Morgan Housel - The Art Of Money, Economic Madness, And Building Wealth
ManTalks Podcast
Connor Beaton
4.8 • 591 Ratings
🗓️ 21 April 2025
⏱️ 72 minutes
🧾️ Download transcript
Summary
Talking points: culture, economics, mindset, debt, Ed Hardy
To maybe understate things, it's a jungle out there right now, financially speaking. I've really enjoyed Morgan's books and perspective, so in early April, I asked him to come on. He shared TONS of insight on tariffs, what's next, how the average person can change their financial straights for the better, even Fartcoin. Listen in.
(00:00:00) - What in the world is going on
(00:09:35) - If it’s about bringing manufacturing back, then will jobs go to workers—or to automation?
(00:16:37) - On tariff misconceptions and myths, and the difference between personal debt and government debt
(00:25:27) - How does the average person weather the storm?
(00:29:49) - How building wealth is behavioral, not intellectual, and the anti-capitalist mindset
(00:38:19) - What to do when you’re struggling to get your finances under control
(00:44:00) - Discovering why you actually want more money, and raising kids with good financial sense
(00:59:04) - How do you learn what “enough” is, and the psychology of bitcoin
Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.
Connect with Morgan
-Coming in October: The Art of Spending Money: https://www.penguinrandomhouse.com/books/741239/the-art-of-spending-money-by-morgan-housel/
-Instagram: https://www.instagram.com/morganhousel/
-Podcast: https://lnk.to/vDltf2
Mentioned in this episode:
Self Worth
Transcript
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| 0:00.0 | All right, Morgan, welcome to The Man Talk Show. How you doing today? |
| 0:09.9 | Thanks for having me. Doing well. Yeah, man. I've been looking forward to this conversation. |
| 0:13.3 | Listen to your book. Heard you on a couple shows. Really loved your work and the way that you frame things. |
| 0:18.3 | I think my wife and I were driving back from New Jersey at one point, which is where her family lives and listened to a conversation with you. And she's like, I really like this guy. He's got like good, he's got good insight on money. I like the way he positions things. And I was like, yeah, me too. So it feels fortunate. I feel fortunate to be speaking with you right now. I'm going to start with the question just because we're in what we're in. |
| 0:40.4 | I wanted to start with the question, just because |
| 0:39.0 | we're in what we're in, I wanted to start with what the hell is happening in the economy right now |
| 0:44.2 | and what do people need to know? Yeah, my first thought about it is it's changing so fast that |
| 0:50.4 | whenever people listen to this, the world and the situation with tariffs and the economy |
| 0:54.7 | will 100% be different than it is today when you and I are recording this. But that out of the way |
| 1:00.2 | was so interesting about the tariffs, there's a couple of things. One, to preface what I'm |
| 1:05.4 | about to say, it is completely understandable that there is a chunk, even a large chunk of the |
| 1:10.4 | U.S. economy that feels like the last 40 years have not worked for them, at least up to their |
| 1:15.9 | expectations. |
| 1:16.9 | Completely understandable and it is naive for, let's call it the other side to ignore or belittle |
| 1:23.3 | that. |
| 1:24.5 | But that is a preface to how I really feel about this, is that there is, I think, |
| 1:28.1 | no precedent in any economic history, potentially around the world, but definitely in the |
| 1:33.7 | United States, to where a democratically elected government and leader is virtually intentionally |
| 1:40.9 | trying to sabotage the economy, even if it is stated as short-term |
| 1:45.1 | pain for long-term gain. It is very difficult to think of analogies of when we've had that. |
| 1:51.4 | And I'll frame it like this. In past crises, whether it was the Great Depression or Pearl Harbor |
| 1:57.5 | or 9-11 or COVID or Lehman Brothers, in all of those past crises, the |
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