99% Of People Watching This Will Stay Broke - Will You Be The 1% That Builds Wealth? | Morgan Housel

Reclaim Control of Your Life Today: bit.ly/3PIdAH2
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In a chaotic world where the likelihood of you dying broke is a stark reality, making money isn't about being smart, it’s about avoiding stupidity. Trapped by the rat race of life with no end in sight means that this episode is for you.
By the end of our conversation, I really want you to know how to beat the odds and secure your financial future. I have the privilege of hosting Morgan Housel, renowned author and financial behaviorist, best known for his insightful perspectives on personal finance, wealth creation, and his bestselling book, The Psychology of Money.
He joins me for a rich conversation about his distilled insights into a simple yet powerful formula for wealth building that could reset your financial insecurity.
Our conversation isn’t just about wealth creation, it’s about understanding your desires, abilities, and risk tolerance - the core elements of Housel’s wealth creation formula. He makes navigating the non-intuitive world of compounding interest possible with easy to digest principles.
The greatest irony? We all crave autonomy, yet we seek explicit directions to achieve it. The journey to wealth is straightforward yet polluted with cultural expectations and envy - two formidable obstacles that most find impossible to overcome.
There is light at the end of the tunnel, and it begins with understanding and applying these principles. Let's embark on this journey together!
Check out Morgan’s latest book, Same As Ever, A Guide to What Never Changes: www.amazon.com/Same-Ever-Guid...
Chapter Markers:
[00:00] Don’t Die Broke
[00:27] The Warren Buffett Secret
[10:29] Exposing Expectations & Envy
[24:27] Incentivized Ruin Or Riches
[39:52] Scared Rich Or Tortured
[44:28] Emotions Don’t Build Wealth
[57:33] Duplicating Success Stops Here
[1:12:54] Change Is Possible, But Trauma…
[1:29:21] First Time Home Buyer Cliff
[1:38:24] Your Game Play for a Recession
[1:48:54] Psychology of “Enough”
[2:02:10] A Fragile Chaotic World
[2:17:03] 2 Things To Navigate The Chaos
Morgan Housel Quotes:
“One of the most dangerous things you can do is take your cues and get your advice from people who are playing a different game than you are.”
“Average returns sustained for an above average amount of time will lead to magic, [...] If you can just be average for 20 or 30 years you’re going to end up in the top 2% of investors.”
“The reason there is opportunity in investment markets is because most people are doing it wrong.”
“Every dollar of saving that you have is a piece of your future that you own, [...] and you can flip that around and say that every dollar of debt that you have is a piece of your future that somebody else owns.”
“For a lot of people their income has doubled but their expectations have tripled and they feel worse off.”
“If your expectations grow with your prosperity, you’ll never be happy.”
“Bad financial behavior has always existed, and I think it will always exist because of the natural human emotions of envy and wanting to one up your neighbor and rising expectations.
“They wake up every morning and they're terrified. They have this big goal that they need to meet. They have this audacious thing they're trying to accomplish and they're not there yet, [...] every day they wake up, tortured.”
Follow Morgan Housel
Website: www.morganhousel.com/
Twitter: / morganhousel
Instagram: / morganhousel
Podcast: podcasts.apple.com/us/podcast...
Follow Tom Bilyeu:
Website: impacttheoryuniversity.com/
Twitter: / tombilyeu
Instagram: / tombilyeu

[@TomBilyeu]

WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!

[@henrythegreatamerican8136]

Happiness is the only wealth that matters, and a good start in accumulating more happiness is to not watch videos like this telling you how to build monetary wealth unless that type of wealth makes you happy.

[@henrythegreatamerican8136]

And on a more shallow note..... Stop wearing your hats like that. I easily get distracted by how those caps make your ears stick out.

[@theforgedone]

What ever happened with your comics company?

[@MacTav212]

Hearing your life story, that’s what made the IMPACT A lover with a dream is an unstoppable force, it’s nice to see somebody on the other side

[@DeadHeadCrypto]

Love the channel ❤

[@bobbymainz1160]

This is amazing. “How to build wealth”

[@alexyoung3126]

The first step to building wealth is figuring out your goaIs and risk toIerance - either on your own or with the heIp of a financiaI pIanner, and foIIowing through with an inteIIigent pIan, you wiII gain financiaI growth over the years and enjoy the benefits of managing your money.

[@williamyejun8508]

I am fortunate I made productive decisions that changed my finances through my financiaI planner. Got my house in Feb, and hoping to retire soon.

[@jameswood9772]

hints if you dont mind

[@williamyejun8508]

Melissa Maureen Ward

[@jameswood9772]

found her online, l’m amazed to partake on this, lt has rekindled the fire to my goals.

[@JefferyDuns]

Creating wealth entails establishing positive routines, such as consistently setting aside funds at regular intervals for sound investments. Financial management is a vital subject that many avoid, often leading to future regrets.

[@Dannyholt33]

Indeed, currently I'm managing my finances wisely and being frugal. In the last 19 months, my investments grew by 43%, adding over $650K in profits. However, I've had losses in the past month, making me anxious. I'm unsure whether to sell everything or wait.

[@PatrickLloyd-]

I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.

[@PhilipDunk]

who is your advisor please, if you don't mind me asking?

