This content explores the multifaceted nature of financial well-being, emphasizing the importance of shifting from a scarcity or survival mindset to one of wealth creation through strategic thinking, practical skills, and an abundance mentality. It challenges conventional notions of success, like homeownership, and advocates for a deeper understanding of wealth beyond mere riches.
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One of the most difficult, if not the
most difficult conversation to have in
the world is about money. Whether it's
with your partner, whether it's with
your boss, whether it's with your
family, even yourself, we all struggle
with thinking about money, talking about
money, monitoring our money, growing our
money. It's one of those things that can
end up being one of the greatest
struggles of our life. And it's sad
because so much of our life revolves
around it. I know that this episode will
transform your relationship with money.
How many of you are struggling to shift
from surviving to thriving? Maybe some
of you have tried budgeting, investing,
or saving, but still feel like your
financial growth is stuck. Do you feel
like you're doing everything right with
money, yet real financial freedom still
feels out of reach? Maybe self-doubt is
keeping you from reaching the financial
success you know you're capable of. I
can't wait for you to listen to this
episode because I want you to transform
your relationship with money and wealth.
The number one health and wellness
podcast J Shetty J Shetty the one, the
only J Shetty.
First up is Scott Galloway,
entrepreneur, professor and best-selling
author. He talks about the pursuit of
wealth versus riches. Have you ever felt
the pressure that you need to own a
home? Scott bust this myth and I can't
wait for you to hear his answer. What
does being rich even look like? Scott
talks about what does it mean to have a
passive income that can exceed your expenses?
expenses?
Here's the truth. Everyone worries about
financial stability, even high paid
professionals. No matter your age, if
you're someone wanting a life of true
wealth, listen to this. There is a
certain pride of ownership. I think it's
situational where you are in life, how
much money you have, the city you're in,
but buying a home is meant to be an
enhancement to your life. It's not a
suicide pact and it may not may not be
right for everybody. Yeah. I think what
it gave people as a symbol was something
to pursue, right? We started talking
about you go to college, you get a
degree, you get a job, get married, you
get a house, you have kids, like it
became one of those temple things. And
so now when you take it out, it's almost
like what should people be pursuing,
right? If you got married, you got a
good job, you're working, you're with
your partner, it's almost like people
think they have to pursue. It's almost
like the assumption that you have to
have kids, it's the same assumption of,
oh, we have to buy a house. Yeah. So,
what should people pursue instead
financially when it comes to financial
security? The goal is um what I'll call
wealth. The goal isn't to be rich. Rich
is the things you see. Wealth is what
you don't see. And your pursuit should
be wealth or economic security. And this
is what wealth is. Wealth is having
passive income that's greater than your
burn. Uh two examples. I have a buddy
who runs M&A for a bulge bracket
investment bank. Makes between$3 and $10
million a year depending upon the
market. because it's all current income.
He pays 50% taxes between his ex-wife,
his home in the Hamptons and his Master
of the Universe lifestyle that he feels
he deserves. He hasn't saved a lot of
money and he spends most of it. And I
know that firsthand he has a lot of
sleepless nights wondering what happens
if the music stops. He is not he is not
wealthy. My father who is 94 between his
pension from the Royal Navy, social
security and he owns six washing washer
dryer machines and trailer parks where
he goes and collects the money with his
walker. He makes $52,000 a year. He
spends 48.
So he is saving money despite the fact
that he's not working. So his passive
income is greater than his burn. He is
wealthy. So you want to put yourself on
a track to being wealthy. You want to
say realistically, I can control how
much I spend. I just I've been coaching
this couple living in San Jose and
they're in their late 50s. I talk a lot
about young people and they say, "Scott,
we're in our late 50s. What do we do?
How much money do you have? What's your
house worth?" Da da da. And by the time
they're 65, they're not going to have
enough passive income to pay for their
lifestyle. I said, "Well, let's lean
into our strengths here. Why are you in
San Jose?" And they said, "Well, we've
always lived here." I'm like, "Well,
okay. your kids are gone and you just
mentioned you go to Costa Rica twice a
year. Why wouldn't you try and cut your
burn 40 40% and move to Costa Rica and
take that economic pressure away and
sell your house here? I think your kids
would love to come visit you in Costa
Rica. So the question is put yourself on
a path using basic math and what you
really think you're going to need in
terms of passive income such that at
some point ideally it's by the time
you're 40. It's usually not, but it
needs to be by the time you're 65 or 70
because that that release of of economic
anxiety frees you up to focus on what is
really important and that is deep and
meaningful relationships. So the reason
why I am so much happier over the last
10 years than I was kind of the first 45
years of my life is that economic stress
was always there for me. I was raised by
a single immigrant mother who lived and
died a secretary. I felt like there was
a ghost following us around telling us
we weren't worthy because we didn't have
money. Between college, student loans,
the dot bomb crash and the great
financial recession, I just never had
enough money to have passive income such
that I was done. Most and a lot of
people never get there. I got lucky. I
sold my last company about 10 years ago
for a lot of money. Now, unless I really
screw up again, which I've done a couple
times, I can focus on my relationships.
The the resting blood pressure of a
child in a in a low-inccome home is
higher than the resting solid blood
pressure of a kid in a middle or upper
income. I think the majority of divorces
are not a function of infidelity or a
lack of shared values. It's those
things, one or more of those things
might happen. And then the again the
incendiary on it is financial stress.
Twothirds plus of of uh divorce filings
are from women. And we don't like to say
this because we like to assume all men
are predators and all women are
virtuous. But when a man is under
financial stress, the reality is he
becomes less less attractive as a mate.
And that can lead to real stress in the
relationship. So, what you want to
pursue if you're not pursuing a home,
you want to put yourself on a path. You
want to get alignment with a partner.
