Jay's Must-Listens: Stop Living Paycheck to Paycheck! 4 Money Experts Break Down How to FINALLY Achieve Financial Freedom (Even If You’re Starting From Zero!) Ft. Codie Sanchez And Scott Galloway

around it. I know that this episode will transform your relationship with money. How many of you are struggling to shift from surviving to thriving. Maybe some of you have tried budgeting, investing, or saving, but still feel like your financial growth is stuck. Do you feel like you're doing everything right with money, yet real financial freedom still feels out of reach. Maybe self doubt is keeping you from

reaching the financial success you know you're capable of. I can't wait for you to listen to this episode because I want you to transform your relationship with money and wealth.

and best selling author. He talks about the pursuit of wealth versus riches. Have you ever felt the pressure that you need to own a home? Scott bust this myth, and I can't wait for you to hear his answer. What does being rich even look like? Scott talks about what does it mean to have a passive income that can exceed your expenses? Here's the truth. Everyone worries about financial stability, even high paid professionals, no matter your age.

If you're someone wanting a life of true wealth, listen to this.

Two example, So I have a buddy who runs M and A for a bulge bracket investment bank, makes between three and ten million dollars a year, dependent upon the market because it's all current incompany, pays fifty percent taxes between his ex wife, his home in the Hamptons, and his master the universe lifestyle that he feels he deserves. He hasn't saved a lot of money, and he spends most of it. And I know that firsthand. He has a lot of sleepless nights wondering what happens if the

music stops. He is not wealthy. My father, who is ninety four between his pension from the Royal Navy Social Security and he owns six washer dryer machines and trailer parks where he goes and collects the money with his walker. He makes fifty two thousand dollars a year he spends forty eight, so he is saving money despite the fact that he's not working. So his passive income is greater than his burn. He is wealthy. So you want to

put yourself on a track to being wealthy. You want to say, realistically, I can control how much I spend. I just I've been coaching this couple living in San Jose and they're in their late fifties. I talk a lot about young people, and they say, Scott, we're in our late fifties.

that economic pressure away and sell your house here. I think your kids would love to come busit you in Costa Rica. So the question is put yourself on a path using basic math and what you really think you're going to need in terms of passive income, such at at some point. Ideally it's by the time you're forty. It's usually not, but it needs to be by the time you're sixty five or seventy, because that release of economic anxiety freeze you up to focus on what is

really important, and that is deep and meaningful relationships. So the reason why I am so much happier over the last ten years than I was kind of the first forty five years of my life is that economic stress was always there for me. I was raised by a single immigrant mother who lived and die of secretary. I felt like there was a ghost following us around telling

us we weren't worthy because we didn't have money. Between college student loans, the bomb crashed and the Great financial Recession, I just never had enough money to have passive income such that I was done and a lot of people never get there. I got lucky. I sold my last company about ten years ago for a lot of money. Now, unless I really screw up again, which I've done a

couple times, I can focus on my relationships. The resting blood pressure of a child in a low income home is higher than the restling to solid blood pressure of a kid in a middle or upbrin come home. I think the majority of divorces are not a function of infidelity or a lack of shared values. It's those things. One or more of those things might happen, and then again the incendiary on it is financial stress. Two thirds

plus of divorce filings are from women. And we don't like to say this because we like to assume all men are predators and all women are virtuous. But when a man is under financial stress, the reality is he becomes less attractive as a mate, and that can lead to real stress in the relationship. So what you want to pursue if you're not pursuing a home, you want to put yourself on a path. You want to get

alignment with a partner. You want to tracker spending, and put yourself on a path to some level of economic security of wealth by say the time you're sixty five, and if you're young and you're killing it instead of buying a bigger flat screen or a bigger TV, or maybe a bigger house, Well what if I started saving ten, fifteen, twenty thirty percent of my salary and I got wealth by the time I'm forty or forty five. Because to be in America, young and healthy and have passive income

that's greater than you're burn. You're just going to have a wonderful life. So it's not acquiring anything, it's getting to a point of economic security or wealth. And that's a function of two things. How much money you make, such as you can save ke to wealth is not how much you make, it's how much you save. And also the thing you can control is your burn. You know, I have a friend who ran a hedge fund. It

closed down. He makes good money, but not great money living in Tribeca with three kids, needed a million bucks a year to live that life. Moved to Portugal lives an amazing life with a beautiful home, great food, childcare, great education on four hundred grand a year. I mean, these these are problems of privilege, but that has taken the world of stress off his shoulders. He now needs to make a very good living, not an out rageous living. So but surround yourself with smart people who can help

you make these decisions. But wealth is passive income that's greater than your burn.

