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Speaker 1: One of the most difficult, if not the most difficult

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Speaker 1: conversation to have in the world, is about money. Whether

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Speaker 1: it's with your partner, whether it's with your boss, whether

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Speaker 1: it's with your family, even yourself. We all struggle with

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Speaker 1: thinking about money, talking about money, monitoring our money, growing

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Speaker 1: our money. It's one of those things that can end

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Speaker 1: up being one of the greatest struggles of our life.

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Speaker 1: And it's sad because so much of our life revolves

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Speaker 1: around it. I know that this episode will transform your

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Speaker 1: relationship with money. How many of you are struggling to

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Speaker 1: shift from surviving to thriving. Maybe some of you have

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Speaker 1: tried budgeting, investing, or saving, but still feel like your

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Speaker 1: financial growth is stuck. Do you feel like you're doing

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Speaker 1: everything right with money, yet real financial freedom still feels

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Speaker 1: out of reach. Maybe self doubt is keeping you from

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Speaker 1: reaching the financial success you know you're capable of. I

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Speaker 1: can't wait for you to listen to this episode because

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Speaker 1: I want you to transform your relationship with money and wealth.

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Speaker 2: The number one Health and Well Inness.

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Speaker 1: Podcast Jay Setty Jay Sheety. First up is Scott Galloway, entrepreneur, professor,

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Speaker 1: and best selling author. He talks about the pursuit of

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Speaker 1: wealth versus riches. Have you ever felt the pressure that

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Speaker 1: you need to own a home? Scott bust this myth,

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Speaker 1: and I can't wait for you to hear his answer.

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Speaker 1: What does being rich even look like? Scott talks about

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Speaker 1: what does it mean to have a passive income that

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Speaker 1: can exceed your expenses? Here's the truth. Everyone worries about

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Speaker 1: financial stability, even high paid professionals, no matter your age.

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Speaker 1: If you're someone wanting a life of true wealth, listen

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Speaker 1: to this.

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Speaker 3: There is a certain pride of ownership. I think it's

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Speaker 3: situational where you are in life, how much money you have,

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Speaker 3: the city you're in. But buying a home is meant

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Speaker 3: to be an enhancement to your life. It's not a

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Speaker 3: suicide pact. And it may not be right for everybody.

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Speaker 1: Yeah, I think what it gave people as a symbol

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Speaker 1: was something to pursue.

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Speaker 4: Right.

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Speaker 1: We started talking about you go to college, you get

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Speaker 1: a degree, you get a job, get married, you get

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Speaker 1: a house, you have kids, Like it became one of

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Speaker 1: those temppole things. And so now when you take it out,

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Speaker 1: it's almost like, what should people be pursuing?

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Speaker 4: Right?

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Speaker 1: If you got married, you've got a good job, you're working,

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Speaker 1: you're with your partner. It's almost like people think they

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Speaker 1: have to pursue. It's almost like the assumption that you

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Speaker 1: have to have kids. It's the same assumption of oh,

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Speaker 1: we have to buy a house. So what should people

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Speaker 1: pursue instead? Financially? When it comes to financial security.

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Speaker 3: The goal is what I'll call wealth. The goal is

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Speaker 3: going to be rich. Rich is the things you see.

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Speaker 3: Wealth is what you don't see. And your pursuit should

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Speaker 3: be wealth or economic security. And this is what wealth is.

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Speaker 3: Wealth is having passive income that's greater than your burn.

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Speaker 3: Two example, So I have a buddy who runs M

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Speaker 3: and A for a bulge bracket investment bank, makes between

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Speaker 3: three and ten million dollars a year, dependent upon the

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Speaker 3: market because it's all current incompany, pays fifty percent taxes

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Speaker 3: between his ex wife, his home in the Hamptons, and

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Speaker 3: his master the universe lifestyle that he feels he deserves.

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Speaker 3: He hasn't saved a lot of money, and he spends

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Speaker 3: most of it. And I know that firsthand. He has

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Speaker 3: a lot of sleepless nights wondering what happens if the

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Speaker 3: music stops. He is not wealthy. My father, who is

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Speaker 3: ninety four between his pension from the Royal Navy Social

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Speaker 3: Security and he owns six washer dryer machines and trailer

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Speaker 3: parks where he goes and collects the money with his walker.

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Speaker 3: He makes fifty two thousand dollars a year he spends

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Speaker 3: forty eight, so he is saving money despite the fact

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Speaker 3: that he's not working. So his passive income is greater

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Speaker 3: than his burn. He is wealthy. So you want to

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Speaker 3: put yourself on a track to being wealthy. You want

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Speaker 3: to say, realistically, I can control how much I spend.

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Speaker 3: I just I've been coaching this couple living in San

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Speaker 3: Jose and they're in their late fifties. I talk a

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Speaker 3: lot about young people, and they say, Scott, we're in

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Speaker 3: our late fifties.

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Speaker 2: What do we do.

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Speaker 3: How much money do you have? What's your house worth?

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Speaker 1: Da?

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Speaker 4: Da da?

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Speaker 3: And by the time they're sixty five, they're not going

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Speaker 3: to have enough passive income to pay for their lifestyle.

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Speaker 3: I said, well, let's lean into our strengths here. Why

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Speaker 3: are you in San Jose And they said, well, we've

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Speaker 3: always lived here. I'm like, well, okay, your kids are

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Speaker 3: gone and you've just mentioned that you go to Costa

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Speaker 3: Rica twice here, why wouldn't you try and cut your

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Speaker 3: burn forty percent and move to Costa Rica and take

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Speaker 3: that economic pressure away and sell your house here. I

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Speaker 3: think your kids would love to come busit you in

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Speaker 3: Costa Rica. So the question is put yourself on a

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Speaker 3: path using basic math and what you really think you're

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Speaker 3: going to need in terms of passive income, such at

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Speaker 3: at some point. Ideally it's by the time you're forty.

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Speaker 3: It's usually not, but it needs to be by the

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Speaker 3: time you're sixty five or seventy, because that release of

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Speaker 3: economic anxiety freeze you up to focus on what is

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Speaker 3: really important, and that is deep and meaningful relationships. So

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Speaker 3: the reason why I am so much happier over the

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Speaker 3: last ten years than I was kind of the first

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Speaker 3: forty five years of my life is that economic stress

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Speaker 3: was always there for me. I was raised by a

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Speaker 3: single immigrant mother who lived and die of secretary. I

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Speaker 3: felt like there was a ghost following us around telling

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Speaker 3: us we weren't worthy because we didn't have money. Between

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Speaker 3: college student loans, the bomb crashed and the Great financial Recession,

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Speaker 3: I just never had enough money to have passive income

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Speaker 3: such that I was done and a lot of people

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Speaker 3: never get there. I got lucky. I sold my last

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Speaker 3: company about ten years ago for a lot of money. Now,

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Speaker 3: unless I really screw up again, which I've done a

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Speaker 3: couple times, I can focus on my relationships. The resting

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Speaker 3: blood pressure of a child in a low income home

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Speaker 3: is higher than the restling to solid blood pressure of

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Speaker 3: a kid in a middle or upbrin come home. I

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Speaker 3: think the majority of divorces are not a function of

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Speaker 3: infidelity or a lack of shared values. It's those things.

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Speaker 3: One or more of those things might happen, and then

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Speaker 3: again the incendiary on it is financial stress. Two thirds

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Speaker 3: plus of divorce filings are from women. And we don't

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Speaker 3: like to say this because we like to assume all

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Speaker 3: men are predators and all women are virtuous. But when

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Speaker 3: a man is under financial stress, the reality is he

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Speaker 3: becomes less attractive as a mate, and that can lead

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Speaker 3: to real stress in the relationship. So what you want

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Speaker 3: to pursue if you're not pursuing a home, you want

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Speaker 3: to put yourself on a path. You want to get

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Speaker 3: alignment with a partner. You want to tracker spending, and

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Speaker 3: put yourself on a path to some level of economic

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Speaker 3: security of wealth by say the time you're sixty five,

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Speaker 3: and if you're young and you're killing it instead of

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Speaker 3: buying a bigger flat screen or a bigger TV, or

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Speaker 3: maybe a bigger house, Well what if I started saving ten, fifteen,

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Speaker 3: twenty thirty percent of my salary and I got wealth

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Speaker 3: by the time I'm forty or forty five. Because to

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Speaker 3: be in America, young and healthy and have passive income

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Speaker 3: that's greater than you're burn. You're just going to have

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Speaker 3: a wonderful life. So it's not acquiring anything, it's getting

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Speaker 3: to a point of economic security or wealth. And that's

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Speaker 3: a function of two things. How much money you make,

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Speaker 3: such as you can save ke to wealth is not

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Speaker 3: how much you make, it's how much you save. And

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Speaker 3: also the thing you can control is your burn. You know,

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Speaker 3: I have a friend who ran a hedge fund. It

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Speaker 3: closed down. He makes good money, but not great money

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Speaker 3: living in Tribeca with three kids, needed a million bucks

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Speaker 3: a year to live that life. Moved to Portugal lives

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Speaker 3: an amazing life with a beautiful home, great food, childcare,

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Speaker 3: great education on four hundred grand a year. I mean,

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Speaker 3: these these are problems of privilege, but that has taken

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Speaker 3: the world of stress off his shoulders. He now needs

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Speaker 3: to make a very good living, not an out rageous living.

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Speaker 3: So but surround yourself with smart people who can help

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Speaker 3: you make these decisions. But wealth is passive income that's

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Speaker 3: greater than your burn.

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Speaker 1: When you bring up the word money, most of us

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Speaker 1: kind of go blank faced. We want to reach for

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Speaker 1: a stress ball. We kind of you can just sense

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Speaker 1: that it's uncomfortable to talk about it because we're almost

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Speaker 1: reminded of all the bills stacking up and all of

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Speaker 1: our expenses and we spend too much on TikTok shop

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Speaker 1: this week, and you know, the reality hits and we

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Speaker 1: kind of don't want to talk about it. Don't bring

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Speaker 1: it up. How do we get out of that stressful wiring?

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Speaker 1: And you talked about it even there with your background,

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Speaker 1: Like I grew up in a family where we didn't

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Speaker 1: have the healthiest relationship with money because we never had

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Speaker 1: enough or we always had just enough and that was

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Speaker 1: good enough, and that was always like you know, you're

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Speaker 1: just looking at your back balance sitting at zero all

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Speaker 1: the time, Like, how do we rewire our relationship with

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Speaker 1: money because most of us have a stressful relationship with money.

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Speaker 3: Well, when you think about how they help people who

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Speaker 3: are depressed. It's a combination of talk therapy and if needed,

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Speaker 3: some sort of you know, pharmaceugal intervention. I think mental

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Speaker 3: illness or mental unwellness around money. I think we absolutely

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Speaker 3: need to one have more financial literacy. I think we

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Speaker 3: should have a class called adulting in your senior year

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Speaker 3: of high school that says, my kid can do derivatives,

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Speaker 3: but I just figured out he doesn't understand the interest

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Speaker 3: rate on his credit card. So young people needs a

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Speaker 3: certain level of financial literacy. Also, I encourage him to

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Speaker 3: talk about money with their friends. It's especially hard for men.

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Speaker 3: Women are disproportionately evaluated based on their aesthetics. Men are

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Speaker 3: disproportionally evaluated based on their economic vitality.

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Speaker 2: So for a guy to.

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Speaker 3: Say, hey, do you you know I lost a shit

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Speaker 3: ton of money in the market. Should I sell it?

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Speaker 3: Do I get a tax shot off? That connotes weakness.

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Speaker 3: They're worried that they're less attractive. There's actually something very

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Speaker 3: British that you might relate to, and that is British people.

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Speaker 3: The best great I understand in Britain that everyone wants

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Speaker 3: is you get really high marks but really low effort scores.

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Speaker 3: You're supposed to be accidentally rich. I'm so, I'm such

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Speaker 3: a baller and I'm so great at what I do

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Speaker 3: that I just accidentally slipped and fell on a ton

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Speaker 3: of money. No, it's work. You got to think about it,

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Speaker 3: You got to talk about it. So I encourage people

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Speaker 3: to talk to their friends and if you're comfortable, this

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Speaker 3: is how much money I'm making, this, how much I'm saving?

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Speaker 3: This is you know, taxation is really important. Well what

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Speaker 3: if I moved to Florida? How much money would I save?

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Speaker 3: You know, what if I buy a house? Now I

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Speaker 3: hear there's something called ten thirty one exchange where I

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Speaker 3: can roll into my next.

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Speaker 4: Property tax free.

