MONEY EXPERTS: If I Had to Start at $0 Today...This is EXACTLY How I'd Make REAL Money

1. 0:00 – 0:55

   Intro

   1. SPSpeaker0:00

      How many of you would like to make more money this year? I'm guessing the answer is yes. All of us need to make more money to take care of the people we love, to build the dreams, and to build our life. But what happens when we're told to chase wealth but never taught the rules of money? Nearly half of the adults in the United States grade their financial knowledge a C or worse, yet social media pushes get rich quick. True freedom isn't about hacks. It's about discipline, risk, and understanding money.

   2. SPSpeaker0:35

      The number one health and wellness podcast.

   3. SPSpeaker0:38

      Jay Shetty. Jay Shetty. The one, the only Jay Shetty.

   4. SPSpeaker0:41

      [laughs]

   5. SPSpeaker0:44

      In this episode, you will hear from financial experts who share lessons on saving, investing, and building wealth that serves your goals, not your impulses.

2. 0:55 – 6:19

   Building a Framework for Realistic, Healthy Saving

   1. SPSpeaker0:56

      Scott Galloway puts it simply: saving isn't about willpower. It starts with having something to save. Reclaiming just eight to ten hours a week from distractions like TikTok or gaming could shift your financial future, and discipline, it comes most easily from automation. Only seventeen percent of Americans use automatic deposits or transfers to build savings, yet it's the most reliable way to grow wealth without relying on willpower. What I love about Scott's message is that he doesn't frame money as an overnight breakthrough. He frames it as an ongoing practice. Here are the key takeaways: start small, automate it, let time do the compounding, and remember, your early years are for workshopping. Don't expect perfection. Expect to keep showing up, because it's not intensity, but consistency that builds true financial freedom. I was talking to my team about this before you came because I love getting into everyone's heads about what's everyone worried about? What's everyone struggling with? What are we thinking about? And one of the big things that came up was, "I don't know how to save." Like, a lot of young people say this to me today-

   2. SGScott Galloway2:08

      Yeah

   3. SPSpeaker2:08

      ... like, "I don't even know what saving means-

   4. SGScott Galloway2:10

      Yeah

   5. SPSpeaker2:10

      ... anymore."

   6. SGScott Galloway2:11

      Yeah.

   7. SPSpeaker2:12

      They've not been trained in it. Their education system let them down. Maybe their parents keep saying, "Save, save, save, save, save," but their consumption is high.

   8. SGScott Galloway2:20

      Yeah.

   9. SPSpeaker2:20

      If someone's thinking about saving today, how do they create a framework for healthy and realistic saving?

   10. SGScott Galloway2:27

       Well, the first thing, you have to have something to save. There's just no getting around it. You've got to be able to make money, and the best way to make a lot of money is by starting and making a little bit of money. I coach a lot of young men, and typ-typically, what I do on the first meeting is I tell them to unlock their phone, and I say, "I'm not gonna judge you. You know, I'm on TikTok. I watch porn. I'm not, you know, I'm not easily offended here, and we're gonna find eight to ten hours a week out of your phone." And it's ridiculously easy with young men to find eight or ten hours on their phone between Robinhood, Twitter, what, what have you, and we reinvest it. And the first thing is we gotta figure out, okay, for me, it's physical fitness right away. We're gonna spend two to four hours a week getting strong, especially I coach mostly young men, but I think one of the keys to mental health is feeling as if when you're a young man, that you could walk into any room, and if shit got real, kill and eat everybody or outrun them. I think that should be your goal. I think it's instinctual. I think it'll make you feel strong. I think it'll m-make you feel kinder. The people who break up fights at bars are usually big, strong men. The second thing, you have to start making some money. I don't care if it's flipping on your smartphone to be a Lyft driver or a TaskRabbit, going to CVS and stocking shelves. Even just a little bit of money gives you a taste for the flesh of money and gets you thinking about different ways to make money, and capital in a capitalist society is intoxicating. So we have to figure out a way to start making some money. Once we start making some money and we have a salary and we work at an organization, ninety-eight percent of people will spend everything that comes through their hands, right? It just... You live in a society where there are the most impressive people and the most impressive technology ever in the history of our planet have one mission, and that's to figure out a way to present you with the ultimate offer at exactly the right time. "Oh, heading to Cabo for a, a girls' weekend? Wouldn't you like to upgrade from economy to economy comfort?" "Oh, only two of these rooms left. How about upgrade now to the special spa package?" "Oh, you just bought a pair of On running shoes. What about these Bombas socks?" It is nearly impossible for a young person to save money if it comes through their hands, if they get their hands on it. You wanna figure out a forced saving, so everything from, like, the Acorns app that rounds up and puts the money automatically into a low-cost index fund. Find out what government programs there are in your nation that where if you sign up, the money's taken out of your check. Maybe it's matched by the government. Maybe it's matched by your employer, 401 (k) , IRA, Roth. First thing you do, find someone smart at your company, talk to your tax advisor, go on AI and say, "What forced savings mechanisms are most tax-advantaged that I can participate in at an early age?" Because you really just need to take somewhere between, call it three and five percent of your income if you start when you're in your twenties. And in the UK, they round up from four thousand pounds a year to five thousand. There are tax-deferred programs here such that you don't get clipped twenty, thirty, forty percent each year. So the first thing is I gotta start making some money. The next thing is I'm gonna lean into my advantage. Your advantage when you're young... Everyone has capital. When you're young, you have more human capital, you have more time than financial capital, so I'm gonna lean into that advantage. And if I can just figure out the discipline of getting a thousand, two thousand, five thousand bucks a year into one of these programs, I'm not gonna touch it. I'm not gonna think about it. I'm not gonna trade. I'm gonna focus on what I'm good at. By the time you're my age, you're gonna be fine. But the easiest way to do that is a forced savings plan. You have agency. Make some money and immediately, I don't care if it's you start off making a couple grand a month as a TaskRabbit or whatever it might be, I'm gonna take two or three percent of itAnd find a program such that it never gets into my hands and goes into a low-cost diversified index fund.

   11. SPSpeaker6:18

       One of the things I love

3. 6:19 – 13:27

   Why Saving Feels Harder Than Ever

   1. SPSpeaker6:19

      you talk about in the book, The Algebra of Wealth, is you talk about the challenge we have with our goals. The first is we set unrealistic goals and then they're super long term. So we say things to ourselves like, "Well, in the next twelve months, I'm gonna save twelve thousand dollars," and it's like we've never even saved five hundred dollars. And, and you talk about this need to set a goal of like, "This is how much I'm gonna save this month. Like, this is where I'm gonna start." And it's so interesting you talk about time and your work with young men because I think time is so interesting because I think today most people would rather finish their workday, and we'd love to just switch on a show-

   2. SGScott Galloway6:59

      Yeah

   3. SPSpeaker6:59

      ... or doom scroll on TikTok.

   4. SGScott Galloway7:01

      Yeah.

   5. SPSpeaker7:02

      And so there is more time that could be engaged in creating other revenue streams, et cetera. But what is really blocking us from doing that? I think everyone knows they have time. They know they wanna make more money, but there's something there that's just blocking us from getting activated. What have you found that is?