kind of go blank faced. We want to reach for a stress ball. We kind of you can just sense that it's uncomfortable to talk about it because we're almost reminded of all the bills stacking up and all of our expenses and we spend too much on TikTok shop this week, and you know, the reality hits and we kind of don't want to talk about it. Don't bring it up. How do we get out of that stressful wiring?

And you talked about it even there with your background, Like I grew up in a family where we didn't have the healthiest relationship with money because we never had enough or we always had just enough and that was good enough, and that was always like you know, you're just looking at your back balance sitting at zero all the time, Like, how do we rewire our relationship with money because most of us have a stressful relationship with money.

rate on his credit card. So young people needs a certain level of financial literacy. Also, I encourage him to talk about money with their friends. It's especially hard for men. Women are disproportionately evaluated based on their aesthetics. Men are disproportionally evaluated based on their economic vitality.

You're supposed to be accidentally rich. I'm so, I'm such a baller and I'm so great at what I do that I just accidentally slipped and fell on a ton of money. No, it's work. You got to think about it, You got to talk about it. So I encourage people to talk to their friends and if you're comfortable, this is how much money I'm making, this, how much I'm saving? This is you know, taxation is really important. Well what if I moved to Florida? How much money would I save?

You know, what if I buy a house? Now I hear there's something called ten thirty one exchange where I can roll into my next.

about evolutionary anthropology. If you want to be good at money, put down the facade and start talking to people about their investments, how much money they make, what they do with their money, how they save money, what they do to try and limit their spending. I talk about stoicism. See if you can find a practice where you get reward or a dopa hit from exercise or relationships. Gamify

saving money. My junior year at UCLA, I was in a fraternity with mostly wealthy Jewish kids from the valley, and there were five or six of us out of one hundred and twenty guys, and everybody in who we were. We didn't have any money. We're always laying on our house bills. Everyone knew, oh, those are the poor kids, right. And one summer we all lived in the same apartment building and we gamified saving money, and we had a whiteboard and we literally made a game out of it.

In the summer of nineteen eighty five, I survived for twelve weeks on seventy eight bucks a week including rent, because if I didn't save three thousand bucks by the fall, I wasn't going back for my senior year in college because I didn't have wealthy parents. And if you can

gamify saving money with a partner, especially a romantic partner, that you can be totally transparent with God, that's powerful. We're building something. We're gonna save a ton of money. Can we save five or seven thousand bucks this year together? And it's gonna be eight thousand next year, and then it's gonna be nine and with compounding in five or six years, which will go really fast. We have sixty eighty one hundred grand And having kids is I think

the most rewarding thing it has been for me. I didn't plan to have kids, but it was having kids with someone else and raising what feel like pretty good citizens. But a close second was building economic security with someone else. We had total alignment. Right, we're gonna save, We were transparent around our expenses. We were generous with each other.

Oh no, you should do that. There's a very unhealthy dynamic sometimes in relationships, and this is sexist, but I found it to be true where the dude uses money to control his spouse, and the spouse turns it into a game of how much money she can spend without him knowing. And fortunately that's getting flipped a little bit, or it's equalizing because women are doing so well. Women under the age of thirty are making more money, and urban centers more single women own homes, but they're still

in my generation. This very weird dynamic between the sexes and money. But going back to your original question, talk about it, understand it. If you want to be good at it, you got to get literate at it, and you want to bring it up with your friends and you can start learning. I spend four hours a week probably talking to other people about my economic well being, what tag loop holes there are where I should be investing.

