Morgan Housel: The Investing Expert’s Tips to Getting (& Staying) Rich

Episode #510
Morgan Housel’s ground-breaking book, “The Psychology of Money,” changed how many Americans thought about saving, spending, and investing. Through a collection of financial lessons, Morgan opened up new thought patterns for many of us, showcasing that getting rich isn’t as complicated as you might think, but staying rich can be the actual challenge. Now, this personal finance powerhouse is back with a new book, “Same as Ever.”
In “Same as Ever,” Morgan doubles down on what has, and most likely always will, work in the personal finance world. By showcasing some of the most commonly repeated financial events of the past, we can better shape our understanding of what will happen in the future and use history to our advantage to build even bigger wealth, enjoy our lives even more, and not repeat our past mistakes.
But this episode goes much deeper than that. We talk about why so many Americans will die without building wealth, why people are afraid to invest, when to spend your wealth once you’ve built it, and exactly how Morgan invests his own money. Plus, why getting rich isn’t your biggest concern-staying rich is.
Show Notes at:
link.chtbl.com/Money
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Grab Morgan’s Books:
The Psychology of Money: store.biggerpockets.com/produ...
Same as Ever: www.amazon.com/Same-Ever-Guid...
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The Simple Path to Wealth-Index Funds Explained with JL Collins:
www.biggerpockets.com/blog/bi...
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How to Get Rich Without Investing in Real Estate:
www.biggerpockets.com/blog/mo...
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Connect with Morgan:
Blog: collabfund.com/blog/
Twitter: @morganhousel or / morganhousel
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00:00 Intro
00:58 Why Financial History Repeats
07:20 Why So Many Americans Die Broke
11:15 The Competition of Life
14:29 Why Are People Afraid to Invest?
17:14 Going from Broke to Wealthy
23:12 Getting vs. Staying Rich
26:09 How to Get Your Best Work Done
30:21 How Morgan Invests His Money
34:04 Is Real Estate Investing Worth It?
38:35 Financial Regrets
40:40 Connect with Morgan!
41:37 Invest Money Like Morgan!

[@anthonyjanes9973]

This guy has changed my thinking regarding investing, I'm most grateful to you.

[@bcusaaus4749]

Just finished reading psychology of money 👍🏿; it’s a book you can read over and over and still pick up new things. Will start the new one this weekend

[@smilybacon7179]

One of best interview I ever heard! Thank you!

[@Kornheiser10]

So glad they shared Morgan with you all. His book, Psychology of Money should be the foundation of any plan you might create to get to financial independence. It doesnt teach you to do anything, teaches you how you can do everything as long as you understand what's driving you to do things. I listen to it (on 1.3 speed) almost every month. The audio version is read by a Chris Hill who hosted Motley Fool podcasts and radio shows for decades. Read this and Taleb's Fooled By Randomness and you'll be on your way.

[@ajayramkumar1]

Ppppppppp

[@betterme479]

Morgan has a great podcast too, surprised it wasn't mentioned.

[@sidshri6080]

followed, thank you

[@carolannstevens5814]

Morgan you are AMAZING!!! Love your simple principles and not interested in real estate either!

[@The_NomadNinja]

Solid interview. I like the point he makes on having years of expenses saved in cash to help him sleep at night instead of making X amount more in the market.

[@holdencawffle626]

Dumb

[@user-wl7jy9wu9m]

Clever...Warren Buffett has millions in cash...common sense

[@hammerradiology1470]

Scott, I’m 100% sure that you’ll be very knowledgeable should you spend that much time reading. I am always amazed by your way of thinking and ability to put things into words. To me you’re just as intelligent as M.H. Thanks for this podcast. Greetings from Germany 👋

[@kiltedpiper98]

Wow! Fantastic episode. I have not read the psychology of money yet, but this episode seemed to completely encompass what the psychology of money is.

[@michaelmckeary1165]

Human behaviour never changes and that's why everything is a cycle. We live on a round world, it spins round and goes round. The common denominator is round and that's why everything has to be a cycle. Just finished the book and its very good.