   6. SGScott Galloway7:19

      So I can't speak for the whole population, but generally speaking, the lack of executive function that is-- The part of the brain that controls that is the prefrontal cortex, the kinda gas on, gas off. The part of the brain that says, "Stop playing video games and start studying," that is maturing later and later in boys. It's somewhere between twelve and eighteen months behind, uh, young women. So in many ways, a senior in high school, a woman who's applying to college, and a young man who's applying to college, senior in high school, the woman is competing against a sixteen and a half year old. And as a result, fewer and fewer men are going to college, and m-- we're in an economy where forty years ago, one in three jobs needed a college degree. Now it's two in three. Women are correctly and justifiably, especially young women, blowing by young men. Uh, they have more discipline. They have higher EQ. Quite frankly, they're just more, more mature. I say this in my own company. I have a lot of young people, disproportionate amount of young people working in my organization. There's some very talented young men, but I would describe them kind of as dopey, almost a little boyish. I have some young women in my firm who could be the junior senator from Pennsylvania. Women are just maturing, uh, earlier. So there's certain biological things that get in the way of men having executive function. I also think that there's so much temptation. I think there's a little bit of belief of kind of YOLO, you know, this is it, live for today. I also think it's harder for them to save just 'cause everything's so goddamn expensive.

   7. SPSpeaker8:47

      It really is.

   8. SGScott Galloway8:47

      So it's discouraging for them. It's like, "Okay, I'm working my ass off, and I can barely pay for my, barely pay for my rent." So just as a... This is anecdotal evidence, but it largely represents the economy. When I got out of business school, the average salary was a hundred grand. You know, I went to a quote-unquote "elite business school." I went to the Haas School. The average house in San Francisco cost two hundred and eighty thousand dollars, so two point eight times the MBA salary. Now, the kids at Haas, still an elite business school, incredible compensation, average two hundred grand right out of business school. But the average home in San Francisco is two point one million. Why? Because as soon as you have a house, you become very concerned with traffic, and you start showing up to local review meetings and making sure no new housing is built, which is great if you already own a home, going back to the rejection of strategy, but it's almost impossible now. It's almost like saving for a home is out of my reach. The travel industry has boomed, and my thesis is that you have millions of young people who are going into their mating years and decided, "Let's save for a house. Let's save for a house." Then pre-pandemic, a house is two hundred and ninety K. Post-pandemic, it's four twenty. Interest rates from, from three percent to seven percent. Average mortgage went from eleven hundred to twenty-two hundred. All of a sudden, the American dream has become a hallucination, a fantasy. Again, I'm getting a backpack, and I'm gonna do an Airbnb in Bangkok. And travel stocks, hotel stocks, airline stocks have all boomed 'cause I think young people have given up on the American dream of owning a home. But circling back to your question, it's, I think, recognizing you have agency, realizing that this is hard. It's hard work. You're working in an economy. Build a kitchen cabinet of people who can advise you. It's very hard to read the label from inside of the bottle. Uh, you gotta work hard. There's just no getting around it. I don't care how talented you are. Beyoncé works her ass off. I mean, it just-- people who wanna be successful and influential have to work, work, work really hard. And then what I would also say is that forgive yourself. My first job out of college was investment banking. I hit the lottery. Everyone was super impressed. I hated it, and I wasn't any good at, good at it. And within two and a half years, I was back living at home with my mother, unemployed. That almost kinda devastated me. [chuckles] But I was-- my, my kinda success comes from my ability to endure rejection and move through it, to mourn and move on. So if you're in your twenties and you're thinking, "I'm not making a lot of money. I'm having trouble, like, having a nice life. I'm, I'm not entirely sure what I wanna do," then you are exactly where you should be. Your twenties are for workshopping. Forgive yourself, but keep trying. Reach out to people for help. Show up. Get the easy shit right. Show up early. Be courteous. Be kind. You know, think about, "How do I get more certification?" And then the moment you lock in on something that you're good at and could become great at, go all in on it. And I come from the attitude, I'm assuming people want real economic security. Some people say, "Scott, I'm not like you. I don't wanna live to work. I wanna work to live." Fine, but have an honest conversation with yourself around what you need to make to have a reasonable life. If you wanna live in LA, and you wanna have a nice lifestyle, you just have to make a shit ton of money. There's just-- That's just the reality. But if you say, "I'm not all about work," then fine. Do you wanna move to Santa Clarita, or do you wanna move to the Inland Empire, or do you wanna move to somewhere in Oregon? Fine, but b- have a sober conversation with yourself. What are your expectations, and realistically, what kind of commitment and trade-offAre you gonna need to get there? What I tell young people is you can have it all, you just can't have it all at once. I have amazing balance right now, and but looking around, I think you do. But that's because I had almost none in my 20s and 30s.

   9. SPSpeaker12:32

      [laughs]

   10. SGScott Galloway12:33

       And I, I don't... You know, this whole life, I, I don't know much about you, but the life I lead now when I'm in LA, I didn't even know it existed in my 20s.

   11. SPSpeaker12:42

       Same.

   12. SGScott Galloway12:42

       Because I'm like, "I need to make money," and I, I'm not, I'm not exceptionally talented, so the thing I can control is how hard I work. And there's no getting around it. It'll cost you some relationships. Uh, it cost me my hair, it cost me my first marriage, and this sounds crass, but it was worth it. Because now that I have kids, now that I'm older, I have a lot of balance. So it's a sober conversation, it's a kitchen cabinet, it's forgiving yourself, it's trying to find something you're good at. It's a lot of things. More than anything, more than anything, forgive yourself. If things aren't working out in your 20s, boss, that's where you should be. It- very rarely do people come right out of college and go like this.

   13. SPSpeaker13:21

       [laughs] Yeah, so well said. So much to unpack there, Scott, and thank you for kind of giving us so many points

4. 13:27 – 33:51

   The Three Habits That Keep You in a Poverty Mindset

   1. SPSpeaker13:27

      to check with. Jaspreet Singh breaks down the three habits that keep people broke. He reminds us that saving alone won't make you wealthy. If inflation outpaces your interest, your savings lose value every day. That's why wealthy people don't just earn more, they own more. Jaspreet's first real estate investment taught him that wealth isn't built by climbing the corporate ladder, but by owning a piece of it. His challenge to all of us, learn how money moves, ask why, and focus on ownership over appearances. If you could tell me, what are the three habits that keep us in that poor or poverty mindset, as you said?

   2. JSJaspreet Singh14:07

      Sure.

   3. SPSpeaker14:08

      And what are the healthy habits that bring us into the wealthy mindset?

   4. JSJaspreet Singh14:12

      Sure. So the three, I think, biggest bad habits when it comes to money, first, probably the most obvious I would say, is people following the two S's, where you're spending or saving all of your money. You'll never become wealthy if you do that. Number two would be you blindly follow the system without questioning the way the system works, and number three is you don't understand how money works. So if we start with number one, the two S's, save and spend. Now, what's interesting, if you look at the financial statements for the majority of people in America or even across the world, the way it looks is you make money, you pay taxes, you spend money, and then you wonder where all your money went.

   5. SPSpeaker14:54

      Literally.

   6. JSJaspreet Singh14:55

      A- a- and so people, the majority of people don't have any plan for their money, and that's why the majority of people have little to no savings, and the majority of Americans have little to no investments. Right now, about half of America has zero investments. And I'm talking about zero 401Ks, zero IRAs, zero stock market accounts, zero real estate investments, zero gold investments, nothing. And then out of the next half of Americans that have an investment, only half of those have an investment outside of their 401K or IRA. So you have a very small percent, about a quarter of America, working America, that has any investments on their own. When you go back to the saving and spending, we're in a spending culture. A- America has a consumerism culture, and I joke about this, but, uh, the way I like to say it is traditionally Indian people make a dollar to spend 20 cents. American people make a dollar to spend $2.

