I have the Morgan mindset about paying off the mortgage. When I was in junior high school, my Dad lost his job. He came home and said he wasn’t sure they could keep the house. I never wanted to worry. Our home has been paid for - for a long time.
Money is a tool. Use it to bring you the happiness you need. Manage your expectations - let them grow over time but not grow faster than your net worth...found that comment especially impactful
THESE PODCASTS ARE A DIME A DOZEN. THEY TALK ABOUT PEOPLE THAT WRITE ABOUT MAKINGA LOT OF MONEY AND THAT'S NOT SAYING MUCH. IT'S BASICALLY "BUY MY BOOK BRO".
Im only 25 minutes into this interview and Im already amazed. Lot of topics, quick answers with a lot to think of, a lot of single one liners, golden nuggets to think about. Probably the best Morgan Housel I've seen so far. Congrats.
For the first time, EVER I think with ANYONE, this was a perfectly worded interview, as unbiased informed and eloquent as could possibly be……kudos man, bravo
Just like Howard Marks, says the same thing about his investment philosophy. Once you know what your values are, consistency is the key to success while respecting those values.
Morgan Housel is a treasure. I thought I'd skip through this episode as I've had plenty of Housel in my life through books and podcasts, but there is always another nugget of info I take away from him.
I was thinking something a long these lines today and found this interview and Morgan put it into words. I know people that can generate quick cash but it seems like fomo, greed, boredom etc...quickly derail them. It's the disciplined long term thinkers that chip away every single day that end up winning in the end.
100% agree on paying off a house over the spreadsheet. The thought of having a mortgage for 30+ years and working to pay the bank drains me. Because you might pay it off and then change jobs to a riskier area or go part time and pursue something you never would have whilst carrying that burden. Even owning a smaller property with less upside beats mortgaging a bigger one that requires you to keep peddling up hill
I think paying off your house is a great idea. If the stock market drops by 20 to 30% or more it is great stability. Being debt free is the greatest feeling.
If you have a 30 year fix at 2.X and want to be conservative, get the cash to pay off the mortgage, and instead of paying off the mortgage, just buy 10y treasuries and pocket the difference. If the yield ever drops below the mortgage rate, just use the cash from the maturing treasuries to pay off the mortgage.
I waited at a red light today, next to a bus with an ad on it for people who needed help with getting out of debt. And it hit me: I have zero debt! I owe nothing to anyone! Oh, what a feeling, what a rush (as that song says). And I have to mention that "part" of a deversifying portfolio these days (if you really want to feel good about your independence) has nothing to do with stocks, bonds, cash or gold. It's having food in your pantry for about a year. Some poeple may think this is nuts, but let me tell you, it is a feeling as good as the paid off mortgage. And having large stocks of food allows you to replace those necessities only when they are on sale, so you keep saving money long term.
Property values can plummet. Owning a house is almost the opposite of debt free. Guaranteed taxes. Guaranteed upkeep costs. Guaranteed mental costs. Guaranteed political risk - rebellion, war, etc… good-bye investment. It is a false-and dangerous-sense of security.
my favorite part is where hes says hes 15-20% cash and paid off his house early , and even though it isnt financially optimal , its what makes him happy and helps him sleep better at night ... my thoughts exactly .. if youre happier doing something that isnt financially optimal , but your in the financial position to be able to do it anyway , choose happiness .. whats the point of financial independence if you have to make choices like youre broke ?
It is financially optimal to pay off your house early. For example I just bought a house at “7%” interest. Loan is $200,000. However, when I looked at the financial loan papers and amortization schedule, the ending amount I will have paid for my house in the end ( without paying anything off early) is 2 1/2 times the agreed on price of the house. So, in the end that’s really a 150% interest paid on the house. The only way to lower that 150% interest payment is to pay off the house early. So, ask yourself, what do you want to pay for your $400,000 house? 400,000? Or as close to that as possible. Or $900,00+?
