The Savings Expert: “Do Not Buy A House!” Do THIS Instead! - Morgan Housel
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- Опубліковано 6 тра 2024
- If you enjoy hearing about how to master the world of finance, I recommend you check out my conversation with Ramit Sethi, which you can find here: • The Money Expert: "Do ...
00:00 Intro
02:23 Why Do You Write Books About Money?
04:14 The Psychology of Money & What Wealth Really Means
10:53 Why Not Having Control in Your Life Is Making You Unhealthy and Unhappy
14:05 Why You Need to Learn to Stop Pushing Your Financial Goals
18:20 The First and Most Important Rule of Happiness
22:16 The Most Valuable Financial Skill Anyone Can Have
25:35 The Most Important Saying for a Relationship or Career
27:48 Why Low Income People Are More Reckless With Money
32:17 How to Learn to Finally Save Your Money
35:55 A Tragic Incident That Taught Me My Most Valuable Lesson About Money
41:33 Investing and the Biggest Mistake Most People Make
45:55 The Best Advice on How to Invest Your Money
51:58 The Janitor That Became a Multimillionaire
54:41 Pensions
56:28 How Do We Know When Enough Is Enough?
59:34 Should We Save Our Money for Our Children?
01:03:19 Why You Should Never Check Up on Your Investments
01:07:34 The Benefits of Not Working for Big Companies
01:08:58 Why Everyone Is Bullshitting Their Way Through Investing
01:11:27 Why You Should Take That Risk
01:17:32 The Best Bit of Advice I Ever Received
01:26:15 The Biggest Factor That Will Ensure You Lose Your Money
01:31:48 The Confidence Rule Around Your Finances You Need to Know
01:41:55 The Power of a Great Story
01:44:42 The Power of Compounding Interest
01:50:15 Bad Times Often Change Us for Good
01:53:03 Wealth Creation Conclusion
01:53:57 The Last Guest’s Question
You can purchase Morgan’s most recent book, ‘Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life’, here: amzn.to/467d77x
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About 5 years ago, Morgan's book changed my entire life as it relates to money and finance. Hopefully, you will enjoy this conversation as much as I do! 🧡Could you do us a massive favour and HIT that like button on the video! Helps us a lot 🙏 share your favourite part of the convo below 👇🏾
Hello. Please consider many people are listening these, so if you introduce a book (like in 18:30), don't just say "This book". Read the name and preferably also give the year it was published. Thank you :)
Will you add to Spotify? Can't find it
@@Ounouh he literally said, "Your new book which is out in November." If you can't be bothered to do a simple search for the book, then you don't deserve to learn from it. It also tells me that you didn't bother to listen to the whole thing before commenting because he says the name of the book at 35:20.
abit sad that your 'entire' life was changed by a book! think about it
I've seen this method tried.
Now, those people are homeless, and those who bought homes have made massive profits and have housing security.
Assets are wealth and generational wealth, too.
Many can not retire as money in pensions stock shares crashed.
I'm not convinced by this at all.
Rent is through the roof, and those who lose their health cannot find rentals.
Benefits don't even cover the rent, heat, or eat.
At least with a house, you can rent out rooms.
Look at the homeless who are not there by choice right now.
Long term investment does not help those on the real low incomes.
Do you own your own home?
Not everyone can be successful in business.
So many cannot retire due to shares dropping or crashed markets.
Not much is making money in shares stocks atm.
Markets look like 2015-16. Probably going back to all time highs, but will probably go sideways until fed signals rate cut, Recently sold 25% of my $285k portfolio comprising of plummeting stocks that were recommended by certain financial UA-camrs, quite devastating!
Avert too-good-to-be-true con tricks. Consult a fiduciary counselor; these professionals are among the best in the business and offer individualized guidance to clients based on their risk tolerance. There are undesirable ones, but some with a solid track record can be excellent.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.
Although my knowledge of the business is limited, it seems that this is the ideal time to enter the market based on my understanding of supply and demand in the economy. The consistent price variations, which shouldn't be an issue, are the only thing stopping me. But I really need a counselor; could you please assist me?
I work with Jennifer Lea Jenson, who is a licensed fiduciary. Just look up the name. All the information you need to work with a letter to set up an appointment is included.
thank you for sharing; I just looked up the broker you recommended on Google and was really impressed with her qualifications. I will immediately send her an email.
I bought an old house with a big property, all cash. Refurbished it, added 10cm rockwool external insulation everywhere - then setup a huge solar array, my own water source, greenhouse, poultry, etc.. Cost of living is close to zero - with no debt. Best investment of my life.
Woah! That's awesome. Where did you learn how to do all of this?? I have no idea where to start educating myself.
Amazing, where do you live?
And cudos to you for being awake. Many aren't.....
That's great, but it means you need to have all that cash in the first place and most people don't.
Where?? And how did you get all the extra work done, by yourself?
The title is misleading. 99% of what they talk about has nothing to do with buying a house. IMO everything else shared is an incredible listen! He also didn’t say not to buy a house. He said history shows us it’s not a huge money maker looking at wealth. Buying a house is mostly about security and building a home, family and memories. (Whatever that looks like for you). If you listened you’d know that. Honestly it gave me relief to think about how much I put into my house, and probably won’t get back money wise and that’s ok. It’s about the intangible. Loved the conversation! TY!
He makes money with click baits. 😂
@@Jayda08 came here to say that, painful to watch most of the time
Yep, super misleading. Also, buying a house in the US will cost you millions of dollars and what you get is essentially just a cardboard box. That's not the case in other countries where you can get a real brick house for a fraction of US prices.
Except owning a home DOES lead to more generational wealth.
@@JamesDecker7 You forgot to deduct from the price of house; insurance, taxes, maintenance, repairs, upgrades and land upkeep.
I own a home but no other debt. It took me many years to learn this. but I no longer acquire stuff! I open a cabinet and if everything is visible and used routinely, I keep it. Less stuff= more time and joy. Stuff is a burden. I learned to be grateful for all around me. And stopped comparing myself to others. I am happy for the success of others. And I pray.
Exactly 💯.
Being modest, keep belongings to a minimum and not spending frivolously.
If people could just look around them and see that "STUFF" really accumulates to possibly becoming a burden, then just maybe we would have a happier population.
Stop buying to be showing!!!
People, if all that spending was put into diversified investments and compounded over time... the amount of wealth grown is really remarkable.
Financial literacy should be mandatory teaching in grade school.