I have a lot of real estate when interest rates come down, At what point do interest rates get low enough where I should be pulling a second out and putting it in the market, knowing if I have a ten year mortgage, over ten years the market usually up about seven to nine percent a year. Does that make sense right? Think about it all the time. You're the average of your five friends. You've seen that study body mass, politics,

sports teams. But what's more interesting is one of those five people will be more economically secure, much more economically secure than the other four, despite not making a lot more money. You want to know those behaviors and those characteristics, and you want to model that person. But this is something we all need to be more open about. It doesn't make you less of a man. You're not supposed to have a lot of money when you're young. Everybody

screws up. I've been broke twice in my forties. I was broke and that was really I was too ashamed to admit that to anybody else. It was like, well, you're supposed to be smart and great at what you do, right, So I think being a little bit more vulnerable, being open about it and getting tips and you know, kind kind of rules of the road from other people talk about it.

always guarantee financial success. Practical transferable skills can matter more. Companies increasingly value practical skills over traditional degrees, and Cody talks about how to turn those into real world value so that you're not chasing your passions that may not pay off. I can't wait for you to listen to this clip to recognize how to turn your skills into profit. So I'd meet a lot of young people who sadly

have spent so much money on their degree, are really smart academically, but then that skill doesn't translate into knowing how to make the company more money, knowing how to lead people really well, knowing how to build function systems, processes, and therefore it's like, well, wait a minute, I just studied all these years, but it doesn't translate.

bypass that. You know, Google doesn't mandate that you have a college degree if you're going into an engineering degree, actually, and I think that should be really liberating for us it's basically breaking down this barrier that's a six figure barrier that allowed for the few, the elites to stare step over everybody else. And now it's actually saying how bad you want it, and don't tell me what you learned, show me what you can do, or even better, show

me what you did. And so I think the resume of the future is actually if somebody came to you, Jay and they were like, I just graduated from Wharton, I am very smart. You know, I also did my undergraduate degree at Harvard. I now want to come work for you. You'd be like, what do you know how to do? Do you know how to market? Do you know how to grow a beverage company? Do you know how to increase our investment return?

something better and bigger. The problem that people usually have on the internet when I throw out the word work for free, these young people are like, remember that part where you told us that we were broken and we

don't have any money. So I'm not trying to dismiss that at all, but I do think we have to be honest about the fact that when we're young, you're gonna have to work harder than you think, longer than you think, doing stuff you don't like with people you probably don't like, until eventually you get the right to do something really interesting. But like, you don't die in your first job from it being really hard and challenging.

You die from the absolute monotony and the low level tasks you have to do for basically pennies on the dollar.

thirty years old. Yeah, they've all thirty to thirty five, they work ten fifteen years after graduating, they've been at the same company. Maybe they've moved once. Yeah, I was actually talking to someone like this yesterday. She's been at this one company for six years. It's a great company, great on her resume, but she's like, I don't really want to be here. I don't think this is where I see my future. But I'm so scared of quitting. I don't know how to invest. I probably didn't save

that much anywhere. Now I feel bad about it. I'm probably feeling a bit of shame and guilt that I didn't save that much over the last ten year.

can be the solution to their problem. And because you understand what I call deal making, which is really the language of money, you can negotiate an ability for you to own part of a thing in order for you to have one of three outcomes. If she can figure out if she can help a business grow its revenue make more money, if she can help a business cut its costs, or if she can help decrease the pin of a business owner. You can negotiate your way into

a business and have equity in it and upside. And I wish somebody had taught me that earlier, because this is what consultants do, this is what private equity firms do, this is what some of the largest institutions in the world do. I call it expertise to equity. But if I was her, I'd say, don't go find another job. And if you don't have a brilliant idea that you're like, I would die for the want of creating this thing in the world. If you have that, please go do it.

But if you're like, I don't have that. I just want to make money and I want to feel respected, and I want to feel like my skills fit somewhere and I'm able to have an outsized income. If that's you, then I think you should try to value your skill set. Then you should try to negotiate for an upside deal with somebody, and you should try your hand at this game called ownership, which is where you say, hey, small business, I know how to market. Can I help you market

at the side while I'm working on this company? And because I help you grow your revenue by fifty percent, could I keep ten percent of the fifty percent I grow? A small business owner would say yes to that. Of course they would, because there's no downside. And I think more often than not, we think that the only risk you can take and making money in business is putting your own cash down. That's a risk, or starting a

business aka dedicating your life to something. The last part I'll get a little statistic on us is ninety percent of startups fail inside any rolling ten year period. We know that statistic. Most startups make zero dollars for the first three years. After that, the average entrepreneur makes about forty six thousand dollars a year, which is great, but

not when you've been making zero for three years. And then on top of that, we've got this nation of people who have all these bills to pay, and they are betting on hopes and dreams as opposed to realities. And so my commentary is, can you figure out how to value your skills so you can negotiate a little bit more upside for that day where you can't work anymore.