@@sallyprzybil2404 the assumption is that the funds used towards paying the house off entirely could be better utilized for higher returns in the market. Of course, Mr. Housel also mentioned that he was on a 3.25% rate on his mortgage. Essentially, if you believe you can collect better than 3.25% returns on an annual basis, you would maximize earnings this way. Goes without saying that his argument is that he chose happiness over returns; I'm simply telling the other side of the equation- agree or disagree 👍🏻
@@sallyprzybil2404it’s not financially optimal, because the stock market has returned 10% per year on average, 10% is more than 7%. But again, it can be great to feel more comfortable and it’s still better than wasting your money.
That’s true, I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Dustin Dwain King I've worked with him for 9yrs & highly recommend him also
Thank you for the tip. It was easy to find your coach. I did my due diligence before scheduling a phone call with him, and he seems highly proficient based on his résumé.
I can relate to the frugality part it has stuck with me from my single mother who raised me, and with all this inflation and financial chaos, I can switch my life style choices on a blink of an eye according to the current situation and enjoy just as much actually better life even since I have reduced materials possessions and reduced unnecessary liabilities. Feel so light and blessed.
My former boss, now a good friend, got a big tax return. His first reaction was "What am I going to do with it, money has to work?" I took this as his greatest advice, coming from a man with humble beginning who turned himself into a multimillionaire. Since then my assets are growing.
Paying off house was VERY smart. Because you don't know what tomorrow will bring. Any number of emergencies can happen but missing a mortgage payment is not one of them.
I am with you, Morgen. We paid off our mortgage, travelled the world with money we have after putting away what we needed for retirement investment every year. Money is tool to help us to be happy in life. Peace of mind is so beneficial. FOMO & greed kills financial independence and happiness. Thanks for sharing your insights and wisdom with us. Love both of your book, as well as your podcast. Keep it coming.
Such an impressive communicator. I love the part where he mentions “learning to be poor with dignity” and how this is a skill that sticks with you but can still allow for happiness. A true young Warren Buffett in the way he thinks and communicates.
ive seen so many of Morgan's interviews , but i always click on anything with his name on it ... i come away with some new wisdom , even though hes very consistent in what he says in every interview ... if the interviewer asks him good questions , like this one , its like he lights up and gives even better answers and info... Morgan gets detailed without getting too granular ...and always uses examples that make what hes saying make sense to people that otherwise might not understand .. Morgan could use his personality and delivery to sell anything to anyone i believe , so im glad hes one of the good guys and on our team , instead of sales
This is probably one of the best videos I have ever watched about investing, money and even life… Don’t have a clue about who this guy is UA-cam algorithm took me here, but everything he says is gold
I clicked this completely randomly and then I became ABSORBED. What an interesting man Morgan is! Such profound thoughts about the meaning of money and how it relates to quality of life. I loved this from beginning to end. Thank you.
Life is full of RISK!!!There is one wealthy British business person that stated that"a life without risk is a life without reward"and i agree.Getting married is a risk!!you don't know will it work out down the road nobody knows.Starting a new job is a risk you might end hating it but we do it.Investing os a risk!!I think that life itself is like a game of blackjack it all depends on the cards your dealt.
When Morgan talks about his dad it reminds me so much of my relationship with my dad. As a teenager/young adult the bar for him was so unrealistic and immature. In the end I realized my dad was smarter than most and now that I'm in my 30s with my own kids I see his wisdom.
Morgan has a way of making non-obvious things, obvious. Which is great way to get people thinking. My favorite part was 'People just adjust their expectations to whoever is around them'
It is crazy, that common sense has to be explained over and over again. I agree, that he is a good story teller and talks about heavy topics in an easy way. More people should watch this!
Absolutely incredible interview same as his books. It’s like he’s saying thing which simply make sense, but I’d never think of them otherwise. Thank you for the interview!
I am grateful everyday for not having FOMO! I've listened to Psychology of Money at least 3 times and tell everyone about it. Simple lessons that are fairly easy to apply.
I love the fact that you question the right questions in this interview, this is the first time I am listening to your show and I love it. Keep the good work up!!
I love this podcast. This is the best talk about investing and financial freedom knowledge sharing I have ever heard. I grew up in a similar situation to Mougan's family and tried to build my financial independence for early retirement. I also graduated with many student loans and lived penny to penny for 2 decades until their payoffs. Agreed with everything Morgan shared. Thank you guys for having such a great video!
