Jay Must-Listens: 3 Easy Money Habits That Will Change How You Save, Spend & Grow Your Money

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
How many of you would like to make more money
this year. I'm guessing the answer is yes. All of
us will 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

(00:22):
their financial knowledge a SEE or worse. Yet social media
pushes get rich quick. True freedom isn't about hacks. It's
about discipline, risk, and understanding money.

Speaker 2 (00:35):
The number one health and wellness podcast.

Speaker 1 (00:38):
Jay Set Jay Shetty Set. 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.
Scott Galloway puts it simply, saving isn't about willpower. It

(01:00):
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

(01:23):
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

(01:43):
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 I'm struggling with, what
are we thinking about? And one of the big things
that came up was I don't know how to save.

(02:06):
Like a lot of young people say this to me today,
like I don't even know what saving means anymore. They've
not been trained in it. The education system let them down.
Maybe their parents keep saying save, save, safe, safe, save,
but their consumption is high. If someone's thinking about saving today,
how do they create a framework for healthy and realistic saving.

Speaker 3 (02:27):
Well, the first thing you have to have something to say.
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 typically what I do on the first meeting
as I tell them to unlock their phone and I say,
I'm not going to judge you. You know, I'm on TikTok,
I watch porn. I'm not easily offended here. And we're

(02:48):
going to 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 in their phone between Robinhood, Twitter,
what have you, and we reinvest it. The first thing
is we got to figure out Okay, for me, it's
physical fitness.

Speaker 2 (03:04):
Right away.

Speaker 3 (03:04):
We're going to 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 out and run them. I think
that should be your goal. I think it's instinctual. I
think it make you feel strong. I think it make
it feel kinder. The people who break up fights at
bars are usually big, strong men. The second thing you

(03:28):
have to start making some money. I don't care if
it's flipping on your smartphone to be a lift driver
or a task rabbit, going to CBS and stocking shelves.
Even just a little bit of money gives you a
taste for the flesh of money and get you thinking
about different ways to make money. And capital in a
capitalist society is intoxicating. So we have to figure out

(03:49):
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

(04:11):
figure out a way to present you with the ultimate
offer at exactly the right time. Oh, heading to Coppo
for a girl's weekend. Wouldn't you like to upgrade from
economy to economy comfort?

Speaker 2 (04:22):
Oh?

Speaker 3 (04:22):
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 bomba 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 want to figure out a
force savings So everything from like the Acorns app that
rounds up and puts the money automatically into a low

(04:44):
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 four oh
one k Ira Roth. First thing you do, find someone
smarter your company. Talk to your tax advisor, go on
AI and say, what force savings mechanisms our most tax

(05:06):
advantage 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.

(05:28):
So the first thing is I got to start making
some money. The next thing is I'm going to 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 going to
lean into that advantage and if I can just figure
out the discipline of getting one thousand, two thousand, five
thousand bucks a year into one of these programs, I'm

(05:50):
not going to touch it. I'm not going to think
about it. I'm not going to trade. I'm going to
focus on what I'm good at. By the time you're
my age, you're going to 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 task, grab it or whatever it might be.
I'm going to take two or three percent of it

(06:11):
and find a program sets that it never gets into
my hands and goes into a low cost diversified index.

Speaker 2 (06:17):
Mont.

Speaker 1 (06:18):
One of the things I love 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 going to save twelve thousand dollars
and it's like we've never even saved five hundred dollars.

(06:39):
And you talk about this need to set a goal
of like this is how much I'm going to save
this month, Like this is where I'm going to 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 work day and we'd love to just switch on
a show, doom, scroll on TikTok, And so there is

(07:03):
more time that could be engaged in creating other revenue streams, etc.
But what is really blocking us from doing that? I
think everyone knows they have time, they know they want
to make more money, but there's something there that's just
blocking us from getting activated. What have you found that
is so?

Speaker 3 (07:20):
I can't speak for the whole population, but generally speaking,
the lack of executive function is the part of the
brain that controls that is the prefrontal cortex, the kind
of 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 a young women so in

(07:42):
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,
few and fewer men are going to college. And we're
in an economy where forty years ago, one of three
jobs needed a college degree. Now it's two and three.
Women are correctly and justifiably, especially young women, blowing by

(08:04):
young men. They have more discipline, they have higher eq.
Quite frankly, they're just more mature. I say this in
my own company. I have a lot of young people,
disproportionate amount of young people 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 earlier. So there's

(08:29):
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
because everything's so goddamn expensive, so it's discouraging for them.

(08:50):
It's like, Okay, I'm working my ass off and I
can barely pay for my barely pay for my rent.
So this is anecdotal evidence, but it largely represents the economy.
When I got out of business school, the average salary
was one hundred grand. You know, I went to quote
unquote a lead business school. I went to the high school.
The average house in San Francisco costs two hundred and
eighty thousand dollars, so two point eight times the NBA salary. Now,

(09:12):
the kids at how still in elite business goal 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

(09:33):
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 ears and decided,
let's say four house. Let's say for a house then
pre pandemic, a house is two hundred and ninety k.

(09:53):
Post pandemic, it's four to twenty. Interest rates from from
three percent to seven percent. Average mortgage went from eleven
hundred to two twenty two hundred. All of a sudden,
the American dream has become a hallucination of fantasy again.
I'm getting a backpack and I'm going to do an
Airbnb in mancok And travel stocks, hotel stocks, airline stocks

(10:13):
have all boomed because 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.

