Speaker 1: One of the most difficult, if not the most difficult
Speaker 1: conversation to have in the world, is about money. Whether
Speaker 1: it's with your partner, whether it's with your boss, whether
Speaker 1: it's with your family, even yourself. We all struggle with
Speaker 1: thinking about money, talking about money, monitoring our money, growing
Speaker 1: our money. It's one of those things that can end
Speaker 1: up being one of the greatest struggles of our life.
Speaker 1: And it's sad because so much of our life revolves
Speaker 1: around it. I know that this episode will transform your
Speaker 1: relationship with money. How many of you are struggling to
Speaker 1: shift from surviving to thriving. Maybe some of you have
Speaker 1: tried budgeting, investing, or saving, but still feel like your
Speaker 1: financial growth is stuck. Do you feel like you're doing
Speaker 1: everything right with money, yet real financial freedom still feels
Speaker 1: out of reach. Maybe self doubt is keeping you from
Speaker 1: reaching the financial success you know you're capable of. I
Speaker 1: can't wait for you to listen to this episode because
Speaker 1: I want you to transform your relationship with money and wealth.
Speaker 2: The number one Health and Well Inness.
Speaker 1: Podcast Jay Setty Jay Sheety. First up is Scott Galloway, entrepreneur, professor,
Speaker 1: and best selling author. He talks about the pursuit of
Speaker 1: wealth versus riches. Have you ever felt the pressure that
Speaker 1: you need to own a home? Scott bust this myth,
Speaker 1: and I can't wait for you to hear his answer.
Speaker 1: What does being rich even look like? Scott talks about
Speaker 1: what does it mean to have a passive income that
Speaker 1: can exceed your expenses? Here's the truth. Everyone worries about
Speaker 1: financial stability, even high paid professionals, no matter your age.
Speaker 1: If you're someone wanting a life of true wealth, listen
Speaker 1: to this.
Speaker 3: There is a certain pride of ownership. I think it's
Speaker 3: situational where you are in life, how much money you have,
Speaker 3: the city you're in. But buying a home is meant
Speaker 3: to be an enhancement to your life. It's not a
Speaker 3: suicide pact. And it may not be right for everybody.
Speaker 1: Yeah, I think what it gave people as a symbol
Speaker 1: was something to pursue.
Speaker 4: Right.
Speaker 1: We started talking about you go to college, you get
Speaker 1: a degree, you get a job, get married, you get
Speaker 1: a house, you have kids, Like it became one of
Speaker 1: those temppole things. And so now when you take it out,
Speaker 1: it's almost like, what should people be pursuing?
Speaker 4: Right?
Speaker 1: If you got married, you've got a good job, you're working,
Speaker 1: you're with your partner. It's almost like people think they
Speaker 1: have to pursue. It's almost like the assumption that you
Speaker 1: have to have kids. It's the same assumption of oh,
Speaker 1: we have to buy a house. So what should people
Speaker 1: pursue instead? Financially? When it comes to financial security.
Speaker 3: The goal is what I'll call wealth. The goal is
Speaker 3: going to be rich. Rich is the things you see.
Speaker 3: Wealth is what you don't see. And your pursuit should
Speaker 3: be wealth or economic security. And this is what wealth is.
Speaker 3: Wealth is having passive income that's greater than your burn.
Speaker 3: Two example, So I have a buddy who runs M
Speaker 3: and A for a bulge bracket investment bank, makes between
Speaker 3: three and ten million dollars a year, dependent upon the
Speaker 3: market because it's all current incompany, pays fifty percent taxes
Speaker 3: between his ex wife, his home in the Hamptons, and
Speaker 3: his master the universe lifestyle that he feels he deserves.
Speaker 3: He hasn't saved a lot of money, and he spends
Speaker 3: most of it. And I know that firsthand. He has
Speaker 3: a lot of sleepless nights wondering what happens if the
Speaker 3: music stops. He is not wealthy. My father, who is
Speaker 3: ninety four between his pension from the Royal Navy Social
Speaker 3: Security and he owns six washer dryer machines and trailer
Speaker 3: parks where he goes and collects the money with his walker.
Speaker 3: He makes fifty two thousand dollars a year he spends
Speaker 3: forty eight, so he is saving money despite the fact
Speaker 3: that he's not working. So his passive income is greater
Speaker 3: than his burn. He is wealthy. So you want to
Speaker 3: put yourself on a track to being wealthy. You want
Speaker 3: to say, realistically, I can control how much I spend.
Speaker 3: I just I've been coaching this couple living in San
Speaker 3: Jose and they're in their late fifties. I talk a
Speaker 3: lot about young people, and they say, Scott, we're in
Speaker 3: our late fifties.
Speaker 2: What do we do.
Speaker 3: How much money do you have? What's your house worth?
Speaker 1: Da?
Speaker 4: Da da?
Speaker 3: And by the time they're sixty five, they're not going
Speaker 3: to have enough passive income to pay for their lifestyle.
Speaker 3: I said, well, let's lean into our strengths here. Why
Speaker 3: are you in San Jose And they said, well, we've
Speaker 3: always lived here. I'm like, well, okay, your kids are
Speaker 3: gone and you've just mentioned that you go to Costa
Speaker 3: Rica twice here, why wouldn't you try and cut your
Speaker 3: burn forty percent and move to Costa Rica and take
Speaker 3: that economic pressure away and sell your house here. I
Speaker 3: think your kids would love to come busit you in
Speaker 3: Costa Rica. So the question is put yourself on a
Speaker 3: path using basic math and what you really think you're
Speaker 3: going to need in terms of passive income, such at
Speaker 3: at some point. Ideally it's by the time you're forty.
Speaker 3: It's usually not, but it needs to be by the
Speaker 3: time you're sixty five or seventy, because that release of
Speaker 3: economic anxiety freeze you up to focus on what is
Speaker 3: really important, and that is deep and meaningful relationships. So
Speaker 3: the reason why I am so much happier over the
Speaker 3: last ten years than I was kind of the first
Speaker 3: forty five years of my life is that economic stress
Speaker 3: was always there for me. I was raised by a
Speaker 3: single immigrant mother who lived and die of secretary. I
Speaker 3: felt like there was a ghost following us around telling
Speaker 3: us we weren't worthy because we didn't have money. Between
Speaker 3: college student loans, the bomb crashed and the Great financial Recession,
Speaker 3: I just never had enough money to have passive income
Speaker 3: such that I was done and a lot of people
Speaker 3: never get there. I got lucky. I sold my last
Speaker 3: company about ten years ago for a lot of money. Now,
Speaker 3: unless I really screw up again, which I've done a
Speaker 3: couple times, I can focus on my relationships. The resting
Speaker 3: blood pressure of a child in a low income home
Speaker 3: is higher than the restling to solid blood pressure of
Speaker 3: a kid in a middle or upbrin come home. I
Speaker 3: think the majority of divorces are not a function of
Speaker 3: infidelity or a lack of shared values. It's those things.
Speaker 3: One or more of those things might happen, and then
Speaker 3: again the incendiary on it is financial stress. Two thirds
Speaker 3: plus of divorce filings are from women. And we don't
Speaker 3: like to say this because we like to assume all
Speaker 3: men are predators and all women are virtuous. But when
Speaker 3: a man is under financial stress, the reality is he
Speaker 3: becomes less attractive as a mate, and that can lead
Speaker 3: to real stress in the relationship. So what you want
Speaker 3: to pursue if you're not pursuing a home, you want
Speaker 3: to put yourself on a path. You want to get
Speaker 3: alignment with a partner. You want to tracker spending, and
Speaker 3: put yourself on a path to some level of economic
Speaker 3: security of wealth by say the time you're sixty five,
Speaker 3: and if you're young and you're killing it instead of
Speaker 3: buying a bigger flat screen or a bigger TV, or
Speaker 3: maybe a bigger house, Well what if I started saving ten, fifteen,
Speaker 3: twenty thirty percent of my salary and I got wealth
Speaker 3: by the time I'm forty or forty five. Because to
Speaker 3: be in America, young and healthy and have passive income
Speaker 3: that's greater than you're burn. You're just going to have
Speaker 3: a wonderful life. So it's not acquiring anything, it's getting
Speaker 3: to a point of economic security or wealth. And that's
Speaker 3: a function of two things. How much money you make,
Speaker 3: such as you can save ke to wealth is not
Speaker 3: how much you make, it's how much you save. And
Speaker 3: also the thing you can control is your burn. You know,
Speaker 3: I have a friend who ran a hedge fund. It
Speaker 3: closed down. He makes good money, but not great money
Speaker 3: living in Tribeca with three kids, needed a million bucks
Speaker 3: a year to live that life. Moved to Portugal lives
Speaker 3: an amazing life with a beautiful home, great food, childcare,
Speaker 3: great education on four hundred grand a year. I mean,
Speaker 3: these these are problems of privilege, but that has taken
Speaker 3: the world of stress off his shoulders. He now needs
Speaker 3: to make a very good living, not an out rageous living.
