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

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How many of you would like to make more money this year?

I'm guessing the answer is yes.

All of us need to make more money to take care of the people we love, to build the dreams and to build our life.

But what happens when we're told to chase wealth, but never taught the rules of money?

Nearly half of the adults in the United States grade their financial knowledge a C or worse.

Yet social media pushes get rich quick.

True freedom isn't about hacks.

It's about discipline, risk, and understanding money.

The number one health and wellness podcast.

Jay Shetty.

The one, the only Jay Shetty.

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 starts with having something to save.

Reclaiming just eight to 10 hours a week from distractions like TikTok or gaming could shift your financial future.

And discipline, it comes most easily from automation.

Only 17% of Americans use automatic deposits or transfers to build savings.

Yet it's the most reliable way to grow wealth without relying on willpower.

What I love about Scott's message is that he doesn't frame money as an overnight breakthrough.

He frames it as an ongoing practice.

Here are the key takeaways.

Start small, automate it, let time do the compounding.

And remember your early years are for workshopping.

Don't expect perfection, expect to keep showing up, because it's not intensity but consistency that builds true financial freedom.

I was talking to my team about this before you came, because I love getting into everyone's heads about what's everyone worried about.

What's everyone struggling with?

What are we thinking about?

And one of the big things that came up was, I don't know how to save.

Like, a lot of young people say this to me today.

Like, I don't even know what saving means anymore.

They've not been trained in it.

Their education system let them down.

Maybe their parents keep saying, save, save, save, save, save, but their consumption is high.

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

Well, the first thing, you have to have something to save.

There's just no getting around it.

You've got to be able to make money.

And the best way to make a lot of money is by starting and making a little bit of money.

I coach a lot of young men.

And typically what I do on the first meeting is 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, you know, I'm not easily offended here.

And we're going to find eight to 10 hours a week out of your phone.

And it's ridiculously easy with young men to find eight or 10 hours in their phone between Robin Hood Twitter.

What have you?

And we reinvest it.

And the first thing is we got to figure out, okay, for me, it's physical fitness right away.

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 outrun them.

I think that should be your goal.

I think it's instinctual.

I think it'll make you feel strong.

I think it'll make you feel kinder.

The people who break up fights at bars are usually big, strong men.

The second thing, you have to start making some money.

I don't care if it's flipping on your smartphone to be a Lyft driver or a TaskRabbit going to CVS and stocking shelves.

Even just a little bit of money gives you a taste for the flesh of money and gets you thinking about different ways to make money.

And capital in a capitalist society is intoxicating.

So we have to figure out a way to start making some money.

Once we start making some money and we have a salary and we work at an organization, 98 of people will spend everything that comes through their hands right.

You live in a society where there are the most impressive people and the most impressive technology ever in the history of our planet have one mission, and that's to figure out a way to present you with the ultimate offer at exactly the right time.

Oh, heading to Cabo for a girls' weekend?

Wouldn't you like to upgrade from economy to economy comfort?

Oh, only two of these rooms left.

How about upgrade now to the special spa package?

Oh, you just bought a pair of on running shoes.

What about these 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 forced savings.

So everything from like the Acorns app that rounds up and puts the money automatically into a low-cost index fund.

Find out what government programs there are in your nation.

That where, if you sign up, the money is taken out of your check.

Maybe it's matched by the government.

Maybe it's matched by your employer, 401k, IRA, Roth.

First thing you do, find someone smart at your company, talk to your tax advisor, go on AI and say what forced savings mechanisms our most tax advantage that I can participate in at an early age.

Because you really just need to take somewhere between, call it, 3 and 5 of your income if you start when you're in your 20s.

And in the UK, they round up from 4,000 pounds a year to 5,000.

There are tax-deferred programs here such that you don't get clipped 20%, 30%, 40% each year.

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 1000 2000, 5000 a year into one of these programs, I'm 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 rabbit or whatever it might be.

I'm going to take 2 or 3 of it and find a program such that it never gets into my hands and goes into a low-cost diversified index fund.

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 12 months, I'm going to save $12,000.

And it's like, we've never even saved $500.

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 workday and we'd love to just switch on a show or doom scroll on TikTok.

And so there is more time that could be engaged in creating other revenue streams, et cetera.

But what is really blocking us from doing that?

I think everyone knows they have time.

They know they 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 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 12 and 18 months behind young women.

So in many ways, a senior in high school, a woman who's applying to college and a young man who's applying to college.

Senior in high school.

The woman is competing against a 16 and a half year old.

And as a result, fewer and fewer men are going to college.

