Avoid These Money Mistakes to Get Rich (ft. $1 Billion Fund Manager)

He didn’t go to high school. He valeted Ferraris he couldn’t afford. Now he’s one of the most trusted money minds in the world.

In this episode of The Burnouts, bestselling author and VC partner Morgan Housel joins Phoebe Gates and Sophia Kianni for a conversation that will completely rewire how you think about wealth, ambition, and what “enough” actually means.

He shares how fear—not ambition—drove him to work two full-time jobs at 19, save every dollar like the apocalypse was coming, and obsess over flashy cars as a way to feel worthy. They unpack why most people are playing the wrong financial game, why trying to “beat the market” backfires, and why some of the richest people you know still feel broke inside.

Also: dating while broke, how having a kid ended his materialism overnight, and the one expensive gift he regrets buying to impress his now-wife.

This is the money education you should’ve gotten—but probably didn’t. It’s about psychology, not spreadsheets. Scarcity, not flexing. And no, you’re not the only one faking it.

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Chapters
00:00 - Who is Morgan Housel?

02:45 - Why everyone’s playing a different money game

05:20 - Dropping out + the fear that made him save

08:30 - What the guy with the yellow Ferrari taught him

12:55 - How becoming a dad changed his financial goals

15:00 - The most common investing mistake

20:10 - The dumbest flex gift he ever bought

23:40 - Talking money while dating in your 20s

29:00 - His current investing strategy (it’s very boring)

34:30 - How to stop chasing status and start building wealth

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Subscribe to The Burnouts for exclusive conversations with today’s top founders and culture-shaping entrepreneurs. Hosted by former Stanford roommates turned startup co-founders, Phoebe Gates and Sophia Kianni, this isn’t just another founder podcast—it’s untold conversations and the unfiltered reality of what it takes to build your dream career in your 20s. Guests include Paris Hilton, Chelsea Handler, Kris Jenner, Karlie Kloss, and more visionaries defining the brands—and blueprints—of our time. Whether you’re dreaming big or building now, these are the conversations that will show you how it’s done (and what no one else tells you).

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