Speaker 3: So but surround yourself with smart people who can help
Speaker 3: you make these decisions. But wealth is passive income that's
Speaker 3: greater than your burn.
Speaker 1: When you bring up the word money, most of us
Speaker 1: kind of go blank faced. We want to reach for
Speaker 1: a stress ball. We kind of you can just sense
Speaker 1: that it's uncomfortable to talk about it because we're almost
Speaker 1: reminded of all the bills stacking up and all of
Speaker 1: our expenses and we spend too much on TikTok shop
Speaker 1: this week, and you know, the reality hits and we
Speaker 1: kind of don't want to talk about it. Don't bring
Speaker 1: it up. How do we get out of that stressful wiring?
Speaker 1: And you talked about it even there with your background,
Speaker 1: Like I grew up in a family where we didn't
Speaker 1: have the healthiest relationship with money because we never had
Speaker 1: enough or we always had just enough and that was
Speaker 1: good enough, and that was always like you know, you're
Speaker 1: just looking at your back balance sitting at zero all
Speaker 1: the time, Like, how do we rewire our relationship with
Speaker 1: money because most of us have a stressful relationship with money.
Speaker 3: Well, when you think about how they help people who
Speaker 3: are depressed. It's a combination of talk therapy and if needed,
Speaker 3: some sort of you know, pharmaceugal intervention. I think mental
Speaker 3: illness or mental unwellness around money. I think we absolutely
Speaker 3: need to one have more financial literacy. I think we
Speaker 3: should have a class called adulting in your senior year
Speaker 3: of high school that says, my kid can do derivatives,
Speaker 3: but I just figured out he doesn't understand the interest
Speaker 3: rate on his credit card. So young people needs a
Speaker 3: certain level of financial literacy. Also, I encourage him to
Speaker 3: talk about money with their friends. It's especially hard for men.
Speaker 3: Women are disproportionately evaluated based on their aesthetics. Men are
Speaker 3: disproportionally evaluated based on their economic vitality.
Speaker 2: So for a guy to.
Speaker 3: Say, hey, do you you know I lost a shit
Speaker 3: ton of money in the market. Should I sell it?
Speaker 3: Do I get a tax shot off? That connotes weakness.
Speaker 3: They're worried that they're less attractive. There's actually something very
Speaker 3: British that you might relate to, and that is British people.
Speaker 3: The best great I understand in Britain that everyone wants
Speaker 3: is you get really high marks but really low effort scores.
Speaker 3: You're supposed to be accidentally rich. I'm so, I'm such
Speaker 3: a baller and I'm so great at what I do
Speaker 3: that I just accidentally slipped and fell on a ton
Speaker 3: of money. No, it's work. You got to think about it,
Speaker 3: You got to talk about it. So I encourage people
Speaker 3: to talk to their friends and if you're comfortable, this
Speaker 3: is how much money I'm making, this, how much I'm saving?
Speaker 3: This is you know, taxation is really important. Well what
Speaker 3: if I moved to Florida? How much money would I save?
Speaker 3: You know, what if I buy a house? Now I
Speaker 3: hear there's something called ten thirty one exchange where I
Speaker 3: can roll into my next.
Speaker 4: Property tax free.
Speaker 3: Talk about money, get get really good at it. Roger Federer,
Speaker 3: do you think he never talks about tennis? Talks about
Speaker 3: it all the goddamn time. Do you want to be
Speaker 3: great at money? Most people say, yeah, I want to
Speaker 3: be great at money? Is anybody great at anything? If
Speaker 3: I wanted to be an amazing evolutionary anthropologist? Would I
Speaker 3: never talk about it? Would I never bring it up
Speaker 3: in conversation? I never want to talk to other people
Speaker 3: about evolutionary anthropology. If you want to be good at money,
Speaker 3: put down the facade and start talking to people about
Speaker 3: their investments, how much money they make, what they do
Speaker 3: with their money, how they save money, what they do
Speaker 3: to try and limit their spending. I talk about stoicism.
Speaker 3: See if you can find a practice where you get
Speaker 3: reward or a dopa hit from exercise or relationships. Gamify
Speaker 3: saving money. My junior year at UCLA, I was in
Speaker 3: a fraternity with mostly wealthy Jewish kids from the valley,
Speaker 3: and there were five or six of us out of
Speaker 3: one hundred and twenty guys, and everybody in who we were.
Speaker 3: We didn't have any money. We're always laying on our
Speaker 3: house bills. Everyone knew, oh, those are the poor kids, right.
Speaker 3: And one summer we all lived in the same apartment
Speaker 3: building and we gamified saving money, and we had a
Speaker 3: whiteboard and we literally made a game out of it.
Speaker 3: In the summer of nineteen eighty five, I survived for
Speaker 3: twelve weeks on seventy eight bucks a week including rent,
Speaker 3: because if I didn't save three thousand bucks by the fall,
Speaker 3: I wasn't going back for my senior year in college
Speaker 3: because I didn't have wealthy parents. And if you can
Speaker 3: gamify saving money with a partner, especially a romantic partner,
Speaker 3: that you can be totally transparent with God, that's powerful.
Speaker 3: We're building something. We're gonna save a ton of money.
Speaker 3: Can we save five or seven thousand bucks this year together?
Speaker 3: And it's gonna be eight thousand next year, and then
Speaker 3: it's gonna be nine and with compounding in five or
Speaker 3: six years, which will go really fast. We have sixty
Speaker 3: eighty one hundred grand And having kids is I think
Speaker 3: the most rewarding thing it has been for me. I
Speaker 3: didn't plan to have kids, but it was having kids
Speaker 3: with someone else and raising what feel like pretty good citizens.
Speaker 3: But a close second was building economic security with someone else.
Speaker 3: We had total alignment. Right, we're gonna save, We were
Speaker 3: transparent around our expenses. We were generous with each other.
Speaker 3: Oh no, you should do that. There's a very unhealthy
Speaker 3: dynamic sometimes in relationships, and this is sexist, but I
Speaker 3: found it to be true where the dude uses money
Speaker 3: to control his spouse, and the spouse turns it into
Speaker 3: a game of how much money she can spend without
Speaker 3: him knowing. And fortunately that's getting flipped a little bit,
Speaker 3: or it's equalizing because women are doing so well. Women
Speaker 3: under the age of thirty are making more money, and
Speaker 3: urban centers more single women own homes, but they're still
Speaker 3: in my generation. This very weird dynamic between the sexes
Speaker 3: and money. But going back to your original question, talk
Speaker 3: about it, understand it. If you want to be good
Speaker 3: at it, you got to get literate at it, and
Speaker 3: you want to bring it up with your friends and
Speaker 3: you can start learning. I spend four hours a week
Speaker 3: probably talking to other people about my economic well being,
Speaker 3: what tag loop holes there are where I should be investing.