   7. SPSpeaker15:52

      Yeah.

   8. JSJaspreet Singh15:52

      Thanks to the help of credit-

   9. SPSpeaker15:53

      Credit, yeah

   10. JSJaspreet Singh15:53

       ... and lines of credit. This is just the culture that we're in, where it's very okay and normalized to spend money, even if you can't afford something.

   11. SPSpeaker16:00

       You don't have it.

   12. JSJaspreet Singh16:01

       And what are you doing? Well, you're spending all your money making everybody else around you rich, but you yourself, you might look rich, but you're actually broke. There's a reason why the owner and CEO of Louis Vuitton is the richest person in the world, whereas the majority of people who wear Louis Vuitton are broke. The people who are wearing Louis Vuitton are trying to look rich, and how are you doing that? Well, you're making the owner of Louis Vuitton rich by doing that. And so this is where you gotta understand, there's nothing wrong with wearing designer stuff. There's nothing wrong with having nice stuff. There's nothing wrong with wanting nice things. But you have to be able to afford it first. I used to guest teach in Detroit public schools, and when I used to teach there, so it's a rough school district, I would talk to the kids about life, you know, motivation and entrepreneurship and money and success, and one of the things that I would ask is, "How many of you have a job?" Almost all of them raised their hand saying that they had a job. My next follow-up question was, "How many of you have a bank account?" Nobody raised their hand. So I asked, "You know, what do you do with your paycheck?" They said, "Well, we get a physical check, then we go to the liquor store. We get it cashed. The liquor store owner takes 1 to 10%. Then you buy pop, candy, a bunch of junk on the way out, and by the time you're out of the store, you've already given away half of your paycheck." I call it a net zero thinking, where we think in terms of spending. If I have $1,000, I can go out and buy this handbag, this nice thing. If I have 10 grand, I can go on this nice vacation. If I have 50 grand, I can go out and buy this nice car. We think in terms of spending because we think, "If I have this money, how can I spend it?" Now, if you break away from that, and now you start creating a buffer and you don't spend all of your money, the next problem is we save our money. Because for me, the only financial education that I was given was, "Save your money," because if you're not spending it, now you are building up a big bank account, and if you have a big bank account, you'll be wealthy. But the reality is you will never be able to become wealthy through your savings. Your savings will never make you wealthy. And if you don't believe me, I'll give you just a mathematical term. Your savings right now are growing byEssentially nothing, but let's just say 1%, and I'm being very, very generous here. If your savings grow by 1% and inflation is higher than 1%, and we can see now inflation is extremely high, but even before the 2020 pandemic, inflation was still higher than 1%. We were 2 or 3%. Inflation means that the value of your savings are dropping. So if inflation is higher than your savings, that means that your savings are losing value each and every day. Every day that you save your money in the bank, you are slowly becoming poorer each and every day, and most of us never see it happen. Now, this doesn't mean you shouldn't save any money. This just means you have to understand how to save your money strategically because wealthy people do not wanna save all their money. They wanna save their money for an emergency, they save their money for an investment, or they save their money for a big purchase. If it doesn't fall into one of those three things, you don't wanna save your money because now you're saving money, your savings are just making you poorer each and every day. This brings me to then the second aspect, which is blindly following and trusting the system, and this one was the most difficult one for me because growing up, most of us, myself included, are always told that if you wanna become successful, go to school, get good grades, get a good job, climb the corporate ladder. For me, it was go to school, get good grades, get into medical school, become a doctor. I know you've heard similar stories before.

   13. SPSpeaker19:26

       Yeah, yeah. Yeah.

   14. JSJaspreet Singh19:27

       That was all that I was told. Since I was like a little baby, my parents would tell everybody, "Jaspreet is gonna become a doctor. He's gonna go out and do medicine," this and that. And that's what I was always told, and I was not really against it because I wanted to be successful. I saw how hard my parents worked since I was a kid. I always wanted to give back, and I always assumed that, okay, if I got good grades, I'll get into a good medical school, and if I do good in medical school, I'll be able to get a good job as a doctor, and if I get a good job as a doctor, I'll be able to make more money. I thought it was all just linearly correlated.

   15. SPSpeaker19:56

       Yeah.

   16. JSJaspreet Singh19:57

       Your grades, your income, your grades, your success. That was one of the reasons why growing up, anything that was not medical or academic related, it was completely discouraged. And sometimes I think it's very difficult for someone to understand what does it mean that, like, you know, your parents really wanted you to be a doctor because it wasn't, like, an option. Like, this was the only option.

   17. SPSpeaker20:16

       Yeah, yeah, yeah.

   18. JSJaspreet Singh20:16

       And I think the best example that I can give of that was when I was in eighth grade, I was like, you know, 12 years old, my parents got me a tutor, not for the English class that I was on the verge of failing, not for the other stuff that I was studying for in eighth grade, but for the medical college admission test. The test you take in college to get into medical school, my parents got me a tutor for when I was in 12th grade. We didn't spend money on a lot of things. The only thing that parents were willing to spend money on were things related to academics to get me into medical school. And so here I am in 12th grade, I have a MTE- MCAT tutor coming to my house, and he's like, "Wait, this is the kid that I'm teaching about medical school to get him into medical school?" And, like, that's how strict it was in my house. So I was checking all the boxes. I was doing good in school. I was studying hard. I was getting good grades. But then along the way, I realized that something wasn't adding up. When I was in high school, I was working at Indian weddings. I was playing a drum called the dhol, and I got to meet a lot of the local Indian DJs that work at Indian weddings, and we ca- we became friends, and they would say, "You know, you have a lot of friends in high school. How about we start hosting teen parties in high school?" Now, I couldn't tell my parents this because, again, anything that's not-

   19. SPSpeaker21:26

       [laughs]

