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Speaker 1: How many of you would like to make more money

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Speaker 1: this year. I'm guessing the answer is yes. All of

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Speaker 1: us will need to make more money to take care

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Speaker 1: of the people we love, to build the dreams, and

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Speaker 1: to build our life. But what happens when we're told

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Speaker 1: to chase wealth but never taught the rules of money?

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Speaker 1: Nearly half of the adults in the United States grade

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Speaker 1: their financial knowledge a SEE or worse. Yet social media

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Speaker 1: pushes get rich quick. True freedom isn't about hacks. It's

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Speaker 1: about discipline, risk, and understanding money.

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Speaker 2: The number one health and wellness podcast.

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Speaker 1: Jay Set Jay Shetty Set. In this episode, you will

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Speaker 1: hear from financial experts who share lessons on saving, investing,

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Speaker 1: and building wealth that serves your goals, not your impulses.

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Speaker 1: Scott Galloway puts it simply, saving isn't about willpower. It

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Speaker 1: starts with having something to save. Reclaiming just eight to

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Speaker 1: ten hours a week from distractions like TikTok or gaming

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Speaker 1: could shift your financial future and discipline. It comes most

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Speaker 1: easily from automation. Only seventeen percent of Americans use automatic

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Speaker 1: deposits or transfers to build savings, yet it's the most

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Speaker 1: reliable way to grow wealth without relying on willpower. What

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Speaker 1: I love about Scott's message is that he doesn't frame

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Speaker 1: money as an overnight breakthrough. He frames it as an

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Speaker 1: ongoing practice. Here are the key takeaways. Start small, automate it,

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Speaker 1: let time do the compounding, and remember your early years

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Speaker 1: are for workshopping. Don't expect perfection, expect to keep showing

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Speaker 1: up because it's not intensity, but consistency that builds true

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Speaker 1: financial freedom. I was talking to my team about this

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Speaker 1: before you came, because I love getting into everyone's heads

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Speaker 1: about what's everyone worried about, what's I'm struggling with, what

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Speaker 1: are we thinking about? And one of the big things

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Speaker 1: that came up was I don't know how to save.

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Speaker 1: Like a lot of young people say this to me today,

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Speaker 1: like I don't even know what saving means anymore. They've

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Speaker 1: not been trained in it. The education system let them down.

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Speaker 1: Maybe their parents keep saying save, save, safe, safe, save,

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Speaker 1: but their consumption is high. If someone's thinking about saving today,

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Speaker 1: how do they create a framework for healthy and realistic saving.

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Speaker 3: Well, the first thing you have to have something to say.

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Speaker 3: There's just no getting around it. You've got to be

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Speaker 3: able to make money and the best way to make

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Speaker 3: a lot of money is by starting and making a

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Speaker 3: little bit of money. I coach a lot of young

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Speaker 3: men and typically what I do on the first meeting

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Speaker 3: as I tell them to unlock their phone and I say,

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Speaker 3: I'm not going to judge you. You know, I'm on TikTok,

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Speaker 3: I watch porn. I'm not easily offended here. And we're

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Speaker 3: going to find eight to ten hours a week out

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Speaker 3: of your phone. And it's ridiculously easy with young men

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Speaker 3: to find eight or ten hours in their phone between Robinhood, Twitter,

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Speaker 3: what have you, and we reinvest it. The first thing

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Speaker 3: is we got to figure out Okay, for me, it's

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Speaker 3: physical fitness.

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Speaker 2: Right away.

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Speaker 3: We're going to spend two to four hours a week

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Speaker 3: getting strong, especially I coach mostly young men, but I

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Speaker 3: think one of the keys to mental health is feeling

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Speaker 3: as if, when you're a young man, that you could

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Speaker 3: walk into any room and if shit got real, kill

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Speaker 3: and eat everybody, or out and run them. I think

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Speaker 3: that should be your goal. I think it's instinctual. I

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Speaker 3: think it make you feel strong. I think it make

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Speaker 3: it feel kinder. The people who break up fights at

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Speaker 3: bars are usually big, strong men. The second thing you

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Speaker 3: have to start making some money. I don't care if

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Speaker 3: it's flipping on your smartphone to be a lift driver

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Speaker 3: or a task rabbit, going to CBS and stocking shelves.

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Speaker 3: Even just a little bit of money gives you a

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Speaker 3: taste for the flesh of money and get you thinking

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Speaker 3: about different ways to make money. And capital in a

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Speaker 3: capitalist society is intoxicating. So we have to figure out

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Speaker 3: a way to start making some money. Once we start

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Speaker 3: making some money and we have a salary and we

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Speaker 3: work at an organization, ninety eight percent of people will

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Speaker 3: spend everything that comes through their hands, right. It just

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Speaker 3: you live in a society where there are the most

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Speaker 3: impressive people and the most impressive technology ever in the

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Speaker 3: history of our planet. Have one mission, and that's to

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Speaker 3: figure out a way to present you with the ultimate

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Speaker 3: offer at exactly the right time. Oh, heading to Coppo

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Speaker 3: for a girl's weekend. Wouldn't you like to upgrade from

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Speaker 3: economy to economy comfort?

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Speaker 2: Oh?

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Speaker 3: Only two of these rooms left. How about upgrade now

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Speaker 3: to the special SPA package. Oh, you just bought a

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Speaker 3: pair of on running shoes, What about these bomba socks.

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Speaker 3: It is nearly impossible for a young person to save

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Speaker 3: money if it comes through their hands, if they get

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Speaker 3: their hands on it. You want to figure out a

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Speaker 3: force savings So everything from like the Acorns app that

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Speaker 3: rounds up and puts the money automatically into a low

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Speaker 3: cost index fund. Find out what government programs there are

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Speaker 3: in your nation that where if you sign up, the

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Speaker 3: money's taken out of your check, maybe it's matched by

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Speaker 3: the government, maybe it's matched by your employer four oh

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Speaker 3: one k Ira Roth. First thing you do, find someone

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Speaker 3: smarter your company. Talk to your tax advisor, go on

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Speaker 3: AI and say, what force savings mechanisms our most tax

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Speaker 3: advantage that I can participate in at an early age

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Speaker 3: because you really just need to take somewhere between call

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Speaker 3: it three and five percent of your income if you

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Speaker 3: start when you're in your twenties, and in the UK

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Speaker 3: they round up from four thousand pounds a year to

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Speaker 3: five thousand. There are tax deferred programs here such that

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Speaker 3: you don't get clipped twenty thirty forty percent each year.

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Speaker 3: So the first thing is I got to start making

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Speaker 3: some money. The next thing is I'm going to lean

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Speaker 3: into my advantage, your advantage when you're young. Everyone has

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Speaker 3: capital when you're young, you have more human capital, you

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Speaker 3: have more time than financial capital. So I'm going to

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Speaker 3: lean into that advantage and if I can just figure

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Speaker 3: out the discipline of getting one thousand, two thousand, five

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Speaker 3: thousand bucks a year into one of these programs, I'm

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Speaker 3: not going to touch it. I'm not going to think

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Speaker 3: about it. I'm not going to trade. I'm going to

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Speaker 3: focus on what I'm good at. By the time you're

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Speaker 3: my age, you're going to be fine. But the easiest

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Speaker 3: way to do that is a forced savings plan. You

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Speaker 3: have agency make some money and immediately, I don't care

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Speaker 3: if it's you start off making a couple grand a

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Speaker 3: month as a task, grab it or whatever it might be.

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Speaker 3: I'm going to take two or three percent of it

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Speaker 3: and find a program sets that it never gets into

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Speaker 3: my hands and goes into a low cost diversified index.

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Speaker 2: Mont.

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Speaker 1: One of the things I love you talk about in

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Speaker 1: the book The Algebra of Wealth is you talk about

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Speaker 1: the challenge we have with our goals. The first is

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Speaker 1: we set unrealistic goals and then they're super long term,

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Speaker 1: so we say things to ourselves like, well, in the

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Speaker 1: next twelve months, I'm going to save twelve thousand dollars

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Speaker 1: and it's like we've never even saved five hundred dollars.

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Speaker 1: And you talk about this need to set a goal

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Speaker 1: of like this is how much I'm going to save

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Speaker 1: this month, Like this is where I'm going to start.

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Speaker 1: And it's so interesting you talk about time and your

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Speaker 1: work with young men, because I think time is so

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Speaker 1: interesting because I think today most people would rather finish

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Speaker 1: their work day and we'd love to just switch on

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Speaker 1: a show, doom, scroll on TikTok, And so there is

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Speaker 1: more time that could be engaged in creating other revenue streams, etc.

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Speaker 1: But what is really blocking us from doing that? I

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Speaker 1: think everyone knows they have time, they know they want

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Speaker 1: to make more money, but there's something there that's just

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Speaker 1: blocking us from getting activated. What have you found that

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Speaker 1: is so?

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Speaker 3: I can't speak for the whole population, but generally speaking,

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Speaker 3: the lack of executive function is the part of the

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Speaker 3: brain that controls that is the prefrontal cortex, the kind

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Speaker 3: of gas on, gas off, the part of the brain

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Speaker 3: that says stop playing video games and start studying. That

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Speaker 3: is maturing later and later in boys. It's somewhere between

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Speaker 3: twelve and eighteen months behind a young women so in

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Speaker 3: many ways, a senior in high school, a woman who's

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Speaker 3: applying to college, and a young man who's applying to

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Speaker 3: college senior in high school, the woman is competing against

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Speaker 3: a sixteen and a half year old, and as a result,

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Speaker 3: few and fewer men are going to college. And we're

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Speaker 3: in an economy where forty years ago, one of three

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Speaker 3: jobs needed a college degree. Now it's two and three.

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Speaker 3: Women are correctly and justifiably, especially young women, blowing by

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Speaker 3: young men. They have more discipline, they have higher eq.

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Speaker 3: Quite frankly, they're just more mature. I say this in

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Speaker 3: my own company. I have a lot of young people,

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Speaker 3: disproportionate amount of young people in my organization. There's some

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Speaker 3: very talented young men, but I would describe them kind

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Speaker 3: of as dopey, almost a little boyish. I have some

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Speaker 3: young women in my firm who could be the junior

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Speaker 3: senator from Pennsylvania. Women are just maturing earlier. So there's

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Speaker 3: certain biological things that get in the way of men

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Speaker 3: having executive function. I also think that there's so much temptation.

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Speaker 3: I think there's a little bit of belief of kind

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Speaker 3: of yolo, you know, this is it live for today.

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Speaker 3: I also think it's harder for them to save just

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Speaker 3: because everything's so goddamn expensive, so it's discouraging for them.

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Speaker 3: It's like, Okay, I'm working my ass off and I

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Speaker 3: can barely pay for my barely pay for my rent.

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Speaker 3: So this is anecdotal evidence, but it largely represents the economy.

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Speaker 3: When I got out of business school, the average salary

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Speaker 3: was one hundred grand. You know, I went to quote

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Speaker 3: unquote a lead business school. I went to the high school.

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Speaker 3: The average house in San Francisco costs two hundred and

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Speaker 3: eighty thousand dollars, so two point eight times the NBA salary. Now,

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Speaker 3: the kids at how still in elite business goal incredible

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Speaker 3: compensation average two hundred grand right out of business school,

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Speaker 3: But the average home in San Francisco is two point

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Speaker 3: one million. Why because as soon as you have a house,

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Speaker 3: you become very concerned with traffic and you start showing

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Speaker 3: up to local review meetings and making sure no new

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Speaker 3: housing is built, Which is great if you already own

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Speaker 3: a home. Going back to the rejection of strategy, but

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Speaker 3: it's almost impossible now. It's almost like saving for a

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Speaker 3: home is out of my reach. The travel industry has

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Speaker 3: boomed and my thesis is that you have millions of

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Speaker 3: young people who are going into their mating ears and decided,

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Speaker 3: let's say four house. Let's say for a house then

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Speaker 3: pre pandemic, a house is two hundred and ninety k.

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Speaker 3: Post pandemic, it's four to twenty. Interest rates from from

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Speaker 3: three percent to seven percent. Average mortgage went from eleven

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Speaker 3: hundred to two twenty two hundred. All of a sudden,

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Speaker 3: the American dream has become a hallucination of fantasy again.

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Speaker 3: I'm getting a backpack and I'm going to do an

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Speaker 3: Airbnb in mancok And travel stocks, hotel stocks, airline stocks

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Speaker 3: have all boomed because I think young people have given

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Speaker 3: up on the American dream of owning a home. But

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Speaker 3: circling back to your question, it's I think recognizing you

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Speaker 3: have agency, realizing that this is hard.

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Speaker 2: It's hard work.

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Speaker 3: You're working in an economy, build a kitchen cabinet of

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Speaker 3: people who can advise you. It's very hard to read

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Speaker 3: the label from inside of the bottle. You gotta work hard.

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Speaker 3: There's just no getting around it. I don't care how

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Speaker 3: talented you are. Beyonce works are ass off. I mean

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Speaker 3: it just people who want to be successful and influential

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Speaker 3: after work, work really hard, and then what I would

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Speaker 3: also say is that forgive yourself. My first job out

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Speaker 3: of college was investment banking. I hit the lottery. Everyone

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Speaker 3: was super impressed. I hated it and I wasn't going

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Speaker 3: to good at good at it, And within two and

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Speaker 3: a half years I was back living at home with

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Speaker 3: my mother, unemployed. That almost kind of devastated. But my

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Speaker 3: kind of success comes from my ability to endure rejection

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Speaker 3: and move through it, to mourn and move on. So

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Speaker 3: if you're in your twenties and you're thinking I'm not

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Speaker 3: making a lot of money, I'm having trouble like having

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Speaker 3: a nice life. I'm not entirely sure what I want

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Speaker 3: to do, then you are exactly where you should be.

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Speaker 3: Your twenties are for workshopping. Forgive yourself, but keep trying.

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Speaker 3: Reach out to people for help, show up, get the

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Speaker 3: easy shit right, show up early, be courteous, be kind,

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Speaker 3: you know, think about how do I get more certification?

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Speaker 3: And then the moment you lock in on something that

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Speaker 3: you're good at and could become great at, go all

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Speaker 3: in on it. And I come from the attitude I'm

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Speaker 3: assuming people want real economic security. Some people say, Scott,

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Speaker 3: I'm not like you. I don't want to live to work.

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Speaker 3: I want to work to live. Fine, but have an

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Speaker 3: honest conversation with yourself around what you need to make

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Speaker 3: to have a reasonable life. If you want to live

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Speaker 3: in LA and you want to have a nice lifestyle,

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Speaker 3: you just have to make a shit ton of money.

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Speaker 3: That's just the reality. But if you say I'm not

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Speaker 3: all about work, then fine. Do you want to move

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Speaker 3: to Santa Clarita or do you want to move to

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Speaker 3: the Inland Empire or do you want to move to

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Speaker 3: somewhere in Oregon. Fine, but you have a sober conversation

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Speaker 3: with yourself. What are your expectations and realistically, what kind

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Speaker 3: of commitment and trade off are you going to need

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Speaker 3: to get there. What I tell young people is you

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Speaker 3: can have it all, you just can't have it all

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Speaker 3: at once. I have amazing balance right now, and looking

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Speaker 3: around I think you do.

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Speaker 2: But that's because I had.

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Speaker 3: Almost none in my twenties and thirties. And I don't

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Speaker 3: you know this whole life. I don't know much about you,

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Speaker 3: but the life I lead now when I'm in LA,

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Speaker 3: I didn't even know what existed in my twenties because

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Speaker 3: I'm like, I need to make money and I'm not

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Speaker 3: exceptionally talented. So the thing I can control is how

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Speaker 3: hard I work, and there's no getting around it. It'll

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Speaker 3: cost you some relationships. It cost me my hair, it

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Speaker 3: cost me my first marriage. And this sounds crass, but

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Speaker 3: it was worth it because now that I have kids,

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Speaker 3: now that I'm older, I have a lot of balance.

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Speaker 3: So it's a sober conversation. It's a kitchen cabinet. It's

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Speaker 3: forgiving yourself. It's trying to find something you're good at.

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Speaker 3: It's a lot of things, more than anything, more than anything,

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Speaker 3: forgive yourself. If things aren't working out in your twenties,

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Speaker 3: that's where you should be. Very rarely do people come

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Speaker 3: right out of college and go.

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Speaker 1: Like this, yeah, so well said so much to unpack

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Speaker 1: their scott and thank you for kind of giving us

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Speaker 1: so many points to check with. Just spreach Seeing breaks

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Speaker 1: down the three habits that keep people broke. He reminds

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Speaker 1: us that saving alone won't make you wealthy. If inflation

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Speaker 1: outpaces your interest, your savings lose value every day. That's

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Speaker 1: why wealthy people don't just earn more, they own more.

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Speaker 1: Just Spreach's first real estate investment taught him that wealth

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Speaker 1: isn't built by climbing the corporate ladder, but by owning

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Speaker 1: a piece of it. His challenge to all of us

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Speaker 1: learn how money moves, ask why, and focus on ownership

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Speaker 1: over appearances. If you could tell me what are the

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Speaker 1: three habits that keep us in that poor or poverty mindset,

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Speaker 1: as you said, and what are the healthy habits that

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Speaker 1: bring us into the wealthy mindset?

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Speaker 4: Sure? So, the three I think biggest bad habits when

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Speaker 4: it comes to money. First, probably the most obvious, I

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Speaker 4: would say it is people following the two s's where

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Speaker 4: you're spending or saving all their money. You'll never become

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Speaker 4: wealthy if you do that. Number two would be you

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Speaker 4: blindly follow the system without questioning the way the system works.

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Speaker 4: And number three is you don't understand how money works.