Speaker 3: I have a lot of real estate when interest rates
Speaker 3: come down, At what point do interest rates get low
Speaker 3: enough where I should be pulling a second out and
Speaker 3: putting it in the market, knowing if I have a
Speaker 3: ten year mortgage, over ten years the market usually up
Speaker 3: about seven to nine percent a year. Does that make
Speaker 3: sense right? Think about it all the time. You're the
Speaker 3: average of your five friends. You've seen that study body mass, politics,
Speaker 3: sports teams. But what's more interesting is one of those
Speaker 3: five people will be more economically secure, much more economically
Speaker 3: secure than the other four, despite not making a lot
Speaker 3: more money. You want to know those behaviors and those characteristics,
Speaker 3: and you want to model that person. But this is
Speaker 3: something we all need to be more open about. It
Speaker 3: doesn't make you less of a man. You're not supposed
Speaker 3: to have a lot of money when you're young. Everybody
Speaker 3: screws up. I've been broke twice in my forties. I
Speaker 3: was broke and that was really I was too ashamed
Speaker 3: to admit that to anybody else. It was like, well,
Speaker 3: you're supposed to be smart and great at what you do, right,
Speaker 3: So I think being a little bit more vulnerable, being
Speaker 3: open about it and getting tips and you know, kind
Speaker 3: kind of rules of the road from other people talk
Speaker 3: about it.
Speaker 1: Kit two is from Cody Sanchez, found, a CEO, New
Speaker 1: York Times bestselling author and champion of financial freedom. She
Speaker 1: talks about how to translate your skills into wealth. You
Speaker 1: might have felt that you have skills, you have talents,
Speaker 1: you have abilities, but you don't know how to monetize them.
Speaker 1: I use someone who's deciding whether college is right for you,
Speaker 1: or maybe you went to college and got a degree
Speaker 1: in something you no longer want to pursue. Degrees don't
Speaker 1: always guarantee financial success. Practical transferable skills can matter more.
Speaker 1: Companies increasingly value practical skills over traditional degrees, and Cody
Speaker 1: talks about how to turn those into real world value
Speaker 1: so that you're not chasing your passions that may not
Speaker 1: pay off. I can't wait for you to listen to
Speaker 1: this clip to recognize how to turn your skills into profit.
Speaker 1: So I'd meet a lot of young people who sadly
Speaker 1: have spent so much money on their degree, are really
Speaker 1: smart academically, but then that skill doesn't translate into knowing
Speaker 1: how to make the company more money, knowing how to
Speaker 1: lead people really well, knowing how to build function systems, processes,
Speaker 1: and therefore it's like, well, wait a minute, I just
Speaker 1: studied all these years, but it doesn't translate.
Speaker 5: Yeah, I think you're exactly right. I mean, for a
Speaker 5: long time, we employed people from the top universities and
Speaker 5: financial firms. We would go out and we would hand
Speaker 5: select them because that would be an indicator of their grit, perseverance,
Speaker 5: and potentially their intellect their IQ. Now, by and large,
Speaker 5: you're starting to see a lot of the top institutions
Speaker 5: bypass that. You know, Google doesn't mandate that you have
Speaker 5: a college degree if you're going into an engineering degree, actually,
Speaker 5: and I think that should be really liberating for us
Speaker 5: it's basically breaking down this barrier that's a six figure
Speaker 5: barrier that allowed for the few, the elites to stare
Speaker 5: step over everybody else. And now it's actually saying how
Speaker 5: bad you want it, and don't tell me what you learned,
Speaker 5: show me what you can do, or even better, show
Speaker 5: me what you did. And so I think the resume
Speaker 5: of the future is actually if somebody came to you,
Speaker 5: Jay and they were like, I just graduated from Wharton,
Speaker 5: I am very smart. You know, I also did my
Speaker 5: undergraduate degree at Harvard. I now want to come work
Speaker 5: for you. You'd be like, what do you know how
Speaker 5: to do? Do you know how to market? Do you
Speaker 5: know how to grow a beverage company? Do you know
Speaker 5: how to increase our investment return?
Speaker 6: Oh?
Speaker 5: You kind of like theoretically have looked about how to
Speaker 5: do that in a case study. That's probably less interesting
Speaker 5: to you than somebody that goes you know what. I
Speaker 5: was part of the beverage team at Arowon and Whole Foods,
Speaker 5: and I figured out sort of across the country how
Speaker 5: they buy different pieces of inventory.
Speaker 2: Yeah, attention right, exactly.
Speaker 5: And maybe because I want to help you grow this
Speaker 5: individual business, which I know you care about because I
Speaker 5: see it on your socials. I put together this little
Speaker 5: spreadsheet for you. Here's the things they care about. Could
Speaker 5: I come work for you for free for three or
Speaker 5: six months, and if that works out, could we do
Speaker 5: something better and bigger. The problem that people usually have
Speaker 5: on the internet when I throw out the word work
Speaker 5: for free, these young people are like, remember that part
Speaker 5: where you told us that we were broken and we
Speaker 5: don't have any money. So I'm not trying to dismiss
Speaker 5: that at all, but I do think we have to
Speaker 5: be honest about the fact that when we're young, you're
Speaker 5: gonna have to work harder than you think, longer than
Speaker 5: you think, doing stuff you don't like with people you
Speaker 5: probably don't like, until eventually you get the right to
Speaker 5: do something really interesting. But like, you don't die in
Speaker 5: your first job from it being really hard and challenging.
Speaker 5: You die from the absolute monotony and the low level
Speaker 5: tasks you have to do for basically pennies on the dollar.
Speaker 1: Yeah, definitely, definitely, absolutely, I fully agree. Let's say someone's
Speaker 1: thirty years old. Yeah, they've all thirty to thirty five,
Speaker 1: they work ten fifteen years after graduating, they've been at
Speaker 1: the same company. Maybe they've moved once. Yeah, I was
Speaker 1: actually talking to someone like this yesterday. She's been at
Speaker 1: this one company for six years. It's a great company,
Speaker 1: great on her resume, but she's like, I don't really
Speaker 1: want to be here. I don't think this is where
Speaker 1: I see my future. But I'm so scared of quitting.
Speaker 1: I don't know how to invest. I probably didn't save
Speaker 1: that much anywhere. Now I feel bad about it. I'm
Speaker 1: probably feeling a bit of shame and guilt that I
Speaker 1: didn't save that much over the last ten year.
Speaker 2: Is Yeah, what would I do, Cody?
Speaker 5: Well, one, I would say, these days, you do not
Speaker 5: have to have money to make money, which is incredibly powerful.
Speaker 5: So when I think about it, if I'm thirty and
Speaker 5: I am at a company like that, what would I
Speaker 5: do today?
Speaker 2: Well, I would actually probably.
Speaker 5: Sit down and figure out what am I actually skilled
Speaker 5: at that somebody else would pay me for? Once you
Speaker 5: know what somebody else would pay you for, which is
Speaker 5: really just like do people ask for your opinion on this?
Speaker 5: Could you actually get jobs in this space if it
Speaker 5: was me? Because I'm kind of unemployable, Like you don't
Speaker 5: want me to work for you? Like I got my
Speaker 5: own ideas. I want to do things this way. If
Speaker 5: she's like that, then what you want to do is
Speaker 5: you want to try to partner with somebody where you
Speaker 5: can be the solution to their problem. And because you
Speaker 5: understand what I call deal making, which is really the
Speaker 5: language of money, you can negotiate an ability for you
Speaker 5: to own part of a thing in order for you
Speaker 5: to have one of three outcomes. If she can figure
Speaker 5: out if she can help a business grow its revenue
Speaker 5: make more money, if she can help a business cut
Speaker 5: its costs, or if she can help decrease the pin
Speaker 5: of a business owner. You can negotiate your way into
Speaker 5: a business and have equity in it and upside. And
Speaker 5: I wish somebody had taught me that earlier, because this
Speaker 5: is what consultants do, this is what private equity firms do,
Speaker 5: this is what some of the largest institutions in the
Speaker 5: world do. I call it expertise to equity. But if
Speaker 5: I was her, I'd say, don't go find another job.
Speaker 5: And if you don't have a brilliant idea that you're like,
Speaker 5: I would die for the want of creating this thing
Speaker 5: in the world. If you have that, please go do it.
Speaker 5: But if you're like, I don't have that. I just
Speaker 5: want to make money and I want to feel respected,
Speaker 5: and I want to feel like my skills fit somewhere
Speaker 5: and I'm able to have an outsized income. If that's you,
Speaker 5: then I think you should try to value your skill set.