   20. JSJaspreet Singh21:26

       ... you know, medicine related, gonna get me into medical school, I can't tell them, so I would do this all on the side. Even going to work at weddings, I had to kinda keep it all secret. And I was like, "Okay, let's do it." You know, uh, it was fun for me. So I was 16 years old, and I started hosting these teen parties at a local restaurant that just opened up, and they wanted some exposure, so they let us do it there for free. And it was fun, but then I was like, "You know what? I know this is a hobby. I'm gonna go to college, and I'm gonna become a doctor, and this is all gonna s- become history." Well, I go to college. I'm 17. I don't know what to expect because my parents didn't go to university here, and I think that everybody goes to college. They spend their Friday nights in the chemistry lab. They all wanna become this big thing, and they wanna spend all their time studying in college. And I get there, and everybody is partying, drinking, blowing money they don't have on all this stuff. Like, I don't party. I don't drink. I, I never drank. I didn't smoke. So for me, it was, like, a big shock, and I was like, "This is weird. Like, this is not what I expected, but I still need something to do on Friday nights." So that entrepreneur side of my brain kicked in again. It was like, "Oh, let's bring this party business back to college," [laughs] 'cause that's all I knew. So I was like, "Oh, okay." So I'm 17. I start knocking on the doors of all the clubs, venues, bars, restaurants, um, asking if I can host party here. And again, I'm not a party person. I don't drink. I don't smoke, but this was the only hustle that I knew, and, uh, you know, I just didn't know much else. So eventually, I found a club that would work with me, and they didn't wanna charge me anything. They would let me work on a, essentially a commission basis, that they'll take a percentage of the revenue that I bring in, and I said, "Okay." It doesn't cost me any money 'cause I didn't have a lot of money. I started hosting these parties, but I still knew that this was just a hobby, something I'm doing because I was bored on weekends. Then I started studying to go into medical school, and this is where things really shifted because I had some cash saved up in the bank, and now this is, like, the bottom of the 2008 crash because I was in high school when the 2008 crash happened. Um, around 2012 was when I was studying for the MCAT, so real estate prices are at rock bottom, and the markets are still really shaky. And I'm starting to study for the MCAT, and I am bored out of my mind trying to study for this because I just wasn't very passionate about it. And so during my breaks, I would read business books, and I would go on the Yahoo Finance, and I would study what's going on in the markets just for fun, and I kept hearing about how real estate is at rock bottom on the news. And the business books that I read always said that wealthy people invested in real estate. I had no idea what that meant. I didn't know any real estate investors. I didn't know what real estate investing was. I didn't have investor people in my family, so I didn't know what that meant. Uh, so I was like, "Well, if wealthy people invest in real estate, maybe I should invest in real estate." So I brought up the idea to my dad. I was like, "Dad, I wanna invest in real estate." He's like, "Shut up. You're stupid. Go study and become a doctor. You can worry about all this other stuff after you become a doctor." And I was like, "Okay." Now-I just wanna say, you know, I love my dad to death, my parents. This was just all they knew. They didn't have that financial education. But in the back of my mind, you know, I'm always like, "You know, okay, what can I do? Maybe I don't gotta tell my parents. I'll just do something else."

   21. SPSpeaker24:33

       [laughs]

   22. JSJaspreet Singh24:33

       I had a little bit of cash saved up in the bank from the party business that I was running. So I started looking at rental properties to buy, and I found this small condo on sale for $8,400. That was the price of the condo.

   23. SPSpeaker24:47

       That's... Wow.

   24. JSJaspreet Singh24:47

       And that same condo a few years prior had sold for 150 grand. So the 2008 crash really decimated the real estate market in Michigan because Ford, GM, Chrysler were just hit so hard. And so I was like, "Okay, well, this is not a bad price. I can afford this." I made an offer for $4,000, and it was in foreclosure. The bank countered with 7,000, and then I said, "Mm, how about we settle at six grand?" And we were trying to go back and forth, and then they said, "Well, we have another offer on the table." I didn't wanna lose this deal because I'd already looked at a few, so I was like, "Okay, well, I'll make an offer for eight grand." So it was a bidding war. The other person offered less than eight grand, so I got the condo. So I bought the condo for $8,000, put a little bit of work into it. It was in pretty good shape, and I got it rented out for $600 a month. Now, I'm 19 years old, and I had no idea what I was doing. But all of a sudden, once I got it a little bit figured out, I was like, "Wait, this condo is paying me every single month, and I don't have to go and host a party. I don't gotta go to work." I was working at Auntie Anne's Pretzels a little bit before that. I was like, "I don't gotta flip pretzels. I don't gotta host this party. I don't gotta work at a wedding, and it's paying me? Something doesn't make sense. Like, how come I was never told about this?" Like, I, I was doing good in school. Like, I'm... I, I thought I was, like, smart. I thought I knew what I was doing. Turns out that there's a whole world of financial education that we're never taught. So now the traditional system is go to school, study hard, get good grades, get a good job, climb the corporate ladder. And now I'm starting to realize, wait, there's a different system here that none of us are ever taught, where the goal isn't to just get a job and climb the corporate ladder. What wealthy people are doing is they're working to own the corporate ladder. And I was like, "I didn't even know that you could do that." Because now if you can own investments, if you can own assets, you own things that are going to be paying you without you having to physically work. And this is what wealthy people are working for, yet none of us are ever taught this. None of us are ever taught in school, how do you manage money? None of us are ever taught, how do you invest your money? None of us are ever taught, how do you build wealth? None of us are ever taught, how do you generate passive income? Yet wealthy people are teaching their kids this, and they're able to figure it out because they have that education. But for the majority of us, we're not taught this unless you're willing to go out of your way. Now, YouTube has made it a lot more accessible, thank God.

   25. SPSpeaker27:10

       Yeah.

   26. JSJaspreet Singh27:10

       But before YouTube, you had to go out of your way to read books and take classes and, and it's tough. It's a... I mean, it's much harder to read a 300-page book than it is to watch a 10-minute YouTube video.

   27. SPSpeaker27:20

       Yeah, definitely.

   28. JSJaspreet Singh27:21

       So that was a big turning factor for me because that's when I started to realize that there's something different that you can do. So the second habit that we talk about, you know, breaking away from that traditional system-

   29. SPSpeaker27:31

       System

   30. JSJaspreet Singh27:31

       ... asking the question why. And then the third thing is understanding what money is. And this is a very tough concept to understand. And I guess the best example that I can give of this is kind of going back to the traditional Indian culture because in India, it's a very common thing that when somebody has extra cash, extra rupees, they wanna convert these rupees to gold. Uh, it's why in India a lot of gold is transacted-
5. 33:51 – 37:16

   Why You Need Both Vision and Execution to Build Wealth

   1. SPSpeaker33:51

      by CHEV. Codie Sanchez exposes a dangerous illusion, people looking wealthy while secretly two-thirds of Americans live paycheck to paycheck. Our feeds show luxury, but the reality is struggle. Most people don't fail or fall behind because their intentions are bad. They fail because they avoid risk. As Codie explains, our culture dodges rejection and failure, but in doing so, we also dodge the chance to build lasting wealth. Codie's advice is refreshingly practical. If you don't have money yet, your first investment should be in yourself, your skills, your knowledge, your resilience. The roadmap is clear. Invest in you. Start simple with diversified index funds. Move into private investments when you're ready, and then build or buy a business of your own. Through it all, remember to not chase Instagram wealth. The real flex is peace of mind, freedom of time, and knowing your money is working for you instead of the other way around.

   2. SGScott Galloway34:51

      If you wanna make a lot of money in business, you also need somebody who... They call them the visionary, right? The person who has all the i- ideas, the crazy things, and then you have your executor, which is often called your implementer. And so if you only have vision but you have no execution, you will fail and make no money. If you only have execution but you have no vision, you will play small games for life.

   3. SPSpeaker35:11

      Mm.

   4. SGScott Galloway35:12

      And so there's a, there's a great book actually called... Have you read How to, How to Make a Few Billion Dollars?

   5. SPSpeaker35:17

      No.

   6. SGScott Galloway35:17

      It's a good book. It's by this guy Brad Jacobs.

   7. SPSpeaker35:19

      Okay.

   8. SGScott Galloway35:19

      If you could get him on the podcast, I will listen.

   9. SPSpeaker35:22

      Okay.