Lewis Howse, and he talks about the mindset of abundance. He talks about how a scarcity mindset can limit financial growth, while an abundance mindset opens doors to wealth. If you've grown up with limited resources, it may have shaped how you view money. He talks about the importance of practicing gratitude with money, no matter how little or how much you have, And we get to talking about both of us rewiring our relationship with money so that you can

actually attract more abundance. If me and you went back

to a place in our life where we really didn't have money, yes, and you think about someone who's in that position, who's listening to us right now, and in their head, they're thinking, but how do I become abundant when I don't have well? Like my natural thing is like I'm just struggling to pay my next bill, and me and you have both been in those situations. I remember when I was growing up. I grew up in

a house where we had just enough. Like that was the language my parents use, we have just enough, And my parents would often argue about money. I remember I wasn't allowed to buy cool shoes and stuff I'd have like the knockoff, cheapest brand from whatever, which was. I actually didn't have an issue with that. I didn't have an issue with any of it because we had food and that was my normality. But it's really interesting because

the amount of times growing up. I started working when I was fourteen, and I think that gave me a really interesting sense of how hard it was to make money.

like you're a fourteen year old. Then I worked in retail. I stacked shelves at a grocery store. I worked at a store called Morrison's, which is like working at Walmart. And there, I remember, I got paid like five pounds an hour, and then you get like time and a

half if you work the weekends in the evenings. All of this to say that I probably spent my whole life only seeing zero in my bank account because everything that would come in would pay for my phone bill, my car insurance that I paid for whatever it was that I was taking care of. So I wasn't relying on my parents apart from I lived in their home obviously, but I always felt like money came in, money went out and my story around money was people who have money are doing something bad.

advantage whatever. So everything you're saying is so true because then when I got to a point in my life where I was just trying to do good and I had something like one hundred and fifty two hundred million views on content and you have no money, I was four months away from being I met you around this time this time, yes, And it was really interesting to me because that was the time that I was actually doing this work, which is why this book so powerful,

because I realized that I couldn't even with one hundred and fifty two hundred million views. It wasn't that that made money because my story and my personality style was anxious. I felt like it was wrong to make money. Like, that's actually what it was. I felt like making money was bad. And so until I got to that, did.

start to rewrite that story now that we're aware.

You're going to stay in scarcity, and you're going to see opportunities that only give you just enough as opposed to opportunities that could create incredible wealth for yourself financially but also an emotional wealth that you've never had before. So that's one of the things you want to understand it's first that your beliefs dictate your behaviors.

So I think a lot of people are struggling with that mindset.

my energy. I'm going to hold my time, my knowledge and only keep it to me so that others don't

have good ideas or have my health. And from all the different billionaires and millionaires and financial leaders in the world that I've interviewed, I know you've interviewed a lot of them, there is a question I would always ask individuals who've made incredible amounts of money and that keeps helping them create more wealth year after year, and they all say the same thing, those who have had a sustainably good heart in the process, is that you have

to have a generous mindset. So the mindset habit is the first thing that you have to think about when creating abundance with your money, but also feeling abundant internally, and it's coming with generosity. So if you feel like you're stuck right now, if you feel like you have nothing, this was what you were at eight years ago when I met you. This is where I I was at fifteen years ago when I was on my sister's couch. I had no money, I was in student loan debt.