Speaker 5: Then you should try to negotiate for an upside deal
Speaker 5: with somebody, and you should try your hand at this
Speaker 5: game called ownership, which is where you say, hey, small business,
Speaker 5: I know how to market. Can I help you market
Speaker 5: at the side while I'm working on this company? And
Speaker 5: because I help you grow your revenue by fifty percent,
Speaker 5: could I keep ten percent of the fifty percent I grow?
Speaker 5: A small business owner would say yes to that. Of
Speaker 5: course they would, because there's no downside. And I think
Speaker 5: more often than not, we think that the only risk
Speaker 5: you can take and making money in business is putting
Speaker 5: your own cash down. That's a risk, or starting a
Speaker 5: business aka dedicating your life to something. The last part
Speaker 5: I'll get a little statistic on us is ninety percent
Speaker 5: of startups fail inside any rolling ten year period. We
Speaker 5: know that statistic. Most startups make zero dollars for the
Speaker 5: first three years. After that, the average entrepreneur makes about
Speaker 5: forty six thousand dollars a year, which is great, but
Speaker 5: not when you've been making zero for three years. And
Speaker 5: then on top of that, we've got this nation of
Speaker 5: people who have all these bills to pay, and they
Speaker 5: are betting on hopes and dreams as opposed to realities.
Speaker 5: And so my commentary is, can you figure out how
Speaker 5: to value your skills so you can negotiate a little
Speaker 5: bit more upside for that day where you can't work anymore.
Speaker 1: Clip number three is from one of my best friends,
Speaker 1: Lewis Howse, and he talks about the mindset of abundance.
Speaker 1: He talks about how a scarcity mindset can limit financial growth,
Speaker 1: while an abundance mindset opens doors to wealth. If you've
Speaker 1: grown up with limited resources, it may have shaped how
Speaker 1: you view money. He talks about the importance of practicing
Speaker 1: gratitude with money, no matter how little or how much
Speaker 1: you have, And we get to talking about both of
Speaker 1: us rewiring our relationship with money so that you can
Speaker 1: actually attract more abundance. If me and you went back
Speaker 1: to a place in our life where we really didn't
Speaker 1: have money, yes, and you think about someone who's in
Speaker 1: that position, who's listening to us right now, and in
Speaker 1: their head, they're thinking, but how do I become abundant
Speaker 1: when I don't have well? Like my natural thing is
Speaker 1: like I'm just struggling to pay my next bill, and
Speaker 1: me and you have both been in those situations. I
Speaker 1: remember when I was growing up. I grew up in
Speaker 1: a house where we had just enough. Like that was
Speaker 1: the language my parents use, we have just enough, And
Speaker 1: my parents would often argue about money. I remember I
Speaker 1: wasn't allowed to buy cool shoes and stuff I'd have
Speaker 1: like the knockoff, cheapest brand from whatever, which was. I
Speaker 1: actually didn't have an issue with that. I didn't have
Speaker 1: an issue with any of it because we had food
Speaker 1: and that was my normality. But it's really interesting because
Speaker 1: the amount of times growing up. I started working when
Speaker 1: I was fourteen, and I think that gave me a
Speaker 1: really interesting sense of how hard it was to make money.
Speaker 2: Because I started working at fourteen.
Speaker 1: I used to get paid two pounds per street that
Speaker 1: I delivered newspapers. So imagine there's a hundred houses. It's
Speaker 1: going to take me like that per house.
Speaker 2: No, no, no, per street.
Speaker 1: So I did five streets and so I'd get ten
Speaker 1: pounds at the end of the week, if I did
Speaker 1: five streets and each street would take me at least
Speaker 1: an hour, maybe I don't know, something like that. And
Speaker 1: so I'd walk around, I'd pull this thing and I'd
Speaker 1: deliver it, and I got an understanding of how hard
Speaker 1: it was to make money. But then that became a
Speaker 1: story for me, going to your making money is hard,
Speaker 1: making money is hard, and that there's only a certain
Speaker 1: amount of money you're allowed to make at this level,
Speaker 1: like you're a fourteen year old. Then I worked in retail.
Speaker 1: I stacked shelves at a grocery store. I worked at
Speaker 1: a store called Morrison's, which is like working at Walmart.
Speaker 1: And there, I remember, I got paid like five pounds
Speaker 1: an hour, and then you get like time and a
Speaker 1: half if you work the weekends in the evenings. All
Speaker 1: of this to say that I probably spent my whole
Speaker 1: life only seeing zero in my bank account because everything
Speaker 1: that would come in would pay for my phone bill,
Speaker 1: my car insurance that I paid for whatever it was
Speaker 1: that I was taking care of. So I wasn't relying
Speaker 1: on my parents apart from I lived in their home obviously,
Speaker 1: but I always felt like money came in, money went
Speaker 1: out and my story around money was people who have
Speaker 1: money are doing something bad.
Speaker 2: So I lived in a home.
Speaker 1: Whenever we went to a friend's home and they had
Speaker 1: a nice home, my family would always say, oh, yeah,
Speaker 1: but they do dodgy stuff to make money. Language around
Speaker 1: money was people with money are doing bad stuff. So
Speaker 1: in my head it was like, Oh, if you have money,
Speaker 1: then you must be doing shady stuff because we don't
Speaker 1: have money and we're not doing anything right.
Speaker 4: You must be hurting people to make.
Speaker 1: Money correct in some way, exploiting advantage. Yeah, take your
Speaker 1: advantage whatever. So everything you're saying is so true because
Speaker 1: then when I got to a point in my life
Speaker 1: where I was just trying to do good and I
Speaker 1: had something like one hundred and fifty two hundred million
Speaker 1: views on content and you have no money, I was
Speaker 1: four months away from being I met you around this
Speaker 1: time this time, yes, And it was really interesting to
Speaker 1: me because that was the time that I was actually
Speaker 1: doing this work, which is why this book so powerful,
Speaker 1: because I realized that I couldn't even with one hundred
Speaker 1: and fifty two hundred million views. It wasn't that that
Speaker 1: made money because my story and my personality style was anxious.
Speaker 1: I felt like it was wrong to make money. Like,
Speaker 1: that's actually what it was. I felt like making money
Speaker 1: was bad. And so until I got to that, did.
Speaker 4: You believe you're worthy of making more money?
Speaker 1: I believed I was worthy, But I believe that you
Speaker 1: had to be bad to make money.
Speaker 4: Wow.
Speaker 7: So you don't want to be bad, you don't want
Speaker 7: to have a lot of money and associate I have
Speaker 7: a lot of money, and now I'm bad.
Speaker 2: Correct, I'm bad and wrong.
Speaker 4: And I'm hurting others in order to.
Speaker 1: Tell myself correct because good people are poor wow. Right,
Speaker 1: Like to be a good person of good character means
Speaker 1: to not have money.
Speaker 4: Wow. And that was based on a belief system that
Speaker 4: you developed.
Speaker 1: Over time that I didn't even know, Like if you
Speaker 1: would have told me about this eight years ago, to me,
Speaker 1: I don't know, which is why I think these reflections
Speaker 1: are so important. So when you're in that place taking
Speaker 1: your story as well, taking my story, how do we
Speaker 1: start to rewrite that story now that we're aware.
Speaker 4: Well's so powerful that you said that.
Speaker 7: And I remember this vividly because I met you on
Speaker 7: Halloween twenty seventeen, right eight years ago, and I said, like,
Speaker 7: cancel the day, let's just hang out all day.
Speaker 2: Yeah, you had a book coming out of that.
Speaker 7: I had a boocket that came out that day on Halloween,
Speaker 7: which is called the basket masculinity. Anyways, how do we
Speaker 7: rewire our brain around money to create more abundance when
Speaker 7: you have nothing, when you have lack? How do we
Speaker 7: rewire our brain to create abundance when you have nothing
Speaker 7: and you don't know how to earn more money.
Speaker 4: The first thing I think you need to be aware
Speaker 4: of is that your beliefs dictate your behaviors.