   10. SGScott Galloway35:22

       I've been trying to. I don't know if he's your style, but he's... Well, actually, he might be. He was like... He's a multi-billionaire hedge fund manager and, and private equity investor, and he started off as a jazz musician, and that was gonna be his calling. So he really likes, like, dissident noises and, like, how do you pull things together and sort of make them play like a jazz musician might. Anyway, he's bought all of these companies. He's massively successful, but he always talks about what makes a great deal. If you wanna make a lot of money, you've gotta pick the right deal, and there are sort of four types of deals. You can think about it like a quadrant. You could have a low risk, and you could also have a low reward deal. That's actually most deals in life, right? That's like stay in your same job, don't take risks, et cetera. The problem is you're not gonna make much money. Then you have a high-risk, high-reward deal. Well, that could be like investing in an El Salvadorian power plant, okay? It's just so likely to fail that even though it's super high profit, we, we probably wanna stay away from those. And then you have sort of the, the golden child, which is how can we have high reward, low risk? Well, not many of those exist, right? That would be a unicorn. So what we're really looking for is where is there a big, hairy problem-

   11. SPSpeaker36:32

       Mm-hmm

   12. SGScott Galloway36:32

       ... that has the right amount of risk, and if we can find that, then we have... profit.

   13. SPSpeaker36:37

       Mm-hmm.

   14. SGScott Galloway36:37

       And so now they call it hair on a deal. That's, like, you know, investing terms. You wanna look for those hairy deals where you think, "Oh, that level of risk is manageable."

   15. SPSpeaker36:46

       Mm.

   16. SGScott Galloway36:47

       And in our culture, for some reason I think we've gone into risk-off.

   17. SPSpeaker36:50

       Yeah.

   18. SGScott Galloway36:50

       God, we don't even want the risk of asking somebody a question at a bar.

   19. SPSpeaker36:53

       Yeah.

   20. SGScott Galloway36:54

       You know? More or less starting a, a business.

   21. SPSpeaker36:56

       Mm-hmm.

   22. SGScott Galloway36:56

       And that's a problem. I mean, the, the SBA has fascinating data. Do you know there are more small businesses that close each year than open in the US?

   23. SPSpeaker37:05

       No way.

   24. SGScott Galloway37:07

       More-

   25. SPSpeaker37:07

       Wow

   26. SGScott Galloway37:07

       ... close than open. And so we have people taking way less risk than we think, and that means you'll never make as much money.

   27. SPSpeaker37:14

       Mm.

   28. SGScott Galloway37:15

       Isn't that crazy?

6. 37:16 – 41:07

   Why Investing in Yourself Comes First

   1. SPSpeaker37:16

      Yeah. Uh, let's talk about that in terms of investing. If someone's thinking that because they c- exactly what you're talking about right now-

   2. SGScott Galloway37:22

      Yeah

   3. SPSpeaker37:22

      ... this risk-reward profile. If someone has never invested in anything-

   4. SGScott Galloway37:27

      Mm-hmm

   5. SPSpeaker37:28

      ... they're working their job, they've got a little bit of money. Maybe if they've got $1,000-

   6. SGScott Galloway37:34

      Yeah

   7. SPSpeaker37:34

      ... to start thinking about investing. Maybe they've got a bit more. Maybe they've been saving up and they're thinking that home that they wanna buy is a long, long, long, long, long way away, but they got a little bit. Where should they invest?

   8. SGScott Galloway37:47

      If you have only a little bit of cash, the best returning asset class of all time is gonna be you. Put the money into you, learning first, before you go to invest. Lotta days, lotta people these days will say, "Hey, it's Airbnb. Hey, it's buying small businesses. Hey, it's real estate." The highest-performing asset class that you could ever have is you, because you have unlimited upside, and it compounds over time. And so if you don't have a lot of cash right now, bet on you first before you go bet on somebody in the S&P. Now, after that next amount, I believe, 'cause I'm old school, I started at Vanguard, I believe if you're reasonable you'll probably agree with me. Like, do we think that we're gonna beat the best stock pickers in the world who obsess on this every single day? Are we gonna beat the titans of industry with their technology? No. So that's why I always go for low-cost, low-movement, so they don't trade a lot, index funds. I worked at Vanguard. They have the best cost structure. So I throw things in the S&P 500, in a diversified portfolio, at a company-

   9. SPSpeaker38:45

      How does someone do that, someone who's totally new to this? Where do they-

   10. SGScott Galloway38:47

       You go to vanguard.com. You have no fees on their trading platform. In my opinion, avoid anything where you're buying individual stocks when you don't know, unless you're doing it purely for learning, and you're okay with losing everything. And you go to, to, go to vanguard.com, and you select a, a diversified portfolio. It's cool, too, because they'll actually help you do it based on your age and based on how much risk you wanna take. So they'll have a 60/40 portfolio, which is, like, 60% stocks and 40% bonds if you're our age, for instance. If somebody's a little younger, they'll go 80/20, because you should take more risk with stocks when you're young. So you can literally in one click get a diversified portfolio, and then you can add to it. You could also use, like, a Wealthfront for that.

   11. SPSpeaker39:28

       What's a diversified portfolio for someone who doesn't know?

   12. SGScott Galloway39:31

       That means that you, you never wanna have all your eggs in one basket in anything in life.

   13. SPSpeaker39:34

       Mm.

   14. SGScott Galloway39:34

       But certainly in investing. And so that means that they're gonna give you stocks and bonds. It means they're gonna give you emerging markets versus the US, so let's say India, China, Russia, Brazil, and the US stock market. And it means that typically over time, you know, th- there's these charts you can see in finance where it kinda looks like, mm, looks like a grid. And on it are all of these different colors. And what do all the colors represent that have no pattern to it? Every single year looks different. They represent every asset class you could invest in, from bonds to stocks to Chilean stocks to short-term money markets. And what you see over time is in every single market, everything moves. And so what you wanna have is a portfolio that over time averages somewhere around 10%. That's the average cost of inflation, how your money really, if you don't invest it, every single year that you don't invest, you lose money. Say you took a, a $100 bill right here, and I had it right in front of me, and I looked at that bill since the beginning of the Federal Reserve, which is the government institute that mandates or manages all of our currency in the US. So if I go all the way back to the '70s, and I look at it today, what do I see? I see that that $100 bill, if I just held it from then to now, is worth about 25 bucks. It's not worth 100 anymore. Why? Because of inflation. And so if we don't invest our money, and we stick it under our mattress, then sadly the government eats away at it every single year. Both sides. Politically agnostic. And so we gotta make sure that we put our money somewhere. That's why stock market over time is usually what most people do.

   15. SPSpeaker41:06

       Okay. Makes a lot

7. 41:07 – 43:52

   Stocks and Bonds Explained Simply

   1. SPSpeaker41:07

      of sense. And what's the difference between a stock and a bond?

   2. SGScott Galloway41:09

      Okay, so stocks and bonds 101. I think about stocks like a ability for you to have future upside of a company. So you are betting in a way on a company. You're saying, "Today, the price of Amazon is $10. I think in the future the price of Amazon will be $15. I wanna go for that ride." It's called upside return. With a bond, what are you doing instead? You're saying, "I actually want income." It's like a certificate. If I give you 100 bucks, I promise you over the next five years I'm gonna give you 120 back. You're not gonna make more if the bond that you invest in goes up or down in price. You're just going to clip coupons, is what they're called. It, it t- it used to be like that. So, um, you, you're clipping the coupon. And the reason we want both of those is because, again, you want, when the stock market crashes, you want your bond to still be clippin' those coupons, baby. Still comin' in. When the stock market's raging, you wanna capture some of that upside, and that's how we play right there in the middle of investing.

   3. SPSpeaker42:08

      Is there a stage three? So we did stage one is you, stage two is S&P. What's a stage three?