If children were shown, consistently, how much money can grow by compounded growth, I believe we would possibly have many more millionaires into adulthood and beyond.
Just Google hoarding and look at the stats across North America alone.
It's frightening!!!
If everyone heard Denzel Washington when he said something along the lines of... you won't ever see a hearse driving down the street with a uhaul behind it....
Truth!!
Try living a modest life, pray every day, and don't be buying to show off a possibly perishable and depreciating item... you just might be a little lighter and a little happier.
May the Lord have mercy on all our souls 🙏 🕊🐾
A great post ruined by the 'pray' comment. Ruined.
@@irielion3748exactly, what has praying got to do with anything.
@@irielion3748How dare he mention prayer. Pretend the last sentence doesn't exist, how about that? You can live with that and the sentence won't be ruined for you. It might come as a shock to you but believe it or not, there are people in the world that believe in prayer. Insane I know.
The most valuable skill is not needing to impress others. Such a genuine and true statement!!
True, before investing time, money or anything else, sit down and ask yourself "Why?"
If the motive is pride, gaining admiration or status. Drop it, its the wrong way.
As Morgan would say, spending money to show people how much money you have is the fastest way to have less money.
it's really easy when you don't have any friends
@@frankyu6984 Who want fake friends making you acting?
Why would you want to impress others? Do people buy stuff to impress others?
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.
Impressive can you share more info?
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
(21:50) *is the most important part of this video. “Managing your own expectations is more in your control than managing your circumstances.” Very true and well-said. We focus so much on trying to manage the amount of money we make or where we are in life at x age but don’t try to manage realistic expectations based on our circumstances.*
don't buy a house so I can buy it and rent it to you! B.S everywhere, they say "buying a house takes money out of your pocket" guess what, renting also takes even more money out of your pocket and at the end you've nothing
Exactly! The media has been pushing this narrative for a while now. "Don't complain that nothing is affordable. Just let the big corporations buy everything and then rent it out to you for double the cost! Own nothing and be happy!" 🙄
100% true
Not true if the rent is reasonable,you can save ,invest or grow business instead of paying a crazy mortgage,plus constantly putting money into the house money pit..Rich people own fuck all they just rent stuff,same applies to houses there are just boxes.
@@gav321 sure - if you are very rich! If i was very rich i might rent. Then again, if you are that rich - hire it house repairs etc. is nothing/peanuts. My house is small - but is more than a box to me. It has anchored me in a really nice community and has tripled in value in 12 years. And no-one can evict me, or terminate my lease. I like that.
@@gav321rent is as much as an mortgage these days if u spends less on rent its a house thats like 30-40years old and shitty and it will still be alot these days for such a shitty house its all OVERPRICED
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
As a homeowner who paid rent for years, I completely disagree that owning a home doesn't pay off. Knowing that I have shelter regardless of how well I'm doing financially, is a world of difference from the fear of losing that security, due to fluctuations in income, or a rise in the cost of living and rent hikes.
That depends, I guess, on whether or not you have enough savings, a "cushion", if you will, to sustain yourself if those things you mention happened (increase in living and rent, and so on). The good thing about being a homeowner, to add to your point, is that it's pretty much a long-term asset that will give you dividends in the long run (if you take care of maintaining it, that is), not only to you but also your offspring. It's also a safer bet because it's harder to screw up compared to stocks and other more volatile assets.
Homeowner or mortgage owner? Not the same. Even if your house is paid off in full, it’s still at risk as if you fall on hard times, bills still need paying. Owning a home isn’t the be all and end all. I personally know a young couple, childless, both working 60+ hrs a week, don’t go out and mortgaged up to the hilt for 25yrs. What for?? There best years are being frittered away by handing over money to a bank that owns nothing and literally created money out of thin air.
Couldn't agree more. Owning your home is the best thing in life, next to having an empath for husband.
@@HappyroosterYT, from 70 yrs life perspective I say that home ownership is best. Stock market is absolutely a nasty gamble.
@@followthefocusofficialas a renter I'm paying so much and will have nothing to show for it when I move out. I have been paying someone else's mortgage for 20 years. It would be nice if it was my own.
After listening to this I managed to convince our 17 year old son to start investing. He’s just finished school and started an apprenticeship and has set up a pension and an investment ISA that he is paying into each month. He actually thanked me last night for getting him to listen to this as he’d just checked his investments and seen that they had gained well (I’d didn’t think for a minute that he would listen or take action 😂). Thankyou Steven and Morgan.
You are a great parent. Lucky kid.
Glad you started to talk to him about this is early if he goes through with it and invest it will be a millionaire by the time he takes the money out
Got a house during the pandemic at 2.3%. Was one of the best decisions on my life.
Until the mortgage term renews then you will be paying double the interest.
@@jimjones8967Ever heard of a fixed rate mortgage? I bought in 2021 at 2.75% 30 year fixed rate mortgage.
@@jimjones8967 that’s still usually cheaper like for like than in rental costs
@@jimjones8967 I have a 2.3 interest rate from the pandemic as well. I don't know what you mean when you say "when it renews it will double".. Please elaborate
@@timmyspov All mortgages are amortized for x amount of years and have a term that is negotiated for x amount of years, primarily 1-5 years at a time. Once the term expires, you negotiate a new term at current interest rates. The interest rates are 2-3 times higher now than they were during the pandemic.
Thank you for this! I'm 60, college-educated, and the "failure" of my family financially. All three of my siblings have money, land, retirement savings, etc. I raised three kids as a divorced mom and am still paying on a student loan for one of my adult children, who is now working on her master's. I've worked hard my whole life since age 14, but have never earned over $46k a year. I've never been competitive or worried about material possessions. I drive a 2008 car with over 250,000 miles on it, rent an apartment, and will need to continue working well past my full retirement age to survive. Yet, I am generally happy with my "low" expectations. In my opinion, if you have the love of your family and a good dog, you're set.
Being a great mother is an incredible success
You sound like me. Since you can still claim happiness it all is nothing to be ashamed of. Additionally, You raised three kids, hopefully they will realize the sacrifices you have made and take care of you in your old age of turn out to need their help.
Especially a good dog! Priceless!
@J.H. I'll add a couple of car suggestions. Up to and including 2011 which was the last year they made them: Mercury Grand Marquis/Ford Crown Victoria/Lincoln Town cars. The 4.6 liter engine has a couple of common problems but they are easy to work on and parts are readily available and inexpensive. The same goes for the 1990's Volvo's which were the last years they were owned by Volvo in Sweden. They also have some common problems but they will run almost forever with proper care and maintenance. The cars I've listed are also very safe vehicles. My father is a huge car person and he said to me, "Gas is the cheapest thing you put in a car. A dependable used car that needs few repairs, is easy and inexpensive to fix, has lower taxes, and you have no loan on is priceless. Win, win, win."