You want to track your spending and put
yourself on a path to some level of
economic security of wealth by say the
time you're 65. And if you're young and
you're killing it, instead of buying a
bigger flat screen or a bigger TV or
maybe a bigger house, what if I started
saving 10, 15, 20, 30% of my salary and
I got wealth by the time I'm 40 or 45?
Because to be in America young and
healthy and have passive income that's
greater than your burn, you're just
going to have a wonderful life. So, it's
not acquiring anything. It's getting to
a point of economic security or wealth.
And that's a function of two things. How
much money you make such that you can
save. Key to wealth is not how much you
make, it's how much you save. And also
the thing you can control is your burn.
You know, I have a friend who ran a
hedge fund. It closed down. He makes
good money but not great money. Living
in Tribeca with three kids, needed a
million bucks a year to live that life.
Moved to Portugal. lives an amazing life
with a beautiful home, great food, child
care, great education on 400 grand a
year. I mean, these are these are
problems of privilege, but that has
taken the world of stress off his
shoulders. He now needs to make a very
good living, not an outrageous living.
So, but surround yourself with smart
people who can help you make these
decisions. But wealth is passive income
that's greater than your burn. When you
bring up the word money, most of us kind
of go blankfaced. We we want to reach
for a stress ball. We kind of you can
just sense that it's uncomfortable to
talk about it because we're almost
reminded of all the bills stacking up
and all of our expenses and we spent too
much on Tik Tok shop this week and you
know the reality hits and we kind of
don't want to talk about it don't bring
it up. How do we get out of that
stressful wiring? And and you talked
about it even there with your
background. Like I grew up in a family
where we didn't have the healthiest
relationship with money because we never
had enough or we always had just enough
and that was good enough. And that was
always like, you know, you're just
looking at your bank balance sitting at
zero all the time. Like how do we rewire
our relationship with money? Because
most of us have a stressful relationship
with money. Well, when you think about
how they how they help people who are
depressed, it's a combination of talk
therapy and if needed, some sort of, you
know, pharmaceutical intervention. I
think mental illness or mental
unwwellness around money. I think we
absolutely need to one have more
financial literacy. I think we should
have a class called adulting in your
senior year of high school that says,
"My kid can do derivatives, but I just
figured out he doesn't understand the
interest rate on his credit card." So,
young people need a certain level of
financial literacy. Also, I encourage
them to talk about money with their
friends. It's especially hard for men.
Women are disproportionately evaluated
based on their aesthetics. Men are
disproportionately evaluated based on
their uh economic vitality. So, for a
guy to say, hey, do you, you know, I
lost a ton of money in the market.
Should I sell it? Do I get a tax write
off? That conotes weakness. They're
worried that they're less attractive.
There's actually something very British
that you might relate to and that is
British people the best grade I
understand in Britain that everyone
wants is you get really high marks but
really low effort scores. You're
supposed to be accidentally rich. I I'm
so I'm such a baller and I'm so great at
what I do that I just accidentally
slipped and fell on a ton of money. No,
it's work. You got to think about it.
You got to talk about it. So, I
encourage people to talk to their
friends. And if you're comfortable, this
is how much money I'm making. This is
how much I'm saving. This is, you know,
taxation is really important. Well, what
if I move to Florida? How much money
would I save? You know what? If I buy a
house now, I heard there's something
called 1031 exchange where I can roll
into my next property tax-free.
Talk about money. Get get really good at
it. Roger Federer, do you think he never
talks about tennis? Talks about it all
the goddamn time. You do you want to be
great at money? Most people say, "Yeah,
I want to be great at money." Is anybody
great at anything? If I'm If I wanted to
be an amazing evolutionary
anthropologist, would I never talk about
it? Would I never bring it up in
conversation? Would I never want to talk
to other people about evolutionary
anthropology? If you want to be good at
money, put down the facade and start
talking to people about their
investments, how much money they make,
what they do with their money, how they
save money, what they do to try and
limit their spending. I talk about
stoicism. See if you can find a practice
where you get reward or a dopa hit from
exercise or relationships. Gify saving
money. My junior year at UCLA, I was in
a fraternity with mostly wealthy Jewish
kids from the f uh from the valley. And
there were five or six of us out of 120
guys. And everybody knew who we were. We
didn't have any money. We're always
laying on our house bills. Everyone
knew, oh, those are the poor kids, right?
right?
And one summer we all lived in the same
apartment building and we gified saving
money and we had a whiteboard and we
literally made a game out of it. In the
summer of 1985,
I survived for 12 weeks on 78 bucks a
week including rent. Because if I didn't
save 3,000 bucks by the fall, I wasn't
going back for my senior year in college
cuz I didn't have wealthy parents. And
if you can gamify saving money with a
partner, especially a romantic partner
that you can be totally transparent
with, God, that's powerful. We're
building something. We're going to save
a ton of money. Can we save five or
7,000 bucks this year together? And it's
going to be 8,000 next year and then
it's going to be nine. And with
compounding in five or six years, which
will go really fast, we have 60, 80, 100
grand. And having kids is, I think, the
most rewarding thing it has been for me.
I was I didn't plan to have kids, but it
was having kids with someone else and
and raising what feel like pretty good
citizens, but a close second was
building economic security with someone
else. We had total alignment, right?
We're going to save. We were transparent
around our expenses. We were generous
with each other. Oh, no, you should do
that. There's a very unhealthy dynamic
sometimes in relationships.
And this is sexist, but I found it to be
true. Where the dude uses money to
control his spouse
and the spouse turns it into a game of
how much money she can spend without him
knowing. And fortunately, that's getting
flipped a little bit or it's equalizing
because me women are doing so well.
