In this episode of "At The Money," Barry Ritholtz interviews Morgan Housel, author of "The Psychology of Money," about his upcoming book, "The Art of Spending Money." They discuss the psychology behind spending, differentiating it from the science of investing, and how it's often overlooked. Housel argues that spending is subjective and influenced by emotions like envy and the desire for attention. They delve into the relationship between money and happiness, the impact of social media on spending habits, and the importance of self-awareness over spreadsheets when making financial decisions. Housel emphasizes that wealth is what you don't see and advocates for using money as a tool to achieve peace of mind and a simple life, rather than letting it dictate one's behavior. The conversation concludes with the idea that spending should be directed towards experiences and relationships that bring genuine satisfaction, rather than for social signaling.
