Today’s guest is Morgan Housel, the bestselling author of <a href="https://amzn.to/4893IBi">The Psychology of Money</a> and <a href="https://amzn.to/4mGFtOs">Same As Ever</a>. His books have sold over nine million copies. His new book releasing in October is <a href="https://amzn.to/4mCFrH5">The Art of Spending Money</a>. Morgan is a partner at The Collaborative Fund and serves on the board of directors at Markel.
In today’s episode, Morgan discusses the complexities of wealth, spending, and happiness. He shares insights on the psychological implications of financial identity and the importance of independence and purpose in achieving true happiness. One theme throughout is that investing is more about human behavior than financial principles.
(0:00) Starts
(1:31) Introduction of guest Morgan Housel
(2:01) Virality, luck and success
(3:38) The psychological impact of wealth
(7:15) The burden of material possessions and spending for happiness
(11:17) Personal history's influence on spending and investment behavior
(16:01) Cultural attitudes toward investing
(22:07) The role of identity in financial behavior
(27:45) Avoiding peer comparisons
(37:30) Finding happiness and purpose after financial independence
(50:13) Morgan's most memorable investment
Sponsor: <a href="https://acretrader.com/?utm_campaign=24118334-Meb%20Faber%20October%202025&utm_source=Meb_Faber_October_2025_Podcast&utm_medium=podcast">⁠AcreTrader⁠</a> is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. 
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For detailed show notes, click <a href="https://www.themebfabershow.com/episodes/rFEE2Sg325Y">here</a>
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Past guests include <a href="https://mebfaber.com/2017/02/08/10017/">Ed Thorp</a>, <a href="https://mebfaber.com/2021/08/04/e337-richard-thaler/">Richard Thaler</a>, <a href="https://mebfaber.com/2021/02/08/episode-286-jeremy-grantham-gmo-what-day-is-the-highest-level-of-optimism-its-the-day-the-market-hits-the-peak/">Jeremy Grantham</a>, <a href="https://mebfaber.com/2020/10/28/episode-260-joel-greenblatt-gotham-asset-management-nine-out-of-ten-families-in-the-top-fifth-of-the-income-chain-have-retirement-savings-nine-in-ten-in-the-bottom-fifth-have-none/">Joel Greenblatt</a>, <a href="https://mebfaber.com/2019/08/28/episode-172-cam-harvey-this-is-a-time-of-considerable-risk-of-a-drawdown/">Campbell Harvey</a>, <a href="https://mebfaber.com/2022/03/30/403-ivy-zelman/">Ivy Zelman</a>, <a href="https://mebfaber.com/2021/05/12/e310-kathryn-kaminski/">Kathryn Kaminski</a>, <a href="https://mebfaber.com/2017/08/30/episode-69-jason-calacanis-little-secret-way-dark-art-becoming-truly-wealthy-massive-wealth/">Jason Calacanis</a>, <a href="https://mebfaber.com/2022/01/31/e387-whitney-baker/">Whitney Baker,</a> <a href="https://mebfaber.com/2019/05/10/episode-155-aswath-damodaran-they-uber-and-the-ride-sharing-companies-collectively-have-disrupted-this-businessthats-the-good-news-the-bad-news-is-i-dont-thin/">Aswath Damodaran</a>, <a href="https://mebfaber.com/2018/10/03/episode-124-howard-marks-its-not-what-you-buy-its-what-you-pay-for-it-that-determines-whether-something-is-a-good-investment/">Howard Marks</a>, <a href="https://mebfaber.com/2018/10/10/episode-125-tom-barton-the-biggest-problem-investors-have-is-things-changeand-they-dont-change/">Tom Barton</a>, and many more. 
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Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out <a href="https://mebfaber.com/mebs-deals/">here</a>! 
-----Editing and post-production work for this episode was provided by The Podcast Consultant (<a href="https://thepodcastconsultant.com/">https://thepodcastconsultant.com</a>). Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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