[@PatrickLloyd-]

Her name is Amber Dawn Brummit can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@PhilipDunk]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

[@najiballahhaqmal751]

I'm born in the poorest country on earth( 🇦🇫 Afghanistan) but I promised my mom I won't die poor

[@Hbk-gc7st]

I pray that you and your country will flourish and that you will lead a bleseed and happy life. May your words come true! Keep believing and stay strong!🙏🏽💝

[@antonyjh1234]

Just remember money is just other people's debt, you holding it doesn't make you richer than some land that can sustain you. A made up poverty line compared to how much debt there is in other countries doesn't make you poor. Billions of people have lived rich and happy lives without money.

[@mariejeanbaptiste4879]

My country is the poorest (Haiti)

[@diwakarsays]

Blessings to you brother. Always remember people like you have all the blessings from people like me. You are not alone. ❤

[@dm273]

Ok? Now what?

[@Robertgriffinne]

Financial success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!

[@PhilipMurray251]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority. I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time.

[@Alejandracamacho357]

Thanks for sharing this, I just looked her up on the web because this is equally important to me, and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@johnlennon232]

There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?

[@alexyoung3126]

A solid strategy can be a key component of an investor’s portfolio. Well, the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals.

[@johnlennon232]

This sounds interesting. My portfolio is in the red. Can you recommend your analyst, please?

[@johnlennon232]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@pastexpiry2013B]

Send me three-fiddy for my course.

[@AndrianWiener]

The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.

[@Andrian-ch3on]

The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

[@RickMckee-nq4ni]

Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again

[@JacksonMiley-iq7mo]

I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?

[@RickMckee-nq4ni]

Having a counselor is essential for portfolio diversification. My advisor is Michelle Christine Parker who is easily searchable and has extensive knowledge of the financial markets.

[@user-uz2mo8tk1e]

I just looked up the broker you suggested on Google and I'm incredibly impressed with her credentials, so thank you for sharing. I'm going to send her an email right away

[@faithsrvtrip8768]

1:09 I had my books taken away as punishment and was forced to sit in the living room and be sociable watching TV. I taught myself to write in runes, from The Hobbit, so my sisters couldn't read my diary. After I left home my mother and stepdad forced my sisters to watch while they burned those diaries and journals. I left home after being kicked out at 15. Joined the Army at 17. Never looked back. I'm 60 years old, now, and financially independent.

[@aureliobjm]

Most people like myself will still do the opposite of what he is saying lol. This is so enlightening to watch. It’s my first year investing and man it’s hard to see my portfolio getting brutalized, yet some investors were able to make profits of over $350,000 in this rally. I must be doing something wrong.

[@fredm1]

The only wrong might be the strategy you're utilizing. I'll advise you to get a financial planner. Do not day trade yet...you will lose..95% unless you are a master trader its not worth it.

[@MarvishaN]

This is why having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal this 2024.

[@debwes1]

@marvishaN Could you suggest your advsor? I'd appreciate some assistance.

[@MarvishaN]

'Heather Lee Larioni' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@debwes1]

Just found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

[@YouTubeOrganicMarketing]

It’s freaking incredible that we live in a time where you can get a better education on KZbin than at Harvard... And for free. Loved this one, Tom. You guys knocked it out of the park.

[@brucewayne772]

Absolutely true well said.

[@Notme-tq4xs]

It will soon be "normal"

[@giovanapc1]

So true. I literally knew absolutely nothing about how to build wealth a few years ago and learned it all on the internet (blogs, KZbin, Reddit, etc). Now I'm well on my way to seven figures in the coming year. No excuses.

[@charlenerevell7543]

U just told the truth! And just like he's saying, they think their higher education makes them better than us. But all of the really smart...& cool ppl r right here. 😎

[@garrygrant2394]

The irony is university is now the very place intelligent people are starting to avoid. Decent degrees like Engineering make sense but going to university for one of the many BS degrees and getting into debt over it, if anything makes people seem rather dim to say the least.

[@Andrian-ch3on]

The biggest companies are thriving right now because all the macro conditions are in favor of them," said David Russell, The PCE numbers give us a confirmation that the worst of the inflation crisis appears to have passed. . I'm currently sitting on more than $327k of cash, Any stock recommendation?

[@VitaliiSych]

For such amount, you should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows, rather than betting on penny stocks.

[@JacksonMiley-iq7mo]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

[@RickMckee-nq4ni]

I actually subscribed for a few trading courses but it didn't help much, I’ve been getting suggestions to use a proper financial advisor, how can i reach this your coach?

[@JacksonMiley-iq7mo]

The adviser I'm in touch with is Michelle Christine Parker. She was interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. She provides entry and exit point for the securities I focus on

[@RickMckee-nq4ni]

Thanks for sharing, I just googled her up . she really has an impressive background in investing

[@ChristopherDavies_]

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

[@EmilyMartinez.]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@RobertBrown..]

Please can you leave the info of your lnvestment advsor here? I’m in dire need for one.

[@EmilyMartinez.]

"Carol Pasol Lewis" is the advisor that oversees my portfolio. She's been able to gain some reputation and online recognition with over 3 decades in service, so it shouldn't be a hassle to find basic info.

[@Roman_4x5]

I made some $100k in 2008-10 because I was lucky. But I never thought about money before that, and wasn't prepare for it. I was too afraid to make incorrect decision and lose it and at the end I spend it all... and returned to 9-5 for another 12y to save the same money... Investing is a risk. But not investing is also a risk.

[@maildmills]

Put it in a high yield savings account at 5% + . Why insnt anyone giving this guy simple advice?! . That’s almost 30k a year let it compound and you always have liquid capital if you come across a deal that returns higher than T Bonds.