I was hoping this episode would be great, but for me it wasn't. For me, it was superficial. For example, he said that becoming rich and staying rich are separate skills and combined they have enormous power, but fell short in explaining how. I love you podcast and your books Shane, because they teach timeless principles and frameworks, but this episode was more about smart and quick answers than real and deep knowledge. It felt that he had all the answers and never stopped to think, even when you asked "take a moment and explain to me how to write a good story". I'm sure Morgan is great but i don't know why he answered that way. Anyway, completely personal take, I love your work and I will be coming always back for more. Cheers and keep going.
Morgan is always putting out invaluable points. But this has to be his best interview period. You steered him in the right direction every time and got the best out of the discussion. Amazing stuff and I am now a subscriber!
Big Truck, thanks for threading all the needles regarding the relationship between the tech companies and their components. I was skeptical years ago, because I really didn’t understand. Several months ago, I went ahead and bought MU, SM, INTC, SLCA & WMT and NVDA(before split). Your announcement of retirement at 50 prompted me to act. Hopefully, I didn’t get in the game too late. Thank you.
So many nuggets of wisdom and practical advice in this interview. Risk and financial education over a long period of time can be a complete GAME CHANGER for your family. 🎯
@@tkppodcast Can you remove the spam posts here please? Every single one at the top with 9 replies are spam promoting a financial advisor who will undoubtedly give bad advice given the co-ordination of the spammers and the replies.
Found Morgan’s article Overcoming Your Demons and thoroughly enjoyed it! I did and still do replace awkward sounds with more friendly ones when talking😊 Others don’t know about gymnastics I have to perform inside my head in order to talk 😅 Thanks for the story, man! 🙏🏻
He talks about making life decisions under uncertainty of information we have in our hands! This is I felt was magic, to think we make life decisions and the truth is we really do never have enough information but we must be courageous enough to try, and trust it will be a great decision we've made for our lives.
What an incredibly insightful conversation!! Morgan has a simple but precise view of life and personal finance. Really spoke to me and helped me reflect on some of the motivations I have around my career and finances. Thank you for sharing this with the world.
The qualitative value of less stress by not having a mortgage is immeasurable!!! That freedom allows you to make considerations in other areas of investment that might have not been not done due to having a mortgage so the financial benefits are actually greater that what low percentage rate value was.
Amazing interview! Morgan is an amazing thought leader on wealth. He is very wise beyond his years. I also paid off a 2.65% mortgage. One thing the spreadsheet people don’t calculate for is you are able to take a LOT more risk in your portfolio. Gives tremendous confidence during market downturns to have that rock solid foundation.
How do we break down the contribution of luck and skill? And his answer that followed. ❤ Big thanks to UA-cam algorithm for recommending this gem of an interview.
42:33 About that 15min of advice not given: What if you were to have a virtual assistant gather up all of those peoples’ inquiries and you author a FAQ/book with all of your answers? And this is not about making the book for more money, but for peace of mind; knowing that you didn’t hurt them a little bit inside in the end. And as more questions erupted as a result of the book, then you make a second edition, volume two. 😊
Excellent podcast! It's puzzling to me why people make such a big deal of paying off their mortgage when they can instead invest in the stock market. There still is home insurance, property taxes, utilities and home maintenance expenses to pay, it's not like it's free and clear. A difference of degree, not of kind. If you think that house is truly yours, stop paying property taxes and see how long it remains yours.
You are missing the point of what paying it off means. The amount of the mortage is higher than the costs of the utilities, taxes etc. When you pay off the mortgage you have that mortage payment to invest. You are no longer paying interest to the bank. The bank does not own your house anymore. You do. It's the same as a car. A paid off car is not going to be repossed. Anything bought on credit is not yours until paid off. You still have to pay insurance and maintenance but save on the car payments. You'll reach financial independence quicker if the mortgage is paid off.
