1% Action Will Change Your Life | The Psychology of Money
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- Äas pĆidĂĄn 25. 06. 2024
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Trey Lockerbie sits down with Morgan Housel, the author of the international best-selling book, The Psychology of Money, who is a partner at Venture Capital and PE firm Collaborative Fund. Heâs a former columnist at The Motley Fool and Wall Street Journal.
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đ BOOK MENTIONED:
- The Psychology of Money by Morgan Housel - amzn.to/3HhEyzY
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Hey guys, what are your key takeaways from this episode?
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Time value of money
Cash flows are #1
That if Morgan was Black, he probably wouln't have quite the same amount of nostalga for the 50's and 60's.
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As
My take aways
1. Plan to have a long time frame
2. Research on investing comes at a cost , for buffet itâs family and social life
3. Leverage can lead to downfall . Donât aim to get rich quickly .
4. 99 percent of your returns will be determined by what you do during 1 percent of the time.
5. Risk is what is left after what you think you took care of everything.
100 percent of the women in my life is from the 99 percentile
Risk I what's left after AaND thats out of our control
@@scarfo441 Which is the vast majority of actions and outcomes. Oneâs circle of influence is quite small compared to the vast sea of possibility in life
Thank you
This guy is genius and I wish I have read his book 15 years ago. No one taught me anything in his book before. His ideas and thoughts seem too basic and common, but hey, common sense is not common. I would recommend his book for anyone facing hard times managing his or her money.
This book came out in 2020
Yeah itâs a really good book
â@@ShabaazKhan99 he wanted to read it before it was even available to others, get a head start if you will.
He's super smart and made some awesome points...took a whole year but thanks CZcams for recommending this.đ
I disagree. I would recommend the book to anyone.
Behavior starts at home & should be taught by the parents. My Mother had us on a schedule that taught us responsibility, time management & cleaning techniques. Diffidently had everything to do with my success! Laying a strong foundation .
The relationship between behaviour and intelligence is just an incredible insight. As someone who has grown up in finance I find this to be such an under appreciated - and more importantly underestimated point. This entire video is such a great educational pieceâŠ. I think people have no idea.
I'm also a proud beneficiary! I've built my portfolio massively and still building. I started with a CZcams referral
thanks...
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $120,000 bond/stock portfolio.
Investing in stocks is a good idea, a good trading system would puts you through many days of success.
@@Aziz__0 True, the US-Stock Market had been on it's longest bull-run in history, so the mass hysteria and panic is relatable, considering were not accustomed to such troubled markets, but as you mentioned there are avenues lurking around if you know where to look, l've netted over $650k in the past 8 months and it wasn't some rocket-science strat. I applied , I just knew I needed a firm and reliable technique to navigate better in these times, so I hired a portfoilo advisor.
@Margaret my financial advisor is 'NICOLE DESIREE SIMON'. I found her on a CNBC interview where she was featured Afterwards I reached out to her. she has since then provided me with entry and exit points in securities I focus on.
I hope you haven't!
Stay in the market. Keep buying and buying and buying. If you had and hopefully you did you would be up a lot in 11 months. I have been through 2000 and 2008 didnât panic kept on investing
This dude is prime writer, he feels the need he has to explain everything he talks about, 3-4 different ways, I love it đđđđ
Those who are successful don't become that way suddenly. Everything most people perceive at first glance- wealth, a successful profession, and a sense of purpose-is the consequence of persistent slog and hustle if you think about it.
Most people venture into crypto to be a millionaire meanwhile just want to be debt free
Just do the right thing by trading with an expert, trust me you will be successful and debt free......
â@wilson Adams I'm enjoying working under a platform that brings good return in my life and I've been making my weekly returns without stress all in cryptocurrency
â@wilson Adams Learn and trade under a guide do same and I hardly make losses in the market
Starting early is the best way to getting ahead of build wealth, investing remains the priority....
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.
I think I could really use more guidance to navigate the market, it is completely overwhelming, I've liquidated most of my assets and I could really use some advice on what best to invest into.