[@dieterjohann]

BUILDING WEALTH INVOLVES DEVELOPING GOOD HABITS LIKE REGULARLY PUTTING MONEY AWAY IN INTERVALS FOR SOLID INVESTMENTS. FINANCIAL MANAGEMENT IS A CRUCIAL TOPIC THAT MOST TEND TO SHY AWAY FROM, AND ENDS UP HAUNTING THEM IN THE NEAR FUTURE. PUTTING OUR TIME AND EFFORT IN ACTIVITIES AND INVESTMENTS THAT WILL YIELD A PROFITABLE RETURN IN THE FUTURE IS WHAT WE SHOULD BE AIMING FOR.

[@melissamildred]

Assets that can make one successful in life

[@melissamildred]

1.forex 2.stocks 3.shares

[@danieljeff4564]

But i don't know why people remain poor due to ignorance

[@danieljeff4564]

Forex is profitable and lucrative investment online

[@Georgemax673]

Natural, there's a lot of math involved in forex trading. but this is often presented in forms of daunting technical charts, indicators, patterns.

[@DerrickMansard]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains.

[@nicholaslinetti]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields

[@leongrant7439]

Amazing. It gets quite difficult to handle all of this, and staying informed is a major cause, how do you go about this are you a pro investor?

[@nicholaslinetti]

I have been in touch with a Financial advisor. With a startup of $ 100 k, my advisor chooses the entry command of my portfolio which has grown to approximately $ 450 k in some weeks.

[@virgilludwig]

I’m intrigued by your progress. Could you share some insights into your trading strategy or perhaps recommend any specific resources or mentors that have led to your success.

[@nicholaslinetti]

I consult with -

[@andrew.alonzo]

Wonderfully said! Creating wealth and reaching financial independence is more doable than commonly thought. With reliable information, establishing long-term financial stability and prosperity becomes reachable. Making smart investments remains a key way to generate significant income and maintain lasting wealth.

[@james.atkins88]

For me to start building wealth, figure out what you want to achieve and understand how much financial risk you're comfortable with. You can do this on your own or with the help of a financial advisor. By learning about saving and investing and making a clear plan, you can achieve financial stability and effectively manage your income.

[@edward.abraham]

Hiring a skilled financial advisor like Camille Alicia Garcia can lead to success, as evidenced by my seven-figure gain in just the first quarter of this year, despite market concerns.

[@rebecca_burns14]

@@edward.abraham I've been thinking about it, and with my stocks losing value, please who is your advisor?

[@edward.abraham]

Camille Alicia Garcia" is my portfolio-coach, I found her on Bloomberg where she was featured, I looked up her name on the internet. Fortunately I came across her site and reached out to her, you can verify her yourself.

[@rebecca_burns14]

This reference seems valid.. Just looked up her full name on my browser and found her webpage without sweat, over 15 years of experience is certainly striking! very much appreciate this.

[@Malitubee]

“Spend less than you make , save the difference , and being patient is 90% of what you need to know”

[@vidainvestor]

Yes but by saving you stay poor that 10% to 20% need to be invested not in saving

[@Malitubee]

@@vidainvestor What I took from it , when he said save the difference was to save some , and invest the other half . I don’t think he literally meant save it all, especially when he touts the magic of compounding interest from investing in his book .

[@Edgardo477]

As an elder millennial, one of the few advantages is having lived through the Great Recession. I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. fully retired with over $3.5million, my dividends is supplementing my retirement at the moment. started saving and investing in 2010 in growth, No regrets and financially free. One thing I know for sure is that diversifying your income can help insulate you from much of the negative going on in the world

[@ArchieLatham502]

You're really doing well for yourself, my retirement plans are going down the drain, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value

[@Edgardo477]

I have my portfolio overseen by a California-based wealth advisor 'Martha Cornell Kerns', Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown

[@michaelholmes8848]

Elder millennial 😂

[@jaidenSalinas]

thanks for sharing, hope to speak with her soon. I've wanted to start investing for a few months but just haven't been brave enough to start due to the market so far this year. I have 70k i want to transfer into an s&s isa but its hard to bite the bullet and do it

[@Edgardo477]

All the best. It’s a tough one to start, Just invest a bit each month but it’s up to you

[@CatherineWilson8]

I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[@ScottArmstrong12]

The first step to wealth creation, is figuring out your goals and risk tolerance - either on your own or with the help of a financial advisor. If you can get the facts about savings and investing with a well detailed plan, you should be able to gain financial security over the years and enjoy the benefits of managing your income.

[@KevinClarke9]

You’re right! Working with a financial advisor will genuinely set you up for success in life. I’m delighted I was able to hire a financial advisor named Catherine Morrison Evans, earlier this year. Because while others were grumbling about the downturn in the financial markets due to the state of the economy, I was busy learning from her and eventually made over seven figures in the first quarter of the year.

[@KevinClarke9]

The secret to being successful from an investing perspective is to have an indefatigable, undying and unquenchable thirst for information and knowledge. Invest with a certified financial advisor and watch things turn around for good. I've learnt so much while investing with Catherine Morrison Evans, and i must say it's the best thing to do.

[@Carol-wy4qy]

In regards to neuroplasticity, it’s pretty incredible how adaptable your brain is even past 25. It’s been proven, if you’re willing to learn, you can still learn and change the synapses. You did address that mildly and I’m a huge believer of it. I came from inner city poverty and due to people like you making it easy for me to understand, I’ve learned how to invest and also learn a new language each year and I’m 33. I was also a hoarder but inundated myself with self help and now I’m a minimalist. If you want it and like you say, believe it, you really can achieve it. You’re only limited by your beliefs.

