"if you're buying a house because you don't do it run for your life Mr Morgan H he's the author of the psychology of money one of the bestselling business books of this decade he can help anyone build ..."

"I remember when I came into money when I was 25 20 no 27 27 28 years old and my brother turned to me and said there's one thing I ask of you he said you have to read this book called the psychology of..."

"it let's start with the psychology of money what is the benefit to my life if I understand the things that are written in the psychology of money well let me start with I think most Finance books will..."

"what they actually mean is I want to spend a million dollars that's what they mean and when I think about being a millionaire I think it's you have a million dollars that you're not going to spend and..."

"stuck with them even after they started making a little bit of money they didn't buy a Lamborghini no no we grew up in a very like modest house it was a nice house and we took some like decent family ..."

"made them happier than any big house would have done so it's like I think that is one of the keys to happiness happiness is like the most complicated topic you can imagine but one of the big puzzle pi..."

"physical health is lowering that amount of stress and there are not many other things in life that are going to increase the stress that you have have than not having control over what you're doing in..."

"actually have and you know what I do sometimes I think I've noticed about myself I think sometimes I councel things just to prove to myself that I still have control that's great see that's a good thi..."

"forever have they done studies to test that in terms of analyzing whether people's goal posts move off into the future even when they're like billionaires and whatever I mean here's here's the broades..."

"comparing yourself to other people and maybe the average American's income doubled but so did their neighbors so did their co-workers so did their siblings so you just automatically adjust to that I t..."

"if there was if Thomas Jefferson or somebody came to the year 2023 he would faint at the new technologies and the medical discoveries that we have and these are technologies that you and I don't spend..."

"you need to be ambitious you need more you need to make more money work harder have a more successful startup whatever it would be and there's that's true but that's half the equation the other half t..."

"expectations were so low that just waking up in the morning and seeing the sunrise and getting to go to work and talk to people was this magical gift I mean you can imagine not to get too morbid about..."

"but if you needed and wanted 1.1 billion you're broke you feel broke and the reverse of that is true too there are people who make $50,000 a year but if they only need 40 to be happy they're sto they ..."

"control over doing it so how in a practical sense can one go about keeping their expectations below their circumstances I guess here's here's one that really made an impact on me and it's great that w..."

"that was being played in society once you once you recognize that's the game your willingness your desire to show off plunges and of course I I like nice stuff I like nice cars I want some nice clothe..."

"loss in your life because you're trying to show off to for people who you don't even need or want to love you there's a great quote from Warren Buffett where he says the definition of success is when ..."

"whatever it would be is when you become needy like nothing breaks love more than being needy and really what needy is is just your expectations are so high that you wake up and you say I expect to do ..."

"the first chapter in your book where you talk about the stories of money that we have and where they've come from and something that's always baffled me is when you go into low-income areas there's mo..."

"desires are for sure for sure when I say that out loud I'm like oh absolutely why is that that when we have less we are Reckless with our money well I think there's two sides to this one of my theorie..."

"important is that you know I saw this statistic years ago that the poorest 10% of Americans buy like 80% of the lottery tickets in America and these are people who can like barely feed themselves lowe..."

"to think I might as well cheat too if the world's unfair why not might as well cheat and I think that at least at some level has some explanation for the relationship between poverty and crime that wo..."

"for at least part of it quick one this is really really fascinating to me on the back end of our YouTube channel it says that 69.9% of you that watch this channel frequently over the lifetime of this ..."

"let's speak then to 18-year-old Steve that was in that little room with the stack of these what they call County Court judgments and bays and stuff stack of letters on his desk what advice based on al..."

"actually very rare that you change who you are really on the nature nurture Spectrum I actually think and this is kind of disappointing to talk about it's not fun to talk about but on the nature of nu..."

"definitely talk about I have also been the person that saves and I've also been the person who thought they didn't need to save I've been all three my Counterpoint to this goes back to a story that I ..."

"our entire lives together and when I was 17 this is in 2001 I was skiing with my two two of my best friends brenon Allen and and and Brian Richmond and we would ski out of bounds which is illegal you'..."

"the ground during an earthquake like the ground's pushing you but it was a pretty small Avalanche maybe came up to our knees ended pretty quickly and we kind of like literally high-fived about it at t..."

"wrong person or I met the right person or you know I I decided not to take a second run we cannot forecast the impact of those things and so that had a big impact on me too of just who are we to fool ..."

"that nobody's talking about today that you and I have can't even fathom because it's always been like that there's never been a time when the biggest news story was foreseeable and it's all and it'll ..."

"saw that thing coming but the specifics of when it's going to happen how bad it's going to be is it just going to shut down the economy for a week or two years that is completely impossible but there'..."

"people look at my asset allocation my investments a lot of people look at it and say you seem really conservative why do you have this much cash what are you saving for and my answer is always I don't..."

"like six years or something which has done me very well yeah that is it and the ethereum investment is also based on the fact that I run a software business that is in blockchain and I could see that ..."

"of this my parents are smart people but they really they have no Financial background and they like minimal financial interest I would say and but they have dollar cost average into index funds for go..."

"that's a better long-term wealth creation strategy than buying crypto or buying companies that I use or like how would you explain that to your to your kid your ability to do well over the next one ye..."

"billion away to charity so if he didn't do that he'd be worth he'd go from three billion to 200 billion since he's been 60 because the numbers just get crazier at that point he's worth a hundred billi..."

"you have endurance you're going to beat literally 97 or 99% of the genius stock Pickers and what's so interesting about it is like picking the right stocks is hard it's supposed to be hard like there'..."

"it up see this is one I I do kind of regret that in the book that I'm I kind of I didn't say it explicitly but I kind of make him out to be a role model and I don't think that's the case he he's not m..."

