Morgan Housel’s Money Mindset: Live a High-End Toyota Life, Not a Entry-Level BMW One

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Human beings are an aspiration and progress-based species, and money is the currency of this game. We’re always going to chase growth and success, and that comes with a lot of social debt and expectations, but if we’re not careful, that will get us in big trouble. We might find ourselves making decisions based on what impresses others, not what makes our lives better, and that’s the wrong way to go about things.

Many people would rather buy an entry level BMW, for the bragging rights, not the driving experience. The better decision is to aim for the high-end Toyota - it’s not too expensive or flashy, but it’s filled with things that actually enhance your life.

We can apply this mindset to homes, careers, and vacations. If we learn not to play the expectations game, we can be happier and we can also have a better relationship with money.

Today, we’re joined by the bestselling author of The Psychology of Money and Same As Ever, Morgan Housel. He shares money mindsets that get us in trouble and how to shift away from them.

Books Mentioned

No Ordinary Time: Franklin & Eleanor Roosevelt: The Home Front in World War II

April 1865: The Month That Saved America Book by Jay Winik

1944: FDR and the Year That Changed History by Jay Winik

Guest Info

Morgan Housel is a partner at The Collaborative Fund. He's the New York Times Bestselling author of The Psychology of Money and Same As Ever. His books have sold over five million copies and have been translated into more than 50 languages. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, and winner of the New York Times Sidney Award. In 2022, MarketWatch named him one of the 50 most influential people in markets. He serves on the board of directors at Markel.

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