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Speaker 3: Talk about money, get get really good at it. Roger Federer,

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Speaker 3: do you think he never talks about tennis? Talks about

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Speaker 3: it all the goddamn time. Do you want to be

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Speaker 3: great at money? Most people say, yeah, I want to

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Speaker 3: be great at money? Is anybody great at anything? If

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Speaker 3: I wanted to be an amazing evolutionary anthropologist? Would I

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Speaker 3: never talk about it? Would I never bring it up

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Speaker 3: in conversation? I never want to talk to other people

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Speaker 3: about evolutionary anthropology. If you want to be good at money,

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Speaker 3: put down the facade and start talking to people about

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Speaker 3: their investments, how much money they make, what they do

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Speaker 3: with their money, how they save money, what they do

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Speaker 3: to try and limit their spending. I talk about stoicism.

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Speaker 3: See if you can find a practice where you get

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Speaker 3: reward or a dopa hit from exercise or relationships. Gamify

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Speaker 3: saving money. My junior year at UCLA, I was in

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Speaker 3: a fraternity with mostly wealthy Jewish kids from the valley,

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Speaker 3: and there were five or six of us out of

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Speaker 3: one hundred and twenty guys, and everybody in who we were.

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Speaker 3: We didn't have any money. We're always laying on our

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Speaker 3: house bills. Everyone knew, oh, those are the poor kids, right.

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Speaker 3: And one summer we all lived in the same apartment

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Speaker 3: building and we gamified saving money, and we had a

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Speaker 3: whiteboard and we literally made a game out of it.

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Speaker 3: In the summer of nineteen eighty five, I survived for

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Speaker 3: twelve weeks on seventy eight bucks a week including rent,

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Speaker 3: because if I didn't save three thousand bucks by the fall,

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Speaker 3: I wasn't going back for my senior year in college

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Speaker 3: because I didn't have wealthy parents. And if you can

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Speaker 3: gamify saving money with a partner, especially a romantic partner,

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Speaker 3: that you can be totally transparent with God, that's powerful.

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Speaker 3: We're building something. We're gonna save a ton of money.

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Speaker 3: Can we save five or seven thousand bucks this year together?

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Speaker 3: And it's gonna be eight thousand next year, and then

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Speaker 3: it's gonna be nine and with compounding in five or

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Speaker 3: six years, which will go really fast. We have sixty

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Speaker 3: eighty one hundred grand And having kids is I think

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Speaker 3: the most rewarding thing it has been for me. I

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Speaker 3: didn't plan to have kids, but it was having kids

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Speaker 3: with someone else and raising what feel like pretty good citizens.

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Speaker 3: But a close second was building economic security with someone else.

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Speaker 3: We had total alignment. Right, we're gonna save, We were

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Speaker 3: transparent around our expenses. We were generous with each other.

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Speaker 3: Oh no, you should do that. There's a very unhealthy

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Speaker 3: dynamic sometimes in relationships, and this is sexist, but I

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Speaker 3: found it to be true where the dude uses money

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Speaker 3: to control his spouse, and the spouse turns it into

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Speaker 3: a game of how much money she can spend without

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Speaker 3: him knowing. And fortunately that's getting flipped a little bit,

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Speaker 3: or it's equalizing because women are doing so well. Women

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Speaker 3: under the age of thirty are making more money, and

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Speaker 3: urban centers more single women own homes, but they're still

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Speaker 3: in my generation. This very weird dynamic between the sexes

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Speaker 3: and money. But going back to your original question, talk

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Speaker 3: about it, understand it. If you want to be good

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Speaker 3: at it, you got to get literate at it, and

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Speaker 3: you want to bring it up with your friends and

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Speaker 3: you can start learning. I spend four hours a week

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Speaker 3: probably talking to other people about my economic well being,

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Speaker 3: what tag loop holes there are where I should be investing.

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Speaker 3: I have a lot of real estate when interest rates

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Speaker 3: come down, At what point do interest rates get low

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Speaker 3: enough where I should be pulling a second out and

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Speaker 3: putting it in the market, knowing if I have a

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Speaker 3: ten year mortgage, over ten years the market usually up

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Speaker 3: about seven to nine percent a year. Does that make

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Speaker 3: sense right? Think about it all the time. You're the

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Speaker 3: average of your five friends. You've seen that study body mass, politics,

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Speaker 3: sports teams. But what's more interesting is one of those

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Speaker 3: five people will be more economically secure, much more economically

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Speaker 3: secure than the other four, despite not making a lot

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Speaker 3: more money. You want to know those behaviors and those characteristics,

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Speaker 3: and you want to model that person. But this is

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Speaker 3: something we all need to be more open about. It

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Speaker 3: doesn't make you less of a man. You're not supposed

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Speaker 3: to have a lot of money when you're young. Everybody

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Speaker 3: screws up. I've been broke twice in my forties. I

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Speaker 3: was broke and that was really I was too ashamed

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Speaker 3: to admit that to anybody else. It was like, well,

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Speaker 3: you're supposed to be smart and great at what you do, right,

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Speaker 3: So I think being a little bit more vulnerable, being

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Speaker 3: open about it and getting tips and you know, kind

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Speaker 3: kind of rules of the road from other people talk

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Speaker 3: about it.

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Speaker 1: Kit two is from Cody Sanchez, found, a CEO, New

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Speaker 1: York Times bestselling author and champion of financial freedom. She

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Speaker 1: talks about how to translate your skills into wealth. You

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Speaker 1: might have felt that you have skills, you have talents,

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Speaker 1: you have abilities, but you don't know how to monetize them.

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Speaker 1: I use someone who's deciding whether college is right for you,

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Speaker 1: or maybe you went to college and got a degree

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Speaker 1: in something you no longer want to pursue. Degrees don't

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Speaker 1: always guarantee financial success. Practical transferable skills can matter more.

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Speaker 1: Companies increasingly value practical skills over traditional degrees, and Cody

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Speaker 1: talks about how to turn those into real world value

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Speaker 1: so that you're not chasing your passions that may not

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Speaker 1: pay off. I can't wait for you to listen to

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Speaker 1: this clip to recognize how to turn your skills into profit.

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Speaker 1: So I'd meet a lot of young people who sadly

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Speaker 1: have spent so much money on their degree, are really

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Speaker 1: smart academically, but then that skill doesn't translate into knowing

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Speaker 1: how to make the company more money, knowing how to

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Speaker 1: lead people really well, knowing how to build function systems, processes,

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Speaker 1: and therefore it's like, well, wait a minute, I just

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Speaker 1: studied all these years, but it doesn't translate.

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Speaker 5: Yeah, I think you're exactly right. I mean, for a

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Speaker 5: long time, we employed people from the top universities and

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Speaker 5: financial firms. We would go out and we would hand

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Speaker 5: select them because that would be an indicator of their grit, perseverance,

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Speaker 5: and potentially their intellect their IQ. Now, by and large,

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Speaker 5: you're starting to see a lot of the top institutions

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Speaker 5: bypass that. You know, Google doesn't mandate that you have

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Speaker 5: a college degree if you're going into an engineering degree, actually,

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Speaker 5: and I think that should be really liberating for us

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Speaker 5: it's basically breaking down this barrier that's a six figure

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Speaker 5: barrier that allowed for the few, the elites to stare

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Speaker 5: step over everybody else. And now it's actually saying how

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Speaker 5: bad you want it, and don't tell me what you learned,

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Speaker 5: show me what you can do, or even better, show

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Speaker 5: me what you did. And so I think the resume

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Speaker 5: of the future is actually if somebody came to you,

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Speaker 5: Jay and they were like, I just graduated from Wharton,

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Speaker 5: I am very smart. You know, I also did my

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Speaker 5: undergraduate degree at Harvard. I now want to come work

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Speaker 5: for you. You'd be like, what do you know how

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Speaker 5: to do? Do you know how to market? Do you

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Speaker 5: know how to grow a beverage company? Do you know

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Speaker 5: how to increase our investment return?

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Speaker 6: Oh?

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Speaker 5: You kind of like theoretically have looked about how to

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Speaker 5: do that in a case study. That's probably less interesting

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Speaker 5: to you than somebody that goes you know what. I

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Speaker 5: was part of the beverage team at Arowon and Whole Foods,

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Speaker 5: and I figured out sort of across the country how

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Speaker 5: they buy different pieces of inventory.

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Speaker 2: Yeah, attention right, exactly.

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Speaker 5: And maybe because I want to help you grow this

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Speaker 5: individual business, which I know you care about because I

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Speaker 5: see it on your socials. I put together this little

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Speaker 5: spreadsheet for you. Here's the things they care about. Could

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Speaker 5: I come work for you for free for three or

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Speaker 5: six months, and if that works out, could we do

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Speaker 5: something better and bigger. The problem that people usually have

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Speaker 5: on the internet when I throw out the word work

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Speaker 5: for free, these young people are like, remember that part

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Speaker 5: where you told us that we were broken and we

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Speaker 5: don't have any money. So I'm not trying to dismiss

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Speaker 5: that at all, but I do think we have to

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Speaker 5: be honest about the fact that when we're young, you're

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Speaker 5: gonna have to work harder than you think, longer than

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Speaker 5: you think, doing stuff you don't like with people you

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Speaker 5: probably don't like, until eventually you get the right to

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Speaker 5: do something really interesting. But like, you don't die in

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Speaker 5: your first job from it being really hard and challenging.

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Speaker 5: You die from the absolute monotony and the low level

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Speaker 5: tasks you have to do for basically pennies on the dollar.

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Speaker 1: Yeah, definitely, definitely, absolutely, I fully agree. Let's say someone's

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Speaker 1: thirty years old. Yeah, they've all thirty to thirty five,

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Speaker 1: they work ten fifteen years after graduating, they've been at

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Speaker 1: the same company. Maybe they've moved once. Yeah, I was

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Speaker 1: actually talking to someone like this yesterday. She's been at

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Speaker 1: this one company for six years. It's a great company,

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Speaker 1: great on her resume, but she's like, I don't really

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Speaker 1: want to be here. I don't think this is where

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Speaker 1: I see my future. But I'm so scared of quitting.

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Speaker 1: I don't know how to invest. I probably didn't save

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Speaker 1: that much anywhere. Now I feel bad about it. I'm

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Speaker 1: probably feeling a bit of shame and guilt that I

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Speaker 1: didn't save that much over the last ten year.

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Speaker 2: Is Yeah, what would I do, Cody?

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Speaker 5: Well, one, I would say, these days, you do not

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Speaker 5: have to have money to make money, which is incredibly powerful.

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Speaker 5: So when I think about it, if I'm thirty and

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Speaker 5: I am at a company like that, what would I

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Speaker 5: do today?

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Speaker 2: Well, I would actually probably.

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Speaker 5: Sit down and figure out what am I actually skilled

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Speaker 5: at that somebody else would pay me for? Once you

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Speaker 5: know what somebody else would pay you for, which is

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Speaker 5: really just like do people ask for your opinion on this?

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Speaker 5: Could you actually get jobs in this space if it

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Speaker 5: was me? Because I'm kind of unemployable, Like you don't

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Speaker 5: want me to work for you? Like I got my

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Speaker 5: own ideas. I want to do things this way. If

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Speaker 5: she's like that, then what you want to do is

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Speaker 5: you want to try to partner with somebody where you

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Speaker 5: can be the solution to their problem. And because you

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Speaker 5: understand what I call deal making, which is really the

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Speaker 5: language of money, you can negotiate an ability for you

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Speaker 5: to own part of a thing in order for you

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Speaker 5: to have one of three outcomes. If she can figure

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Speaker 5: out if she can help a business grow its revenue

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Speaker 5: make more money, if she can help a business cut

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Speaker 5: its costs, or if she can help decrease the pin

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Speaker 5: of a business owner. You can negotiate your way into

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Speaker 5: a business and have equity in it and upside. And

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Speaker 5: I wish somebody had taught me that earlier, because this

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Speaker 5: is what consultants do, this is what private equity firms do,

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Speaker 5: this is what some of the largest institutions in the

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Speaker 5: world do. I call it expertise to equity. But if

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Speaker 5: I was her, I'd say, don't go find another job.

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Speaker 5: And if you don't have a brilliant idea that you're like,

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Speaker 5: I would die for the want of creating this thing

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Speaker 5: in the world. If you have that, please go do it.

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Speaker 5: But if you're like, I don't have that. I just

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Speaker 5: want to make money and I want to feel respected,

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Speaker 5: and I want to feel like my skills fit somewhere

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Speaker 5: and I'm able to have an outsized income. If that's you,

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Speaker 5: then I think you should try to value your skill set.

