My favorite podcast episode of 2024

Morgan Housel on The Huberman Lab

Author

Ajay Malhotra
January 02, 2025 • Reading Time: 4 minutes

Hey Ambitious,

Morgan Housel has quickly become one of my favorite thinkers and writers.

His book The Psychology of Money completely changed the way I think about money and the role it plays in personal fulfillment.

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Morgan Housel recently done a podcast with Huberman ..

This episode was absolutely packed with gems—but I tried to pull the 3 that resonated with me most.

1. The Formula for a Good Life

"I think a good formula for a pretty good life at the simplest level is independence plus purpose.

You need to have a purpose that is bigger than yourself... and you need to have the independence to make sure you can do it on your own terms rather than chasing somebody else's goal.

That's the highest level of psychological well-being, independence and purpose.”

It’s a simple, yet profound idea: freedom to live on your own terms and something meaningful to work toward.

When these two things align, they create the foundation for a fulfilling life.

2. Money Actually Does Buy Happiness

"Money absolutely can buy happiness.

It's often though an indirect path... A big fancy house? Maybe. But what really makes you happy is hosting friends and family there. A nice vacation? Sure.

But it’s the memories you form with your loved ones that matter.

So you can’t say money doesn’t make people happy—it does, just not in the way you might think.”

This reframe stood out to me.

It’s not about the things you buy—it’s about how those things support the experiences and connections that bring real joy.

3. Purpose is the Real Source of Fulfillment

"What really makes people happy in their core is some sense of purpose...

Often, the reason people are happier when they’re rich is that the process of building wealth gave them purpose—a business, a career, a calling.

Without purpose, money alone doesn’t create happiness.”

This made me reflect on how we often confuse the outcome (money) with the journey (purpose).

True happiness isn’t in the wealth itself, but in the sense of direction and meaning that often comes from building it.

Stay Elevated

~ Elevated Path

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