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Speaker 4: So if you start with number one, the two says

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Speaker 4: save and spend. And now it's interesting if you look

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Speaker 4: at the financial statements for the majority of people in

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Speaker 4: America or even across the world, the way it looks

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Speaker 4: is you make money, you pay taxes, you spend money,

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Speaker 4: and then you wonder where all your money went.

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Speaker 1: Literally, and so people.

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Speaker 4: The majority people don't have any plan for their money,

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Speaker 4: and that's why the majority people have little to no

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Speaker 4: savings and the majority of Americans have little to no

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Speaker 4: investments right now, but half of America has zero investments.

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Speaker 4: And I'm talking about zero four to one k, zero iras,

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Speaker 4: zero stock market accounts, zero real estate investments, zero gold investments, nothing.

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Speaker 4: And then out of the next half of Americans that

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Speaker 4: have an investment, only half of those have an investment

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Speaker 4: outside of their four to one care ira. So you

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Speaker 4: have a very small percent, about a quarter of America

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Speaker 4: working America, that has any investments on their own. When

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Speaker 4: you go back to the saving and spending, we're in

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Speaker 4: a spending culture. America has a consumerism culture. And I

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Speaker 4: joke about this, but the way I like to say

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Speaker 4: it is Traditionally Indian people make a dollar to spend

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Speaker 4: twenty cents. American people make a dollar to spend two

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Speaker 4: dollars thanks of the help of credit credit. This is

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Speaker 4: just the culture that we're in where it's very okay

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Speaker 4: and normalized to spend money even if you can't afford something,

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Speaker 4: you don't have it, and what are you doing, well,

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Speaker 4: you're spending all your money making everybody else around you rich,

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Speaker 4: but you yourself. You might look rich, but you're actually broke.

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Speaker 4: There's a reason why the owner and CEO of Louis

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Speaker 4: Vuton is the richest person in the world. Whereasus the

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Speaker 4: majority of people who wear Louis Vuitton are broke. The

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Speaker 4: people who are wearing Louis Vuton are trying to look

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Speaker 4: rich And how are you doing that? Well, you're making

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Speaker 4: the owner of Louis Vuton rich by doing that. And

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Speaker 4: so this is where you got to understand. There's nothing

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Speaker 4: wrong with wearing designer stuff. There's nothing wrong with having

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Speaker 4: nice stuff. There's nothing wrong with wanting nice things, but

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Speaker 4: you have to be able to afford it. First, I

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Speaker 4: used to guest teach in Detroit public schools and when

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Speaker 4: I used to teach there, it's a rough school district.

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Speaker 4: I would talk to the kids about life, you know,

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Speaker 4: motivation and entrepreneurship and money and success. And one of

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Speaker 4: the things that I would ask is how many of

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Speaker 4: you have a job. Almost all of them raise their

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Speaker 4: hand saying that they had a job. My next follow

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Speaker 4: up question was how many of you have a bank account?

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Speaker 4: Nobody raised their hand, So I asked, you know what

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Speaker 4: you do with your paycheck. They said, well, we get

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Speaker 4: a physical check, then we go to the liquor store

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Speaker 4: where you get it cashed. The liquor store owner takes

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Speaker 4: one to ten percent. Then you buy pop, candy, bunch

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Speaker 4: of junk on the way out, and by the time

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Speaker 4: you're out of the store, you've already given away half

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Speaker 4: of your paycheck. I call it a net zero thinking,

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Speaker 4: where we think in terms of spending. If I have

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Speaker 4: a thousand dollars, I can go out and buy this handbag,

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Speaker 4: this nice thing. If I have ten grand, I can

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Speaker 4: go on this nice vocation. If I have fifty grand,

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Speaker 4: I can go on to buy this nice car. We

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Speaker 4: think in terms of spending because we think if I

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Speaker 4: have this money, how can I spend it now? If

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Speaker 4: you break away from that and now you start creating

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Speaker 4: a buffer and you don't spend all of your money,

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Speaker 4: the next problem is we save our money. Because for me,

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Speaker 4: the only financial education that I was given was save

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Speaker 4: your money. Because if you're not spending it now, you

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Speaker 4: are building up a big bank account. And if you

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Speaker 4: have a big bank account, you'll be wealthy. But the

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Speaker 4: reality is you will never be able to become wealthy.

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Speaker 4: Through your savings. Your savings will never make you wealthy.

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Speaker 4: And if you don't believe me, I'll give you just

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Speaker 4: a mathematical term. Your savings right now are growing by

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Speaker 4: essentially nothing. Well, let's just say one percent, and I

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Speaker 4: being very very generous here. If your savings grow by

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Speaker 4: one percent and inflation is higher than one percent, and

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Speaker 4: we can see now inflation is extremely high. But even

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Speaker 4: before the twenty twenty pandemic, inflation was still higher than

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Speaker 4: one percent, we were two or three percent. Inflation means

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Speaker 4: that the value of your savings are dropping. So if

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Speaker 4: inflation is higher than your savings, that means that your

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Speaker 4: savings are losing value each and every day. Every day

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Speaker 4: that you save your money in the bank, you are

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Speaker 4: slowly becoming poorer each and every day, and most of

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Speaker 4: us never see it happen. Now, this doesn't mean you

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Speaker 4: shouldn't save any money. This just means you have to

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Speaker 4: understand how to save your money strategically, because wealthy people

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Speaker 4: do not want to save all their money. They want

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Speaker 4: to save their money for an emergency. They save their

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Speaker 4: money for an investment, or they save their money for

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Speaker 4: a big purchase. If it doesn't fall into one of

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Speaker 4: those three things, you don't want to save your money

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Speaker 4: because now you're saving money, your savings are just making

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Speaker 4: you poorer each and every day. This brings me to

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Speaker 4: then the second aspect, which is blindly following and trusting

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Speaker 4: the system. And this one was the most difficult one

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Speaker 4: for me because growing up, most of us, myself included al,

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Speaker 4: was told that if you want to become successful, go

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Speaker 4: to school, get good grades, get a good job, climb

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Speaker 4: the corporate ladder. For me, it was go to school,

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Speaker 4: get good grades, get into medical school, become a doctor.

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Speaker 4: I know you've heard several stories before. Yeah, that was

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Speaker 4: all that I was told. Since I was like a

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Speaker 4: little baby. My parents would tell everybody just but it

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Speaker 4: is going to become a doctor. He's going to go

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Speaker 4: out and do medicine, this and that, and that's what

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Speaker 4: I was always told. And I was not really against

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Speaker 4: it because I wanted to be successful. I saw how

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Speaker 4: hard my parents worked since I was a kid. I

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Speaker 4: always wanted to give back, and I always assumed that, Okay,

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Speaker 4: if I got good grades, I'll get into a good

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Speaker 4: medical school. And if I do good in medical school,

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Speaker 4: I'll be able to get a good job as a doctor,

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Speaker 4: and if I get a good job as a doctor,

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Speaker 4: I'll be able to make more money. I thought it

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Speaker 4: was all just linearly corelling, your grades, your income, your grades,

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Speaker 4: your success. I was one of the reasons why growing up,

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Speaker 4: anything that was not medical or academic related, it was

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Speaker 4: completely discouraged. And sometimes I think it's very difficult for

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Speaker 4: someone to understand what does it mean that, like, you know,

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Speaker 4: your parents really wanted you to be a doctor, because

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Speaker 4: it wasn't like an option, like this was the only option.

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Speaker 4: And I think the best example that I can give

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Speaker 4: of that was when I was in eighth grade. I was, like,

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Speaker 4: you know, twelve years old. My parents got me a tutor,

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Speaker 4: not for the English class that I was on the

419
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Speaker 4: verge of failing, not for the other stuff that I

420
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Speaker 4: was studying for in eighth grade, but for the medical

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Speaker 4: college admission test, the test you take in college to

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Speaker 4: get into medical school. My parents got me a tutor

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Speaker 4: for when I was in twelfth grade. We didn't spend

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Speaker 4: money on a lot of things. The only thing that

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Speaker 4: parents were willing to spend money on were things related

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Speaker 4: to academics to get me into medical school. And so

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Speaker 4: here I'm in twelfth grade, I have an MCAT tutor

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Speaker 4: coming to my house and he's like, wait, this is

429
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Speaker 4: the kid that I'm teaching about medical school to get

430
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Speaker 4: him into medical school, And like, that's how strict it

431
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Speaker 4: was in my house. So I was checking all the boxes.

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Speaker 4: I was doing good in school, I was studying hard,

433
00:21:00,320 --> 00:21:03,359
Speaker 4: I was getting good grades. But then along the way,

434
00:21:04,359 --> 00:21:07,600
Speaker 4: I realized that something wasn't adding up. When I was

435
00:21:07,640 --> 00:21:10,159
Speaker 4: in high school, I was working at Indian weddings. I

436
00:21:10,160 --> 00:21:12,280
Speaker 4: was playing a drum called it Old, and I got

437
00:21:12,280 --> 00:21:14,679
Speaker 4: to meet a lot of the local Indian DJs that

438
00:21:14,720 --> 00:21:18,320
Speaker 4: work in Indian weddings and we became friends. And they

439
00:21:18,359 --> 00:21:20,480
Speaker 4: would say, you know, you have a lot of friends

440
00:21:20,480 --> 00:21:22,719
Speaker 4: in high school, how about we start hosting teen parties

441
00:21:22,720 --> 00:21:24,560
Speaker 4: in high school. Now I couldn't tell my parents this

442
00:21:25,119 --> 00:21:28,320
Speaker 4: because again, anything that's not you know, medicine related, going

443
00:21:28,320 --> 00:21:29,800
Speaker 4: to give me a medical school, I can't tell them.

444
00:21:29,800 --> 00:21:31,480
Speaker 4: So I would do this all on the side, even

445
00:21:31,520 --> 00:21:33,240
Speaker 4: going to work at weddings. I had to kind of

446
00:21:33,280 --> 00:21:36,280
Speaker 4: keep it all secret. And I was like, okay, let's

447
00:21:36,320 --> 00:21:38,479
Speaker 4: do it. You know, it was fun for me. So

448
00:21:39,000 --> 00:21:41,720
Speaker 4: I was sixteen years old and I started hosting these

449
00:21:41,760 --> 00:21:44,760
Speaker 4: teen parties at a local restaurant that just opened up

450
00:21:44,800 --> 00:21:46,760
Speaker 4: and they wanted some exposure, so they let us do it.

451
00:21:46,760 --> 00:21:50,199
Speaker 4: They're for free, and it was fun. But then I

452
00:21:50,200 --> 00:21:51,359
Speaker 4: was like, you know, I know this is a hobby.

453
00:21:51,400 --> 00:21:52,639
Speaker 4: I'm going to go to college and I'm going to

454
00:21:52,680 --> 00:21:55,600
Speaker 4: become a doctor and this is all going to become history. Well,

455
00:21:55,600 --> 00:21:57,879
Speaker 4: I go to college, I'm seventeen. I don't know what

456
00:21:57,920 --> 00:22:00,560
Speaker 4: to expect because my parents didn't go to universe here,

457
00:22:00,840 --> 00:22:03,040
Speaker 4: and I think that everybody goes to college, they spend

458
00:22:03,080 --> 00:22:05,000
Speaker 4: their Friday nights in the chemistry lab. They all want

459
00:22:05,040 --> 00:22:06,720
Speaker 4: to become this big thing and they want to spend

460
00:22:06,720 --> 00:22:09,120
Speaker 4: all their time studying in college. And I get there

461
00:22:09,160 --> 00:22:15,120
Speaker 4: and everybody is partying, drinking, blowing money they don't have

462
00:22:15,760 --> 00:22:18,600
Speaker 4: on all this stuff. Like I don't party, I don't drink,

463
00:22:19,000 --> 00:22:21,919
Speaker 4: I never drink, I didn't smoke. So for me, it

464
00:22:21,960 --> 00:22:25,040
Speaker 4: was like a big shock and I was like, this

465
00:22:25,200 --> 00:22:27,240
Speaker 4: is weird, Like this is not what I expected. But

466
00:22:27,280 --> 00:22:29,600
Speaker 4: I still need something to do on Friday nights. So

467
00:22:29,680 --> 00:22:31,760
Speaker 4: that entrepreneur side of my brain kicked in again. It

468
00:22:31,840 --> 00:22:34,560
Speaker 4: was like, Oh, let's bring this party business back to college,

469
00:22:34,680 --> 00:22:36,520
Speaker 4: because that's all I knew so I was like, okay,

470
00:22:36,560 --> 00:22:38,560
Speaker 4: so I'm seventeen. I started knocking on the doors of

471
00:22:38,680 --> 00:22:42,159
Speaker 4: all the clubs, venues, bars, restaurants, asking them if I

472
00:22:42,160 --> 00:22:44,240
Speaker 4: can host party heres. And again, I'm not a party person.

473
00:22:44,280 --> 00:22:46,320
Speaker 4: I don't drink, I don't smoke. But this was the

474
00:22:46,359 --> 00:22:48,959
Speaker 4: only hustle that I knew, and you know, I just

475
00:22:49,200 --> 00:22:53,120
Speaker 4: didn't know much else. So eventually I found a club

476
00:22:53,320 --> 00:22:55,800
Speaker 4: that would work with me, and they didn't want to

477
00:22:55,880 --> 00:22:57,359
Speaker 4: charge me anything. They will let me work on it

478
00:22:57,480 --> 00:22:59,720
Speaker 4: essentially a commission basis that they'll take a percentage of

479
00:22:59,720 --> 00:23:01,960
Speaker 4: the red knew that I bring in, and I said, okay,

480
00:23:02,000 --> 00:23:03,440
Speaker 4: it doesn't cost me any money. Because I didn't have

481
00:23:03,440 --> 00:23:06,040
Speaker 4: a lot of money. I started hosting these parties, but

482
00:23:06,080 --> 00:23:08,800
Speaker 4: I still knew that this was just a hobby, something

483
00:23:08,840 --> 00:23:12,040
Speaker 4: I'm doing because I was bored on weekends. Then I

484
00:23:12,080 --> 00:23:14,280
Speaker 4: started studying to go into medical school. And this is

485
00:23:14,280 --> 00:23:16,720
Speaker 4: where things really shifted because I had some cash saved

486
00:23:16,760 --> 00:23:19,120
Speaker 4: up in the bank. And now this is like the

487
00:23:19,160 --> 00:23:21,679
Speaker 4: bottom of the two thousand and eight crash because I

488
00:23:21,720 --> 00:23:23,080
Speaker 4: was in high school when the two thousand and eight

489
00:23:23,119 --> 00:23:26,760
Speaker 4: crash happened. Around twenty twelve, was when I was studying

490
00:23:26,760 --> 00:23:29,000
Speaker 4: for the MCAT. So real estate prices are at rock

491
00:23:29,040 --> 00:23:33,200
Speaker 4: bottom and the markets are still really shaky, and I'm

492
00:23:33,240 --> 00:23:35,240
Speaker 4: starting to study for the MCAT and I am bored

493
00:23:35,359 --> 00:23:37,480
Speaker 4: out of my mind trying to study for this because

494
00:23:37,560 --> 00:23:40,840
Speaker 4: I just wasn't very passionate about it. And so during

495
00:23:40,880 --> 00:23:42,800
Speaker 4: my breaks, I would read business books and I would

496
00:23:42,800 --> 00:23:45,120
Speaker 4: go on the Yahoo Finance and I would study what's

497
00:23:45,160 --> 00:23:47,600
Speaker 4: going on to the markets, just for fun. And I

498
00:23:47,680 --> 00:23:50,639
Speaker 4: kept hearing about how real estate as I rock bottom

499
00:23:50,680 --> 00:23:53,040
Speaker 4: on the news, and the business books that I read

500
00:23:53,440 --> 00:23:57,080
Speaker 4: always said that wealthy people invested in real estate. I

501
00:23:57,160 --> 00:23:59,720
Speaker 4: had no idea what that meant. I didn't know any

502
00:23:59,720 --> 00:24:02,040
Speaker 4: really did investors. I didn't even know what real estate

503
00:24:02,080 --> 00:24:04,840
Speaker 4: investing was. I didn't have investor people in my family,

504
00:24:04,880 --> 00:24:07,760
Speaker 4: so I didn't know what that meant. So I was like, well,

505
00:24:07,840 --> 00:24:10,040
Speaker 4: if wealthy people invest in real estate, maybe I should

506
00:24:10,040 --> 00:24:11,720
Speaker 4: invest in real estate. So I brought up the idea

507
00:24:11,760 --> 00:24:12,879
Speaker 4: to my dad. I was like, Dad, I want to

508
00:24:12,920 --> 00:24:16,160
Speaker 4: invest in real estate. He's like, shut up, you're stupid.

509
00:24:16,320 --> 00:24:18,320
Speaker 4: Go study and become a doctor. You can worry about

510
00:24:18,320 --> 00:24:20,520
Speaker 4: all this other stuff after you become a doctor. And

511
00:24:20,600 --> 00:24:22,760
Speaker 4: I was like, okay, now I just want to say,

512
00:24:22,760 --> 00:24:24,760
Speaker 4: you know, I love my dad to death. My parents

513
00:24:25,080 --> 00:24:26,600
Speaker 4: this was just all they knew. They didn't have that

514
00:24:26,640 --> 00:24:29,399
Speaker 4: financial education. But in the back of my mind, you

515
00:24:29,480 --> 00:24:31,120
Speaker 4: I'm always like, yo, okay, what can I do? Maybe

516
00:24:31,119 --> 00:24:32,520
Speaker 4: I don't got to tell my parents. I'll just say

517
00:24:32,560 --> 00:24:34,560
Speaker 4: something else. I had a little bit of cash saved

518
00:24:34,600 --> 00:24:36,119
Speaker 4: up in the bank from the party business that I

519
00:24:36,160 --> 00:24:39,440
Speaker 4: was running, So I started looking at rental properties to buy,

520
00:24:40,280 --> 00:24:43,960
Speaker 4: and I found this small condo on sale for eighty

521
00:24:44,000 --> 00:24:46,760
Speaker 4: four hundred dollars. That was the price of the condo.

