The Savings Expert: “Do Not Buy A House!”, How To Turn £100 Into £1.5m Without Effort: Morgan Housel

The Diary Of A CEO with Steven Bartlett

FlightStory

Society & Culture, Business, Education

4.6 • 13.2K Ratings

🗓️ 6 November 2023

⏱️ 117 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will money make you happy? How much is really enough? And how much should you save? Too often people don’t have the answers for the biggest financial questions in life, until now. In this new episode Steven sits down with world-renowned financial expert and best-selling author, Morgan Housel. Morgan Housel is a partner at the Collaborative Fund, a leading venture capital firm with a focus on technological companies. He is also the author of the book, ‘The Psychology of Money’, which has sold over 4 million copies. MarketWatch named him as one of 2022’s 50 most influential people in financial markets. In this conversation Morgan and Steven discuss topics, such as: How happiness is being in control and having freedom Why a lack of control can make your life crumble Why nobody actually cares about your material possessions The money games being played in society Why you should rent your home until you have kids His mission behind writing about money Why your relationship with money defines you How to gain introspection about your life and finances The randomness of financial crises Why you should have a deathbed perspective on work and savings How embrace failure can lead to huge successes The double life of billionaires: wealth and pressure The cost of a stressful job on health Why bad news travels faster Why growth comes from challenges and disasters How growth comes with stress and uncertainty Slow habits and their long term effects How personal tragedies shape life goals Why you should balance wealth with wellbeing Staying patient despite market upheavals The need for big, terrifying goals in business. The difference between being rich and feeling wealthy. Why a rising income doesn’t lead to happiness The meaning of authentic success You can purchase Morgan’s most recent book, ‘Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life’, here: https://amzn.to/3tSRKJJ Follow Morgan: Instagram: https://bit.ly/3spU4HK Twitter: https://bit.ly/40mE6uF If you enjoy hearing about how to master the world of finance, I recommend you check out my conversation with Ramit Sethi, which you can find here: https://www.youtube.com/watch?v=ORqd9QAC8OY Watch the episodes on Youtube - https://g2ul0.app.link/3kxINCANKsb My new book! 'The 33 Laws Of Business & Life' is out now: https://smarturl.it/DOACbook Follow me: Instagram:http://bit.ly/3nIkGAZ Twitter:http://bit.ly/3ztHuHm Linkedin:https://bit.ly/41Fl95Q Telegram:http://bit.ly/3nJYxST Sponsors: British Airways: https://www.britishairways.com/en-gb/offers/sale Huel: https://g2ul0.app.link/G4RjcdKNKsb Eightsleep: https://www.eightsleep.com/uk/steven/ CODE: STEVEN (save $150 on the Pod Cover) Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	If you're buying a house because you don't do it run for your life.
0:05.0	Mr. Morgan Houssel.
0:06.6	He's the author of the psychology of money.
0:08.8	One of the best-selling business books of this decade.
0:11.3	He can help anyone build wealth and change their life.
0:15.0	The world is split between people who don't know how to start making money
0:18.0	and people who don't know when to stop making money.
0:20.0	And if you are stuck in a low-income job, you feel like you don't have the opportunity to generate wealth
0:25.4	But once you realize that opportunities are available for everybody you can choose where you want to live what job you want when you retire because you can be rich.
0:34.2	Prove it.
0:34.7	People like Ronald Reed and he was a janitor.
0:37.0	What does it take to a mass Mr Reed's $8 million fortune?
0:39.8	He's a fascinating story of somebody who became rich despite not having the skills
0:44.0	that you normally associated with wealthy people. Then there's Warren Buffett.
0:47.3	It's worth a hundred billion dollars, but the real secret to their success,
0:50.4	investing, my parents are a great example of this. We were very poor, no
0:55.0	financial background, and they have like minimal financial interest, but now they'd probably be in the
0:58.5	top 3% of professional investors. If you want to do well with money, you don't need to be a genius. If you have endurance in your investing, you're
1:06.7	going to be filthy rich. But when most people say, I want to be a millionaire, what they
1:10.5	actually mean is I want to spend a million dollars. I want some nice clothes, a bigger house, the nicer car.
1:15.5	Ask yourself, what is your relationship with money? If your expectations rise faster than your income, you're never going to be happy with your money. That's the problem.
1:23.0	So if I have a hundred pounds, what's the first thing that I should do?
	...

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