Women under the age of 30 are making
more money in urban centers, more single
women own homes. But there's still in my
generation this very weird dynamic
between the sexes and money. But going
back to your original question, talk
about it, understand it. If you want to
be good at it, you got to get literate
at it. You want to bring it up with your
friends and you start learning. I spend
4 hours a week probably talking to other
people about my economic well-being,
what tax loopholes there are, where I
should be investing. I have a lot of
real estate. When interest rates come
down, at what point do interest rates
get low enough where I should be pulling
a second out and putting it in the
market, knowing if I have a 10-year
mortgage over 10 years, the market's
usually up about 7 to 9% a year. Does
that make sense? Right? Think about it
all the time. You're the average of your
five friends. You've seen that study.
Body mass, politics, sports teams. But
what's more interesting is one of those
five people will be more economically
secure, much more economically secure
than the other four despite not making a
lot more money. You want to know those
behaviors and those characteristics and
you want to model that person. But this
is something we all need to be more open
about. It doesn't make you less of a
man. You're not supposed to have a lot
of money when you're young. Everybody
screws up. I've been broke twice. In my
40s, I was broke. And that was really I
was too ashamed to admit that to anybody
else. It was like, well, you're supposed
to be smart and great at what you do,
right? So, I think being a little bit
more vulnerable, being open about it,
and getting tips and, you know, kind of
kind of rules of the road from other
people talk about it. Clip two is from
Cody Sanchez, founder, CEO, New York
Times bestselling author and champion of
financial freedom. She talks about how
to translate your skills into wealth.
You might have felt that you have
skills, you have talents, you have
abilities, but you don't know how to
monetize them. Are you someone who's
deciding whether college is right for
you? Or maybe you went to college and
got a degree in something you no longer
want to pursue. Degrees don't always
guarantee financial success. Practical,
transferable skills can matter more.
Companies increasingly value practical
skills over traditional degrees and Cody
talks about how to turn those into real
world value so that you're not chasing
your passions that may not pay off. I
can't wait for you to listen to this
clip to recognize how to turn your
skills into profit. And so I'd meet a
lot of young people who sadly have spent
so much money on their degree, are
really smart academically, but then that
skill doesn't translate into knowing how
to make their company more money,
knowing how to lead people really well,
knowing how to build functions, systems,
processes, and therefore it's like,
well, wait a minute, I just studied all
these years, but it doesn't translate.
Yeah, I think you're exactly right. I
mean, for a long time, we employed
people from the top universities and
financial firms. we would go out and we
would hand select them because that
would be an indicator of their grit,
perseverance, and potentially their
their intellect, their IQ. Now, by and
large, you're starting to see uh a lot
of the top institutions bypass that. You
know, Google doesn't mandate that you
have a college degree if you're going
into an engineering degree, actually.
And I think that should be really
liberating for us. It's basically
breaking down this barrier that's a
six-f figureure barrier that allowed for
the few, the elites, to stair step over
everybody else. And now it's actually
saying how bad do you want it and don't
tell me what you learned, show me what
you can do or even better, show me what
you did. And so I think the resume of
the future is actually if somebody came
to you, Jay, and they were like, I just
graduated from Wharton. I am very smart.
You know, I also did my undergraduate
degree at Harvard. Um, I now want to
come work for you. You'd be like, what
do you know how to do? Do you know how
to market? Do you know how to grow a a
beverage company? um do you know how to
increase our uh investment return? Oh,
you kind of like theoretically have
looked about how to do that in a case
study. That's probably less interesting
to you than somebody that goes, you know
what, I was part of the beverage team at
Arowan and Whole Foods and I figured out
uh sort of across the country how they
buy different pieces of uh inventory.
Yeah, you got my attention already.
Right. Exactly. and and maybe because I
want to help you grow this individual
business, which I know you care about
because I see it on your socials, I put
together this little spreadsheet for
you. Here's the things they care about.
Could I come work for you for free for 3
or 6 months? And if that works out,
could we do something better and bigger?
The the problem that people usually have
on the internet when I throw out the
word work for free is young people are
like, remember that part where you told
us that we were broke and we don't have
any money? So, I'm not trying to dismiss
that at all, but I do think we have to
be honest about the fact that when we're
young, you're going to have to work
harder than you think, longer than you
think, doing stuff you don't like with
people you probably don't like until
eventually you get the right to do
something really interesting. But like,
you don't die in your first job from it
being really hard and challenging. You
die from the absolute monotony and the
low-level tasks you have to do for
basically pennies on the dollar. Yeah,
definitely. Definitely. Absolutely. I
fully agree. Let's say someone's 30
years old. Yeah, they've or 30 to 35.
They worked 10, 15 years after
graduating. They've been at the same
company, maybe they've moved once. I was
actually talking to someone like this
yesterday. She's been at this one
company for six years. It's a great
company. Great on her resume, but she's
like, I don't really want to be here. I
don't think this is where I see my
future, but I'm so scared of quitting.
I don't know how to invest. I probably
didn't save that much anyway. Now I feel
bad about it. I'm probably feeling a bit
of shame and guilt that I didn't save
that much over the last 10 years. What
would I do, Cody? Well, one, I would say
these days, you do not have to have
money to make money, which is incredibly
powerful. So, when I think about it, if
I'm 30 and I am at a company like that,
what would I do today? Well, I would
actually probably sit down and figure
out what am I actually skilled at that
somebody else would pay me for. Once you
know what somebody else would pay you
for, which is really just like, do
people ask for your opinion on this?
could you actually get jobs in this
space if it was me because I'm kind of
unemployable like you don't want me to
work for you. I like I got my own ideas.