And we're in an economy where 40 years ago, one in three jobs needed a college degree.

Now it's two and three.

Women are correctly and justifiably, especially young women, blowing by 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, a disproportionate amount of young people working in my organization.

There's some very talented young men, but I would describe them kind of as dopey, almost a little boyish.

I have some young women in my firm who could be the junior senator from Pennsylvania.

Women are just maturing earlier.

So there's certain biological things that get in the way of men having executive function.

I also think that there's so much temptation.

I think there's a little bit of belief of kind of YOLO, you know, this is it, live for today.

I also think it's harder for them to save just because everything's so goddamn expensive.

It really is.

So it's discouraging for them.

It's like, okay, I'm working my ass off and I can barely pay for my... barely pay for my rent.

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

When I got out of business school, the average salary was 100 grand.

I went to a quote unquote elite business school, I went to the Haas School.

The average house in San Francisco costs $280,000, so 2.8 times the MBA salary.

Now the kids at Haas still in elite business school.

Incredible compensation average 200 grand right out of business school.

But the average home in San Francisco is 2.1 million.

Why?

Because as soon as you have a house, you become very concerned with traffic and you start showing up to local review meetings and making sure no new housing is built, which is great if you already own a home, going back to the rejectionist strategy.

But it's almost impossible now.

It's almost like saving for a home is out of my reach.

The travel industry has boomed.

And my thesis is that you have millions of young people who are going into their mating years and decided let's save for a house.

Let's save for a house.

Then pre-pandemic, a house is 290K.

Post-pandemic, it's 420.

Interest rates from 3% to 7%.

Average mortgage went from 1,100 to 2,200.

All of a sudden, the American dream has become a hallucination, a fantasy.

And I'm getting a backpack, and I'm going to do an Airbnb in Bangkok.

And travel stocks, hotel stocks, airline stocks 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.

It's hard work.

You work 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 got to work hard.

There's just no getting around it.

I don't care how talented you are.

Beyonce works her ass off.

I mean, people who want to be successful and influential have to work really hard.

And then what I would also say is that Forgive yourself.

My first job out of college was investment banking.

I hit the lottery.

Everyone was super impressed.

I hated it and I wasn't 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 me.

But my kind of success comes from my ability to endure rejection and move through it, to mourn and move on.

So if you're in your 20s and you're thinking, I'm not making a lot of money.

I'm having trouble having a nice life.

I'm not entirely sure what I want to do, then you are exactly where you should be.

Your 20s 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.

Think about, how do I get more certification?

And then, the moment you lock in on something that you're good at and could become great at, go all in on it.

And I come from the attitude, I'm assuming people want real economic security.

Some people say, Scott, I'm not like you.

I don't wanna live to work, I wanna work to live.

Fine, but have an honest conversation with yourself around what you need to make to have a reasonable life.

If you 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?

Do you want to move to the Inland Empire?

Do you want to move to somewhere in Oregon?

Fine, but have a sober conversation with yourself.

What are your expectations?

And realistically, what kind 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.

But that's because I had almost none in my 20s and 30s.

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 it existed in my 20s.

Because I'm like, I need to make money and I'm not exceptionally talented.

So the thing I can control is how hard I work.

And there's no getting around it.

It'll cost you some relationships.

It cost me my hair.

It cost me my first marriage.

And this sounds crass, but it was worth it.

Because now that I have kids, now that I'm older, I have a lot of balance.

So it's a sober conversation.

It's a kitchen cabinet.

It's forgiving yourself.

It's trying to find something you're good at.

It's a lot of things.

More than anything, more than anything, forgive yourself.

If things aren't working out in your 20s, boss, that's where you should be.

Very rarely do people come right out of college and go like this.

Yeah, so well said.

So much to unpack there, Scott.

And thank you for kind of giving us so many points to check with.

Jaspreet Singh breaks down the three habits that keep people broke.

He reminds us that saving alone won't make you wealthy.

If inflation outpaces your interest, your savings lose value every day.

That's why wealthy people don't just earn more, they own more.

Jaspreet's first real estate investment taught him that wealth isn't built by climbing the corporate ladder, but by owning a piece of it.

His challenge to all of us, learn how money moves, ask why, and focus on ownership over appearances.

If you could tell me what are the three habits that keep us in that poor or poverty mindset, as you said, and what are the healthy habits that bring us into the wealthy mindset.

Sure.

So the three, I think, biggest bad habits when it comes to money.

First, probably the most obvious I would say, is people following the two S's, where you're spending or saving all 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.

