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

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

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 The Diary Of A CEO: ◼️Join DOAC circle here - https://doaccircle.com/ ◼️Buy The Diary Of A CEO book here - https://smarturl.it/DOACbook ◼️The 1% Diary is back - limited time only: https://bit.ly/3YFbJbt ◼️The Diary Of A CEO Conversation Cards (Second Edition): https://g2ul0.app.link/f31dsUttKKb ◼️Get email updates - https://bit.ly/diary-of-a-ceo-yt ◼️Follow Steven - https://g2ul0.app.link/gnGqL4IsKKb Sponsors: Linkedin Jobs - https://www.linkedin.com/doac Vanta - https://vanta.com/steven Replit - http://replit.com with code STEVEN

Episoder(755)

E19: Luke Massie - I Have Nothing To Hide

E19: Luke Massie - I Have Nothing To Hide

In this chapter I had the privilege of sitting down with Luke Massie, owner and founder of Vibe tickets. Luke has recently been swarmed with bad press due to his business declaring bankruptcy, to which he then chose to buy back him self. I sat down with Luke to hear his side of the story and to ask him why he thinks he's being attacked for his business decisions. Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Jun 20181h 14min

E18: Chris 'Drama' Pfaff - Dealing with Fame, Anxiety and Addiction

E18: Chris 'Drama' Pfaff - Dealing with Fame, Anxiety and Addiction

In Chapter Eighteen I'm honoured to invite Drama aka Chris Pfaff, founder of the internationally renowned Young & Reckless streetwear brand. After creating a fashion powerhouse with no prior business experience or a college education, I wanted to find out what drives him and the lessons he's learnt along the way. We discuss the struggles of being an entrepreneur, the pressures of being a reality tv star and his addiction to alcohol and Xanax. Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Jun 20181h 4min

E17: Marriage, Mental Health, Masturbation

E17: Marriage, Mental Health, Masturbation

Damn, it's been a long time, this the first episode on my new US journey. In this chapter I explain why an elderly couple made me jealous, debunk a common myth around visualisation and discuss marriage, mental health and masturbation. What a weird ending. Learn more about your ad choices. Visit megaphone.fm/adchoices

27 Mai 201832min

E16: I Am Jealous Of Death

E16: I Am Jealous Of Death

This is my favourite episode I've recorded alone. In this chapter I discuss the goals and dangers of moving to New York, explain the reason why I'm jealous of death, an unpredicted problem this week almost cost the business millions and of course, no episode would be complete without a development in my relationship status. Learn more about your ad choices. Visit megaphone.fm/adchoices

22 Apr 201834min

E15: Gerard Adams - A $50m Elite Exit

E15: Gerard Adams - A $50m Elite Exit

In this Chapter, I meet Gerard Adams - A born entrepreneur. He takes us through his journey of struggle, success & tough decisions as he grew one of the most popular online publishers - Elite daily, through to it's sale to the Daily Mail. Now heading up an incubator for entrepreneurs in Fownders, Gerard's mission is bigger than ever. Learn more about your ad choices. Visit megaphone.fm/adchoices

16 Apr 201841min

E14: John Vincent - Building A Restaurant Empire

E14: John Vincent - Building A Restaurant Empire

In Chapter Fourteen, I'm honoured to invite John Vincent, Co-Founder of hugely popular healthy eating fast food chain Leon. Having built an empire of 52 restaurants, I wanted to find out what drives him and the lessons he's learnt along the way. Tragically, John's father passed away a week prior to our conversation, and he discusses what his fathers influence has taught him. Learn more about your ad choices. Visit megaphone.fm/adchoices

9 Apr 201852min

E13: Why We're All F*cked Up

E13: Why We're All F*cked Up

In this chapter, I discuss the importance I've learnt this past week in first impressions, the reason why we're ALL f*cked up and how we can use that to our advantage, the 20 reasons why you shouldn't be an entrepreneur, and I update on my new journey in moving to New York and as always, my relationship status.. Learn more about your ad choices. Visit megaphone.fm/adchoices

19 Mar 201848min

E12: Sacha Lord's Diary - The King of Nightlife

E12: Sacha Lord's Diary - The King of Nightlife

In this chapter I invite Sacha Lord onto the podcast to share his diary. From the halcyon days at Manchester's famed Hacienda, to building the iconic Warehouse Project & Parklife, Sacha is a true party mastermind, and as you can imagine, he's got a lot of stories to tell from along the way.. Learn more about your ad choices. Visit megaphone.fm/adchoices

5 Mar 201858min

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