I want to do things this way. If she's
like that, then what you want to do is
you want to try to partner with somebody
where you can be the solution to their
problem. And because you understand what
I call dealmaking, which is really the
language of money, you can negotiate an
ability for you to own part of a thing
in order for you to have one of three
outcomes. if she can figure out if she
can help a business grow its revenue,
make more money, if she can help a
business cut its costs, or if she can
help decrease the pain of a business
owner, you can negotiate your way into a
business and have equity in it and
upside. And I wish somebody had taught
me that earlier because this is what
consultants do. This is what private
equity firms do. This is what some of
the largest institutions in the world
do. I call it expertise to equity. But
if I was her, I'd say, don't go find
another job. And if you don't have a
brilliant idea that you're like, I would
die for the want of creating this thing
in the world. If you have that, please
go do it. But if you're like, I don't
have that. I just want to make money and
I want to feel respected and I want to
feel like my skills fit somewhere and
I'm able to have an outsized income. If
that's you, then I think you should try
to value your skill set. Then you should
try to negotiate for an upside deal with
somebody. And you should try your hand
at this game called ownership, which is
where you say, "Hey, small business, I
know how to market. Can I help you
market at the side while I'm working on
this company? And because I help you
grow your revenue by 50%. Could I keep
10% of the 50% I grow?" Do you think a
small business owner would say yes to
that? Of course they would. Because
there's no downside. And I think more
often than not, we think that the only
risk you can take in making money in
business is putting your own cash down.
That's a risk. or starting a business
aka dedicating your life to something.
The last part I'll get a little
statistic on us is 90% of startups fail
inside any rolling 10-year period. We
know that statistic. Most startups make
$0 for the first three years. After
that, the average entrepreneur makes
about $46,000 a year, which is great,
but not when you've been making zero for
three years. And then on top of that,
we've got this nation of of people who
have all these bills to pay, and they're
betting on hopes and dreams as opposed
to realities. And so my my commentary
is, can you figure out how to value your
skills so you can negotiate a little bit
more upside for that day where you can't
work anymore? Clip number three is from
one of my best friends, Lewis House, and
he talks about the mindset of abundance.
He talks about how a scarcity mindset
can limit financial growth, while an
abundance mindset opens doors to wealth.
If you've grown up with limited
resources, it may have shaped how you
view money. He talks about the
importance of practicing gratitude with
money, no matter how little or how much
you have. And we get to talking about
both of us rewiring our relationship
with money so that you can actually
attract more abundance. If me and you
went back to a place in our life where
we really didn't have money. Yes. And
you think about someone who's in that
position, who's listening to us right
now, and in their head they're thinking,
"But how do I become abundant when I
don't have where like my natural thing
is like I'm just struggling to pay my
next bill?" And me and you have both
been in those situations. I remember
when I was growing up, I grew up in a
house where we had just enough. Like
that was the language my parents used.
We have just enough. And my parents
would often argue about money. I
remember I wasn't allowed to buy cool
shoes and stuff. I'd have like the the
knockoff cheapest brand from whatever,
which was I actually didn't have an
issue with that. I didn't have an issue
with any of it because we had food and
that was my normality. But it's really
interesting because the amount of times
growing up I started working when I was
14. And I think that gave me a really
interesting sense of how hard it was to
make money because I started working at
14. And I used to get paid £2 per street
that I delivered newspapers on. So
imagine there's a 100 houses. It's going
to take me like not per house. No, no,
no. Per street. So I did five streets.
And so I'd get £10 at the end of the
week if I did five streets. And each
street would take me at least an hour,
maybe, I don't know, something like
that. And so I'd walk around, I'd pull
this thing and I'd deliver it. And I got
an understanding of how hard it was to
make money. But then that became a story
for me. Going to your point, making
money is hard. Making money is hard. And
that there's only a certain amount of
money you're allowed to make at this
level. Like you're a 14-year-old. Then I
worked in retail. I stacked shelves at a
grocery store. I worked at a store
called Morrison's, which is like working
at Walmart. And there I remember I got
paid like £5 an hour. And then you get
like time and a half if you work the
weekends and the evenings. All of this
to say that I probably spent my whole
life only seeing zero in my bank account
because everything that would come in
would pay for my phone bill, my car
insurance that I paid for, whatever it
was that I was taking care of. So, I
wasn't relying on my parents apart from
I lived in their home obviously. But I
always felt like money came in, money
went out. And my story around money was
people who have money are doing
something bad. So, I lived in a home.
Whenever we went to a friend's home and
they had a nice home, my family would
always say, "Oh, yeah, but they do dodgy
stuff to make money." All the language
around money was, "People with money are
doing bad stuff." So, in my head, it was
like, "Oh, if you have money, then you
must be doing shady stuff because we
don't have money and we're not doing any
shady." Right. You must be hurting
people to make money. Correct. In some
way, exploiting, taking advantage of
Yeah. taking advantage, whatever. So
everything you're saying is so true
because then when I got to a point in my
life where I was just trying to do good
and I had something like 150 200 million
views on content and you had no money. I
was 4 months away from being broke. I
met you at this time. I met you around
this time. I met you this time. Yes. And
it was really interesting to me because
that was the time that I was actually
doing this work, which is why this
book's so powerful because I realized
that I couldn't even with 150 200
million views. It wasn't that that made
money because my story and my
personality style was anxious. I felt
like it was wrong to make money. Like
that's actually what it was. I felt like
making money was bad.
And so until I got to that, did you
believe you were worthy of making more
money? I believed I was worthy, but I
believed that you had to be bad to make
money. Wow. So you didn't want to be
bad. You don't want to have a lot of
money and associate I have a lot of
money and I'm now I'm bad. Correct. I'm
bad and wrong and I'm hurting others in
order to help myself. Correct. Cuz good
people are poor. Wow. Right. Like to be
a good person of good character means to
not have money. Wow. And that was based
on a a belief system that you developed
story
how do we start to rewrite that story
now that we're aware. Well, it's so
powerful that you said that and I
remember this vividly because I met you
on Halloween 2017, right? Yeah. Eight
years ago. Yeah. And we I said like
cancel the day. Let's just hang out all
day. Yeah. You had a book coming out
that I had a book that came out that day
on Halloween. Yeah. Which is called The
Basking Masculinity. Anyways, how do we
rewire our brain around money to create
more abundance when you have nothing?
