Episode 445 — How to Make Money, Keep Money, and Realize You Don’t Need It with Morgan Housel
The way you think about money has almost nothing to do with spreadsheets and everything to do with who you are.
In this encore episode of The Game Changing Attorney Podcast, Michael Mogill sits down with Morgan Housel, New York Times bestselling author of The Psychology of Money and partner at the Collaborative Fund. With millions of copies sold and translations in over 50 languages, Morgan has spent his career studying not what the market will do next, but why we make the decisions we make with money. In this conversation, Michael and Morgan explore how personal experience shapes financial behavior, why the wealthiest people are often driven by something other than wealth, and what it actually means to use money as a tool for a better life.
Here’s what you’ll learn:
- Why managing money is so new that we’re still figuring out the rules, and why that means most people are learning as they go
- How your personal history with money shapes every financial decision you make, often in ways you don’t realize
- What separates people who accumulate extreme wealth from those chasing it, and why the answer is rarely about money itself
If you want to build wealth that lasts, you have to start by understanding the psychology driving every decision you make.
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Show Notes:
Every financial behavior makes sense when you know the full story. “In social work, they have a saying which is that all behavior makes sense with enough information.”
Enough is the hardest financial concept to master. “There is no such thing as enough. The goalpost just moves. And if your expectation of what you need moves faster than your income, you’re never going to be happy.”
Social comparison is the enemy of contentment. “Social comparison is the root of all financial unhappiness because there’s always going to be someone who has more than you do. There’s no one who’s the richest person in the world. Even if you are, there’s someone who’s more respected or more admired or better looking.”
Save for what you can’t predict, not just what you can. “Savings without a specific goal gives you options and flexibility when the world inevitably surprises you.”
Independence is the highest return money can buy. “The highest form of wealth is waking up every morning and saying, I can do whatever I want today.”
Connect with Michael
- Text directly at 404-531-7691