   4. SGScott Galloway42:14

      Stage three is private. So if you're a real pro and you wanna go for 303 of investing, that's where we start to do private equity. That, that's just investing in those same companies, but instead of them being traded publicly, those companies are now held by private investors. They'll never trade on a stock exchange. That also includes things like you can have alternative investments.

   5. SPSpeaker42:36

      Mm.

   6. SGScott Galloway42:36

      That might mean investing in direct in real estate or investing in commodities, which would be like timber, right? You could bet on timber prices. That might be, like, equity and options. I think this generation got a little crazy because they were the first generation to gamify-... stock market investing and make it seem fun as opposed to serious. And they were the first generation that got easy access to things like options and warrants, and th- that's really actually only for pros. So I think anybody who's trying to tell you how to day trade, anybody who's trying to tell you how to do options, that strategy, think about that like somebody trying to tell you, "Let me teach you over the course of a couple hours of me speaking to you how to cut open somebody's brain."

   7. SPSpeaker43:19

      Mm.

   8. SGScott Galloway43:19

      We just wouldn't do that. This is for pros. And if you really wanna make real money, you don't do it by messing around at the margins of financial investing, in my mind. You do it by becoming the company that they invest in, which is stage four.

   9. SPSpeaker43:31

      Mm.

   10. SGScott Galloway43:31

       So that's when you're like, "I buy the business outright. I raise money for my own business," and that's the next level of the game.

   11. SPSpeaker43:38

       That's so great. I love that step-by-step because I feel for so many people it just feels like this unorganized, messy, Wild, Wild West. And now it's like, wait a minute, stage one, stage two, stage t- stage three, stage four. I love those. Going back

8. 43:52 – 45:03

   Stepping Into the World of Private Investing

   1. SPSpeaker43:52

      to stage two of the S&P-

   2. SGScott Galloway43:53

      Yeah

   3. SPSpeaker43:54

      ... what percentage of someone's income should they be looking-

   4. SGScott Galloway43:58

      Mm

   5. SPSpeaker43:58

      ... to put into the S&P?

   6. SGScott Galloway44:00

      There's lots of rules around this, but I believe in you pay yourself first, and by you pay yourself first what I mean is you think about your investments just like you would a need, not a want. So every single month, I believe in automatic investing. I've done it my entire career. Vanguard taught me that. You get really lucky in finance. They teach you how to invest so that it becomes a habit, not a possibility. You don't wake up, unless you're gross, and not brush your teeth, right? You just brush your teeth 'cause you're not gross. And so for investing, I think about it the same way. It's like you automatically set up your payments so a little bit goes every time. I believe you wanna have at least 10% of the money that you make go into investing. There's lots of different rules. People could play it either way, but I think pay yourself first because otherwise you'll never pay yourself at all, and give yourself at least 10% because we wanna beat inflation every single year. And if you do those two things, you are better than about 90% of people that don't do that.

   7. SPSpeaker44:53

      10% after tax. Th- that's just such a great goal for people, and you start thinking about it and you go, "Oh, what am I spending dumb money on?"

   8. SGScott Galloway45:01

      Yeah.

   9. SPSpeaker45:01

      You know? Like, what, what do you see people

9. 45:03 – 48:36

   The #1 Shift That Can Transform Your Financial Future

   1. SPSpeaker45:03

      wasting money on?

   2. SGScott Galloway45:03

      You know what the biggest thing is? People waste money on looking rich instead of being rich, and that is a cultural phenomenon that I think is eroding our wealth as society. I mean, perfect example here, Coachella. We know, because we're on the inside, that the dirty secret of Coachella and everybody that you see on there is that most influencers are, one, paid to go, two, given free tickets, three, flown out for free, four, they actually have warehouses where you can pick out the clothes, 'cause that part's expensive, and you get the clothes for free. Or if you're a real pro, they'll pay you to wear the clothes and give you the clothes for free. And so this entire experience for the few who become... Because we're all- we just desire what other people have. That's how humans are. They're not paying anything for a thing that costs thousands and thousands and thousands and thousands of dollars. Well, the problem is is that the average Coachella main ticket holder, about 64% of them couldn't afford their ticket, so they had to do buy now, pay later options.

   3. SPSpeaker45:58

      Really?

   4. SGScott Galloway45:59

      This year. They offered buy now, pay later. And that is just for the ticket. That's not for the clothes, and that's not for the food, and that's not for the drinks. And so we are basically having credit card debt, which, which lasts forever, as a trade for Instagram posts, which last for a minute. And so the number one thing that you can do to change your financial future is to not buy into what you see on the internet everybody else doing, which is why I really respect what you do, and I try to do it online, too. Sure, we have nice things now. Sometimes you'll catch it in places 'cause I won't really tell, but you don't see me flashing nice watches. You don't see me having nice cars. You don't see me posting about private planes. Why? That's not really necessary, and all you are signaling is that that is what success is. That is not what success is. Those are just accoutrements that could be fun if you're into it once you're rich.

   5. SPSpeaker46:49

      Yeah.

   6. SGScott Galloway46:50

      But, uh, I promise you, I've met so many unhappy mother [censored] who have private jets.

   7. SPSpeaker46:55

      Yeah. No, and I really appreciate that, you saying that, because I think for me it was the same thing. I didn't- I never wanted... I mean, when I started I didn't have anything to show, but I didn't want someone to follow me for what I had. I wanted them to follow me for what I was saying and doing and living, and that to me always felt like that means anyone could do it. And as soon as it became... And also, it was never about getting the thing even for me. So if you make it about getting the thing, then the thing you do to get it you don't love.

   8. SGScott Galloway47:22

      Right.

   9. SPSpeaker47:22

      Whereas my thing is I love the game. I love what I'm doing, and same as you. And it goes back to where we started, where it's like if you love the game, if you respect the rules, if you love what you do, then all of these things are a byproduct. They're wonderful, but they're never the goal. They're never the destination. They're never the thing that you wanted. That's not what drove you there.

   10. SGScott Galloway47:40

       It's, it's so true, and they'll, they'll all be taken from you at varying points, [laughs] you know? And so I think about it a little bit like beauty. You know, I'm, I'm getting older, and I, I've tried to on the internet never make it about how I look one way or the other, if I'm fit or not, if I'm in sexy outfits or not. Why? Because I'm gonna get old. I know what the future looks like, and it's old and wrinkly and saggy tits and all the things, right? And that's cool. Doesn't matter. And so if I can, like, prepare now that maybe people listen 'cause I might have something valuable to say, then I'll still have something valuable to say when I'm 80 as long as I'm still with it. And I think it's the same with stuff. You know, somebody could take that from you, but they cannot take ever, nobody but God can take all the lessons that you've learned while running this business. Nobody but God could take the relationships that you've built from this business. But many things, including the market, could take everything that sits around us, and so I try to remember that so that I never anchor to it.