I've never had a car loan in my life, and I'm 60. Car loans are suck a racket, making loaner rich, not the borrower.
Hope this helps.
P.S. there are some very good older Toyota's as well. I also spoke to a mechanic who has been working on only hybrid cars for many years and he said the old Chevy volts are very good as well as the Honda Insight though it's not a hybrid.
Check out Scotty Kilmer on Ytube. ✌️
@@js77znot the author, but I drive Acura RDX almost 200k and never a problem! Except seats are ripped and have covers by now. Highly recommend
I bought a house in Southern Alberta in 2020. 3bed, 2 bath 1,200 sq.ft in very good condition, move in ready with new floors and fresh paint as well as new bath and showers. I got in with a 5 year fixed interest rate of 1.89%. My mortgage plus property tax is $479 CAD ($350 USD). I would never be able to rent for that cheap!
Very good point! Renting is not always cheaper, plus it's nice to have that feeling of security that comes with owning your own place.
@@rosiecesareo8092Rental prices are outpacing incomes. And haven't you heard? There is a shortage to rent.
How many years is your mortgage?
$30,000 mortgage for a 3 bedroom house? Sheesh! Must of been one helluva down payment.
@@rollierollout I bought it for 94K and put 6k down at 1.89% interest. So on 88K
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
True, I was in dilemma myself due to this chaotic market, wasn't sure if to sell or just wait a little longer, 75% of my portfolio was tanking and in the red and the economy isn’t looking promising, but I began gaining clarity and have more confidence in my investment through an adviser, I know most DlY-lnvestor like me would say advisers aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amt in fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.
I won't pretend to know everything, though. Her name is Vivian Carol Gioia but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Bots lol
The bots are working overtime lol...
Bears make money, Bulls make money, Pigs get slaughtered. Educate yourself on at least how to read candlestick market indicators and never break the rules
I like to keep a small "in case the market crashes" fund to try and take advantage of the low prices. When the market goes south, I use that money spread out over the following months buying my targeted stocks on low days. on top of my usual DCA, They keep dropping and I keep buying. I'm still in on Renewable Energy, EV, Tech, Health.coins too gotta be greedy when others are fearful. At this point I'm grateful for my FA Pbatesltd . Already with a 7 figure portfolio but I have no doubt investing more.
Billionaires always have 15-20% cash for crashes. I only invest when S&P pulls back 20%.then I DCA every 5% down. My last add is when 10 week moving average crosses back above 30. So I added a lot of Nasdaq in 22' as it was down over 30% when S&P was down 20%.Itss all about a rule based system and 0 emotions involved
I think a housing crash will happen because all those people who bought homes over asking price, although it was at a low interest rate, they are over their heads. They have no equity if the housing prices continue to go down, and if for whatever reason they cannot afford the house anymore and it goes into foreclosure because even if they try to sell, they will not make any money. I think this will happen to a lot of people especially with the massive layoff predicted for the future and the cost of living rising at a high speed.
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
You should do a new video about Pbatesltd ! I really like you’re mellow delivery and you seem like you’re very knowledgeable. I watch lots of influencers and you always seem very calculated and know exactly what you’re talking about and understand it. You’re better at explaining complicated things simply, than any other person on youtube keep it up brother!
Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.
Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets
Personally, I can connect to that. When I began working with "Julie Anne Hoover," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
Julie Anne Hoover, a well-known person in her field, is my advisor. I advise doing more study on her credentials. She is a great resource for anyone looking to understand the financial market because of her extensive experience.
Yah, some of my friends are realtors and they keep arguing that home prices will never come down and it is the best time to buy! I think their advice is not trustworthy because they have a monetary interest behind their so called best advice.
I am waiting for a crash so I can buy my first house!
There's an old expression: "never ask the barber if you need a haircut."
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
I feel your pain, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $130k in passive diversified safe-haven assets, Up 200k so far and pretty sure I'm ready for whatever comes.
In fact, despite having no experience or prior knowledge when I began investing in 2018, by the end of 2019 I had made a profit of over $750k. I had merely been adhering to the advice that my financial counselor had given me. This demonstrates that all you really need is an expert to assist you; you don't even need to be a great investor or put in a lot of work.
I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
NYCOLE CHRISTINA VANNATA is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I have a family of 5. We bought a 4 bedroom house 5 years ago. Bought for $180,000, currently appraised at $330,000 with a mortgage payment of $1427. I've searched rental houses and apartments in our surrounding area and cannot even find a 3 bedroom house for under $2000/mo. An equal sized 4 bedroom house is renting for a minimum of $3000/mo. So glad we decided to buy when we did.
I grew up poor and remained poor until around age 30. I put myself through school and now have a career that, relative to the average in my area, is pretty well paying. Ive always lived beneath my means, I drive a 10 year old nissan (I purchased it new) that I take good care of, rent in a modest but well kept building, paid off all my student debts, have an emergency savings account that covers several months of expenses. I recently decided to take a part time position at work, 2 days one week, 3 days the next. I will be making half of what I do now, but will have time freedom. Due to the frugal way I live I am not endebted to anyone and can do what I want. Money merely represents energy, and I will have so much energy to spend being free and happy, I feel I am about to be very, very "rich".
Love this for you!
There is a psychology to money. Not the paper itself, but how you think about saving and spending, as well as earning. If you think you're a lion, then you're a lion and that is all you will be. Until you expand your thinking, desire it, you will never escape your description. If you're happy with that it's fine, but your statement is limited in life's scope. But you need to change how you think before you even try. Being poor or frugal is a state of mind.
Good for you!
@ericwilliams626 sure, my statement is about my own idea of happiness and fulfillment. I wasn't saying you, or anyone else,should want to live like I do. Everyone determines their own idea of success. This is success and happiness for me.
@@TammyMayCormier Understood but I wasn't refuting that. I was commenting on how we limit ourselves and our happiness based on how we think about our means. If you think you're rich, you're rich, if you think you're poor you're poor. You must find out what that means to discover more out of life. That's all.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Can't divulge much “JULIE ANNE HOOVER” is the advisor that oversees my portfolio. She's an extremely intelligent person, very thoughtful, cautious, and has an outstanding credentials, it's easy to find her on the web.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Well, I don't have to sell, so I will rent it out. My ROI will always be better than my renter's 😁 If u want what I have, you'll pay what i want. There will always be haves and have not. Human physiology says so.