Hi, I'm from Iran and I always follow your training, you teach very well and I love you very much, even though I find English hard, but I listen in full detail and learn and use, thank you my friend
Thats why you should surround yourself with people that are more successful than you. And let your ego and guard down enough to soak up all the influence coming your way. I come from a poor family but my fiance doesn't. And I have learnt so much about owning property, investing, emergency funds just by watching them. I don’t even talk to them specifically about money or what to do, actions speak louder than words.
Wow, I love this guy. And kudos to the interviewer for insightful questions and letting the guest fully express his views without interruption. Subbed!
Please hire someone to regularly monitor and delete the spam. I read the first dozen or so comments. The majority were spam. This detracts from the great content. Loved the convo with Morgan!
This podcast was so insightful and enjoyable. I can relate to the part about paying your mortgage off because the psychological benefits was enormous for me.
Share your favorite part of the convo below 👇
I have the Morgan mindset about paying off the mortgage.
When I was in junior high school, my Dad lost his job. He came home and said he wasn’t sure they could keep the house.
I never wanted to worry.
Our home has been paid for - for a long time.
Money is a tool. Use it to bring you the happiness you need.
Manage your expectations - let them grow over time but not grow faster than your net worth...found that comment especially impactful
Thinking that “paying off your house is Stupid” is STUPID itself because you are betting that the Stock Market will NEVER go down!
I thought the part about paying off mortgage was interesting.
@@neilswenson❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤
“Wealth is the money that you don’t spend” was my favourite part
common sense for crying out loud.
@@amdistant5547😂 nope 🙅♂️ 😅 it's the opposite. Wealth => stuff
Cash => cash.
Wealth => stuff
Cash => Cash
Just Google "Wealth"
Not hard
It's criminal that UA-cam didn't push this podcast to everyone on planet Earth. This should have 12M views. Awesome episode!
We argree.
Look who's here 😎👍
THESE PODCASTS ARE A DIME A DOZEN.
THEY TALK ABOUT PEOPLE THAT WRITE ABOUT MAKINGA LOT OF MONEY
AND THAT'S NOT SAYING MUCH. IT'S BASICALLY "BUY MY BOOK BRO".
@@tkppodcast
@@tkppodcastooooooooooo pop poooooooooooooooooooooooooooooooo
Im only 25 minutes into this interview and Im already amazed. Lot of topics, quick answers with a lot to think of, a lot of single one liners, golden nuggets to think about. Probably the best Morgan Housel I've seen so far. Congrats.
For the first time, EVER I think with ANYONE, this was a perfectly worded interview, as unbiased informed and eloquent as could possibly be……kudos man, bravo
Wealth is the money you don’t spend. Perfect description
Everyone talking about mr.Morgan but the interviewer,o my god ,asking real question.He is like squeezing every drop of juice from the legend.
You made a great point! Morgan Housel is awesome but the interviwer did such a great job!
Thanks for listening!
The 'financial optimal decision' vs 'psychological optimal decision' really resonated well and was a unique perspective.
I listen to every Morgan episode. He says the same things on most episodes but I always come away with something new from it.
Absolutely! Love each and every interview he’s been on and the takeaways are different every time.’
Just like Howard Marks, says the same thing about his investment philosophy. Once you know what your values are, consistency is the key to success while respecting those values.
Morgan Housel is a treasure. I thought I'd skip through this episode as I've had plenty of Housel in my life through books and podcasts, but there is always another nugget of info I take away from him.
@@manusmanus1836 wonder where is Howard Marks posted his stuff recently, i just know his memo is one place?
Same! Well said! 🎉😘
“To be average for an above average period of time’ my new mantra!
That hit hard!
That shouldn’t be difficult.Is warren buffet an average guy who is average for an above average amount of time?Of course not what a load of crap.
what does it mean? Can you also add timestamp.
I was thinking something a long these lines today and found this interview and Morgan put it into words. I know people that can generate quick cash but it seems like fomo, greed, boredom etc...quickly derail them. It's the disciplined long term thinkers that chip away every single day that end up winning in the end.
