Read & Repeat5 Juli 2023

EP46 The Psychology of Money by Morgan Housel

Morgan Housel’s fantastic book “The Psychology of Money” is a collection of stories on how we interact with our own money. I really enjoyed reading Housel’s book (for the second time!) because it contains many fundamental lessons on investing psychology. He emphasizes that the true wealth lies not in material possessions or lavish lifestyles, but in the freedom it affords us. The best thing money can buy us is freedom. Housel also describes that while we often fixate on high-flying investment strategies, the key to long-term wealth accumulation is actually prioritizing financial survival. By optimizing for survival and using a “how well you sleep at night” barometer, we’ll allow compounding to work its magic over time. I'm thrilled to share the memorable stories and lessons from The Psychology of Money!

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The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness - Morgan Housel

---- Please share with a friend or rate 5 stars if you enjoyed this episode! | Find me on Twitter @ReadnRepeatPod

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Show Notes:

3:01 - History never repeats itself but man always does

7:25 - What seems crazy to you might make sense to me

12:08 - Never enough mentalities

16:44 - The best thing money can buy you is freedom

24:20 - Compounding is the 8th wonder of the world

29:01 - Survival is priority #1

32:51 - Optimize for how well you'll sleep at night

37:43 - Volatility is the price we pay for market-level returns

40:39 - Stories sell stocks

48:45 - Tails drive everything

54:05 - Morgan Housel's personal money management strategy: independence & simplicity above all else

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