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Speaker 5: Then you should try to negotiate for an upside deal

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Speaker 5: with somebody, and you should try your hand at this

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Speaker 5: game called ownership, which is where you say, hey, small business,

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Speaker 5: I know how to market. Can I help you market

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Speaker 5: at the side while I'm working on this company? And

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Speaker 5: because I help you grow your revenue by fifty percent,

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Speaker 5: could I keep ten percent of the fifty percent I grow?

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Speaker 5: A small business owner would say yes to that. Of

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Speaker 5: course they would, because there's no downside. And I think

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Speaker 5: more often than not, we think that the only risk

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Speaker 5: you can take and making money in business is putting

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Speaker 5: your own cash down. That's a risk, or starting a

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Speaker 5: business aka dedicating your life to something. The last part

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Speaker 5: I'll get a little statistic on us is ninety percent

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Speaker 5: of startups fail inside any rolling ten year period. We

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Speaker 5: know that statistic. Most startups make zero dollars for the

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Speaker 5: first three years. After that, the average entrepreneur makes about

435
00:21:29,680 --> 00:21:31,800
Speaker 5: forty six thousand dollars a year, which is great, but

436
00:21:32,080 --> 00:21:34,560
Speaker 5: not when you've been making zero for three years. And

437
00:21:34,600 --> 00:21:36,800
Speaker 5: then on top of that, we've got this nation of

438
00:21:37,160 --> 00:21:39,800
Speaker 5: people who have all these bills to pay, and they

439
00:21:39,800 --> 00:21:42,520
Speaker 5: are betting on hopes and dreams as opposed to realities.

440
00:21:42,760 --> 00:21:46,440
Speaker 5: And so my commentary is, can you figure out how

441
00:21:46,480 --> 00:21:49,200
Speaker 5: to value your skills so you can negotiate a little

442
00:21:49,200 --> 00:21:51,600
Speaker 5: bit more upside for that day where you can't work anymore.

443
00:21:51,760 --> 00:21:54,360
Speaker 1: Clip number three is from one of my best friends,

444
00:21:54,560 --> 00:21:58,600
Speaker 1: Lewis Howse, and he talks about the mindset of abundance.

445
00:21:59,119 --> 00:22:03,400
Speaker 1: He talks about how a scarcity mindset can limit financial growth,

446
00:22:03,760 --> 00:22:08,040
Speaker 1: while an abundance mindset opens doors to wealth. If you've

447
00:22:08,080 --> 00:22:12,080
Speaker 1: grown up with limited resources, it may have shaped how

448
00:22:12,119 --> 00:22:15,600
Speaker 1: you view money. He talks about the importance of practicing

449
00:22:15,720 --> 00:22:19,000
Speaker 1: gratitude with money, no matter how little or how much

450
00:22:19,040 --> 00:22:22,159
Speaker 1: you have, And we get to talking about both of

451
00:22:22,240 --> 00:22:26,640
Speaker 1: us rewiring our relationship with money so that you can

452
00:22:26,680 --> 00:22:30,320
Speaker 1: actually attract more abundance. If me and you went back

453
00:22:30,600 --> 00:22:33,480
Speaker 1: to a place in our life where we really didn't

454
00:22:33,800 --> 00:22:36,879
Speaker 1: have money, yes, and you think about someone who's in

455
00:22:36,880 --> 00:22:39,760
Speaker 1: that position, who's listening to us right now, and in

456
00:22:39,800 --> 00:22:43,880
Speaker 1: their head, they're thinking, but how do I become abundant

457
00:22:44,560 --> 00:22:47,320
Speaker 1: when I don't have well? Like my natural thing is

458
00:22:47,400 --> 00:22:49,760
Speaker 1: like I'm just struggling to pay my next bill, and

459
00:22:49,800 --> 00:22:51,639
Speaker 1: me and you have both been in those situations. I

460
00:22:51,680 --> 00:22:54,240
Speaker 1: remember when I was growing up. I grew up in

461
00:22:54,240 --> 00:22:57,359
Speaker 1: a house where we had just enough. Like that was

462
00:22:57,400 --> 00:23:00,679
Speaker 1: the language my parents use, we have just enough, And

463
00:23:00,840 --> 00:23:03,720
Speaker 1: my parents would often argue about money. I remember I

464
00:23:03,720 --> 00:23:05,919
Speaker 1: wasn't allowed to buy cool shoes and stuff I'd have

465
00:23:06,040 --> 00:23:08,800
Speaker 1: like the knockoff, cheapest brand from whatever, which was. I

466
00:23:08,800 --> 00:23:10,560
Speaker 1: actually didn't have an issue with that. I didn't have

467
00:23:10,560 --> 00:23:12,520
Speaker 1: an issue with any of it because we had food

468
00:23:12,560 --> 00:23:15,720
Speaker 1: and that was my normality. But it's really interesting because

469
00:23:15,760 --> 00:23:18,440
Speaker 1: the amount of times growing up. I started working when

470
00:23:18,440 --> 00:23:21,880
Speaker 1: I was fourteen, and I think that gave me a

471
00:23:21,920 --> 00:23:26,479
Speaker 1: really interesting sense of how hard it was to make money.

472
00:23:26,800 --> 00:23:28,159
Speaker 2: Because I started working at fourteen.

473
00:23:28,240 --> 00:23:31,840
Speaker 1: I used to get paid two pounds per street that

474
00:23:31,920 --> 00:23:35,840
Speaker 1: I delivered newspapers. So imagine there's a hundred houses. It's

475
00:23:35,840 --> 00:23:37,600
Speaker 1: going to take me like that per house.

476
00:23:37,920 --> 00:23:39,439
Speaker 2: No, no, no, per street.

477
00:23:39,680 --> 00:23:41,960
Speaker 1: So I did five streets and so I'd get ten

478
00:23:42,000 --> 00:23:43,880
Speaker 1: pounds at the end of the week, if I did

479
00:23:43,920 --> 00:23:46,680
Speaker 1: five streets and each street would take me at least

480
00:23:46,720 --> 00:23:49,480
Speaker 1: an hour, maybe I don't know, something like that. And

481
00:23:49,520 --> 00:23:52,320
Speaker 1: so I'd walk around, I'd pull this thing and I'd

482
00:23:52,359 --> 00:23:55,320
Speaker 1: deliver it, and I got an understanding of how hard

483
00:23:55,359 --> 00:23:58,480
Speaker 1: it was to make money. But then that became a

484
00:23:58,520 --> 00:24:01,440
Speaker 1: story for me, going to your making money is hard,

485
00:24:01,520 --> 00:24:05,600
Speaker 1: making money is hard, and that there's only a certain

486
00:24:05,640 --> 00:24:08,240
Speaker 1: amount of money you're allowed to make at this level,

487
00:24:08,440 --> 00:24:10,720
Speaker 1: like you're a fourteen year old. Then I worked in retail.

488
00:24:10,760 --> 00:24:13,320
Speaker 1: I stacked shelves at a grocery store. I worked at

489
00:24:13,359 --> 00:24:15,920
Speaker 1: a store called Morrison's, which is like working at Walmart.

490
00:24:16,680 --> 00:24:19,720
Speaker 1: And there, I remember, I got paid like five pounds

491
00:24:19,760 --> 00:24:21,960
Speaker 1: an hour, and then you get like time and a

492
00:24:22,000 --> 00:24:25,200
Speaker 1: half if you work the weekends in the evenings. All

493
00:24:25,240 --> 00:24:27,800
Speaker 1: of this to say that I probably spent my whole

494
00:24:27,840 --> 00:24:31,520
Speaker 1: life only seeing zero in my bank account because everything

495
00:24:31,560 --> 00:24:33,920
Speaker 1: that would come in would pay for my phone bill,

496
00:24:34,240 --> 00:24:37,040
Speaker 1: my car insurance that I paid for whatever it was

497
00:24:37,040 --> 00:24:38,760
Speaker 1: that I was taking care of. So I wasn't relying

498
00:24:38,800 --> 00:24:41,400
Speaker 1: on my parents apart from I lived in their home obviously,

499
00:24:42,320 --> 00:24:44,080
Speaker 1: but I always felt like money came in, money went

500
00:24:44,119 --> 00:24:48,600
Speaker 1: out and my story around money was people who have

501
00:24:48,920 --> 00:24:50,600
Speaker 1: money are doing something bad.

502
00:24:51,320 --> 00:24:52,440
Speaker 2: So I lived in a home.

503
00:24:52,480 --> 00:24:55,199
Speaker 1: Whenever we went to a friend's home and they had

504
00:24:55,240 --> 00:24:57,680
Speaker 1: a nice home, my family would always say, oh, yeah,

505
00:24:57,720 --> 00:25:00,560
Speaker 1: but they do dodgy stuff to make money. Language around

506
00:25:00,600 --> 00:25:03,199
Speaker 1: money was people with money are doing bad stuff. So

507
00:25:03,240 --> 00:25:04,800
Speaker 1: in my head it was like, Oh, if you have money,

508
00:25:04,840 --> 00:25:07,920
Speaker 1: then you must be doing shady stuff because we don't

509
00:25:07,960 --> 00:25:09,560
Speaker 1: have money and we're not doing anything right.

510
00:25:09,600 --> 00:25:11,240
Speaker 4: You must be hurting people to make.

511
00:25:11,119 --> 00:25:14,399
Speaker 1: Money correct in some way, exploiting advantage. Yeah, take your

512
00:25:14,400 --> 00:25:18,959
Speaker 1: advantage whatever. So everything you're saying is so true because

513
00:25:19,000 --> 00:25:20,240
Speaker 1: then when I got to a point in my life

514
00:25:20,240 --> 00:25:22,919
Speaker 1: where I was just trying to do good and I

515
00:25:22,960 --> 00:25:25,760
Speaker 1: had something like one hundred and fifty two hundred million

516
00:25:25,840 --> 00:25:27,800
Speaker 1: views on content and you have no money, I was

517
00:25:27,800 --> 00:25:30,879
Speaker 1: four months away from being I met you around this

518
00:25:31,000 --> 00:25:33,719
Speaker 1: time this time, yes, And it was really interesting to

519
00:25:33,760 --> 00:25:37,280
Speaker 1: me because that was the time that I was actually

520
00:25:37,320 --> 00:25:39,280
Speaker 1: doing this work, which is why this book so powerful,

521
00:25:39,320 --> 00:25:43,080
Speaker 1: because I realized that I couldn't even with one hundred

522
00:25:43,080 --> 00:25:45,960
Speaker 1: and fifty two hundred million views. It wasn't that that

523
00:25:46,040 --> 00:25:51,520
Speaker 1: made money because my story and my personality style was anxious.

524
00:25:51,840 --> 00:25:54,560
Speaker 1: I felt like it was wrong to make money. Like,

525
00:25:54,640 --> 00:25:56,840
Speaker 1: that's actually what it was. I felt like making money

526
00:25:56,880 --> 00:26:01,119
Speaker 1: was bad. And so until I got to that, did.

527
00:26:00,960 --> 00:26:03,280
Speaker 4: You believe you're worthy of making more money?

528
00:26:03,359 --> 00:26:06,560
Speaker 1: I believed I was worthy, But I believe that you

529
00:26:06,640 --> 00:26:08,439
Speaker 1: had to be bad to make money.

530
00:26:08,480 --> 00:26:08,800
Speaker 4: Wow.

531
00:26:08,880 --> 00:26:10,199
Speaker 7: So you don't want to be bad, you don't want

532
00:26:10,200 --> 00:26:12,159
Speaker 7: to have a lot of money and associate I have

533
00:26:12,160 --> 00:26:14,160
Speaker 7: a lot of money, and now I'm bad.

534
00:26:14,320 --> 00:26:15,800
Speaker 2: Correct, I'm bad and wrong.

535
00:26:15,560 --> 00:26:16,919
Speaker 4: And I'm hurting others in order to.

536
00:26:16,920 --> 00:26:20,000
Speaker 1: Tell myself correct because good people are poor wow. Right,

537
00:26:20,000 --> 00:26:22,600
Speaker 1: Like to be a good person of good character means

538
00:26:22,640 --> 00:26:23,480
Speaker 1: to not have money.

539
00:26:23,600 --> 00:26:26,359
Speaker 4: Wow. And that was based on a belief system that

540
00:26:26,400 --> 00:26:27,560
Speaker 4: you developed.

541
00:26:27,280 --> 00:26:29,440
Speaker 1: Over time that I didn't even know, Like if you

542
00:26:29,480 --> 00:26:31,840
Speaker 1: would have told me about this eight years ago, to me,

543
00:26:31,960 --> 00:26:34,000
Speaker 1: I don't know, which is why I think these reflections

544
00:26:34,200 --> 00:26:36,400
Speaker 1: are so important. So when you're in that place taking

545
00:26:36,440 --> 00:26:39,280
Speaker 1: your story as well, taking my story, how do we

546
00:26:39,359 --> 00:26:42,280
Speaker 1: start to rewrite that story now that we're aware.