522
00:24:46,960 --> 00:24:47,760
Speaker 1: That's wow.

523
00:24:47,840 --> 00:24:49,880
Speaker 4: And that same condo a few years prior had sold

524
00:24:49,880 --> 00:24:52,639
Speaker 4: for one hundred and fifty grand. So the two thousand

525
00:24:52,680 --> 00:24:55,240
Speaker 4: and eight crash really decimated the real estate market in

526
00:24:55,280 --> 00:24:59,000
Speaker 4: Michigan because for Jim Chrysler were just hit so hard.

527
00:25:00,000 --> 00:25:01,679
Speaker 4: And so I was like, okay, well, this is not

528
00:25:01,760 --> 00:25:03,480
Speaker 4: a bad price. I can afford this. I made an

529
00:25:03,520 --> 00:25:05,840
Speaker 4: offer for four thousand dollars and it was in foreclosure.

530
00:25:06,359 --> 00:25:10,880
Speaker 4: The bank countered with seven thousand, and then I said, mmm,

531
00:25:11,119 --> 00:25:13,840
Speaker 4: how about we settle at six grand? And we were

532
00:25:13,840 --> 00:25:15,840
Speaker 4: trying to go back and forth, and then they said, well,

533
00:25:16,080 --> 00:25:18,239
Speaker 4: we have another offer on the table. I didn't want

534
00:25:18,280 --> 00:25:20,120
Speaker 4: to lose this deal because I already looked at a few,

535
00:25:20,440 --> 00:25:22,040
Speaker 4: so I was like, okay, well I'll make an offer

536
00:25:22,040 --> 00:25:24,040
Speaker 4: for eight grand. So it was a bidding war. The

537
00:25:24,080 --> 00:25:26,520
Speaker 4: other person offered less than eight grand, so I got

538
00:25:26,520 --> 00:25:29,120
Speaker 4: the condo. So I got the conda for eight thousand dollars.

539
00:25:29,200 --> 00:25:30,679
Speaker 4: But a little bit of work into it, it was

540
00:25:30,720 --> 00:25:32,840
Speaker 4: in pretty good shape and I got it rented out

541
00:25:32,880 --> 00:25:35,440
Speaker 4: for six hundred dollars a month. Now, I'm nineteen years old,

542
00:25:36,119 --> 00:25:37,840
Speaker 4: and I had no idea what I was doing. But

543
00:25:37,880 --> 00:25:39,280
Speaker 4: all of a sudden, once I got it a little

544
00:25:39,280 --> 00:25:43,359
Speaker 4: bit figured out, I was like, wait, this condo is

545
00:25:43,440 --> 00:25:46,320
Speaker 4: paying me every single month, and I don't have to

546
00:25:46,359 --> 00:25:48,159
Speaker 4: go and host a party. I don't got to go

547
00:25:48,200 --> 00:25:50,640
Speaker 4: to work. I was working at Auntienn's Pretzels a little

548
00:25:50,640 --> 00:25:53,080
Speaker 4: bit before that. As I don't got to flip pretzels,

549
00:25:53,080 --> 00:25:54,399
Speaker 4: I don't got a host's party, I don't got to

550
00:25:54,440 --> 00:25:57,359
Speaker 4: work at a wedding and it's paying me. Something doesn't

551
00:25:57,400 --> 00:25:59,359
Speaker 4: make sense, Like how come I was never told about this.

552
00:25:59,400 --> 00:26:01,919
Speaker 4: I was doing good in school, like I thought I

553
00:26:01,960 --> 00:26:04,000
Speaker 4: was like smart. I thought I knew what I was doing.

554
00:26:04,640 --> 00:26:07,159
Speaker 4: Turns out that there's a whole world of financial education

555
00:26:07,240 --> 00:26:12,280
Speaker 4: that we're never taught. So now the traditional system is

556
00:26:12,440 --> 00:26:15,680
Speaker 4: go to school, study hard, get good grades, get a

557
00:26:15,720 --> 00:26:18,080
Speaker 4: good job, climb the corporate ladder. And now I'm starting

558
00:26:18,119 --> 00:26:21,520
Speaker 4: to realize, wait, there's a different system here than none

559
00:26:21,560 --> 00:26:24,840
Speaker 4: of us are ever taught, where the goal isn't to

560
00:26:24,960 --> 00:26:27,159
Speaker 4: just get a job and climb the corporate ladder. What

561
00:26:27,240 --> 00:26:30,239
Speaker 4: wealthy people are doing is they're working to own the

562
00:26:30,280 --> 00:26:32,679
Speaker 4: corporate ladder. And I was like, I didn't even know

563
00:26:32,720 --> 00:26:35,720
Speaker 4: that you could do that, because now, if you can

564
00:26:35,960 --> 00:26:40,240
Speaker 4: own investments, if you can own assets, you own things

565
00:26:40,240 --> 00:26:41,960
Speaker 4: that are going to be paying you without you having

566
00:26:42,000 --> 00:26:44,960
Speaker 4: to physically work. And this is what wealthy people are

567
00:26:44,960 --> 00:26:47,480
Speaker 4: working for. Yet none of us are ever taught this.

568
00:26:47,840 --> 00:26:49,679
Speaker 4: None of us are ever taught in school. How do

569
00:26:49,720 --> 00:26:51,560
Speaker 4: you manage money? None of us are ever taught how

570
00:26:51,560 --> 00:26:53,159
Speaker 4: do you invest your money? None of us are ever

571
00:26:53,200 --> 00:26:55,000
Speaker 4: taught how do you build wealth? None of us are

572
00:26:54,960 --> 00:26:58,119
Speaker 4: ever taught how do you generate passive income? Yet wealthy

573
00:26:58,119 --> 00:27:01,280
Speaker 4: people are teaching their kids this and they're able to

574
00:27:01,280 --> 00:27:04,359
Speaker 4: figure it out because they have that education. But for

575
00:27:04,480 --> 00:27:07,400
Speaker 4: the majority of us, we're not taught this unless you're

576
00:27:07,400 --> 00:27:08,960
Speaker 4: willing to go out your way. Now YouTube has made

577
00:27:08,960 --> 00:27:11,840
Speaker 4: it a lot more accessible, thank god. Before YouTube, you

578
00:27:11,880 --> 00:27:13,480
Speaker 4: had to go out of the way to read books

579
00:27:13,480 --> 00:27:16,960
Speaker 4: and take classes, and it's tough. I mean, it's much

580
00:27:16,960 --> 00:27:18,560
Speaker 4: harder to read a three hundred page book than it

581
00:27:18,600 --> 00:27:20,840
Speaker 4: is to watch a ten minute YouTube video. Yeah, definitely,

582
00:27:21,240 --> 00:27:23,680
Speaker 4: So that was a big turning factor for me because

583
00:27:23,680 --> 00:27:26,360
Speaker 4: that's when I started to realize that there's something different that.

584
00:27:26,359 --> 00:27:26,800
Speaker 1: You can do.

585
00:27:27,040 --> 00:27:28,919
Speaker 4: So the second habit that we talk about, you know,

586
00:27:28,960 --> 00:27:32,400
Speaker 4: breaking away from that traditional system, asking the question why.

587
00:27:32,440 --> 00:27:34,400
Speaker 4: And then the third thing is understanding what money is.

588
00:27:35,200 --> 00:27:39,960
Speaker 4: And this is a very tough concept to understand. And

589
00:27:40,880 --> 00:27:42,520
Speaker 4: I guess the best example that I can give with

590
00:27:42,560 --> 00:27:44,520
Speaker 4: this is kind of going back to the traditional Indian

591
00:27:44,520 --> 00:27:47,679
Speaker 4: culture because in India, it's a very common thing that

592
00:27:47,720 --> 00:27:51,119
Speaker 4: when somebody has extra cash, extra rupees, they want to

593
00:27:51,119 --> 00:27:55,480
Speaker 4: convert these rupees to gold. It's why in India a

594
00:27:55,520 --> 00:27:58,480
Speaker 4: lot of gold is transacted during weddings, because they they

595
00:27:58,560 --> 00:28:01,359
Speaker 4: want to give money, and the way that they do

596
00:28:01,400 --> 00:28:04,879
Speaker 4: that is through gold. Because inherently, people understand that the

597
00:28:04,960 --> 00:28:09,200
Speaker 4: rupee loses value, and I don't think that people understand

598
00:28:09,200 --> 00:28:11,240
Speaker 4: the why or the ins and out. It's just normal,

599
00:28:11,280 --> 00:28:13,119
Speaker 4: that's just the culture. So people take the cash and

600
00:28:13,119 --> 00:28:15,879
Speaker 4: they buy gold. And the reason why now we need

601
00:28:15,880 --> 00:28:18,720
Speaker 4: to understand this here in our culture is because when

602
00:28:18,760 --> 00:28:22,440
Speaker 4: we think of money, there's two different aspects to it.

603
00:28:22,920 --> 00:28:25,840
Speaker 4: There's a currency, which means something that we use to

604
00:28:25,880 --> 00:28:27,919
Speaker 4: buy and sell things in exchange, and then there is

605
00:28:28,000 --> 00:28:32,280
Speaker 4: the store of value. And many of us assume that

606
00:28:32,400 --> 00:28:35,119
Speaker 4: our money is supposed to be a store of value,

607
00:28:35,240 --> 00:28:38,840
Speaker 4: is supposed to keep it's worth. But now, because of

608
00:28:38,840 --> 00:28:41,760
Speaker 4: the twenty twenty pandemic and the twenty twenty one inflation

609
00:28:41,840 --> 00:28:44,640
Speaker 4: and the twenty twenty two inflation, we're seeing that, oh

610
00:28:44,640 --> 00:28:47,440
Speaker 4: my god, my savings don't buy me as much. My

611
00:28:47,560 --> 00:28:49,720
Speaker 4: earnings are not stretching as far, and so we're starting

612
00:28:49,760 --> 00:28:54,000
Speaker 4: to really realize here that maybe my dollars don't hold

613
00:28:54,080 --> 00:28:57,200
Speaker 4: the same value. And so now it's understanding what is money. Well,

614
00:28:57,280 --> 00:29:00,320
Speaker 4: there's two aspects. You have the currency aspect to buy

615
00:29:00,320 --> 00:29:02,120
Speaker 4: and sell things, and then there's a store of value.

616
00:29:02,840 --> 00:29:07,080
Speaker 4: What wealthy people understand is that money doesn't act as

617
00:29:07,120 --> 00:29:09,680
Speaker 4: a very good store of value in today's day and age.

618
00:29:09,880 --> 00:29:12,640
Speaker 4: So you want to take your money and convert it

619
00:29:12,640 --> 00:29:14,720
Speaker 4: to something that is a store of value or maybe

620
00:29:14,760 --> 00:29:18,160
Speaker 4: something that's actually going to produce you income. This is

621
00:29:18,240 --> 00:29:22,000
Speaker 4: like something that's so important for everyone to understand. And

622
00:29:22,040 --> 00:29:25,000
Speaker 4: what's interesting is my first video to go viral was

623
00:29:25,040 --> 00:29:28,200
Speaker 4: back in twenty sixteen, and in that video on my

624
00:29:28,240 --> 00:29:31,120
Speaker 4: Minority Mindset channel. The reason why I think it when

625
00:29:31,200 --> 00:29:33,680
Speaker 4: viral was because I talked about this whole idea of

626
00:29:33,760 --> 00:29:35,880
Speaker 4: when you save all your cash in the bank, you're

627
00:29:35,920 --> 00:29:39,240
Speaker 4: becoming poorer each and every day because back then inflation

628
00:29:39,760 --> 00:29:42,520
Speaker 4: was between two and three percent, while your bank was

629
00:29:42,560 --> 00:29:45,960
Speaker 4: paying you half a percent. So I said was, look,

630
00:29:46,000 --> 00:29:49,640
Speaker 4: you're losing two to three percent of your cash's value

631
00:29:49,760 --> 00:29:52,160
Speaker 4: every single day, So you need to do something with

632
00:29:52,200 --> 00:29:55,040
Speaker 4: this money because your money is losing value. In ten years,

633
00:29:55,120 --> 00:29:57,720
Speaker 4: it's going to be worth less than it is today. Well,

634
00:29:57,760 --> 00:29:59,920
Speaker 4: I didn't expect this twenty twenty pandemic to happen. I

635
00:30:00,080 --> 00:30:03,720
Speaker 4: and expect all this craziness to happen. But now here

636
00:30:03,760 --> 00:30:06,480
Speaker 4: we are with inflation is significantly higher than two to

637
00:30:06,600 --> 00:30:09,480
Speaker 4: three percent, and now people are really starting to understand

638
00:30:09,520 --> 00:30:12,520
Speaker 4: that whoa, what is my money? And you have to

639
00:30:12,520 --> 00:30:14,640
Speaker 4: be able to understand this because this is the driving

640
00:30:14,720 --> 00:30:17,680
Speaker 4: reason for why wealthy people don't want to save all

641
00:30:17,720 --> 00:30:20,840
Speaker 4: their extra cash. You want to put your cash to work,

642
00:30:21,360 --> 00:30:23,479
Speaker 4: which brings us now to the second side, Right, what

643
00:30:23,520 --> 00:30:25,880
Speaker 4: do wealthy people do well? The first thing you have

644
00:30:25,920 --> 00:30:27,520
Speaker 4: to understand how money plays a part in your life.

645
00:30:27,520 --> 00:30:30,120
Speaker 4: Like we discussed, right, how does money impact your life?

646
00:30:30,160 --> 00:30:32,960
Speaker 4: That way, you don't go out and just start chasing money,

647
00:30:33,200 --> 00:30:36,360
Speaker 4: because one of the things that I realized was I

648
00:30:36,400 --> 00:30:38,960
Speaker 4: started making way more money when I stopped chasing money.

649
00:30:39,200 --> 00:30:42,959
Speaker 4: Because when you're chasing money, you're chasing something that's illusory,

650
00:30:43,000 --> 00:30:46,400
Speaker 4: it's just fake, it's just it doesn't even feel good,

651
00:30:46,880 --> 00:30:48,400
Speaker 4: and you're not going to be able to put your

652
00:30:48,400 --> 00:30:51,560
Speaker 4: full self into it. But then the second thing on

653
00:30:51,600 --> 00:30:54,880
Speaker 4: the more financial side is what do you do with

654
00:30:54,920 --> 00:30:58,400
Speaker 4: that money? And one of the things that I realized

655
00:30:58,560 --> 00:31:03,400
Speaker 4: is what wealth people want is this thing called equity.

656
00:31:04,160 --> 00:31:06,880
Speaker 4: And this is where you have a lot of benefits

657
00:31:06,880 --> 00:31:09,040
Speaker 4: in America because you can't do this in a lot

658
00:31:09,040 --> 00:31:12,160
Speaker 4: of countries. See if you think about the traditional American dream,

659
00:31:12,200 --> 00:31:15,080
Speaker 4: which is changing now, but the traditional American dream was

660
00:31:15,840 --> 00:31:18,680
Speaker 4: you can work hard, buy a home, have a car.

661
00:31:19,120 --> 00:31:21,360
Speaker 4: But the whole idea of buying a home, the reason

662
00:31:21,400 --> 00:31:23,440
Speaker 4: why this was the American dream was because if you

663
00:31:23,440 --> 00:31:26,360
Speaker 4: can buy a home, you can work over the years

664
00:31:26,400 --> 00:31:29,200
Speaker 4: to pay it off, and now you have equity in

665
00:31:29,200 --> 00:31:31,680
Speaker 4: your home, and now you have the sort of generational

666
00:31:31,720 --> 00:31:35,040
Speaker 4: wealth that you can pass down you have an asset. Well,

667
00:31:35,080 --> 00:31:38,160
Speaker 4: the traditional American dream is now an American nightmare with

668
00:31:38,280 --> 00:31:41,360
Speaker 4: the high cost of home ownership, with wages not keeping

669
00:31:41,440 --> 00:31:44,000
Speaker 4: up with the cost of living. However, that doesn't mean

670
00:31:44,000 --> 00:31:47,760
Speaker 4: that the American dream is dead. It's just changed. So

671
00:31:47,880 --> 00:31:50,239
Speaker 4: what is this new idea of the American dream. Well,

672
00:31:50,240 --> 00:31:53,280
Speaker 4: if you go back to the root core of equity,

673
00:31:54,320 --> 00:31:58,239
Speaker 4: this is the real dream of wealth and something that

674
00:31:58,280 --> 00:32:01,040
Speaker 4: you can build for yourself, for your family and for

675
00:32:01,120 --> 00:32:05,440
Speaker 4: generations is if you have equity. Now, how do I

676
00:32:05,560 --> 00:32:09,280
Speaker 4: explain this, Well, if you think about any company, especially

677
00:32:09,280 --> 00:32:11,760
Speaker 4: in a bigger company, it's easy to understand there's two people,

678
00:32:11,840 --> 00:32:13,600
Speaker 4: two types of people that are involved. You have the

679
00:32:13,640 --> 00:32:17,440
Speaker 4: workers and you have the owners. The workers are working

680
00:32:17,480 --> 00:32:19,600
Speaker 4: for a salary. You go to work every single day,

681
00:32:19,600 --> 00:32:23,040
Speaker 4: you get a paycheck. You're getting a salary. The owners

682
00:32:23,040 --> 00:32:26,360
Speaker 4: of the company are not getting paid a salary. They're

683
00:32:26,400 --> 00:32:31,080
Speaker 4: getting paid in profits. They want the company to make

684
00:32:31,120 --> 00:32:33,200
Speaker 4: bigger profits so that they can make more money. Now,

685
00:32:33,240 --> 00:32:35,280
Speaker 4: there is some overlap between the workers and the owners.