Your best option if you are unfamiliar with the markets is to seek advice or help from a consultant or investing coach. I know it sounds simple or generic, but talking to a consultant helped me stay afloat in the market and increase my portfolio to roughly 65% since January. For me, it's the best method to enter the market right now.
@@lipglosskitten2610 please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
@@hermanramos7092 My consultant isââChristine Jane Mcleanââ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.
@@lipglosskitten2610 Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.
One of the best money interviews I've heard for a long time.
Check out the recent interviews with William Green too.
I don't believe in luck I believe in trust and
understanding. I've been trading forex for some
months now and I've made good amount of money
of over $78,100 with her simple strategies of
trading. Meeting with stacy has been one of my best
experience these past few months and am expecting
more withdraws from her
I have incurred so much losses trading on my own..I trade well on demo. But I think the real market is manipulated. Can anyone help me out or at least tell me what I'm doing wrong
trading in the financial market is very volatile and risky to trade that's the reason most investors trade with a professionals
Trading with an expert is the best strategy for newbies and busy investors who have little or no time to monitor trade
Then, how can someone get a professional manager that is trustworthy and legit they are hard to find this days
I think | heard that name before, I stumbled
upon one of her clients testimonies here some
Very informative. What I liked about him is that he's very honest and not just telling us good things just to buy his book.
Thank you for sharing your thoughts!đ
Excellent interview. Impatience is the biggest reason people will detour from their investment pathway
Perspective is everything.
Mr. Housel is obviously envious of Warren Buffett He says â he doesnât want that lifeâ? Mr. Buffett is one of the most respected men in the world and has had a fantastic life. A life Mr. Housel only dreams about. Iâve never heard anyone criticize Mr. Buffett. Heâs smarter, his books sell more than yours and heâs a classy man. Donât knock one of, if not best investors the world has seen. Good luck sir.
Yes, being frugal and starting modest home based business blossomed into early retirement with ample income.
That was a great interview! I listened to the full audio book before this. I learned so much from both! About WW2, M1 changes, fascinating!!! Thank you so much đ
Glad you liked it! Thank you so much for your support!đ
This was such a great discussion. And I'm a HUGE fan of long term index investing where I too buy the entire market. My goal is to never sell unless maybe, maybe if it's life changing. I want to make more money not to be able to spend more or have more "fun" but to invest more. And it doesn't matter if the market is up or down. And since there's no such thing as saving/investing too much money, I just keep stuffing that thing.
The 1% Millionaires stay rich by staying off high interest debts and investing passively. Personally i made my first million from having investments that spreads across stocks, etfs, coins and bonds, looking into Nfts .What i can say to early investors is diversification and solid management..at this point I'm actually grateful for my advisor Olivia Rene Reyes. it's been great.
Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth.
out of curiosity I did read about Olivia Rene Reyes on the web, she has a great resume
Glad to see someone being honest about money, lots of people talk about it but no one really gives good advice on the matter, this is really refreshing
i'm happy there are lots of people doing so well...Love this channel for the transparency
All these bots infesting all videos on CZcams about investing. Donât just go for random people name dropped by ransoms on CZcams for financial advice! Go find legitimate financial advisors at your bank or credit union.
Iâd say most are throwing into their 401K having their money stolen and donât even know itâŠ
Bought the book. I read it every two months. Very good book.
Buffet is doing what makes him happy
Thank you!đ
thank you. this is very helpful.
These strategies are quite rigorous for the huklumu\jregular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
Truly to build wealth during a recession, you should focus on where you can save money and invest in foreign currency
Wow, this talk is excellent! And it took me until near the end to realize that it is almost one year old (yet all the points in the talk is still relevant.) I would really like to see an updated discussion of the current time (March of 2023) with Morgan Housel again.
Love this!!!
Great interview with timeless advice
Great episode, really enjoyed it.
