Morgan Housel, global expert on personal finance, shares powerful lessons on Warren Buffett’s hidden struggles, Elon Musk’s sacrifices, money trauma and financial habits, how to invest wisely, and the psychology behind saving, spending, and success.
Morgan Housel is a partner at Collaborative Fund, former columnist for The Wall Street Journal, and a speaker on investing, saving, spending, and financial independence. He is also the bestselling author of books, such as: ‘The Psychology of Money’ and ‘The Art of Spending Money’.
He explains:
◼️ Why more money rarely solves unhappiness
◼️ How envy and social comparison drive overspending
◼️ Why extreme wealth often comes at the cost of health and relationships
◼️ How inflated definitions of “wealth” fuel endless consumerism
◼️ Why true happiness comes from family, friends, and health – not luxury
00:00 Intro
02:21 The Importance of Spending Money
04:31 Why Will This Podcast Make My Life Better?
07:42 Is There Something Wrong With Chasing Status?
10:14 What’s the Evolutionary Basis for This Stuff?
15:31 There’s Always a Trade-Off
17:43 Saving Addiction
19:29 Can Money Make You Happy?
24:56 Are We All Stuck in a Status Game?
29:02 Is the “Freedom” Culture Actually Making People Unhappy?
31:00 Your Favorite Form of Saving Is Spending
33:05 Jealousy of Other People’s Wealth
35:04 The Spectrum of Financial Independence
38:45 How Do People Achieve Financial Independence?
41:20 How Does Dopamine Factor Into All of This?
48:55 We’re Wired to Want More
54:39 People Retiring Early Tend to Wish They Hadn’t
55:40 Passive Income Myths
57:54 Ads
58:55 Do I Need to Know Economics for This?
1:04:49 What’s Going On in the World?
1:08:43 How Wealth Inequality Is Dividing People
1:10:38 The Charlie Kirk Shooting
1:18:52 Is There a Way Back From This Divide?
1:23:27 What Should We Be Doing to Help?
1:25:16 Are You Optimistic About the Western Economy?
1:27:11 Favorite Chapter From the Book
1:32:22 Ads
1:34:30 Why You Should Try New Things
1:37:17 Are You Chasing a Lifestyle That’s Not Right for You?
1:40:35 Does Jack Think Steven Is Happy?
1:49:25 Should We Feel Guilty About Lacking Contentment?
1:52:37 The Relationship Between Money and Kids
1:55:30 The Exact Formula for Spending
2:01:53 Humble Bubble
2:03:55 Do You Have Major Regrets in Life?
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Morgan is my favourite author of all time! Let me know if you like these types of convocations by liking the vid – that’s the best way to let us know what topics and guests to bring you ❤ (also, would be doing me a big favour if you could subscribe & join our community 🙏🏾🥲) i appreciate you – SB! X
Underwhelming interaction
Best financial education
41:20 I was smiling through this concept. It fits so perfectly for me.
America is addicted to money. Unfortunately, it drives us further apart as a society. Money, power, and greed only matter; people don't in America. It's sad. I was happier when I was broke. When you have accumulated a lot of money it can really affect your mental health with the fear of always losing it and also being taken advantage of by others.
I frequently saw people with low education, no solid research, but have very high confidence, they like to talk endlessly in front of the camera. So many so many of them. Perhaps the only leverage is they are good looking
Holy fuck YouTube SLOW down the commercials!!!! Cant even get through a segment.
I don't have a lot of money but I get to do what I want to do and when to do it. And I love my job.❤
If you have to spend do it on materials to remodel a rental house then you have passive income for more income , if become a addiction you will have 5 rental incomes air b&b etc.and you had a blast spending and shopping.
Weird, because I've been retired since my mid 40 and have been living from passive income from dividends. My whole life has ben a scam. All the bills I've been paying have been a scam. All the money I receive ever month is a scam. ! Who knew?
Oh Boo Hooo, rich people are wired differently and they can't be happy because their mind is a tornado… That talk is BS man. Poor or middle class (whatever that is) people also have a tornado in the mind, but sure hell hould help a lot not having to worry about a mortgage or a paycheck. Death comes to all, the liberation it gives to poor people is the same to rich people so don't try to convince us that rich people have more at stake. Elon musk can just step down and be happy into the sunset, poor people can't!
The microphone have a strange sound bro , in rest all is perfect 👌💪🏻🙏
hording money, money controlling personality, I have friends like that, i don't call them friends anymore just people I know
This man is selling a product fyi
I do not relate to you or people who think like you at all… I think a lot of people skim the surface of superficiality. Never questione how their behaviour, actions affect the people around them and the rest of the world at large.