When you have lack, how do we rewire our
brain to create abundance when you have
nothing and you don't know how to earn
more money? The first thing I think you
need to be aware of is that your beliefs
dictate your behaviors. So if you
believe that money is bad or people who
make a lot of money are bad and take
advantage of others and therefore me
having lack right now means I'm a good
person and I don't want to become a bad
person. Then that belief is going to
dictate your behaviors and you're going
to stay in lack. You're going to stay in
scarcity and you're going to see
opportunities that only give you just
enough as opposed to opportunities that
could create incredible wealth for
yourself financially, but also an
emotional wealth that you've never had
before. So, that's one of the things you
want to understand is first that your
beliefs dictate your behaviors. That's a
big one, by the way. That's huge. Like,
that I just want to point that out for
people. Like that's so huge because your
belief your belief got you to a place of
I am impacting hundreds of millions of
people from these these videos that I
created with my talents but I don't know
how to make money with them and I don't
know if I actually should because then I
could be bad and wrong or people could
perceive me as I did something bad to
make this money correct and I'm a
spiritual person I'm a monk I've done
all these things I don't want to have
that life but I want to make an impact
and I don't want to be poor so I think a
lot of people are struggling with that
mindset. What are the other ones you
hear? What are the other focusing on
that beliefs period? What are you
hearing from people about their that's
my belief and that's very much my
history and story as you said. What
other stuff do you hear from people? The
biggest shift that will create abundance
in your life is a mindset habit in
unlocking wealth for yourself. And one
of the big lies or one of the big blocks
that holds people back from financial
opportunity is that I I cannot be
generous with my time, my wisdom, my
knowledge or my secrets to others
because if I am, they will take it and
run with it and I will be left with
nothing. So therefore, I'm going to
hoard my energy. I'm going to hoard my
time, my knowledge, and only keep it to
me so that others don't have good ideas
or have my help. And from all the
different billionaires and millionaires
and financial leaders in the world that
I've interviewed, I know you've
interviewed a lot of them, there is a
question I would always ask individuals
who've made incredible amounts of money
and that keeps helping them create more
wealth year after year. And they all say
the same thing, those who have had a
sustainably good heart in the process is
that you have to have a generous
mindset. So the mindset habit is the
first thing that you have to think about
when creating abundance with your money,
but also feeling abundant internally and
it's coming with generosity. So if you
feel like you're stuck right now, if you
feel like you have nothing, this was
what you were at 8 years ago when I met
you. This was where I was at 15 years
ago when I was on my sister's couch. I
had no money. I was in student loan
debt. I was sleeping on her couch. I
didn't think I had any skills. I didn't
have a college degree yet. I was like,
how am I going to make money if I don't
know how to make money and I don't have
any talent or skill and I'm in debt. It
didn't understand it. It felt
impossible. And the thing that I shifted
when I started meeting money mentors is
I needed to learn the first habit which
is the mindset habit which is a habit of
generosity and gratitude. So what did
that look like then? What was the
practical step? What it looks like was
how do I meet money people, people who
have money, people who have success,
people can teach me knowledge. I needed
to come with a sense of energy, of
curiosity, of possibilities, and of joy.
I literally wrote a list down of all
these different things that I thought
were my talents. I go, "How can I make
money? I don't have any skills. I played
football and now I'm injured. What can I
do for people?" But I was like, "Well,
I'm really curious. Maybe I can just ask
people questions." And never did I think
in a million years that I could have a
12-year-old podcast just asking
questions and make millions of dollars a
year. I never thought that was possible.
I was in my early 20s and I was like,
you know what? I've got a lot of energy.
I've got a lot of passion. So, let me
bring passion and energy to other people
and excitement. And that energy was
infectious. And there's a currency
that's tied to that energy of passion,
joy, excitement, curiosity. That
currency may not look like money, but
for those who are older, who have no
more passion, they're burnt out, they're
exhausted, it is the highest form of
currency. They want that. They crave
that energy. They've burned themselves
out for decades. They want to feel young
again. They want to feel curious again.
They want to feel excited again. And
when you come to someone with that
energy, you are bringing a different
mindset. So the mindset of curiosity,
joy, passion, presence, like just
connecting with someone and asking them
a question is such a valuable currency.
So we have to look into these untapped
skills, talents, currencies inside of us
that are hidden to others but inside of
us they can create magic. Yeah, that's
one of them. Another one is just being
generous with your time, with your
resources, with your ideas and helping
others succeed. I love that because I
didn't even know that then, but I was
doing it unconsciously. Yes, you were.
So, I really wanted to interview
incredible people, but I didn't have a
platform at the time when I met you. And
so, I'd partnered up with NASDAQ. And by
the way, just to be really clear with
everyone, I didn't get paid to do this.
So, NASDAQ had something where everyone
was using Facebook Live and I said,
"Hey, could I have an hour in the NASDAQ
building whenever I have an amazing
guest that says yes so that I can
interview them on NASDAQ Live?" And they
would put the picture up on the middle
of Time Square on a billboard. So now I
could reach out to people I looked up
to. That's the reason why I went on the
show. Exactly. So I didn't know who you
were until I saw, hey, I can get you on
a billboard on Time Square. I go, that's
value to me right now. I'm being
generous and I'm trying to find a way
because I don't have anything to offer,
but I admire you. And it was all people
I admired. It was yourself. It was Ryan
Holidayiday said yes. Me and Ryan had
met maybe once before that, but Ryan
came on that show. And there were a
bunch of other authors. Deepak Chopra
came on that show with me and it was all
people that I'd admired, looked up to
for a long time and exactly that that's
how first of all we became great friends
off of it. But the point is it's exactly
what you're saying that even though I
felt I had nothing to offer, I had to
find a way to create something to offer
someone of value. I didn't get paid for
it for that show. I didn't get paid to
run it. I didn't make any money from it.