I always looking for the simple thing or intense under the hood. One day I thought about him all day. A few days later, it struck me hard that he just want to keep the value of money he had. There is no secret formula he is holding back. He has been just finding companies which can survive for at least a century. That is it and interest in addition.
Having said that, this video is the most precious one that every investers have to watch.
Some amazing insights. The one where investors unfortunately take cues from investors who are playing a different game really hits home. Itâs messed me up many times
just fantastic! very interesting!
Some will get their wish of making $ and seeing it grow.
This guy gets it. No one wants to be Buffett. It came out a great cost.
It seems as if young or inexperienced or one-dimensional or poorer people flock to these videos. Itâs too bad that at 60 you realize that you misspent too much your love and focus.
But to learn some things, to become financially literate or develop some wealth⊠great.
People want to be successful like Buffett but very very few are willing to be that dedicated and that patient. And as Housel has stated, if your expectations are over the top, your results and satisfaction will be under the table (my words).....
I loved this interview.
Started listening couldn't stop. Need to buy a book
New to the channel and really enjoyed. Thanks so much for sharing âïž
Awesome, thank you so much!đ
Wow, great insights
Very interesting đ I learned a lot, thanks đ
Glad it was helpful!
Love this video
A very educational and informative interview. Thank you!
Unknown unknowns are always going to be part of the biggest game of all
Thank's Man..."Patience" say's it all
Just wow! So much intelligence and passion here. Brilliant podcast. I am so grateful. I'm ordering that book right now as well.
Wow, thank you!
I needed to hear this perspective! A great reminder on the often overlooked fundamentals đđŸ
What a great video. Thank you Morgan Housel and thank you for the good questions!
Boom! Another great episode, Bedros. Iâm always impressed at how you and Ray show respect to everyone. I donât think Iâve ever had a conversation with Ray where he didnât call me âsirâ. Itâs almost uncomfortable. You exemplify what you preach and I appreciate that the most.
Patience pays
What an eye-opening point of views!!!
Nice interview in Barron's. And what you're saying is please reconsider B4 buying an old investing book online.
Buffet said he doesnât understand Apple but just sees it as a consumer product company selling a device everyone sees as essential if not addictive
While there is plenty to glean from the Buffet story, it's crucial to recognize he came about during the expansion and zenith of empire USA. The situation today is quite different as the empire is well into its sunset phase. Be adaptive.
Love it how the interview always ends right when theres hints that Bitcoin Shills are wrong. That whole M1 and M2 money supply bit was amazing and well versed. Morgan is truly gifted.
This has simply changed my life
Morgan provides the absolute best investment advice bar none, on the internet or anywhere .... and I've watched literally hundreds of channels and investing decades longer than him!
It's like Steve Job... Many successful people are like that and people admire them. But they just admire the ideo of being millionaire
What use is having that kind of money when you don't spend it at least sparingly.thank you for the video
Thank you
You're welcome!đ
What a great talk. Especially the details of M1 and M2. One thought on Buffett's methods of investing might be still relevant. Monish Pabrai or Nick Sleep are most current adoptors of Buffett style of investing.
My favorite.
There will be no hyperinflation in the country that holds the reserve currency. PERIOD!!! And you can take that the the bank!
Everything Morgan does is great! He helps you learn how to invest and thrive. A Teenagerâs Guide on how to Invest Like Warren Buffett teaches the key investment principles to new investors.
Everything that we do is rooted in WW2. At last someone has noticed...
Very sane comments on Warren Buffet
This guy is a genius
I just bought the book and I saw this in my feed. đ Iâve enjoyed listening. Iâve learned so much!
Glad it was helpful! Feel free to share the video with those you think would benefit.đ Thank you for your support!đđŒ
Heard the book on audible, but purchased the book Sat. So many gems
@@kathyjohnson8199 Thank you for sharing!
Wow such a tour de force of wisdom !!!
fantastic guest.
Great book.
Best book I've ever read about personal finance - should be required reading for any young person entering adult age.
Just started reading this book, so far loving it. Quite informative about personal finance and seeking the importance of luck/risk
Which book?