[@colettespencer3357]

You are amazing! ❤

[@ibrahimmohamedbashe7299]

After listening the podcast In summary It all comes down to 3 things; 1) consistence discipline 2) Go against thé societal perception of success 3) Patient, men this is the most hardest of all 😂😂😂 Kudos tom very insightful podcast.

[@vegitoblue6969]

figured this much out before even watching 10 min. of it.👀

[@brokegirlturnedrich]

I built a ton of wealth for myself - and now I feel a bit too comfortable...This was a good wakeup call for me and a reminder not to get too comfortable.

[@NHill-dg8ch]

Congrats!!! I didn’t yet. But stay always focused on a bigger goal challenging yourself

[@britonabrompton9912]

On the subject of FIRE, and retirement. The best definition I heard of retirement,and quite fitting in this context…..”doing what you want, with who you want, when you want, and being able to afford it”.

[@ananasadi8585]

Completely honest here, It's very rare for me to sit for almost three hours in one sitting and listen and enjoy. Thank you for that great interview.

[@LanceyRoche]

Not at all, I am saving and investing around 40 percent of I and my employer contribution. I have a high paying engineering job, and I live in CA. With covid 19 my expenses are extremely low. I have zero debt on a 7 figure portfolio, no rent and car paid off and it helps me a lot to just save. I feel lucky and grateful my adviser Emily Lois Parker came into play. just set a plan and stick to it.

[@harrisahmed3066]

Truly It's all about using assets with compound interest to amass riches.

[@MargotCrest]

I looked up Emily Lois Parker on the internet out of curiosity; she has a strong résumé.

[@simonomilan]

Glad to see someone being honest about money, lots of people talk about it but no one really gives good advice on the matter, this is really refreshing

[@stephmeldrich6765]

Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.

[@Andrian-ch3on]

There's only one person who has been able to call every top and button since I met her. "Michelle Christine Parker". Google her up and you'll know why

[@UneakDesign]

Don’t give up on adults! I’m a 48 year old serial entrepreneur who has started a few business attempts and have failed at almost all of them. I’ve always believed I had the best mindset to be an entrepreneur and have endured the hard times but I still was missing a few key things. I ran across your channel when trying to learn other ways of leveraging AI ,but came across something more meaningful in your podcast. I’ve watched (listened more than watched) 2-3 of them a day while working and working out. It’s only been 5 days and you have greatly impacted me and I’ve since started to re-wire my brain and taken action on things I’ve never thought of previously. I have a clarity which I lacked before and have forced myself on a more streamlined path forward. Thank you for this podcast! I will be one the successful adults that you have impacted greatly in the future years to come.

[@Ryan.G.Spalding]

Tom, I have not heard a long detailed story step by step how you changed your life from sandwich maker to getting traction and some success. I would love to hear 2 hours on that 2-10 years. Everyone here feels that way in some aspect of their life and could benefit from hearing that. Maybe you discussed a long time ago but would love to hear it.

[@Unsensitive]

This is why I abandoned social media long ago. I know the minds susceptibility of comparing to others, and social media being a curated view of others happiness and well-being. I don't need that inside my head, so I simply eliminated it as an option.

[@henrythegreatamerican8136]

You only have yourself to blame if your life sucks and you can't live up to the success of those on social media.... and then you have the nerve to come here and blast social media for perpetuating lies. Closing your eyes to all of it makes you look like a wuss!!! /boggle.

[@TheJghan]

Amen.

[@Reblwitoutacause]

"Earn money. Save the difference. Invest. Be patient." You now have the formula. That's 90%.

[@user-hb4yt4zz9p]

Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!

[@user-hb4yt4zz9p]

Olivia Sullivan financials is my portfolio-coach, I found her on CNBC where she was interviewed, I looked up her name on the internet. Fortunately I came across her and reached out to her, you can verify her yourself.

[@user-em3qv2nd7b]

This is a good recommendation my friend. My first experience with her gave me the assurance that has made me to invest without fear of loosing

[@user-ih6wr9us5h]

Thanks for this tip, her website popped up on the first page immediately I searched her on the Google web. I read through her resume and it seems pretty tight so I dropped her a message hopefully she replies soon.

[@tharpeaddy]

That’s nothing I make 20,000 a week lol

[@mwase7782]

​@tharpeaddy you're talking to bots lol

[@anyariv]

I like how honest and genuine this guest is. He speaks the absolute truth even though it’s not convenient or sellable.

[@michiganufosandparanormal]

Another fantastic conversation, dude! I loved this one. I love hearing more about your background, Tom, especially about how you had it in your mind that you'd be rich and all those people telling you "get outta here kid!" LOL! I really appreciate your show, even at almost 53, I feel that if I don't at least try to push myself I'd be letting you down. I had a ton of nah-sayers growing up and the problem was I listened to them and let the crabs in the bucket keep pulling me down and controlling me. It cultivated a very low self worth and I paid for it and I had no one really there to build me up and tell me "don't listen to those people, they are stuck in a fixed mindset." It wasn't into my mid-40s that I started to get my life on track, then went through my 2nd divorce, lost my daughters who I raised from birth, was trying to finish college to get my teaching degree, and it all came down around me just when I thought I was going to get up... Needless to say I hit the bottom but somehow found it in me to keep going and a lot of that has to go to my current wife, a woman I dated some 20 years ago. She helped me keep my head on straight but I realized that I was the only one that was going to help me. Then I found Goggins and Jocko, then you, then Williamson and I was like "fuck yes! This is the shit I've always wanted to here." So I'm trying but at least I am in love with the "trying" and not worried about finishing but I have a massive desire for the "game" and just playing it something I never had before. You're a huge inspiration for me and I hope I can be in that "2%" of adults that can actually get real use and movement from your show. I teach high school science now to inner city kids and I always try to build them up but they just constantly pull each other done "you smart now passing that test!?!?! You better than us? We'll see bro..." It's hard to see kids like this but at least I try and maybe I can reach 1 a year. You probably won't see this but if you do just know I respect the hell out of you and I'm glade you are here for us! ❤

[@actualfacts1055]

My dear Dad didn't think that I would do well at school, but he was thrilled for me that I did.

