For People Feeling Behind In Life! - Find Purpose, Achieve Your Goals & Be Happy | Morgan Housel

Rangan Chatterjee

Feb 28, 2024

Episode description

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When John D Rockefeller was asked how much money was enough, he famously replied, “Just a little bit more.” This quote is often used to illustrate our hard-to-shake view that money will solve all life’s problems. But as today’s guest is keen to point out, it probably won’t. Because life’s true riches don’t have a £-sign in front of them.

Today’s guest is the multi award-winning financial writer and bestselling author Morgan Housel. Morgan is a partner at The Collaborative Fund and a former columnist at The Wall Street Journal.

In his first book, The Psychology of Money, Morgan explains how doing well with finance is less about what you know and more about how you behave. This is an idea that I believe applies equally to health. That book became a global sensation and to date has sold over 4 million copies. And his second book, Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life has just come out.

Morgan explains that in finance, as in health, we generally don’t want to put in the hard work over the long term. We want shortcuts, secret hacks, silver bullets. Yet, he says, basic truths and principles remain the same as ever.

We also talk about the relationship between money and happiness, the relationship between our finances and our health, the real meaning of wealth and the importance of having a sense of control.

We discuss the problems with black and white thinking, the dangers of social comparison, the difference between success and happiness, and why we need to be careful about who we look up to.

At its core, this is a conversation about what it really means to live a happy and contented life.

There’s a quote from Lao Tzu, that I really like: “He who knows he has enough is rich.” It’s such simple yet profound advice. And it chimes with Morgan’s ultimate message, that whatever your current financial situation, what’s going to make you happy is probably not what you think.

This is a thought provoking conversation that I’m pretty sure will have you thinking deeply about your life.

#feelbetterlivemore
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Connect with Morgan Housel:
https://www.morganhousel.com/
https://twitter.com/morganhousel
https://www.instagram.com/morganhousel/

Morgan’s books:
Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life
US: https://amzn.to/49PuCLR UK: https://amzn.to/49OVtYv

The Psychology of Money: Timeless lessons on wealth, greed, and happiness
US: https://amzn.to/3uGrMtY UK: https://amzn.to/42RwWQp

#feelbetterlivemore #feelbetterlivemorepodcast

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Mindsip insights from this episode:

Invest in savings and sleep for future independence

Every dollar you save is a slice of future independence you own, just as every small health improvement, like 15 more minutes of sleep, measurably improves your biochemistry.

#sleep

#wellness

Recognize status-seeking behavior to find true happiness

Humans are evolutionarily wired to seek status, not happiness, which explains why we often pursue things like money and promotions that don't actually make us happier.

#evolution

#happiness

Prioritize family and kindness over financial success

In a study of 1,000 elderly Americans, not a single person wished they had earned more money; instead, they all wished they had spent more time with family and been kinder.

#family

#fulfillment

Acknowledge luck's role in success to balance risk perception

We are acutely aware of risk, which are bad things outside our control, but are almost completely blind to the role of luck, which are good things outside our control, in our successes.

#risk

#success

Balance career success with personal priorities to avoid hidden costs

Achieving major career success can actually make some parts of your life worse by creating impossibly high expectations and reducing time for what truly matters, like family.