I just can't explain enough that I saw this interview like I was drinking water. Wonderfull conversation for so many topics! It's like a treasure! Thank you so much!
Skimmed through and seen the title so I clicked and watched to the end. I am glad I did. So much information I needed to hear and prepare for my new journey in my life. Looking forward to read both books.
After close to two hours of listening it all comes down to;
1) consistent discipline
2) Go against the societal constructs regarding what it means to be successful.
Kudos for the podcast 🙏🙏
I agree you make up what success is to you
Thank you. Who has 2 hours free to listen to all of the fantastic Podcasts, UA-cams, and audio books??? I appreciate the synopsis!! 🎉🏆😊
that does'nt mean anything. its just a bunch of words.
@@deficator750 define “meaning “ if its not anything also.
You forgot patience, the one piece of advice people reading your comment will detest.
Woooww he’s my favorite guest so far! Is it just me or does anyone else think he embodies humility? In the way he patiently listens, responds quickly and thoughtfully, quotes numerous other people, uses others’ lives as examples.. I love how he mentions his wife and kids so much. God bless this man!
I'm just starting to listen and there is deff something special about it. I have his book but need to read it.
@@victormendoza3295, definitely read the book to form your own opinion. Listenning to it while driving is a good option.
My thoughts exactly
@chrristiinaa I think all the attributes you just described are those of an outstanding communicator. Most people can achieve adequate communication. I have noticed that it's the people who can listen, digest the information and respond in a way that leaves no doubt that have received the message correctly. The cherry on top is then responding in a way that will allow the topic to remain open and free from agenda.
Yeah, he'd be easy to be around, seems very humble
Steven Bartlett, thank you for bringing on this guest, he was by far your best guest with such a wealth of knowledge to share and experiences so related to most of us. What a thought provoking conversation packed with prevalent different topics all tied together one way or another. I’ve just ordered his book “Psychology of money”. Thank you for asking the right questions with every human being in mind.🙏🏾🙏🏾🙏🏾
Blown away by how much I enjoyed this conversation! I have scrolled past this show a few times, and today it pulled me in. There is SO much in this conversation that spoke to me. So much more than just investing. I realized when he said independence is the goal… a new perspective of myself smacked me in the face. His answer to the end question, is exactly how I feel as well. I know now I am ok. Anxiety can steal your feeling of safety and joy. I’m buying these books! This podcast is like having a conversation with your best friends. It’s inspiring, knowledge filled, and makes me a better person. Thank you! ❤
Since the start of 2022, we have been in a recession, but major media outlets and governments around the world refused to acknowledge it. We must exercise wisdom and intelligence. Since knowledge is power, I want the entire family to be strong! I recently bought some Pbatesltd . We appreciate you keeping us informed during these uncertain times.
Don't know what major media outlets and governments you're talking about, but In the US: Current unemployment rate is 3.7% with employers still hiring, wages rising substantially, gas prices plunging, inflation at now only 2%, (GDP) increased at an annual rate of *5.2* percent in the third quarter of 2023, the stock market at record high, consumers spending on record levels, and the feds are talking about cutting interest rates twice next year. All thanks to the competent work of the Biden administration and its policies.
Are you talking about the US economy being in recession, as well? What freaking reality are you living in?!
I finished it in full over 2 days. My key takeaways are: 1- establish what makes you happy (not others) and stick to it and live, 2- live within your means with capacity to save . "Managing your own expectations is more in your control than managing your own circumstances" is the line I have written down.
Thanks!
Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.
Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $650K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.
I always consult a financial advisor before investing. During the pandemic, I used their strategies to minimize risks and maximize profits, generating around $3 million in three years with my advisor, Stacey Lee Decker.
With the help of google you can book an appointment. Stacey Lee Decker has a wealth of experience in the financial market gained over several years.
After reading your insights, I researched her full name and found her online webpage. Thanks for your help.
Reading Black Swan by NNT for the second go-thru. Housel's concepts all align with NNT! So practical, effective, simple, and POWERFUL. 1) we think in stories, not statistics 2) you don't know what's going to happen 3) do what you can replicate with endurance. Love it.
This guy has so much passion in what he's talking about. I love it. He truly believes in what he's preaching. Definitely going to be reading his book.
I will validate how stress negatively impacts your health and life. I am a recently retired nursing professor and ICU and ER nurse. I wrote a book called “peace management.” I have seen firsthand how stress negatively impacts people, and I understand it at the cellular level. Financial burdens can definitely produce a large load stress.
This is interesting! Would love to see this study done in the corporate world. So many people incredibly stressed not realizing what it does to their health
Thanks for sharing this interesting perspective. I’d love to check out your book.
indeed I believe stress is a killer . I've found my peace in contentment.
Awesome Channel man. I'm sooo pumped. Also a new subscriber here. I love the correction and crashes, which presents your subscribers enough opportunity to buy at low prices. I currently make $126k/yr. No investment and I work from home. Not looking to buy a house but I need to do something quick. What do you think I can do?
Diversify a portfolio across the financial markets or buy gold or precious metals! With the help of a consultant advisably.
Making $126k/yr and working from home is awesome. If you're looking for quick investment options, consider exploring the financial markets; stocks, bonds, ETFs or real estate crowdfunding. They offer potential growth and diversification. Just make sure to do your research and consult with a licensed advisor
@georgeh I’ve heard of so much great benefits of working with a pro, even in the comments. But I haven't found one for myself to comfortably work with. Any help pointing me towards yours?
@marvishaN I totally get you! Finding the right pro can be challenging. I partner with 'Heather Lee Larioni' on various projects, I found her on the CBNC interview, looked her up and we began our awesome partnership. Her services are exceptional.
@georgeh Awesome. Thanks so much, just found her webpage
I thought this might be crap (so clicked on it) and it turns out to be one of the best things I've listened to. The dude near brought me to tears at one point.
Totally clicked it for the same reason, lol! Only 1/3 through the video and it is unexpectedly FULL of perspective and insight... Really spoke to me and super relateable and he speaks like he has seen the struggle and gets some of the mentality surrounding people living in poverty or check to check - Real. Real is rare anymore it seems. Enjoyed the conversation in this interview immensely. 👏👏
In the 50s, a man could work a 9 to 5 and support his family is modest comfort.