[@lilamnbdh967]

Thank you so much Tom for sharing this interesting conversation 🙏

[@mrssmithh]

When they spoke on how well meaning people being monsters, is so true. I remember after hurricane Andrew we were prepared so we were good, but after a few days we went out to see if we could get some bread or especially ice (everything was hot) and to witness how quickly people became animalistic in the face of not having been prepared. The guy who came with the bread truck had an armed guard since he was attacked during an prior visit. It happened so quickly. In a logical world, people would know there was enough for everyone to get some but a few wanted it all and would kill for it.

[@isaacvale918]

Yeah during our last hurricane, there was a line for gas and a guy tried to cut the line and when some confronted him he pulled out a machete, so the other guy pulled out a gun and two other randos pulled guns on machete guy, it felt like I was in a video game, but Machete was about to get street justice. People don't play when they are desperate.

[@youlaism]

Well, welcome to real world. People were always like that. Now it's just illusion of prosperity/middle class society

[@stevenwicks6451]

My favourite bit was when he said that at 19 he was earning $50,000 while his parents paid his college tuition.

[@patrickcrean6040]

This is the first episode I watched completely. It was really amazing.

[@super47stacker27]

Love your content!! I set my mind free from the stable mindset to growth, all thanks to you. So thank you sir.

[@celloplayermom]

Thanks for the interesting content. I have watched quite a few of your videos but this is the first time I've commented. Thinking about your questions about why people don't change, and why people don't do what they know they should do made me think of a book that I read a few years ago that I found quite interesting and helpful and I would highly recommend it to you, Tom. The book is called "Scarcity: Why Having Too Little Means So Much", and is full of interesting research and stories about how/why the phenomenon of scarcity of anything really important (time, money, food, relationships, sleep) causes people (anyone, including you and me) to lose about 10 IQ points (we become noticeably less intelligent), to have tunnel vision with blinders on and primarily focus on one thing - the scarce thing, and to have very short time horizons - we can't think or plan for the long term. I have done international economic development for a number of years and have lived in 5 different poor countries (I'm living in one of them now) and can say that anecdotally the themes from that book ring very true in my experiences. Note: this is my wife's KZbin account.

[@quantum_man]

The best thing we can learn is to know thyself at the level of the Soul. This one thing solves 99% of our problems.

[@liohaan]

Thank you soo much Tom and Morgan! You guys are legendary.

[@Prettynbrown79]

This is why I have mad respect for Tom, he’s such a great mentor and teacher. I love how he is a great listener and engages so well with his guests. He always repeats back what he just heard / learned in a format / or language for others / listeners to better understand. I appreciate that so much! Thank you Tom 🙏🏼 you make the content so much easier to digest and comprehend!

[@Casey-summer]

Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.

[@mellon-wrigley3]

Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?

[@disney-hefner]

Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently.

[@louie-rose7]

​ *@sofiakhalida8106* That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?

[@disney-hefner]

"Camille Alicia Garcia" serves as my advisor, bringing extensive qualifications and experience in the financial market. Her deep understanding of portfolio diversity positions her as an industry expert. I suggest delving into her credentials for further insight. With her considerable experience, she offers valuable guidance to anyone seeking to navigate the complexities of the financial market.

[@louie-rose7]

Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive.

[@kyleinpa5285]

No one is closer to my investing strategy and life ideas more than Morgan. Amazing guest.

[@gateholder]

Love the concept of free will/free won’t I like to think of life like being in a canoe going down a river: We only have a handful of options…keep going down the river, pull over and get out and carry the canoe on land for a bit (to get around rocks and waterfalls) and we have some control about where in the river (go left, go right, straight down the middle etc.) But for the most part we only have the two options of keep going down the river and opting out to carry the canoe for a bit to get around certain obstacles…and the reality is that while most of us are capable of carrying the canoe, it is really hard to do and you only do it if you feel confident that it’s safer/better to opt out of the river temporarily or permanently (but that’s typically a poor long term strategy because while you won’t go over any waterfalls, your also not going anywhere without a ton of effort) We have a limited range of options, we are all going down the river and have only limited control over where we are in relation to the river, but we do control where we are in the river or can at least influence it with our paddles…and those that paddle aggressively and manage the process of where they are in relation to the river…especially getting out before potential waterfalls (which we won’t always be right about predicting because it’s dangerous to get close to them) and then getting back in the river after the waterfall. It takes a lot of courage to get back in the river after the waterfall but that’s the ultimate optimum strategy for living a meaningful life full of above average amounts of positive emotions 55:37

[@MikeBarnhill]

Morgan is the man!!! This is the interview about money and wealth this channel needed. Heck yeah.

[@farfalina201]

He is right on point! Everyone’s expectations have gone up. I believe this happened because now each household has two incomes. We are all working more and have less buying power. People enjoyed their children and life more in the past.