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

So if we start with number one, The two S's, save and spend.

Now 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.

Literally, and so people 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, about half of america has zero investments, and i'm talking about zero 401k, zero ira, zero stock market account, zero real estate investments, zero gold investments, nothing.

And then, out of the next half of Americans that have an investment, only half of those have an investment outside of their 401k or IRA.

So you have a very small percent about a quarter of America, working America that has any investments on their own.

When you go back to the saving and spending, we're in a spending culture.

America has a consumerism culture.

And I joke about this, but the way I like to say it is traditionally Indian people make a dollar to spend 20 cents.

American people make a dollar to spend $2.

Thanks to the help of credit.

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

You don't have it.

And what are you doing?

Well, you're spending all your money making everybody else around you rich, but you yourself.

You might look rich, but you're actually broke.

There's a reason why the owner and CEO of Louis Vuitton is the richest person in the world, versus the majority of people who wear Louis Vuitton are broke.

The people who are wearing Louis Vuitton are trying to look rich.

And how are you doing that?

Well, you're making the owner of Louis Vuitton rich by doing that.

And so this is where you got to understand there's nothing wrong with wearing designer stuff.

There's nothing wrong with having nice stuff.

There's nothing wrong with wanting nice things, but you have to be able to afford it first.

I used to guest teach in Detroit public schools.

And when I used to teach there, it's a rough school district.

I would talk to the kids about life.

You know motivation and entrepreneurship and money and success.

And one of the things that I would ask is how many of you have a job?

Almost all of them raised their hand, saying that they had a job.

My next follow-up question was how many of you have a bank account?

Nobody raised their hand.

So i asked you know what you do with your paycheck?

They said well, we get a physical check, then we go to the liquor store, we get it cashed.

The liquor store owner takes one to ten percent.

Then you buy pop candy, a bunch of junk on the way out, and by the time you're out of the store you've already given away half of your paycheck.

I call it a net zero thinking, where we think in terms of spending.

If I have $1,000, I can go out and buy this handbag, this nice thing.

If I have 10 grand, I can go on this nice vacation.

If I have 50 grand, I can go on and buy this nice car.

We think in terms of spending because we think if I have this money, how can I spend it?

Now, if you break away from that and now you start creating a buffer and you don't spend all of your money, the next problem is we save our money.

Because for me, the only financial education that I was given was, save your money.

Because if you're not spending it, now you are building up a big bank account.

And if you have a big bank account, you'll be wealthy.

But the reality is you will never be able to become wealthy through your savings.

Your savings will never make you wealthy.

And if you don't believe me, I'll give you just a mathematical term.

Your savings right now are growing by... essentially nothing, but let's just say 1%.

And I'm being very, very generous here.

If your savings grow by 1 and inflation is higher than 1 and we can see now, inflation is extremely high, but even before the 2020 pandemic, inflation was still higher than 1.

We were 2 or 3.

Inflation means that the value of your savings are dropping.

So if inflation is higher than your savings, that means that your savings are losing value each and every day.

Every day that you save your money in the bank, you are slowly becoming poorer, each and every day, and most of us never see it happen.

Now, this doesn't mean you shouldn't save any money.

This just means you have to understand how to save your money strategically, because wealthy people do not 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 the system, and this one was the most difficult one for me because, growing up, most of us, myself included, are always told that if you 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.

I know you've heard similar stories before.

That was all that I was told.

Since I was like a little baby, my parents would tell everybody Jaspreet 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 was assumed that, okay, if I got good grades, I'll get into a good medical school.

And if I do good in medical school, I'll be able to get a good job as a doctor.

And if I get a good job as a doctor, I'll be able to make more money.

I thought it was all just linearly correlated.

Your grades, your income, your grades, your success.

That was one of the reasons why, growing up, anything that was not medical or academic related it was completely discouraged.

And sometimes I think it's very difficult for someone to understand.

What does it mean?

That, like you know, your parents really wanted you to be a doctor because it wasn't like an option.

Like this was the only option.

And I think the best example that I can give of that was when I was in eighth grade I was like 12 years old my parents got me a tutor, not for the English class that I was on the verge of failing, not for the other stuff that I was studying for in eighth grade, but for the medical college admission test.

The test you take in college to get into medical school.

My parents got me a tutor for when I was in 12th grade.

We didn't spend money on a lot of things.

The only thing that parents were willing to spend money on were things related to academics to get me into medical school.

And so here I am in 12th grade.

I have an MCAT tutor coming to my house and he's like wait, This is the kid that I'm teaching about medical school to get him into medical school.

