Jul 01, 2022

NGPF Podcast: Morgan Housel on the Psychology of Money (Part 1)

Why are young people so interested in cryptocurrency? What is the hedonic treadmill and why is it so difficult for us to feel like we have enough? Are people crazy when it comes to money? Get answers to these questions and more in this conversation with Morgan Housel. 

Morgan Housel's first book, Psychology of Money, has now sold over 2 million copies. The NGPF certification course, the Psychology of Money, uses his book as its inspiration and foundation and has now been completed by more than 1,000 educators! In this NGPF Podcast, Morgan shares his own life experiences and how they have shaped his attitudes about money. He delves deeper into the first chapters of his best selling book including an explanation of why no one is crazy when it comes to money, why the hedonic treadmill can be so difficult to get off of and why it's important to understand the game you are playing as an investor. Enjoy! 

Morgan will appear again on the NGPF Speaker Series on August 5th at 9am PT for part 2 of our conversation. Registration will be available on this page by late July. In addition, 50 copies of Psychology of Money will be raffled off at that live event in August. 



  • 0:00~1:15 Introduction
  • 1:15~2:54 On writing a blog 
  • 2:54~4:14 Creative process, or lack thereof, for the blog
  • 4:14~7:11 Favorite podcasts
  • 7:11~11:10 Money habits growing up
  • 11:10~16:21 Motivation to write The Psychology of Money
  • 16:21~18:10 The success of the book
  • 18:10~24:34 No one is crazy
  • 24:34~26:28 All behavior make sense with enough information
  • 26:28~29:52 The hedonic treadmill
  • 29:52~30:10 A word from NGPF
  • 30:10~33:09 The hedonic treadmill, continued
  • 33:09~40:20 The difficulty of understanding compound interest
  • 40:20~45:17 Concept of you and me
  • 45:17~48:39 Thinking about the public’s interest in cryptocurrency
  • 48:39~50:10 Conclusion



  • “So that little shift in mindset, from it’s not a fine to you didn’t do anything wrong, it’s the cost of admission, it’s a fee is really helpful.” Morgan Housel on stock market volatility 

About the Authors

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

Ren Makino

Ren started interning at NGPF in 2014, and worked part-time through high school and college. With his knowledge growing alongside NGPF, he joined the team to work full-time after graduating from college in 2020. He is also the producer of the NGPF podcast. During his free time, he likes to try out coffees from different roasters across the world.

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