@@just_an_observer-k3r 1:12:03
100% agree on paying off a house over the spreadsheet. The thought of having a mortgage for 30+ years and working to pay the bank drains me. Because you might pay it off and then change jobs to a riskier area or go part time and pursue something you never would have whilst carrying that burden. Even owning a smaller property with less upside beats mortgaging a bigger one that requires you to keep peddling up hill
"Be average for an above average period of time." Brilliant. That's mine now, thank you.
I think paying off your house is a great idea. If the stock market drops by 20 to 30% or more it is great stability. Being debt free is the greatest feeling.
What if the dollar drops by 30%?
If you have a 30 year fix at 2.X and want to be conservative, get the cash to pay off the mortgage, and instead of paying off the mortgage, just buy 10y treasuries and pocket the difference. If the yield ever drops below the mortgage rate, just use the cash from the maturing treasuries to pay off the mortgage.
Why pay off your house faster if you have a 3-4% interest rate?
I waited at a red light today, next to a bus with an ad on it for people who needed help with getting out of debt. And it hit me: I have zero debt! I owe nothing to anyone! Oh, what a feeling, what a rush (as that song says). And I have to mention that "part" of a deversifying portfolio these days (if you really want to feel good about your independence) has nothing to do with stocks, bonds, cash or gold. It's having food in your pantry for about a year. Some poeple may think this is nuts, but let me tell you, it is a feeling as good as the paid off mortgage. And having large stocks of food allows you to replace those necessities only when they are on sale, so you keep saving money long term.
Property values can plummet. Owning a house is almost the opposite of debt free. Guaranteed taxes. Guaranteed upkeep costs. Guaranteed mental costs. Guaranteed political risk - rebellion, war, etc… good-bye investment. It is a false-and dangerous-sense of security.
my favorite part is where hes says hes 15-20% cash and paid off his house early , and even though it isnt financially optimal , its what makes him happy and helps him sleep better at night ... my thoughts exactly .. if youre happier doing something that isnt financially optimal , but your in the financial position to be able to do it anyway , choose happiness .. whats the point of financial independence if you have to make choices like youre broke ?
It is financially optimal to pay off your house early. For example I just bought a house at “7%” interest. Loan is $200,000. However, when I looked at the financial loan papers and amortization schedule, the ending amount I will have paid for my house in the end ( without paying anything off early) is 2 1/2 times the agreed on price of the house. So, in the end that’s really a 150% interest paid on the house. The only way to lower that 150% interest payment is to pay off the house early. So, ask yourself, what do you want to pay for your $400,000 house? 400,000? Or as close to that as possible. Or $900,00+?
@@sallyprzybil2404 the assumption is that the funds used towards paying the house off entirely could be better utilized for higher returns in the market. Of course, Mr. Housel also mentioned that he was on a 3.25% rate on his mortgage. Essentially, if you believe you can collect better than 3.25% returns on an annual basis, you would maximize earnings this way.
Goes without saying that his argument is that he chose happiness over returns; I'm simply telling the other side of the equation- agree or disagree 👍🏻
@@sallyprzybil2404the same money invested, with compounding, would allow you to accumulate way more than you are saving on loan interest.
@@sallyprzybil2404 No, it is not in this way. These is not right-same solution for everybody. It is question of lost opportunity and risk tolerance.
@@sallyprzybil2404it’s not financially optimal, because the stock market has returned 10% per year on average, 10% is more than 7%. But again, it can be great to feel more comfortable and it’s still better than wasting your money.
Morgan’s explanations are the index funds of explaining things. Simple, easy to understand but profound in its effectiveness
That makes sense. Unlike us, you seem to have the market figured out. Who’s your fiduciary?
That’s true, I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Dustin Dwain King I've worked with him for 9yrs & highly recommend him also
Thank you for the tip. It was easy to find your coach. I did my due diligence before scheduling a phone call with him, and he seems highly proficient based on his résumé.
Morgan is not about pushing ahead for wealth, but managing the money he has for long term financial security
I can relate to the frugality part it has stuck with me from my single mother who raised me, and with all this inflation and financial chaos, I can switch my life style choices on a blink of an eye according to the current situation and enjoy just as much actually better life even since I have reduced materials possessions and reduced unnecessary liabilities. Feel so light and blessed.