547
00:26:42,560 --> 00:26:43,760
Speaker 4: Well's so powerful that you said that.

548
00:26:43,800 --> 00:26:46,200
Speaker 7: And I remember this vividly because I met you on

549
00:26:46,680 --> 00:26:52,480
Speaker 7: Halloween twenty seventeen, right eight years ago, and I said, like,

550
00:26:52,880 --> 00:26:54,760
Speaker 7: cancel the day, let's just hang out all day.

551
00:26:54,840 --> 00:26:56,000
Speaker 2: Yeah, you had a book coming out of that.

552
00:26:55,960 --> 00:26:58,640
Speaker 7: I had a boocket that came out that day on Halloween,

553
00:26:59,080 --> 00:27:01,760
Speaker 7: which is called the basket masculinity. Anyways, how do we

554
00:27:01,800 --> 00:27:05,120
Speaker 7: rewire our brain around money to create more abundance when

555
00:27:05,160 --> 00:27:07,399
Speaker 7: you have nothing, when you have lack? How do we

556
00:27:07,440 --> 00:27:09,840
Speaker 7: rewire our brain to create abundance when you have nothing

557
00:27:09,880 --> 00:27:11,800
Speaker 7: and you don't know how to earn more money.

558
00:27:12,160 --> 00:27:14,040
Speaker 4: The first thing I think you need to be aware

559
00:27:14,040 --> 00:27:17,399
Speaker 4: of is that your beliefs dictate your behaviors.

560
00:27:17,760 --> 00:27:22,679
Speaker 7: So if you believe that money is bad or people

561
00:27:22,720 --> 00:27:25,160
Speaker 7: who make a lot of money are bad and take

562
00:27:25,200 --> 00:27:29,160
Speaker 7: advantage of others, and therefore me having lack right now

563
00:27:29,200 --> 00:27:30,720
Speaker 7: means I'm a good person and I don't want to

564
00:27:30,760 --> 00:27:32,840
Speaker 7: become a bad person, then that belief is going to

565
00:27:32,840 --> 00:27:35,520
Speaker 7: dictate your behaviors, and you're going to stay in lack.

566
00:27:35,640 --> 00:27:37,960
Speaker 7: You're going to stay in scarcity, and you're going to

567
00:27:38,000 --> 00:27:41,679
Speaker 7: see opportunities that only give you just enough as opposed

568
00:27:41,720 --> 00:27:45,879
Speaker 7: to opportunities that could create incredible wealth for yourself financially

569
00:27:45,960 --> 00:27:48,760
Speaker 7: but also an emotional wealth that you've never had before.

570
00:27:49,480 --> 00:27:50,919
Speaker 7: So that's one of the things you want to understand

571
00:27:50,960 --> 00:27:53,760
Speaker 7: it's first that your beliefs dictate your behaviors.

572
00:27:53,880 --> 00:27:55,680
Speaker 2: That's a big one, by the way, That's huge. Yeah,

573
00:27:55,720 --> 00:27:57,399
Speaker 2: like that. I just want to point that out with people, like,

574
00:27:57,440 --> 00:27:58,480
Speaker 2: that's so huge.

575
00:27:58,240 --> 00:27:59,119
Speaker 4: Because your beliefs.

576
00:27:59,160 --> 00:28:02,359
Speaker 7: Yeah, it's huge got you to a place of I

577
00:28:02,440 --> 00:28:05,560
Speaker 7: am impacting hundreds of millions of people from these these

578
00:28:05,640 --> 00:28:08,680
Speaker 7: videos that I created with my talents, but I don't

579
00:28:08,720 --> 00:28:10,160
Speaker 7: know how to make money with them, and I don't

580
00:28:10,200 --> 00:28:12,600
Speaker 7: know if I actually should because then I could be

581
00:28:12,680 --> 00:28:15,199
Speaker 7: bad and wrong, or people could perceive me as I

582
00:28:15,240 --> 00:28:18,320
Speaker 7: did something bad to make this money correct, And I'm

583
00:28:18,359 --> 00:28:21,359
Speaker 7: a spiritual person, I'm a monk, I've done all these things.

584
00:28:21,680 --> 00:28:24,080
Speaker 7: I don't want to have that life, but I want

585
00:28:24,080 --> 00:28:25,640
Speaker 7: to make an impact and I don't want to be poor.

586
00:28:25,920 --> 00:28:27,520
Speaker 7: So I think a lot of people are struggling with

587
00:28:27,560 --> 00:28:28,439
Speaker 7: that mindset.

588
00:28:28,600 --> 00:28:30,159
Speaker 2: What are the other ones you hear? What are the

589
00:28:30,200 --> 00:28:31,840
Speaker 2: other focusing on that belief?

590
00:28:31,880 --> 00:28:32,280
Speaker 4: Sephorit?

591
00:28:32,560 --> 00:28:34,560
Speaker 1: What are you hearing from people about there? But that's

592
00:28:34,600 --> 00:28:38,400
Speaker 1: my belief and that's very much my history and story.

593
00:28:38,440 --> 00:28:40,880
Speaker 1: As you said, what other stuff do you hear from people?

594
00:28:41,200 --> 00:28:44,480
Speaker 7: The biggest shift that will create abundance in your life

595
00:28:45,280 --> 00:28:49,239
Speaker 7: is a mindset habit in unlocking wealth for yourself. And

596
00:28:49,280 --> 00:28:52,200
Speaker 7: one of the big lies, one of the big blocks

597
00:28:52,200 --> 00:28:56,120
Speaker 7: that holds people back from financial opportunity is that I

598
00:28:56,920 --> 00:29:00,920
Speaker 7: cannot be generous with my time, my wisdom, my knowledge,

599
00:29:01,040 --> 00:29:05,120
Speaker 7: or my secrets to others because if I am, they

600
00:29:05,160 --> 00:29:07,280
Speaker 7: will take it and run with it and I will

601
00:29:07,320 --> 00:29:09,680
Speaker 7: be left with nothing. So therefore I'm going to hoard

602
00:29:09,760 --> 00:29:12,880
Speaker 7: my energy. I'm going to hold my time, my knowledge

603
00:29:13,280 --> 00:29:15,720
Speaker 7: and only keep it to me so that others don't

604
00:29:15,720 --> 00:29:19,000
Speaker 7: have good ideas or have my health. And from all

605
00:29:19,040 --> 00:29:22,840
Speaker 7: the different billionaires and millionaires and financial leaders in the

606
00:29:22,840 --> 00:29:25,160
Speaker 7: world that I've interviewed, I know you've interviewed a lot

607
00:29:25,200 --> 00:29:28,600
Speaker 7: of them, there is a question I would always ask

608
00:29:28,640 --> 00:29:33,760
Speaker 7: individuals who've made incredible amounts of money and that keeps

609
00:29:33,800 --> 00:29:36,959
Speaker 7: helping them create more wealth year after year, and they

610
00:29:37,000 --> 00:29:39,560
Speaker 7: all say the same thing, those who have had a

611
00:29:39,600 --> 00:29:42,479
Speaker 7: sustainably good heart in the process, is that you have

612
00:29:42,520 --> 00:29:45,400
Speaker 7: to have a generous mindset. So the mindset habit is

613
00:29:45,440 --> 00:29:47,160
Speaker 7: the first thing that you have to think about when

614
00:29:47,200 --> 00:29:50,880
Speaker 7: creating abundance with your money, but also feeling abundant internally,

615
00:29:51,720 --> 00:29:53,920
Speaker 7: and it's coming with generosity. So if you feel like

616
00:29:53,920 --> 00:29:56,040
Speaker 7: you're stuck right now, if you feel like you have nothing,

617
00:29:56,640 --> 00:29:58,479
Speaker 7: this was what you were at eight years ago when

618
00:29:58,520 --> 00:30:00,640
Speaker 7: I met you. This is where I I was at

619
00:30:00,960 --> 00:30:03,120
Speaker 7: fifteen years ago when I was on my sister's couch.

620
00:30:03,240 --> 00:30:06,200
Speaker 7: I had no money, I was in student loan debt.

621
00:30:06,520 --> 00:30:09,000
Speaker 7: I was sleeping on her couch. I didn't think I

622
00:30:09,040 --> 00:30:11,320
Speaker 7: had any skills. I didn't have a college degree yet.

623
00:30:11,320 --> 00:30:12,800
Speaker 7: I was like, how am I going to make money

624
00:30:12,840 --> 00:30:14,360
Speaker 7: if I don't know how to make money and I

625
00:30:14,360 --> 00:30:16,640
Speaker 7: don't have any talent or skill and I'm in debt.

626
00:30:16,840 --> 00:30:20,600
Speaker 7: It didn't understand it. It felt impossible. And the thing

627
00:30:20,640 --> 00:30:23,640
Speaker 7: that I shifted when I started meeting money mentors is

628
00:30:23,760 --> 00:30:25,880
Speaker 7: I needed to learn the first habit, which is the

629
00:30:25,920 --> 00:30:29,520
Speaker 7: mindset habit, which is a habit of generosity and gratitude.

630
00:30:29,640 --> 00:30:32,000
Speaker 2: What did that look like then? What was the practical step?

631
00:30:32,120 --> 00:30:35,400
Speaker 7: What it looks like was how do I meet money people?

632
00:30:35,440 --> 00:30:37,880
Speaker 7: People who have money, people who have success, people can

633
00:30:37,920 --> 00:30:40,360
Speaker 7: teach me knowledge. I needed to come with a sense

634
00:30:40,440 --> 00:30:45,120
Speaker 7: of energy, of curiosity, of possibilities, and of joy. I

635
00:30:45,160 --> 00:30:47,800
Speaker 7: literally wrote a list down of all these different things

636
00:30:47,800 --> 00:30:49,600
Speaker 7: that I thought were my talents. I go, how can

637
00:30:49,640 --> 00:30:52,280
Speaker 7: I make money. I don't have any skills. I played

638
00:30:52,280 --> 00:30:54,520
Speaker 7: football and now I'm injured. What can I do for people?

639
00:30:55,080 --> 00:30:57,160
Speaker 7: But I was like, well, I'm really curious. Maybe I

640
00:30:57,160 --> 00:30:59,760
Speaker 7: can just ask people questions. And never did I think

641
00:31:00,080 --> 00:31:02,560
Speaker 7: million years that I could have a twelve year old

642
00:31:02,640 --> 00:31:06,280
Speaker 7: podcast just asking questions and make millions of dollars a year.

643
00:31:06,320 --> 00:31:08,720
Speaker 7: I never thought that was possible. I was in my

644
00:31:08,760 --> 00:31:10,560
Speaker 7: early twenties and I was like, you know what, I've

645
00:31:10,600 --> 00:31:12,640
Speaker 7: got a lot of energy. I've got a lot of passion.

646
00:31:13,040 --> 00:31:15,840
Speaker 7: So let me bring passion and energy to other people

647
00:31:16,080 --> 00:31:19,960
Speaker 7: and excitement. And that energy was infectious, and there's a

648
00:31:20,080 --> 00:31:24,600
Speaker 7: currency that's tied to that energy of passion, joy, excitement, curiosity.

649
00:31:25,120 --> 00:31:28,400
Speaker 7: That currency may not look like money, but for those

650
00:31:28,520 --> 00:31:31,840
Speaker 7: who are older, who have no more passion, they're burnt out,

651
00:31:31,880 --> 00:31:35,680
Speaker 7: they're exhausted. It is the highest form of currency. They

652
00:31:35,800 --> 00:31:39,480
Speaker 7: want that. They crave that energy. They've burned themselves out

653
00:31:39,480 --> 00:31:41,920
Speaker 7: for decades. They want to feel young again, they want

654
00:31:41,920 --> 00:31:44,240
Speaker 7: to feel curious again, they want to feel excited again.

655
00:31:44,520 --> 00:31:47,360
Speaker 7: And when you come to someone with that energy, you

656
00:31:47,400 --> 00:31:52,040
Speaker 7: are bringing a different mindset. So the mindset of curiosity, joy, passion,

657
00:31:52,640 --> 00:31:55,520
Speaker 7: presence like just connecting with someone and asking them a

658
00:31:55,600 --> 00:31:59,480
Speaker 7: question is such a valuable currency. So we have to

659
00:31:59,520 --> 00:32:03,680
Speaker 7: look into these untapped skills talents inside of us that

660
00:32:04,000 --> 00:32:06,880
Speaker 7: are hidden to others, but inside of us they can

661
00:32:06,960 --> 00:32:07,920
Speaker 7: create magic.