And that's how strict it was in my house.

So I was checking all the boxes.

I was doing good in school.

I was studying hard.

I was getting good grades.

But then along the way, I realized that something wasn't adding up.

When I was in high school, I was working at Indian weddings.

I was playing a drum called the tol.

And I got to meet a lot of the local Indian DJs that work at 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 get me into medical school.

I can't tell them.

So I would do this all on the side.

Even going to work at weddings.

I had to kind of keep it all secret and i was like okay, let's do it.

You know, it was fun for me.

So i was 16 years old and i started hosting these teen parties at a local restaurant that just opened up and they wanted some exposure.

So they let us do it there for free.

And it was fun.

But then i was like, you know, 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, I go to college.

I'm 17.

I don't know what to expect because my parents didn't go to university here.

And I think that everybody goes to college.

They spend their Friday nights in the chemistry lab.

They all 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 on all this stuff.

Like, I don't party.

I don't drink.

I never drank.

I didn't smoke.

So for me it was like a big shock and i was like this is weird, like this is not what i expected, but i still need something to do on friday nights.

So that entrepreneur side of my brain kicked in again.

It was like oh, let's bring this party business back to college, because that's all i knew.

So i was like okay, so i'm 17.

I started knocking on the doors of all the clubs venues bars restaurants, asking them if i can host party here.

And again, i'm not a party person, i don't drink, i don't smoke, but this was the only hustle that i knew and uh, you know, i just didn't know much else.

So eventually i found a club that would work with me and they didn't want to charge me anything.

They will let me work on a essentially a commission basis that they'll take a percentage of the revenue that i bring in, and i said okay, it doesn't cost me any money, because i don't have a lot of money.

I started hosting these parties, but i still knew that this was just a hobby, something i'm doing because i was bored on weekends.

Then i started studying to go into medical school, and this is where things really shifted, because i had some cash saved up in the bank, And now this is like the bottom of the 2008 crash, because I was in high school when the 2008 crash happened.

Around 2012 was when I was studying for the MCAT.

So real estate prices are at rock bottom and the markets are still really shaky.

And I'm starting to study for the MCAT and I am bored out of my mind trying to study for this because I just wasn't very passionate about it.

And so during my breaks I would read business books and I would go on the Yahoo Finance and I would study what's going on in the markets, just for fun.

And I kept hearing about how real estate is at rock bottom on the news.

And the business books that I read always said that wealthy people invested in real estate.

I had no idea what that meant.

I didn't know any real estate investors.

I didn't know what real estate investing was.

I didn't have investor people in my family, so I didn't know what that meant.

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.

I was like okay, now i just want to say, you know, i love my dad to death.

My parents this was just all they knew.

They didn't have that financial education.

But in the back of my mind, you know, i'm always like you know.

Okay, what can i do?

Maybe i don't got to tell my parents, i'll just do 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 8400.

That was the price of the condo.

That's wow.

And that same condo a few years prior had sold for 150 grand.

So the 2008 crash really decimated the real estate market in Michigan because Ford 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 $4,000 and it was in foreclosure.

The bank countered with 7,000.

And then I said, 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 bought the condo for eight thousand dollars, but a little bit of work into it.

It was in pretty good shape and i got it rented out for six hundred dollars a month.

Now i'm 19 years old And I had no idea what I was doing.

But all of a sudden, once I got it a little bit figured out, I was like wait, this condo is paying me every single month.

And I don't have to go and host a party.

I don't got to go to work.

I was working at Auntie Anne's Pretzels a little bit before that.

I was like, I don't got to flip pretzels.

I don't got to host this party.

I don't got to work at a wedding.

And it's paying me?

Something doesn't make sense.

How come I was never told about this?

I was doing good in school.

I thought I was smart.

I thought I knew what I was doing.

Turns out that there's a whole world of financial education that we're never taught.

So now the traditional system is go to school, study hard, get good grades, get a good job, climb the corporate ladder.

And now I'm starting to realize wait, there's a different system here 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 own investments, if you can own assets, you own things that are going to be paying you without you having to physically work.

And this is what wealthy people are working for.

Yet none of us are ever taught this.

None of us are ever taught in school, how do you manage money?

None of us are ever taught, how do you invest your money?

None of us are ever taught, how do you build wealth?

None of us are ever taught, how do you generate passive income?

Yet wealthy people are teaching their kids this And they're able to figure it out because they have that education.

But for the majority of us, we're not taught this unless you're willing to go out of your way.

Now, YouTube has made it a lot more accessible.

Thank God.

