The Savings Expert: They're Lying To You About Buying A House! Tariffs Are About To Skyrocket Cost Of Living! Here's The Truth About America Collapsing!

The Diary Of A CEO with Steven Bartlett

FlightStory

Society & Culture, Business, Education

4.6 • 13.2K Ratings

🗓️ 28 April 2025

⏱️ 135 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is buying a house the biggest financial mistake you could make right now, and will the next Great Depression hit even harder? Morgan Housel reveals the real story. Morgan Housel, partner at Collaborative Fund and bestselling author of ‘The Psychology of Money’ and ‘Same As Ever’, is one of the world’s top experts on financial psychology, economic collapse warnings, and building true financial freedom. His life-changing insights have transformed how millions approach money, investing, and wealth-building. He explains: Why America’s economy could be quietly collapsing How devastating tariffs could trigger another Great Depression Why robots are replacing the middle class faster than ever The hidden $30 trillion debt threatening the future of the US Why buying a home right now could be a financial trap How to build true financial freedom even during turbulent times 00:00 Intro02:10 Timeless Lessons of Greed, Wealth, and Happiness04:51 The Current Tariff Situation in 202507:05 What Are Tariffs?11:51 Trump's True Reason for the Tariffs18:24 Why Is China the Factory of the World?20:35 China Stopped Being a Cheap Labour Country23:04 What's the Impact of the Tariffs?25:07 America's Trust26:42 Are We Heading for a Recession?29:30 The Importance of Backups During a Recession30:48 How to Be Financially Free in 202535:59 The Evolutionary Desire to Show Off — Status40:42 Salary Differences43:09 We Have a Distorted View of Financial Wealth44:28 Advice for the Economic Crisis45:55 How Much Money Do You Need Saved?46:56 The Impact of AI in Our Wealth Building56:22 The Skills You'll Need in the AI Era57:56 How to Have a Money Mindset01:00:56 Why People Get Stuck in Crypto Scams01:03:34 Women vs. Men: Who's Better at Saving and Taking Risks?01:06:15 Crypto01:07:23 What History Tells Us About New Technologies, Wealth, and Failure01:08:51 Could the Crypto Security System Be Broken?01:10:21 The Strategies Wealthy People Use01:11:55 Intelligence vs. Endurance01:13:28 Why Is Perseverance Key?01:15:12 The Best Way to Have a Big Investment Return01:17:01 The Power of Compounding in Your Savings01:22:06 How Money and Psychology Are Linked01:27:03 You Need to Change Your View on Savings01:31:10 Biggest Regrets of People on Their Deathbeds01:37:20 The Most Asked Questions About Finances01:41:17 Where Are Your Investments Allocated?01:42:03 Vanguard Index Fund01:49:54 Where to Invest Spare Cash?01:56:24 The Dangers of Retiring02:03:31 How to Live a Happy Life You can follow Morgan, here: Twitter - https://bit.ly/3RzBBSc Website - https://bit.ly/42LM4PD Instagram - https://bit.ly/449vnQp You can pre-order Morgan’s books, The Art of Spending Money: Simple Choices for a Richer Life, here: https://amzn.to/3GmHRu4 (US) / https://amzn.to/3EEy5mE (UK) You can find out more about the books mentioned, here: ‘The Intelligent Investor’, Benjamin Graham: https://amzn.to/4iwqHHW The 1% Diary is back – limited time only: https://bit.ly/1-Diary-Megaphone-ad-r… 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 Think like a CEO – join the 100 CEOs newsletter: https://bit.ly/100-ceos-newsletter Follow Steven: https://g2ul0.app.link/gnGqL4IsKKb Sponsors: Get your hands on the Diary Of A CEO Conversation Cards here: https://bit.ly/conversationcards-mpPerfect Ted - https://www.perfectted.com with code DIARY40 for 40% off Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	How important is this tariff situation?
0:02.0	It has the potential to be the biggest economic story of our lives.
0:05.0	People are losing a lot of money on tariffs,
0:07.0	and you're probably a matter of weeks away from empty shelves.
0:09.0	And there's a button on the president's desk that says, end it right now.
0:12.0	So can you tell me what a tariff is?
0:14.0	I'll keep this very simple.
0:15.0	Morgan Housel is the money mindset guru,
0:17.0	who's shaking up everything you think about wealth and how to achieve it.
0:25.6	I looked at the most Googled questions around money and one of the most popular is how to achieve freedom financially. It is largely a mindset. You have an obligation to understand how money
0:30.2	works and how to manage it. And it's one of many topics in which you're going to learn the best
0:34.1	by experiencing the downside. It'll come back to that. The next question is how to save money? So most people view saving money as it's just wasted sitting there,
0:41.9	but you need the cushion so that when the economy goes south and there is a recession, I want to
0:45.8	have a level of control over my ability to support my family. So how much money do you think
0:50.1	it's sensible to have saved? This is a bad answer that no one's going to like, but... When you look at all of these people through history that have generated great wealth,
0:57.1	are there like certain strategies they've deployed? One thing that virtually everyone listening
1:01.1	in this could learn from is they were way more patient and had way more endurance than anyone else.
1:05.4	Also, I wanted to understand investing and this idea of compounding interest. So compound interest
1:09.8	is the most misunderstood thing
1:11.2	about investing because that's what builds wealth. If you look at like Warren Buffett, he wouldn't
1:14.6	want to get haircuts because if he invested that money and leave it alone for 50 years, in his mind,
1:19.0	a haircut would cost $10,000. And then do you recommend people try and buy houses or is it just to rent
	...

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