But it created an opportunity for me to
connect with friends, to connect with
people that were doing incredible things
and of course allowed me to showcase my
talents so that then I could show it to
other people. I remember I had Ryan
Harwood on the show who founded Pure Wow
and he just sold it to Gary Vee and
that's how I met Gary. So Ryan came on
my show and he was just like, "Jay, I
love you. You're a great interviewer.
Like you have such great energy." He was
he really liked my passion and he said,
"You got to come meet Gary." And I was
like, "No way. like I love Gary. And so
he took me to meet Gary for the first
time. We had a meeting in his office and
that's how I built my relationship with
him. It was all thanks to Ryan. And so
when you think about it now, like when
I'm I've never thought about it until
what you're saying. Now when I look
back, Ryan's been on the podcast like
four times now, whatever. I love his
books. So many relationships came out of
that. And so I think when you live in a
world of I have nothing to offer and I
don't have anything, it becomes really
hard to create. And most people think
when I have nothing, I need to take from
someone else. Yes, I don't have
anything. So, I can't give anything if I
don't have it. So, I need someone to
give me money right now cuz I'm broke.
I'm poor. I'm stuck. I'm stressed. I'm
anxious. I can't think out of myself.
And this first habit is really gratitude
and generosity is the gateway to
abundance. And it may not mean you're
going to make money right away. We
you helped me over time. We helped each
other create more abundance together.
Not only financially, which we've done
together, but a type of richness that
isn't about money. And this book again,
it's it's a money book, but it's really
like it doesn't matter how much money
you have if you don't feel like you have
a rich life inside of you. That's real.
It does not matter how much is in your
bank account, how big your net worth is.
If you don't feel like you have an
abundant life, if you're stressed, if
you're overwhelmed, if you're anxious,
if you're constantly in drama, that is
not abundance. A high net worth does not
mean you are free. And the goal is for
us to feel free every moment of our
lives as often as possible and allow
money to be a tool to create incredible
opportunities, memories, moments where
you can be generous with it with the
people you care about, the causes you
care about, the institutions you care
about to serve more people and feel good
about doing it, not feel bad about doing
it. And that's part of this process.
Most people when they lack money, they
want to take from others. They want
someone to help them. And you need to
flip it on its head and say, "How can I
help others?" Even when I have nothing,
that is the time to be more generous and
in more gratitude and say, "Thank you
for this opportunity." Even if you have
to just lie to yourself for a moment and
say, "I'm stuck. I'm on my sister's
couch. I have no money. I'm 4 months. In
four months, I'm going to be out of an
apartment and I don't know where the
money's coming." Just say, "Thank you,
God. Thank you, Universe, for this
opportunity to learn. Yeah. This
opportunity to grow because I'll never
be here again. I interview I don't know
if you've had Ken Honda on, but he wrote
I know Happy Money, but I haven't had
him on. Dude, he's so cool. I love this
approach to this and he's talking
similar style about how do you just live
a rich life irrelevant of whether you
have money or not? And again, this is
what I want people to get to. When you
are poor, when you're broke, when you're
struggling financially, it feels really
hard to feel abundant and rich. And we
want to start shifting our thoughts, our
emotions, and our energy on, okay, I
know I'm in this financial situation. It
doesn't feel good, but in order to get
out of it, it's not feeling worse about
it. It's starting to feel better about
me, better about my values, my
character, my kindness, my generosity,
and seeing how can I add value to
others. And that's the first thing we
need to be thinking about. How can I get
into a richness inside of me to serve
others and take care of me at the same
time? And one of the practices or these
social experiments or exercises similar
to you that Ken has is that whenever
money comes to him, whether it's a
check, whether it's a Venmo payment,
whatever it might be, he just says thank
you to that money. He looks at that
number. If it's a penny, if it's a
million dollars, if it's your your
normal check you get coming in in the
mail every two weeks, he looks at it and
says, "Thank you." And literally opens
his heart and loves that money that
comes to him. He says, "Thank you. Where
do you want to go? Do you want to go to
my bank account? Do you want to go to my
savings? Do you want to go to
investments? Do you want to go towards
paying off debt? Do you want me to give
you away?" And it might be a weird kind
of like exercise, but I love this
approach to just being mindful of money
when it comes. Say thank you. And then
when you pay bills, when you pay off
debt, say thank you as well. Thank you
for allowing me to pay off this debt.
Thank you for paying my cell phone bill
so I can call my friends and family that
I love. Thank you for the ability to
live a richer life. Yeah. And when we
start to approach money in that way, it
doesn't mean money's going to fall from
the sky and come to us abundantly, but
we're going to start to feel more rich
and abundant internally, which that
energy is what will attract more
opportunities. Those opportunities could
lead to millions. this hostess that came
to you, she brought that thankful
energy, that present energy, that
loving, joyful, curious energy and it
created an abundance of opportunities
and connection. Next up is Jasperit
Singh who talks about the wealth
formula. Now, this was one of our most
popular episodes and I'm so excited for
you to learn from him. He talks about
the difference between building wealth
involving both saving and investing.
