Wealth Requires Long-Term Effort, Says ‘The Art of Spending Money’ Author Morgan Housel

In his new book, The Art of Spending Money, bestselling author and financial thinker Morgan Housel argues that true wealth is built not through speed or luck, but through patience, self-awareness, and mindful spending. Speaking with CNBC ahead of the book’s October 7 release, Housel emphasized that financial success comes from understanding “what you have minus what you want,” and warned that the pursuit of getting rich quickly often leads people astray.

Housel, a partner at Collaborative Fund and author of The Psychology of Money, explores how personal values shape spending habits and long-term financial well-being. “It’s an art because it’s subjective,” he said. “Wealth is always a two-part equation — it’s what you have minus what you want.”

Couple dancing in front of a car | Source: Pexels

He cautioned against letting social pressures or online comparisons dictate financial choices, noting that “we overestimate how much strangers are paying attention to you.” Instead, he encourages people to measure happiness by internal benchmarks, such as time spent with family or the freedom to live according to personal values. “If nobody was watching, how could I live?” he asked, illustrating the difference between seeking utility and seeking status.

Housel also warned against the dangers of FOMO, or fear of missing out, calling it “one of the most dangerous financial reactions.” He stressed that wealth is best achieved through consistency, not speed: “If you can earn nearly average returns for an above-average period of time, you can do extraordinarily well.”