662
00:32:08,720 --> 00:32:09,360
Speaker 4: That's one of them.

663
00:32:09,400 --> 00:32:12,520
Speaker 7: Another one is just being generous with your time, with

664
00:32:12,560 --> 00:32:17,360
Speaker 7: your resources, with your ideas and helping others succeed.

665
00:32:17,800 --> 00:32:20,520
Speaker 1: I love that because I didn't even know that then,

666
00:32:20,560 --> 00:32:21,960
Speaker 1: but I was doing it unconsciously.

667
00:32:22,080 --> 00:32:24,280
Speaker 2: Yes, you were, so I really.

668
00:32:24,080 --> 00:32:28,400
Speaker 1: Wanted to interview incredible people, but I didn't have a

669
00:32:28,440 --> 00:32:30,560
Speaker 1: platform at the time when I met you, and so

670
00:32:30,600 --> 00:32:33,280
Speaker 1: I'd partnered up with Nasdak, And by the way, just

671
00:32:33,280 --> 00:32:34,840
Speaker 1: to be really clear with everyone, I didn't get paid

672
00:32:34,880 --> 00:32:38,360
Speaker 1: to do this. So Nasdak had something where everyone's using

673
00:32:38,400 --> 00:32:40,520
Speaker 1: Facebook Live, and I said, Hey, could I have an

674
00:32:40,640 --> 00:32:44,560
Speaker 1: hour in the Nasdak building whenever I have an amazing

675
00:32:44,600 --> 00:32:47,240
Speaker 1: guest that says yes, so that I can interview them

676
00:32:47,360 --> 00:32:51,400
Speaker 1: on Nasdak Live. And they would put the picture up

677
00:32:51,480 --> 00:32:53,920
Speaker 1: on the middle of Times Square on a billboard. So

678
00:32:53,960 --> 00:32:55,440
Speaker 1: now I could reach out to people I look it

679
00:32:55,520 --> 00:32:55,720
Speaker 1: up to.

680
00:32:55,920 --> 00:32:57,760
Speaker 7: That's the reason why I went on the show exactly.

681
00:32:57,800 --> 00:32:59,560
Speaker 7: I didn't know who you were until I saw, hey,

682
00:32:59,560 --> 00:33:01,320
Speaker 7: I can get you a billboard on Times Square. I go,

683
00:33:01,840 --> 00:33:03,520
Speaker 7: that's value to value right.

684
00:33:03,360 --> 00:33:05,400
Speaker 1: Now, I'm being generous and I'm trying to find a

685
00:33:05,400 --> 00:33:07,240
Speaker 1: way because I don't have anything to offer.

686
00:33:07,840 --> 00:33:09,720
Speaker 2: But I admire you. And it was all people I admired.

687
00:33:09,720 --> 00:33:12,120
Speaker 1: It was yourself, it was Ryan Holiday said, yes, Me

688
00:33:12,160 --> 00:33:14,240
Speaker 1: and Ryan had met maybe once before that, but Ryan

689
00:33:14,320 --> 00:33:15,680
Speaker 1: came on that show, and there.

690
00:33:15,560 --> 00:33:16,800
Speaker 2: Were a bunch of other authors.

691
00:33:17,000 --> 00:33:19,120
Speaker 1: Deepak Chopra came on that show with me, and it

692
00:33:19,160 --> 00:33:21,440
Speaker 1: was all people that I'd admired, looked up to for

693
00:33:21,480 --> 00:33:25,160
Speaker 1: a long time, and exactly that. That's first of all,

694
00:33:25,200 --> 00:33:27,760
Speaker 1: we became great friends off of it. But the point is,

695
00:33:27,840 --> 00:33:30,800
Speaker 1: it's exactly what you're saying that even though I felt

696
00:33:30,800 --> 00:33:33,440
Speaker 1: I had nothing to offer, I had to find a

697
00:33:33,480 --> 00:33:36,720
Speaker 1: way to create something to offer someone of value. I

698
00:33:36,720 --> 00:33:38,760
Speaker 1: didn't get paid for it. For that show, I didn't

699
00:33:38,800 --> 00:33:40,680
Speaker 1: get paid to run it. I didn't make any money

700
00:33:40,720 --> 00:33:43,560
Speaker 1: from it. But it created an opportunity for me to

701
00:33:43,600 --> 00:33:46,120
Speaker 1: connect with friends, to connect with people that were doing

702
00:33:46,160 --> 00:33:49,120
Speaker 1: incredible things. Yes, and of course allowed me to showcase

703
00:33:49,160 --> 00:33:51,080
Speaker 1: my talents so that then I could show it to

704
00:33:51,120 --> 00:33:54,120
Speaker 1: other people. I remember I had Ryan Harwood on the show,

705
00:33:54,480 --> 00:33:57,480
Speaker 1: who founded Pure Wow and he just sold it to

706
00:33:57,520 --> 00:34:00,720
Speaker 1: Gary Vee. That's how I met Gary. So Ryan came

707
00:34:00,720 --> 00:34:03,000
Speaker 1: on my show and he was just like, Jay, I

708
00:34:03,040 --> 00:34:05,000
Speaker 1: love you. You're a great interviewer, Like you have such

709
00:34:05,040 --> 00:34:07,960
Speaker 1: great energy. He really liked my passion and he said,

710
00:34:07,960 --> 00:34:09,799
Speaker 1: you got to come meet Gary and I was like,

711
00:34:10,040 --> 00:34:11,799
Speaker 1: no way, Like I love Gary, and so he took

712
00:34:11,840 --> 00:34:13,680
Speaker 1: me to meet Gary for the first time. We had

713
00:34:13,719 --> 00:34:15,760
Speaker 1: a meeting in his office, and that's how I built

714
00:34:15,880 --> 00:34:16,799
Speaker 1: my relationship with him.

715
00:34:16,840 --> 00:34:17,840
Speaker 2: It was all thanks to Ryan.

716
00:34:18,200 --> 00:34:20,680
Speaker 1: And so when you think about it now, I've never

717
00:34:20,680 --> 00:34:23,000
Speaker 1: thought about it until what you're saying now. When I

718
00:34:23,040 --> 00:34:25,320
Speaker 1: look back, Ryan's been on the podcast like four times

719
00:34:25,360 --> 00:34:29,160
Speaker 1: now whatever. I love his books. So many relationships came

720
00:34:29,160 --> 00:34:30,960
Speaker 1: out of that. And so I think when you live

721
00:34:31,000 --> 00:34:33,319
Speaker 1: in a world of I have nothing to offer and

722
00:34:33,360 --> 00:34:36,600
Speaker 1: I don't have anything, it becomes really hard to create.

723
00:34:36,680 --> 00:34:40,000
Speaker 7: And most people think when I have nothing, I need

724
00:34:40,040 --> 00:34:43,040
Speaker 7: to take from someone else. Yes, I don't have anything,

725
00:34:43,280 --> 00:34:45,680
Speaker 7: so I can't give anything if I don't have it.

726
00:34:45,719 --> 00:34:47,359
Speaker 7: So I need someone to give me money right now

727
00:34:47,360 --> 00:34:51,320
Speaker 7: because I'm broke, I'm poor, I'm stuck, I'm stressed, I'm anxious,

728
00:34:51,719 --> 00:34:54,720
Speaker 7: I can't think out of myself. And this first habit

729
00:34:55,000 --> 00:34:59,480
Speaker 7: is really gratitude and generosity is the gateway to abundance.

730
00:35:00,200 --> 00:35:02,239
Speaker 7: And it may not mean you're going to make money

731
00:35:02,280 --> 00:35:04,560
Speaker 7: right away. You didn't make money by having me on

732
00:35:04,600 --> 00:35:07,000
Speaker 7: the show right away, but we became friends.

733
00:35:07,120 --> 00:35:08,279
Speaker 4: I helped you, you helped me.

734
00:35:08,560 --> 00:35:11,760
Speaker 7: Over time, we helped each other create more abundance together,

735
00:35:12,120 --> 00:35:15,760
Speaker 7: not only financially, which we've done together, but a type

736
00:35:15,800 --> 00:35:20,960
Speaker 7: of richness that isn't about money. And this book, again

737
00:35:21,040 --> 00:35:23,760
Speaker 7: it's a money book, but it's really like, it doesn't

738
00:35:23,760 --> 00:35:26,160
Speaker 7: matter how much money you have. If you don't feel

739
00:35:26,160 --> 00:35:28,440
Speaker 7: like you have a rich life inside of you, that's real.

740
00:35:28,640 --> 00:35:31,719
Speaker 7: It does not matter how much is in your bank account,

741
00:35:32,120 --> 00:35:34,439
Speaker 7: how big your net worth is. If you don't feel

742
00:35:34,480 --> 00:35:37,160
Speaker 7: like you have an abundant life. If you're stressed, if

743
00:35:37,200 --> 00:35:41,160
Speaker 7: you're overwhelmed, if you're anxious, if you're constantly in drama,

744
00:35:41,480 --> 00:35:45,360
Speaker 7: that is not abundance. A high net worth does not

745
00:35:45,520 --> 00:35:48,839
Speaker 7: mean you are free. And the goal is for us

746
00:35:48,880 --> 00:35:52,880
Speaker 7: to feel free every moment of our lives as often

747
00:35:52,920 --> 00:35:55,840
Speaker 7: as possible and allow money to be a tool to

748
00:35:56,000 --> 00:36:01,120
Speaker 7: create incredible opportunities memories, moments where you can be generous

749
00:36:01,160 --> 00:36:03,120
Speaker 7: with it with the people you care about, the cause

750
00:36:03,239 --> 00:36:06,440
Speaker 7: you care about, the institutions you care about, to serve

751
00:36:06,560 --> 00:36:10,680
Speaker 7: more people and feel good about doing it, not feel

752
00:36:10,680 --> 00:36:13,360
Speaker 7: bad about doing it. And that's part of this process.

753
00:36:13,680 --> 00:36:16,960
Speaker 7: Most people, when they lack money, they want to take

754
00:36:17,040 --> 00:36:20,160
Speaker 7: from others. They want someone to help them, and you

755
00:36:20,200 --> 00:36:21,879
Speaker 7: need to flip it on its head and say, how

756
00:36:21,880 --> 00:36:24,200
Speaker 7: can I help others even when I have nothing? That

757
00:36:24,360 --> 00:36:28,319
Speaker 7: is the time to be more generous and more gratitude

758
00:36:28,360 --> 00:36:31,040
Speaker 7: and say thank you for this opportunity, even if you

759
00:36:31,040 --> 00:36:32,480
Speaker 7: have to just lie to yourself for a moment and

760
00:36:32,520 --> 00:36:34,920
Speaker 7: say I'm stuck, I'm on my sister's couch, i have

761
00:36:34,960 --> 00:36:36,759
Speaker 7: no money, I'm four months and four months I'm going

762
00:36:36,800 --> 00:36:38,360
Speaker 7: to be out of an apartment and I don't know

763
00:36:38,400 --> 00:36:41,200
Speaker 7: where the money is coming. Just say thank you God,

764
00:36:41,239 --> 00:36:43,920
Speaker 7: thank you your nervous for this opportunity to learn, this

765
00:36:43,960 --> 00:36:46,799
Speaker 7: opportunity to grow, because I'll never be here again.

766
00:36:47,120 --> 00:36:47,400
Speaker 4: Interview.

767
00:36:47,440 --> 00:36:49,040
Speaker 7: I don't know if you've had Ken Honda on, but

768
00:36:49,080 --> 00:36:49,560
Speaker 7: he really.

769
00:36:51,480 --> 00:36:52,120
Speaker 4: It is so cool.

770
00:36:52,160 --> 00:36:55,320
Speaker 7: I love this approach to this and he's talking similar

771
00:36:55,320 --> 00:36:57,320
Speaker 7: style about how do you just live a rich life?

772
00:36:57,760 --> 00:37:00,480
Speaker 7: Irrelevant of whether you have money or not. And again,

773
00:37:00,520 --> 00:37:02,879
Speaker 7: this is what I want people to get to. When

774
00:37:02,880 --> 00:37:05,440
Speaker 7: you are poor, when you're broke, when you're struggling financially,

775
00:37:05,640 --> 00:37:09,920
Speaker 7: it feels really hard to feel abundant and rich, and

776
00:37:09,960 --> 00:37:12,680
Speaker 7: we want to start shifting our thoughts or emotions and

777
00:37:12,760 --> 00:37:16,360
Speaker 7: our energy on. Okay, I know I'm in this financial situation.

