The Psychology of Money | Morgan Housel

This week’s conversation is with Morgan Housel, a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal.

He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism.

Morgan recently published a book titled, The Psychology of Money, and it’s the impetus for why I wanted to talk to him.

If you’ve listened to this podcast for a while, you know I live by this stance: having a philosophy for your life is imperative...

What I hope you take from this conversation is that the same can be said for how you think about money.

There isn’t simply one "right" way to manage your money, but it should align with the greater values you live by.

At one point in our conversation, Morgan shares that he doesn’t have a mortgage on his house, that he owns it outright.

I was a bit stumped at first because it would appear, especially in our current climate with how low interest rates are, that this is foolish.

Isn’t there a huge opportunity cost to that?

But Morgan is clear on his principles, what makes him feel secure, and what’s “enough” for him... not having to think about a mortgage is something that’s important to him.

So this conversation isn’t focused so much on what to do with your money, but the importance of having clarity on the reasons why you choose to do, what you do, with it.

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