Why buy a car for 2 hundred thousand dollars when you can get one for fifty, and perhaps use the "extra" to do something positive for someone else. Novel idea. Unfortunately the up and coming generations will never "get it" for a host of reasons. Unfortunate all the way around. I dont have a scarcity mindset and I believe in sharing what I have with others.
His voice is SO irritating 😩
Probably they will take all we have and kil us.
Something WRONG in what he said… saying that you don't need to teach your kids about money… all you need to do is lead by example. WRONG. Teach them and lead by example. DO BOTH. Not everyone will get it unless you force them to. I'm a living example of that kind of person.
“He who is contented is rich.”
— Lao Tzu
😮
I am disturbed by the blatant self-promotion that crops up in every, single, episode of this show. At least 3 billion (that's billion, with a 'B') people in this world walk a path so, so much harder than anything of these guys could begin to fathom (It is almost certainly more than that, but let's be conservative). And yet, those same people have basically no material wealth whatsoever. The entitlement of people so fortunate breaks my brain.
No – we do not want your life.
Yes, we have worked and sacrificed just as much as you. Most people have.
People of average wealth generally have given more of their work to others – and gotten nothing back for it. Not because they are stupid, but because they are generous.
Most people don't maneuver for more than what their society or rational economics can truly sustain – and so they don't get it. Most generous people are not investors. And no generous people are speculators. This is because they are providers. Providers want a portion of the value they have produced – never all of it, and never, ever more.
That is the main difference between the average person and the vast majority of millionaires or billionaires. Seeking arbitrage doesn't occur to generous people because they find it repugnant. As a result, generous people end up with less in this current incentive structure. Yes, some people are poor or average in wealth because they lack drive or mental health – No, they are not the norm. Yes, some people are rich because they have made other people's lives that much better with their brilliant work – No, they are definitely not the norm – else the world would be a much, much better place.
You dont have to ask others if u are happy or not🙃🫠 dear people please wear colours and stop biting nails.😇The guy looks like the plastic surgent guy 😅 botched
I’m sorry, but did he really compare Charlie Kirk to MLK?! 🤔🥴
Wait… dehumanizing people let’s you kill them? You mean like “fetuses” rather than human beings? Huh.
It is amazing the effect that being a servant of Jesus Christ has on one’s happiness and financial freedom. MONEY IS NOT MY SAFETY. Whether i have money or not, I breathe easy and sleep in peace, because You, oh Lord, are my safety, my comfort, and my very present help in trouble.
Many would say of me, “There is no help for her in God.” But You, oh Lord, are the One who lifts my head. In Jesus Christ, the Lord, I boast. He is my glory and my joy.
Here’s something to think about: I actually get the One I worship – and He does not disappoint!. How many can say that?? How many after years of toil finally get the house they want, put together the nest egg they feel they need, acquire the Taylor Swift tickets they crave, the Chanel purse they’ve always coveted, just to find that they are left “needing” something else, because that thing they always wanted didn’t bring them the lasting joy they were sure it would? That’s not my problem! Jesus Christ, the Blessed One, God of very God, actually gives His joy and His peace to His people. He is good to those who seek Him, as I myself know. Blessed be His holy name. ❤️
I really enjoyed his point about the risks everyone talks about being less significant than the ones no one mentions or anticipates. These hidden risks can have major impacts, as seen in events like 9/11 and COVID.
Population decline does NOT suck. They're temporary. Just before the Renaissance in Europe, the plague wiped out a massive swath of the population (80% in some locales), and that enabled families to own land who otherwise would not have been able to. With their newfound gratitude they worked that land diligently, and a golden age was born and civilization flourished. We're coming up on an AI revolution, and these countries are importing poor people. They're creating a real disaster.
be humble be modest, wait my loans overdue……..
Be careful who you socialize with because you're going to anchor to them as a baseline level of success and happiness.
OK
This is one for all those self loving breeders out there.
43:57 "my wife's addicted to gardening"…. ❤
"everyone's got their thing, but can you harvest that for productivity"; "i think a lot of extremely successful people took their natural addiction and harnessed it for productivity into their business"
Can we have Jack on the podcast more? 😄
Comparing Kirk and King. WTF idiot.
Most people don't want "everyone to love them" just have a humble nice life, these rich people have no idea about what 99% of the population want, or are.
I'm glad this is free but the amount of ads is ridiculous 😞
His book will make you see money differently at least it did to me
Charlie Kirk was mainly patronising! Not listening to learn. He would be shown up on his ignorance constantly and also hade very hateful views lol. Very stupid point trying to talk about him as something good
1:41 you remind me of the life of a surgeon. The “never enough” is more like “I was made to be efficient for others in my community”
Such a good conversation. Morgan is one of the money experts that has the right take on life. Thanks for inviting him on the podcast again 🙂
I don’t think this guy really knows what he’s talking about
I am also the one of sangha. The Buddha taught us to be content with little, not to be without desires or wants.