TIP759: The Art of Spending Money w/ Morgan Housel
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You're listening to TIP. On today's episode, we bring back Morgan Housel to discuss his newest book, The Art of Spending Money, Simple Choices for a Richer Life. Morgan needs no introduction to our listeners. He's the New York Times bestselling author of The Psychology of Money and same as ever. and his books have sold over 8 million copies.
He also serves on the board of directors at Markel. During this episode, we discuss the intersection of money and happiness, why Buffett's inner scorecard can empower us to use money as a tool instead of letting money use us, why the happiest people we know are oftentimes the most content, why chasing status is a game you'll never be able to win, why not all of our big spending decisions need to be run through a spreadsheet, the shocking story of how the Vanderbilts lost billions of dollars due to social debt, why Morgan highly prioritizes spending money on independence, and so much more. During the last 15 minutes or so after I let Morgan go, I also took some time to share some of my biggest lessons from reading the book.
You know, money is one of those really fascinating things where most people naturally assume that they would be better off if they had more money. But as Morgan highlights, some of the most financially successful people also turn out to be incredibly miserable. So there's more to it than what meets the eye. And the psychology of why we spend money the way we do is critical to understand. Anyways, the book was super fascinating and I enjoy chatting with Morgan about it, so I definitely encourage our listeners to go pick it up.
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