The Psychology of Money with Morgan Housel
Morgan Housel
102 episodes
Timeless lessons on wealth, greed, and happiness.
Episodes page 2 of 3
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Experts From a World That No Longer Exists
The world evolves faster than people's beliefs do. This episode looks at the need to change your mind, and why it's so difficult to do so. Thanks to my friends at 10 East -- check out 10east.co.
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Universal Laws of the World
A few laws from random sciences that almost certainly apply to your own -- regardless of what you do for a living. Thanks to my friends at Nitrogen -- check out nitrogenwealth.com
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Why Pessimism Sounds So Smart
If you're a student of history, you know that most things have gotten better for most people over time. But read the news and what do you hear? Pessimism, pessimism, pessimism. There are several reasons why. Special…
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Rare and Powerful Skills
A few easy-to-overlook skills that are so vital in today's world. Brought to you my friends at Readwise -- visit Readwise.io/morgan.
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My Favorite Book: An Astounding Look at How Fast the World Can Change
This episode digs into one of my favorite books of all time: The Big Change by Frederick Lewis Allen. Written in 1952, it's a remarkable look at how quickly the world can change, with so many profound insights that I…
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This Was Never Easy: A Brief History of Nostalgia
There's a Russian saying that I love: "The past is more unpredictable than the future." It explains so much about nostalgia, and the twisted ways we all view the economic past. This episode is brought to you by my…
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Everything In Life Is Cyclical
A lot of mistakes in life come when you think risk is something caused by external forces, when in fact the weight of your own success is enough to pull you down without any outside help. This episode is brought to you…
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Do It Your Own Way
The ultimate success metric is whether you get what you want out of life. But that’s harder than it sounds because it’s easy to try to copy someone who wants something you don’t. This episode is brought to you by my…
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A Few Little Ideas And Short Stories
Some of the most interesting stuff I've come across lately.
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Cumulative vs. Cyclical Knowledge
In some fields our knowledge is seamlessly passed down across generations. In others, it’s fleeting. To paraphrase investor Jim Grant: Knowledge in some fields is cumulative. In other fields it’s cyclical (at best).
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Different Kinds of BS
Jeff Bezos once said there are different kinds of smart. Distinguishing the various flavors is important because if you think smarts comes in just one form, you’ll miss dozens of other nuanced varieties. BS is the…
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I Have A Few Questions
A few important money and life topics to make you ponder.
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Quiet Compounding
"Nature is not in a hurry, yet everything is accomplished,” said Chinese philosopher Lao Tzu. Giant sequoias, advanced organisms, towering mountains – it builds the most jaw-dropping features of the universe. And it…
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History's Seductive Beliefs
My deepest forecasting belief is that you can better understand the future if you focus on the behaviors that never change instead of the events that might. And those behaviors have a common denominator: They follow…
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Lazy Work, Good Work
The most productive work you can do often looks like the laziest -- but it can be hard to accept that because of how the workplace has changed over the last 100 years.
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The Long Run Is Just A Collection of Short Runs
Every great idea can be taken too far. Take the notion that investors should ignore the short run. It's important to recognize that the long run is just a collection of short runs, and capturing long-term growth means…
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The Best Financial Advice I Know (What I Want My Kids To Learn)
I wrote letters to both of my kids the day before they were born. Here's what I wanted them to know about money. And even if you don't have, or want, kids, I think you'll find this helpful.
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Realistic Personal Finance Hacks
Hacks are hard because shortcuts rarely exist. Prizes take time and effort. The personal finance industry – filled with advice that sounds and feels good without moving the needle – needs to recognize this. These…
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Lucky vs. Repeatable
Luck plays such a big role in the world. But few people want to talk about it. If I say you got lucky, I look jealous. If I tell myself that I got lucky, I feel diminished. Maybe a better way to frame luck is by…
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No One Is Crazy
The fun part of behavioral finance is learning about how flawed other people can be. The hard part is trying to figure out how flawed you are, and what stories make sense to you but would seem crazy to others.
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Smart Things Smart People Have Said
A few of the best and most insightful things I've read lately.
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Accountable to Darwin vs. Accountable to Newton
Woodrow Wilson was the only president with a Ph.D. in political science. He came to office having thought more about how a government functions than most before him or since. One of his complaints was that too many…
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The Dumber Side of Smart People
Mae West said, “Too much of a good thing can be wonderful.” That might be true for some things – health, happiness, golden retrievers, maybe. But in so many cases the thing that helps you can be taken to a dangerous…
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How to Engage With History
This episode discusses my take on what you should pay attention to when reading history. There’s a quote I love from writer Kelly Hayes who says, “Everything feels unprecedented when you haven’t engaged with history.”…
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Compounding Optimism
Let me share a little theory I have about optimism, and why progress is so easy to underestimate. I’ll explain it in four parts.
