The Psychology of Money | Morgan Housel

Morgan Housel (0:00)

How I think about life and goals might be different from how you think about it, different from everyone. Like money is not math, where two plus two equals four for everyone. There's one right answer for everyone. This is all very lifestyle-based, philosophy-based, goals-based, generationally-based.

So it's different for everyone. But for me, I do think that some people, this has been true for me, have to go through a period of time where they do not control their time to realize how valuable it is.

Like time and freedom is like oxygen, where you don't realize how valuable it is until it's gone kind of thing.

I think that's really true for everyone, that you're never gonna value independence until you go through a period, even a short period of your life, which was, that was the case for me, where you don't control your time and you realize I never wanna go back there. And the ability for me to wake up every morning and to say, I can do whatever I want today. And most days I wanna work hard. That's what I wanna do. This is not saying freedom means you can just retire early. Most days I wanna work, but it's on my terms. It's doing work that I wanna do. Once you taste that and you compare it to the time when someone told you when to wake up and told you when to go to work and told you what to work on that day. Once you compare those two things, to me, it's just so clear which way I want to go.

Michael Gervais (1:19)

Okay, welcome back, or welcome to, if you're new here, to the Finding Mastery podcast. I'm Michael Gervais, and by trade and training, I'm a sport and performance psychologist. And the whole idea behind these conversations is to learn from people who have committed their life efforts towards mastery.

And in doing so, we wanna understand what they're searching for, their psychological framework, how they see the world and make sense of events in their life. And then we also wanna understand the mental skills that they use to build and refine their craft.

I wanna take a minute here to announce a really exciting event that we have coming up. As you continue to navigate the challenges and opportunities of 2024, I wanna pose a question. What are you doing right now to be great with stress? How are you working with stress on your pursuit towards your most important ambitions and goals? And I just wanna get right to the heart of the key elements, one in particular, for what it takes to excel in today's high heat, high stakes world, because stress, it is not the problem that we think it is. Stress is a synonym for change. And our ability to be agile with change, that is the real opportunity at hand. So if you're wanting to unlock extraordinary results and sustainable performance in your life, it's not about avoiding or reducing stress. And as simple as that sounds, it's very tricky to do, but it is about fundamentally changing your relationship with it. And that's why I'm so thrilled to invite you to a special event. It's a free virtual event that we're offering. And it's called The Power of Embracing Stress. It's on Wednesday, March 6th at 2 p.m. Pacific. So to sign up, just head over to findingmastery.com/training, whether it's advancing in your career or improving your health or cultivating stronger relationships, I think a new approach to stress can be one of the most powerful unlocks for you in your life. So join us for this free virtual training, The Power of Embracing Stress, on Wednesday, March 6th at 2 p.m. Pacific. Go to findingmastery.com/training to sign up once again. That's findingmastery.com/training. And I'm really excited to see you there.

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