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Morgan Housel

The Morgan Housel Podcast -- timeless lessons on wealth, greed, and happiness.

The Morgan Housel Podcast

There is no world where two equally smart and informed people should agree on the best way to save, spend, and invest money. 

Everyone is different. 

What you want might not be what I want.

What’s fun to you might be miserable to me.

Your family’s different from mine. Your job’s different from mine. You have different life experiences than I do, different role models, different risk tolerances and goals and social ambitions, work-life balance targets, career incentives, on and on.

One of the most important financial skills is figuring out what game you're playing, and playing it -- and only it.

Play Your Own Game

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 different. But if there’s a common denominator in happiness -- a universal fuel of joy -- it’s that people want to control their lives. 

The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays.

The Highest Form of Wealth

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 answers -- but I try my best here, including sharing the letters I wrote to my kids when they were born.

Your Money and Your Family

A look at why so many Americans think the best was better than it was: People in the past may have been poorer than we are now, but they probably did a better job keeping their expectations in check. 

Thanks to my friends at nitrogenwealth.com.

The Most Important Financial Skill: Getting The Goalpost to Stop Moving

A look at the big story dominating this year: tails drive everything, and everything from businesses to careers either work extraordinarily well, or not at all. 

With thanks to my friends at Nitrogen: check out nitrogenwealth.com.

What I Learned In 2024: A Tale of Tails

Most people – and definitely society as a whole – seem to have a minimum level of stress. They will never be fully at ease because after solving every problem the gaze of their anxiety shifts to the next problem, no matter how trivial it is relative to previous ones.

Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

Minimum Levels of Stress

Everyone knows one version of the world -- the one that's actually happened. But that's just one of infinitive possibilities that could have occurred. I asked ChatGPT to write different versions of how my life could have ended up, and was stunned by the results. I'd be you'd have the same experience. 

Thanks to my friends at 10 East -- check out 10east.co.

All The Different Ways Your Life Could Have Turned Out

A story about how tails drive everything, and why the vast majority of your success in investing and in life will come from just a few of the things you do. 

Thanks to my friends at Ramp -- the best expense accounting system I've seen. For more check out ramp.com/morgan.

Tails, You Win

A collection of things I've been thinking about lately that I hope you find valuable regardless of your profession. 

Thanks to my friends at Eight Sleep. Check out eightsleep.com/morganhousel for more.

A Few Things I'm Pretty Sure About

A simple formula for a pretty nice life is independence plus purpose.

Purpose is different for everyone. Sometimes it’s family, sometimes it’s community, religion, work, whatever.

But independence is more universal. Our desire to be independent, why we want it, what prevents us from achieving it, and why some people sabotage their ability to have it, is such a common story across cultures and generations.

Thanks to my friends at Eight Sleep. Check out eightsleep.com/morganhousel for more.

Pure Independence

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 flipped through it and thought, "Does any of this matter?" These formulas, these charts, this data?

Well, yes. 

But not nearly as much as the soft, behavioral side of investing. 

This episode shares 10 of what I think are the most critical financial skills -- none of which you'll find in a 100-year-old academic text.

The 10 Most Important Financial Skills

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