Wealth Expert: Do THIS Every Time You Get Paid | Morgan Housel

BigDeal

Codie Sanchez

Marketing, Business, Investing, Entrepreneurship

4.9 • 970 Ratings

🗓️ 27 February 2026

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is true wealthbuilding as simple as asking for a raise? Or is it just picking the right stock? Well… no. Morgan Housel argues the cornerstone of true wealthbuilding lies in understanding — and controlling — your behavior. After studying the psychology of money and writing The Psychology of Money, he’s seen why brilliant people go broke and ordinary people quietly build fortunes. Patience beats IQ. Independence beats status. And the real game is managing your own impulses. In this conversation you’ll learn why a janitor died with millions while a Harvard MBA went bankrupt, why most high earners still live paycheck to paycheck, why diversification won’t make you the richest but will keep you from blowing up, why the biggest financial decisions are school, house, car, childcare, and insurance, and why reading history matters more than reading forecasts. This isn’t about skipping lattes. It’s about mastering the behaviors that actually build wealth and avoiding the ones that quietly destroy it. ___________ 00:00:00 Introduction 00:01:09 The Latte Story: Why Financial Advice Is Broken 00:03:00 Ronald Reed vs Richard Faskone: Behavior Beats Intelligence 00:10:18 The Passive Income Myth and What Really Moves the Needle 00:14:40 Nobody's Watching You: The Ferrari Paradox 00:20:01 The Biggest Lie About Money 00:25:17 The Desert Island Test: Utility vs Status 00:28:05 To Rent or Buy: The House Question 00:30:21 Robinhood vs Vanguard: Gamification and the Future 00:32:48 Rich People Habits: Obsession and Long-Term Thinking 00:34:50 The Great Depression Lesson and Why History Matters 00:49:52 Rapid Fire: Money Clichés Debunked ___________ MORE FROM BIGDEAL 🎥 YouTube: https://www.youtube.com/@podcastbigdeal 📸 Instagram: https://www.instagram.com/bigdeal.podcast 📽️ TikTok: https://www.tiktok.com/@big.deal.pod MORE FROM CODIE SANCHEZ 🎥 YouTube: https://www.youtube.com/@codiesanchezct 📸 Instagram: https://www.instagram.com/codiesanchez 📽️ TikTok: https://www.tiktok.com/@realcodiesanchez OTHER THINGS WE DO 🌐 Our community: https://contrarianthinking.typeform.com/to/WBztXXID 📰 Free newsletter: https://contrarianthinking.biz/3XWLlZp 📚 Biz buying course: https://contrarianthinking.biz/3NhjGgN 🏠 Resibrands: https://resibrands.com/ 💰 CT Capital: https://contrarianthinking.biz/4eRyGOk 🏦 Main St Hold Co: https://contrarianthinking.biz/3YfGa8u Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You cannot go through life doing okay without knowing anything about money.
0:04.0	What seems like common sense to everybody is how can I get rich the fastest.
0:07.0	That's the cause of every financial failure.
0:09.0	My guest is Morgan Housel, best-selling author to the tune of millions
0:13.0	and one of the smartest thinkers on the psychology of money.
0:16.0	He has spent his career finding the financial lies we tell ourselves
0:20.0	and getting us to the truth on how to become really wealthy.
0:22.6	I'm so excited for this episode. I think you're going to be too.
0:25.6	Nobody's thinking about you as much as you are. And that goes for your ugly stuff, for your insecurities,
0:30.6	and what you might think other people will really admire you for. And so it's easy to tell ourselves,
0:34.6	if I had this and that in this house and this car
0:38.3	and these clothes, other people would give me a level of respect and admiration that they're not
0:42.5	right now. What are the habits of rich people versus poor people? It's a combination of obsession
0:47.6	and long-term thinking. They wake up thinking about their business. They go to bed thinking
0:51.7	about their business. They've been doing the same thing for 30 years. What have you found is the number one lie or untruth we are told about money?
1:00.3	You don't need intelligence and connections and education and experience to do well. All you need is
1:05.9	like... First I want to read a story from your new book, which I'm obsessed with. A story goes like this.
1:13.2	A man notices his coworker drinking in a latte, and he asks, how often do you drink lattes? Every day,
1:18.6	says the coworker, wow, every day for 30 years of your professional career, says the man, that's so much money.
1:23.9	Proceeds to talk about how much money that would be. It's like more than enough to buy a Ferrari.
1:28.2	The co-worker looks puzzled. Do you buy lattes? She asked the man. No, he says. So where's your
1:34.2	Ferrari? And I love this story because your book is about saving in many ways and how to spend
	...

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