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He didn’t go to high school. He valeted Ferraris he couldn’t afford. Now he’s one of the most trusted money minds in the world.
In this episode of The Burnouts, bestselling author and VC partner Morgan Housel joins Phoebe Gates and Sophia Kianni for a conversation that will completely rewire how you think about wealth, ambition, and what “enough” actually means.
He shares how fear—not ambition—drove him to work two full-time jobs at 19, save every dollar like the apocalypse was coming, and obsess over flashy cars as a way to feel worthy. They unpack why most people are playing the wrong financial game, why trying to “beat the market” backfires, and why some of the richest people you know still feel broke inside.
Also: dating while broke, how having a kid ended his materialism overnight, and the one expensive gift he regrets buying to impress his now-wife.
This is the money education you should’ve gotten—but probably didn’t. It’s about psychology, not spreadsheets. Scarcity, not flexing. And no, you’re not the only one faking it.
💸✨ USE CODE "BURNOUTS15" FOR 15% OFF THE LIMITED-EDITION PHLUR X THE BURNOUTS CANDLE ✨💸
Chapters
00:00 — Who is Morgan Housel?
02:45 – Why everyone’s playing a different money game
05:20 – Dropping out + the fear that made him save
08:30 – What the guy with the yellow Ferrari taught him
12:55 – How becoming a dad changed his financial goals
15:00 – The most common investing mistake
20:10 – The dumbest flex gift he ever bought
23:40 – Talking money while dating in your 20s
29:00 – His current investing strategy (it’s very boring)
34:30 – How to stop chasing status and start building wealth
🔗 FOLLOW US
Phoebe Gates
Sophia Kianni
Morgan Housel
🔥 FOLLOW THE BURNOUTS
Instagram
TikTok
LinkedIn
📲 Download the Phia app to start saving money: www.phia.com
Subscribe to The Burnouts for exclusive conversations with today’s top founders and culture-shaping entrepreneurs. Hosted by former Stanford roommates turned startup co-founders, Phoebe Gates and Sophia Kianni, this isn’t just another founder podcast—it’s untold conversations and the unfiltered reality of what it takes to build your dream career in your 20s. Guests include Paris Hilton, Chelsea Handler, Kris Jenner, Karlie Kloss, and more visionaries defining the brands—and blueprints—of our time. Whether you’re dreaming big or building now, these are the conversations that will show you how it’s done (and what no one else tells you).
🔔 Subscribe now to get the blueprint for building your dream career
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
By Phoebe Gates & Sophia Kianni4
4343 ratings
He didn’t go to high school. He valeted Ferraris he couldn’t afford. Now he’s one of the most trusted money minds in the world.
In this episode of The Burnouts, bestselling author and VC partner Morgan Housel joins Phoebe Gates and Sophia Kianni for a conversation that will completely rewire how you think about wealth, ambition, and what “enough” actually means.
He shares how fear—not ambition—drove him to work two full-time jobs at 19, save every dollar like the apocalypse was coming, and obsess over flashy cars as a way to feel worthy. They unpack why most people are playing the wrong financial game, why trying to “beat the market” backfires, and why some of the richest people you know still feel broke inside.
Also: dating while broke, how having a kid ended his materialism overnight, and the one expensive gift he regrets buying to impress his now-wife.
This is the money education you should’ve gotten—but probably didn’t. It’s about psychology, not spreadsheets. Scarcity, not flexing. And no, you’re not the only one faking it.
💸✨ USE CODE "BURNOUTS15" FOR 15% OFF THE LIMITED-EDITION PHLUR X THE BURNOUTS CANDLE ✨💸
Chapters
00:00 — Who is Morgan Housel?
02:45 – Why everyone’s playing a different money game
05:20 – Dropping out + the fear that made him save
08:30 – What the guy with the yellow Ferrari taught him
12:55 – How becoming a dad changed his financial goals
15:00 – The most common investing mistake
20:10 – The dumbest flex gift he ever bought
23:40 – Talking money while dating in your 20s
29:00 – His current investing strategy (it’s very boring)
34:30 – How to stop chasing status and start building wealth
🔗 FOLLOW US
Phoebe Gates
Sophia Kianni
Morgan Housel
🔥 FOLLOW THE BURNOUTS
Instagram
TikTok
LinkedIn
📲 Download the Phia app to start saving money: www.phia.com
Subscribe to The Burnouts for exclusive conversations with today’s top founders and culture-shaping entrepreneurs. Hosted by former Stanford roommates turned startup co-founders, Phoebe Gates and Sophia Kianni, this isn’t just another founder podcast—it’s untold conversations and the unfiltered reality of what it takes to build your dream career in your 20s. Guests include Paris Hilton, Chelsea Handler, Kris Jenner, Karlie Kloss, and more visionaries defining the brands—and blueprints—of our time. Whether you’re dreaming big or building now, these are the conversations that will show you how it’s done (and what no one else tells you).
🔔 Subscribe now to get the blueprint for building your dream career
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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