I just finished watching Morgan Housel’s interview on “What You Need to Master (And Avoid) to Get Rich, Stay Rich, and Build Wealth." I believe you will get more out of this interview than what I recorded for my weekly podcast. 

As I watched I realized he was answering questions you ask, or should be asking, about the nature of successful investing.

I hope you will use this time to listen or watch Morgan. I’m glad I did! I hope the list of topics below will motivate you to listen. I’ll be back with you next week.

00:00 - Intro
01:20 - Risk and income
04:14 - On luck and skill
06:44 - Buffett's secret strategy
09:02 - The one trait you need to build wealth
12:54 - Housel's capital allocation strategy
13:22 - Index funds, explained
17:33 - Expectations and moving goalposts
18:51 - Your house: asset or liability?
24:13 - Money lies we believe
28:46 - How to avoid status games
31:38 - Money rules from parents
36:49 - Rich vs. wealthy
38:20 - Housel's influential role models
39:22 - Why are rich people miserable?
42:33 - How success sows the seeds of average performance
46:24 - On risk
47:33 - Making money, spending money, saving money
49:24 - How the Vanderbilt's squandered their wealth
1:00:45 - How to manage your expectations
01:03:00 - How to talk to kids about money
01:06:26 - The biggest risk to capitalism
01:10:30 - The magic of compounding
01:12:52 - How Morgan reads
01:19:16 - How to tell the best story
01:21:16 - How Morgan writes
01:32:16 - Parting wisdom and thoughts on success