Speaker 2 (10:23):
It's hard work.

Speaker 3 (10:24):
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. You gotta work hard.
There's just no getting around it. I don't care how
talented you are. Beyonce works are ass off. I mean
it just people who want to be successful and influential
after work, work really hard, and then what I would
also say is that forgive yourself. My first job out

(10:47):
of college was investment banking. I hit the lottery. Everyone
was super impressed. I hated it and I wasn't going
to good at good at it, And within two and
a half years I was back living at home with
my mother, unemployed. That almost kind of devastated. But my
kind of success comes from my ability to endure rejection
and move through it, to mourn and move on. So

(11:08):
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 not entirely sure what I want
to 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,

(11:31):
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 want to live to work.
I want to work to live. Fine, but have an
honest conversation with yourself around what you need to make

(11:53):
to have a reasonable life. If you want to live
in LA and you want to have a nice lifestyle,
you just have to make a shit ton of money.
That's just the reality. But if you say I'm not
all about work, then fine. Do you want to move
to Santa Clarita or do you want to move to
the Inland Empire or do you want to move to
somewhere in Oregon. Fine, but you have a sober conversation
with yourself. What are your expectations and realistically, what kind

(12:15):
of commitment and trade off are you going to 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 looking
around I think you do.

Speaker 2 (12:28):
But that's because I had.

Speaker 3 (12:29):
Almost none in my twenties and thirties. And I don't
you know this whole life. I don't know much about you,
but the life I lead now when I'm in LA,
I didn't even know what existed in my twenties because
I'm like, I need to make money and I'm not
exceptionally talented. So the thing I can control is how

(12:50):
hard I work, and there's no getting around it. It'll
cost you some relationships. 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.

(13:10):
It's a lot of things, more than anything, more than anything,
forgive yourself. If things aren't working out in your twenties,
that's where you should be. Very rarely do people come
right out of college and go.

Speaker 1 (13:20):
Like this, yeah, so well said so much to unpack
their scott and thank you for kind of giving us
so many points to check with. Just spreach Seeing 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

(13:41):
why wealthy people don't just earn more, they own more.
Just Spreach'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

(14:01):
three habits that keep us in that poor or poverty mindset,
as you said, and what are the healthy habits that
bring us into the wealthy mindset?

Speaker 4 (14:12):
Sure? So, the three I think biggest bad habits when
it comes to money. First, probably the most obvious, I
would say it is people following the two s's where
you're spending or saving all their 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.

(14:33):
And number three is you don't understand how money works.
So if you start with number one, the two says
save and spend. And now it'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.

Speaker 1 (14:54):
Literally, and so people.

Speaker 4 (14:56):
The majority people don't have any plan for their money,
and that's why the majority people have little to no
savings and the majority of Americans have little to no
investments right now, but half of America has zero investments.
And I'm talking about zero four to one k, zero iras,
zero stock market accounts, zero real estate investments, zero gold investments, nothing.

(15:19):
And then out of the next half of Americans that
have an investment, only half of those have an investment
outside of their four to one care 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. America has a consumerism culture. And I

(15:43):
joke about this, but the way I like to say
it is Traditionally Indian people make a dollar to spend
twenty cents. American people make a dollar to spend two
dollars thanks of the help of credit 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,
you don't have it, and what are you doing, well,
you're spending all your money making everybody else around you rich,

(16:06):
but you yourself. You might look rich, but you're actually broke.
There's a reason why the owner and CEO of Louis
Vuton is the richest person in the world. Whereasus the
majority of people who wear Louis Vuitton are broke. The
people who are wearing Louis Vuton are trying to look
rich And how are you doing that? Well, you're making
the owner of Louis Vuton rich by doing that. And
so this is where you got to understand. There's nothing

(16:28):
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, 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 raise their

(16:51):
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
you do with your paycheck. They said, well, we get
a physical check, then we go to the liquor store
where you get it cashed. The liquor store owner takes
one to ten percent. Then you buy pop, candy, bunch
of junk on the way out, and by the time

(17:11):
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
a thousand dollars, I can go out and buy this handbag,
this nice thing. If I have ten grand, I can
go on this nice vocation. If I have fifty grand,
I can go on to 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

(17:33):
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.

(17:57):
And if you don't believe me, I'll give you just
a mathematical term. Your savings right now are growing by
essentially nothing. Well, let's just say one percent, and I
being very very generous here. If your savings grow by
one percent and inflation is higher than one percent, and
we can see now inflation is extremely high. But even
before the twenty twenty pandemic, inflation was still higher than

(18:19):
one percent, we were two or three percent. 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

(18:40):
understand how to save your money strategically, because wealthy people
do not want to save all their money. They want
to 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 want to 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

(19:04):
the system. And this one was the most difficult one
for me because growing up, most of us, myself included al,
was told that if you want to 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.