The woman stayed home and was a homemaker.
She was there for bith her husband and children.
Today, it takes both working. No one is home for anyone.
Everyone is isolated, busy, and stressed.
There is no time for each other, much less personal intractions that were done as a family on the weekends.
No time for personal development.
That is even if you have a two parent household due to divorce.
Not knowing how to pick mates for the right reasons and when to marry.
There has been an attack on both the nuclear and extended family.
There has also been an attack on ownership.
Also wages going down while producys and services going up.
Illegal imagration for cheap labor or outsourcing.
In the 50s nobody had always the newest cell phone, 2-3 cars on the driveway or garage, huge houses, eating out 3 times a week or more... Here starts the big difference.
Paying off a house before I turned 40 has given me more power than I ever dreamed of 😊
Well done! I have just gone mortgage free at 50 :)
I just paid my first house off but had bought a second house :(. I'm debating selling and going back to the first. The second has 40 acres though but is stressful to keep going.
@@victormendoza3295 Just a thought: try and rent the second house. Use the money that you receive from the tenants to pay for the mortgage.
Good for you. I never had mortgage and I have 2 houses and 3 flats.
I remember my economy teacher always repeated: "Loans are for rich people".
@@nieczerwonyloans are good or bad ?
Some of the biggest takeaways.. 1. Confidence can create blind spots 2. Life is about identifying the costs of admission. 3. Bad news is quick, good news is slowly compounding.
This was a powerful moment of sharing ideas gentlemen. Thank you!
MORGAN IS AMAZING. “HOW I ATTAIN WEALTH”
The first step to creating wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI coach, and foIIowing through with an inteIIigent pIan, you will gain financiaI growth over the years and enjoy the benefits of managing your money.
I am fortunate I made productive decisions that changed my finances (accumuIated over 1M in 2years) through my financiaI coach. Got my 2nd house in Feb, and hoping to retire soon. Give this a try and attain weaIth.
I am fortunate I made productive decisions that changed my finances through my financiaI pIanner. Got my 2nd house in Feb, and hoping to retire soon. Give this a try and attain weaIth.
researvh the name, lf you care
REBECCA MARTIN WATSON
45:35 really changed my mind about risk management, and thinking about how to value the unknown. Amazing.
My biggest takeaway is don’t leave your mates buried in the snow and not have an inch of common sense to call mountain rescue until 4pm the next day. MENTAL.
Hes a psychopath😊
Absolutely! I’ve never met a person like that and I hope I will never have a friend like that :(
A lot of folks have been going on about a October rally and said stocks that would be experiencing significant
growth these late year season, any idea which stocks this may be? I just sold my home in the Boca Grande area
and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to
buy or no?
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
it took me 5 years to stop trying to predict what about to happen in market based on charts studying,
cause you never know. not having a mentor cost me 5 years of pain I learn to go where the market is wanting to go and keep it simple with discipline.
The one effective technique I'm confident nobody admits to using, is staying in touch with an Investment-Adviser. Based on firsthand encounter, I can say for certain their skillsets are topnotch, I've raised over $800k since 2022. Just bought my 3rd property for rental. Credit to *STEPHANIE KOPP MEEKS* my Investment-Adviser..
*STEPHANIE KOPP MEEKS* really seems to know her stuff. I found her online-page, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. Written her
Why would you think a stranger over the internet could give you stock advice which would be better than any licensed financial experts, who study stocks 18 hours a day? If you listened to this guest's advice, you would have heard putting your money into Index Funds is a good long term investment. Or maybe you just want to gamble your money away by playing the stock market like a slot machine.
1:00:09 My dad gave me and my sister our inheritance in our late 30s. It was pivotal, we both really needed some help (I'll spare you the details). My point is just to say, how awesome my Dad says it is, several years later, to look at how much better we are doing and knowing that he did that, and it makes him really happy and proud.
One of the best interviews I have listen to. Morgan is wise and relatable!
We are not here for 200 years. I always invested in myself. Being in the moment since I know I can die any day. Coming from a poor family didn't stop me from being part of the Olympic team, working for Cirque du Soleil, traveling in 60 countries, winning awards, and so on. Failed many times and learned from them (thanks to sports). At 61, I am super fit, have a great relationship and a small agency where I meet exceptional people, have great projects in sports & entertainment, and keep traveling. I don't have a house, a car, or an investment in the stock markets and most of all, never been married (the best decision of my life). I've never compared myself or shown off and most of all, kept my expectations very low. I am free and couldn't be more happy, and fulfilled.
I like your lifestyle!
What a wonderful life!!! Inspiring!!!
Winner mindset.
Don’t buy a house so banks can own all the properties, then you can rent one from them at 5x the price of a mortgage. If you have no assets you have no power.
true
Thank you...this title is awful
Absolutely! I cant make sense of this advice not to own a property. Afterall they do appreciate in value and that surely is better than keeping cash in the bank.
Buy or build other assets that pay you an income... Then you have power. Plus, when you buy, the bank makes 2-3x the property value in interest anyway so they don't care. Buying isn't beating the banks.
@@Jasperinvests For most investors in property, the goal is not to beat the banks but to create an additional source of income (Buy to let) or to cash in on equity growth. Of course the banks will always make a profit either way.
Thank you for an other fantastic converaton. At the beginning of the conversation I didn't think this topic was my thing. How wrong I was. An inspiring conversatoin from which I learned a lot and also recognized issues that I am dealing with. I immediately ordered his book. Gentlemen thank you!
Was not what I was expecting. Was pleasantly surprised. This guy is a fountain of knowledge and just humble 😊
Buying my own home was the single best investment decision i ever made.I waited a long time and even rented for 2.5 years as asset prices cooled off - it was all worth it.Peace of mind is priceless.
but aren't you still paying mortgage?
@@helpanimals- no i paid for some years but had an investment which i sold and then paid my mortgage off in full.
I would buy assets first before I liabilities
@@wongthong7 i had been investing in stocks for many years before buying my house.By the time i bought it i was able to cover most of the cost with a large cash payment.
Nice decision I'm planning also to buy can you give me advice?
A lot of financial advisors make me cringe from horrifically misplaced priorities, and you can really hear how much they still need to grow as people. But this actually sounds like a moral, useful book to read, and I really enjoyed this episode. Thanks for the work you do.
It's a financial advisor's job to listen to your financial goals and priorities and advise you on courses of action based on these. If they're pushing their priorities onto you, then they're not really doing their job.
