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:
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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!

[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.

[bcusaaus]

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

[carolannstevens]

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

[anthonyjanes]

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

[Kornheiser]

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.

[kiltedpiper]

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.

[warrenrobinson]

Morgan, I don’t follow you but I saved an article you wrote in 2016 which I keep in my special file with stuff about Buffet, Munger and old Worth Magazine articles by Peter Lynch from the 1990s. These are special investing articles I love and read again from time to time.
I just re-read “ the Agony of High Returns”. You wrote about how hard it is to hold on to an excellent growth stock over 20 years to be rewarded with a 1000 bagger. You use the example of the volatility of owning MNST and how it dropped 50% three times and more than three quarters once. You end it with a quote from C. Munger. I like to read your article again, when my growth stocks are in the dumps. And it helps get my head right. Thank you for excellent article written for the Motley Fool from from 8 years ago! 😊

[hammerradiology]

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 👋

[NiranjanBendre]

Love his book. My favorite of all times!

[smilybacon]

One of best interview I ever heard! Thank you!

[Sharelle_Johnson]

This was my absolute favorite episode so far!!

[betterme]

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

[michaelmckeary]

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.

[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!

[jegr]

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

[Estates]

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!!

[thugsy]

That question about real estate investing and the answers were amaaazing. Thank you!

[pareshpatel]

Morgan shares is knowledge in a very simplified easy to understand manner. Thank you Morgan.

[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.

[carloa]

I bought of his books and learned alot.