Speaker 7: So if you believe that money is bad or people
Speaker 7: who make a lot of money are bad and take
Speaker 7: advantage of others, and therefore me having lack right now
Speaker 7: means I'm a good person and I don't want to
Speaker 7: become a bad person, then that belief is going to
Speaker 7: dictate your behaviors, and you're going to stay in lack.
Speaker 7: You're going to stay in scarcity, and you're going to
Speaker 7: see opportunities that only give you just enough as opposed
Speaker 7: to opportunities that could create incredible wealth for yourself financially
Speaker 7: but also an emotional wealth that you've never had before.
Speaker 7: So that's one of the things you want to understand
Speaker 7: it's first that your beliefs dictate your behaviors.
Speaker 2: That's a big one, by the way, That's huge. Yeah,
Speaker 2: like that. I just want to point that out with people, like,
Speaker 2: that's so huge.
Speaker 4: Because your beliefs.
Speaker 7: Yeah, it's huge got you to a place of I
Speaker 7: am impacting hundreds of millions of people from these these
Speaker 7: videos that I created with my talents, but I don't
Speaker 7: know how to make money with them, and I don't
Speaker 7: know if I actually should because then I could be
Speaker 7: bad and wrong, or people could perceive me as I
Speaker 7: did something bad to make this money correct, And I'm
Speaker 7: a spiritual person, I'm a monk, I've done all these things.
Speaker 7: I don't want to have that life, but I want
Speaker 7: to make an impact and I don't want to be poor.
Speaker 7: So I think a lot of people are struggling with
Speaker 7: that mindset.
Speaker 2: What are the other ones you hear? What are the
Speaker 2: other focusing on that belief?
Speaker 4: Sephorit?
Speaker 1: What are you hearing from people about there? But that's
Speaker 1: my belief and that's very much my history and story.
Speaker 1: As you said, what other stuff do you hear from people?
Speaker 7: The biggest shift that will create abundance in your life
Speaker 7: is a mindset habit in unlocking wealth for yourself. And
Speaker 7: one of the big lies, one of the big blocks
Speaker 7: that holds people back from financial opportunity is that I
Speaker 7: cannot be generous with my time, my wisdom, my knowledge,
Speaker 7: or my secrets to others because if I am, they
Speaker 7: will take it and run with it and I will
Speaker 7: be left with nothing. So therefore I'm going to hoard
Speaker 7: my energy. I'm going to hold my time, my knowledge
Speaker 7: and only keep it to me so that others don't
Speaker 7: have good ideas or have my health. And from all
Speaker 7: the different billionaires and millionaires and financial leaders in the
Speaker 7: world that I've interviewed, I know you've interviewed a lot
Speaker 7: of them, there is a question I would always ask
Speaker 7: individuals who've made incredible amounts of money and that keeps
Speaker 7: helping them create more wealth year after year, and they
Speaker 7: all say the same thing, those who have had a
Speaker 7: sustainably good heart in the process, is that you have
Speaker 7: to have a generous mindset. So the mindset habit is
Speaker 7: the first thing that you have to think about when
Speaker 7: creating abundance with your money, but also feeling abundant internally,
Speaker 7: and it's coming with generosity. So if you feel like
Speaker 7: you're stuck right now, if you feel like you have nothing,
Speaker 7: this was what you were at eight years ago when
Speaker 7: I met you. This is where I I was at
Speaker 7: fifteen years ago when I was on my sister's couch.
Speaker 7: I had no money, I was in student loan debt.
Speaker 7: I was sleeping on her couch. I didn't think I
Speaker 7: had any skills. I didn't have a college degree yet.
Speaker 7: I was like, how am I going to make money
Speaker 7: if I don't know how to make money and I
Speaker 7: don't have any talent or skill and I'm in debt.
Speaker 7: It didn't understand it. It felt impossible. And the thing
Speaker 7: that I shifted when I started meeting money mentors is
Speaker 7: I needed to learn the first habit, which is the
Speaker 7: mindset habit, which is a habit of generosity and gratitude.
Speaker 2: What did that look like then? What was the practical step?
Speaker 7: What it looks like was how do I meet money people?
Speaker 7: People who have money, people who have success, people can
Speaker 7: teach me knowledge. I needed to come with a sense
Speaker 7: of energy, of curiosity, of possibilities, and of joy. I
Speaker 7: literally wrote a list down of all these different things
Speaker 7: that I thought were my talents. I go, how can
Speaker 7: I make money. I don't have any skills. I played
Speaker 7: football and now I'm injured. What can I do for people?
Speaker 7: But I was like, well, I'm really curious. Maybe I
Speaker 7: can just ask people questions. And never did I think
Speaker 7: million years that I could have a twelve year old
Speaker 7: podcast just asking questions and make millions of dollars a year.
Speaker 7: I never thought that was possible. I was in my
Speaker 7: early twenties and I was like, you know what, I've
Speaker 7: got a lot of energy. I've got a lot of passion.
Speaker 7: So let me bring passion and energy to other people
Speaker 7: and excitement. And that energy was infectious, and there's a
Speaker 7: currency that's tied to that energy of passion, joy, excitement, curiosity.
Speaker 7: That currency may not look like money, but for those
Speaker 7: who are older, who have no more passion, they're burnt out,
Speaker 7: they're exhausted. It is the highest form of currency. They
Speaker 7: want that. They crave that energy. They've burned themselves out
Speaker 7: for decades. They want to feel young again, they want
Speaker 7: to feel curious again, they want to feel excited again.
Speaker 7: And when you come to someone with that energy, you
Speaker 7: are bringing a different mindset. So the mindset of curiosity, joy, passion,
Speaker 7: presence like just connecting with someone and asking them a
Speaker 7: question is such a valuable currency. So we have to
Speaker 7: look into these untapped skills talents inside of us that
Speaker 7: are hidden to others, but inside of us they can
Speaker 7: create magic.
Speaker 4: That's one of them.
Speaker 7: Another one is just being generous with your time, with
Speaker 7: your resources, with your ideas and helping others succeed.
Speaker 1: I love that because I didn't even know that then,
Speaker 1: but I was doing it unconsciously.
Speaker 2: Yes, you were, so I really.
Speaker 1: Wanted to interview incredible people, but I didn't have a
Speaker 1: platform at the time when I met you, and so
Speaker 1: I'd partnered up with Nasdak, And by the way, just
Speaker 1: to be really clear with everyone, I didn't get paid
Speaker 1: to do this. So Nasdak had something where everyone's using
Speaker 1: Facebook Live, and I said, Hey, could I have an
Speaker 1: hour in the Nasdak building whenever I have an amazing
Speaker 1: guest that says yes, so that I can interview them
Speaker 1: on Nasdak Live. And they would put the picture up
Speaker 1: on the middle of Times Square on a billboard. So
Speaker 1: now I could reach out to people I look it
Speaker 1: up to.
Speaker 7: That's the reason why I went on the show exactly.
Speaker 7: I didn't know who you were until I saw, hey,
Speaker 7: I can get you a billboard on Times Square. I go,
Speaker 7: that's value to value right.
Speaker 1: Now, I'm being generous and I'm trying to find a
Speaker 1: way because I don't have anything to offer.
Speaker 2: But I admire you. And it was all people I admired.
Speaker 1: It was yourself, it was Ryan Holiday said, yes, Me
Speaker 1: and Ryan had met maybe once before that, but Ryan
Speaker 1: came on that show, and there.
Speaker 2: Were a bunch of other authors.