(19:24):
I know you've heard several stories before. Yeah, that was
all that I was told. Since I was like a
little baby. My parents would tell everybody just but it
is going to become a doctor. He's going to 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,

(19:46):
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 corelling, your grades, your income, your grades,
your success. I 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

(20:09):
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.
And I think the best example that I can give
of that was when I was in eighth grade. I was, like,
you know, twelve 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

(20:30):
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 twelfth 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'm in twelfth grade, I have an MCAT tutor
coming to my house and he's like, wait, this is

(20:50):
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 it Old, and I got

(21:12):
to meet a lot of the local Indian DJs that
work in Indian weddings and 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 you know, medicine related, going
to give me a 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 kind of

(21:33):
keep it all secret. And I was like, okay, let's
do it. You know, it was fun for me. So
I was sixteen 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.
They're for free, and it was fun. But then I
was like, you know, I know this is a hobby.
I'm going to go to college and I'm going to
become a doctor and this is all going to become history. Well,

(21:55):
I go to college, I'm seventeen. I don't know what
to expect because my parents didn't go to universe here,
and I think that everybody goes to college, they spend
their Friday nights in the chemistry lab. They all want
to become this big thing and they want to spend
all their time studying in college. And I get there
and everybody is partying, drinking, blowing money they don't have

(22:15):
on all this stuff. Like I don't party, I don't drink,
I never drink, 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,
because that's all I knew so I was like, okay,

(22:36):
so I'm seventeen. I started knocking on the doors of
all the clubs, venues, bars, restaurants, asking them if I
can host party heres. 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 you know, I just
didn't know much else. So eventually I found a club
that would work with me, and they didn't want to
charge me anything. They will let me work on it

(22:57):
essentially a commission basis that they'll take a percentage of
the red knew that I bring in, and I said, okay,
it doesn't cost me any money. Because 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

(23:19):
bottom of the two thousand and eight crash because I
was in high school when the two thousand and eight
crash happened. Around twenty twelve, 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

(23:40):
my breaks, I would read business books and I would
go on the Yahoo Finance and I would study what's
going on to the markets, just for fun. And I
kept hearing about how real estate as I 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
really did investors. I didn't even know what real estate

(24:02):
investing was. I didn't have investor people in my family,
so I didn't know what that meant. 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 want to
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 want to say,

(24:22):
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
I'm always like, yo, okay, what can I do? Maybe
I don't got to tell my parents. I'll just say
something else. 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 eighty

(24:44):
four hundred dollars. That was the price of the condo.

Speaker 1 (24:46):
That's wow.

Speaker 4 (24:47):
And that same condo a few years prior had sold
for one hundred and fifty grand. So the two thousand
and eight crash really decimated the real estate market in
Michigan because for Jim 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 four thousand dollars and it was in foreclosure.
The bank countered with seven thousand, and then I said, mmm,

(25:11):
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 want
to lose this deal because I 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 got the conda for eight thousand dollars.
But a little bit of work into it, it was
in pretty good shape and I got it rented out

(25:32):
for six hundred dollars a month. Now, I'm nineteen 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 got to go
to work. I was working at Auntienn's Pretzels a little
bit before that. As I don't got to flip pretzels,

(25:53):
I don't got a host's party, I don't got to
work at a wedding and it's paying me. Something doesn't
make sense, Like how come I was never told about this.
I was doing good in school, like 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

(26:15):
good job, climb the corporate ladder. And now I'm starting
to realize, wait, there's a different system here than 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

(26:35):
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

(26:58):
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 your way. Now YouTube has made
it a lot more accessible, thank god. Before YouTube, you
had to go out of the way to read books
and take classes, and it's tough. I mean, it's much
harder to read a three hundred page book than it

(27:18):
is to watch a ten minute YouTube video. Yeah, definitely,
So that was a big turning factor for me because
that's when I started to realize that there's something different that.

Speaker 1 (27:26):
You can do.

Speaker 4 (27:27):
So the second habit that we talk about, you know,
breaking away from that traditional system, 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 with
this is kind of going back to the traditional Indian
culture because in India, it's a very common thing that

(27:47):
when somebody has extra cash, extra rupees, they want to
convert these rupees to gold. It's why in India a
lot of gold is transacted during weddings, because they they
want to give money, and the way that they do
that is through gold. Because inherently, people understand that the
rupee loses value, and I don't think that people understand

(28:09):
the why or the ins and out. It's just normal,
that's just the culture. So people take the cash and
they buy gold. And the reason why now we need
to understand this here in our culture is because when
we think of money, there's two different aspects to it.
There's a currency, which means something that we use to
buy and sell things in exchange, and then there is
the store of value. And many of us assume that

(28:32):
our money is supposed to be a store of value,
is supposed to keep it's worth. But now, because of
the twenty twenty pandemic and the twenty twenty one inflation
and the twenty twenty two inflation, we're seeing that, oh
my god, my savings don't buy me as much. My
earnings are not stretching as far, and so we're starting
to really realize here that maybe my dollars don't hold

(28:54):
the same value. And so now it's understanding what is money. Well,
there's two aspects. You have the currency aspect to buy
and sell things, and then there's a store of value.
What wealthy people understand is that money doesn't act as
a very good store of value in today's day and age.
So you want to take your money and convert it
to something that is a store of value or maybe

(29:14):
something that's actually going to produce you income. This is
like something that's so important for everyone to understand. And
what's interesting is my first video to go viral was
back in twenty sixteen, and in that video on my
Minority Mindset channel. The reason why I think it when
viral was because I talked about this whole idea of
when you save all your cash in the bank, you're

(29:35):
becoming poorer each and every day because back then inflation
was between two and three percent, while your bank was
paying you half a percent. So I said was, look,
you're losing two to three percent of your cash's value
every single day, So you need to do something with
this money because your money is losing value. In ten years,
it's going to be worth less than it is today. Well,