Its a very good book. Audiobook is pretty good too
It’s ace!!!
@@sebfox2194* How and where do you begin to find a good & reputable fiinancial advisor??
Steven, for all the fantastic content you and the team have provided this session with Morgan has to be the best for me. He is a compelling listen (and watch) his approach is at such a base level that it should resonate with everyone and also give focus to what is important and that is to be happy and anyone with such insight and views that is not giving advice is worth listening to :-) ive saved it and shared it and I will listen to it again. Books are on order! Have a great day.
Omfg! Pbatesltd turned out to be a bloody smart move. I love love love this. I’m the wrong side of 40 so I’m taking this all on board IMMEDIATELY- thank you! Even if I run out of time my kids will benefit from this incredible education. Thankyou thankyou thankyou!!
Tons of wisdom, priceless conversation. I loved the quote about the downfall of success, that it can increase people's confidence more than their abilities. Increasing abilities over or in tune with confidence definitely is a principle to live by.
I find it amazing how much of this interview, which is based on a book about a healthy money mindset, had absolutely NOTHING to do with money, yet gave so many insights into living better, and the healthy money mindset is a natural side-effect of it all.
Because money doesn't make you happy. It helps
What blew me away is when he said the least u care about caring what ppl think of you the more free you are and see this as a huge plus in ur life. I never realized that was a huge plus in my life and I should be thankful for that. That put that fact on my gratitude list that has never been on my gratitude list. Ty Morgan for that.
I care about Not waste'n a dime on loans an bank rip offs! 💯
No point having it in the bank making the bank wealthier he obviously comes from a country with no decent pension systems why the hell would you wait until your 60s to be happy
John d Rockefeller was one of the meanest men in history he made his son wear his sisters clothes so he didnt have to pay for them
« The most valuable financial skill is not needing to impress other people » - love this!
Morgan Housel's advice challenges conventional wisdom and encourages us to consider alternative paths to financial security and freedom. By focusing on saving and investing wisely rather than rushing into homeownership, individuals can potentially build greater wealth and flexibility for the future. This reminder to critically evaluate our financial decisions is invaluable. Kudos to Morgan Housel for sparking important conversations about money management!
Thank you Steven, for such a great podcast. I am new to your podcast. I purchased both books even though I wished I had known about your podcast and Morgan's book way before now. But as they say..Better late than never. So here I am jumping in as a 67 years old female trying to do better with my life..whatever I have left of it.😊 Thank you for this enlightening conversation. I am so proud of you both for your contributions to society, myself included. I will be tuning in more now that I found your podcast to be very enlightening and informative. Thanks, again! Rosemarie ❤
We could have afforded a much bigger house but instead purchased my grandmothers house at a big discount and it’s on five acres in a growing area. I have no doubt it will prove to be a very smart investment. Also living and feeling like you can just buy the things that you want without ever worrying about money is such a great feeling. There’s no need to buy mansions or Ferraris to feel wealthy.
Right on!!!
Agree. I want money to buy a humble little house or cottage on a few acres of land to grown my own food. I don’t care for other material things, don’t need a fancy car, clothes, etc. But I do want to travel the world and see the wonders of this planet. That’s all.
Like reading my own story, minus the five acres! Bought 1200 sq ft ranch belonging to my grandparents at a big discount. It’s tight space and considered small for the upscale town we live in. After losing my job last year, I’m happy to live under our means. We can float the mortgage on one income, while starting my business. My parents taught us to never keep up with the Jones’s. The jonses are broke.
One thing I can agree on, is that it is a massive benefit to not have the desire ton constantly please or impress other people. I have NEVER had this my entire life, and I'm one of the most happy people I know. My philosophy has always been, do the right thing, and don't care what anybody thinks.
The philosophy of the rich and the poor is this, the rich invest their money and spend what is left. The poor spend their money and invest what is left.
I am embarrassed to say that when it comes to investing alot of people have no idea what they re doing
That's impressive. How do I go about all this? My money just sits in my account waiting for me to work for more. I would really love to know how you do this it would be of great help to me
It is advisable to seek guidance from a Discretionary fund manager or trusted advisor in order to navigate this recession and achieve potential high yields I learnt the hard way.
superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this your discretionary fund manager?
Do you have the line app? thats where you can contact her If you dont you can get it from your app store.
I feel that the last bull run was bolstered by all the money being printed. Major returns next bull run but I think they will be tamer in my humble opinion. A 10x on PbatesLTD and a 15x on polygon are fair considering how much those two coins are interwov
Ownership does empower people, I agree. It didn’t help me when I bought a house in a bad economy, but the idea of us all being beholden to our landlords scares me too. It is a tough decision one that is uniquely your own, don’t do it to feel like you have improved your status and expect people to love you for owning a home. They either envy you or criticize you it is a no win that way. Do it because it is right for you only.
in the UK it is not tough at all - buying is superior in every way to renting, I am happy and open to seeing any proper analysis that disproves my view, but I bet Ill be waiting a long long time
Forget the money aspect, This is divine knowledge wisdom and understanding. I need this.
Love this channel. Always learn so much. Just purchased the book, thank you both!
I have been with my partner for 18yrs with two teenegers and we just serve each, express love, compassion and no conformation, expectation and freedom to be oneself , so grateful for the awareness and see my teenages kid grew up calm and peaceful because of harmony at home.
The part of the equation financial folks miss when it comes to not purchasing a home is the priceless joy that being a home owner brings many of us. I have creative freedom to landscape, decorate and more. Those are the things that make my heart happy and it’s something renters can’t experience. That joy isn’t a simple math problem. Great interview, thank you both.
Look, you need a place to live, and especially if you have kids, a stable place. Nobody can take my home from me if I continue to pay my bills. If I rent, I can be forced to leave once my contract is up. So, owning a modest home you can easily afford is the way to go. My kids know they have a safe place to come to at the end of the day and have a nice warm bed to sleep in each night. That is why I work. Not to mention, I now have equity so if something were to happen I can borrow against it or sell and downsize and have some money to help me.
Exactly, I can say that buying a home was the best purchase I ever made. It made me realize that humans are meant to have their own space (Doesn't need to be big) but it inspires so much creativity in us. After buying a home, I now love cleaning, and taking on small projects, I feel like it came from a sense of ownership. I want everyone to be able to experience having their own space, "Priceless joy" is a perfect way of putting it. All the best bro, I completely agree with you!
