. My father wanted me to get a job with a good medical and benefits package so I could start on building my retirement at an early age. There’s no way his generation could foresee what our economy has mutated into

@eddenoy321

7 ай бұрын

Very good comment. I totally agree. I think if I were young today I would try to get a government job , (maybe even the military) and just stick with it. The stresses of constantly having to prepare for my 'next job' while I am already working takes a huge toll on our spirit and health. Same thing with money . 'Hope for the best, but prepare for the worst". Don't take unnecessary risks.

Prof G. You make my life happier. Thank you.

Great interview. Thanks both.

Interesting question on the bifurcating of behaviour and relationships - I have a very high risk tolerance for finance, but a very low risk tolerance at work and in relationships.

@thomasturner8798

7 ай бұрын

I agree. I go for the fences with my investments, but I am a slow driver, focus on my health and chose relationships carefully.

Thank you

Great discussion!

Damn good conversation 🎉

Everyone wants the admiration of strangers? I can only speak for myself but I do not think or care what other people think about me. I feel like the host, and I give him credit for this, is revealing a neurosis in himself that needs to be addressed. If someone's criteria, especially a stranger, depends on the kind of car you drive why on earth would you want their admiration? (Howard Roark in The Fountainhead is a good model for proper human relationships in this regard IMO) Having said that money is great! And definitely follow this gentleman's financial advice!

ProfG you saved me from existential and quarter life crisis

I respect my friends regardless of their entrepreneurial success 😮

Suggest reading book The Fourth Turning and more recently The Fourth Turning is Here. Interesting parallel to this conversation. We don’t learn from history, actually for a reason, and seem to be doomed to repeat it.

This is a great conversation.

@julieg1466

4 ай бұрын

+l

That was inspiring, educational, and depressing all at the same time. Thank you Morgan, Scott, everyone connected with the #ProfGshow

Great wisdom from Morgan. For Investing wisdom A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger provides great insight into there key investing principles.

We need better education to generate a mindset of giving and helping …. Let’s see, I’m educated in that I have plenty of secure wealth for me and mine …. Grow a mindset of expand my inner circle, add a bit of diversity…find a few veterans, homeless, whatever …grow a mindset of joy in distributing your wealth, your excellence, your exceptional rewards to others …. Grow by doing it before you die

By YouSum Live 00:01:00 Financial behavior patterns across history. 00:01:22 Recurring financial crises throughout centuries. 00:03:22 Caution against emotional investing decisions. 00:12:02 Importance of preparedness over prediction in investing. 00:16:02 Understanding the behavioral aspect of finance. 00:16:52 Money as a tool for life improvement. 00:17:01 Money's diverse impacts on behavior. 00:17:26 Seeking respect and admiration through wealth. 00:17:31 Relationship between money and personal relationships. 00:20:09 Financial success and societal evaluation. 00:24:00 Happiness linked to wealth and expectations. 00:28:10 Economic mobility and family income correlation. 00:30:31 Instilling grit and balance in children. 00:33:41 Mutual admiration expressed between Scott and the other person. By YouSum Live

Even God can't beat Dollar cost averaging ❤

We need a part 2!!!

Man, I like these two minds and listen to them whenever I can, but oh boy are they insecure about money, being a provider, having money respect/attention. Being the man (with money) etc. Mild but it is there. Thank god, I have zero of that. Sounds like a self built prison with attitude to money. I have plenty of money and drive a banged up prius and live in a modest apartment. That is freedom. Women come and go and I have friends who are the least materialistic. That is freedom. Money for freedom that's it. Money for mental and physical freedom.

@eddenoy321

7 ай бұрын

Good on you. You sound like a survivor👍

Not all of us care about the Joneses or are addicted to social media. Those of us that way are very confused by today.

Scott.... You're a smart guy and it's nice that you think you earned it and it's yours..... But really you owe it to the federal deficit.... All that money they borrow ends up right in your pockets.....

Plus ranting about Billionaires, deep down very much wanting to be one, but can't cause the ship has sailed.

I find that there is two metrics here. Rich verse poor, and happy verse unhappy. Overall your are better off being happy regardless if you are rich or poor. However, if you are unhappy. You are much better off being rich and unhappy verse being poor and unhappy.

Love the show and insights. Wondering if this interview portfolio could be a bit more diversified than male + white.

@KK-pm7ud

7 ай бұрын

A person's race or color has nothing that no with the value of the information they provide. Get the best guests you can regardless of race. If you know someone, recommend them. Or tell the person to reach out to the show.

@hughjasol3103

6 ай бұрын

Here's an idea , start your own show and get people to watch(or not) PROBLEM SOLVED!!

At 23:54 he said I know some wealthy people, I’m sure you do too. Does he realize he’s speaking with a wealthy person?

Check out the doughnut economy. GDP is no longer our measuring stick for success.

I'm watching and listening to this and only thinking "you two guys are soooo American." Most of your mental envelope and programming to me appears cultural from your living in America with particular wealth and race status.

Morgan comes across as intelligent but a bit weak and naive. I hear fear and anxiety in his tone and choice of wording. A bit foolish but he will improve, I'm sure. There is no need to catch FOMO from those around you or from social media. "Everyone looks at their neighbors and co-workers and measures their self-worth by that",...really Morgan ? Really ? That seems to be his weak point. Scott you are scrapping the bottom of the barrel for content. Uninspiring interview.

@Kornheiser10

2 күн бұрын

You obviously don't know or have followed Morgan's writing for decades . He's actually being a polite guest/interviewee. If you read his book "The Psychology of Money" you'll understand his enlightened perspective.

@Kornheiser10

2 күн бұрын

Morgan's family was relatively poor when his father went to med school in his 30s with a family.

@eddenoy321

2 күн бұрын

@@Kornheiser10 No I haven't read it because there are a 1000 books like it. Enlightened ? Are you kidding ?

@Kornheiser10

2 күн бұрын

@@eddenoy321 that's the thing about it, there actually aren't, that's why it's worth reading. It's about money and it's affects on the way people think and react, not how to make it.

@eddenoy321

2 күн бұрын

@@Kornheiser10 Sorry . No doubt its a good read, but I disagree with you, ok ?

We're due followed by everyone out here doom sayin. Pick one. They may have been early but they are still likely right. OR we just paid to delay it another generation longer and deeper.