My former boss, now a good friend, got a big tax return. His first reaction was "What am I going to do with it, money has to work?"
I took this as his greatest advice, coming from a man with humble beginning who turned himself into a multimillionaire.
Since then my assets are growing.
Paying off house was VERY smart. Because you don't know what tomorrow will bring. Any number of emergencies can happen but missing a mortgage payment is not one of them.
I am with you, Morgen. We paid off our mortgage, travelled the world with money we have after putting away what we needed for retirement investment every year. Money is tool to help us to be happy in life. Peace of mind is so beneficial. FOMO & greed kills financial independence and happiness. Thanks for sharing your insights and wisdom with us. Love both of your book, as well as your podcast. Keep it coming.
Patience, Discipline and not having FOMO is a must.
omg, this speaker is speaking the truth. Wealthy ppl never show off and it is super hard to notice that they are wealthy
Such an impressive communicator. I love the part where he mentions “learning to be poor with dignity” and how this is a skill that sticks with you but can still allow for happiness. A true young Warren Buffett in the way he thinks and communicates.
ive seen so many of Morgan's interviews , but i always click on anything with his name on it ... i come away with some new wisdom , even though hes very consistent in what he says in every interview ... if the interviewer asks him good questions , like this one , its like he lights up and gives even better answers and info... Morgan gets detailed without getting too granular ...and always uses examples that make what hes saying make sense to people that otherwise might not understand .. Morgan could use his personality and delivery to sell anything to anyone i believe , so im glad hes one of the good guys and on our team , instead of sales
Great questions and you allowed the guest to speak in long chunks. Great interview
Thank you for listening.
Raising and seeing your kids succeed gives one the most happiness towards the later half of life. Unfortunately many realize it little too late.
This is probably one of the best videos I have ever watched about investing, money and even life… Don’t have a clue about who this guy is UA-cam algorithm took me here, but everything he says is gold
Not having FOMO. I needed to hear this and never even knew it!
I clicked this completely randomly and then I became ABSORBED. What an interesting man Morgan is! Such profound thoughts about the meaning of money and how it relates to quality of life. I loved this from beginning to end. Thank you.
Life is full of RISK!!!There is one wealthy British business person that stated that"a life without risk is a life without reward"and i agree.Getting married is a risk!!you don't know will it work out down the road nobody knows.Starting a new job is a risk you might end hating it but we do it.Investing os a risk!!I think that life itself is like a game of blackjack it all depends on the cards your dealt.
You been listening to Alan Watts too?
@@richardc861 Nope don't listen to anybody that's just my own belief and opinion
When Morgan talks about his dad it reminds me so much of my relationship with my dad. As a teenager/young adult the bar for him was so unrealistic and immature. In the end I realized my dad was smarter than most and now that I'm in my 30s with my own kids I see his wisdom.
Morgan has a way of making non-obvious things, obvious. Which is great way to get people thinking. My favorite part was 'People just adjust their expectations to whoever is around them'
He's so good at that. I think you nailed his superpower.
It is crazy, that common sense has to be explained over and over again. I agree, that he is a good story teller and talks about heavy topics in an easy way. More people should watch this!
Best listened as audio only. Felt like magic. Brilliance has no limits. 💫
I am impressed by how much valuable wisdom this young man possesses.
I like Morgan’s insights, they’re simple and practical
Morgan Housel speaks such gems.
He's such an inspiration
Growth fuels more growth!!!! Wiser words were never spoken...
Absolutely incredible interview same as his books. It’s like he’s saying thing which simply make sense, but I’d never think of them otherwise. Thank you for the interview!
This is the first time in a long time I watch a video on money that has many unique points not talked about in any other financial video.
I am grateful everyday for not having FOMO! I've listened to Psychology of Money at least 3 times and tell everyone about it. Simple lessons that are fairly easy to apply.
Love this conversation. I love learning from smart people. we don’t have enough of this today. Thank you for sharing. I am now following your channel.
I just got hooked onto this podcast and I am loving it , the intro woke me up. I am watching this from Zimbabwe
Peace and blessings
For those of us who are wondering what’s FOMO? It means Fear of Missing Out
I love the fact that you question the right questions in this interview, this is the first time I am listening to your show and I love it. Keep the good work up!!