(29:57):
I didn't expect this twenty twenty pandemic to happen. I
and expect all this craziness to happen. But now here
we are with inflation is significantly higher than two to
three percent, and now people are really starting to understand
that whoa, what is my money? And you have to
be able to understand this because this is the driving
reason for why wealthy people don't want to save all
their extra cash. You want to put your cash to work,

(30:21):
which brings us now to the second side, Right, what
do wealthy people do well? The first thing you have
to understand how money plays a part in your life.
Like we discussed, right, how does money impact your life?
That way, you don't go out and just start chasing money,
because one of the things that I realized was I
started making way more money when I stopped chasing money.
Because when you're chasing money, you're chasing something that's illusory,

(30:43):
it's just fake, it's just it doesn't even feel good,
and you're not going to be able to put your
full self into it. But then the second thing on
the more financial side is what do you do with
that money? And one of the things that I realized
is what wealth people want is this thing called equity.

(31:04):
And this is where you have a lot of benefits
in America because you can't do this in a lot
of countries. See if you think about the traditional American dream,
which is changing now, but the traditional American dream was
you can work hard, buy a home, have a car.
But the whole idea of buying a home, the reason
why this was the American dream was because if you
can buy a home, you can work over the years

(31:26):
to pay it off, and now you have equity in
your home, and now you have the sort of generational
wealth that you can pass down you have an asset. Well,
the traditional American dream is now an American nightmare with
the high cost of home ownership, with wages not keeping
up with the cost of living. However, that doesn't mean
that the American dream is dead. It's just changed. So

(31:47):
what is this new idea of the American dream. Well,
if you go back to the root core of equity,
this is the real dream of wealth and something that
you can build for yourself, for your family and for
generations is if you have equity. Now, how do I
explain this, Well, if you think about any company, especially

(32:09):
in a bigger company, it's easy to understand there's two people,
two types of people that are involved. You have the
workers and you have the owners. The workers are working
for a salary. You go to work every single day,
you get a paycheck. You're getting a salary. The owners
of the company are not getting paid a salary. They're
getting paid in profits. They want the company to make

(32:31):
bigger profits so that they can make more money. Now,
there is some overlap between the workers and the owners.
If you are a founder, you're probably an owner as well.
The CEO might have some ownership, and some newer companies
you'll give equity to the workers as well. But when
you have equity, you're getting the profits of a company.
Everybody in America, in this system, needs to be a

(32:52):
business owner if you want to become successful. Now, the
one thing that I want to caveat that with is
the majority of people should not to start a business
and the majority people should not try to operate a business. Now,
you might say, dost Fleet, you just said everybody should
be a business owner. How does that make any sense. Well,
you can own a business without working for the business.
And now this is the question of what are you

(33:13):
doing with your salary.

Speaker 1 (33:24):
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(34:11):
Cody Santus exposes a dangerous illusion people looking wealthy while
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They fail because they avoid risk. As Cody explains, our

(34:33):
culture dodges rejection and failure, but in doing so we
also dodge the chance to build lasting wealth. Cody's advice
is refreshingly practical. If you don't have money yet, your
first investment should be in yourself, your skills, your knowledge,
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(34:56):
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your own. Through it all, remember to not chase Instagram wealth.
The real flex is peace of mind, freedom of time,
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Speaker 5 (35:11):
If you want to make a lot of money in business,
you also need somebody who they call them the visionary, right,
the person who has all the 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. And so there's

(35:32):
a great book actually called Have you read How to
Make a Few Billion dollars?

Speaker 1 (35:37):
No, it's a good book.

Speaker 5 (35:38):
It's by this guy, Brad Jacobs. If you can get
him on the podcast, I will listen. 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 private equity investor, and he
started off as a jazz musician and that was going
to be his calling. So he really likes like dissonant
noises and like, how do you pull things together and

(35:58):
sort of make them play as a musician. Mark anyway,
he's bought all of these companies. He's massively successful. But
he always talks about what makes a great deal. If
you want to make a lot of money, you've got
to pick the right deal. And there's 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,

(36:19):
that's like stay in your same job, don't take risks,
et cetera. The problem is you're not going to make
much money. Then you have a high risk, high reward deal. Well,
that could be like investing in an El Salvadoranian power plant. Okay,
it's just so likely to fail that even though it's
super high profit, we probably want to stay away from those.
And then you have sort of the golden child, which

(36:41):
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 that has the right amount of
risk and if we can find that, then we have profit.
And so now they call it hair on a deal.
That's like you know, investing in terms, you want to

(37:02):
look for those hairy deals where you think, oh, that
level of risk is manageable, and in our culture, for
some reason. I think we've gone into risk off.

Speaker 2 (37:09):
Yeah.

Speaker 5 (37:10):
God, we don't even want the risk of asking somebody
a question at a bar, you know, more or less
starting a business. And that's a problem. I mean, the
SBA has fascinating data. Do you know there are more
small businesses that close each year than open in the US,
no way more close than open. And so we have
people taking way less risk than we think, and that

(37:33):
means you'll never make as much money. That crazy.