Speaker 1: Deepak Chopra came on that show with me, and it
Speaker 1: was all people that I'd admired, looked up to for
Speaker 1: a long time, and exactly that. That's first of all,
Speaker 1: we became great friends off of it. But the point is,
Speaker 1: it's exactly what you're saying that even though I felt
Speaker 1: I had nothing to offer, I had to find a
Speaker 1: way to create something to offer someone of value. I
Speaker 1: didn't get paid for it. For that show, I didn't
Speaker 1: get paid to run it. I didn't make any money
Speaker 1: from it. But it created an opportunity for me to
Speaker 1: connect with friends, to connect with people that were doing
Speaker 1: incredible things. Yes, and of course allowed me to showcase
Speaker 1: my talents so that then I could show it to
Speaker 1: other people. I remember I had Ryan Harwood on the show,
Speaker 1: who founded Pure Wow and he just sold it to
Speaker 1: Gary Vee. That's how I met Gary. So Ryan came
Speaker 1: on my show and he was just like, Jay, I
Speaker 1: love you. You're a great interviewer, Like you have such
Speaker 1: great energy. He really liked my passion and he said,
Speaker 1: you got to come meet Gary and I was like,
Speaker 1: no way, Like I love Gary, and so he took
Speaker 1: me to meet Gary for the first time. We had
Speaker 1: a meeting in his office, and that's how I built
Speaker 1: my relationship with him.
Speaker 2: It was all thanks to Ryan.
Speaker 1: And so when you think about it now, I've never
Speaker 1: thought about it until what you're saying now. When I
Speaker 1: look back, Ryan's been on the podcast like four times
Speaker 1: now whatever. I love his books. So many relationships came
Speaker 1: out of that. And so I think when you live
Speaker 1: in a world of I have nothing to offer and
Speaker 1: I don't have anything, it becomes really hard to create.
Speaker 7: And most people think when I have nothing, I need
Speaker 7: to take from someone else. Yes, I don't have anything,
Speaker 7: so I can't give anything if I don't have it.
Speaker 7: So I need someone to give me money right now
Speaker 7: because I'm broke, I'm poor, I'm stuck, I'm stressed, I'm anxious,
Speaker 7: I can't think out of myself. And this first habit
Speaker 7: is really gratitude and generosity is the gateway to abundance.
Speaker 7: And it may not mean you're going to make money
Speaker 7: right away. You didn't make money by having me on
Speaker 7: the show right away, but we became friends.
Speaker 4: I helped you, you helped me.
Speaker 7: Over time, we helped each other create more abundance together,
Speaker 7: not only financially, which we've done together, but a type
Speaker 7: of richness that isn't about money. And this book, again
Speaker 7: it's a money book, but it's really like, it doesn't
Speaker 7: matter how much money you have. If you don't feel
Speaker 7: like you have a rich life inside of you, that's real.
Speaker 7: It does not matter how much is in your bank account,
Speaker 7: how big your net worth is. If you don't feel
Speaker 7: like you have an abundant life. If you're stressed, if
Speaker 7: you're overwhelmed, if you're anxious, if you're constantly in drama,
Speaker 7: that is not abundance. A high net worth does not
Speaker 7: mean you are free. And the goal is for us
Speaker 7: to feel free every moment of our lives as often
Speaker 7: as possible and allow money to be a tool to
Speaker 7: create incredible opportunities memories, moments where you can be generous
Speaker 7: with it with the people you care about, the cause
Speaker 7: you care about, the institutions you care about, to serve
Speaker 7: more people and feel good about doing it, not feel
Speaker 7: bad about doing it. And that's part of this process.
Speaker 7: Most people, when they lack money, they want to take
Speaker 7: from others. They want someone to help them, and you
Speaker 7: need to flip it on its head and say, how
Speaker 7: can I help others even when I have nothing? That
Speaker 7: is the time to be more generous and more gratitude
Speaker 7: and say thank you for this opportunity, even if you
Speaker 7: have to just lie to yourself for a moment and
Speaker 7: say I'm stuck, I'm on my sister's couch, i have
Speaker 7: no money, I'm four months and four months I'm going
Speaker 7: to be out of an apartment and I don't know
Speaker 7: where the money is coming. Just say thank you God,
Speaker 7: thank you your nervous for this opportunity to learn, this
Speaker 7: opportunity to grow, because I'll never be here again.
Speaker 4: Interview.
Speaker 7: I don't know if you've had Ken Honda on, but
Speaker 7: he really.
Speaker 4: It is so cool.
Speaker 7: I love this approach to this and he's talking similar
Speaker 7: style about how do you just live a rich life?
Speaker 7: Irrelevant of whether you have money or not. And again,
Speaker 7: this is what I want people to get to. When
Speaker 7: you are poor, when you're broke, when you're struggling financially,
Speaker 7: it feels really hard to feel abundant and rich, and
Speaker 7: we want to start shifting our thoughts or emotions and
Speaker 7: our energy on. Okay, I know I'm in this financial situation.
Speaker 7: It doesn't feel good, But in order to get out
Speaker 7: of it, it's not feeling worse about it.
Speaker 4: It's starting to.
Speaker 7: Feel better about me, better about my values, my character,
Speaker 7: my kindness, my generosity, and seeing how can I add
Speaker 7: value to others. And that's the first thing we need
Speaker 7: to be thinking about. How can I get into a
Speaker 7: richness inside of me to serve others and take care
Speaker 7: of me at the same time. And one of the
Speaker 7: practices or these social experiments or exercises similar to you
Speaker 7: that Ken has is that whenever money comes to him,
Speaker 7: whether it's a check, whether it's a Venmo payment, whatever
Speaker 7: might be, he just says thank you to that money.
Speaker 7: He looks at that number, if it's a penny, if
Speaker 7: it's a million dollars, if it's your normal check you
Speaker 7: get coming in the mail every two weeks. He looks
Speaker 7: at it and says thank you, and literally opens his
Speaker 7: heart and loves that money that comes to him. He says,
Speaker 7: thank you. Where do you want to go? Do you
Speaker 7: want to go to my bank account? Do you want
Speaker 7: to go to my savings? Do you want to go
Speaker 7: to investments? Do you want to go towards paying off debt?
Speaker 7: Do you want me to give you away? And it
Speaker 7: might be a weird kind of like exercise, but I
Speaker 7: love this approach to just being mindful of money when
Speaker 7: it comes, say thank you. And then when you pay bills,
Speaker 7: when you pay off debt, say thank you as well.
Speaker 7: Thank you for allowing me to pay off this debt.
Speaker 7: Thank you for paying myself on bill so I can
Speaker 7: call my friends and family that I love. Thank you
Speaker 7: for the ability to live a richer life. And when
Speaker 7: we start to approach money in that way, it doesn't
Speaker 7: mean money's going to fall from the sky and come
Speaker 7: to us abundantly, but we're going to start to feel
Speaker 7: more rich and abundant internally, which that energy is what
Speaker 7: will attract more opportunities. Those opportunities could lead to millions.
Speaker 7: This hostess that came to you, she brought that thankful energy,
Speaker 7: that present energy, that loving, joyful, curious energy, and it
Speaker 7: created an abundance of opportunities and connection.
Speaker 1: Next up is just Breach Seeingh who talks about the
Speaker 1: wealth formula. Now, this was one of our most popular
Speaker 1: episodes and I'm so excited for you to learn from him.
Speaker 1: He talks about the difference between building wealth involving both
Speaker 1: saving and investing. It's not an either all. He also
Speaker 1: talks about understanding the formula. Income minus expenses equals investments
Speaker 1: plus savings, and investments are the key to maintaining wealth
Speaker 1: even after making millions. If you're someone who's been wanting
Speaker 1: to learn more about investing, this clip is for you.
Speaker 6: What are you doing with your income? You can either
Speaker 6: build the equity by starting a company yourself or by
Speaker 6: building a home, or you can buy the equity. Now,
Speaker 6: how you do that, Well, you have to understand the
Speaker 6: wealth formula. The wealth formula that I come up that
Speaker 6: I've come up with is you take your income minus
Speaker 6: your expenses, and that equals your investments plus your savings.
Speaker 6: So if you take your income the amount of money
Speaker 6: that you make, and I you subtract all the things
Speaker 6: that you buy, your rent, your mortgage, your car payment,
Speaker 6: your groceries, your gas. You take away all your expenses
Speaker 6: and if you have a margin, when I have extra cash.
Speaker 6: Now you can save all or some of this money.
