👇 SUBSCRIBE TO MY YOUTUBE CHANNEL - so this show can reach more people 👇 https://www.youtube.com/channel/UCIprGZAdzn3ZqgLmDuibYcw?sub_confirmation=1 Click Link Below to Subscribe to my email list to MAXOUT your life (all value, no fluff) https://konect.to/edmylett Are You Making This Huge Money Mistake? Most people think they need to make more money to get rich. But what if I told you that’s exactly why they’re broke? Today, I’m sitting down with Morgan Housel, the author of The Psychology of Money, to completely rewire the way you think about wealth, security, and financial freedom. If you’ve ever wondered why some people who earn millions still end up broke while others with modest salaries quietly build real wealth, this episode is for you. We break down the difference between being rich and being wealthy, why chasing status is a financial trap, and how most people dramatically underestimate how much money they’ll need to stop working one day. Morgan shares why simple beats complex when it comes to investing, the real cost of debt-driven wealth, and how saving money isn’t just about you—it’s about being ready for life’s inevitable curveballs. I also open up about my own financial mindset—how fear of being broke has been a bigger driver for me than the excitement of getting rich, and why even after years of making an eight-figure income, I’ve stuck to a strategy of endurance, not shortcuts. Whether you’re just starting your financial journey or trying to level up, this conversation will challenge what you thought you knew about money. What You’ll Learn in This Episode: - Why most people who want to be millionaires actually spend like they already are—and that’s why they stay broke - The #1 habit of the wealthy (hint: it has nothing to do with income) - How compounding works in real life and why it’s the most powerful tool you’re probably ignoring - The psychological traps that keep you from saving and investing - Why financial independence is really about having options, not just money - The hidden cost of chasing status and external approval - How to prepare for life’s financial curveballs—because they WILL happen At the end of the day, it’s not just about how much you make—it’s about how long you can keep it. Don’t miss this one. Listen now and take control of your financial future! Main Points: 00:00 Intro 03:34 Why Most People Are Broke 07:18 What Rich People Do Differently 10:41 Compounding Wealth 14:10 Where To Put Your Money 17:04 Being Financially Out Of Control 21:07 The Downside Of Wealth 27:16 Morgan's Realization About Money 31:32 Delayed Gratification 34:56 Effect Of Tariff on The Economy 37:02 Saving Money For Your Children 39:50 The Right Mentality On Money 41:47 The Hustle Culture In America 49:59 Don't Check On Your Investments 51:34 Expectations Inflation 52:54 The Simple Truth About Money ---- Thank you for watching this video—Please Share it and get the word out! 👇 SUBSCRIBE TO MY YOUTUBE CHANNEL👇 https://www.youtube.com/channel/UCIprGZAdzn3ZqgLmDuibYcw?sub_confirmation=1 ▶︎ Visit My WEBSITE | https://www.EdMylett.com #EdMylett #Motivation