IN THIS EPISODE, YOU’LL LEARN:

• Why money magnifies who you are
• How to think about lifestyle creeps and incremental happiness
• Why you shouldn’t try to change others
• Why you should be around people who play cricket
• Why you can have anything but not everything
• Why you should lean into your unfair advantage
• Some welcome and uncoming surprises of wealth
• Why you should be useful

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

 

[00:00:00] Stig Brodersen: I decided to call this episode Reflections on Money, Life, and Happiness. The word reflection seems most filling to hit the right tone. They’re not commandments of frameworks cut and stone, and certainly not universal truths. They’re simply observations, things I’ve noticed and patterns I keep bumping into many life and happiness are strangely intertwined.

[00:00:25] Stig Brodersen: My reflections are admittedly anecdotal, that is the premise of this episode. They might apply to you or they might not. I’m still learning, still adjusting, and still getting a lot of things wrong, but if any of these reflections help you at the margins even a little, then it’s well worth our time together today.

[00:00:48] Intro: Since 2014, and through more than 180 million downloads, we’ve studied the financial markets and read the books that influenced self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Stig Brodersen.

[00:01:13] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host, Stig Brodersen, and let’s jump right to the first reflection of the intersection between money, life, and happiness. Number one, money magnifies who you are today. When I look at my group of friends, their financial wealth spans a wide range. Some can barely make ends meet, whereas others have more money than they could ever use in multiple lifetimes, and most are somewhere in between.

[00:01:41] Stig Brodersen: For those of us who are in between, even more so for those who can afford anything in the wireless dreams, I found that incremental happiness is the best. And so what do I mean by that? Well, let me use a metaphor here about traveling, and you can replace that with any type of consumption good. If you fly economy and you suddenly get wealthy, don’t fly private right away.

[00:02:04] Stig Brodersen: If you want to optimize for your happiness, get excited about upgrading to economy premium. You get accustomed to that, then get excited about flying business class, then get excited about that. And then whenever it wears off, fly first. And after that, perhaps you can get excited about flying private. Wait you say there are some, at least two fundamental problems with that.

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BOOKS AND RESOURCES

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• Learn how to join us in Omaha for the Berkshire meeting ⁠here⁠.
• Stig’s ⁠blog post⁠ on his portfolio and track record since 2014.
• Stig’s podcast episode on his ⁠journey into financial independence.⁠  
• Stig’s podcast episode on his ⁠advice to his 20-year old self⁠. 
• Related ⁠books⁠ mentioned in the podcast.
• Ad-free episodes on our Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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