Speaker 6: But if you don't save some of it, then that
Speaker 6: money can be put to work in your investments. These investments,
Speaker 6: like I've been hinting at, is what makes wealthy people wealthy,
Speaker 6: and it's what keep wealthy people wealthy. These investments can
Speaker 6: be in the stock market because anytime you buy a
Speaker 6: share of any company. If you go out and buy
Speaker 6: a share of say Amazon, you become one of the
Speaker 6: owners of the Amazon Corporation. You get to share in
Speaker 6: the profits. If the Amazon valuation goes up, your stock
Speaker 6: price goes up. The second wave would be through real estate,
Speaker 6: not through your home, but through a real estate investment,
Speaker 6: buying a rental property that you're buying for the sole
Speaker 6: purpose of making money. This is something they can pay
Speaker 6: you every week or every year, every month. Then it
Speaker 6: can be through your own business, or if you don't
Speaker 6: want to build your own business, you can invest in startups.
Speaker 6: It's much more accessible now. You can own physical gold,
Speaker 6: you can invest in cryptocurrency if that's something that you
Speaker 6: believe in. So there's a lot of different ways to
Speaker 6: build this equity, but this is where now you need
Speaker 6: to be putting your money to work to actually buy
Speaker 6: and own and build this equity.
Speaker 1: Yeah, those are I mean I first of all, I
Speaker 1: just want to say I love how structured your thinking is,
Speaker 1: and it's so great to break things down. And so
Speaker 1: anyone who's been listening or watching so far, make sure
Speaker 1: you go back and ask yourself which of those habits
Speaker 1: you're struggling with. The use someone who's in the two
Speaker 1: s's choosing to spend or save. I use someone who's
Speaker 1: being slowed down by systemic thinking and like being controlled
Speaker 1: about where that goes. Like, really take a moment to
Speaker 1: reflect in this episode while you're listening which part you
Speaker 1: want to work on, because I know right now some
Speaker 1: of you may be tempted to just turn this off
Speaker 1: and go I'm overwhelmed, I don't want to hear about this.
Speaker 1: I'm scared about my money already, I don't want to
Speaker 1: talk about it. But I'm hoping that this is creating
Speaker 1: space for you to really sit down, introspect and reflect
Speaker 1: going into that. I think one of the biggest issues
Speaker 1: that people have when they hear this, and I know
Speaker 1: that I had a long time ago. When I first
Speaker 1: heard this was I don't have enough to do anything with.
Speaker 1: And so I remember when I started hearing about crypto specifically,
Speaker 1: like very early on, like I probably heard about it,
Speaker 1: like maybe like thirteen years ago, probably the first time. Yeah,
Speaker 1: I was very early heard about cryptocurrencies, about twelve thirteen
Speaker 1: years ago, and I had just come out of the monastery,
Speaker 1: so I didn't have any money, like, I didn't have
Speaker 1: anything to invest, and probably in about a year I
Speaker 1: probably would have had like a thousand to invest. In
Speaker 1: my head, I go, that's not anything. What's that going
Speaker 1: to do? Right? And I think a lot of people
Speaker 1: have that mindset, are like I only have five hundred dollars.
Speaker 1: I only have one thousand dollars? How can I do
Speaker 1: it that I might as well spend it on whatever
Speaker 1: it is, because oh I'm gonna save it because I
Speaker 1: need it for a rainy day. What does someone do
Speaker 1: when they have that mindset, when they're like I don't
Speaker 1: have enough? How do you approach that?
Speaker 6: So when I was in high school, I really wanted
Speaker 6: a Ford Mustang, but my dad was like, no, you
Speaker 6: can't buy a Ford Mustang. I wasn't going to get
Speaker 6: that car. But this is again when stock prices had crashed,
Speaker 6: and the next best thing if I couldn't buy a
Speaker 6: Ford Mustang and I started reading the business books, then
Speaker 6: was how about I buy some of the Ford stock. Again,
Speaker 6: I didn't have a lot of money. My first investment
Speaker 6: in the Ford stock was two dollars because that's how
Speaker 6: much the stock was trading for. Now it's much higher.
Speaker 6: But what I'm trying to get at is, you know,
Speaker 6: you can start with very little amount of money. I
Speaker 6: mean nowadays, with the new age of stock brokerages, if
Speaker 6: you have ten dollars, you can start buying this type
Speaker 6: of equity. You can start building this type of equity.
Speaker 6: But the key now is the consistency and how often
Speaker 6: like doing it all the time. Because when I say consistency,
Speaker 6: people say, oh, anytime I have one hundred dollars, Well, okay,
Speaker 6: what you want to do. But consistency is make it automatic.
Speaker 6: Any time you get paid, take a portion of that
Speaker 6: money and automatically invest it. Now, the next question is
Speaker 6: probably where to up put this money? Do I just
Speaker 6: throw it into Tesla or Amazon? Well, if you're not
Speaker 6: willing to do that level of research where you don't
Speaker 6: want to try to find the best companies. You don't
Speaker 6: want to invest in real estate, you don't want to
Speaker 6: get into the more you know, let's say, the more
Speaker 6: advanced type of stuff. You want to just put your
Speaker 6: money to work. Well, the simplest thing you can do
Speaker 6: is look at something called an ETF, which is an
Speaker 6: exchange traded fund, which gives you exposure not to one company,
Speaker 6: but many companies, maybe hundreds of companies. For example, there's
Speaker 6: something called the S and P five hundred, which is
Speaker 6: a group of the five hundred biggest companies on the
Speaker 6: stock market, essentially the five hundred biggest companies in America.
Speaker 6: You can invest in the S and P five hundred
Speaker 6: by investing in just one symbol. So you invest in
Speaker 6: this one thing, and you're getting exposure to five hundred
Speaker 6: different companies. Now you don't have to worry about what
Speaker 6: each of these five hundred companies are doing. You're just investing,
Speaker 6: essentially in America the future of the American economy. If
Speaker 6: that's something you believe in, well, now every time you
Speaker 6: get paid, put in one hundred dollars and now you
Speaker 6: just do this for the long term. Whether the market
Speaker 6: is up or down does not matter. It should not
Speaker 6: change the strategy to just keep passively investing your money,
Speaker 6: make it automatic, make it passive that way, don't have
Speaker 6: to even worry about it. And now you just keep
Speaker 6: building it up because now it's the whole idea of compounding.
Speaker 6: You don't want to just throw your money in at once.
Speaker 6: You want to put a little bit of money and
Speaker 6: let they grow. Put more money and let they grow.
Speaker 6: Put more money in and let that grow. I've made
Speaker 6: a couple of videos where I talked about two people.
Speaker 6: One was the janitor, one worked in a school. Both
Speaker 6: of them made very little income, yet both of them
Speaker 6: retired very wealthy. And the reason, and I'm talking about
Speaker 6: in the millions of dollars, and the reason why they've
Speaker 6: been able to retire with a million dollars plus was
Speaker 6: because it took a little bit of money every time
Speaker 6: they got and they just invested that money. It did
Speaker 6: not matter you know what else was going on in
Speaker 6: the world. They always paid themselves first, They always invested
Speaker 6: in assets before they started going out and buying things
Speaker 6: that made them look rich. Every single time. And when
Speaker 6: you put that little bit of money to work, whether
Speaker 6: you're starting with twenty five dollars or two hundred and
Speaker 6: fifty dollars or one thousand dollars. When you put that
Speaker 6: money to work and you do that consistently over time,
Speaker 6: you can build real wealth. I mean, if you look
Speaker 6: at a compound calculator, a few hundred dollars a month
Speaker 6: compounded from the age of twenty one to sixty five,
Speaker 6: getting an average rate of return. I mean, we're talking
Speaker 6: about millions, but it just starts with making a small
Speaker 6: investment first, and being consistent with it and always being
Speaker 6: willing to learn.
Speaker 2: I love that.
