Ep11 - "Psychology of Money" by Morgan Housel (p. 2020), w/ guest Eric Landblom (Ret. Major, USMC)

#BLUFFbooks 📚 — “The Psychology of Money” by Morgan Housel (p. 2020) 💡Big Ideas Below: ⬇️

Subtitle: “Timeless Lessons on Wealth, Greed, & Happiness”

💡1. We’re Not Robots (Does your investing strategy/worldview take human feelings into account? Financial PTSD is real)

💡2. Fortune is Fickle (You can do everything right & still fail — build margin of error into your plans).

💡3. Comparison is the Thief of Joy (stop moving the goalposts when it comes to your lifestyle; Don’t gamble what you have & need just to appease your ego).

💡4. The Tails Wagging History (statistical outliers drive change. About 7 companies in S&P 500 drive most ROI. Kaizen = tiny marginal improvements that add up over time)

💡5. Tyrannizing Your Current &/or Future Self (balancing immediate & delayed gratification. Controlling your time is the greatest freedom & pays the highest life satisfaction ROI).