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Ep. 427: Michael Ellsberg Interview with Michael Covel on Trend Following Radio

Ep. 427: Michael Ellsberg Interview with Michael Covel on Trend Following Radio

FromMichael Covel's Trend Following


Ep. 427: Michael Ellsberg Interview with Michael Covel on Trend Following Radio

FromMichael Covel's Trend Following

ratings:
Length:
61 minutes
Released:
Feb 26, 2016
Format:
Podcast episode

Description

Today on Trend Following Radio Michael Covel interviews Michael Ellsberg. Michael is an American author, blogger and public speaker. Michael Covel and Michael Ellsberg met for the first time in Napa Valley at a Tim Ferris conference. Today they talk about Michael’s newest work, “The Last Safe Investment: Spending Now to Increase Your True Wealth Forever.” The book is about making money, being an entrepreneur, and giving insights that can applied today.The two start off talking about entrepreneurism and dive deep into how people think about money. Michael, and his co-author Bryan Franklin, wanted to completely rewrite the script for how people think about making and spending money. Michael says the bottom line is to try and make your life as awesome as possible in every aspect. Most people want money for one reason or another. He has found that the three most popular reasons people want money is: happiness, freedom, and security. Michael always wanted to be a writer growing up. He used his savings to help pay his way to become a writer. Most save their money and figure that what they love can come later when they have enough saved up. The question is, “When do you want to start your passion?” When you retire? Or do you want to invest in those things you are passionate about now?Michael E. then goes into how important the presence of meaningful friends are, otherwise known as your “tribe.” He says that it is important to travel and figure out where you want to settle down and live. When you nail that down you can start investing in learning about the place, people that live there and invest your time in making friends. Traveling and learning where you want to settle down has a lot to do with gaining critical self knowledge which, according to Michael E., is the greatest investment a person could make. When you are self aware you get far more happiness out of the money and time you invest in things. You aren’t wasting as much time and money experimenting, trying to figure out what you like.Next, Michael E. answers the question, “What is the difference between a market skill and a super skill?” A market skill is any skill that you can sell directly, such as plumbing or marketing. Super skills are skills that can be taken across any job platform and are essential in any marketplace regardless of economic circumstances. Michael E. categorizes them into four categories: interpersonal, creative, technical and physical super skills. Different skills have different levels of entry. Public speaking is one super skill that they go into depth about. Michael E. says that if you learn how to speak publicly even semi well, you will be far above the rest of your competition.One of the last topics discussed are the areas in your life that create happiness. Relationships, health and money are the three big contributors to happiness. Each time you spend money you should look at how that purchase will impact every area in your life. If you go to buy a meal you should look at how that will affect your health and if that bleeds into happiness in your relationships. Michael has found that all of these things are interconnected. When you look at things as a whole, spending money can be looked at as investing rather than spending frivolously.
In this episode of Trend Following Radio:

Super skill vs. Market skill
Systemic spending
Cultivating meaningful relationships
Thinking three dimensional
Creating happiness in your life
Released:
Feb 26, 2016
Format:
Podcast episode

Titles in the series (100)

Bestselling author Michael Covel is the host of Trend Following Radio with 9.5+ million listens. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trading -- all passionately explored and debated. Guests include Nobel Prize winners: Robert Aumann, Angus Deaton, Daniel Kahneman, Oliver Hart, Harry Markowitz & Vernon Smith. More guests: Jack Canfield, Howard Marks, James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. 900+ episodes.