Speaker 1 (37:35):
Yeah, let's talk about that in terms of investing. If
someone's thinking that, because they cut exactly what you're talking
about right now, this risk reward profile. If someone has
never invested in anything, they're working their job, they've got
a little bit of money, maybe if they've got one
thousand dollars to stop thinking about investing. Maybe they've got

(37:55):
a bit more. Maybe they've been saving up and they're
thinking that home that they want to buy is a long, long, long,
long long way away. But they got a little bit.
Where should they invest.

Speaker 5 (38:06):
If you have only a little bit of cash, the
best returning asset class of all time, it's going to
be you put the money into you learning first before
you go to invest. A lot of days. A lot
of 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.

(38:28):
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 SMP. Now after that next amount.
I believe because I'm old school, I started at Vanguard.
I believe if you're reasonable, you'd probably agree with me, Like,
do we think that we're going to beat the best
stock pickers in the world who obsess on this every
single day? Are we going to beat the titans of

(38:49):
industry with their technology.

Speaker 1 (38:51):
No.

Speaker 5 (38:51):
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 struct sure, so
I throw things in the S and P five hundred
in a diversified portfolio out of.

Speaker 1 (39:04):
Cast someone that someone who's totally new to this.

Speaker 5 (39:06):
You got a Vanguard dot com, you have no fees
on their training 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 Vanguard dot com and you select
a diversified portfolio. It's cool too because they'll actually help
you do it based on your age and based on

(39:29):
how much risk you want to take. So they'll have
a sixty forty portfolio, which is like sixty percent stocks
and forty percent bonds if you're our age, for instance,
if somebody's a little younger, they'll go eighty twenty 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 wealth front for that.

Speaker 1 (39:47):
What's the divis portfolio?

Speaker 5 (39:49):
For someone who doesn't know, that means that you you
never want to have all your eggs in one basket
and anything in life, but certainly in investing, and so
that means that they're going to give you stocks and bonds.
It means they're going to 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 that there's these charts you can see in

(40:11):
finance where it kind of looks like it looks like
a grid, and on it are all of these different colors.
And what do all the coverers 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.

(40:33):
And so what you want to have is a portfolio
that over time averages somewhere around ten percent. 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 one hundred dollars
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

(40:54):
that mandates or manages all of our currency in the US.
So if I go all the way back to the
seventies and I look at it today, what do I see?
I see that that one hundred dollars bill, if I
just held it from then to now, is worth about
twenty five bucks. It's not worth a hundred anymore. Why
because of inflation. And so if we don't invest our
money and we stick it under our mattress, then sadly

(41:15):
the government eats away at it every single year. Both
sides politically agnostic, and so we got to make sure
that we put our money somewhere. That's why the stock
market over time is usually what most people do.

Speaker 1 (41:26):
Okay, it makes a lot of sense. And what's the
difference between a stock and a bond?

Speaker 5 (41:29):
Okay, so stocks and bonds one oh one. 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 ten dollars. I think in the future the
price of Amazon will be fifteen dollars. I want to
go for that ride. It's called upside return with a bond.

(41:50):
What are you doing instead? You're saying, I actually want income.
It's like a certificate. If I give you one hundred bucks,
I promise you over the next five years, I'm going
to give you one hundred back. You're not going to
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 used to be like that,
So you're clipping the coupon. And the reason we want

(42:14):
both of those is because again, you want when the
stock market crashes, you want your bond to still be
clipping those coupons. Baby still coming in when the stock
market's raging. You want to capture some of that upside.
And that's how we play right there in the middle
of investing.

Speaker 1 (42:28):
Is there a stage three? So we did stage one
as you Stage two is SMP. What's the stage three?

Speaker 5 (42:34):
Stage three is private? So if you're a real pro
and you want to go for three h three of investing,
that's where we start to do private equity. 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 that might be

(42:56):
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

(43:16):
the first generation that got easy access to things like
options and warrants. And 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. We just wouldn't do that.

(43:40):
This is for pros. And if you really want to
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. 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.

Speaker 1 (43:58):
That's so great. I love that 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, st stage four. I love those.
Going back to stage two of the S and P.
What percentage of someone's income should they be looking to

(44:18):
put into the S and P.

Speaker 5 (44:19):
There's lots of rules around this, but I believe in
you pay yourself first, and 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

(44:42):
you're gross and not brush your teeth, right, You just
brush your teeth because 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 want to have at least
ten percent of the money that you make go into investing.
There's lots of different rules people could play either way,
but I think pay yourself first because otherwise you'll never

(45:03):
pay yourself at all, and give yourself at least ten
percent because we want to beat inflation every single year,
and if you do those two things, you are better
than about ninety percent of people that don't do that ten.

Speaker 1 (45:13):
Percent off to tacks. That's just such a great goal
of people. And you start thinking about it and you go, oh,
what am I spending dumb money on? You know, like
what do you see people wasting money on? You know what?

Speaker 5 (45:23):
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 of 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 give them free tickets, three flown

(45:46):
out for free for They actually have warehouses where you
can pick out the clothes because 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

(46:06):
and thousands and thousands of thousands of dollars. Well, the
problem is is that the average Coachella main ticket holder,
about sixty four percent of them, couldn't afford their ticket,
so they had to do buy now, pay later options.
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

(46:31):
debt with 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 because I won't really tell. But

(46:51):
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 a success. It is those are just accoutromants
that could be fun if you're into it once you're rich,
but I promise you I've met so many unhappy mothers

(47:13):
who have private jets.