[@VincentFink]

No. Inflation has destroyed the American dream by design. One man could get an average job and provide for a family and buy a house. Now two average working people can barely put food on the table. Our expectations are the same. The economy has been wrecked by globalist corporations who see American freedom as an obstacle in the way of their totalitarian rule.

[@softwurx]

Man a lot of what is talked about in this talk is what got us started on our product. We think that technology can solve many of our financial issues you’ll see

[@RyanHoguePassiveIncome]

Another incredible interview, thanks for sharing Tom!

[@skiptyler3355]

Dear Tom, I love the show and this episode is fantastic but while watching I find it derailing how often you overtalk your guest. In my opinion, its something that would benefit your life and your message working on that habit. With other guests with a stronger boundary on interrupting, you follow the pace in a more respectful way. To reference, your interview with Vanessa Van Edwards you can notice your difference in actions. Hope this reaches you and helps in the same way you've helped my patterns.

[@kylemyers-tu6tq]

Such a good stream. This has hit home more than anything I’ve heard.

[@XTen1000DaysX]

This wasn't a stream?

[@Malitubee]

@@XTen1000DaysX You know what he means , quit being dumb

[@silviumanole2103]

Tom, extraordinary valuable content. If you would be broke today, what would you get great at? What you would put your effort on for the next 10-15 yrs?

[@DeconTheMonkey]

Love the discussion and back and forth on stuff you both agree and disagree. I believe that mindset makes the difference.

[@THEIDLESHOW]

Money=Safety, Peace of Mind, Longevity, Exploration ❤ Thank you for the video!

[@6feetunderpants]

What do you mean with "exploration"? Travel?

[@elsavelaz]

I grew up like y’all described and even now at age 45, today, my fam and “partner” gave me a hard time because I had to work. I was 39 when I got to go to school to be a software engr and prior I had to teach kindergarten and clean floors in the navy cuz yeah crab theory. Then I got to be in school with people half my age and do prett f’n good. I was in boulder , I grew up in the poor side of El Paso down the street where Richard Ramirez grew up. So, in boulder, my service dog Doberman and I would spend the night in the computer lab cuz I’m dyslexic and I didn’t know I could use tools to make it easier to read code so I’d memorize where and what “theoretically” chunks of code existed. Anyhoo these kids in boulder, we would have brutal hw and my dog and I would stay there til 2am if that was the deadline and it was when I was there that I finally got to walk into a place without my hands in the air cuz I grew up being “the suspicious Latin person.” And listen I’ve always done well in school but in boulder, where I saw how “the other side lives,” I saw the difference was how competitive people are. I’m naturally extremely competitive but with my own achievements , which likely made it easier for others there to help me. Fast forward I came back to El Paso to help my dad at the end of covid , and totally different vibe here, absolutely. However, having gotten a taste of what it felt like to get hands up, including I applied for help from a homeless shelter to pay for a few extra coding certifications in Denver after graduating with honors from the comp Sci engineer dept, it continued to fuel me to keep pushing forward. This is long winded and wordy but I can’t thank you enough for putting out this content cuz I’ve never met anyone else my age that is able to do what I’m doing, and most ppl half my age also can’t … so just know … we are out there but we are usually doing quite alright so we don’t need the same kinds of help you’re giving the kid. So don’t see it as giving up on adults, see it as if we are “that type,” we are taking care of ourselves. I saw it in my dad , but never ran into anyone who has it to my degree. It’s not to brag, it’s to resonate how freakin lonely it is to be … the guy from goodwill hunting but the female version. But I’d any day, pick this life over the ghetto and I’m ok with family and partner falling away and I guess now that they believe me when I say it, they kinda stopped and I had to label myself as an “ethical sociopath” because I’m not willing to give up on me just to get to hang out with them 🤷🏻‍♀️

[@elsavelaz]

Sorry bout typos, blame my phone

[@Rosecransadventures]

Best book iv read in a while! Also compound effect follows up nicely! Thanks Morgan for great advice

[@bob110088]

So far this conversation is the best I've heard from Tom. Amazing conversation !

[@WorldEverett]

Love that Tom said, how everyone expects "the secret" to being rich, while it's so much more complicated and depends on personal preferences, what we're good at and so on. Super important message.

[@Alejandracamacho357]

I've been thinking a lot about how to build wealth lately. Any ideas or strategies you guys swear by?

[@BenjaminMcLeod815]

Investing consistently is key. Whether it's in stocks, real estate, or a retirement account, the power of compound interest can do wonders over time.

[@BenjaminMcLeod815]

Due to little or no knowledge about the market and its Fluctuations, it is best we involve the help of an FA this period

[@kurttSchuster]

TRUE, Beyond investment decisions, FAs offer a level of discipline and objectivity crucial for long-term financial success. How do i reach a good one ? i need help

[@BenjaminMcLeod815]

credits to NICOLE DESIREE SIMON, one of the best portfolio manager;s out there. she;s well known, you should look her up

[@kurttSchuster]

Thank you for this tip. it was easy to find your mentor. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé

[@gameprey1777]

In the first few seconds, I knew this was going to be epic... He starts off addressing the importance of customization...and individuality....that part

[@SnoreTaft]

I will never understand why comparative wealth is such a big driver for people. Is it because when you talk to people you want to have the best story? The most successful kids? The coolest car? Why do they feel that way??? I just want to feel connected, understood, seen. I just want to feel that click when someone knows what's going on and can cut right through the life updates or trivia or what have you. How empty does your life have to be to be perpetually competing to feel like the biggest personality in the room?