I love this podcast. This is the best talk about investing and financial freedom knowledge sharing I have ever heard. I grew up in a similar situation to Mougan's family and tried to build my financial independence for early retirement. I also graduated with many student loans and lived penny to penny for 2 decades until their payoffs. Agreed with everything Morgan shared. Thank you guys for having such a great video!
Paid-off home is priceless; is it peace and freedom! Best thing I ever did for myself and my quality of life.
I was hoping this episode would be great, but for me it wasn't. For me, it was superficial. For example, he said that becoming rich and staying rich are separate skills and combined they have enormous power, but fell short in explaining how. I love you podcast and your books Shane, because they teach timeless principles and frameworks, but this episode was more about smart and quick answers than real and deep knowledge. It felt that he had all the answers and never stopped to think, even when you asked "take a moment and explain to me how to write a good story". I'm sure Morgan is great but i don't know why he answered that way. Anyway, completely personal take, I love your work and I will be coming always back for more. Cheers and keep going.
Morgan is always putting out invaluable points. But this has to be his best interview period. You steered him in the right direction every time and got the best out of the discussion. Amazing stuff and I am now a subscriber!
Thanks for listening.
Big Truck, thanks for threading all the needles regarding the relationship between the tech companies and their components. I was skeptical years ago, because I really didn’t understand. Several months ago, I went ahead and bought MU, SM, INTC, SLCA & WMT and NVDA(before split). Your announcement of retirement at 50 prompted me to act. Hopefully, I didn’t get in the game too late. Thank you.
It is clear he reads. A lot of his answers begin with a quote. Interview was golden
So many nuggets of wisdom and practical advice in this interview. Risk and financial education over a long period of time can be a complete GAME CHANGER for your family. 🎯
Thanks for listening!
@@tkppodcast Can you remove the spam posts here please?
Every single one at the top with 9 replies are spam promoting a financial advisor who will undoubtedly give bad advice given the co-ordination of the spammers and the replies.
I am listening to him for the first time and his logic makes so much sense . I just love it
Thank you Shane for being such a good listener, and wonderful host.
For compounding maximise time not returns. 1:12:26
I don't think Morgan said anything surprising yet what he said is profound. ❤
"Money is the oxygen of independence"
Found Morgan’s article Overcoming Your Demons and thoroughly enjoyed it! I did and still do replace awkward sounds with more friendly ones when talking😊 Others don’t know about gymnastics I have to perform inside my head in order to talk 😅 Thanks for the story, man! 🙏🏻
"to be average over an above average of time" Fantastic quote wow wow wow
He talks about making life decisions under uncertainty of information we have in our hands! This is I felt was magic, to think we make life decisions and the truth is we really do never have enough information but we must be courageous enough to try, and trust it will be a great decision we've made for our lives.
What an incredibly insightful conversation!! Morgan has a simple but precise view of life and personal finance. Really spoke to me and helped me reflect on some of the motivations I have around my career and finances.
Thank you for sharing this with the world.
Rebellions are built on hope. Lack of hope is what crushes people.
"Good stories are leverage for statistics." As an (research) educator, that resonates with me.
It was such a good point.
Why doesnt Morgan Housel have a youtube channel!! Lol. Best finance guru Ive found on youtube.
You can find him on podcast.
No, wealth is the money you don't have to spend
Really like the wisdom from Morgan Housel
The qualitative value of less stress by not having a mortgage is immeasurable!!! That freedom allows you to make considerations in other areas of investment that might have not been not done due to having a mortgage so the financial benefits are actually greater that what low percentage rate value was.
I can't say how much thrilled I am after watching this, it's kind of eyes opener to many topics, WONDERFUL ✌️✌️
Amazing interview! Morgan is an amazing thought leader on wealth. He is very wise beyond his years.
I also paid off a 2.65% mortgage. One thing the spreadsheet people don’t calculate for is you are able to take a LOT more risk in your portfolio. Gives tremendous confidence during market downturns to have that rock solid foundation.