[@jegr6607]

Awesome interview! Morgan, if you ever write another piece, please consider writing on "how to think like nobody is watching"😊😅

[@Sharelle_Johnson]

This was my absolute favorite episode so far!!

[@NiranjanBendre]

Love his book. My favorite of all times!

[@Bysia69]

A great interview. Thank you

[@VagabondWay]

Great interview! I am actually traveling in Spain right now and this is the book of choice I brought to read. Loved the interview and love the book. I am hoping I can read it twice on this trip!

[@303Estates]

Always love your video's, they are spot on!!!! Do you have a video on selling rental property and putting the proceeds into a retirement account to save on Capital Gains? Thanks!!

[@carloa877]

I bought of his books and learned alot.

[@hannathehappynomad]

Yes, absolutely fabulous interview. Not long enough! Definitely tge best or one of the best episodes.❤

[@bryan_witha_whyy]

He is so right on just being able to sleep at night. Some sleep like a baby on the side of the mountain, some have to be in a bubble. It’s very much an individual thing.

[@dr.amiyakumarbera7909]

Great to hear. Learned alot. Thank you so much❤

[@vaward]

I love you both for bringing Morgan on! Awesome!!! "... dollar cost average into their 401k and forgot their password." He is as enjoyable to listen to as his books are to read.

[@davidbrooks8809]

Great Information thanks ❤

[@muxi0121]

I also read psychology of money on my honeymoon 😅

[@andrewpizzino2514]

Expert advice is important. That’s why I DON’t go to doctors for health advice

[@almas3427]

Yes stay away from doctors they’re trained to make you a permanent customer

[@HB-yq8gy]

Great interview. We sold our inherited NJ condo after 12 years. My cousin was my tenant. I realize that I couldn’t deal with real tenants. Plus we got burnt with the tech bubble and the Iraq war late eighties purchasing our first house when we were 23 y/o. The house mortgage was under underwater in 3 years!

[@Helena-ou8ry]

I wonder, when this new GFC ( Global financial crisis) hits if Australia will handle it better or worse because we didn’t really do the last 2008 one 🤔

[@accqpqp2339]

5:00

[@sameersmerchant]

Sweet video!

[@tecomaman]

I am 73 and I did not know my grand parents working

[@tz55lj]

The Reasonable Optimus is as epic definition

[@MikeAffholder]

Seems like as the years pass it's harder and harder to be optimistic. They feed you fear at every angle.

[@almas3427]

Yea I think most people don’t invest because there is an actual chance that you can lose all your money in 2 seconds

[@almas3427]

In todays market with people having access to the markets on their phones, I don’t think it’s a good idea to buy and hold forever because there are too many pump and dump happening

[@missgui4400]

Because wallstreet is in the red so they push their narratives to scare investors.

[@igormendonca4026]

ESTJ with developed Ne

[@CharlesVaughn-bm9gq]

Morgan doesn’t consider the benefit of leverage in real estate which can multiply total returns significantly. That’s a double edged sword of course.

[@PJBHolden]

Another jack bogle disciple

[@yunzhenzeng-posner4203]

OMG, I can't stand this woman!

[@carlyndolphin]

If you have nothing positive to say keep your mouth shut.

[@AliBooondok]

@@carlyndolphin That’s a dumb take on life. You offer extremely bad advice. The problem is within you, not the comment you responded to. Someone can’t handle opposing views and would prefer an authoritarian take at shutting the other person up.

[@carlyndolphin]

@@AliBooondokI am actually on the autistic spectrum plus I have ADHD and dyslexia. In monetary terms I have achieved more than you. £4 million in commercial and residential property (no mortgages), plus £1 million in global ETFs and a company worth £1 million.

[@DeanBKK]

The guy in the blue shirt is a terrible interviewer. Every episode i watch he drags the question on, stutters, etc... like bruh just be a straight shooter and ask the question directly. Stop wasting everyones time!

[@juicyfruit100x]

Cry about it and go take a hike

[@user-jy8rt6ux2q]

Exactly frugality at the moment will buy you time in the future.