686
00:32:35,600 --> 00:32:37,920
Speaker 4: If you are a founder, you're probably an owner as well.

687
00:32:37,960 --> 00:32:40,840
Speaker 4: The CEO might have some ownership, and some newer companies

688
00:32:41,160 --> 00:32:43,800
Speaker 4: you'll give equity to the workers as well. But when

689
00:32:43,800 --> 00:32:46,400
Speaker 4: you have equity, you're getting the profits of a company.

690
00:32:46,920 --> 00:32:52,000
Speaker 4: Everybody in America, in this system, needs to be a

691
00:32:52,000 --> 00:32:55,840
Speaker 4: business owner if you want to become successful. Now, the

692
00:32:55,880 --> 00:32:57,760
Speaker 4: one thing that I want to caveat that with is

693
00:32:58,160 --> 00:33:00,920
Speaker 4: the majority of people should not to start a business

694
00:33:01,160 --> 00:33:04,200
Speaker 4: and the majority people should not try to operate a business. Now,

695
00:33:04,200 --> 00:33:06,320
Speaker 4: you might say, dost Fleet, you just said everybody should

696
00:33:06,360 --> 00:33:09,000
Speaker 4: be a business owner. How does that make any sense. Well,

697
00:33:09,280 --> 00:33:11,880
Speaker 4: you can own a business without working for the business.

698
00:33:11,880 --> 00:33:13,560
Speaker 4: And now this is the question of what are you

699
00:33:13,640 --> 00:33:14,720
Speaker 4: doing with your salary.

700
00:33:24,000 --> 00:33:27,240
Speaker 1: Support for this podcast is brought to you by Walden University.

701
00:33:27,920 --> 00:33:30,400
Speaker 1: Ever catch yourself thinking what if I could go after

702
00:33:30,440 --> 00:33:33,400
Speaker 1: what I actually want and really make a difference. You're

703
00:33:33,440 --> 00:33:35,960
Speaker 1: not alone, and that's exactly why I want to tell

704
00:33:36,000 --> 00:33:39,600
Speaker 1: you about Walden University. For over fifty years, Walden has

705
00:33:39,640 --> 00:33:43,200
Speaker 1: helped working adults like you get the w with the

706
00:33:43,240 --> 00:33:45,840
Speaker 1: knowledge and skills to build the future you want and

707
00:33:45,880 --> 00:33:48,600
Speaker 1: make a difference where it matters most. If you've been

708
00:33:48,600 --> 00:33:51,360
Speaker 1: waiting for the right moment, this is it. Head to

709
00:33:51,440 --> 00:33:56,920
Speaker 1: Walden you dot edu and take that first step Walden University,

710
00:33:57,280 --> 00:34:00,680
Speaker 1: set a course for change, Certify to operate by chev

711
00:34:11,760 --> 00:34:17,399
Speaker 1: Cody Santus exposes a dangerous illusion people looking wealthy while

712
00:34:17,520 --> 00:34:22,359
Speaker 1: secretly two thirds of Americans live paycheck to paycheck. Our

713
00:34:22,440 --> 00:34:26,920
Speaker 1: feeds show luxury, but the reality is struggle. Most people

714
00:34:26,960 --> 00:34:29,759
Speaker 1: don't fail or fall behind because their intentions are bad.

715
00:34:30,200 --> 00:34:33,680
Speaker 1: They fail because they avoid risk. As Cody explains, our

716
00:34:33,680 --> 00:34:37,040
Speaker 1: culture dodges rejection and failure, but in doing so we

717
00:34:37,200 --> 00:34:41,000
Speaker 1: also dodge the chance to build lasting wealth. Cody's advice

718
00:34:41,040 --> 00:34:44,239
Speaker 1: is refreshingly practical. If you don't have money yet, your

719
00:34:44,280 --> 00:34:47,800
Speaker 1: first investment should be in yourself, your skills, your knowledge,

720
00:34:47,880 --> 00:34:52,080
Speaker 1: or resilience. The roadmap is clear. Invest in you start

721
00:34:52,160 --> 00:34:56,359
Speaker 1: simple with diversified index funds, move into private investments when

722
00:34:56,400 --> 00:34:58,880
Speaker 1: you're ready, and then build or buy a business of

723
00:34:58,960 --> 00:35:03,360
Speaker 1: your own. Through it all, remember to not chase Instagram wealth.

724
00:35:03,880 --> 00:35:06,920
Speaker 1: The real flex is peace of mind, freedom of time,

725
00:35:07,200 --> 00:35:10,200
Speaker 1: and knowing your money is working for you. Instead, of

726
00:35:10,200 --> 00:35:11,040
Speaker 1: the other way around.

727
00:35:11,200 --> 00:35:13,360
Speaker 5: If you want to make a lot of money in business,

728
00:35:13,480 --> 00:35:16,319
Speaker 5: you also need somebody who they call them the visionary, right,

729
00:35:16,400 --> 00:35:18,520
Speaker 5: the person who has all the ideas, the crazy things.

730
00:35:18,600 --> 00:35:21,520
Speaker 5: And then you have your executor, which is often called

731
00:35:21,520 --> 00:35:24,840
Speaker 5: your implementer. And so if you only have vision but

732
00:35:24,960 --> 00:35:27,760
Speaker 5: you have no execution, you will fail and make no money.

733
00:35:27,880 --> 00:35:30,200
Speaker 5: If you only have execution but you have no vision,

734
00:35:30,239 --> 00:35:32,800
Speaker 5: you will play small games for life. And so there's

735
00:35:32,840 --> 00:35:34,759
Speaker 5: a great book actually called Have you read How to

736
00:35:35,320 --> 00:35:37,000
Speaker 5: Make a Few Billion dollars?

737
00:35:37,160 --> 00:35:38,080
Speaker 1: No, it's a good book.

738
00:35:38,080 --> 00:35:40,200
Speaker 5: It's by this guy, Brad Jacobs. If you can get

739
00:35:40,239 --> 00:35:42,719
Speaker 5: him on the podcast, I will listen. I've been trying to.

740
00:35:42,960 --> 00:35:44,799
Speaker 5: I don't know if he's your style, but he's well,

741
00:35:44,840 --> 00:35:46,840
Speaker 5: actually he might be. He was like, he's a multi

742
00:35:46,840 --> 00:35:51,160
Speaker 5: billionaire hedge fund manager and private equity investor, and he

743
00:35:51,200 --> 00:35:53,600
Speaker 5: started off as a jazz musician and that was going

744
00:35:53,640 --> 00:35:56,040
Speaker 5: to be his calling. So he really likes like dissonant

745
00:35:56,160 --> 00:35:58,520
Speaker 5: noises and like, how do you pull things together and

746
00:35:58,640 --> 00:36:01,280
Speaker 5: sort of make them play as a musician. Mark anyway,

747
00:36:01,320 --> 00:36:04,080
Speaker 5: he's bought all of these companies. He's massively successful. But

748
00:36:04,120 --> 00:36:06,279
Speaker 5: he always talks about what makes a great deal. If

749
00:36:06,320 --> 00:36:07,799
Speaker 5: you want to make a lot of money, you've got

750
00:36:07,800 --> 00:36:09,560
Speaker 5: to pick the right deal. And there's sort of four

751
00:36:09,560 --> 00:36:11,719
Speaker 5: types of deals. You can think about it like a quadrant.

752
00:36:11,880 --> 00:36:14,880
Speaker 5: You could have a low risk and you could also

753
00:36:14,960 --> 00:36:19,080
Speaker 5: have a low reward deal. That's actually most deals in life, right,

754
00:36:19,160 --> 00:36:21,520
Speaker 5: that's like stay in your same job, don't take risks,

755
00:36:21,520 --> 00:36:22,920
Speaker 5: et cetera. The problem is you're not going to make

756
00:36:23,000 --> 00:36:28,239
Speaker 5: much money. Then you have a high risk, high reward deal. Well,

757
00:36:28,640 --> 00:36:32,480
Speaker 5: that could be like investing in an El Salvadoranian power plant. Okay,

758
00:36:32,520 --> 00:36:34,919
Speaker 5: it's just so likely to fail that even though it's

759
00:36:34,960 --> 00:36:38,439
Speaker 5: super high profit, we probably want to stay away from those.

760
00:36:38,880 --> 00:36:41,359
Speaker 5: And then you have sort of the golden child, which

761
00:36:41,360 --> 00:36:45,680
Speaker 5: is how can we have high reward low risk. Well,

762
00:36:45,840 --> 00:36:48,440
Speaker 5: not many of those exist, right, that would be a unicorn.

763
00:36:48,640 --> 00:36:50,680
Speaker 5: So what we're really looking for is where is there

764
00:36:50,719 --> 00:36:53,319
Speaker 5: a big, hairy problem that has the right amount of

765
00:36:53,400 --> 00:36:57,000
Speaker 5: risk and if we can find that, then we have profit.

766
00:36:57,480 --> 00:36:59,839
Speaker 5: And so now they call it hair on a deal.

767
00:37:00,160 --> 00:37:02,319
Speaker 5: That's like you know, investing in terms, you want to

768
00:37:02,320 --> 00:37:04,880
Speaker 5: look for those hairy deals where you think, oh, that

769
00:37:04,960 --> 00:37:07,600
Speaker 5: level of risk is manageable, and in our culture, for

770
00:37:07,600 --> 00:37:09,560
Speaker 5: some reason. I think we've gone into risk off.

771
00:37:09,920 --> 00:37:10,200
Speaker 2: Yeah.

772
00:37:10,239 --> 00:37:12,360
Speaker 5: God, we don't even want the risk of asking somebody

773
00:37:12,360 --> 00:37:14,680
Speaker 5: a question at a bar, you know, more or less

774
00:37:14,680 --> 00:37:18,000
Speaker 5: starting a business. And that's a problem. I mean, the

775
00:37:18,080 --> 00:37:21,440
Speaker 5: SBA has fascinating data. Do you know there are more

776
00:37:21,800 --> 00:37:25,360
Speaker 5: small businesses that close each year than open in the US,

777
00:37:25,760 --> 00:37:29,319
Speaker 5: no way more close than open. And so we have

778
00:37:29,440 --> 00:37:33,080
Speaker 5: people taking way less risk than we think, and that

779
00:37:33,120 --> 00:37:35,600
Speaker 5: means you'll never make as much money. That crazy.

780
00:37:35,800 --> 00:37:39,120
Speaker 1: Yeah, let's talk about that in terms of investing. If

781
00:37:39,120 --> 00:37:41,759
Speaker 1: someone's thinking that, because they cut exactly what you're talking

782
00:37:41,800 --> 00:37:45,480
Speaker 1: about right now, this risk reward profile. If someone has

783
00:37:45,600 --> 00:37:51,000
Speaker 1: never invested in anything, they're working their job, they've got

784
00:37:51,040 --> 00:37:52,799
Speaker 1: a little bit of money, maybe if they've got one

785
00:37:52,880 --> 00:37:55,839
Speaker 1: thousand dollars to stop thinking about investing. Maybe they've got

786
00:37:55,840 --> 00:37:58,839
Speaker 1: a bit more. Maybe they've been saving up and they're

787
00:37:58,840 --> 00:38:02,200
Speaker 1: thinking that home that they want to buy is a long, long, long,

788
00:38:02,239 --> 00:38:04,399
Speaker 1: long long way away. But they got a little bit.

789
00:38:05,360 --> 00:38:06,719
Speaker 1: Where should they invest.

790
00:38:06,719 --> 00:38:08,520
Speaker 5: If you have only a little bit of cash, the

791
00:38:08,560 --> 00:38:10,799
Speaker 5: best returning asset class of all time, it's going to

792
00:38:10,840 --> 00:38:15,040
Speaker 5: be you put the money into you learning first before

793
00:38:15,080 --> 00:38:17,440
Speaker 5: you go to invest. A lot of days. A lot

794
00:38:17,440 --> 00:38:20,279
Speaker 5: of people these days will say, hey, it's Airbnb. Hey

795
00:38:20,320 --> 00:38:23,200
Speaker 5: it's buying small businesses. Hey it's real estate. The highest

796
00:38:23,200 --> 00:38:25,000
Speaker 5: performing asset class that you could ever have is you

797
00:38:25,160 --> 00:38:28,560
Speaker 5: because you have unlimited upside and it compounds over time.

798
00:38:28,920 --> 00:38:30,640
Speaker 5: And so if you don't have a lot of cash

799
00:38:30,719 --> 00:38:33,080
Speaker 5: right now, bet on you first, before you go bet

800
00:38:33,120 --> 00:38:36,560
Speaker 5: on somebody in the SMP. Now after that next amount.

801
00:38:37,000 --> 00:38:39,360
Speaker 5: I believe because I'm old school, I started at Vanguard.

802
00:38:39,640 --> 00:38:43,040
Speaker 5: I believe if you're reasonable, you'd probably agree with me, Like,

803
00:38:43,160 --> 00:38:44,719
Speaker 5: do we think that we're going to beat the best

804
00:38:44,760 --> 00:38:47,000
Speaker 5: stock pickers in the world who obsess on this every

805
00:38:47,000 --> 00:38:49,200
Speaker 5: single day? Are we going to beat the titans of

806
00:38:49,239 --> 00:38:50,960
Speaker 5: industry with their technology.

807
00:38:51,120 --> 00:38:51,160
Speaker 1: No.

808
00:38:51,680 --> 00:38:55,560
Speaker 5: So that's why I always go for low cost, low movement,

809
00:38:55,680 --> 00:38:58,200
Speaker 5: so they don't trade a lot index funds. I worked

810
00:38:58,200 --> 00:39:00,759
Speaker 5: at Vanguard. They have the best cost struct sure, so

811
00:39:00,840 --> 00:39:02,960
Speaker 5: I throw things in the S and P five hundred

812
00:39:03,000 --> 00:39:04,680
Speaker 5: in a diversified portfolio out of.

813
00:39:04,600 --> 00:39:06,680
Speaker 1: Cast someone that someone who's totally new to this.

814
00:39:06,880 --> 00:39:09,600
Speaker 5: You got a Vanguard dot com, you have no fees

815
00:39:09,640 --> 00:39:13,120
Speaker 5: on their training platform. In my opinion, avoid anything where

816
00:39:13,120 --> 00:39:15,520
Speaker 5: you're buying individual stocks when you don't know unless you're

817
00:39:15,520 --> 00:39:19,320
Speaker 5: doing it purely for learning and you're okay with losing everything,

818
00:39:19,840 --> 00:39:22,720
Speaker 5: and you go to Vanguard dot com and you select

819
00:39:22,960 --> 00:39:26,560
Speaker 5: a diversified portfolio. It's cool too because they'll actually help

820
00:39:26,600 --> 00:39:29,319
Speaker 5: you do it based on your age and based on

821
00:39:29,320 --> 00:39:31,239
Speaker 5: how much risk you want to take. So they'll have

822
00:39:31,280 --> 00:39:34,040
Speaker 5: a sixty forty portfolio, which is like sixty percent stocks

823
00:39:34,040 --> 00:39:36,800
Speaker 5: and forty percent bonds if you're our age, for instance,

824
00:39:36,960 --> 00:39:39,560
Speaker 5: if somebody's a little younger, they'll go eighty twenty because

825
00:39:39,560 --> 00:39:41,759
Speaker 5: you should take more risk with stocks when you're young.

826
00:39:42,000 --> 00:39:45,080
Speaker 5: So you can literally in one click get a diversified portfolio,

827
00:39:45,280 --> 00:39:46,640
Speaker 5: and then you can add to it. You could also

828
00:39:46,719 --> 00:39:47,839
Speaker 5: use like a wealth front for that.

829
00:39:47,880 --> 00:39:49,440
Speaker 1: What's the divis portfolio?

830
00:39:49,480 --> 00:39:51,680
Speaker 5: For someone who doesn't know, that means that you you

831
00:39:51,800 --> 00:39:53,280
Speaker 5: never want to have all your eggs in one basket

832
00:39:53,320 --> 00:39:55,880
Speaker 5: and anything in life, but certainly in investing, and so

833
00:39:55,960 --> 00:39:58,320
Speaker 5: that means that they're going to give you stocks and bonds.

834
00:39:58,440 --> 00:40:01,239
Speaker 5: It means they're going to give you emerging markets versus

835
00:40:01,280 --> 00:40:05,080
Speaker 5: the US. So let's say India, China, Russia, Brazil, and

836
00:40:05,400 --> 00:40:08,880
Speaker 5: the US stock market, And it means that typically over time,

837
00:40:09,400 --> 00:40:11,160
Speaker 5: you know that there's these charts you can see in

838
00:40:11,200 --> 00:40:13,600
Speaker 5: finance where it kind of looks like it looks like

839
00:40:13,640 --> 00:40:16,320
Speaker 5: a grid, and on it are all of these different colors.

840
00:40:16,320 --> 00:40:18,520
Speaker 5: And what do all the coverers represent that have no

841
00:40:18,719 --> 00:40:21,600
Speaker 5: pattern to it? Every single year looks different. They represent

842
00:40:21,640 --> 00:40:24,800
Speaker 5: every asset class you could invest in, from bonds to stocks,

843
00:40:24,840 --> 00:40:29,600
Speaker 5: to Chilean stocks to short term money markets. And what

844
00:40:29,640 --> 00:40:33,240
Speaker 5: you see over time is in every single market, everything moves.

