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Financial Expert: Passive Income Is A Scam! Post-Traumatic Broke Syndrome Is Controlling Millions!

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Oct 6, 2025

Guest

Morgan Housel

Morgan Housel, a financial expert and bestselling author, dives into critical insights on personal finance and the psychology of money. He argues that passive income is a myth and true wealth comes from sacrifice or wanting less. He highlights how envy drives overspending and warns that extreme wealth often compromises health and relationships. Housel also discusses the importance of prioritizing true happiness, financial independence, and purpose over status, while emphasizing that understanding our spending psychology can lead to better financial habits.

02:07:21

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Episode notes

00:00 / 00:00

Status Versus Utility

Spending often scratches psychological itches like status and identity rather than buying true happiness.
Morgan Housel argues utility beats status when nobody is watching, revealing why many purchases disappoint.

Spend To Buy Independence

Buy independence with savings by treating saved money as future control you own.
Aim to build enough buffer to cover common shocks so you can make better choices under stress.

00:00 / 00:00

Spending Reveals Inner Life

People spend to signal status or to prove survival, not because items are objectively better.
Housel frames spending as a psychological window into values, fears, and aspirations.

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Why passive income is a myth

00:57 • 2min

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Why the art of spending matters

03:22 • 2min

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How to make spending improve your life

05:29 • 3min

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Is pursuing status inherently wrong?

08:50 • 3min

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Evolutionary basis for social comparison

11:23 • 2min

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Admiration versus aspiration: the Elon trade-off

13:37 • 2min

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Trade-offs behind success

15:31 • 2min

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Using a reverse obituary to focus priorities

17:35 • 1min

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Saving addiction and post‑traumatic broke syndrome

18:50 • 2min

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Where to start building a spending framework

20:37 • 6min

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Independence plus purpose: a formula for a good life

26:42 • 5min

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How much should you save for independence?

32:02 • 4min

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The spectrum of financial independence

36:14 • 4min

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Five essentials to reach complete financial freedom

39:54 • 3min

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How dopamine drives wanting and spending

42:29 • 3min

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Can you redirect addictive urges productively?

45:09 • 4min

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The arrival fallacy and why more never satiates

48:51 • 1min

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Balancing desire and purpose

50:01 • 6min

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Tactics for retiring early and staying fulfilled

55:48 • 1min

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Why 'passive income' is oversold

56:49 • 3min

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How much economic knowledge do you need?

01:00:04 • 3min

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Why simple investing often wins

01:02:42 • 3min

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What's going on in the world economically and socially?

01:05:58 • 4min

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How inequality fuels social division

01:09:52 • 6min

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The dehumanizing effect of social media

01:16:05 • 9min

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How public figures should respond after violence

01:24:51 • 2min

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Are you optimistic about long‑term growth?

01:26:25 • 2min

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Unpredictable risks versus known threats

01:28:21 • 1min

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Reasonable versus rational financial choices

01:29:35 • 4min

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Try something new to discover spending that matters

01:33:07 • 5min

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How to pass money values to your kids

01:38:17 • 5min

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Does Steve look happy? Observing public‑life trade‑offs

01:42:58 • 15min

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How to reduce comparison and stay in a humble bubble

01:57:45 • 8min

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Regrets and closed life doors

• Mentioned in 108 episodes

10% Happier

Dan Harris

In '10% Happier,' Dan Harris shares his personal journey of discovering the benefits of meditation. Initially a skeptic, Harris, a news anchor, found himself on a path of self-discovery after a nationally televised panic attack. He delves into the world of spirituality and self-help, encountering various figures including brain scientists, CEOs, and spiritual leaders. The book explores how meditation can reduce stress, improve focus, and enhance overall well-being without compromising one's ambition or edge. Harris emphasizes the importance of mindfulness in making one more resilient and better equipped to handle life's challenges, though it does not eliminate problems entirely.

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Same as Ever

A Guide to What Never Changes

Morgan Housel

In 'Same as Ever,' Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living a fulfilling life by focusing on what remains constant in a changing world. Through engaging stories and examples, Housel shows how understanding permanent truths about human behavior can help readers make better decisions and navigate uncertainties. The book emphasizes the importance of recognizing and adapting to timeless principles in finance, business, and personal life, rather than trying to predict specific future events.