[@jarvanwildrift8056]

Tom need to rewatch his own impact theory quotes. He has become a bit to cynical, he was all about neural plasticity and adult has the power to pivot and change. This is a huuge step from original TOM. The two percent is just a random number, Tom love stats and facts. 2 percent to reach what? Enlightment? growth mindset? Happines? Or a certain wealth?

[@KevinTalbotTV]

But I don’t want to be the richest man in the grave, I wanna have fun while I’m alive

[@NHill-dg8ch]

I do

[@KevinTalbotTV]

@@NHill-dg8ch why earn it if you never spend it?

[@NHill-dg8ch]

@@KevinTalbotTV Because it’s better to create something in your life that doesn’t die with you . I think that would make me feel better.. Why would you want to die poor after you spent everything. Look at the richest families in the world. Why those families are still rich and powerful after centuries? Because they didn’t spent everything they earned.

[@KevinTalbotTV]

@@NHill-dg8ch everything dies in the end, no such thing as legacy, once the sun turns off its all over anyway. Money in the bank = fun/experiences you haven't had yet, so you want to live poor and die rich so when you die someone else can live rich for your hard work? Not for me. 1 life im living it for me not for someone else but everyone should do what makes them happy, but I'm having my toys now!!

[@NHill-dg8ch]

@@KevinTalbotTV I’m not saying to not enjoy life and different experiences . Money in the end is just a tool which allows you to have whatever experience you want during your life . That’s true . I’m not saying that you need to grow your wealth without enjoying life

[@colevandais]

Thank you for another fantastic podcast! I think I'm a free want personal. I have been broken but seem to put myself together again and again and keep going and am now even in a state of positivity after going through all the emotions. I believe now that all the painful and difficult times I have experienced gave me the opportunity to learn and grow in life, but the appreciation for that only comes years after the experience when you look back with a mindset to take the lesson out of every experience. Then look at where you are, what you want and what you have and what you need to reach your dream. I recommend not giving up on yourself, ever. It is the only option we have in life

[@tiana0048]

He makes some good points about envy, and expectations.

[@_stephanie]

He's so right about the FIRE thing. I really want to KNOW that I don't need to work, and right now I'm working on saving and investing, making sure I have a stable future. The idea of relying on the good will of an employer sounds miserable. But staying in my pyjamas all day playing video games and watching daytime TV sounds awful. . . When I was furloughed during COVID that's literally all I did. If that;'s retirement, I'd really rather work. So the goal is financial stability, a decent retirement fund, and either do another degree just for fun, or working for myself like 15 - 20 hours a week, volunteering like 10 - 15 hours with animals, and doing whatever I want with the rest of the time, just slightly more "free" time than I have right now.

[@Mint-kj9kw]

The FIRE movement is a poverty mindset.

[@konstanzkuraz4479]

Nope. Not everyone wants to get richer than their neighbor. Some of us just want everyone to have their basic needs met…..and on top of that, opportunities for creative expression, especially those which can benefit not only individuals, but also the collective

[@TinCents]

What if you were to only hang out with people who helped people get their basic needs met more than you and helped more people be creative than you? Would you feel like you weren't doing enough because your neighbor is "richer" than you? 🤔

[@body.mind.spirit.health]

I worked in a hospital and this is so true the part he talks about elderly people telling they are about to die, we were always a bit worried when someone told us that they are going to die because it actually happened many times that they dies not long after!

[@emailgeschiedenis]

Dying rich means nothing if you don't live rich.

[@PennyPorta]

that is bullshit that older people can't learn new habits....I smoked for years and I started very young like 16 and I quit... it is not true, what crap that older people can't change. My mom started a new career at 50 yrs old. How are you helping anyone talking like that. I am going to start a new career and I'm past 40. I won't be looking for help from you or that guy.

[@ivankatsaklidis1192]

Another pet peeve of mine that Tom keeps saying in his videos is about the army IQ requirements....it's NOT true!

[@AdamHamad-225]

Tom you are a reason for changeing many people's life including me thank you

[@TheChampJan]

This guy explains it all like a true master!

[@ToriksLV]

Spiritually i am not broke.

[@mbh114]

It is far worse to die spiritually broke, and unhealthy. As if material wealth is all end be all.

[@sergeidecoene9822]

If you're really this wealthy why do you need 75 ads on you're vids...

[@hankmaderia7005]

It's brutal. This is my favorite show to listen to, but damn the ads ruin the flow and my concentration

[@sergeidecoene9822]

​​​@@hankmaderia7005indeed i get it its almost 3hours of content and i understand he wants to make money so around 5-7 ads i would understand but this amount is just stupid.

[@TheShumoby]

I guess he doesn't want to touch his investments to pay his staff 😂

[@asavel6227]

He has to pay the editors,renting the studio etc. I doubt he is making that much money out of those podcasts.

[@sergeidecoene9822]

@@asavel6227 true but this amount of ads is crazy.

[@terryking2988]

I thoroughly enjoyed this conversation. Thank you Tom and MOrgan

[@strallent]

1:21:08 "The Choice is Yours." --- Such a powerful Four Words that we all need to always remember.

[@jts8651]

Tom! You have a guest on the show in order to interview the guest and let them speak; stop preaching! It’s not about you; it’s about your guest’s ideas and your capacity to bring those ideas to the listeners.