845
00:40:33,680 --> 00:40:35,680
Speaker 5: And so what you want to have is a portfolio

846
00:40:35,760 --> 00:40:38,640
Speaker 5: that over time averages somewhere around ten percent. That's the

847
00:40:38,680 --> 00:40:42,200
Speaker 5: average cost of inflation. How your money really if you

848
00:40:42,239 --> 00:40:44,720
Speaker 5: don't invest it. Every single year that you don't invest,

849
00:40:44,760 --> 00:40:47,439
Speaker 5: you lose money. Say you took a one hundred dollars

850
00:40:47,440 --> 00:40:48,799
Speaker 5: bill right here, and I had it right in front

851
00:40:48,800 --> 00:40:50,880
Speaker 5: of me, and I looked at that bill since the

852
00:40:50,880 --> 00:40:54,160
Speaker 5: beginning of the Federal Reserve, which is the government institute

853
00:40:54,160 --> 00:40:57,080
Speaker 5: that mandates or manages all of our currency in the US.

854
00:40:57,239 --> 00:40:58,360
Speaker 5: So if I go all the way back to the

855
00:40:58,360 --> 00:41:02,120
Speaker 5: seventies and I look at it today, what do I see?

856
00:41:02,239 --> 00:41:03,880
Speaker 5: I see that that one hundred dollars bill, if I

857
00:41:03,960 --> 00:41:06,440
Speaker 5: just held it from then to now, is worth about

858
00:41:06,480 --> 00:41:09,560
Speaker 5: twenty five bucks. It's not worth a hundred anymore. Why

859
00:41:10,000 --> 00:41:13,000
Speaker 5: because of inflation. And so if we don't invest our

860
00:41:13,000 --> 00:41:15,800
Speaker 5: money and we stick it under our mattress, then sadly

861
00:41:15,840 --> 00:41:18,080
Speaker 5: the government eats away at it every single year. Both

862
00:41:18,120 --> 00:41:21,160
Speaker 5: sides politically agnostic, and so we got to make sure

863
00:41:21,160 --> 00:41:23,280
Speaker 5: that we put our money somewhere. That's why the stock

864
00:41:23,320 --> 00:41:25,680
Speaker 5: market over time is usually what most people do.

865
00:41:26,040 --> 00:41:27,560
Speaker 1: Okay, it makes a lot of sense. And what's the

866
00:41:27,560 --> 00:41:29,120
Speaker 1: difference between a stock and a bond?

867
00:41:29,200 --> 00:41:31,799
Speaker 5: Okay, so stocks and bonds one oh one. I think

868
00:41:31,800 --> 00:41:35,320
Speaker 5: about stocks like a ability for you to have future

869
00:41:35,440 --> 00:41:38,520
Speaker 5: upside of a company. So you are betting in a

870
00:41:38,560 --> 00:41:41,279
Speaker 5: way on a company. You're saying, today the price of

871
00:41:41,320 --> 00:41:44,120
Speaker 5: Amazon is ten dollars. I think in the future the

872
00:41:44,160 --> 00:41:46,640
Speaker 5: price of Amazon will be fifteen dollars. I want to

873
00:41:46,680 --> 00:41:50,400
Speaker 5: go for that ride. It's called upside return with a bond.

874
00:41:50,600 --> 00:41:53,360
Speaker 5: What are you doing instead? You're saying, I actually want income.

875
00:41:53,680 --> 00:41:56,240
Speaker 5: It's like a certificate. If I give you one hundred bucks,

876
00:41:56,440 --> 00:41:59,080
Speaker 5: I promise you over the next five years, I'm going

877
00:41:59,120 --> 00:42:01,719
Speaker 5: to give you one hundred back. You're not going to

878
00:42:01,800 --> 00:42:04,719
Speaker 5: make more if the bond that you invest in goes

879
00:42:04,760 --> 00:42:07,880
Speaker 5: up or down in price. You're just going to clip coupons,

880
00:42:07,960 --> 00:42:10,000
Speaker 5: is what they're called it. It used to be like that,

881
00:42:10,560 --> 00:42:14,040
Speaker 5: So you're clipping the coupon. And the reason we want

882
00:42:14,040 --> 00:42:16,600
Speaker 5: both of those is because again, you want when the

883
00:42:16,600 --> 00:42:19,759
Speaker 5: stock market crashes, you want your bond to still be

884
00:42:19,760 --> 00:42:22,640
Speaker 5: clipping those coupons. Baby still coming in when the stock

885
00:42:22,680 --> 00:42:25,560
Speaker 5: market's raging. You want to capture some of that upside.

886
00:42:25,600 --> 00:42:27,600
Speaker 5: And that's how we play right there in the middle

887
00:42:27,640 --> 00:42:28,280
Speaker 5: of investing.

888
00:42:28,560 --> 00:42:30,359
Speaker 1: Is there a stage three? So we did stage one

889
00:42:30,440 --> 00:42:34,360
Speaker 1: as you Stage two is SMP. What's the stage three?

890
00:42:34,400 --> 00:42:38,000
Speaker 5: Stage three is private? So if you're a real pro

891
00:42:38,080 --> 00:42:39,800
Speaker 5: and you want to go for three h three of investing,

892
00:42:39,920 --> 00:42:43,319
Speaker 5: that's where we start to do private equity. That's just

893
00:42:43,440 --> 00:42:46,279
Speaker 5: investing in those same companies, but instead of them being

894
00:42:46,280 --> 00:42:49,800
Speaker 5: traded publicly, those companies are now held by private investors.

895
00:42:49,800 --> 00:42:52,920
Speaker 5: They'll never trade on a stock exchange. That also includes

896
00:42:52,960 --> 00:42:56,320
Speaker 5: things like you can have alternative investments that might be

897
00:42:56,440 --> 00:42:59,920
Speaker 5: investing in direct in real estate or investing in commodities,

898
00:43:00,000 --> 00:43:02,480
Speaker 5: which would be like timber. Right, you could bet on

899
00:43:02,520 --> 00:43:06,000
Speaker 5: timber prices that might be like equity and options. I

900
00:43:06,000 --> 00:43:09,440
Speaker 5: think this generation got a little crazy because they were

901
00:43:09,440 --> 00:43:14,040
Speaker 5: the first generation to gamify stock market investing and make

902
00:43:14,080 --> 00:43:16,880
Speaker 5: it seem fun as opposed to serious. And they were

903
00:43:16,920 --> 00:43:19,880
Speaker 5: the first generation that got easy access to things like

904
00:43:20,040 --> 00:43:24,480
Speaker 5: options and warrants. And that's really actually only for pros.

905
00:43:24,760 --> 00:43:26,400
Speaker 5: So I think anybody who's trying to tell you how

906
00:43:26,440 --> 00:43:28,680
Speaker 5: to day trade, anybody who's trying to tell you how

907
00:43:28,719 --> 00:43:32,520
Speaker 5: to do options that strategy, think about that like somebody

908
00:43:32,560 --> 00:43:34,040
Speaker 5: trying to tell you, let me teach you, over the

909
00:43:34,080 --> 00:43:36,600
Speaker 5: course of a couple hours of me speaking to you,

910
00:43:36,880 --> 00:43:40,000
Speaker 5: how to cut open somebody's brain. We just wouldn't do that.

911
00:43:40,360 --> 00:43:42,880
Speaker 5: This is for pros. And if you really want to

912
00:43:42,880 --> 00:43:45,080
Speaker 5: make real money, you don't do it by messing around

913
00:43:45,080 --> 00:43:47,840
Speaker 5: at the margins of financial investing. In my mind, you

914
00:43:47,920 --> 00:43:50,120
Speaker 5: do it by becoming the company that they invest in,

915
00:43:50,120 --> 00:43:52,520
Speaker 5: which is stage four. So that's when you're like, I

916
00:43:52,600 --> 00:43:55,680
Speaker 5: buy the business outright, I raise money for my own business,

917
00:43:56,040 --> 00:43:57,919
Speaker 5: and that's the next level of the game.

918
00:43:58,080 --> 00:44:00,800
Speaker 1: That's so great. I love that by step because I

919
00:44:00,800 --> 00:44:05,880
Speaker 1: feel for so many people it just feels like this unorganized, messy,

920
00:44:06,600 --> 00:44:08,480
Speaker 1: wild wild West. And now it's like wait a minute,

921
00:44:08,480 --> 00:44:11,120
Speaker 1: Stage one, Stage two, st stage four. I love those.

922
00:44:11,440 --> 00:44:13,160
Speaker 1: Going back to stage two of the S and P.

923
00:44:14,760 --> 00:44:18,239
Speaker 1: What percentage of someone's income should they be looking to

924
00:44:18,320 --> 00:44:19,719
Speaker 1: put into the S and P.

925
00:44:19,960 --> 00:44:21,920
Speaker 5: There's lots of rules around this, but I believe in

926
00:44:22,040 --> 00:44:25,359
Speaker 5: you pay yourself first, and you pay yourself first. What

927
00:44:25,400 --> 00:44:28,719
Speaker 5: I mean is you think about your investments just like

928
00:44:28,800 --> 00:44:32,200
Speaker 5: you would a need, not a want. So every single month.

929
00:44:32,239 --> 00:44:35,040
Speaker 5: I believe in automatic investing. I've done it my entire career.

930
00:44:35,200 --> 00:44:37,560
Speaker 5: Vanguard taught me that you get really lucky in finance.

931
00:44:37,760 --> 00:44:39,800
Speaker 5: They teach you how to invest so that it becomes

932
00:44:39,800 --> 00:44:42,960
Speaker 5: a habit, not a possibility. You don't wake up unless

933
00:44:42,960 --> 00:44:45,160
Speaker 5: you're gross and not brush your teeth, right, You just

934
00:44:45,200 --> 00:44:48,040
Speaker 5: brush your teeth because you're not gross, And so for investing,

935
00:44:48,080 --> 00:44:49,880
Speaker 5: I think about it the same way. It's like you

936
00:44:49,920 --> 00:44:52,719
Speaker 5: automatically set up your payments, so a little bit goes

937
00:44:52,719 --> 00:44:55,399
Speaker 5: every time. I believe you want to have at least

938
00:44:55,440 --> 00:44:58,080
Speaker 5: ten percent of the money that you make go into investing.

939
00:44:58,120 --> 00:45:00,440
Speaker 5: There's lots of different rules people could play either way,

940
00:45:00,480 --> 00:45:03,160
Speaker 5: but I think pay yourself first because otherwise you'll never

941
00:45:03,160 --> 00:45:05,640
Speaker 5: pay yourself at all, and give yourself at least ten

942
00:45:05,680 --> 00:45:08,200
Speaker 5: percent because we want to beat inflation every single year,

943
00:45:08,320 --> 00:45:10,360
Speaker 5: and if you do those two things, you are better

944
00:45:10,400 --> 00:45:13,360
Speaker 5: than about ninety percent of people that don't do that ten.

945
00:45:13,239 --> 00:45:15,759
Speaker 1: Percent off to tacks. That's just such a great goal

946
00:45:15,840 --> 00:45:18,000
Speaker 1: of people. And you start thinking about it and you go, oh,

947
00:45:18,040 --> 00:45:21,400
Speaker 1: what am I spending dumb money on? You know, like

948
00:45:21,960 --> 00:45:23,840
Speaker 1: what do you see people wasting money on? You know what?

949
00:45:23,840 --> 00:45:26,399
Speaker 5: The biggest thing is people waste money on looking rich

950
00:45:26,480 --> 00:45:29,799
Speaker 5: instead of being rich. And that is a cultural phenomenon

951
00:45:29,880 --> 00:45:33,680
Speaker 5: that I think is eroding our wealth of society. I mean,

952
00:45:33,719 --> 00:45:38,120
Speaker 5: perfect example here Coachella. We know because we're on the

953
00:45:38,120 --> 00:45:40,759
Speaker 5: inside that the dirty secret of Coachella and everybody that

954
00:45:40,800 --> 00:45:43,080
Speaker 5: you see on there is that most influencers are one

955
00:45:43,320 --> 00:45:46,360
Speaker 5: paid to go, two give them free tickets, three flown

956
00:45:46,360 --> 00:45:48,800
Speaker 5: out for free for They actually have warehouses where you

957
00:45:48,800 --> 00:45:51,239
Speaker 5: can pick out the clothes because that part's expensive, and

958
00:45:51,280 --> 00:45:53,040
Speaker 5: you get the clothes for free, or if you're a

959
00:45:53,080 --> 00:45:55,239
Speaker 5: real pro, they'll pay you to wear the clothes and

960
00:45:55,320 --> 00:45:58,040
Speaker 5: give you the clothes for free. And so this entire

961
00:45:58,160 --> 00:46:01,759
Speaker 5: experience for the few who become because we're all we

962
00:46:01,840 --> 00:46:03,919
Speaker 5: just desire what other people have. That's how humans are.

963
00:46:04,640 --> 00:46:06,880
Speaker 5: They're not paying anything for a thing that costs thousands

964
00:46:06,880 --> 00:46:09,400
Speaker 5: and thousands and thousands of thousands of dollars. Well, the

965
00:46:09,440 --> 00:46:12,800
Speaker 5: problem is is that the average Coachella main ticket holder,

966
00:46:13,080 --> 00:46:15,560
Speaker 5: about sixty four percent of them, couldn't afford their ticket,

967
00:46:15,920 --> 00:46:18,239
Speaker 5: so they had to do buy now, pay later options.

968
00:46:18,800 --> 00:46:22,120
Speaker 5: This year they offered buy now, pay later. And that

969
00:46:22,280 --> 00:46:24,520
Speaker 5: is just for the ticket. That's not for the clothes,

970
00:46:24,640 --> 00:46:26,440
Speaker 5: and that's not for the food, and that's not for

971
00:46:26,480 --> 00:46:31,120
Speaker 5: the drinks. And so we are basically having credit card

972
00:46:31,120 --> 00:46:34,200
Speaker 5: debt with which lasts forever, as a trade for Instagram

973
00:46:34,239 --> 00:46:37,720
Speaker 5: posts which last for a minute. And so the number

974
00:46:37,760 --> 00:46:39,760
Speaker 5: one thing that you can do to change your financial

975
00:46:39,760 --> 00:46:42,320
Speaker 5: future is to not buy into what you see on

976
00:46:42,360 --> 00:46:44,759
Speaker 5: the internet everybody else doing, which is why I really

977
00:46:44,800 --> 00:46:47,040
Speaker 5: respect what you do and I try to do it

978
00:46:47,080 --> 00:46:49,839
Speaker 5: online too. Sure we have nice things now sometimes you'll

979
00:46:49,840 --> 00:46:51,719
Speaker 5: catch it in places because I won't really tell. But

980
00:46:51,960 --> 00:46:55,040
Speaker 5: you don't see me flashing nice watches. You don't see

981
00:46:55,080 --> 00:46:57,640
Speaker 5: me having nice cars. You don't see me posting about

982
00:46:57,680 --> 00:47:01,440
Speaker 5: private planes. Why that's not really necessary. And all you

983
00:47:01,480 --> 00:47:04,239
Speaker 5: are signaling is that that is what success is. That

984
00:47:04,320 --> 00:47:06,760
Speaker 5: is not a success. It is those are just accoutromants

985
00:47:06,960 --> 00:47:09,080
Speaker 5: that could be fun if you're into it once you're rich,

986
00:47:09,760 --> 00:47:13,640
Speaker 5: but I promise you I've met so many unhappy mothers

987
00:47:13,640 --> 00:47:14,640
Speaker 5: who have private jets.

988
00:47:14,800 --> 00:47:16,920
Speaker 1: Yeah no, And I really appreciate that you saying that,

989
00:47:17,000 --> 00:47:18,759
Speaker 1: because I think for me it was the same thing

990
00:47:18,800 --> 00:47:20,760
Speaker 1: I didn't I never wanted. I mean, when I started,

991
00:47:20,760 --> 00:47:23,000
Speaker 1: I didn't have anything to show, but I didn't want

992
00:47:23,040 --> 00:47:25,520
Speaker 1: someone to follow me for what I had. I wanted

993
00:47:25,560 --> 00:47:27,759
Speaker 1: them to follow me for what I was saying and

994
00:47:27,800 --> 00:47:30,840
Speaker 1: doing and living. And that to me always felt like

995
00:47:31,760 --> 00:47:34,000
Speaker 1: that means anyone could do it and as soon as

996
00:47:34,000 --> 00:47:36,120
Speaker 1: it became. And also it was never about getting the thing,

997
00:47:36,160 --> 00:47:38,960
Speaker 1: even for me. So if you make it about getting

998
00:47:38,960 --> 00:47:40,880
Speaker 1: the thing, then the thing you do to get it

999
00:47:41,160 --> 00:47:43,399
Speaker 1: you don't love. Whereas my thing is I love the game.

1000
00:47:43,480 --> 00:47:45,360
Speaker 1: I love what I'm doing, and same as you. And

1001
00:47:45,400 --> 00:47:47,080
Speaker 1: it goes back to where we started, where it's like,

1002
00:47:47,280 --> 00:47:49,280
Speaker 1: if you love the game, if you respect the rules,

1003
00:47:49,520 --> 00:47:51,719
Speaker 1: if you love what you do, then all of these

1004
00:47:51,719 --> 00:47:54,920
Speaker 1: things are a byproduct. They're wonderful, but they're never the goal,

1005
00:47:55,040 --> 00:47:58,160
Speaker 1: they never the destination. They're never the thing that you wanted.