   11. SPSpeaker48:34

       When Lewis Howes joined me,

10. 48:36 – 54:53

    Giving Yourself Permission to Explore Possibilities

    1. SPSpeaker48:36

       he didn't talk about spreadsheets. He talked about experiments. He challenged us to treat money like a relationship, set an intention, stay open to possibility, and practice gratitude when it shows up, even if it's just a penny on a subway step. He shares a simple practice, "I'm a magnet for money. Money comes to me abundantly and freely."Not as magic thinking, but as a way to train your attention, to notice opportunities, receive them, and act. Lewis' message is simple: treat money with respect, live beneath your means, and focus on really feeling abundant. That's true wealth. Set intentions, do the work, and don't chase easy money. Build skills, serve others, and let effort compound. When you heal your money wounds, you don't just attract opportunities, you're ready to receive them. What do you have to say to people who are saying that you can manifest money? Do you agree with that idea of-

    2. LHLewis Howes49:33

       It's an interesting story. I was in New York last week, and I said to myself... And I have a lot of these different exercises and games in the, in the book-

    3. SPSpeaker49:40

       Mm-hmm

    4. LHLewis Howes49:40

       ... to just give people as social experiments. I, I think it's really powerful to give yourself experiment, because I think when you experiment, you allow yourself to explore possibilities. And when you create an experiment for yourself, you allow for the idea of magic to enter your life. So I want you to just, as you're watching or listening, I want you to say, "I allow for magic and abundance to manifest in my life. I'm gonna create a, a possibility that this can happen in my life, a moment, a synchronicity. Someone might call me out of the blue. Someone might hand me money randomly. I'm gonna allow for this moment to happen and this magic to happen." So I said to myself, "I wanna follow my own practices," right? And I went to see our friend Mel Robbins in Boston, and then I was in New York for a few days. And I just said to myself, "Money comes to me abundantly and freely, and it... I see it everywhere." I just said this to myself every morning when I woke up, and when I went out of the hotel. I said, "Money comes to me abundantly and freely, and I see it everywhere, and I'm a magnet for money. I'm a magnet for money." I just kept saying this energy, "I'm a magnet for money." I was just playful, this social experiment. And when I was at Mel's, a penny dropped on the floor. Someone was carrying a box, and a penny fell, and I said, "Oh, look, money comes to me. I see it everywhere. There's a penny."

    5. SPSpeaker50:55

       Yeah.

    6. LHLewis Howes50:56

       And there's a point to this story, and I pick it up, and I say, "Mel, do you want this?" And she goes, "No, it's yours." And I go, "Thank you. I receive." Because when I relax, I receive, and I'm a magnet for money. Even though it was a penny, I could notice it, and I was like, "All right. It came to me."

    7. SPSpeaker51:10

       Yeah.

    8. LHLewis Howes51:10

       "See? Here's a win. Here's a little win. Let me do this again." The next day, I go to, uh, New York City, and I'm in the subway, and it's freezing right now in New York. It's, like, 15 degrees. And I'm just saying this to myself in the subway, and as I get off the subway, I go up the stairs, and it's fricking filthy in the New York City Subway, right? And the stairs are dirty, and I see a penny heads up. And I thought to myself, "This is filthy. This is dirty. It's not valuable. It's not enough money. I don't need to pick this up." But I was like, "No, I'm doing this experiment. Money comes to me abundantly and freely. I'm a magnet for money, and I'm gonna manifest money," right? And so I see it's heads up. I pick it up, put it in my pocket, and I just say, "Thank you, money, for coming to me." The next day, I put it on my bedside table. I don't think anything of it. The next day, I wake up, and I look at this penny, and I said, 'cause I'm doing this experiment every day, "I'm a magnet for money. Money comes to me abundantly and freely," and I look at it as a reminder, these two pennies, look, this is a reminder that money came to me. Maybe it's not thousands of dollars or millions of dollars. It's not something that's magically right here, but it's a reminder that something is possible. And I flipped over this one pe- oh, no. I looked at the penny, 'cause it was heads up, and I noticed something. I go, "Oh, that's really interesting." It said 1945 on this penny. That's an 80-year-old penny. And I go, "Huh, that's unique. I haven't seen a penny that old in a long time." And I flip it over, and I notice something, and I get chills thinking about it. I notice it's a wheat penny. I don't know if you know what a wheat penny is.

    9. SPSpeaker52:38

       No, I don't.

    10. LHLewis Howes52:39

        So a wheat penny looks different than a normal penny. It's got, like, two stalks of wheat on the outside of the penny. It's this old penny. And I look it up, and I Google "1945 wheat penny value," and one just sold. I [laughs] I kid you not, I get chills thinking about it. One just sold, guess for how much.

    11. SPSpeaker52:59

        I have no idea.

    12. LHLewis Howes53:00

        $4,000.

    13. SPSpeaker53:01

        No way. [laughs]

    14. LHLewis Howes53:02

        Online. One sold for $4,000. Now, it's all based on the condition-

    15. SPSpeaker53:06

        Yeah

    16. LHLewis Howes53:06

        ... and all these different things. Like, who knows? Maybe it's worth $20. Maybe it's worth $5,000. Maybe it's worth $100. But the idea is that there was more value inside of that penny than what met the eye originally.

    17. SPSpeaker53:19

        Yeah.

    18. LHLewis Howes53:20

        And the experiment of, let me be open to possibilities for money to come to me, and what I thought was two pennies might be $2,000, and all I had to do was be willing to look for it-

    19. SPSpeaker53:32

        Yeah

    20. LHLewis Howes53:32

        ... be willing to pick it up and say, "I receive. Thank you." If I didn't look for it, if I didn't set that intention, if I didn't see the possibilities in front of me, I may not have received that penny that could have w- be worth thousands, and it's the same thing in life. We may not see the opportunity in front of us right now. We may not reach out to the people we already know and say, "Hey, this is what I'm looking to create in my life. I have these skills. I have these talents. Is there anything that you need right now that I can be of service for you with?"

    21. SPSpeaker54:02

        Yeah.

    22. LHLewis Howes54:02

        And that's, for that first year, how you created multiple six figures in that first year when you had nothing, was reaching out to hundreds of people. That was you either setting the intention, seeing that there might be possibilities, and doing the work to manifest hundreds of thousands that first six months. So by doing that effort, setting the intention, by saying, "I'm open to possibilities. I'm open to receiving opportunities that come to me, but I have to be willing to look for them. I have to be willing to ask for them. I have to be willing to put myself out there and receive and say, 'Yes, thank you.'"

    23. SPSpeaker54:36

        Yeah.

    24. LHLewis Howes54:36

        "I will do this work." And that's what I think people need to be thinking about. Can you manifest millions? Yes, if you're willing to set a clear intention, if you're willing to reach out and say, "Here's what I'm willing to offer and add value in. I wanna help you achieve these goals," you're creating more potential to manifest money.

11. 54:53 – 1:04:12

    How to Create a Respectful Relationship With Money

    1. SPSpeaker54:53

       Yeah. I love that penny story, because I'll tell you a bit about what, what I do, and I d- I do a similar thing, and it comes from my tradition, so-

    2. LHLewis Howes55:00

       Do you have a, do you have a money mantra?

    3. SPSpeaker55:01

       N- no, I... We don't say something, but there's... I'll, I'll tell you about it.

    4. LHLewis Howes55:04

       Yes.

    5. SPSpeaker55:04

       Yeah. So there's a... So in our tradition, there's a god or a goddess-For each aspect of society

    6. LHLewis Howes55:12

       Money

    7. SPSpeaker55:13

       And so there is God, as in there's, there's one God, but then there's loads of different gods for different departments of society. Kind of like you have a president or a prime minister, and then you have, like, the cabinet and that-

    8. LHLewis Howes55:24

       Who's the money god?

    9. SPSpeaker55:25

       ... the goddess. So it's a goddess called Lakshmi. That's in-

    10. LHLewis Howes55:27

        Lakshmi.

    11. SPSpeaker55:27

        Yeah, and Lakshmi means wealth or fortune.