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A Few Thoughts on Spending Money
Behavioral finance is now well documented. But most of the attention goes to how people invest. But the study of how you spend money might be far more interesting -- and practical. How you spend money can reveal an…
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Information That Would Get Your Attention
There’s obviously a hierarchy of information. It ranges from life-changing good to life-changing disastrous. That got me thinking: What would be the most interesting and useful information anyone could get their hands…
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Active vs. Passive Learning
There are two big ways to learn: Active learning: Someone tells you what to learn, how to learn it, on a set schedule, on pre-selected standardized topics. Passive learning: You let your mind wander with no intended…
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Respect Each Others’ Delusions
One sentence that knocked me off my feet when I read Will and Ariel Durant’s The Lessons of History was: "Learn enough from history to bear reality patiently, and respect one another’s delusions." I love that so much.…
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The 10 Most Important Financial Skills
My wife recently bought me an old book. It's called The Mathematical Theory of Investment. It was written in 1913 and it's as dry and boring as it sounds (but the old weathered cover looks awesome on a bookshelf). I…
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Expiring vs. Permanent Skills
Expiring skills tend to get more attention. They’re more likely to be the cool new thing, and a key driver of an industry’s short-term performance. They’re what employers value and employees flaunt. Permanent skills…
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My New Book, Same As Ever: A Guide to What Never Changes
My new book, Same as Ever: A Guide to What Never Changes, is out today. Books are hard, a multi-year slog from start to finish. But I’m excited for you to read this. I think it’s the best writing I’ve ever done. And…
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Justifying Optimism
All optimistic beliefs can be dangerous because they’re so comforting, so easy to accept without asking further questions. Hope often masquerades as optimism when you think things will improve only because the…
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Little Flaws
Daniel Kahneman says, "The long-term success of a relationship depends far more on avoiding the negative than on seeking the positive." It's like that in so many areas of life. Most people know what they're good at, or…
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A Few Laws of Getting Rich
Measuring wealth is easy. You just count it up. Measuring some of the downsides of wealth is so much harder and more nuanced. They can be so nuanced and hard to measure that many people won’t even believe they exist. A…
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Death, Taxes, and a Few Other Things
My new book, Same As Ever, comes out in a month. It's about things that never change -- what's always happened in the world, and will keep repeating again and again? This episode shares five examples.
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Respect and Admiration
Just after my son was born I wrote a few things I thought he’d find helpful as an adult. One of them was: "You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t.…
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Trying Too Hard
A truth that applies to almost every field is that it’s possible to try too hard, and when doing so you can get worse results than those who knew less, cared less, and put in less effort than you did. There are…
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Intelligence vs. Smarts
This episode is about the difference between intelligence and smarts, and why one is valued more than the other despite being less useful in the world. The core here is realizing that people are not spreadsheets. They…
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Fluke -- A Story About How Fragile The World Can Be
This is a short personal story about a fluke event 16 years ago that changed everything in my life. You probably have a similar story, and there is so much to learn about how everything can change from an event you…
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A Few Ideas That Changed My Life
You spend years trying to learn tons of new stuff, but then look back and realize that just a few big ideas truly changed how you think and influenced most of what you believe. Let me share a couple that had a big…
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The Spectrum of Wealth
Chris Rock joked that Bill Gates would jump out the window if he woke up with Oprah’s money. Like most comedy, it’s funny because it contains a nugget of truth. There is no objective level of wealth -- everything is…
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Low Expectations
The knee-jerk way to set expectations is to anchor to what everyone else has right now. But imagine the tragedy of there being unbelievable progress throughout your life and you enjoy none of it because you expected…
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A Few Short Stories
Sometimes the best you can do when learning about any topic is to memorize a few short stories -- quick, direct, and to the point, that you're likely to remember forever. This episode shares 15 short stories that have…
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The Power of Staying Put
There are so many times in life where what you do is less important than how long you've been doing it for. It's true in careers. It's true in relationships. It's true in sports. And it's true with money. This episode…
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A Few Things I'm Pretty Sure About
If you can explain something important in just a few words, it's a double win: You've probably found something that's obviously true, without needing further explanation or detail. And it's probably something you'll…
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Little Ways The World Works
This episode has little to do with money. But in some ways it has everything to do with money. That's the riddle I want to unpack. I want to share a bunch of examples of what one field can teach us about another. What…
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Your Money and Your Family
One of the most complicated topics in money: How it impacts your family. Your spouse. Your kids. How do you avoid spoiling kids? How do you and your spouse learn to agree about the best way to spend? There are no easy…
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The Highest Form of Wealth
The highest form of wealth is the ability to wake up every morning and say, “I can do whatever I want today.” People want to become wealthier to make them happier. Happiness is a complicated subject because everyone’s…
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Getting Rich vs. Staying Rich
Getting rich and staying rich are two different skills. They are often conflicting skills, so many people focus on one or the other. But you need both to do well over time. This episode tells a 100-year-old story of…
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