The Savings Expert: Passive Income Is A Scam! Post-Traumatic Broke Syndrome Is Controlling Millions!

In this interview, Steven Bartlett and Morgan Housel discuss the psychology of spending, wealth, and happiness. Housel argues against the concept of passive income, emphasizing the importance of understanding one's spending habits and the psychological factors behind them, such as trauma, social signaling, and the desire for status. They explore the balance between utility and status in spending, the dangers of both overspending and excessive saving, and the role of independence and purpose in achieving financial freedom and contentment. The conversation touches on societal influences like social media and wealth inequality, as well as the importance of managing expectations and practicing gratitude for a more fulfilling life.