Speaker 1 (47:14):
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,

(47:36):
even for me. So if you make it about getting
the thing, then the thing you do to get it
you don't love. 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 never the destination. They're never the thing that you wanted.

(47:58):
That's not what drove you there.

Speaker 5 (48:00):
It's so true, and they'll all be taken from you
at very points, you know, And so I think about
it a little bit like beauty.

Speaker 1 (48:06):
You know.

Speaker 5 (48:07):
I'm getting older, and 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 going to get old.
I know what the future looks like, and it's old
and wrinkly and saggotits and all the things right, and
that's cool. It doesn't matter. And so if I can
like prepare now that maybe people listen because I might
have something valuable to say, then I'll still have something

(48:29):
valuable to say when I'm eighty, 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

(48:50):
sits around us. And so I try to remember that
so that I never anchored to it.

Speaker 1 (49:05):
Want to make a real difference this giving season this
December on Purpose is part of PODS Fight Poverty podcast,
teaming up to lift three villages in Rwanda out of
extreme poverty. We're doing it through give Directly, which sends
cash straight to families so they can choose what they
need most. Donate at GiveDirectly dot org, forward slash on purpose.

(49:30):
First time gifts are matched, doubling your impact. Our goal
is one million dollars by year's end, enough to lift
seven hundred families out of poverty. Join us at GiveDirectly
dot org, forward slash on purpose. When Lewis Howes joined me,

(49:57):
he didn't talk about spreadsheets. He talked about it 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,

(50:20):
not as magic thinking, but as a way to train
your attention to notice opportunities, receive them, and act. Lewis's
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,

(50:41):
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 This is an interesting story.

Speaker 6 (50:55):
I was in New York last week and I said
to myself, and I have a lot of these differents
exercises and games in the book to just give people
as social experiments. 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

(51:17):
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.

Speaker 2 (51:24):
Abundance to manifest in my life.

Speaker 6 (51:26):
I'm going to create 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 going to allow for this moment to happen in
this magic to happen. So I said to myself, I
want to follow my own practices right. And I went
to see our friend Mel Robbins in Boston, and I know,
I was in New York for a few days, and

(51:47):
I just said to myself, money comes to me abundantly
and freely, and 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
every way where. 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 Mels, a penny

(52:10):
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. Yeah,
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 it was a penny. I
could notice it, and I was like, all right, it

(52:31):
came to me. See here's a win, here's a little win.
Let me do this again. The next day, I go
to a New York city and I'm in the subway
and it's freezing right now in New York, it's like
fifteen degrees. And I'm just saying this to myself in
the subway, and I was like, get off the subway.
I go up the stairs and it's freaking filthy in
the New York subway, right and the stairs are dirty,
and I see a penny heads up, and I thought

(52:53):
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, oh, 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.

Speaker 2 (53:06):
So I see it's heads up.

Speaker 6 (53:07):
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 in 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,
because I'm doing this experiment every day, I'm a magnet
for money. Money comes from 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

(53:29):
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.

Speaker 2 (53:37):
And I flipped over this one penn.

Speaker 1 (53:39):
No.

Speaker 6 (53:39):
I looked at the penny because it was heads up,
and I noticed something. I go, oh, that's really interesting.
It said nineteen forty five on this penny. That's an
eighty 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 noticed 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. So a wheat penny looks different than

(54:02):
a normal penny. It's got like two stalks of wheat
on the outside of the penny. It says old penny,
and I look it up and I google nineteen forty
five wheat penny value and one just sold.

Speaker 2 (54:16):
I kid you not.

Speaker 6 (54:17):
I get chills thinking about it. One just sold. Guess
for how much? I have no idea four thousand dollars.
No online one's sold for four thousand dollars. Now it's
all based on the condition and all these different things
like who knows. Maybe it's worth twenty dollars, maybe it's
worth five thousand dollars, maybe it's worth one hundred dollars.
But the idea is that there was more value inside
of that penny than what met the eye originally. And

(54:42):
the experiment of let me be open to possibilities for
money to come to me, and what I thought was
two pennies might be two thousand dollars, and all I
had to do was be willing to look for it,
be willing to pick it up and say I receive
thank you. If I didn't look for it, if if
I didn't set that intention, if I didn't see the

(55:02):
possibilities in front of me, I may not have received
that penny that could have been 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? And that's for that first year.

(55:25):
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

(55:48):
open to receiving opportunities that come to me, but I
have to be willing to look for them.

Speaker 2 (55:52):
I have to be willing to ask for them. I
have to be willing to.

Speaker 6 (55:54):
Put myself out there and receive and say, yes, thank you,
I would 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 want to help
you achieve these goals, you're creating more potential to manifest money.

Speaker 1 (56:14):
Yeah, I love that Penny story because I'll tell you
a bit about what I do, and I do a
similar thing, and it comes from my tradition.

Speaker 2 (56:21):
So do you have a money mantra?

Speaker 1 (56:23):
No, I we don't say something, but I'll tell you
about it. Yeah. So there's a So in our tradition,
there's a god or a goddess for each aspect of
society money. 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

(56:44):
like the cabinet and that who's the money god. So
it's a goddess called Luxhmi. That's lush me, yeah, and
lux me means wealth or fortune.

Speaker 2 (56:51):
It's like luxury almost luxury.