[@velly8]

Dude, be calm. Clearly you are not calm enough and do have a issue how Tom interviews. If it such a problem to you, don't watch him. Tom is a human too, he is also just as interested as us, you should be grateful you're seeing this for free. Just relax, view this interview as a golden nugget, most of Tom's interviews he is chilled, but we are all imperfectly imperfect, and tbh you dont know how the guest act behind the scenes, how about if the guest showed his imperfections? Just relax its cool but don't get too mad at something so silly you can always rewind or forward if you don't want his saying

[@TJ-Stackin]

That's kind of Tom's style..

[@kevinadenuga1060]

Two grown men having conversation. What is wrong with that? Who said every podcast or youtube format has to be guest vs interviewer??? They both dropped nuggets. Stop looking for faults everywhere.

[@Bicklehoff794]

This is better for him, I enjoy his interviews when the back and forth is along these lines.

[@elsavelaz]

Rather than trolling how bout you do interviews and show everyone how you’d do it?

[@WebDesignSocal]

Tom never fails to make it all about him. That's the boring part.

[@DeadHeadCrypto]

What are you talking about? Completely false.

[@TinCents]

I think it's interesting that Tom pushes his ideas on his guests and how they respond to it. Iron sharpens iron.

[@aminblm]

Tom, you're a beacon of genuine interaction in the podcast world! 🎙💡 #RealTalk #GenuineConnection

[@miyukishouse4647]

I am so impressed your discussions! So many things I can relate to my own life.

[@houseoflovingawareness]

Love your deep conversations Tom. What do you think, Did these last few years work for humanity or not? I guess depends on which side of the fence you were on. I'm don't agree when Morgan Housel said, "Everyone learned more about personal health during the crisis" I do believe some people educated themselves on cell biology, immune support, and the connection between politics and our medical industry, and I have met others who still don't believe their attitude has any effect on their health."

[@jdzimmermann6294]

This is a reality bomb! Not living in fear and using youtube to focus on all thats wrong and fear of what may happen in this country and this world. Rather, to focus on yourself, hold yourself accountable, and build momentum in accomplishments and relationships!

[@shadows2448]

For anxiety, fly agaric tea ice cubes. Took it for 4months. After 2weeks my anxiety was 98% gone. 7months without touching it now. Still at 98%. Do with that information what you will. Fact for me. Before I even started I listened to every podcast/youtube & read every paper I could find on it. That prob took 3months of research to overcome the myth that its toxic.

[@user-riseshinegrind]

word!! I love this is so powerful and yes I wanna be able to not stress out when my daughters need Sports equipment for the teams are on or dance classes that's my goal! I could care less if I'm richer then we neighbors I want to be comfortable. OK comfortable and a little extra.

[@Piedpiper1973]

This interview seriously makes me shiver. It is the exact conversation contextually, on replay in my mind. If I die before I make it, I win(I didn’t give up)if I make it before I die, I win. WIN WIN situation No quitting allowed

[@Roaringbearkitties]

Left the bilyeu podcast after listening for years and now I'm back and its good to be back. Great episode.

[@meishantiamoah9417]

TOM!!! PLEASE!!! You are amazing and have blessed me beyond belief BUT THE ADDS!!!! They are waaaaaaaay too often! Less than 5 mins is so distracting!! I feel life I can’t take it anymore! 😥 11:39

[@simonallen4752]

From my experience, while being prudent with finances is key, luck also has a big part to play re your location, career, opportunities, and timings. I have found the best thing to do is keep improving yourself. Be ready to seize opportunities when they arise. This leads to advancing yourself be it via a career ladder move, networking, or starting new projects. I am always moving my life forward and growing myself. Stop sitting still. I had > 3 substantial properties paid off in European cities before aged 40.

[@bradspence7702]

If I believe I can, I can. If I don’t believe I can, I won’t. I swore at you when you said this, because I know you are right! Time to get back to work!!

[@ladariussanders4278]

This a phenomenal episode great job on part by the host and the guest speaker

[@weissguyvena]

Hey just realized that the conversation was a month ago. Great conversation!Covered so many of my issues, the economic, and political situations. I most the time I feel like I am in the 89-98% . I have listened to all the people’s opinions. I think a lot about freedom, free will, and free speech. Love those conversations! Also my emotional strength seems weak ( my temper is strong). I appreciate the all things you guys covered

[@weissguyvena]

Thanks

[@jagpreetsingh83]

Thank you for you two talking. Learned so much. Read the POM and just received SAE.

[@tropicalbreeze-hh3sh]

What an amazing guess on your show today. Thank you very useful conversation today

[@sherriebreese3524]

Thank you for not giving up on us oldsters.

[@Joce123]

Good comment and months after this was broadcast. I too am watching it.

[@MAURICE_G]

This guy is the definition of what it is to be intelligent human beings. Great episode 👍🏾

[@user-jv1yc5rq3p]

Very valuable and interesting content guy's. Thanks for sharing!

[@pendaranroberts4350]

This is an interesting discussion. I've noticed a tension below the surface: success is valuable but money doesn't make you happy. Why is success valuable then? What does "success" even mean?

[@reneelb7]

Love how the two of you interact. Very enlightening conversation!

[@pedrohenriquemedeirosdeoli387]

One of the best KZbin channels for me. Thank you for the great content!

[@odod1111]

Everything is the mirror of your thought! Happiness and peace is just being without mind in the present moment

[@rafalrocks]

this all makes perfect sense to me. Expectations and moving goal posts are HUGE factors. Here's the thing: influencers and successful podcasters are precisely the rich neighbors who you envy