1006
00:47:58,239 --> 00:47:59,720
Speaker 1: That's not what drove you there.

1007
00:48:00,320 --> 00:48:02,440
Speaker 5: It's so true, and they'll all be taken from you

1008
00:48:02,480 --> 00:48:05,479
Speaker 5: at very points, you know, And so I think about

1009
00:48:05,520 --> 00:48:06,680
Speaker 5: it a little bit like beauty.

1010
00:48:06,760 --> 00:48:06,920
Speaker 1: You know.

1011
00:48:07,160 --> 00:48:10,280
Speaker 5: I'm getting older, and I've tried to on the internet,

1012
00:48:10,360 --> 00:48:12,160
Speaker 5: never make it about how I look one way or

1013
00:48:12,160 --> 00:48:14,799
Speaker 5: the other, if I'm fit or not, if I'm in

1014
00:48:14,920 --> 00:48:17,279
Speaker 5: sexy outfits or not. Why Because I'm going to get old.

1015
00:48:17,320 --> 00:48:18,839
Speaker 5: I know what the future looks like, and it's old

1016
00:48:18,880 --> 00:48:21,799
Speaker 5: and wrinkly and saggotits and all the things right, and

1017
00:48:21,880 --> 00:48:24,040
Speaker 5: that's cool. It doesn't matter. And so if I can

1018
00:48:24,120 --> 00:48:26,600
Speaker 5: like prepare now that maybe people listen because I might

1019
00:48:26,640 --> 00:48:29,160
Speaker 5: have something valuable to say, then I'll still have something

1020
00:48:29,239 --> 00:48:30,960
Speaker 5: valuable to say when I'm eighty, as long as I'm

1021
00:48:31,000 --> 00:48:33,640
Speaker 5: still with it. And I think it's the same with stuff.

1022
00:48:34,120 --> 00:48:36,200
Speaker 5: You know, somebody could take that from you, but they

1023
00:48:36,200 --> 00:48:39,200
Speaker 5: cannot take ever. Nobody but God can take all the

1024
00:48:39,280 --> 00:48:42,759
Speaker 5: lessons that you've learned while running this business. Nobody but

1025
00:48:42,840 --> 00:48:46,440
Speaker 5: God could take the relationships that you've built from this business.

1026
00:48:46,719 --> 00:48:50,000
Speaker 5: But many things, including the market, could take everything that

1027
00:48:50,080 --> 00:48:52,839
Speaker 5: sits around us. And so I try to remember that

1028
00:48:52,880 --> 00:48:56,680
Speaker 5: so that I never anchored to it.

1029
00:49:05,360 --> 00:49:08,319
Speaker 1: Want to make a real difference this giving season this

1030
00:49:08,480 --> 00:49:13,120
Speaker 1: December on Purpose is part of PODS Fight Poverty podcast,

1031
00:49:13,239 --> 00:49:16,799
Speaker 1: teaming up to lift three villages in Rwanda out of

1032
00:49:16,840 --> 00:49:20,880
Speaker 1: extreme poverty. We're doing it through give Directly, which sends

1033
00:49:20,880 --> 00:49:24,239
Speaker 1: cash straight to families so they can choose what they

1034
00:49:24,280 --> 00:49:29,440
Speaker 1: need most. Donate at GiveDirectly dot org, forward slash on purpose.

1035
00:49:30,000 --> 00:49:33,560
Speaker 1: First time gifts are matched, doubling your impact. Our goal

1036
00:49:33,680 --> 00:49:37,480
Speaker 1: is one million dollars by year's end, enough to lift

1037
00:49:37,880 --> 00:49:42,240
Speaker 1: seven hundred families out of poverty. Join us at GiveDirectly

1038
00:49:42,480 --> 00:49:57,360
Speaker 1: dot org, forward slash on purpose. When Lewis Howes joined me,

1039
00:49:57,600 --> 00:50:00,759
Speaker 1: he didn't talk about spreadsheets. He talked about it experiments.

1040
00:50:01,200 --> 00:50:04,239
Speaker 1: He challenged us to treat money like a relationship. Set

1041
00:50:04,280 --> 00:50:08,640
Speaker 1: an intention, stay open to possibility, and practice gratitude when

1042
00:50:08,680 --> 00:50:11,279
Speaker 1: it shows up, even if it's just a penny on

1043
00:50:11,360 --> 00:50:15,080
Speaker 1: a subway step. He shares a simple practice, I'm a

1044
00:50:15,120 --> 00:50:19,400
Speaker 1: magnet for money. Money comes to me abundantly and freely,

1045
00:50:20,160 --> 00:50:22,719
Speaker 1: not as magic thinking, but as a way to train

1046
00:50:22,760 --> 00:50:28,240
Speaker 1: your attention to notice opportunities, receive them, and act. Lewis's

1047
00:50:28,280 --> 00:50:32,520
Speaker 1: message is simple, treat money with respect, live beneath your means,

1048
00:50:32,719 --> 00:50:37,040
Speaker 1: and focus on really feeling abundant. That's true wealth set

1049
00:50:37,080 --> 00:50:41,440
Speaker 1: intentions do the work and don't chase easy money, build skills,

1050
00:50:41,520 --> 00:50:45,279
Speaker 1: serve others, and let effort compound. When you heal your

1051
00:50:45,280 --> 00:50:49,279
Speaker 1: money wounds, you don't just attract opportunities, you're ready to

1052
00:50:49,360 --> 00:50:51,120
Speaker 1: receive them. What do you have to say to people

1053
00:50:51,120 --> 00:50:53,400
Speaker 1: who are saying that you can manifest money? Do you

1054
00:50:53,440 --> 00:50:55,640
Speaker 1: agree with that idea of This is an interesting story.

1055
00:50:55,880 --> 00:50:58,359
Speaker 6: I was in New York last week and I said

1056
00:50:58,360 --> 00:51:00,000
Speaker 6: to myself, and I have a lot of these differents

1057
00:51:00,000 --> 00:51:03,160
Speaker 6: exercises and games in the book to just give people

1058
00:51:03,160 --> 00:51:06,239
Speaker 6: as social experiments. I think it's really powerful to give

1059
00:51:06,280 --> 00:51:10,040
Speaker 6: yourself experiment because I think when you experiment, you allow

1060
00:51:10,080 --> 00:51:14,880
Speaker 6: yourself to explore possibilities. And when you create an experiment

1061
00:51:14,880 --> 00:51:17,480
Speaker 6: for yourself, you allow for the idea of magic to

1062
00:51:17,640 --> 00:51:20,000
Speaker 6: enter your life. So I want you to just as

1063
00:51:20,040 --> 00:51:22,640
Speaker 6: you're watching or listening, I want you to say, I

1064
00:51:22,719 --> 00:51:24,239
Speaker 6: allow for magic and.

1065
00:51:24,239 --> 00:51:26,400
Speaker 2: Abundance to manifest in my life.

1066
00:51:26,480 --> 00:51:29,719
Speaker 6: I'm going to create a possibility that this can happen

1067
00:51:29,760 --> 00:51:33,279
Speaker 6: in my life, a moment, a synchronicity. Someone might call

1068
00:51:33,320 --> 00:51:36,000
Speaker 6: me out of the blue, someone might hand me money randomly.

1069
00:51:36,040 --> 00:51:38,200
Speaker 6: I'm going to allow for this moment to happen in

1070
00:51:38,239 --> 00:51:40,440
Speaker 6: this magic to happen. So I said to myself, I

1071
00:51:40,440 --> 00:51:43,400
Speaker 6: want to follow my own practices right. And I went

1072
00:51:43,480 --> 00:51:46,200
Speaker 6: to see our friend Mel Robbins in Boston, and I know,

1073
00:51:46,239 --> 00:51:47,520
Speaker 6: I was in New York for a few days, and

1074
00:51:47,560 --> 00:51:50,320
Speaker 6: I just said to myself, money comes to me abundantly

1075
00:51:50,360 --> 00:51:53,080
Speaker 6: and freely, and I see it everywhere. I just said

1076
00:51:53,080 --> 00:51:55,640
Speaker 6: this to myself every morning when I woke up, and

1077
00:51:55,680 --> 00:51:57,440
Speaker 6: when I went out of the hotel, I said, money

1078
00:51:57,440 --> 00:51:59,600
Speaker 6: comes to me abundantly and freely, and I see it

1079
00:51:59,600 --> 00:52:03,640
Speaker 6: every way where. And I'm a magnet for money. I'm

1080
00:52:03,640 --> 00:52:05,600
Speaker 6: a magnet for money. I just kept saying this energy,

1081
00:52:05,640 --> 00:52:07,239
Speaker 6: I'm a magnet for money. I was just playful, this

1082
00:52:07,320 --> 00:52:10,800
Speaker 6: social experiment. And when I was at Mels, a penny

1083
00:52:10,880 --> 00:52:12,759
Speaker 6: dropped on the floor. Someone was carrying a box and

1084
00:52:12,760 --> 00:52:15,040
Speaker 6: a penny fell and I said, oh, look, money comes

1085
00:52:15,080 --> 00:52:17,560
Speaker 6: to me. I see it everywhere. There's a penny. Yeah,

1086
00:52:18,000 --> 00:52:19,520
Speaker 6: And there's a point to this story. And I pick

1087
00:52:19,520 --> 00:52:21,520
Speaker 6: it up and I say, Mel, do you want this?

1088
00:52:21,560 --> 00:52:23,200
Speaker 6: And she goes, no, it's yours, and I go, thank you.

1089
00:52:23,239 --> 00:52:26,520
Speaker 6: I receive because when I relax, I receive, and I'm

1090
00:52:26,560 --> 00:52:29,360
Speaker 6: a magnet for money. Even it was a penny. I

1091
00:52:29,360 --> 00:52:31,200
Speaker 6: could notice it, and I was like, all right, it

1092
00:52:31,239 --> 00:52:33,960
Speaker 6: came to me. See here's a win, here's a little win.

1093
00:52:34,480 --> 00:52:36,239
Speaker 6: Let me do this again. The next day, I go

1094
00:52:36,280 --> 00:52:38,640
Speaker 6: to a New York city and I'm in the subway

1095
00:52:38,719 --> 00:52:40,640
Speaker 6: and it's freezing right now in New York, it's like

1096
00:52:40,640 --> 00:52:43,239
Speaker 6: fifteen degrees. And I'm just saying this to myself in

1097
00:52:43,320 --> 00:52:45,360
Speaker 6: the subway, and I was like, get off the subway.

1098
00:52:45,440 --> 00:52:48,719
Speaker 6: I go up the stairs and it's freaking filthy in

1099
00:52:48,760 --> 00:52:50,680
Speaker 6: the New York subway, right and the stairs are dirty,

1100
00:52:50,680 --> 00:52:53,040
Speaker 6: and I see a penny heads up, and I thought

1101
00:52:53,080 --> 00:52:56,800
Speaker 6: to myself, this is filthy, this is dirty. It's not valuable,

1102
00:52:57,200 --> 00:52:59,359
Speaker 6: it's not enough money. I don't need to pick this up.

1103
00:52:59,520 --> 00:53:01,400
Speaker 6: But I was like, oh, I'm doing this experiment. Money

1104
00:53:01,400 --> 00:53:04,240
Speaker 6: comes to me abundantly and freely. I'm a magnet for money,

1105
00:53:04,560 --> 00:53:06,839
Speaker 6: and I'm gonna manifest money, right And.

1106
00:53:06,760 --> 00:53:07,920
Speaker 2: So I see it's heads up.

1107
00:53:07,960 --> 00:53:09,279
Speaker 6: I pick it up, put it in my pocket, and

1108
00:53:09,280 --> 00:53:10,920
Speaker 6: I just say, thank you, money for coming to me.

1109
00:53:11,760 --> 00:53:13,479
Speaker 6: The next day, I put it in on my bedside table.

1110
00:53:13,480 --> 00:53:15,080
Speaker 6: I don't think anything of it. The next day I

1111
00:53:15,120 --> 00:53:17,919
Speaker 6: wake up and I look at this penny and I said,

1112
00:53:17,960 --> 00:53:20,680
Speaker 6: because I'm doing this experiment every day, I'm a magnet

1113
00:53:20,680 --> 00:53:23,120
Speaker 6: for money. Money comes from me abundantly and freely. And

1114
00:53:23,160 --> 00:53:27,160
Speaker 6: I look at it as a reminder. These two pennies. Look,

1115
00:53:27,320 --> 00:53:29,600
Speaker 6: this is a reminder that money came to me. Maybe

1116
00:53:29,640 --> 00:53:32,359
Speaker 6: it's not thousands of dollars or millions of dollars, it's

1117
00:53:32,400 --> 00:53:35,400
Speaker 6: not something that's magically right here, but it's a reminder

1118
00:53:35,440 --> 00:53:36,680
Speaker 6: that something is possible.

1119
00:53:37,800 --> 00:53:39,319
Speaker 2: And I flipped over this one penn.

1120
00:53:39,400 --> 00:53:39,480
Speaker 1: No.

1121
00:53:39,520 --> 00:53:41,440
Speaker 6: I looked at the penny because it was heads up,

1122
00:53:41,840 --> 00:53:44,640
Speaker 6: and I noticed something. I go, oh, that's really interesting.

1123
00:53:45,120 --> 00:53:48,600
Speaker 6: It said nineteen forty five on this penny. That's an

1124
00:53:48,600 --> 00:53:51,480
Speaker 6: eighty year old penny. And I go, huh, that's unique.

1125
00:53:51,520 --> 00:53:53,160
Speaker 6: I haven't seen a penny that old in a long time.

1126
00:53:53,200 --> 00:53:55,640
Speaker 6: And I flip it over and I noticed something and

1127
00:53:55,680 --> 00:53:57,440
Speaker 6: I get chills thinking about it. I notice it's a

1128
00:53:57,480 --> 00:53:58,960
Speaker 6: wheat penny. I don't know if you know what a

1129
00:53:58,960 --> 00:54:02,600
Speaker 6: wheat penny is. So a wheat penny looks different than

1130
00:54:02,600 --> 00:54:05,720
Speaker 6: a normal penny. It's got like two stalks of wheat

1131
00:54:05,800 --> 00:54:08,800
Speaker 6: on the outside of the penny. It says old penny,

1132
00:54:09,360 --> 00:54:12,360
Speaker 6: and I look it up and I google nineteen forty

1133
00:54:12,440 --> 00:54:16,880
Speaker 6: five wheat penny value and one just sold.

1134
00:54:16,920 --> 00:54:17,920
Speaker 2: I kid you not.

1135
00:54:17,960 --> 00:54:20,359
Speaker 6: I get chills thinking about it. One just sold. Guess

1136
00:54:20,440 --> 00:54:23,160
Speaker 6: for how much? I have no idea four thousand dollars.

1137
00:54:23,239 --> 00:54:26,759
Speaker 6: No online one's sold for four thousand dollars. Now it's

1138
00:54:26,800 --> 00:54:28,919
Speaker 6: all based on the condition and all these different things

1139
00:54:28,960 --> 00:54:31,759
Speaker 6: like who knows. Maybe it's worth twenty dollars, maybe it's

1140
00:54:31,760 --> 00:54:34,120
Speaker 6: worth five thousand dollars, maybe it's worth one hundred dollars.

1141
00:54:34,360 --> 00:54:37,920
Speaker 6: But the idea is that there was more value inside

1142
00:54:37,960 --> 00:54:41,920
Speaker 6: of that penny than what met the eye originally. And

1143
00:54:42,000 --> 00:54:46,239
Speaker 6: the experiment of let me be open to possibilities for

1144
00:54:46,280 --> 00:54:48,400
Speaker 6: money to come to me, and what I thought was

1145
00:54:48,480 --> 00:54:52,239
Speaker 6: two pennies might be two thousand dollars, and all I

1146
00:54:52,239 --> 00:54:54,080
Speaker 6: had to do was be willing to look for it,

1147
00:54:54,920 --> 00:54:57,320
Speaker 6: be willing to pick it up and say I receive

1148
00:54:57,800 --> 00:55:00,080
Speaker 6: thank you. If I didn't look for it, if if

1149
00:55:00,080 --> 00:55:02,719
Speaker 6: I didn't set that intention, if I didn't see the

1150
00:55:02,760 --> 00:55:05,520
Speaker 6: possibilities in front of me, I may not have received

1151
00:55:05,560 --> 00:55:08,560
Speaker 6: that penny that could have been worth thousands. And it's

1152
00:55:08,600 --> 00:55:11,360
Speaker 6: the same thing in life. We may not see the

1153
00:55:11,360 --> 00:55:13,239
Speaker 6: opportunity in front of us right now. We may not

1154
00:55:13,280 --> 00:55:15,359
Speaker 6: reach out to the people we already know and say, hey,

1155
00:55:15,719 --> 00:55:17,600
Speaker 6: this is what I'm looking to create in my life.

1156
00:55:17,680 --> 00:55:20,440
Speaker 6: I have these skills, I have these talents. Is there

1157
00:55:20,480 --> 00:55:22,200
Speaker 6: anything that you need right now that I can be

1158
00:55:22,239 --> 00:55:25,680
Speaker 6: of service for you with? And that's for that first year.

1159
00:55:25,800 --> 00:55:29,120
Speaker 6: How you created multiple six figures in that first year

1160
00:55:29,120 --> 00:55:32,200
Speaker 6: when you had nothing was reaching out to hundreds of people.