I was sleeping on her couch. I didn't think I had any skills. I didn't have a college degree yet. I was like, how am I going to make money if I don't know how to make money and I don't have any talent or skill and I'm in debt. It didn't understand it. It felt impossible. And the thing that I shifted when I started meeting money mentors is I needed to learn the first habit, which is the mindset habit, which is a habit of generosity and gratitude.

can just ask people questions. And never did I think million years that I could have a twelve year old podcast just asking questions and make millions of dollars a year. I never thought that was possible. I was in my early twenties and I was like, you know what, I've got a lot of energy. I've got a lot of passion. So let me bring passion and energy to other people

and excitement. And that energy was infectious, and there's a currency that's tied to that energy of passion, joy, excitement, curiosity. That currency may not look like money, but for those who are older, who have no more passion, they're burnt out, they're exhausted. It is the highest form of currency. They want that. They crave that energy. They've burned themselves out for decades. They want to feel young again, they want to feel curious again, they want to feel excited again.

And when you come to someone with that energy, you are bringing a different mindset. So the mindset of curiosity, joy, passion, presence like just connecting with someone and asking them a question is such a valuable currency. So we have to look into these untapped skills talents inside of us that are hidden to others, but inside of us they can create magic.

on the middle of Times Square on a billboard. So now I could reach out to people I look it up to.

from it. But it created an opportunity for me to connect with friends, to connect with people that were doing incredible things. Yes, and of course allowed me to showcase my talents so that then I could show it to other people. I remember I had Ryan Harwood on the show, who founded Pure Wow and he just sold it to Gary Vee. That's how I met Gary. So Ryan came on my show and he was just like, Jay, I love you. You're a great interviewer, Like you have such

great energy. He really liked my passion and he said, you got to come meet Gary and I was like, no way, Like I love Gary, and so he took me to meet Gary for the first time. We had a meeting in his office, and that's how I built my relationship with him.

right away. You didn't make money by having me on the show right away, but we became friends.

like you have an abundant life. If you're stressed, if you're overwhelmed, if you're anxious, if you're constantly in drama, that is not abundance. A high net worth does not

mean you are free. And the goal is for us to feel free every moment of our lives as often as possible and allow money to be a tool to create incredible opportunities memories, moments where you can be generous with it with the people you care about, the cause you care about, the institutions you care about, to serve more people and feel good about doing it, not feel bad about doing it. And that's part of this process. Most people, when they lack money, they want to take

from others. They want someone to help them, and you need to flip it on its head and say, how can I help others even when I have nothing? That is the time to be more generous and more gratitude and say thank you for this opportunity, even if you have to just lie to yourself for a moment and say I'm stuck, I'm on my sister's couch, i have no money, I'm four months and four months I'm going to be out of an apartment and I don't know

where the money is coming. Just say thank you God, thank you your nervous for this opportunity to learn, this opportunity to grow, because I'll never be here again.

It doesn't feel good, But in order to get out of it, it's not feeling worse about it.

of me at the same time. And one of the practices or these social experiments or exercises similar to you that Ken has is that whenever money comes to him, whether it's a check, whether it's a Venmo payment, whatever might be, he just says thank you to that money. He looks at that number, if it's a penny, if it's a million dollars, if it's your normal check you get coming in the mail every two weeks. He looks at it and says thank you, and literally opens his

heart and loves that money that comes to him. He says, thank you. Where do you want to go? Do you want to go to my bank account? Do you want to go to my savings? Do you want to go to investments? Do you want to go towards paying off debt? Do you want me to give you away? And it might be a weird kind of like exercise, but I love this approach to just being mindful of money when it comes, say thank you. And then when you pay bills, when you pay off debt, say thank you as well.

Thank you for allowing me to pay off this debt. Thank you for paying myself on bill so I can call my friends and family that I love. Thank you for the ability to live a richer life. And when we start to approach money in that way, it doesn't mean money's going to fall from the sky and come to us abundantly, but we're going to start to feel more rich and abundant internally, which that energy is what will attract more opportunities. Those opportunities could lead to millions.