Speaker 1: I'm glad you brought that up because I think the
Speaker 1: other option, so as I was saying there is the
Speaker 1: issue is I don't have enough. It's not gonna matter, right,
Speaker 1: Like that's one mindset. The other mindset is and it's
Speaker 1: almost the opposite. It's the idea of like, but I
Speaker 1: want to make money quick, yeah, right, And I feel
Speaker 1: like it's like by on it now. And I think
Speaker 1: there's this mindset, especially what you keep saying about how
Speaker 1: the lifestyle has been portrayed, that we almost feel like
Speaker 1: people just change their lives overnight and that they all
Speaker 1: of a sudden have like a portfolio of rental properties,
Speaker 1: or they all of a sudden have the nice house
Speaker 1: or the nice car, or whatever it may be, And
Speaker 1: all of a sudden, we're wondering, well, how does it
Speaker 1: happen that quick for me? And then we get stuck
Speaker 1: in a get rich quick scheme, or we get stuck
Speaker 1: in like some quick win.
Speaker 2: How do it?
Speaker 1: Sounds like to me that one of the biggest trainings
Speaker 1: is in the discipline of being able to postpone pleasure,
Speaker 1: because what you're saying in any mark is it's going
Speaker 1: to take time. Like you had to save up four
Speaker 1: to eight thousand for your first condo that you bought.
Speaker 1: First of all, you had to work for that money.
Speaker 1: You had to save that money so that you could
Speaker 1: invest it. Then you were able to buy this eight
Speaker 1: thousand condo, which obviously has had great you know growth,
Speaker 1: I'm sure, but there was a lot that took to
Speaker 1: get to that. Whereas the thing right now people are like, oh, well,
Speaker 1: I'd rather spene one hundred time on this.
Speaker 6: Yeah, it's a real decade of sacrifice and there's really
Speaker 6: no way around it. If you want to fast track
Speaker 6: your way. Now, the best investment you can make if
Speaker 6: you want the better returns, the bigger returns is by
Speaker 6: investing your money in yourself. And the tough part is
Speaker 6: you got to be willing to go through that time
Speaker 6: and the effort, because you're right, it takes time. I
Speaker 6: you know, unless you have that experience already there. You
Speaker 6: have the mentors, you have you know, pear brans, people
Speaker 6: who can guide you through it. Maybe you can shorten it,
Speaker 6: but I didn't have that. So for me, it took
Speaker 6: me a solid decade to figure it out. To go
Speaker 6: from business idea to business idea, the business idea, to
Speaker 6: go through failure or failure, to get scammed after scammed,
Speaker 6: those things are what teach you. And when you're going
Speaker 6: through it, it sucks. You don't realize that you're going
Speaker 6: through a lesson. You just feel like, dang, I just
Speaker 6: got screwed over.
Speaker 2: Yeah, you know what I mean.
Speaker 6: But it's you got to keep the goal you know,
Speaker 6: in mind, and it's understanding what is more important to
Speaker 6: you right now. Because you're right, the last thing that
Speaker 6: you want to do also is get into this idea
Speaker 6: of just pinching pennies, because at the end of the day,
Speaker 6: a penny saved is just a penny. And the thing
Speaker 6: that I can best do to illustrate that is if
Speaker 6: you make forty thousand dollars a year and you're like, Okay,
Speaker 6: I'm going to put a side a quarter of my income.
Speaker 6: I'm gonna put aside ten thousand dollars to save and invest,
Speaker 6: and then you start putting in money to work and
Speaker 6: you're like, oh my god, I love this. I want
Speaker 6: to do more, I want to get better results. So
Speaker 6: now you're like, well, I'm going to try to put
Speaker 6: a side thirty percent of my income thirty five percent
Speaker 6: of my income, and you keep trying to squeeze this
Speaker 6: limited pie. But this is where now it's about building
Speaker 6: that growth mindset, and this is what wealthy people are
Speaker 6: able to do where they say, okay, sure, I can
Speaker 6: try to squeeze more pennies out of the pie, but
Speaker 6: the other thing that I could do is I'm going
Speaker 6: to try to grow the pie. How do I go
Speaker 6: from forty thousand to four hundred thousand dollars? And you know,
Speaker 6: you might hear that thinking, how in the world am
Speaker 6: I going to go from forty to four one hundred,
Speaker 6: Like it just sounds impossible, and so far away, and
Speaker 6: at that point, yeah, it might seem the way, but
Speaker 6: the first step, like you said, it's that mindset. That's
Speaker 6: why I call minority mindset minority mindset, because all success
Speaker 6: starts with your mindset. You have to be wealthy here
Speaker 6: before you can be wealthy in your bank account, and
Speaker 6: you have to understand how your mindset plays a part
Speaker 6: in it. Because now, if you tell yourself you can't
Speaker 6: do it, you can't. But if you tell yourself you can,
Speaker 6: then the next thing you're gonna do is you're going
Speaker 6: to say, how do I go from forty to fifty,
Speaker 6: fifty to one hundred. You're gonna start watching YouTube videos,
Speaker 6: You're going to start putting in work, and as you
Speaker 6: start to make more money, now you're going to be
Speaker 6: able to answer that question of what do I want
Speaker 6: to do with this money? Do I want to go
Speaker 6: out and buy a new Beamer or do I want
Speaker 6: to go out and invest in my business? Do I
Speaker 6: want to go out and buy a rental property? Do
Speaker 6: you want to go out and invest in stocks? Do
Speaker 6: I want to go out and invest in a startup?
Speaker 6: And now you can make these decisions because you have
Speaker 6: that financial education and this is why. You know, anytime
Speaker 6: I talk about the hows of you know, things that
Speaker 6: I say you should do to become wealthy, I always
Speaker 6: talk about how you invest and grow your money last,
Speaker 6: because if you don't know how to save the money,
Speaker 6: if you don't know how to invest them money, earning
Speaker 6: more money doesn't do you any good un tel you
Speaker 6: know how to do that, because now earning more money
Speaker 6: has the most impact because now you know how to
Speaker 6: put that money to work.
Speaker 2: You have the system.
Speaker 6: And I'll give you a quick example, like the first
Speaker 6: time I made a million dollars in a year, my
Speaker 6: car was worth five hundred dollars that I was driving.
Speaker 6: I still drive today that five hundred dollars car. Just
Speaker 6: last week, before I came out here to California, my
Speaker 6: homeowner association called me and they said, hey, Josbery, the
Speaker 6: we have a number of complaints about a junk car
Speaker 6: sitting in a driveway. And this is a true story.
Speaker 6: They said it's been sitting there. Because I was in
Speaker 6: California for a long time. They said it's been sitting there,
Speaker 6: and people say that you should take these junk cars
Speaker 6: and put them in storage. And I was like, well,
Speaker 6: for your information, it's not a junk car. That is
Speaker 6: my car that I take too and from work every
Speaker 6: single day, doesn't have a bumper on it, but it works.
Speaker 6: And they were like, well, you have to put it higher,
Speaker 6: further than the driveway so people don't see it. And
Speaker 6: I was just like, oh my god, you don't get it,
Speaker 6: like you know. And it's not that I can't go
Speaker 6: out and buy another car. The way I look at
Speaker 6: it is, well, if I want to go out and
Speaker 6: buy one hundred and fifty thousand dollars car, which I can,
Speaker 6: I can go out and take this cash and buy
Speaker 6: a car, or I can take this one hundred and
Speaker 6: fifty thousand dollars and put it back either into real
Speaker 6: estate or into stocks, or into my business because that's
Speaker 6: something that I've been investing heavily in now.
Speaker 1: I want to end this episode with a few key takeaways.
Speaker 1: Real wealth starts with strategic thinking and understanding passive income.
Speaker 1: It's not from luck or just hard work. Number two,
Speaker 1: it's about building long term financial security and prioritizing investments
Speaker 1: over instant gratification. And number three, share this with someone
Speaker 1: who wants to build lasting wealth, because financial freedom is
Speaker 1: the foundation of true independence, and when you share these
Speaker 1: tips abundantly, you'll be surrounded by more people having positive,
Speaker 1: healthy money conversations. If you love this episode, you will
Speaker 1: also love my interview with Charles Douhig on how to
Speaker 1: hack your brain, change any habit effortlessly, and the secret
Speaker 1: to making better decisions.
Speaker 7: Look, am I hesitating on this because I'm scared of
Speaker 7: making the choice because I'm scared of doing the work,
Speaker 7: Or am I sitting with this because it just doesn't
Speaker 7: feel right yet