The Most Dangerous Money Habit | Morgan Housel

[0:00]I think the most dangerous trait in money, whether it's saving or investing, is FOMO, fear of missing out. If you are susceptible to watching your neighbors or your friends or your co-workers get rich and that just makes you boil with envy, and even if it doesn't feel like envy, you watch you see it and you say, I need that as well. Fake is probably the wrong word because I think it's innocent, but people put their best foot forward. So what they are showing you is usually not indicative of what it is. in college, I was a valet here in Los Angeles and it always stunned me that when people would come into the hotel I worked, driving a Ferrari, a Lamborghini, a Bentley. When you get to know some of these people, some of them were actually not that successful. They were like a law firm associate who spent half their paycheck on a Porsche lease. Wow. And so the fake it to you make it idea is so powerful in America that if you see, oh, that guy's driving a nice truck, I need to go get one, too. Because I'm just as smart as that.I work just as hard as that guy. That's really dangerous because you're not chasing their success.You're chasing their fakeness.