I have rented the same place for 33 years, over half my life. I love this place. I wish so desperately I could buy this building, to have control, to make it a better place for me and the other tenants to live in, to make it beautiful, as opposed to the horrible landlord I have who has no pride of ownership in possessing this place, and just does everything in the cheapest, shoddiest, and ugliest way.
Luckily, I live in a city with good renter protections, but the rent goes up every year, and I have nothing to show for the thousands of dollars I paid in rent for decades.
There is a right time and a wrong time to buy a house ,depending on your circumstances. Renting a house does not always work out for you. If the rent gets way up and you then can’t afford it. Your children will suffer because you made the wrong decision.
@@davidmathias1828 exactly, I don't like the whole blanket "don't buy a house, buy stocks" I would rather sacrifice to give stability to my kids. That way they don't have to worry about rent increases and evictions. Peace of mind is an important factor. All the best bro!
I'm amazed at the low amount of people that liked the video.
I personally find this interview amazing. Read previously all the books mentioned here and Morgan just gave a hell of an engaging and interesting interview.
Thank you so much for that and for your books. I can't resonate more with them
Ive only listened to the first 2 minutes so far, and this is powerful....here i go, let me watch the rest....
On paper Morgan is probably right. However, the psychological well being that comes from owning your own home is close to priceless.
Shelter stability is 💯 worth more than the price you pay for a home. Your home is the foundation of your family life.
Just be smart about how much House you buy vs how much Mortgage you buy. Go smaller and own bigger. Build a smaller dwelling onsite in case you ever need to move into it and rent your bigger house out for income. Even smarter buy a small house on large land and build a larger rental on it and once you have paid everything off then move into the big house. That’s being smart
If you manage to actually pay it off without losing it first
@@travisprice1325your not wrong but there should also be an emphasis on the price of the house you buy. If it’s out of your means you won’t have stability and without stability you won’t keep your physiological well being.
Until your mortgage, property tax, interest on the loan, insurance eats you up. The worst mistake people make is to buy a house on a loan and to live in. Think as an investor. First house people buy, should be an investment.
At 50 I aimed to be a millionaire at 60. I reached the target at 58 and early retired at 59. Right now I am doing nothing but slow travelling the world during winters and I made sure I finally learnt surfing before it was too late. My 2 kids both started university and their bachelor years are fully funded. They will have to manage their master by themselves. As for me, I will probably start a company at some point. Something light I can run from anywhere in the world. I am waiting for the kick. It will come eventually. It always does.
Can u let me know what sort of work you did that you became millionaire in only 8 year .bcs i did hard work whole life Apr for 30 years even cannot get good life as I wished in my childhood.
@@SurinderSingh-nv6xv Real Estate. flipping houses and rentals. My wages as an IT employee just allowed to pay for my living expenses with 2 kids.
I'd like to add, what a great father you are. I hope your kids know how blessed they are!😊
Was it hard for u to get into real estate?
@@rebelglamhair Yes. I bought my first home at 37. It's always been hard. I had to change country too because where I was in the UK the prices were already crazy at that time. But you can't play in 2024 like in 2000. Nowadays you have to take advantage of teleworking and all these things that were not possible by then.
Thanks for this. I figured most of this out in my mid-20s when my life was sh!t. I went from being in debt to about a quarter mil $ now (I'm 40). I can already see my way past the $1-2M mark by the time I turn 50. VERY important to 'see time' for what it is. The greatest ally there is.
Never watched this guest before but so relatable. My mind clicked last year to a lot of the things hes saying especially the showing off side of things.
I have completely switched from a spender to a saver, i dont waste money on anything as i now view money as simply time previously invested. Time you cant get back. In 12 months i have gone from crazy spending to very frugal, i have saved a house deposit, got a car i want, not that i think others will like and somehow doubled my disposable income that i have each week even with a mortgage..
Dear Stephen,
As an older woman and caught up in the cycle of deprivation. I never learned financial freedom, but only a hand to mouth existence.what I have learned through your podcasts has totally changed my course of life.
The most poignant thing I have learnt is very similar so simple “ the best story wins!”
It is not necessarily personal fulfilment, but it is a tried and tested formula for success.
The only problem with this is it is like an addiction and does not last and can be masquerading in the world we currently live in live with in.
Morgan's story about the two friends that died, -because he chose not to break the rules that particular day, made me think. Steven, I don't know if you ever watched a Netflix show, called "6 Feet Under", but the show is about a family that owns a funeral home. Each episode begins with some random situation that leads to someone's death. There are so many ways they delicately depict a person, usually going about life in a normal way, and somehow, unexpectedly in most cases, just died. This brings to mind, the point that Morgan is bringing up. We really are hanging by a thread. No one has a guarantee or knowledge of how long we have. So, in this perspective, living each day as if it is your last, and not constantly chasing the dollar, can change your complete perspective on wealth and what it means to be happy. ... So, yes...not only schedule a 30 minute window to have lunch. Try to think along the lines of the people in Italy...who take time to walk together with no phones, who enjoy the scenery, and the flowers, the smell of fresh bread.. and laughing.. talking...singing...dancing..
Thank you so much for sharing...going to watch the show for sure
I listened with horror that he just got back into his truck and drove away. Short time before he realised himself that the universe moved him without giving him the chance to gain control...
How must a culture/society be structured to not care. My jaw hit the desk.
Yes no wonder he suffers from depression, he left his mates no regrets for not searching sooner. Not my type of person. Plus no advice on stocks etc.
@@wessel21that sounded like an excerpt from a book. You must be a writer
@@wessel21 It is inexcusable no doubt the actions he took that day. He was an unthinking, ignorant 17 year old at the time of the incident, totally wrapped up in his selfish pursuits. One has to ponder his upbringing; at least to ask where were his parents in instilling some sense of responsibility. Perhaps he was taught like so many youth, but blew off anything that was not really important to me today or "not relevant to me right now" type of thinking.
Still, the fact that he was the only one who knew what his friends were doing and the risk they had taken on, even given the fact that they all had a brush with imminent peril, and he chose to ignore their not arriving at the bottom of the mountain, is breathtaking.
Would not a friend at least say, "They are not here. I should try to see if they are OK, or I need to report this now."
We can only imagine the parents thoughts as to the actions taken that day that could've helped locate their children, even if they had already perished beneath the snow.
Apparently there is some shame or guilt that he carries, otherwise he would not be relating the story. We do not get a sense of whether he has come to full grip of the meaning of this tragedy and the actions he took that day.