778
00:37:16,480 --> 00:37:18,960
Speaker 7: It doesn't feel good, But in order to get out

779
00:37:18,960 --> 00:37:22,000
Speaker 7: of it, it's not feeling worse about it.

780
00:37:22,000 --> 00:37:22,600
Speaker 4: It's starting to.

781
00:37:22,600 --> 00:37:26,360
Speaker 7: Feel better about me, better about my values, my character,

782
00:37:26,560 --> 00:37:29,920
Speaker 7: my kindness, my generosity, and seeing how can I add

783
00:37:30,000 --> 00:37:32,560
Speaker 7: value to others. And that's the first thing we need

784
00:37:32,600 --> 00:37:34,440
Speaker 7: to be thinking about. How can I get into a

785
00:37:34,640 --> 00:37:39,200
Speaker 7: richness inside of me to serve others and take care

786
00:37:39,239 --> 00:37:41,360
Speaker 7: of me at the same time. And one of the

787
00:37:41,400 --> 00:37:45,080
Speaker 7: practices or these social experiments or exercises similar to you

788
00:37:45,640 --> 00:37:48,440
Speaker 7: that Ken has is that whenever money comes to him,

789
00:37:48,480 --> 00:37:51,560
Speaker 7: whether it's a check, whether it's a Venmo payment, whatever

790
00:37:51,640 --> 00:37:53,960
Speaker 7: might be, he just says thank you to that money.

791
00:37:53,960 --> 00:37:56,680
Speaker 7: He looks at that number, if it's a penny, if

792
00:37:56,719 --> 00:37:59,520
Speaker 7: it's a million dollars, if it's your normal check you

793
00:37:59,520 --> 00:38:02,200
Speaker 7: get coming in the mail every two weeks. He looks

794
00:38:02,239 --> 00:38:05,160
Speaker 7: at it and says thank you, and literally opens his

795
00:38:05,239 --> 00:38:08,880
Speaker 7: heart and loves that money that comes to him. He says,

796
00:38:08,920 --> 00:38:11,800
Speaker 7: thank you. Where do you want to go? Do you

797
00:38:11,840 --> 00:38:13,879
Speaker 7: want to go to my bank account? Do you want

798
00:38:13,880 --> 00:38:15,080
Speaker 7: to go to my savings? Do you want to go

799
00:38:15,160 --> 00:38:17,000
Speaker 7: to investments? Do you want to go towards paying off debt?

800
00:38:17,440 --> 00:38:19,279
Speaker 7: Do you want me to give you away? And it

801
00:38:19,360 --> 00:38:22,920
Speaker 7: might be a weird kind of like exercise, but I

802
00:38:22,960 --> 00:38:25,640
Speaker 7: love this approach to just being mindful of money when

803
00:38:25,640 --> 00:38:29,200
Speaker 7: it comes, say thank you. And then when you pay bills,

804
00:38:29,200 --> 00:38:31,200
Speaker 7: when you pay off debt, say thank you as well.

805
00:38:31,760 --> 00:38:33,720
Speaker 7: Thank you for allowing me to pay off this debt.

806
00:38:34,080 --> 00:38:36,480
Speaker 7: Thank you for paying myself on bill so I can

807
00:38:36,520 --> 00:38:39,000
Speaker 7: call my friends and family that I love. Thank you

808
00:38:39,040 --> 00:38:43,600
Speaker 7: for the ability to live a richer life. And when

809
00:38:43,600 --> 00:38:47,120
Speaker 7: we start to approach money in that way, it doesn't

810
00:38:47,160 --> 00:38:49,200
Speaker 7: mean money's going to fall from the sky and come

811
00:38:49,239 --> 00:38:51,960
Speaker 7: to us abundantly, but we're going to start to feel

812
00:38:52,200 --> 00:38:56,200
Speaker 7: more rich and abundant internally, which that energy is what

813
00:38:56,239 --> 00:39:00,800
Speaker 7: will attract more opportunities. Those opportunities could lead to millions.

814
00:39:01,400 --> 00:39:05,600
Speaker 7: This hostess that came to you, she brought that thankful energy,

815
00:39:05,880 --> 00:39:10,319
Speaker 7: that present energy, that loving, joyful, curious energy, and it

816
00:39:10,400 --> 00:39:14,560
Speaker 7: created an abundance of opportunities and connection.

817
00:39:15,239 --> 00:39:18,200
Speaker 1: Next up is just Breach Seeingh who talks about the

818
00:39:18,239 --> 00:39:21,120
Speaker 1: wealth formula. Now, this was one of our most popular

819
00:39:21,120 --> 00:39:23,759
Speaker 1: episodes and I'm so excited for you to learn from him.

820
00:39:24,160 --> 00:39:27,800
Speaker 1: He talks about the difference between building wealth involving both

821
00:39:27,880 --> 00:39:31,879
Speaker 1: saving and investing. It's not an either all. He also

822
00:39:31,960 --> 00:39:38,359
Speaker 1: talks about understanding the formula. Income minus expenses equals investments

823
00:39:38,640 --> 00:39:43,000
Speaker 1: plus savings, and investments are the key to maintaining wealth

824
00:39:43,600 --> 00:39:46,839
Speaker 1: even after making millions. If you're someone who's been wanting

825
00:39:46,880 --> 00:39:49,520
Speaker 1: to learn more about investing, this clip is for you.

826
00:39:49,840 --> 00:39:52,200
Speaker 6: What are you doing with your income? You can either

827
00:39:52,440 --> 00:39:55,359
Speaker 6: build the equity by starting a company yourself or by

828
00:39:55,360 --> 00:39:59,200
Speaker 6: building a home, or you can buy the equity. Now,

829
00:39:59,719 --> 00:40:02,279
Speaker 6: how you do that, Well, you have to understand the

830
00:40:02,280 --> 00:40:05,480
Speaker 6: wealth formula. The wealth formula that I come up that

831
00:40:05,520 --> 00:40:09,160
Speaker 6: I've come up with is you take your income minus

832
00:40:09,200 --> 00:40:14,120
Speaker 6: your expenses, and that equals your investments plus your savings.

833
00:40:14,840 --> 00:40:17,080
Speaker 6: So if you take your income the amount of money

834
00:40:17,080 --> 00:40:18,680
Speaker 6: that you make, and I you subtract all the things

835
00:40:18,680 --> 00:40:20,880
Speaker 6: that you buy, your rent, your mortgage, your car payment,

836
00:40:20,880 --> 00:40:23,800
Speaker 6: your groceries, your gas. You take away all your expenses

837
00:40:23,840 --> 00:40:26,480
Speaker 6: and if you have a margin, when I have extra cash.

838
00:40:26,800 --> 00:40:29,480
Speaker 6: Now you can save all or some of this money.

839
00:40:29,800 --> 00:40:31,400
Speaker 6: But if you don't save some of it, then that

840
00:40:31,440 --> 00:40:34,840
Speaker 6: money can be put to work in your investments. These investments,

841
00:40:34,920 --> 00:40:38,560
Speaker 6: like I've been hinting at, is what makes wealthy people wealthy,

842
00:40:38,560 --> 00:40:41,759
Speaker 6: and it's what keep wealthy people wealthy. These investments can

843
00:40:41,800 --> 00:40:44,160
Speaker 6: be in the stock market because anytime you buy a

844
00:40:44,200 --> 00:40:45,879
Speaker 6: share of any company. If you go out and buy

845
00:40:45,880 --> 00:40:48,719
Speaker 6: a share of say Amazon, you become one of the

846
00:40:48,719 --> 00:40:51,840
Speaker 6: owners of the Amazon Corporation. You get to share in

847
00:40:51,840 --> 00:40:55,480
Speaker 6: the profits. If the Amazon valuation goes up, your stock

848
00:40:55,520 --> 00:40:58,680
Speaker 6: price goes up. The second wave would be through real estate,

849
00:40:58,880 --> 00:41:01,560
Speaker 6: not through your home, but through a real estate investment,

850
00:41:01,680 --> 00:41:03,680
Speaker 6: buying a rental property that you're buying for the sole

851
00:41:03,719 --> 00:41:05,719
Speaker 6: purpose of making money. This is something they can pay

852
00:41:05,760 --> 00:41:10,000
Speaker 6: you every week or every year, every month. Then it

853
00:41:10,000 --> 00:41:13,319
Speaker 6: can be through your own business, or if you don't

854
00:41:13,320 --> 00:41:15,440
Speaker 6: want to build your own business, you can invest in startups.

855
00:41:15,480 --> 00:41:18,560
Speaker 6: It's much more accessible now. You can own physical gold,

856
00:41:19,160 --> 00:41:21,319
Speaker 6: you can invest in cryptocurrency if that's something that you

857
00:41:21,360 --> 00:41:23,160
Speaker 6: believe in. So there's a lot of different ways to

858
00:41:23,160 --> 00:41:24,880
Speaker 6: build this equity, but this is where now you need

859
00:41:24,920 --> 00:41:27,640
Speaker 6: to be putting your money to work to actually buy

860
00:41:27,800 --> 00:41:29,600
Speaker 6: and own and build this equity.

861
00:41:30,080 --> 00:41:32,400
Speaker 1: Yeah, those are I mean I first of all, I

862
00:41:32,400 --> 00:41:34,759
Speaker 1: just want to say I love how structured your thinking is,

863
00:41:34,800 --> 00:41:38,279
Speaker 1: and it's so great to break things down. And so

864
00:41:38,320 --> 00:41:40,399
Speaker 1: anyone who's been listening or watching so far, make sure

865
00:41:40,440 --> 00:41:43,760
Speaker 1: you go back and ask yourself which of those habits

866
00:41:43,760 --> 00:41:45,520
Speaker 1: you're struggling with. The use someone who's in the two

867
00:41:45,680 --> 00:41:49,000
Speaker 1: s's choosing to spend or save. I use someone who's

868
00:41:49,040 --> 00:41:53,320
Speaker 1: being slowed down by systemic thinking and like being controlled

869
00:41:53,360 --> 00:41:55,920
Speaker 1: about where that goes. Like, really take a moment to

870
00:41:55,960 --> 00:41:58,520
Speaker 1: reflect in this episode while you're listening which part you

871
00:41:58,520 --> 00:42:00,920
Speaker 1: want to work on, because I know right now some

872
00:42:00,960 --> 00:42:02,680
Speaker 1: of you may be tempted to just turn this off

873
00:42:02,719 --> 00:42:04,520
Speaker 1: and go I'm overwhelmed, I don't want to hear about this.

874
00:42:04,760 --> 00:42:06,640
Speaker 1: I'm scared about my money already, I don't want to

875
00:42:06,680 --> 00:42:09,120
Speaker 1: talk about it. But I'm hoping that this is creating

876
00:42:09,160 --> 00:42:13,360
Speaker 1: space for you to really sit down, introspect and reflect

877
00:42:13,680 --> 00:42:15,640
Speaker 1: going into that. I think one of the biggest issues

878
00:42:15,680 --> 00:42:18,759
Speaker 1: that people have when they hear this, and I know

879
00:42:18,840 --> 00:42:20,800
Speaker 1: that I had a long time ago. When I first

880
00:42:20,840 --> 00:42:24,759
Speaker 1: heard this was I don't have enough to do anything with.

881
00:42:25,360 --> 00:42:29,160
Speaker 1: And so I remember when I started hearing about crypto specifically,

882
00:42:29,200 --> 00:42:31,920
Speaker 1: like very early on, like I probably heard about it,

883
00:42:32,000 --> 00:42:36,040
Speaker 1: like maybe like thirteen years ago, probably the first time. Yeah,

884
00:42:36,120 --> 00:42:40,160
Speaker 1: I was very early heard about cryptocurrencies, about twelve thirteen

885
00:42:40,200 --> 00:42:44,080
Speaker 1: years ago, and I had just come out of the monastery,

886
00:42:44,160 --> 00:42:46,239
Speaker 1: so I didn't have any money, like, I didn't have

887
00:42:46,280 --> 00:42:49,920
Speaker 1: anything to invest, and probably in about a year I

888
00:42:49,920 --> 00:42:51,920
Speaker 1: probably would have had like a thousand to invest. In

889
00:42:51,920 --> 00:42:54,719
Speaker 1: my head, I go, that's not anything. What's that going

890
00:42:54,760 --> 00:42:56,120
Speaker 1: to do? Right? And I think a lot of people

891
00:42:56,200 --> 00:42:58,480
Speaker 1: have that mindset, are like I only have five hundred dollars.

