Morgan Housel is a Partner at the Collaborative Fund and author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. He is a former columnist for The Motley Fool and The Wall Street Journal and has received several accolades, including the New York Times Sidney Award. In addition to his authorship, Morgan has presented at over 100 conferences in different countries, using storytelling to explore behavioral finance and history, how investors deal with risk, and how we can think about risk in a more productive way.
Morgan joins me today to explore the highest form of wealth and the psychology that drives how we spend our money. He defines what a savings rate means and explains how one can build wealth without having a high income. He differentiates making reasonable financial decisions from making rational ones and describes our emotional relationship with money. He also illustrates the economic and social dynamics that occur underneath challenging events in the United States and reveals some surprising facts about money and financial trends in the country.
“Your savings rate is the gap between your income and your ego: how much you’re making and how much you’re able to suppress your desire to impress other people.” – Morgan Housel
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