I wanna add, I practice and back test and run my strategy over and over, go over my data, but I enjoy doing this. I do not move my capital lightly, I take all emotion out of my strategy or I would be all over the place, if I worked with my emotions I would be homeless, I do not have it in me to see loses or not pull profit, Iâm not capable of it đ, so I let my risk management handle that. I also keep my long term security away from my passion and love for trading, I do the buffet strategy for my security, I make sure itâs consistent.
I liked the patience part . Really enjoy your life and relax and wait!! (With ur Bitcoin)
Fantastic interview đ
13.40 "being right is the enemy of staying right" Jason.... (I could not hear the surname, sounds like Right). This is just one of many evergreens from this interview. Thank you for such quality content.
Marek, Poland.
I like that you didn't ask for likes just subscription
I started investing March 2020! :) I think the best moment was really "seconds" before the pandemic hits, the global markets were suffering from the oil prices being in a all time low in a fabricated manner!
Very nice, thank you!
Glad you like it!
This is great. Thank you. So much.
Thank you for the vid
Our pleasure! Thank you for your support!
Very interesting, I could feel my brain cells growing as I was listening! đ
Well done!đ
Great talk between Morgan and Trey.
Great Interview! Just ordered the book!!
Awesome! Thank you!
Impressive to say the least!
Itâs not timing the market itâs time in the market. !
Love this interview. Morgan approaches investing from the standpoint that really matters, our behavior. He also explains it in such a way all of us can actually relate to.
My take away is to ask myself âwhy am I buying x,y,z investment?â wherever I do buy an investment. Am I succumbing to the wrong cues or internal biases? What are my goals and does this actually make sense.
I think our natural behavior as human is to take our cues from other humans because thatâs how we have survived as a species. However, if we do that in investing, we are playing a dangerous game because everyoneâs goals are different and everyoneâs psychology is different.
Great takeaway! Thank you for sharing đ
29:52 you got it backwards; you don't figure out what return you need to reach your goal because you can just look at historical data for that. If you need more by a certain date, you need to invest more today.
I mostly invest in REITs for my pension as they pay good dividends so that in retirement I can spend the dividends instead of reducing my fund by 3% a year idea and run out of money if I live a long life (which I plan to do!)
I always knew the 50âs and 60âs were a great time in the US, but when he said it was because we got manufacture everything even for Germany and Japan that was a light bulb flashing on moment for me. Its funny how I can know and accept something but not have understood the âwhyâ of it đ
I'm new to stock market /Crypto and would like to invest but I've go no idea on how to make good profits. Pls what's the best approach you'd recommend?
Wow I'm just shocked some one mentioned expert Mrs Claudia Walter's name i thought I'm the only one trading with her
Mrs Claudia Walter's service is really good, I invested $22,000 and made a profit of $81,000 after a week. I still wonder how she gets her analysis
Wow!! Impressive you trade with Mrs Claudia Walter's too! I thought people don't know her that well.... She's really awesome!
How does this Bitcoin stuff work, I am interested and willing to invest heavily as I have heard too many testimonies
Who's this professional trader and how can I get In Touch with her? Can I start with 2000$?
Buffet takes it as sports.
Usefull info, thank you so much,
Only 1 point, I feeling the host sound sleepy đ
So glad I took the time to watch this video. It was really informative and had very interesting viewpoints. Made me reflect a lot on my trading style.
Glad it was helpful!
Thatâs really interesting about the classification of savings. Iâd love to see the actual numbers.
Make your mind up re index funds!
What a coincidence that I just finished this book! I loved this discussion - thank you!
Lol. I watched the interview then bought the book.
I watched this and now I'm thinking, do I need to read the book đ€
@@duncanray387 you won't be disappointed. Read or listen to the book my friend
He had a house when he was 25, so he was doing ok
Jerome flying in a helicopter with a party hat printing money and then dropping a beat like a in a giant summer party would be a sight to see :D 1:11:40
Please add the chapters