The Art of Spending Money: How to Get Rich and STAY Rich | Morgan Housel

In this episode of Bankless, Ryan Sean Adams interviews Morgan Housel, author of "The Art of Spending Money," about the psychology behind spending habits and how they relate to happiness and financial independence. Housel argues that money is often mistakenly seen as a solution to deeper issues and that its importance is overestimated due to its quantifiable nature. He emphasizes that spending is an art, highly personal and influenced by individual experiences, rather than a science with a universal formula. They discuss common money traps, such as the pursuit of admiration over utility, the hedonic treadmill of always wanting more, and the concept of social debt. Housel advocates for financial independence as a means to personal freedom and contentment, and advises listeners to be mindful of their values and avoid the trap of comparing themselves to others. The conversation also explores the challenges of raising children with wealth and the balance between saving for the future and enjoying the present.