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• Mentioned in 272 episodes

The Psychology of Money

Timeless Lessons on Wealth, Greed, and Happiness

Morgan Housel

In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge.

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• Mentioned in 13 episodes

The Art of Spending Money

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Morgan Housel

Morgan Housel's "The Art of Spending Money" delves into the psychology of financial decisions, exploring how our emotions and biases influence our spending habits. The book challenges conventional wisdom about saving and investing, emphasizing the importance of aligning our financial goals with our values and life experiences. Housel uses compelling narratives and real-world examples to illustrate the complexities of money management, offering practical insights for readers of all financial backgrounds. The book encourages readers to develop a more mindful and intentional approach to spending, helping them make choices that enhance their overall well-being. Ultimately, it aims to empower readers to make informed financial decisions that lead to a more fulfilling life.

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• Mentioned in 19 episodes

30 lessons for living

Karl Pillemer

In this book, Karl Pillemer compiles 30 key lessons for living a fulfilling life, derived from his five-year project of interviewing more than 1,000 Americans over the age of 65. The book covers a wide range of topics including marriage, parenting, career, aging, and living without regrets. It weaves together personal recollections and hard-won advice from these 'wisest Americans,' providing practical and inspirational guidance for readers. The lessons are categorized into areas such as happy marriages, successful careers, effective parenting, and aging fearlessly, offering a comprehensive guide to living well.

Morgan Housel, global expert on personal finance, shares powerful lessons on Warren Buffett’s hidden struggles, Elon Musk’s sacrifices, money trauma and financial habits, how to invest wisely, and the psychology behind saving, spending, and success.

Morgan Housel is a partner at Collaborative Fund, former columnist for The Wall Street Journal, and a speaker on investing, saving, spending, and financial independence. He is also the bestselling author of books, such as: ‘The Psychology of Money’ and ‘The Art of Spending Money’.

He explains:

◼️ Why more money rarely solves unhappiness

◼️ How envy and social comparison drive overspending

◼️ Why extreme wealth often comes at the cost of health and relationships

◼️ How inflated definitions of “wealth” fuel endless consumerism

◼️ Why true happiness comes from family, friends, and health - not luxury

(00:00) Intro

(02:33) The Importance of Spending Money

(04:43) Why Will This Podcast Make My Life Better?

(07:54) Is There Something Wrong With Chasing Status?

(10:26) What’s the Evolutionary Basis for This Stuff?

(15:43) There's Always a Trade-Off

(17:55) Saving Addiction

(19:41) Can Money Make You Happy?

(25:08) Are We All Stuck in a Status Game?

(29:14) Is the "Freedom" Culture Actually Making People Unhappy?

(31:12) Your Favorite Form of Saving Is Spending

(33:17) Jealousy of Other People’s Wealth

(35:17) The Spectrum of Financial Independence

(38:57) How Do People Achieve Financial Independence?

(41:32) How Does Dopamine Factor Into All of This?

(49:07) We're Wired to Want More

(54:51) People Retiring Early Tend to Wish They Hadn't

(55:52) Passive Income Myths

(58:06) Ads

(59:07) Do I Need to Know About Economics for This?

(1:05:01) What’s Going On in the World?

(1:08:55) How Wealth Inequality Is Dividing People

(1:10:50) The Charlie Kirk Shooting

(1:19:04) Is There a Way Back From This Divide?

(1:23:39) What Should We Be Doing to Help?

(1:25:28) Are You Optimistic About the Western Economy?

(1:27:23) Favorite Chapter From the Book

(1:32:34) Ads

(1:34:42) Why You Should Try New Things

(1:37:29) Are You Chasing a Lifestyle That's Not Right for You?

(1:40:48) Does Jack Think Steven Is Happy?

(1:49:37) Should We Feel Guilty About the Lack of Contentment?

(1:52:49) The Relationship Between Money and Kids

(1:55:42) The Exact Formula for Spending

(2:02:05) Humble Bubble

(2:04:07) Do You Have Major Regrets in Life?

Follow Morgan:

Instagram - https://bit.ly/3KllnvJ

X - https://bit.ly/4pJf4lT

You can purchase Morgan’s book, ‘The Art of Spending Money’, here: https://amzn.to/46F9JTO

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