If anything, this is a story for all young people to hear, and decide, "What would I do if I were there?" and, "What are the consequences of my actions or inactions?"
One of one of the BEST videos I have watched!!!!!!! God bless you two young men!!!!!!!!
It's amazing how all of these books can be distilled down to one page.
Being a seasoned skier and snowboarder myself, since the age of 8 or so, i'm now 56, it blows me away that you knew your friends were skiing out of bounds, with a previous small avalanche experienced prior....and no one considered trouble earlier when not a word was heard from your friends??? Back Country and Out of Bounds code is you are always in contact of where people are at.
Exactly! how can one not be concerned?
I thought the same thing. He'd already experienced a small avalanche there....why wouldn't he immediately be concerned when they didn't come down?!
Same. Was looking for this comment…
I know… first instinct would be to wonder why they weren’t there…no matter your age… I’m sure he regrets the decision of not calling authorities sooner.
Such a sad story. 2 lives lost over a stupid decision.
He's a psychopath
Genuinely one of the most interesting people I have seen on the podcast. There was so much in there that you could relate to and reflect on. Respect to Morgan not only for telling a great story, but for making my own story in life feel more interesting. This talk answered a lot of questions I've been asking myself over the last 10 years. Excellent.
After seeing your interview with Ramit Sethi and now Morgan Housel, you've earned my sub.
Wow!! I loved this chap, so endearing with his informative pearls of wisdom and all of which resonated so deeply. Thank you! Also, a little strange, is the fact I noticed I was unsubscribed from this channel, after re-subscribing on three different occasions - very bazaar!
Since I've packed in work I couldn't be happier - I worked to live - not lived to work - I'm going to share this podcast with my family . I have never compared myself to anyone else in life - So long as i had enough to pay my bills and cover my basic wants and needs I'm the richest person in the room - like Stephen Hawkins I nearly lost my life at the age of 14 - Ive been grateful to be alive everyday since 🙏 ❤
same hear hear
Great comment I love that, thank you.
@@wendyhannan2454 Thank you 🙏I really appreciate you taking the time to leave little old me a positive comment ❤ I'm 61 yrs young now 🥂🍾
@@ourhealingvoice Again Thank you 🙏I really appreciate you taking the time to leave me a positive comment ❤ I'm humbled by the many likes that I've received 🙏
I completely agree, I ran my own small business for 30 years getting increasingly stressed and anxious. I knew I had to get out for my own health, but didn’t fancy starting a new career so saved like mad over the final 8 years and have now retired in my 50s. I don’t know if I’ll ever want to get another job, but all the people who told me I’d probably get bored when I sold my business have been wrong. I feel so much happier and less anxious about life. I think the trick is to keep doing stuff and spend your time with people who make you feel happy. Good luck to you all on your respective journeys to financial freedom.
This guy speaks my language. My goals in life are not to make huge piles of money and make it into history books. I want to minimise drama, and experience as many places as I can.
probably some of the best advice I have every heard in my life from this guy
This is an absolute cracking interview. Us Aussies are ignoring our own central bank’s BS to get the truth and transparency from New Zealand. Very noble, very globally significant discussion. Keep it up!
Retired at 33 years old as soon as I realized money is a trap. Living life for real now and learned to live with what I have and stretch the crap out of what I have. Being creative is a more useful tool.
@@frosting_on_the_side the answer to that is.... It'd be easier to have a low pay job that has no stress than to stretch the crap out of what you have whilst being retired
@@frosting_on_the_sidewhy write books on how to become wealthy, of course
@@frosting_on_the_side I think ah000 has pawned his phone 📱. 😮
It might not be your best move at this current point in time or life or location, but I bought a fixer upper in the French countryside and it’s paid me back ten fold in quality of life, the money I paid for the house I’ve already saved in rent twice over in 5 years, and there’s a feeling of comfort and peace that comes from being in somewhere that no one can just kick you out of
This was an amazing podcast, thank you for sharing this. I’m at a difficult time in my life financially and this gave me a lot of hope and helped me reevaluate how I see money. I’m definitely following your channel!
Maybe me and my little comment dont mean much but im listening this episode the most down to earth, relatable conversation on thinking differently period…..!!!!! Understanding your thoughts vs. HOW MONEY works for YOU! Thank you 🙏 for sharing….omg so many gems 💎
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly..
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner.|
I've come across several positive endorsements of Jenny Pamogas Canaya on various platforms, including UA-cam channels, seminars, and more.
In case anyone's wondering. The house question comes at 1:36:00.
thank you! scrolled far for this
Thanks
At 75 my engineer working husband was diagnosed with Parkinson’s and early dementia ( 6 years ago) . I had to stop my job to become his caregiver 24/7 . I’m managing the finances of the home and the expenses are huge ( taxes, Hoa, landscaping, air conditioning etc , etc) now to the last savings . Love our home but it will be a day I can’t pay expenses anymore. With this information, I can process our situation.
Bought a house and now have doubled in value thank you God🙏🏽🙏🏽💚
Biggest takeaways for me were: “Risk is what’s left over when you think you’ve thought of everything (risk is what you don’t see).” And, “The amount of cash you have in your investment portfolio should feel like it’s ‘too much.’ If you only have enough cash for the risks that you can envision, you’re going to miss a surprise every time.”
Tremendous quote
The latter is what poor people have to live with every day, and it makes for a very tenuous, stressful life, always on the brink of something crushing.
@@user-ps1ft1hy4j
Don't most of us live "paycheck to paycheck"?!
Everytime we think we can breathe, something major happens! A major appliance breaks or illness etc
I have not enjoyed any conversation among two people, as much as this one in my life. Thank you for it all !
Wow…..this brought me to tears. It resonated so much it hurt. “fur coat but no drawers”. I do not share UA-cam stuff that often but I had to send this link to my three adult sons. Thank you 🙏
I really enjoyed this episode and key lesson for me is that sometimes you have to do nothing with your cash, whilst waiting for the right opportunity and it’s okay. And about real estate, I think I’m glad about the reminder that you don’t need to amass many houses to have good investments or be financially safe.
Thanks! Excellent talk show. Morgan Housel is wonderful. He hits every nail on the head 👍👍👍👏👏👏❤❤❤
The financial aspect of this applies to any year before 2021. You CANT live below your means with insane inflation and rent prices. Most people are struggling just to stay afloat
Well what you could expect if governments closed global economy for 3 years and printed shit load of money. All the money from the support plans literally went to already rich people and will only get worst from here.