    12. LHLewis Howes55:29

        It's like luxury almost. Yeah.

    13. SPSpeaker55:30

        [laughs]

    14. LHLewis Howes55:30

        It's like Lakshmi. Yeah, yeah.

    15. SPSpeaker55:31

        Maybe that's where it comes from, who knows?

    16. LHLewis Howes55:33

        It does.

    17. SPSpeaker55:33

        But Lakshmi is the goddess of fortune-

    18. LHLewis Howes55:35

        Uh-huh

    19. SPSpeaker55:35

        ... or the goddess of wealth, and so you would never, ever put your foot on a goddess. So whenever you're walking the streets and you see pennies around, you're never meant to just walk past them. You're actually meant to pick them up and put them to your head.

    20. LHLewis Howes55:48

        Wow.

    21. SPSpeaker55:49

        So that's kind of like part of our culture. And so whenever I'm walking around the streets of New York or LA, wherever I am, or subways, I do the same thing.

    22. LHLewis Howes55:55

        Interesting.

    23. SPSpeaker55:55

        I'll always pick it up. And it's really funny 'cause someone who's with me will be like, "What are you doing?" Like, you know, like, "Why are you doing that?" I'm like, "Because I'm showing respect." I'm actually showing respect-

    24. LHLewis Howes56:04

        Mm.

    25. SPSpeaker56:04

        ... to the goddess of fortune.

    26. LHLewis Howes56:05

        That's so good, man.

    27. SPSpeaker56:06

        And so that's what it is, is, like, I'm showing respect to the goddess of fortune by picking it up, and usually give that money to charity-

    28. LHLewis Howes56:12

        Yes

    29. SPSpeaker56:12

        ... or whatever it may be. It's not, it's not you're trying to keep on it.

    30. LHLewis Howes56:15

        Yeah.
12. 1:04:12 – 1:06:54

    The Power of Living Beneath Your Means

    1. SPSpeaker1:04:12

       pressure to save money. 'Cause we've been talking about making money.

    2. LHLewis Howes1:04:15

       Yes.

    3. SPSpeaker1:04:15

       But there's this pressure to save money, and how do you find that balance between spending comfortably-

    4. LHLewis Howes1:04:20

       Mm-hmm

    5. SPSpeaker1:04:20

       ... if you have the ability versus, like, saving for your future or your family?

    6. LHLewis Howes1:04:25

       Gosh.

    7. SPSpeaker1:04:25

       Like, how do you think about that version?

    8. LHLewis Howes1:04:27

       Well, I think when you can live be- beneath your means and feel abundant, you've won. So when you live beneath your means and you don't need extra stuff, you've won. I just watched, um, The Count of Monte Cristo the other night. It's an incredible movie of a guy who has nothing, who was born by, you know, back in the, I don't know, 1700s or something. It's a period piece. He was born of like a clerk, a guy who makes no money, and his friend was born of like some general who had a lot of money or something. And this poor kid, they grew up friends, didn't have anything, but he had the world. He had no money, no possessions, but he just approached life as like, man, but here's a piece of string. Here's a rock that I can play with. Like, I can just imagine the beauty of the world, and he appreciated everything even though he had no money. And I think in some ways it's so hard to look at that when we see Instagram and TikTok where everyone has things.

    9. SPSpeaker1:05:26

       That's the hard part, yeah.

    10. LHLewis Howes1:05:27

        When you see everyone else having fun with money and going on that trip with their girlfriends or buying that expensive car to show off to their guy friends or getting the nice watches or having the cool shoes and you're thinking, "Oh, if I could really have money, then I could have these things that would make me feel cool or feel better." But if we can approach life and just be like, "Man, life is so good with what I have," that is true wealth. That is true abundance and happiness. And it doesn't mean you shouldn't strive to create more if you want more. If you want to have nice shoes or a nice watch, cool. You gotta learn how to make money, and you want to learn how to make money easy, not make money hard.

    11. SPSpeaker1:06:07

        Mm-hmm.

    12. LHLewis Howes1:06:07

        And that, that is a, a process in developing these skills, these talents within you and seeing how you can monetize those skills. And I'm not saying don't s- splurge on certain things if you want to, but you have to understand the consequences. If you're gonna splurge on something to have fun with friends or go on trips and spend this money that you maybe don't have, just know there might be a consequence to that later. If you have to use a credit card, you have to pay that debt with interest later. So just know there's a cost to splurging or doing... spending when you don't have it. I'm a big fan of saving and investing so that you can have freedom in the future and feel rich continually and not needing to buy things to feel richer.

13. 1:06:54 – 1:09:26

    The Hidden Costs of Chasing Easy Money

    1. SPSpeaker1:06:54

       Yeah. What about this idea of I want to make money quick?

    2. LHLewis Howes1:06:57

       Mm.

    3. SPSpeaker1:06:58

       Like, I just want to make a million-

    4. LHLewis Howes1:06:59

       Yeah, yeah

    5. SPSpeaker1:06:59

       ... dollars in a week. I want to find that-

    6. LHLewis Howes1:07:01

       Gosh

    7. SPSpeaker1:07:01

       ... hack that solves my money problems. Like, what's your take on that? Is that possible?

    8. LHLewis Howes1:07:05

       I've got money wounds, and it's because I wanted to make easy money in my past, not make money easy. And I don't know anyone that doesn't want to make easy money.Like our ego wants it to come to us now, and want to find a quick hack or the f- the quick investment that's got a 10X in two months. Sure, there's always outliers that figure out a way to do that, but every time I've tried to do that, I've lost my money.

    9. SPSpeaker1:07:30

       Mm.

    10. LHLewis Howes1:07:31

        And it's been painful. And I'm like, "Okay, I think I've learned that lesson," but here's this new, like, quick, easy money opportunity, and every time I do it again, I'm like, "What was I thinking?"

    11. SPSpeaker1:07:41

        Yeah.

    12. LHLewis Howes1:07:41

        You see that others act like there's a way to do it so easy if you just invest in crypto, if you just invest in this, if you just do this thing, you're gonna make quick and easy money. I don't know anyone who's made hundreds of millions, millions or billions who's lived that way.

    13. SPSpeaker1:07:57

        Mm-hmm.

    14. LHLewis Howes1:07:58

        They might have invested and gone all in on one business and created generational wealth, or maybe they went all in on investing in one main stock that ended up 10 or 20X'ing over time. But going the quick, make easy money way doesn't usually work, and it's painful lessons you have to live afterwards.

    15. SPSpeaker1:08:18

        Yeah. True financial freedom starts with intention, not willpower. You can't invest what you don't earn, and you can't grow what you don't plan. Real wealth isn't in cars or vacations, it's in building a life where the rest comes without fear. Get clear on your goals, build systems to support them, and let learning guide you. Financial peace isn't luck, it's the result of choices repeated over time. And if this episode helped you rethink your relationship with money, share it with someone who's ready to start building wealth with intention and strategy from the inside out. If this is the year that you're trying to get creative, you're trying to build more, I need you to listen to this episode with Rick Rubin on how to break into your most creative self, how to use unconventional methods that lead to success, and the secret to genuinely loving what you do. If you're trying to find your passion and your lane, Rick Rubin's episode is the one for you.

    16. SPSpeaker1:09:15

        Just because I like it, that doesn't give it any value. Like as an artist, if you like it, that's all of the value. That's the success comes when you say, "I like this enough for other people to see it

Episode duration: 1:09:26