892
00:42:58,760 --> 00:43:00,560
Speaker 1: I only have one thousand dollars? How can I do

893
00:43:00,600 --> 00:43:03,080
Speaker 1: it that I might as well spend it on whatever

894
00:43:03,120 --> 00:43:05,080
Speaker 1: it is, because oh I'm gonna save it because I

895
00:43:05,120 --> 00:43:07,799
Speaker 1: need it for a rainy day. What does someone do

896
00:43:07,840 --> 00:43:09,359
Speaker 1: when they have that mindset, when they're like I don't

897
00:43:09,360 --> 00:43:11,160
Speaker 1: have enough? How do you approach that?

898
00:43:11,560 --> 00:43:14,680
Speaker 6: So when I was in high school, I really wanted

899
00:43:14,680 --> 00:43:16,800
Speaker 6: a Ford Mustang, but my dad was like, no, you

900
00:43:16,840 --> 00:43:18,719
Speaker 6: can't buy a Ford Mustang. I wasn't going to get

901
00:43:18,719 --> 00:43:22,920
Speaker 6: that car. But this is again when stock prices had crashed,

902
00:43:23,560 --> 00:43:25,680
Speaker 6: and the next best thing if I couldn't buy a

903
00:43:25,680 --> 00:43:28,279
Speaker 6: Ford Mustang and I started reading the business books, then

904
00:43:29,000 --> 00:43:31,239
Speaker 6: was how about I buy some of the Ford stock. Again,

905
00:43:31,239 --> 00:43:33,520
Speaker 6: I didn't have a lot of money. My first investment

906
00:43:33,640 --> 00:43:36,080
Speaker 6: in the Ford stock was two dollars because that's how

907
00:43:36,160 --> 00:43:39,240
Speaker 6: much the stock was trading for. Now it's much higher.

908
00:43:39,640 --> 00:43:42,480
Speaker 6: But what I'm trying to get at is, you know,

909
00:43:42,760 --> 00:43:45,719
Speaker 6: you can start with very little amount of money. I

910
00:43:45,760 --> 00:43:48,960
Speaker 6: mean nowadays, with the new age of stock brokerages, if

911
00:43:48,960 --> 00:43:53,640
Speaker 6: you have ten dollars, you can start buying this type

912
00:43:53,640 --> 00:43:55,680
Speaker 6: of equity. You can start building this type of equity.

913
00:43:55,719 --> 00:44:01,520
Speaker 6: But the key now is the consistency and how often

914
00:44:01,600 --> 00:44:05,120
Speaker 6: like doing it all the time. Because when I say consistency,

915
00:44:05,120 --> 00:44:07,319
Speaker 6: people say, oh, anytime I have one hundred dollars, Well, okay,

916
00:44:07,360 --> 00:44:10,440
Speaker 6: what you want to do. But consistency is make it automatic.

917
00:44:10,960 --> 00:44:13,920
Speaker 6: Any time you get paid, take a portion of that

918
00:44:14,320 --> 00:44:18,279
Speaker 6: money and automatically invest it. Now, the next question is

919
00:44:18,280 --> 00:44:19,920
Speaker 6: probably where to up put this money? Do I just

920
00:44:19,960 --> 00:44:23,360
Speaker 6: throw it into Tesla or Amazon? Well, if you're not

921
00:44:23,400 --> 00:44:25,960
Speaker 6: willing to do that level of research where you don't

922
00:44:25,960 --> 00:44:27,719
Speaker 6: want to try to find the best companies. You don't

923
00:44:27,760 --> 00:44:29,239
Speaker 6: want to invest in real estate, you don't want to

924
00:44:29,280 --> 00:44:31,279
Speaker 6: get into the more you know, let's say, the more

925
00:44:31,320 --> 00:44:33,680
Speaker 6: advanced type of stuff. You want to just put your

926
00:44:33,680 --> 00:44:35,920
Speaker 6: money to work. Well, the simplest thing you can do

927
00:44:36,000 --> 00:44:38,359
Speaker 6: is look at something called an ETF, which is an

928
00:44:38,360 --> 00:44:42,080
Speaker 6: exchange traded fund, which gives you exposure not to one company,

929
00:44:42,080 --> 00:44:46,520
Speaker 6: but many companies, maybe hundreds of companies. For example, there's

930
00:44:46,880 --> 00:44:49,440
Speaker 6: something called the S and P five hundred, which is

931
00:44:49,480 --> 00:44:52,440
Speaker 6: a group of the five hundred biggest companies on the

932
00:44:52,440 --> 00:44:56,080
Speaker 6: stock market, essentially the five hundred biggest companies in America.

933
00:44:56,320 --> 00:44:58,440
Speaker 6: You can invest in the S and P five hundred

934
00:44:58,480 --> 00:45:00,920
Speaker 6: by investing in just one symbol. So you invest in

935
00:45:00,920 --> 00:45:03,400
Speaker 6: this one thing, and you're getting exposure to five hundred

936
00:45:03,400 --> 00:45:05,759
Speaker 6: different companies. Now you don't have to worry about what

937
00:45:05,800 --> 00:45:08,840
Speaker 6: each of these five hundred companies are doing. You're just investing,

938
00:45:08,960 --> 00:45:11,600
Speaker 6: essentially in America the future of the American economy. If

939
00:45:11,600 --> 00:45:13,640
Speaker 6: that's something you believe in, well, now every time you

940
00:45:13,680 --> 00:45:15,680
Speaker 6: get paid, put in one hundred dollars and now you

941
00:45:15,719 --> 00:45:17,279
Speaker 6: just do this for the long term. Whether the market

942
00:45:17,440 --> 00:45:19,480
Speaker 6: is up or down does not matter. It should not

943
00:45:19,560 --> 00:45:22,879
Speaker 6: change the strategy to just keep passively investing your money,

944
00:45:23,000 --> 00:45:25,920
Speaker 6: make it automatic, make it passive that way, don't have

945
00:45:25,960 --> 00:45:27,520
Speaker 6: to even worry about it. And now you just keep

946
00:45:27,560 --> 00:45:31,160
Speaker 6: building it up because now it's the whole idea of compounding.

947
00:45:31,680 --> 00:45:33,239
Speaker 6: You don't want to just throw your money in at once.

948
00:45:33,320 --> 00:45:34,480
Speaker 6: You want to put a little bit of money and

949
00:45:34,560 --> 00:45:36,080
Speaker 6: let they grow. Put more money and let they grow.

950
00:45:36,120 --> 00:45:38,000
Speaker 6: Put more money in and let that grow. I've made

951
00:45:38,000 --> 00:45:40,240
Speaker 6: a couple of videos where I talked about two people.

952
00:45:40,760 --> 00:45:44,160
Speaker 6: One was the janitor, one worked in a school. Both

953
00:45:44,200 --> 00:45:47,719
Speaker 6: of them made very little income, yet both of them

954
00:45:47,760 --> 00:45:52,160
Speaker 6: retired very wealthy. And the reason, and I'm talking about

955
00:45:52,200 --> 00:45:53,960
Speaker 6: in the millions of dollars, and the reason why they've

956
00:45:53,960 --> 00:45:57,120
Speaker 6: been able to retire with a million dollars plus was

957
00:45:57,200 --> 00:45:59,640
Speaker 6: because it took a little bit of money every time

958
00:45:59,640 --> 00:46:01,799
Speaker 6: they got and they just invested that money. It did

959
00:46:01,840 --> 00:46:03,840
Speaker 6: not matter you know what else was going on in

960
00:46:03,840 --> 00:46:07,600
Speaker 6: the world. They always paid themselves first, They always invested

961
00:46:07,600 --> 00:46:10,759
Speaker 6: in assets before they started going out and buying things

962
00:46:10,800 --> 00:46:13,680
Speaker 6: that made them look rich. Every single time. And when

963
00:46:13,719 --> 00:46:16,200
Speaker 6: you put that little bit of money to work, whether

964
00:46:16,239 --> 00:46:18,200
Speaker 6: you're starting with twenty five dollars or two hundred and

965
00:46:18,239 --> 00:46:20,480
Speaker 6: fifty dollars or one thousand dollars. When you put that

966
00:46:20,520 --> 00:46:23,400
Speaker 6: money to work and you do that consistently over time,

967
00:46:23,880 --> 00:46:26,680
Speaker 6: you can build real wealth. I mean, if you look

968
00:46:26,719 --> 00:46:30,239
Speaker 6: at a compound calculator, a few hundred dollars a month

969
00:46:31,040 --> 00:46:34,240
Speaker 6: compounded from the age of twenty one to sixty five,

970
00:46:34,680 --> 00:46:37,080
Speaker 6: getting an average rate of return. I mean, we're talking

971
00:46:37,120 --> 00:46:40,320
Speaker 6: about millions, but it just starts with making a small

972
00:46:40,360 --> 00:46:43,560
Speaker 6: investment first, and being consistent with it and always being

973
00:46:43,600 --> 00:46:44,240
Speaker 6: willing to learn.

974
00:46:44,400 --> 00:46:44,799
Speaker 2: I love that.

975
00:46:44,880 --> 00:46:46,440
Speaker 1: I'm glad you brought that up because I think the

976
00:46:46,480 --> 00:46:48,120
Speaker 1: other option, so as I was saying there is the

977
00:46:48,120 --> 00:46:50,920
Speaker 1: issue is I don't have enough. It's not gonna matter, right,

978
00:46:50,920 --> 00:46:54,600
Speaker 1: Like that's one mindset. The other mindset is and it's

979
00:46:54,640 --> 00:46:56,520
Speaker 1: almost the opposite. It's the idea of like, but I

980
00:46:56,560 --> 00:46:58,640
Speaker 1: want to make money quick, yeah, right, And I feel

981
00:46:58,640 --> 00:47:01,080
Speaker 1: like it's like by on it now. And I think

982
00:47:01,080 --> 00:47:03,680
Speaker 1: there's this mindset, especially what you keep saying about how

983
00:47:03,719 --> 00:47:06,719
Speaker 1: the lifestyle has been portrayed, that we almost feel like

984
00:47:06,760 --> 00:47:10,480
Speaker 1: people just change their lives overnight and that they all

985
00:47:10,480 --> 00:47:12,840
Speaker 1: of a sudden have like a portfolio of rental properties,

986
00:47:12,920 --> 00:47:15,279
Speaker 1: or they all of a sudden have the nice house

987
00:47:15,360 --> 00:47:16,800
Speaker 1: or the nice car, or whatever it may be, And

988
00:47:16,840 --> 00:47:18,719
Speaker 1: all of a sudden, we're wondering, well, how does it

989
00:47:18,719 --> 00:47:20,239
Speaker 1: happen that quick for me? And then we get stuck

990
00:47:20,239 --> 00:47:22,160
Speaker 1: in a get rich quick scheme, or we get stuck

991
00:47:22,239 --> 00:47:24,000
Speaker 1: in like some quick win.

992
00:47:24,239 --> 00:47:25,040
Speaker 2: How do it?

993
00:47:25,239 --> 00:47:27,759
Speaker 1: Sounds like to me that one of the biggest trainings

994
00:47:28,040 --> 00:47:31,960
Speaker 1: is in the discipline of being able to postpone pleasure,

995
00:47:32,800 --> 00:47:35,680
Speaker 1: because what you're saying in any mark is it's going

996
00:47:35,760 --> 00:47:38,879
Speaker 1: to take time. Like you had to save up four

997
00:47:38,880 --> 00:47:42,200
Speaker 1: to eight thousand for your first condo that you bought.

998
00:47:42,360 --> 00:47:43,800
Speaker 1: First of all, you had to work for that money.

999
00:47:43,960 --> 00:47:46,160
Speaker 1: You had to save that money so that you could

1000
00:47:46,239 --> 00:47:48,399
Speaker 1: invest it. Then you were able to buy this eight

1001
00:47:48,440 --> 00:47:52,680
Speaker 1: thousand condo, which obviously has had great you know growth,

1002
00:47:52,719 --> 00:47:55,600
Speaker 1: I'm sure, but there was a lot that took to

1003
00:47:55,640 --> 00:47:58,880
Speaker 1: get to that. Whereas the thing right now people are like, oh, well,

1004
00:47:58,920 --> 00:48:00,440
Speaker 1: I'd rather spene one hundred time on this.