Speaker 1 (56:53):
Maybe that's where it comes from, that luxury is the
goddess of fortune 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 actually
meant to pick them up. And put them to your head.
So that's kind of like part of our culture. And
so whenever I'm walking around the streets of New York

(57:14):
or La wherever I am or subways, I do the
same thing. Interesting, I'll always pick it up. And it's
really funny because 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 to the goddess of fortunes. 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 or whatever it may be.

(57:35):
It's not it's not you're trying to keep on it.
You may give it away whatever. But the point is
you're saying, I'm not disrespecting the goddess of fortune wherever
I see it. That's beautiful because I want to have
a respectful relationship with money. I actually really love practices
like that because I think it goes back to the
point you're making that we have a relationship with everything.

(57:55):
You have a relationship with your body, you have relationship
with your mind, you have a relationship with your partner,
and you have a relationship with money, and just speaking
to money and speaking about money is something you have
to do if you want to love that thing and
you want it to love you back. Right, If you
never talk about your partner, and you never talk to
your partner, how are they going to love you? And
how are you going to love this?

Speaker 2 (58:15):
Imagine you're roddy for the next month.

Speaker 6 (58:18):
You never say thank you, You never look her in
the eyes, you never speak to her, you avoid her constantly.
Imagine like your relationship's going to suffer. You know, I'm
sure you guys will figure it out, but imagine that's
a lifetime of a relationship. It cannot survive. And here's
a great question that I want everyone to ask themselves
and another exercise that I want everyone to think about

(58:39):
right now, whether you're watching or listening, I want you
to comment on the YouTube below what opened up for
you during this moment. And I'm going to give you
the exercise Jay. So imagine this door opens and it's
a person, and this person is money. It's the idea
of money. It's a person that walks in. Right, there's money.

(59:01):
And could you as an example for people to imagine
this as well. What does that person look like when
they come in?

Speaker 2 (59:12):
What would you do? What would you say or not say?
Could you?

Speaker 6 (59:16):
Could you share kind of what that would be like
for you? Money, a person walks in, they are money,
They're the representation of your relationship with money.

Speaker 2 (59:22):
How would you show up and react?

Speaker 1 (59:24):
So in our culture, because it would be luxury walking.
And I'll show you a visual of her afterwards. You
would actually bow down like you'd have that and that's
a sign of respect, not a sign of surrender or subjugation,
but a sign of respect. Like you'd bow you'd offer
her whatever she wanted, like you'd be like, what what
do you need? Like, what would you like?

Speaker 2 (59:43):
What would you.

Speaker 1 (59:43):
Would you like? A place to sit, kind of like
a guest in your like a generous home. You see
them like a guest in your home? Yeah, like what
would you like? Can you can I get you somebody
to drink? You know, whatever it may be. Obviously she's
a gredss, she don't need anything, But the point is
that's how the hospitality would still be carried through.

Speaker 2 (59:59):
That's cool.

Speaker 1 (01:00:00):
And then you'd denka as well, like you'd start every
connection with the godd or goddess with gratitudes, and I'd
be like a genuine appreciation and an ability to share
how you feel, like I think, being vulnerable and saying hey,
like it's been really tough this month, like I'm really
struggling right now, like this is what I'm going through.
I need your help, like a prayer.

Speaker 6 (01:00:21):
Almost interesting, that's beautiful, And I asked I've been asking
a lot of people this, and so I love to
hear people's responses and be honest. And the YouTube comments
below of your relationship with money, I asked someone close
to me, someone younger, probably in their late twenties. I
asked them, you know, if money walked in and you
were at a party, how would you respond? And they said,

(01:00:43):
I would run to the bar, I would not make
eye contact. I would gossip behind their back to other
people there about money. I would look down at them,
but then I would use them and abuse them because
I would really need money, and I would ghost them afterwards.
And I go and I go wow, And they were like, yeah,
I know it's really bad, but they're being honest. So
I want people to be honest, like what is your

(01:01:05):
relationship with money? And just imagine if you were money
and someone treated you that way if they wanted to
look at you, They avoid you, they speak poorly behind
your back. They were using and abuse you when they
wanted you, and then they ghost you when they didn't
want to talk to you. Do you think money would
want to keep showing me up in your life if
they were a person, If they were a person, would
they want to be in your life? Or they feel, Ah,

(01:01:28):
this isn't a good relationship for me. And your show
is all about how people get healed, healthy and whole.
And if you want to create a richer, more abundant life,
you have to create a healthy relationship with money in
your life. And look at it as if this was
a love of my life, not in a worshiping like
I worship it no matter what, but more of like

(01:01:50):
this is like a person that I love and I
want to treat them with care.

Speaker 2 (01:01:54):
I want to be a great host. How can I
show up?

Speaker 6 (01:01:58):
And it doesn't mean it's always going to be perfec
but how can I show up and be generous, be kind,
be patient, listen, be aware and be of service to it.

Speaker 1 (01:02:08):
Yeah, I didn't make a huge difference, huge difference.