This hostess that came to you, she brought that thankful energy, that present energy, that loving, joyful, curious energy, and it created an abundance of opportunities and connection.

even after making millions. If you're someone who's been wanting to learn more about investing, this clip is for you.

build the equity by starting a company yourself or by building a home, or you can buy the equity. Now, how you do that, Well, you have to understand the wealth formula. The wealth formula that I come up that I've come up with is you take your income minus your expenses, and that equals your investments plus your savings. So if you take your income the amount of money that you make, and I you subtract all the things that you buy, your rent, your mortgage, your car payment,

your groceries, your gas. You take away all your expenses and if you have a margin, when I have extra cash. Now you can save all or some of this money. But if you don't save some of it, then that money can be put to work in your investments. These investments, like I've been hinting at, is what makes wealthy people wealthy, and it's what keep wealthy people wealthy. These investments can be in the stock market because anytime you buy a

share of any company. If you go out and buy a share of say Amazon, you become one of the owners of the Amazon Corporation. You get to share in the profits. If the Amazon valuation goes up, your stock price goes up. The second wave would be through real estate, not through your home, but through a real estate investment, buying a rental property that you're buying for the sole purpose of making money. This is something they can pay

you every week or every year, every month. Then it can be through your own business, or if you don't want to build your own business, you can invest in startups. It's much more accessible now. You can own physical gold, you can invest in cryptocurrency if that's something that you believe in. So there's a lot of different ways to build this equity, but this is where now you need to be putting your money to work to actually buy and own and build this equity.

about where that goes. Like, really take a moment to reflect in this episode while you're listening which part you want to work on, because I know right now some of you may be tempted to just turn this off and go I'm overwhelmed, I don't want to hear about this. I'm scared about my money already, I don't want to talk about it. But I'm hoping that this is creating space for you to really sit down, introspect and reflect

going into that. I think one of the biggest issues that people have when they hear this, and I know that I had a long time ago. When I first heard this was I don't have enough to do anything with. And so I remember when I started hearing about crypto specifically, like very early on, like I probably heard about it,

like maybe like thirteen years ago, probably the first time. Yeah, I was very early heard about cryptocurrencies, about twelve thirteen years ago, and I had just come out of the monastery, so I didn't have any money, like, I didn't have anything to invest, and probably in about a year I probably would have had like a thousand to invest. In my head, I go, that's not anything. What's that going to do? Right? And I think a lot of people have that mindset, are like I only have five hundred dollars.

I only have one thousand dollars? How can I do it that I might as well spend it on whatever it is, because oh I'm gonna save it because I need it for a rainy day. What does someone do when they have that mindset, when they're like I don't have enough? How do you approach that?

much the stock was trading for. Now it's much higher. But what I'm trying to get at is, you know, you can start with very little amount of money. I mean nowadays, with the new age of stock brokerages, if you have ten dollars, you can start buying this type of equity. You can start building this type of equity. But the key now is the consistency and how often like doing it all the time. Because when I say consistency, people say, oh, anytime I have one hundred dollars, Well, okay,

what you want to do. But consistency is make it automatic. Any time you get paid, take a portion of that money and automatically invest it. Now, the next question is probably where to up put this money? Do I just throw it into Tesla or Amazon? Well, if you're not willing to do that level of research where you don't want to try to find the best companies. You don't want to invest in real estate, you don't want to get into the more you know, let's say, the more

advanced type of stuff. You want to just put your money to work. Well, the simplest thing you can do is look at something called an ETF, which is an exchange traded fund, which gives you exposure not to one company, but many companies, maybe hundreds of companies. For example, there's something called the S and P five hundred, which is a group of the five hundred biggest companies on the stock market, essentially the five hundred biggest companies in America.

You can invest in the S and P five hundred by investing in just one symbol. So you invest in this one thing, and you're getting exposure to five hundred different companies. Now you don't have to worry about what each of these five hundred companies are doing. You're just investing, essentially in America the future of the American economy. If that's something you believe in, well, now every time you get paid, put in one hundred dollars and now you

just do this for the long term. Whether the market is up or down does not matter. It should not change the strategy to just keep passively investing your money, make it automatic, make it passive that way, don't have to even worry about it. And now you just keep building it up because now it's the whole idea of compounding. You don't want to just throw your money in at once. You want to put a little bit of money and let they grow. Put more money and let they grow.

