The Savings Expert: “Do Not Buy A House!” Do THIS Instead! - Morgan Housel

About 5 years ago, Morgan's book changed my entire life as it relates to money and finance. Hopefully, you will enjoy this conversation as much as I do! 🧡Could you do us a massive favour and HIT that like button on the video! Helps us a lot 🙏 share your favourite part of the convo below 👇🏾

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

I bought an old house with a big property, all cash. Refurbished it, added 10cm rockwool external insulation everywhere - then setup a huge solar array, my own water source, greenhouse, poultry, etc.. Cost of living is close to zero - with no debt. Best investment of my life.

The title is misleading. 99% of what they talk about has nothing to do with buying a house. IMO everything else shared is an incredible listen! He also didn’t say not to buy a house. He said history shows us it’s not a huge money maker looking at wealth. Buying a house is mostly about security and building a home, family and memories. (Whatever that looks like for you). If you listened you’d know that. Honestly it gave me relief to think about how much I put into my house, and probably won’t get back money wise and that’s ok. It’s about the intangible. Loved the conversation! TY!

I own a home but no other debt. It took me many years to learn this. but I no longer acquire stuff! I open a cabinet and if everything is visible and used routinely, I keep it. Less stuff= more time and joy. Stuff is a burden. I learned to be grateful for all around me. And stopped comparing myself to others. I am happy for the success of others. And I pray.

The most valuable skill is not needing to impress others. Such a genuine and true statement!!

As a homeowner who paid rent for years, I completely disagree that owning a home doesn't pay off. Knowing that I have shelter regardless of how well I'm doing financially, is a world of difference from the fear of losing that security, due to fluctuations in income, or a rise in the cost of living and rent hikes.

don't buy a house so I can buy it and rent it to you! B.S everywhere, they say "buying a house takes money out of your pocket" guess what, renting also takes even more money out of your pocket and at the end you've nothing

(21:50) is the most important part of this video. “Managing your own expectations is more in your control than managing your circumstances.” Very true and well-said. We focus so much on trying to manage the amount of money we make or where we are in life at x age but don’t try to manage realistic expectations based on our circumstances.

Thank you for this! I'm 60, college-educated, and the "failure" of my family financially. All three of my siblings have money, land, retirement savings, etc. I raised three kids as a divorced mom and am still paying on a student loan for one of my adult children, who is now working on her master's. I've worked hard my whole life since age 14, but have never earned over $46k a year. I've never been competitive or worried about material possessions. I drive a 2008 car with over 250,000 miles on it, rent an apartment, and will need to continue working well past my full retirement age to survive. Yet, I am generally happy with my "low" expectations. In my opinion, if you have the love of your family and a good dog, you're set.

As part of my retirement plans and also owing to the very shaky housing market now, I just sold a property in Philly and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains in months, I'm really just confused at this point.

After listening to this I managed to convince our 17 year old son to start investing. He’s just finished school and started an apprenticeship and has set up a pension and an investment ISA that he is paying into each month. He actually thanked me last night for getting him to listen to this as he’d just checked his investments and seen that they had gained well (I’d didn’t think for a minute that he would listen or take action 😂). Thankyou Steven and Morgan.

I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.

In the 50s, a man could work a 9 to 5 and support his family is modest comfort. The woman stayed home and was a homemaker. She was there for bith her husband and children. Today, it takes both working. No one is home for anyone. Everyone is isolated, busy, and stressed. There is no time for each other, much less personal intractions that were done as a family on the weekends. No time for personal development. That is even if you have a two parent household due to divorce. Not knowing how to pick mates for the right reasons and when to marry. There has been an attack on both the nuclear and extended family. There has also been an attack on ownership. Also wages going down while producys and services going up. Illegal imagration for cheap labor or outsourcing.

I have a family of 5. We bought a 4 bedroom house 5 years ago. Bought for $180,000, currently appraised at $330,000 with a mortgage payment of $1427. I've searched rental houses and apartments in our surrounding area and cannot even find a 3 bedroom house for under $2000/mo. An equal sized 4 bedroom house is renting for a minimum of $3000/mo. So glad we decided to buy when we did.

I grew up poor and remained poor until around age 30. I put myself through school and now have a career that, relative to the average in my area, is pretty well paying. Ive always lived beneath my means, I drive a 10 year old nissan (I purchased it new) that I take good care of, rent in a modest but well kept building, paid off all my student debts, have an emergency savings account that covers several months of expenses. I recently decided to take a part time position at work, 2 days one week, 3 days the next. I will be making half of what I do now, but will have time freedom. Due to the frugal way I live I am not endebted to anyone and can do what I want. Money merely represents energy, and I will have so much energy to spend being free and happy, I feel I am about to be very, very "rich".

I bought a house in Southern Alberta in 2020. 3bed, 2 bath 1,200 sq.ft in very good condition, move in ready with new floors and fresh paint as well as new bath and showers. I got in with a 5 year fixed interest rate of 1.89%. My mortgage plus property tax is $479 CAD ($350 USD). I would never be able to rent for that cheap!

The philosophy of the rich and the poor is this, the rich invest their money and spend what is left. The poor spend their money and invest what is left.

Since the start of 2022, we have been in a recession, but major media outlets and governments around the world refused to acknowledge it. We must exercise wisdom and intelligence. Since knowledge is power, I want the entire family to be strong! I recently bought some Pbatesltd . We appreciate you keeping us informed during these uncertain times.