It's not an either or. He also talks
about understanding the formula. Income
minus expenses equals investments plus
savings. And investments are the key to
maintaining wealth even after making
millions. If you're someone who's been
wanting to learn more about investing,
this clip is for you. What are you doing
with your income? You can either build
the equity by starting a company
yourself or by building a home or you
can buy the equity. Now, how do you do
that? Well, you have to understand the
wealth formula. The wealth formula that
I come up that I've come up with is you
take your income minus your expenses and
that equals your investments plus your
savings. So, if you take your income,
the amount of money that you make, and
now you subtract all the things that you
buy, your rent, your mortgage, your car
payment, your groceries, your gas, you
take away all of your expenses, and if
you have a margin, well, now you have
extra cash. Now, you can save all or
some of this money, but if you don't
save some of it, then that money can be
put to work in your investments. These
investments, like I've been hinting at
is what makes wealthy people wealthy,
and it's what keep wealthy people
wealthy. These investments can be in the
stock market because anytime you buy a
share of any company, if you go out and
buy a share of, say, Amazon, you become
one of the owners of the Amazon
corporation, you get to share in the
profits. If the Amazon valuation goes
up, your stock price goes up. The second
way would be through real estate. Not
through your home, but through a real
estate investment, buying a rental
property that you're buying for the sole
purpose of making money. This is
something they can pay you every week or
every year, every month. Uh then it can
be through your own business or if you
don't want to build your own business,
you can invest in startups. It's much
more accessible now. You can own
physical gold. You can invest in
cryptocurrency if that's something that
you believe in. So, there's a lot of
different ways to build this equity, but
this is where now you need to be putting
your money to work to actually buy and
own and build this equity. Yeah, those
are I mean I first of all, I just want
to say I love how structured your
thinking is. And it's so great to break
things down. And so, anyone who's been
listening or watching so far, make sure
you go back and ask yourself which of
those habits you're struggling with. Are
you someone who's in the 2 S's choosing
to spend or save? Are you someone who's
being slowed down by systemic thinking
and like being controlled about where
that goes? Like really take a moment to
reflect in this episode while you're
listening. Which part you want to work
on? Because I know right now some of you
may be tempted to just turn this off and
go, I'm overwhelmed. I don't want to
hear about this. I'm scared about my
money already. I don't want to talk
about it. But I'm hoping that this is
creating space for you to really sit
down, introspect, and reflect. going
into that. I think one of the biggest
issues that people have when they hear
this, and I know that I had a long time
ago when I first heard this, was I don't
have enough to do anything with. And so
I remember when I started hearing about
crypto specifically, like very early on,
like I probably heard about it like
maybe like 13 years ago, probably the
first time. Yeah, I was very early heard
about cryptocurrencies about 12 13 years
ago. And I had just come out of the
monastery. So I didn't have any money.
Like I didn't I didn't have anything to
invest. And probably in about a year I
probably would have had like a,000 to
invest. In my head I go, that's not
anything. What's that going to do?
Right? And I think a lot of people have
that mindset. They're like, I only have
$500. I only have $1,000. Like what can
I do with that? I might as well spend it
on whatever it is because or I'm going
to save it because I need it for a rainy
day. What does someone do when they have
that mindset? When they're like, I don't
have enough. How how do you approach
that? So, when I was in high school, I
really wanted a Ford Mustang, but my dad
was like, "No, you can't buy a Ford
Mustang. I wasn't going to get that
car." Um, but this is again when stock
prices had crashed and the next best
thing if I couldn't buy a Ford Mustang,
this and I started reading the business
books then was how would I buy some of
the Ford stock? Again, I didn't have a
lot of money. My first investment in the
Ford stock was $2 because that's how
much the stock was trading for. Now it's
much higher. But what I'm trying to get
at is, you know, you can start with very
little amount of money. I mean nowadays
with the new age of stock brokerages, if
you have $10, you can start buying this
type of equity. You can start building
this type of equity. But the key now is
the consistency and how often like doing
it all the time. Because when I say
consistency, people say, "Oh, anytime I
have $100." Well, okay. But what you
want to do by consistency is make it
automatic. Anytime you get paid, take a
portion of that money and automatically
invest it. Now the next question is
probably where do I put this money? Do I
just throw it into Tesla or Amazon?
Well, if you're not willing to do that
level of research where you don't want
to try to find the best companies, you
don't want to invest in real estate, you
don't want to get into the more, you
know, let's say the more advanced type
of stuff, you want to just put your
money to work. Well, the simplest thing
you can do is look at something called
an ETF, which is an exchangeraded fund,
which gives you exposure not to one
company, but many companies, maybe
hundreds of companies. For example,
there's something called the S&P 500,
which is a group of the 500 biggest
companies on the stock market.
Essentially, the 500 biggest companies
in America. You can invest in the S&P
500 by investing in just one symbol. So
you invest in this one thing and you're
getting exposure to 500 different
companies. Now you don't have to worry
about what each of these 500 companies
are doing. You're just investing
essentially in America. The future of
the American economy. If that's
something you believe in, well now every
time you get paid, put in $100. And now
you just do this for the long term.
Whether the market is up or down does
not matter. It should not change your
strategy. You just keep passively
investing your money. Make it automatic.
Make it passive. That way you don't have
to even worry about it. And now you just
keep building it up because now it's the
whole idea of compounding. You don't
want to just throw your money in at
once. You want to put a little bit of
money and let that grow. Put more money
in. Let that grow. Put more money in it.
Let that grow. I made a couple videos
where I talked about two people. One was
a janitor. One worked in a school. Both
of them made very little income. Yet
both of them retired very wealthy. And
the reason with and I'm talking about in
the millions of dollars. And the reason
why they've been able to retire with a
million dollars plus was because they
took a little bit of money every time
they got paid and they just invested
that money. It did not matter, you know,
what else was going on in the world.
They always paid themselves first. They
always invested in assets before they
started going out and buying things that
made them look rich every single time.
And when you put that little bit of
money to work, whether you're starting
with $25 or $250 or $1,000, when you put
that money to work and you do that
consistently over time, you can build
real wealth. I mean, if you look at a
compound calculator, a few hundred a
month compounded from the age of 21 to
65, getting an average rate of return. I
mean, we're talking about millions. But
it just starts with making that small
investment first and being consistent
with it and always being willing to
learn. I love that and I'm glad you
brought that up because I think the
other option so as I was saying there is
the issue is I don't have enough. It's
not going to matter. Right. Like that's
one mindset. The other mindset is and
it's almost the opposite. It's the idea
of like but I want to make money quick.