"I'm 25 yeah and I can go to Vegas and you know ball out and buy nice things and have great experiences not when I'm 65 yeah no I think that's true I think there are a lot of people a lot of financial ..."

"into what they want you to do knowing when enough is enough this was one of the most interesting things that I think really rang true to me was how do I know in my life when enough is enough I've defi..."

"this is pretty morbid to think about but I think about if I were on my deathbed tomorrow would I regret working hard and saving a lot of money and my answer is absolutely not it would give me so much ..."

"when they need your money I I I really like that concept I think about that with my own kids the counter point to that is though if I just give my kids money then like the chth quote they might lose i..."

"he did it at 7 and so that my when I first did it at 35 I remember feeling a I earned this I worked for this and Al felt so special to me because I'd flown coach 9,000 times before that so it felt ama..."

"easy life they will take it and embrace it with both hands making money and keeping money require two different skills you you've spoken about a few of the skills that are required for making money th..."

"available for everybody and you can do that from your phone like you do it from your phone open up a Robinhood account buy some index funds anybody can do that and so that and but that was not always ..."

"you need both of those skills at the same time so well your kid is 20 years old he's broke do you tell him to go and take huge outsized risks he's not got a family he's not got a mortgage he's not got..."

"stable and linear and that's the like it's you're capping all of your upside where if you go for the weird company you're either going to do one of two things it's either going to fail and you're goin..."

"you're expecting to walk away with tips all these tips these tricks these special ways to make more money than everybody what I came away with is this one important lesson that I've never been able to..."

"think what's closest to investing is something like the horoscope or even if you know it's [ __ ] you want to read it why because it's comforting what a lot of people want out of their investing forec..."

"like make sure your bets are not that big and you can just keep taking little risks all the time the optionality that you get from that like the odds that one or two of those are going to explode are ..."

"don't want every room to be sold out because that means you're not pricing high enough you know you're doing a good job when you have 10 empty rooms that's when you know you're pricing the other rooms..."

"risk appetite will take their cheese right and your chapter on keep running there's two quotes that I really pulled out chapter is called keep running and the quot two quotes that I pulled out were co..."

"the plug before it gets really bad here so that's like a very specific example but what he realized that what made him successful was gone and a lot of a lot of CEOs will will have this problem too wh..."

"life he said to me Stephen the reason you were successful was because you were hungry you need to realize that you're no longer hungry for the same reasons and what he told me to do was the hardest [ ..."

"million and so for someone to have a net worth of 10 billion and to wake up and say I'm going to keep going as hard as I possibly can that's why they have that level of success it's complete insatiabl..."

"and you can see his life on Instagram it's not exaggeration he's like travels around the world with his girlfriend hiking in Bali it looks like at least from Instagram he lives this amazing life and t..."

"need to get harder and harder for you to be engaged that's why every game we play it's not on level one over and over and over again we need it to go to level two crosswords get more difficult we stay..."

"can't everyone needs to have some sort of conflict Strife challenge stress in their life and for I think for a lot of people if they don't get it from real places they just make up fake problems in th..."

"can success I think your book the one of the key things that stayed with me and I didn't need to recap myself on was the stories you told about people that accurately predicted what was going to happe..."

"fail and I think there's some version of that for a lot of people because it because their success increases their confidence more than their ability and they don't even know that that's a problem tha..."

"fallible like make the like tame it down they would actually hire people to do that for them and I think if you look at a lot of like the great entrepreneurs a lot of the great investors they will hav..."

"want to retire early or whatever would be like everyone's going to have a slightly different time Horizon what's yours mine I mean I you would break it up into different chunks like I want to get to a..."

"which was in my 20s and early 30s my wife and I lived in like seven different cities and there was nothing better for us some of those were just like let's try this new city for fun some of it was mov..."

"rent forever really and try and try different cities move all move all around what could be better than that but when you have kids what's more important to me is stability I want my kids to go to a s..."

"up losing money on it I I I I don't think I'd care that that's not why I'm owning it I'm owning it just cuz I want the stability for my family I've just made an offer on my first ever house and I cuz ..."

"millions of dollars into your kids and it's G it's like if if money is coming into the equation like stop right there this is it should not do it you're doing it for very different reasons this is not..."

"used to be that rentals were almost without exception shitty houses there were no good rentals a big change at least in America in the last 20 years is that most cities have tons and tons of luxury ap..."

"about to borrow a shitload of money for an investment that historically has been a very bad investment like if you put it in those terms like what are we doing here man going to borrow hundreds of tho..."

"understand the power of the best story wins because when you think about entrepreneurship or investing or pitching or sales what most people do is they lead out with facts stats and figures yeah and e..."

"the most rational idea just whoever tells a story that catches people's attention I think there are dangerous stories which is when people want to is when people tell you what you want to hear oh I go..."

"that you were told when you were two years old you remember it for the rest of your life so it's just a tool for getting people to remember how the world works and they be so persuasive and so good at..."

"charts we're like living in such a better world now than we were 70 years ago but in any given year you didn't even notice it you're never going to see a news headline like breaking news heart disease..."

"to people that compounding interest and compounding returns this very hard thing to think about is so important I imagine you have two what is your go-to way of explaining to like your eight-year-old ..."

"can be over time two of the chapters in your book same is ever speak to the importance of discomfort one of the chapters is called when the magic happens and you say in that chapter stress pain discom..."

"because there was this period where everyone in the world came together and they're like holy [ __ ] we got a big problem to figure out let's put our heads together and figure this out right now but t..."

"happened to their career a breakup might be the hardest thing you've ever been through and in hindsight it might be the best thing that's ever happened to you so I that's always like that's when the m..."

"happen a tremendous amount and even if I recognize that today I know I'm going to worry about something tonight and tomorrow and next week about something I really shouldn't be worrying about I don't ..."