I paid off my significant student loans super early. 3.25% interest rate. Best financial decision I ever made. Can’t put “freedom” in a spreadsheet.
Congratulations, but what was the opportunity cost of paying off that student loan?
Morgan is a great bloke with lots of good advice.
I enjoy and admire the honesty of Morgan Housel.
Wow,
Morgan, you really shared so much wisdom beyond just dealings with money
absolutely loved it!❤
🌟it's not what you start with
🌟it's how long you're doing it
I absolutely love this channel!!! I dont know if its just me or what but this guy is extreeemely life-intelligent!
How do we break down the contribution of luck and skill? And his answer that followed. ❤ Big thanks to UA-cam algorithm for recommending this gem of an interview.
42:33
About that 15min of advice not given:
What if you were to have a virtual assistant gather up all of those peoples’ inquiries and you author a FAQ/book with all of your answers?
And this is not about making the book for more money, but for peace of mind; knowing that you didn’t hurt them a little bit inside in the end.
And as more questions erupted as a result of the book, then you make a second edition, volume two. 😊
I really enjoyed the speaker and this podcast. Very intelligent person. Subscribed.
Excellent podcast! It's puzzling to me why people make such a big deal of paying off their mortgage when they can instead invest in the stock market. There still is home insurance, property taxes, utilities and home maintenance expenses to pay, it's not like it's free and clear. A difference of degree, not of kind. If you think that house is truly yours, stop paying property taxes and see how long it remains yours.
True! But it's a big difference in paying an annual bill than paying a monthly bill.
You are missing the point of what paying it off means. The amount of the mortage is higher than the costs of the utilities, taxes etc. When you pay off the mortgage you have that mortage payment to invest. You are no longer paying interest to the bank. The bank does not own your house anymore. You do. It's the same as a car. A paid off car is not going to be repossed. Anything bought on credit is not yours until paid off. You still have to pay insurance and maintenance but save on the car payments. You'll reach financial independence quicker if the mortgage is paid off.
All my costs of the home after paying it off amount to less than 3% of gross income. It’s minuscule.
Morgan Hausel,,,,,,,A striding legend !!
Hi, I'm from Iran and I always follow your training, you teach very well and I love you very much, even though I find English hard, but I listen in full detail and learn and use, thank you my friend
Being rich is a mindset not physically having lots of money.
Learn from others and figure out your own way in life.
The mindset of Morgan is the same mindset what Psychology of Money is teaching 😊 Thanks for sharing your knowledge!
Wow! Excellent conversation about money and true wealth. We think we know everything about becoming rich but this talk is unbelievably enlightening.
Harder you try. The worse you do... So true....
I tried this, results mind blowing. Unbelievable!!!!!!!!!!
Thats why you should surround yourself with people that are more successful than you. And let your ego and guard down enough to soak up all the influence coming your way. I come from a poor family but my fiance doesn't. And I have learnt so much about owning property, investing, emergency funds just by watching them. I don’t even talk to them specifically about money or what to do, actions speak louder than words.
I like the idea of trying many books and continuing with the ones you like or want at the moment, I like the idea of " a missing puzzle at the moment"
Soo good (just discovered that channel). I had to listen to this twice to make sure it sinks in 😃
Wow, I love this guy. And kudos to the interviewer for insightful questions and letting the guest fully express his views without interruption. Subbed!
Please hire someone to regularly monitor and delete the spam. I read the first dozen or so comments. The majority were spam. This detracts from the great content. Loved the convo with Morgan!
I just found this guy and his words are Brilliant
Social debt..never heard of it..but it really exist ❤
Wealth is money you don't spend. Love it! Been FI for years and never heard that one.
This podcast was so insightful and enjoyable. I can relate to the part about paying your mortgage off because the psychological benefits was enormous for me.
Wow housel is an absolute genius. Loved listening to this!
was sent this by the youtube rabbit hole, first 5 mins, subscribe. Great content, great guest, great host, great editing. Well done
I really enjoy Morgan's conversations.
I saw the timeline and yes, got impatient! but saw the comments and thought wtf. Great conversation. Really insightful and inspiring.