1005
00:48:00,640 --> 00:48:04,760
Speaker 6: Yeah, it's a real decade of sacrifice and there's really

1006
00:48:04,800 --> 00:48:06,960
Speaker 6: no way around it. If you want to fast track

1007
00:48:07,040 --> 00:48:08,880
Speaker 6: your way. Now, the best investment you can make if

1008
00:48:08,880 --> 00:48:11,279
Speaker 6: you want the better returns, the bigger returns is by

1009
00:48:11,360 --> 00:48:15,120
Speaker 6: investing your money in yourself. And the tough part is

1010
00:48:15,160 --> 00:48:17,920
Speaker 6: you got to be willing to go through that time

1011
00:48:18,280 --> 00:48:20,840
Speaker 6: and the effort, because you're right, it takes time. I

1012
00:48:21,560 --> 00:48:24,000
Speaker 6: you know, unless you have that experience already there. You

1013
00:48:24,040 --> 00:48:26,399
Speaker 6: have the mentors, you have you know, pear brans, people

1014
00:48:26,400 --> 00:48:29,000
Speaker 6: who can guide you through it. Maybe you can shorten it,

1015
00:48:29,600 --> 00:48:31,680
Speaker 6: but I didn't have that. So for me, it took

1016
00:48:31,680 --> 00:48:34,319
Speaker 6: me a solid decade to figure it out. To go

1017
00:48:34,360 --> 00:48:37,560
Speaker 6: from business idea to business idea, the business idea, to

1018
00:48:37,600 --> 00:48:40,240
Speaker 6: go through failure or failure, to get scammed after scammed,

1019
00:48:40,960 --> 00:48:43,000
Speaker 6: those things are what teach you. And when you're going

1020
00:48:43,040 --> 00:48:45,200
Speaker 6: through it, it sucks. You don't realize that you're going

1021
00:48:45,200 --> 00:48:46,640
Speaker 6: through a lesson. You just feel like, dang, I just

1022
00:48:46,640 --> 00:48:47,319
Speaker 6: got screwed over.

1023
00:48:47,480 --> 00:48:48,560
Speaker 2: Yeah, you know what I mean.

1024
00:48:49,160 --> 00:48:52,680
Speaker 6: But it's you got to keep the goal you know,

1025
00:48:52,960 --> 00:48:56,840
Speaker 6: in mind, and it's understanding what is more important to

1026
00:48:56,880 --> 00:48:58,560
Speaker 6: you right now. Because you're right, the last thing that

1027
00:48:58,600 --> 00:49:01,720
Speaker 6: you want to do also is get into this idea

1028
00:49:01,800 --> 00:49:04,279
Speaker 6: of just pinching pennies, because at the end of the day,

1029
00:49:04,320 --> 00:49:07,960
Speaker 6: a penny saved is just a penny. And the thing

1030
00:49:08,080 --> 00:49:10,520
Speaker 6: that I can best do to illustrate that is if

1031
00:49:10,520 --> 00:49:13,480
Speaker 6: you make forty thousand dollars a year and you're like, Okay,

1032
00:49:13,600 --> 00:49:15,840
Speaker 6: I'm going to put a side a quarter of my income.

1033
00:49:15,840 --> 00:49:18,640
Speaker 6: I'm gonna put aside ten thousand dollars to save and invest,

1034
00:49:18,960 --> 00:49:20,400
Speaker 6: and then you start putting in money to work and

1035
00:49:20,400 --> 00:49:22,120
Speaker 6: you're like, oh my god, I love this. I want

1036
00:49:22,120 --> 00:49:25,480
Speaker 6: to do more, I want to get better results. So

1037
00:49:25,560 --> 00:49:26,839
Speaker 6: now you're like, well, I'm going to try to put

1038
00:49:26,840 --> 00:49:29,080
Speaker 6: a side thirty percent of my income thirty five percent

1039
00:49:29,080 --> 00:49:31,480
Speaker 6: of my income, and you keep trying to squeeze this

1040
00:49:31,640 --> 00:49:34,960
Speaker 6: limited pie. But this is where now it's about building

1041
00:49:34,960 --> 00:49:37,239
Speaker 6: that growth mindset, and this is what wealthy people are

1042
00:49:37,239 --> 00:49:39,920
Speaker 6: able to do where they say, okay, sure, I can

1043
00:49:39,960 --> 00:49:42,040
Speaker 6: try to squeeze more pennies out of the pie, but

1044
00:49:42,080 --> 00:49:43,279
Speaker 6: the other thing that I could do is I'm going

1045
00:49:43,360 --> 00:49:45,080
Speaker 6: to try to grow the pie. How do I go

1046
00:49:45,120 --> 00:49:49,040
Speaker 6: from forty thousand to four hundred thousand dollars? And you know,

1047
00:49:49,080 --> 00:49:51,160
Speaker 6: you might hear that thinking, how in the world am

1048
00:49:51,200 --> 00:49:53,520
Speaker 6: I going to go from forty to four one hundred,

1049
00:49:53,640 --> 00:49:57,080
Speaker 6: Like it just sounds impossible, and so far away, and

1050
00:49:57,320 --> 00:49:59,160
Speaker 6: at that point, yeah, it might seem the way, but

1051
00:49:59,200 --> 00:50:02,000
Speaker 6: the first step, like you said, it's that mindset. That's

1052
00:50:02,000 --> 00:50:05,240
Speaker 6: why I call minority mindset minority mindset, because all success

1053
00:50:05,840 --> 00:50:08,200
Speaker 6: starts with your mindset. You have to be wealthy here

1054
00:50:08,239 --> 00:50:09,920
Speaker 6: before you can be wealthy in your bank account, and

1055
00:50:09,920 --> 00:50:11,839
Speaker 6: you have to understand how your mindset plays a part

1056
00:50:11,840 --> 00:50:13,759
Speaker 6: in it. Because now, if you tell yourself you can't

1057
00:50:13,760 --> 00:50:16,640
Speaker 6: do it, you can't. But if you tell yourself you can,

1058
00:50:16,719 --> 00:50:18,040
Speaker 6: then the next thing you're gonna do is you're going

1059
00:50:18,120 --> 00:50:19,880
Speaker 6: to say, how do I go from forty to fifty,

1060
00:50:20,160 --> 00:50:23,280
Speaker 6: fifty to one hundred. You're gonna start watching YouTube videos,

1061
00:50:23,520 --> 00:50:27,040
Speaker 6: You're going to start putting in work, and as you

1062
00:50:27,080 --> 00:50:28,880
Speaker 6: start to make more money, now you're going to be

1063
00:50:28,880 --> 00:50:31,040
Speaker 6: able to answer that question of what do I want

1064
00:50:31,080 --> 00:50:32,279
Speaker 6: to do with this money? Do I want to go

1065
00:50:32,280 --> 00:50:34,200
Speaker 6: out and buy a new Beamer or do I want

1066
00:50:34,239 --> 00:50:35,960
Speaker 6: to go out and invest in my business? Do I

1067
00:50:36,000 --> 00:50:37,719
Speaker 6: want to go out and buy a rental property? Do

1068
00:50:37,719 --> 00:50:39,360
Speaker 6: you want to go out and invest in stocks? Do

1069
00:50:39,400 --> 00:50:40,880
Speaker 6: I want to go out and invest in a startup?

1070
00:50:41,280 --> 00:50:43,080
Speaker 6: And now you can make these decisions because you have

1071
00:50:43,120 --> 00:50:46,120
Speaker 6: that financial education and this is why. You know, anytime

1072
00:50:46,120 --> 00:50:49,000
Speaker 6: I talk about the hows of you know, things that

1073
00:50:49,040 --> 00:50:51,200
Speaker 6: I say you should do to become wealthy, I always

1074
00:50:51,239 --> 00:50:55,400
Speaker 6: talk about how you invest and grow your money last,

1075
00:50:55,719 --> 00:50:58,520
Speaker 6: because if you don't know how to save the money,

1076
00:50:58,520 --> 00:51:01,000
Speaker 6: if you don't know how to invest them money, earning

1077
00:51:01,000 --> 00:51:02,640
Speaker 6: more money doesn't do you any good un tel you

1078
00:51:02,719 --> 00:51:05,600
Speaker 6: know how to do that, because now earning more money

1079
00:51:06,000 --> 00:51:08,400
Speaker 6: has the most impact because now you know how to

1080
00:51:08,400 --> 00:51:09,239
Speaker 6: put that money to work.

1081
00:51:09,280 --> 00:51:09,960
Speaker 2: You have the system.

1082
00:51:10,560 --> 00:51:13,000
Speaker 6: And I'll give you a quick example, like the first

1083
00:51:13,040 --> 00:51:15,920
Speaker 6: time I made a million dollars in a year, my

1084
00:51:16,080 --> 00:51:18,080
Speaker 6: car was worth five hundred dollars that I was driving.

1085
00:51:18,280 --> 00:51:21,239
Speaker 6: I still drive today that five hundred dollars car. Just

1086
00:51:21,320 --> 00:51:24,040
Speaker 6: last week, before I came out here to California, my

1087
00:51:24,080 --> 00:51:27,319
Speaker 6: homeowner association called me and they said, hey, Josbery, the

1088
00:51:28,080 --> 00:51:30,480
Speaker 6: we have a number of complaints about a junk car

1089
00:51:30,520 --> 00:51:32,640
Speaker 6: sitting in a driveway. And this is a true story.

1090
00:51:32,760 --> 00:51:34,319
Speaker 6: They said it's been sitting there. Because I was in

1091
00:51:34,320 --> 00:51:36,359
Speaker 6: California for a long time. They said it's been sitting there,

1092
00:51:36,880 --> 00:51:40,239
Speaker 6: and people say that you should take these junk cars

1093
00:51:40,239 --> 00:51:42,520
Speaker 6: and put them in storage. And I was like, well,

1094
00:51:42,800 --> 00:51:45,319
Speaker 6: for your information, it's not a junk car. That is

1095
00:51:45,320 --> 00:51:47,160
Speaker 6: my car that I take too and from work every

1096
00:51:47,200 --> 00:51:50,600
Speaker 6: single day, doesn't have a bumper on it, but it works.

1097
00:51:51,160 --> 00:51:53,120
Speaker 6: And they were like, well, you have to put it higher,

1098
00:51:53,760 --> 00:51:55,640
Speaker 6: further than the driveway so people don't see it. And

1099
00:51:55,680 --> 00:51:57,759
Speaker 6: I was just like, oh my god, you don't get it,

1100
00:51:57,840 --> 00:51:59,799
Speaker 6: like you know. And it's not that I can't go

1101
00:51:59,800 --> 00:52:02,600
Speaker 6: out and buy another car. The way I look at

1102
00:52:02,640 --> 00:52:03,920
Speaker 6: it is, well, if I want to go out and

1103
00:52:03,920 --> 00:52:06,200
Speaker 6: buy one hundred and fifty thousand dollars car, which I can,

1104
00:52:06,560 --> 00:52:08,120
Speaker 6: I can go out and take this cash and buy

1105
00:52:08,160 --> 00:52:09,800
Speaker 6: a car, or I can take this one hundred and

1106
00:52:09,840 --> 00:52:12,239
Speaker 6: fifty thousand dollars and put it back either into real

1107
00:52:12,320 --> 00:52:14,520
Speaker 6: estate or into stocks, or into my business because that's

1108
00:52:14,520 --> 00:52:16,239
Speaker 6: something that I've been investing heavily in now.

1109
00:52:16,400 --> 00:52:19,120
Speaker 1: I want to end this episode with a few key takeaways.

1110
00:52:19,520 --> 00:52:24,400
Speaker 1: Real wealth starts with strategic thinking and understanding passive income.

1111
00:52:24,840 --> 00:52:28,239
Speaker 1: It's not from luck or just hard work. Number two,

1112
00:52:28,560 --> 00:52:33,200
Speaker 1: it's about building long term financial security and prioritizing investments

1113
00:52:33,719 --> 00:52:37,800
Speaker 1: over instant gratification. And number three, share this with someone

1114
00:52:37,840 --> 00:52:41,759
Speaker 1: who wants to build lasting wealth, because financial freedom is

1115
00:52:41,800 --> 00:52:45,200
Speaker 1: the foundation of true independence, and when you share these

1116
00:52:45,239 --> 00:52:49,360
Speaker 1: tips abundantly, you'll be surrounded by more people having positive,

1117
00:52:49,800 --> 00:52:54,200
Speaker 1: healthy money conversations. If you love this episode, you will

1118
00:52:54,239 --> 00:52:57,640
Speaker 1: also love my interview with Charles Douhig on how to

1119
00:52:57,760 --> 00:53:01,920
Speaker 1: hack your brain, change any habit effortlessly, and the secret

1120
00:53:02,160 --> 00:53:03,719
Speaker 1: to making better decisions.

1121
00:53:03,880 --> 00:53:06,520
Speaker 7: Look, am I hesitating on this because I'm scared of

1122
00:53:06,520 --> 00:53:08,840
Speaker 7: making the choice because I'm scared of doing the work,

1123
00:53:09,000 --> 00:53:11,160
Speaker 7: Or am I sitting with this because it just doesn't

1124
00:53:11,200 --> 00:53:12,400
Speaker 7: feel right yet