Speaker 6 (01:02:10):
I'm not saying you haven't had a beautiful, abundant, peaceful
life as well with money. But I would bet to
say that you've also experienced stress and overwhelmed with money,
for sure, more than having no money. And a lot
of people get blocked because they know that like, oh,
more money, more problems. Is another like money lie right,
or a money like wound that people might have, Like

(01:02:31):
I don't want to make more money because I see
people who do have money, they're constantly stressed. They're not
generous with it. They're stingy, they don't even tip it all.
They're even more stingy with it and they have it,
So what's the point of having it if they're not generous.
I don't want to be like that. And there can
be money traps or money wounds when you have money
if you haven't learned how to heal that relationship. And

(01:02:52):
so it's learning how to heal the rag relationship so
that when you grow your net worth, you also increase
your self worth inside and feel peaceful about it. You
expand your nervous system, your container to receive abundantly, so
it's not scary, it's not stressful. You can receive more
and you can give more because you know that the

(01:03:14):
more you relax, the more you receive, and when you give,
it's going to come back in some way. I struggled
with that my first six, seven, eight years of making money.
I hoarded money because I was afraid to go broke again,
and it limited me in certain ways, and it made
me feel stressful, and it made me feel like people
are trying to take advantage of me and take my money.
It doesn't feel rich having money and living in scarcity.

Speaker 1 (01:03:37):
Still, there was a beautiful thing that we'd always repeat
in the monastery. It was like God doesn't see what
you give, God sees what you hold back. And so
this because we can sometimes become egotistical about how much
we give, and it's like, well, you got one hand
behind your back and you just made that point. It's
that it's that pinch, It's that are you giving where

(01:03:58):
there's a challenge to give? Yeah, because that's where we're healing.
Because you can get really egotistical, like, hey, if you
were worth a billion and you signed a million dollar check,
like I know people that are making three million in
interest a day, like, so you writing a million dollar
check is not the same. This also applies when you
have very little. So my parents, who didn't make a lot,

(01:04:19):
when they were giving and felt well like a lot.
It felt like a lot. And so like what we're
saying is that that this thought of being a giver
has to be called to us.

Speaker 6 (01:04:30):
You know, my dad was a lot like that too.
He had strangers knocking on the door that somehow convinced
him to stay with us for like three months in
the summer who were ah, and he just opened his
doors and said yes, like okay. And so he was
just like like your parents, like okay, you need a
place to stay for a week, a month, two months.

Speaker 2 (01:04:48):
Cool, we'll figure it out.

Speaker 6 (01:04:49):
We'll feed you, We'll do this as long as we
feel like you're doing something good and we're trying to
support you. And I think it's it don't have to
give money to feel rich. Yes, you can be vanity,
your generous with your time, with your or resources in
other ways, with your food. It's like you can give
in other ways and create a richness of life. And
that's the key is to feel rich and abundant and free.

(01:05:12):
And if you feel that, when you start making money,
you're going to continue to feel free. The biggest trap
is when you feel scarce and you start making money
and you still feel trapped, you still don't feel free.
That isn't even greater prison in my mind, that you're
living in scarcity when you have money.

Speaker 1 (01:05:31):
I mean, there's so many people right now that have
the pressure to save money because we've been talking about
making money, yes, but there's this pressure to save money.
And how do you find that balance between spending comfortably
if you have the ability, versus like saving for your
future or your family. How do you think about that version?

Speaker 6 (01:05:48):
Well, I think when you can live 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 The Count of Monte Cristo the other nights.
It's an incredible movie of a guy who has nothing,
who was born by, you know, back in the I

(01:06:09):
don't know, seventeen hundreds or something at 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 that grew up friends didn't have anything,
but he had the world. He had no money, no possessions,

(01:06:30):
but he just approached life was 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. When you see everyone else

(01:06:51):
having fun with money and going on that trip with
their girlfriends, or buying that expensive car to show after
their guy friends, or getting the nice watches, or 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

(01:07:15):
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've got to learn how to
make money. And you want to learn how to make
money easy, not make money hard. And that is a
process in developing these skills, these talents within you and
seeing how you can monetize those skills. And I'm not

(01:07:37):
saying don't splurge on certain things if you want to,
but you have to understand the consequences. If you're going
to 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

(01:07:57):
just know there's a cost to splurging or 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.

Speaker 1 (01:08:15):
Yeah, what about this idea of I want to make
money quick, Like I just want to make a million
dollars in a week. I want to find that hack
that solves my money problems. Like, what's your take on that?
Is that possible?

Speaker 6 (01:08:27):
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 I want to find the quick hack
or the quick investment that's got a ten x in
two months. Sure, there's always outliers that figure out a

(01:08:49):
way to do that, but every time I've tried to
do that, I've lost my money and it's been painful,
and I'm like, Okay, I think I've learned that lesson,
But there's this new quick, easy money opportunity, and every
time I do it again, I'm.

Speaker 2 (01:09:01):
Like, what was I thinking?

Speaker 6 (01:09:03):
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.

Speaker 2 (01:09:12):
And easy money.

Speaker 6 (01:09:13):
I don't know anyone who's made hundreds of millions, millions,
or billions.

Speaker 2 (01:09:18):
Who's lived that way.

Speaker 6 (01:09:20):
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
ten or twenty xing over time, but going to quick
make easy money way doesn't usually work, and it's painful
lessons you have to live afterwards.

Speaker 1 (01:09:40):
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 cause 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 piece isn't luck. It's

(01:10:02):
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

(01:10:23):
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.

Speaker 5 (01:10:37):
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.

Speaker 3 (01:10:43):
That's the success comes when you say I like this
enough for other people to see it.

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Host

Jay Shetty

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