1161
00:55:32,760 --> 00:55:35,839
Speaker 6: That was you either setting the intention, seeing that there

1162
00:55:35,920 --> 00:55:40,120
Speaker 6: might be possibilities, and doing the work to manifest hundreds

1163
00:55:40,160 --> 00:55:44,360
Speaker 6: of thousands that first six months. So by doing that effort,

1164
00:55:44,480 --> 00:55:48,520
Speaker 6: setting the intention by saying I'm open to possibilities, I'm

1165
00:55:48,560 --> 00:55:50,840
Speaker 6: open to receiving opportunities that come to me, but I

1166
00:55:50,880 --> 00:55:52,120
Speaker 6: have to be willing to look for them.

1167
00:55:52,160 --> 00:55:53,560
Speaker 2: I have to be willing to ask for them. I

1168
00:55:53,600 --> 00:55:54,200
Speaker 2: have to be willing to.

1169
00:55:54,200 --> 00:55:57,480
Speaker 6: Put myself out there and receive and say, yes, thank you,

1170
00:55:57,600 --> 00:55:59,560
Speaker 6: I would do this work. And that's what I think

1171
00:55:59,560 --> 00:56:03,000
Speaker 6: people need to be thinking about. Can you manifest millions? Yes,

1172
00:56:03,080 --> 00:56:05,160
Speaker 6: if you're willing to set a clear intention, if you're

1173
00:56:05,160 --> 00:56:07,560
Speaker 6: willing to reach out and say here's what I'm willing

1174
00:56:07,600 --> 00:56:09,960
Speaker 6: to offer and add value in I want to help

1175
00:56:10,000 --> 00:56:14,800
Speaker 6: you achieve these goals, you're creating more potential to manifest money.

1176
00:56:14,960 --> 00:56:17,759
Speaker 1: Yeah, I love that Penny story because I'll tell you

1177
00:56:17,800 --> 00:56:19,880
Speaker 1: a bit about what I do, and I do a

1178
00:56:19,920 --> 00:56:21,560
Speaker 1: similar thing, and it comes from my tradition.

1179
00:56:21,680 --> 00:56:23,000
Speaker 2: So do you have a money mantra?

1180
00:56:23,440 --> 00:56:25,640
Speaker 1: No, I we don't say something, but I'll tell you

1181
00:56:25,680 --> 00:56:29,000
Speaker 1: about it. Yeah. So there's a So in our tradition,

1182
00:56:29,200 --> 00:56:33,640
Speaker 1: there's a god or a goddess for each aspect of

1183
00:56:33,719 --> 00:56:36,560
Speaker 1: society money. And so there is god as in there's

1184
00:56:36,560 --> 00:56:39,520
Speaker 1: there's one god, but then there's loads of different gods

1185
00:56:39,520 --> 00:56:42,719
Speaker 1: for different departments of society, kind of like you have

1186
00:56:42,760 --> 00:56:44,440
Speaker 1: a president or a prime minister, and then you have

1187
00:56:44,560 --> 00:56:47,000
Speaker 1: like the cabinet and that who's the money god. So

1188
00:56:47,120 --> 00:56:49,759
Speaker 1: it's a goddess called Luxhmi. That's lush me, yeah, and

1189
00:56:49,800 --> 00:56:51,360
Speaker 1: lux me means wealth or fortune.

1190
00:56:51,360 --> 00:56:53,440
Speaker 2: It's like luxury almost luxury.

1191
00:56:53,520 --> 00:56:55,880
Speaker 1: Maybe that's where it comes from, that luxury is the

1192
00:56:55,920 --> 00:56:59,040
Speaker 1: goddess of fortune or the goddess of wealth. And so

1193
00:56:59,200 --> 00:57:02,480
Speaker 1: you would never ever put your foot on a goddess.

1194
00:57:03,239 --> 00:57:06,160
Speaker 1: So whenever you're walking the streets and you see pennies around,

1195
00:57:06,680 --> 00:57:08,760
Speaker 1: you're never meant to just walk past them. You actually

1196
00:57:08,760 --> 00:57:10,239
Speaker 1: meant to pick them up. And put them to your head.

1197
00:57:10,600 --> 00:57:12,560
Speaker 1: So that's kind of like part of our culture. And

1198
00:57:12,600 --> 00:57:14,239
Speaker 1: so whenever I'm walking around the streets of New York

1199
00:57:14,320 --> 00:57:16,120
Speaker 1: or La wherever I am or subways, I do the

1200
00:57:16,160 --> 00:57:18,560
Speaker 1: same thing. Interesting, I'll always pick it up. And it's

1201
00:57:18,600 --> 00:57:20,200
Speaker 1: really funny because someone who's with me will be like,

1202
00:57:20,320 --> 00:57:22,040
Speaker 1: what are you doing, Like, you know, like, why are

1203
00:57:22,080 --> 00:57:25,040
Speaker 1: you doing that? I'm like, because I'm showing respect. I'm

1204
00:57:25,040 --> 00:57:28,600
Speaker 1: actually showing respect to the goddess of fortunes. And so

1205
00:57:28,640 --> 00:57:30,520
Speaker 1: that's what it is, is like I'm showing respect to

1206
00:57:30,560 --> 00:57:32,840
Speaker 1: the goddess of fortune by picking it up and usually

1207
00:57:32,920 --> 00:57:34,960
Speaker 1: give that money to charity or whatever it may be.

1208
00:57:35,080 --> 00:57:36,840
Speaker 1: It's not it's not you're trying to keep on it.

1209
00:57:36,880 --> 00:57:39,080
Speaker 1: You may give it away whatever. But the point is

1210
00:57:39,120 --> 00:57:43,360
Speaker 1: you're saying, I'm not disrespecting the goddess of fortune wherever

1211
00:57:43,440 --> 00:57:45,520
Speaker 1: I see it. That's beautiful because I want to have

1212
00:57:45,560 --> 00:57:48,920
Speaker 1: a respectful relationship with money. I actually really love practices

1213
00:57:49,000 --> 00:57:51,200
Speaker 1: like that because I think it goes back to the

1214
00:57:51,200 --> 00:57:55,840
Speaker 1: point you're making that we have a relationship with everything.

1215
00:57:55,880 --> 00:57:57,680
Speaker 1: You have a relationship with your body, you have relationship

1216
00:57:57,680 --> 00:57:59,640
Speaker 1: with your mind, you have a relationship with your partner,

1217
00:58:00,160 --> 00:58:02,320
Speaker 1: and you have a relationship with money, and just speaking

1218
00:58:02,360 --> 00:58:06,280
Speaker 1: to money and speaking about money is something you have

1219
00:58:06,360 --> 00:58:08,760
Speaker 1: to do if you want to love that thing and

1220
00:58:08,800 --> 00:58:10,520
Speaker 1: you want it to love you back. Right, If you

1221
00:58:10,560 --> 00:58:12,800
Speaker 1: never talk about your partner, and you never talk to

1222
00:58:12,840 --> 00:58:14,760
Speaker 1: your partner, how are they going to love you? And

1223
00:58:14,760 --> 00:58:15,560
Speaker 1: how are you going to love this?

1224
00:58:15,720 --> 00:58:18,600
Speaker 2: Imagine you're roddy for the next month.

1225
00:58:18,640 --> 00:58:20,920
Speaker 6: You never say thank you, You never look her in

1226
00:58:20,920 --> 00:58:24,120
Speaker 6: the eyes, you never speak to her, you avoid her constantly.

1227
00:58:24,240 --> 00:58:26,960
Speaker 6: Imagine like your relationship's going to suffer. You know, I'm

1228
00:58:26,960 --> 00:58:29,480
Speaker 6: sure you guys will figure it out, but imagine that's

1229
00:58:29,520 --> 00:58:33,680
Speaker 6: a lifetime of a relationship. It cannot survive. And here's

1230
00:58:33,680 --> 00:58:36,240
Speaker 6: a great question that I want everyone to ask themselves

1231
00:58:36,280 --> 00:58:39,400
Speaker 6: and another exercise that I want everyone to think about

1232
00:58:39,480 --> 00:58:42,040
Speaker 6: right now, whether you're watching or listening, I want you

1233
00:58:42,120 --> 00:58:45,360
Speaker 6: to comment on the YouTube below what opened up for

1234
00:58:45,360 --> 00:58:47,600
Speaker 6: you during this moment. And I'm going to give you

1235
00:58:47,680 --> 00:58:52,520
Speaker 6: the exercise Jay. So imagine this door opens and it's

1236
00:58:52,560 --> 00:58:57,200
Speaker 6: a person, and this person is money. It's the idea

1237
00:58:57,240 --> 00:59:00,640
Speaker 6: of money. It's a person that walks in. Right, there's money.

1238
00:59:01,600 --> 00:59:06,680
Speaker 6: And could you as an example for people to imagine

1239
00:59:06,680 --> 00:59:10,360
Speaker 6: this as well. What does that person look like when

1240
00:59:10,360 --> 00:59:10,920
Speaker 6: they come in?

1241
00:59:12,040 --> 00:59:15,400
Speaker 2: What would you do? What would you say or not say?

1242
00:59:15,600 --> 00:59:15,960
Speaker 2: Could you?

1243
00:59:16,000 --> 00:59:17,720
Speaker 6: Could you share kind of what that would be like

1244
00:59:17,800 --> 00:59:19,919
Speaker 6: for you? Money, a person walks in, they are money,

1245
00:59:19,960 --> 00:59:22,640
Speaker 6: They're the representation of your relationship with money.

1246
00:59:22,960 --> 00:59:24,400
Speaker 2: How would you show up and react?

1247
00:59:24,560 --> 00:59:27,080
Speaker 1: So in our culture, because it would be luxury walking.

1248
00:59:27,080 --> 00:59:29,600
Speaker 1: And I'll show you a visual of her afterwards. You

1249
00:59:29,640 --> 00:59:32,440
Speaker 1: would actually bow down like you'd have that and that's

1250
00:59:32,440 --> 00:59:36,120
Speaker 1: a sign of respect, not a sign of surrender or subjugation,

1251
00:59:36,240 --> 00:59:39,320
Speaker 1: but a sign of respect. Like you'd bow you'd offer

1252
00:59:39,480 --> 00:59:41,840
Speaker 1: her whatever she wanted, like you'd be like, what what

1253
00:59:41,880 --> 00:59:43,080
Speaker 1: do you need? Like, what would you like?

1254
00:59:43,160 --> 00:59:44,200
Speaker 2: What would you.

1255
00:59:43,920 --> 00:59:45,640
Speaker 1: Would you like? A place to sit, kind of like

1256
00:59:45,680 --> 00:59:47,560
Speaker 1: a guest in your like a generous home. You see

1257
00:59:47,560 --> 00:59:49,120
Speaker 1: them like a guest in your home? Yeah, like what

1258
00:59:49,160 --> 00:59:51,520
Speaker 1: would you like? Can you can I get you somebody

1259
00:59:51,520 --> 00:59:54,360
Speaker 1: to drink? You know, whatever it may be. Obviously she's

1260
00:59:54,360 --> 00:59:56,120
Speaker 1: a gredss, she don't need anything, But the point is

1261
00:59:56,160 --> 00:59:59,360
Speaker 1: that's how the hospitality would still be carried through.

1262
00:59:59,480 --> 00:59:59,959
Speaker 2: That's cool.

1263
01:00:00,240 --> 01:00:03,480
Speaker 1: And then you'd denka as well, like you'd start every

1264
01:00:03,600 --> 01:00:06,680
Speaker 1: connection with the godd or goddess with gratitudes, and I'd

1265
01:00:06,760 --> 01:00:11,880
Speaker 1: be like a genuine appreciation and an ability to share

1266
01:00:11,880 --> 01:00:14,919
Speaker 1: how you feel, like I think, being vulnerable and saying hey,

1267
01:00:14,960 --> 01:00:17,320
Speaker 1: like it's been really tough this month, like I'm really

1268
01:00:17,360 --> 01:00:19,520
Speaker 1: struggling right now, like this is what I'm going through.

1269
01:00:19,920 --> 01:00:21,600
Speaker 1: I need your help, like a prayer.

1270
01:00:21,680 --> 01:00:25,760
Speaker 6: Almost interesting, that's beautiful, And I asked I've been asking

1271
01:00:25,800 --> 01:00:27,200
Speaker 6: a lot of people this, and so I love to

1272
01:00:27,200 --> 01:00:30,240
Speaker 6: hear people's responses and be honest. And the YouTube comments

1273
01:00:30,280 --> 01:00:33,960
Speaker 6: below of your relationship with money, I asked someone close

1274
01:00:34,000 --> 01:00:37,240
Speaker 6: to me, someone younger, probably in their late twenties. I

1275
01:00:37,280 --> 01:00:39,720
Speaker 6: asked them, you know, if money walked in and you

1276
01:00:39,760 --> 01:00:43,240
Speaker 6: were at a party, how would you respond? And they said,

1277
01:00:43,640 --> 01:00:45,880
Speaker 6: I would run to the bar, I would not make

1278
01:00:45,920 --> 01:00:49,160
Speaker 6: eye contact. I would gossip behind their back to other

1279
01:00:49,200 --> 01:00:52,320
Speaker 6: people there about money. I would look down at them,

1280
01:00:52,360 --> 01:00:54,200
Speaker 6: but then I would use them and abuse them because

1281
01:00:54,200 --> 01:00:57,960
Speaker 6: I would really need money, and I would ghost them afterwards.

1282
01:00:58,320 --> 01:01:00,920
Speaker 6: And I go and I go wow, And they were like, yeah,

1283
01:01:00,960 --> 01:01:03,280
Speaker 6: I know it's really bad, but they're being honest. So

1284
01:01:03,320 --> 01:01:05,240
Speaker 6: I want people to be honest, like what is your

1285
01:01:05,240 --> 01:01:08,720
Speaker 6: relationship with money? And just imagine if you were money

1286
01:01:09,280 --> 01:01:11,520
Speaker 6: and someone treated you that way if they wanted to

1287
01:01:11,520 --> 01:01:13,840
Speaker 6: look at you, They avoid you, they speak poorly behind

1288
01:01:13,880 --> 01:01:16,040
Speaker 6: your back. They were using and abuse you when they

1289
01:01:16,080 --> 01:01:18,760
Speaker 6: wanted you, and then they ghost you when they didn't

1290
01:01:18,800 --> 01:01:21,000
Speaker 6: want to talk to you. Do you think money would

1291
01:01:21,000 --> 01:01:22,800
Speaker 6: want to keep showing me up in your life if

1292
01:01:22,800 --> 01:01:25,200
Speaker 6: they were a person, If they were a person, would

1293
01:01:25,200 --> 01:01:28,080
Speaker 6: they want to be in your life? Or they feel, Ah,

1294
01:01:28,160 --> 01:01:30,720
Speaker 6: this isn't a good relationship for me. And your show

1295
01:01:30,800 --> 01:01:33,720
Speaker 6: is all about how people get healed, healthy and whole.

1296
01:01:34,360 --> 01:01:36,560
Speaker 6: And if you want to create a richer, more abundant life,

1297
01:01:36,640 --> 01:01:40,439
Speaker 6: you have to create a healthy relationship with money in

1298
01:01:40,480 --> 01:01:43,840
Speaker 6: your life. And look at it as if this was

1299
01:01:44,080 --> 01:01:47,240
Speaker 6: a love of my life, not in a worshiping like

1300
01:01:47,360 --> 01:01:50,080
Speaker 6: I worship it no matter what, but more of like

1301
01:01:50,800 --> 01:01:53,280
Speaker 6: this is like a person that I love and I

1302
01:01:53,320 --> 01:01:54,280
Speaker 6: want to treat them with care.

1303
01:01:54,680 --> 01:01:57,040
Speaker 2: I want to be a great host. How can I

1304
01:01:57,120 --> 01:01:57,640
Speaker 2: show up?

1305
01:01:58,400 --> 01:02:00,000
Speaker 6: And it doesn't mean it's always going to be perfec

1306
01:02:00,280 --> 01:02:02,640
Speaker 6: but how can I show up and be generous, be kind,

1307
01:02:03,240 --> 01:02:07,800
Speaker 6: be patient, listen, be aware and be of service to it.

1308
01:02:08,080 --> 01:02:10,280
Speaker 1: Yeah, I didn't make a huge difference, huge difference.

1309
01:02:10,360 --> 01:02:13,760
Speaker 6: I'm not saying you haven't had a beautiful, abundant, peaceful

1310
01:02:13,920 --> 01:02:16,480
Speaker 6: life as well with money. But I would bet to

1311
01:02:16,520 --> 01:02:20,920
Speaker 6: say that you've also experienced stress and overwhelmed with money,

1312
01:02:21,000 --> 01:02:23,360
Speaker 6: for sure, more than having no money. And a lot

1313
01:02:23,440 --> 01:02:26,280
Speaker 6: of people get blocked because they know that like, oh,

1314
01:02:27,040 --> 01:02:30,040
Speaker 6: more money, more problems. Is another like money lie right,

1315
01:02:30,120 --> 01:02:31,840
Speaker 6: or a money like wound that people might have, Like

1316
01:02:31,880 --> 01:02:33,280
Speaker 6: I don't want to make more money because I see

1317
01:02:33,280 --> 01:02:36,680
Speaker 6: people who do have money, they're constantly stressed. They're not

1318
01:02:36,800 --> 01:02:39,600
Speaker 6: generous with it. They're stingy, they don't even tip it all.

1319
01:02:39,600 --> 01:02:41,920
Speaker 6: They're even more stingy with it and they have it,

1320
01:02:42,120 --> 01:02:44,000
Speaker 6: So what's the point of having it if they're not generous.

