The Psychology of Money with Morgan Housel Part 2

In This Episode, We Talk About: When in life your money mindset is created, it’s much younger than you might think! What to consider when it comes to your children and helping mold their money mindset. Is debt really the new asset?    Resources + Links:   Catch up with Morgan on Instagram | @_morganhousel Check out Morgan Housel’s book The Psychology of Money The Great Depression: A Diary   Text PODCAST to 480-605-4814 to get VIP updates from Kara!   What's YOUR Financial Archetype? TAKE THE QUIZ   ………………………………….   Connect with Kara on Instagram | @kara_ayala   Check out how you can work with Kara | karaayala.com   Join Kara’s FREE Facebook group: https://kara-ayala.mykajabi.com/offers/aubrLymR/checkout Show Notes: Have you ever wondered when your money mindset is created? Morgan Housel helps us understand that it usually begins in childhood and is learned from watching our parents and their relationship with money. Many of our views on life are also influenced at a young age and can be difficult to change. This happens because we get stuck in echo chambers that make it hard to see the other side's view on money and the world in general. Morgan shares some incredibly insightful thoughts on how the echo chambers we get stuck in affect the way we view local and global events. He shares a great example about the last presidential election and how the people he was surrounded by had such an impact on his impression of who he thought would fill that position. Considering money mindsets start forming at such a young age, how can we start our children off on the right path? Morgan, Mike and I discuss our experiences with how we approach money mindsets while parenting. Morgan also touches on the 2 phases of parenting and why making sure you make the leap to phase 2 is so important. We also cover this trending thought of debt being the new asset and is this a smart way to handle debt? Join us today if you're ready to take your money mindset to the next level and step outside your cognitive comfort zone! 3:25 When is our money mindset created and can it be changed? 6:35 Our perception of the world depends upon our surroundings. 8:40 Tips on escaping the echo chambers of our world. 14:55 Is there one right answer when it comes to money management? 17:45 How the pandemic affected the economy. 21:00 Retirement is a new concept, how is society preparing? 24:15 How will Morgan and his wife raise their children when it comes to money? 28:55 Kara and Mike’s approach to money with their children.  31:40 What are the 2 phases of raising children? 36:20 Is debt the new asset? 40:30 The best finance book ever written.