This content was created by Lewis Howes. This content was uploaded by Lewis Howes. This is a YouTube video titled "What REALLY matters when you're rich!" created on August 31, 2025, featuring a conversation between Morgan Housel and Lewis Howes. They discuss topics related to wealth, social comparison, and psychological aspects of money, including patterns that influence financial success or failure.
Chapters
It doesn't matter how much, how many resources I have. What matters is that I have more than you, more than the next guy. There's that joke about like there's two hikers being chased by a bear and then one of. One of the guys starts running and his friend says, you idiot, you can't outrun a bear. And his friend says, I don't need to outrun the bear. I just need to outrun you.
Wow.
And that's money too. That's what it is. And so it really is. It's a sad thing to ponder that you can live in a world where everything gets better and you don't appreciate any of it because you expected all of it. But it's happened forever. And I think it will happen forever.
Really. So this is like a psychological safety. Is that what this is?
It's just general social comparison. The minimum wage in Major League Baseball, I think is $500,000 a year. By any metric, a lot of money. But do you think the guy on who's playing for The Yankees making 500k feels like he's crushing it?
No, no.
He's playing with all his peers who are making 10, 20, 30 million a year. So even if by any definition he's in the tippy top of income, you don't feel like it.
Based on the book, same as ever, and connecting it to Psychology of Money, what are the top three patterns that are keeping people broke consistently versus the top three patterns that are making people rich?
I think the top things that make people broke, number one, the most important. This might seem like a cop out of an answer. It's they don't have enough luck. I mean, that's, that's so much of it. I know so many people who would disagree with that statement. So if, if you do disagree with Matt, I, I get it. But I think like I said earlier, in any kind of extreme success, even mine, and I would venture to say yours too, if you're really honest about connecting the dots in the past, you would say that there is this thing that happened to me that I never planned on. I did not strategize this. It just kind of happened to me. As I said, even if that thing is, you were born in the right era, right? And so that's. That's a big part of it that I think is too easy to I. The second is, I think, some form of short termism, whatever it is. I heard this great story from Mr. Beast recently where he said when people who have YouTube channels come to him for advice, and I'm sure a lot of them do. He tells them. He tells everybody the same thing. He says, go make 100 videos and then come back to me. And he said that 99 of those people will give up before they make 100 videos. And the person who actually makes it to 100 doesn't need his advice, doesn't go back.
Yeah.
And so I think that. But the fact that 99 of them gave up is. I mean, that's really what it is. It's just. It's just like, do you have the endurance, if not stubbornness, to keep it going? In any business endeavor, in any investing endeavor, what you're really getting paid for is to put up with uncertainty and pain. And most people will. They realize that they're going to cry uncle sooner than they thought, and that's okay. I don't think it's anything to be ashamed.
Right. Right.
But the people who don't make it are the ones who. Or the people who do make it are the ones who are just like, I have such a high tolerance for pain and.