1321
01:02:44,000 --> 01:02:46,840
Speaker 6: I don't want to be like that. And there can

1322
01:02:46,880 --> 01:02:49,320
Speaker 6: be money traps or money wounds when you have money

1323
01:02:49,360 --> 01:02:52,080
Speaker 6: if you haven't learned how to heal that relationship. And

1324
01:02:52,120 --> 01:02:54,280
Speaker 6: so it's learning how to heal the rag relationship so

1325
01:02:54,320 --> 01:02:58,320
Speaker 6: that when you grow your net worth, you also increase

1326
01:02:58,400 --> 01:03:03,120
Speaker 6: your self worth inside and feel peaceful about it. You

1327
01:03:03,160 --> 01:03:08,000
Speaker 6: expand your nervous system, your container to receive abundantly, so

1328
01:03:08,160 --> 01:03:11,640
Speaker 6: it's not scary, it's not stressful. You can receive more

1329
01:03:12,040 --> 01:03:14,040
Speaker 6: and you can give more because you know that the

1330
01:03:14,040 --> 01:03:16,560
Speaker 6: more you relax, the more you receive, and when you give,

1331
01:03:16,920 --> 01:03:19,480
Speaker 6: it's going to come back in some way. I struggled

1332
01:03:19,480 --> 01:03:22,560
Speaker 6: with that my first six, seven, eight years of making money.

1333
01:03:22,600 --> 01:03:25,320
Speaker 6: I hoarded money because I was afraid to go broke again,

1334
01:03:25,920 --> 01:03:28,400
Speaker 6: and it limited me in certain ways, and it made

1335
01:03:28,440 --> 01:03:30,200
Speaker 6: me feel stressful, and it made me feel like people

1336
01:03:30,200 --> 01:03:32,080
Speaker 6: are trying to take advantage of me and take my money.

1337
01:03:32,240 --> 01:03:37,360
Speaker 6: It doesn't feel rich having money and living in scarcity.

1338
01:03:37,400 --> 01:03:41,120
Speaker 1: Still, there was a beautiful thing that we'd always repeat

1339
01:03:41,200 --> 01:03:43,600
Speaker 1: in the monastery. It was like God doesn't see what

1340
01:03:43,640 --> 01:03:46,720
Speaker 1: you give, God sees what you hold back. And so

1341
01:03:47,440 --> 01:03:50,640
Speaker 1: this because we can sometimes become egotistical about how much

1342
01:03:50,680 --> 01:03:52,760
Speaker 1: we give, and it's like, well, you got one hand

1343
01:03:52,800 --> 01:03:54,840
Speaker 1: behind your back and you just made that point. It's

1344
01:03:54,920 --> 01:03:58,720
Speaker 1: that it's that pinch, It's that are you giving where

1345
01:03:58,760 --> 01:04:01,960
Speaker 1: there's a challenge to give? Yeah, because that's where we're healing.

1346
01:04:02,320 --> 01:04:04,680
Speaker 1: Because you can get really egotistical, like, hey, if you

1347
01:04:04,720 --> 01:04:07,439
Speaker 1: were worth a billion and you signed a million dollar check,

1348
01:04:07,760 --> 01:04:10,200
Speaker 1: like I know people that are making three million in

1349
01:04:10,200 --> 01:04:13,600
Speaker 1: interest a day, like, so you writing a million dollar

1350
01:04:13,720 --> 01:04:16,680
Speaker 1: check is not the same. This also applies when you

1351
01:04:16,760 --> 01:04:19,280
Speaker 1: have very little. So my parents, who didn't make a lot,

1352
01:04:19,680 --> 01:04:22,560
Speaker 1: when they were giving and felt well like a lot.

1353
01:04:22,640 --> 01:04:24,880
Speaker 1: It felt like a lot. And so like what we're

1354
01:04:24,960 --> 01:04:28,240
Speaker 1: saying is that that this thought of being a giver

1355
01:04:28,960 --> 01:04:30,200
Speaker 1: has to be called to us.

1356
01:04:30,440 --> 01:04:32,160
Speaker 6: You know, my dad was a lot like that too.

1357
01:04:32,920 --> 01:04:35,680
Speaker 6: He had strangers knocking on the door that somehow convinced

1358
01:04:35,720 --> 01:04:38,360
Speaker 6: him to stay with us for like three months in

1359
01:04:38,400 --> 01:04:41,800
Speaker 6: the summer who were ah, and he just opened his

1360
01:04:41,880 --> 01:04:45,120
Speaker 6: doors and said yes, like okay. And so he was

1361
01:04:45,200 --> 01:04:47,080
Speaker 6: just like like your parents, like okay, you need a

1362
01:04:47,080 --> 01:04:48,800
Speaker 6: place to stay for a week, a month, two months.

1363
01:04:48,880 --> 01:04:49,800
Speaker 2: Cool, we'll figure it out.

1364
01:04:49,920 --> 01:04:51,480
Speaker 6: We'll feed you, We'll do this as long as we

1365
01:04:51,480 --> 01:04:53,400
Speaker 6: feel like you're doing something good and we're trying to

1366
01:04:53,400 --> 01:04:55,880
Speaker 6: support you. And I think it's it don't have to

1367
01:04:55,880 --> 01:04:58,360
Speaker 6: give money to feel rich. Yes, you can be vanity,

1368
01:04:58,360 --> 01:05:01,400
Speaker 6: your generous with your time, with your or resources in

1369
01:05:01,440 --> 01:05:04,720
Speaker 6: other ways, with your food. It's like you can give

1370
01:05:05,120 --> 01:05:08,480
Speaker 6: in other ways and create a richness of life. And

1371
01:05:08,520 --> 01:05:12,400
Speaker 6: that's the key is to feel rich and abundant and free.

1372
01:05:12,760 --> 01:05:15,760
Speaker 6: And if you feel that, when you start making money,

1373
01:05:15,960 --> 01:05:18,960
Speaker 6: you're going to continue to feel free. The biggest trap

1374
01:05:19,040 --> 01:05:22,600
Speaker 6: is when you feel scarce and you start making money

1375
01:05:22,800 --> 01:05:26,280
Speaker 6: and you still feel trapped, you still don't feel free.

1376
01:05:26,720 --> 01:05:29,520
Speaker 6: That isn't even greater prison in my mind, that you're

1377
01:05:29,520 --> 01:05:31,600
Speaker 6: living in scarcity when you have money.

1378
01:05:31,960 --> 01:05:33,520
Speaker 1: I mean, there's so many people right now that have

1379
01:05:33,560 --> 01:05:36,200
Speaker 1: the pressure to save money because we've been talking about

1380
01:05:36,240 --> 01:05:38,680
Speaker 1: making money, yes, but there's this pressure to save money.

1381
01:05:38,720 --> 01:05:41,720
Speaker 1: And how do you find that balance between spending comfortably

1382
01:05:42,640 --> 01:05:45,760
Speaker 1: if you have the ability, versus like saving for your

1383
01:05:45,760 --> 01:05:48,720
Speaker 1: future or your family. How do you think about that version?

1384
01:05:48,840 --> 01:05:51,240
Speaker 6: Well, I think when you can live beneath your means

1385
01:05:51,600 --> 01:05:55,400
Speaker 6: and feel abundant, you've won. So when you live beneath

1386
01:05:55,440 --> 01:05:58,520
Speaker 6: your means and you don't need extra stuff, you've won.

1387
01:05:58,920 --> 01:06:03,120
Speaker 6: I just watched The Count of Monte Cristo the other nights.

1388
01:06:03,240 --> 01:06:06,760
Speaker 6: It's an incredible movie of a guy who has nothing,

1389
01:06:06,880 --> 01:06:09,560
Speaker 6: who was born by, you know, back in the I

1390
01:06:09,560 --> 01:06:11,920
Speaker 6: don't know, seventeen hundreds or something at a period piece.

1391
01:06:12,240 --> 01:06:14,760
Speaker 6: He was born of like a clerk, a guy who

1392
01:06:14,800 --> 01:06:17,960
Speaker 6: makes no money, and his friend was born of like

1393
01:06:18,040 --> 01:06:20,520
Speaker 6: some general who had a lot of money or something.

1394
01:06:21,240 --> 01:06:25,680
Speaker 6: And this poor kid that grew up friends didn't have anything,

1395
01:06:26,160 --> 01:06:29,920
Speaker 6: but he had the world. He had no money, no possessions,

1396
01:06:30,280 --> 01:06:33,000
Speaker 6: but he just approached life was like man, but here's

1397
01:06:33,040 --> 01:06:35,040
Speaker 6: a piece of string, here's a rock that I can

1398
01:06:35,080 --> 01:06:37,840
Speaker 6: play with, like I can just imagine the beauty of

1399
01:06:37,880 --> 01:06:41,160
Speaker 6: the world. And he appreciated everything even though he had

1400
01:06:41,360 --> 01:06:44,760
Speaker 6: no money. And I think in some ways it's so

1401
01:06:44,880 --> 01:06:47,040
Speaker 6: hard to look at that when we see Instagram and

1402
01:06:47,080 --> 01:06:51,120
Speaker 6: TikTok where everyone has things. When you see everyone else

1403
01:06:51,200 --> 01:06:53,800
Speaker 6: having fun with money and going on that trip with

1404
01:06:53,880 --> 01:06:57,120
Speaker 6: their girlfriends, or buying that expensive car to show after

1405
01:06:57,160 --> 01:07:00,160
Speaker 6: their guy friends, or getting the nice watches, or or

1406
01:07:00,160 --> 01:07:02,600
Speaker 6: having the cool shoes, and you're thinking, oh, if I

1407
01:07:02,600 --> 01:07:04,959
Speaker 6: could really have money, then I could have these things

1408
01:07:04,960 --> 01:07:08,080
Speaker 6: that would make me feel cool or feel better. But

1409
01:07:08,200 --> 01:07:10,640
Speaker 6: if we can approach life and just be like man,

1410
01:07:10,800 --> 01:07:14,920
Speaker 6: life is so good with what I have. That is

1411
01:07:15,040 --> 01:07:18,760
Speaker 6: true wealth, That is true abundance and happiness. And it

1412
01:07:18,760 --> 01:07:21,120
Speaker 6: doesn't mean you shouldn't strive to create more. If you

1413
01:07:21,160 --> 01:07:22,640
Speaker 6: want more, if you want to have nice shoes or

1414
01:07:22,680 --> 01:07:25,040
Speaker 6: a nice watch cool, you've got to learn how to

1415
01:07:25,160 --> 01:07:26,840
Speaker 6: make money. And you want to learn how to make

1416
01:07:26,880 --> 01:07:30,360
Speaker 6: money easy, not make money hard. And that is a

1417
01:07:30,400 --> 01:07:33,680
Speaker 6: process in developing these skills, these talents within you and

1418
01:07:33,720 --> 01:07:37,240
Speaker 6: seeing how you can monetize those skills. And I'm not

1419
01:07:37,280 --> 01:07:39,640
Speaker 6: saying don't splurge on certain things if you want to,

1420
01:07:39,760 --> 01:07:41,960
Speaker 6: but you have to understand the consequences. If you're going

1421
01:07:42,000 --> 01:07:46,040
Speaker 6: to splurge on something to have fun with friends or

1422
01:07:46,160 --> 01:07:48,480
Speaker 6: go on trips and spend this money that you maybe

1423
01:07:48,560 --> 01:07:51,800
Speaker 6: don't have, just know there might be a consequence to

1424
01:07:51,840 --> 01:07:54,240
Speaker 6: that later. If you have to use a credit card,

1425
01:07:54,280 --> 01:07:57,480
Speaker 6: you have to pay that debt with interest later. So

1426
01:07:57,600 --> 01:08:02,360
Speaker 6: just know there's a cost to splurging or spending when

1427
01:08:02,360 --> 01:08:05,840
Speaker 6: you don't have it. I'm a big fan of saving

1428
01:08:06,440 --> 01:08:09,920
Speaker 6: and investing so that you can have freedom in the

1429
01:08:09,960 --> 01:08:14,120
Speaker 6: future and feel rich continually and not needing to buy

1430
01:08:14,200 --> 01:08:15,720
Speaker 6: things to feel richer.

1431
01:08:15,960 --> 01:08:18,720
Speaker 1: Yeah, what about this idea of I want to make

1432
01:08:18,720 --> 01:08:20,920
Speaker 1: money quick, Like I just want to make a million

1433
01:08:20,960 --> 01:08:23,360
Speaker 1: dollars in a week. I want to find that hack

1434
01:08:23,520 --> 01:08:26,400
Speaker 1: that solves my money problems. Like, what's your take on that?

1435
01:08:26,479 --> 01:08:27,120
Speaker 1: Is that possible?

1436
01:08:27,200 --> 01:08:30,280
Speaker 6: I've got money wounds and it's because I wanted to

1437
01:08:30,280 --> 01:08:33,839
Speaker 6: make easy money in my past, not make money easy.

1438
01:08:34,600 --> 01:08:37,280
Speaker 6: And I don't know anyone that doesn't want to make

1439
01:08:37,320 --> 01:08:40,680
Speaker 6: easy money like our ego wants it to come to

1440
01:08:40,760 --> 01:08:42,679
Speaker 6: us now, and I want to find the quick hack

1441
01:08:42,800 --> 01:08:45,680
Speaker 6: or the quick investment that's got a ten x in

1442
01:08:45,720 --> 01:08:49,040
Speaker 6: two months. Sure, there's always outliers that figure out a

1443
01:08:49,080 --> 01:08:51,160
Speaker 6: way to do that, but every time I've tried to

1444
01:08:51,200 --> 01:08:53,880
Speaker 6: do that, I've lost my money and it's been painful,

1445
01:08:54,280 --> 01:08:56,080
Speaker 6: and I'm like, Okay, I think I've learned that lesson,

1446
01:08:56,120 --> 01:09:00,280
Speaker 6: But there's this new quick, easy money opportunity, and every

1447
01:09:00,320 --> 01:09:01,519
Speaker 6: time I do it again, I'm.

1448
01:09:01,320 --> 01:09:02,559
Speaker 2: Like, what was I thinking?

1449
01:09:03,400 --> 01:09:06,120
Speaker 6: You see that Others act like there's a way to

1450
01:09:06,160 --> 01:09:08,719
Speaker 6: do it so easy. If you just invest in crypto,

1451
01:09:08,800 --> 01:09:10,720
Speaker 6: if you just invest in this, if you just do

1452
01:09:10,840 --> 01:09:12,479
Speaker 6: this thing, you're gonna make quick.

1453
01:09:12,360 --> 01:09:13,080
Speaker 2: And easy money.

1454
01:09:13,680 --> 01:09:17,000
Speaker 6: I don't know anyone who's made hundreds of millions, millions,

1455
01:09:17,080 --> 01:09:18,240
Speaker 6: or billions.

1456
01:09:18,160 --> 01:09:19,240
Speaker 2: Who's lived that way.

1457
01:09:20,040 --> 01:09:23,120
Speaker 6: They might have invested and gone all in on one

1458
01:09:23,200 --> 01:09:27,200
Speaker 6: business and created generational wealth, or maybe they went all

1459
01:09:27,240 --> 01:09:30,320
Speaker 6: in on investing in one main stock that ended up

1460
01:09:30,479 --> 01:09:33,960
Speaker 6: ten or twenty xing over time, but going to quick

1461
01:09:34,640 --> 01:09:38,960
Speaker 6: make easy money way doesn't usually work, and it's painful

1462
01:09:39,080 --> 01:09:40,760
Speaker 6: lessons you have to live afterwards.

1463
01:09:40,760 --> 01:09:44,400
Speaker 1: True financial freedom starts with intention, not willpower. You can't

1464
01:09:44,439 --> 01:09:47,040
Speaker 1: invest what you don't earn, and you can't grow what

1465
01:09:47,080 --> 01:09:50,800
Speaker 1: you don't plan. Real wealth isn't in cause or vacations.

1466
01:09:51,000 --> 01:09:53,880
Speaker 1: It's in building a life where the rest comes without fear.

1467
01:09:54,600 --> 01:09:57,639
Speaker 1: Get clear on your goals, build systems to support them,

1468
01:09:57,960 --> 01:10:02,040
Speaker 1: and let learning guide you. Financial piece isn't luck. It's

1469
01:10:02,080 --> 01:10:05,559
Speaker 1: the result of choices repeated over time. And if this

1470
01:10:05,640 --> 01:10:09,080
Speaker 1: episode helped you rethink your relationship with money, share it

1471
01:10:09,120 --> 01:10:11,960
Speaker 1: with someone who's ready to start building wealth with intention

1472
01:10:12,080 --> 01:10:15,040
Speaker 1: and strategy from the inside out. If this is the

1473
01:10:15,160 --> 01:10:17,760
Speaker 1: year that you're trying to get creative, you're trying to

1474
01:10:17,800 --> 01:10:20,479
Speaker 1: build more, I need you to listen to this episode

1475
01:10:20,520 --> 01:10:23,519
Speaker 1: with Rick Rubin on how to break into your most

1476
01:10:23,520 --> 01:10:28,040
Speaker 1: creative self, how to use unconventional methods that lead to success,

1477
01:10:28,439 --> 01:10:31,840
Speaker 1: and the secret to genuinely loving what you do. If

1478
01:10:31,880 --> 01:10:34,880
Speaker 1: you're trying to find your passion and your lane, Rick

1479
01:10:34,960 --> 01:10:36,800
Speaker 1: Rubin's episode is the one for you.

1480
01:10:37,280 --> 01:10:39,639
Speaker 5: Just because I like it, that doesn't give it any value,

1481
01:10:39,840 --> 01:10:42,240
Speaker 5: like as an artist, If you like it, that's all

1482
01:10:42,280 --> 01:10:43,240
Speaker 5: of the value.

1483
01:10:43,400 --> 01:10:46,760
Speaker 3: That's the success comes when you say I like this

1484
01:10:46,960 --> 01:10:48,439
Speaker 3: enough for other people to see it.