The Burnouts with Phoebe & Sophia Avoid These Money Mistakes to Get Rich (ft. $1 Billion Fund Manager)
Jul 24, 2025
Morgan Housel, a partner at the Collaborative Fund and author of the bestselling "The Psychology of Money," shares his remarkable journey from valet to financial guru. He reveals how fear shaped his approach to money and why most people play the wrong game when it comes to finance. Housel discusses the transformations in his financial mindset after becoming a dad, his regret over one extravagant gift meant to impress, and the importance of genuine self-worth beyond material possessions.
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From Ski Racer To Money Obsession
- Morgan Housel recounts bypassing high school due to competitive skiing and feeling like a "nobody" at 18.
- That fear drove him to run away from that identity by working obsessively and saving every penny.
The Yellow Ferrari Moment
- Morgan tells the valet story of seeing a man in a yellow Ferrari and equating the car with worth.
- He admits that low self-esteem, not genuine traits, drove his materialism at 19.
Becoming A Dad Shifted Priorities
- Morgan recalls his son's birth as the turning point that flipped his focus off himself.
- Parenthood eliminated the desire for attention-seeking materialism and reoriented his priorities.
