Pique: 20% off at https://piquelife.com/impact Plaud: Get 10% off with code TOM10 at https://plaud.ai/tom Welcome to Impact Theory with Tom Bilyeu. In today’s episode, Tom sits down with Morgan Housel, bestselling author and expert on the psychology of money, for a candid and eye-opening discussion about the housing crisis and the far-reaching consequences it has on our society. Together, they dig deep into how housing affordability is at the heart of issues like declining marriage rates, mental health struggles, fertility crises, and even substance abuse. You’ll hear Morgan lay out why buying a home is more than a financial milestone—it’s a fundamental step into adulthood, community, and stability. Tom and Morgan also explore the cyclical nature of inequality throughout history, the role of inflation and debt in causing economic divides, and why current solutions to the housing shortage miss the mark. They challenge popular policies and talk about the real reasons why affordable homes are scarce—touching on everything from NIMBYism to regulatory capture—and what might need to change if we want to reverse trends that threaten generational prosperity. Whether you’re worried about the future of the economy, curious about how political cycles influence policy, or just want practical advice for navigating today's financial uncertainty, this episode offers both sobering insights and a dose of hope. If you’re ready for a thorough, nuanced conversation that connects headlines to everyday life, keep listening—this one’s for you. Check us out wherever you get your podcasts: Spotify: https://open.spotify.com/show/1nARKz2vTIOb7gC9dusE4b?si=a8daffd2bf1f48fd Apple: https://podcasts.apple.com/us/podcast/tom-bilyeus-impact-theory/id1191775648 Do you need my help? STARTING a business: join me here inside ZERO TO FOUNDER (https://tombilyeu.com/zero-to-founder) SCALING a business: click here to see if you qualify (https://tombilyeu.com/scale) Get the exact systems, mindset shifts, and principles that built a $1B brand delivered straight to your inbox every week. Subscribe for free (https://tombilyeu.com) Check out our Video game - Project Kyzen: (https://projectkyzen.io/) Catch Me Streaming on Twitch - (https://twitch.tv/tombilyeu) Link to IT discord: https://discord.gg/TZKJ2etPbT Tom's Favorite Things List: https://amzn.to/41Ftt7e FOLLOW TOM: Instagram: https://www.instagram.com/tombilyeu/ Tik Tok: https://www.tiktok.com/@tombilyeu?lang=en Twitter: https://twitter.com/tombilyeu YouTube: https://www.youtube.com/@TomBilyeu housing affordability, home ownership, homelessness, NIMBY vs YIMBY, supply and demand, generational wealth, inflation, stock market, asset ownership, compounding, real estate investing, zoning laws, regulatory capture, income inequality, K-shaped economy, generational divides, debt to GDP ratio, economic cycles, interest rates, government debt, student loans, social problems, entrepreneurship, economic growth, trade wars, birth rates, population decline, immigration, political polarization, financial crises The unexpected Laws of Personal Finance Morgan housel The Art Of Spending Money.