Yeah. Right. And I feel like it's like
oh no but I want it now. And I think
there's this mindset, especially what
you keep saying about the how the
lifestyle's been portrayed. Yeah. That
we almost feel like people just change
their lives overnight and that they all
of a sudden have like a portfolio of
rental properties or they all of a
sudden have the nice house or the nice
car or whatever it may be and all of a
sudden we're wondering, well, how does
it happen that quick for me? And then we
get stuck in a get-rich quick scheme or
we get stuck in like some quick win. How
do it sounds like to me that one of the
biggest trainings is in the discipline
of being able to postpone pleasure.
Yeah. Because what you're saying in any
mark is it's going to take time. Like
you had to save up four 4 to 8,000 for
your first condo that you bought. First
of all, you had to work for that money.
You had to save that money so that you
could invest it. then you were able to
buy this 8,000 condo which which
obviously had has had great you know
growth I'm sure but there was a lot that
took to get to that whereas I think
right now people are like oh well I'd
rather spend the $100 on this right it
it's it's a real decade of sacrifice and
there's really no way around it if you
want to fast track your way now the best
investment you can make if you want the
better returns the bigger returns is by
investing your money in yourself and the
the tough part is you got to be willing
to go through that time and the effort
because you're right it takes time. I
you know unless you have that experience
already there you have the mentors you
have you know peerants people who can
guide you through it maybe you can
shorten it but I didn't have that so for
me it took me a solid decade to figure
it out to go from business idea to
business idea to business idea to get go
through failure over failure to get
scammed after scam to those things are
what teach you and when you're going
through it sucks you don't realize that
you're going through a lesson you just
feel like dang I just got screwed over
you know what I mean true but it's It's
you got to keep the goal, you know, in
mind and it's understanding what is more
important to you right now because
you're right, the last thing that you
want to do also is get into this idea of
just pinching pennies. Because at the
end of the day, a penny saved is just a
penny and the the thing that I can best
do to illustrate that is if you make
$40,000 a year and you're like, "Okay,
I'm going to put aside a quarter of my
income. I'm going to put aside $10,000
to save and invest." And then you start
putting your money to work and you're
like, "Oh my god, I love this. I want to
do more. I want to get better results."
So now you're like, "Well, I'm going to
try to put aside 30% of my income, 35%
of my income." And you keep trying to
squeeze this limited pie. But this is
where now it's about building that
growth mindset. And this is what wealthy
people are able to do where they say,
"Okay, sure, I can try to squeeze more
pennies out of the pie, but the other
thing that I could do is I'm going to
try to grow the pie. How do I go from
$40,000 to $400,000?"
And you know, you might hear that
thinking, how in the world am I gonna go
from 40 to 400 like it just sounds
impossible and so far away and at at
that point, yeah, it might seem the way,
but the first step, like you said, it's
that mindset. That's why I call minority
mindset, minority mindset, because all
success starts with your mindset. You
have to be wealthy here before you can
be wealthy in your bank account. And you
have to understand how your mindset
plays a part in it. Because now, if you
tell yourself you can't do it, you
can't. Yeah. But if you tell yourself
you can, then the next thing you're
going to do is you're going to say, "How
do I go from 40 to 50?" Yeah. 50 to 100.
You're going to start watching YouTube
videos. You're going to start putting in
work. And as you start to make more
money, now you're going to be able to
answer that question of what do I want
to do with this money? Do I want to go
out and buy a new Beamer or do I want to
go out and invest in my business? Do I
want to go out and buy a rental
property? Do I want to go out and invest
in stocks? Do I want to go out and
invest in a startup? And now you can
make these decisions because you have
that financial education. And this is
why, you know, anytime I talk about the
hows of, you know, things that I say you
should do to become wealthy, I always
talk about how you uh invest and grow
your money last. Because if you don't
know how to save that money, if you
don't know how to invest that money,
earning more money doesn't do you any
good until you know how to do that.
Because now earning more money has the
most impact because now you know how to
put that money to work. You have the
system. Yeah. And I'll give you a quick
example. Like the first time I made a
million dollar in a year, my car was
worth $500 that I was driving. I still
drive today that $500 car. Just last
week before I came out here to
California, my homeowner association
called me and they said, "Hey, Jos, uh,
we have a number of complaints about a
junk car sitting in your driveway." And
this is a true story. They said it's
been sitting there because I was in
California for a long time. and they
said it's been sitting there and uh
people say that you should take these
junk cars and put them in storage. And I
was like, well, for your information,
it's not a junk car. That is my car that
I take to and from work every single
day. It doesn't have a bumper on it. Um
but it works. And they were like, well,
you have to put it higher further in the
driveway so people don't see it. And I
was just like, oh my god, like you don't
get it. Like, you know, and it's not
that I can't go out and buy another car.
I I the way I look at it is, well, if I
want to go out and buy a $150,000 car,
which I can, I can go out and take this
cash and buy a car, or I can take this
$150,000 and put it back either into
real estate or into stocks or into my
business, because that's something that
I've been investing heavily in. Now, I
want to end this episode with a few key
takeaways. Real wealth starts with
strategic thinking and understanding
passive income. It's not from luck or
just hard work. Number two, it's about
building long-term financial security
and prioritizing investments over
instant gratification. And number three,
share this with someone who wants to
build lasting wealth because financial
freedom is the foundation of true
independence. And when you share these
tips abundantly, you'll be surrounded by
more people having positive, healthy
money conversations. If you love this
episode, you will also love my interview
with Charles Doohig on how to hack your
brain, change any habit effortlessly,
and the secret to making better
decisions. Look, am I hesitating on this
because I'm scared of making the choice,
because I'm scared of doing the work, or
am I sitting with this because it just
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