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Listen "#34 — Morgan Housel: Timeless Lessons From “The Psychology of Money” & “The Art of Spending”"
Episode Synopsis
Our guest this episode is Morgan Housel, international bestselling author of “The Psychology of Money,” “Same as Ever” and his newest book, “The Art of Spending Money.”
In this conversation, Dave and Morgan explore the timeless principles that shape how we think about money, happiness and decision-making. Morgan shares the story behind writing “The Psychology of Money,” why earning more didn’t change his life as much as he expected and why he believes money is “the greatest show on Earth.” They dig into core ideas like why firsthand experiences are more persuasive than data, why “no one’s crazy” and how comfort (not speed) is often the real goal in personal finance.
The discussion also covers the emotional side of money — from spending mistakes and regrets to what Morgan actually enjoys spending on — along with big-picture themes like luck, independence, volatility and how to think in terms of what’s reasonable rather than purely rational.
If you’re fascinated by human behaviour, personal finance or simply want to make better decisions with your money, this episode is packed with thoughtful insights and memorable lessons from one of today’s most influential financial thinkers.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Morgan Housel
(03:01) The Story of Writing “The Psychology of Money”
(07:37) How Making More Money Changed Morgan’s Life (Spoiler: Not Much)
(09:56) Why Morgan Calls Money "The Greatest Show on Earth"
(11:25) Nothing is More Persuasive Than What You’ve Experienced Firsthand
(13:42) “No One’s Crazy”
(17:16) You Can Either Make the Train Twice as Fast or Twice as Comfortable
(19:33) Was There Pressure Writing a Follow-Up Book?
(21:26) Nobody is Paying as Much Attention to You as You Are
(23:32) Volatility is the Price of Admission in Investing
(26:05) Buying Independence vs. Buying Expensive Things
(29:12) Spending Mistakes vs. Regrets
(32:17) What Does Morgan Like to Spend Money On?
(35:08) The Role of Luck in Our Lives
(40:33) Reasonable vs. Rational in Personal Finance
(43:21) The Most Overrated Financial Advice
(44:48) Conclusion
In this conversation, Dave and Morgan explore the timeless principles that shape how we think about money, happiness and decision-making. Morgan shares the story behind writing “The Psychology of Money,” why earning more didn’t change his life as much as he expected and why he believes money is “the greatest show on Earth.” They dig into core ideas like why firsthand experiences are more persuasive than data, why “no one’s crazy” and how comfort (not speed) is often the real goal in personal finance.
The discussion also covers the emotional side of money — from spending mistakes and regrets to what Morgan actually enjoys spending on — along with big-picture themes like luck, independence, volatility and how to think in terms of what’s reasonable rather than purely rational.
If you’re fascinated by human behaviour, personal finance or simply want to make better decisions with your money, this episode is packed with thoughtful insights and memorable lessons from one of today’s most influential financial thinkers.
Show Notes
(00:00) Intro & Disclaimer
(00:55) Intro to Morgan Housel
(03:01) The Story of Writing “The Psychology of Money”
(07:37) How Making More Money Changed Morgan’s Life (Spoiler: Not Much)
(09:56) Why Morgan Calls Money "The Greatest Show on Earth"
(11:25) Nothing is More Persuasive Than What You’ve Experienced Firsthand
(13:42) “No One’s Crazy”
(17:16) You Can Either Make the Train Twice as Fast or Twice as Comfortable
(19:33) Was There Pressure Writing a Follow-Up Book?
(21:26) Nobody is Paying as Much Attention to You as You Are
(23:32) Volatility is the Price of Admission in Investing
(26:05) Buying Independence vs. Buying Expensive Things
(29:12) Spending Mistakes vs. Regrets
(32:17) What Does Morgan Like to Spend Money On?
(35:08) The Role of Luck in Our Lives
(40:33) Reasonable vs. Rational in Personal Finance
(43:21) The Most Overrated Financial Advice
(44:48) Conclusion
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