Put more money in and let that grow. I've made a couple of videos where I talked about two people. One was the janitor, one worked in a school. Both of them made very little income, yet both of them retired very wealthy. And the reason, and I'm talking about in the millions of dollars, and the reason why they've been able to retire with a million dollars plus was because it took a little bit of money every time

they got and they just invested that money. It did not matter you know what else was going on in the world. They always paid themselves first, They always invested in assets before they started going out and buying things that made them look rich. Every single time. And when you put that little bit of money to work, whether you're starting with twenty five dollars or two hundred and fifty dollars or one thousand dollars. When you put that money to work and you do that consistently over time,

you can build real wealth. I mean, if you look at a compound calculator, a few hundred dollars a month compounded from the age of twenty one to sixty five, getting an average rate of return. I mean, we're talking about millions, but it just starts with making a small investment first, and being consistent with it and always being willing to learn.

like it's like by on it now. And I think there's this mindset, especially what you keep saying about how the lifestyle has been portrayed, that we almost feel like people just change their lives overnight and that they all of a sudden have like a portfolio of rental properties, or they all of a sudden have the nice house or the nice car, or whatever it may be, And all of a sudden, we're wondering, well, how does it

happen that quick for me? And then we get stuck in a get rich quick scheme, or we get stuck in like some quick win.

invest it. Then you were able to buy this eight thousand condo, which obviously has had great you know growth, I'm sure, but there was a lot that took to get to that. Whereas the thing right now people are like, oh, well, I'd rather spene one hundred time on this.

who can guide you through it. Maybe you can shorten it, but I didn't have that. So for me, it took me a solid decade to figure it out. To go from business idea to business idea, the business idea, to go through failure or failure, to get scammed after scammed, those things are what teach you. And when you're going through it, it sucks. You don't realize that you're going through a lesson. You just feel like, dang, I just got screwed over.

I'm gonna put aside ten thousand dollars to save and invest, and then you start putting in money to work and you're like, oh my god, I love this. I want to do more, I want to get better results. So now you're like, well, I'm going to try to put a side thirty percent of my income thirty five percent of my income, and you keep trying to squeeze this

limited pie. But this is where now it's about building that growth mindset, and this is what wealthy people are able to do where they say, okay, sure, I can try to squeeze more pennies out of the pie, but the other thing that I could do is I'm going to try to grow the pie. How do I go

from forty thousand to four hundred thousand dollars? And you know, you might hear that thinking, how in the world am I going to go from forty to four one hundred, Like it just sounds impossible, and so far away, and at that point, yeah, it might seem the way, but the first step, like you said, it's that mindset. That's why I call minority mindset minority mindset, because all success

starts with your mindset. You have to be wealthy here before you can be wealthy in your bank account, and you have to understand how your mindset plays a part in it. Because now, if you tell yourself you can't do it, you can't. But if you tell yourself you can, then the next thing you're gonna do is you're going to say, how do I go from forty to fifty,

fifty to one hundred. You're gonna start watching YouTube videos, You're going to start putting in work, and as you start to make more money, now you're going to be able to answer that question of what do I want to do with this money? Do I want to go out and buy a new Beamer or do I want to go out and invest in my business? Do I want to go out and buy a rental property? Do you want to go out and invest in stocks? Do I want to go out and invest in a startup?

And now you can make these decisions because you have

that financial education and this is why. You know, anytime I talk about the hows of you know, things that I say you should do to become wealthy, I always talk about how you invest and grow your money last, because if you don't know how to save the money, if you don't know how to invest them money, earning more money doesn't do you any good un tel you know how to do that, because now earning more money has the most impact because now you know how to put that money to work.

California for a long time. They said it's been sitting there, and people say that you should take these junk cars and put them in storage. And I was like, well, for your information, it's not a junk car. That is my car that I take too and from work every single day, doesn't have a bumper on it, but it works. And they were like, well, you have to put it higher, further than the driveway so people don't see it. And I was just like, oh my god, you don't get it,

like you know. And it's not that I can't go out and buy another car. The way I look at it is, well, if I want to go out and buy one hundred and fifty thousand dollars car, which I can, I can go out and take this cash and buy a car, or I can take this one hundred and fifty thousand dollars and put it back either into real estate or into stocks, or into my business because that's something that I've been investing heavily in now.

over instant gratification. And number three, share this with someone who wants to build lasting wealth, because financial freedom is the foundation of true independence, and when you share these tips abundantly, you'll be surrounded by more people having positive, healthy money conversations. If you love this episode, you will also love my interview with Charles Douhig on how to hack your brain, change any habit effortlessly, and the secret to making better decisions.