Yeah.

Before YouTube, you had to go out of your way to read books and take classes.

And and it's tough.

I mean, it's much harder to read a 300 page book than it is to watch a 10 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 you can do.

So the second habit that we talked 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 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 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 the why or the ins and outs.

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 our money is supposed to be a store of value, is supposed to keep its worth.

But now, because of the 2020 pandemic and the 2021 inflation and the 2022 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 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 the 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 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 2016.

And in that video on my Minority Mindset channel, The reason why I think it went viral was because I talked about this whole idea of when you save all your cash in the bank, you're becoming poorer each and every day, because back then inflation was between 2 and 3, while your bank was paying you half a percent.

So I said was, look, you're losing 2% to 3% of your cash's value every single day.

So you need to do something with this money because your money is losing value.

In 10 years, it's going to be worth less than it is today.

Well, I didn't expect this 2020 pandemic to happen.

I didn't expect all this craziness to happen.

But now here we are with inflation significantly higher than 2% to 3%.

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, 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, 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 wealthy people want is this thing called equity, and this is where you have a lot of benefits in america, because you can't do this in a lot of countries.

So 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 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 homeownership, 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 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 and 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 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 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 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 try to start a business.

And the majority of people should not try to operate a business.

Now, you might say, Jaspreet, 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 doing with your salary?

Hey, I'm Kelly, and some of you may know me as Laura Winslow.

And I'm Telma, also known as Aunt Rachel.

If those names ring a bell, then you probably are familiar with the show that we were both on back in the 90s called Family Matters.

Kelly and I have done a lot of things and played a lot of roles over the years, but both of us are just so proud to have been part of Family Matters.

Did you know that we were one of the longest running sitcoms with a black cast?

When we were making the show, there were so many moments filled with joy and laughter and cut up that I will never forget.

Oh, girl, you got that right.

The look that you all give me is so black.

All black people know about the look.

On each episode of Welcome to the Family, we'll share personal reflections about making the show.

Yeah, we'll even bring in part of the cast and some other special guests to join in the fun and spill some tea.

Listen to Welcome to the Family with Thelma and Kelly on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.

Hi, I'm Radhi Devlukia, and I am the host of A Really Good Cry podcast.

This week I am joined by Anna Runkle, also known as the Crappy Childhood Fairy, a creator, teacher and guide helping people heal from the lasting emotional wounds of unsafe or chaotic childhoods.

We talk about how the things we went through when we were younger can still show up in our adult lives, in our relationships, our reactions, even in the way we feel in our own bodies.

And Anna opens up about her own story what helped her notice the patterns she was stuck in and how she slowly started teaching her body that it is safe now.

So when I got attacked, it was very random.

Four guys jumped out of a car and just started beating me and my friend.

And they broke my jaw and my teeth.

I was unconscious.

Then I woke up and I screamed.

And I screamed because, even though I didn't know who I was or where I was, something in me was just like hold on, wait.

They could kill me, and I'm not going to let that happen.

I'm not going to let that happen.

I'm going to get through this.

And I did.

Listen to A Really Good Cry on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.

Hi, I'm Dani Shapiro, host of the hit podcast Family Secrets.

We were in the car like a Rolling Stone came on and he said there's a line in there about your mother.

And I said, what?

What I would do if I didn't feel like I was being accepted is choose an identity that other people can't have.

I knew something had happened to me in the middle of the night, but I couldn't hold on to what had happened.

These are just a few of the moving and important stories I'll be holding space for on my upcoming 13th season of Family Secrets.

Whether you've been on this journey with me from season one or just joining the Family Secrets family, we're so happy to have you with us.

I'll dive deep into the incredible power of secrets, the ones that shape our identities, test our relationships and ultimately, reveal who we truly are.

Listen to Family Secrets on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

Ever catch yourself thinking what if I could go after what I actually want and really make a difference?

You're not alone, and that's exactly why I want to tell you about Walden University.

For over 50 years, Walden has helped working adults like you get the W with the knowledge and skills to build the future you want and make a difference where it matters most.

If you've been waiting for the right moment, this is it.

Head to waldenu.edu and take that first step.

Walden University.

Set a course for change.

Certified to operate by Shev.

Cody Sanchez exposes a dangerous illusion.

People looking wealthy while secretly two thirds of Americans live paycheck to paycheck.

Our feeds show luxury, but the reality is struggle.

Most people don't fail or fall behind because their intentions are bad.

They fail because they avoid risk.

As Cody explains, our 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, your resilience.

The roadmap is clear.

Invest in you.

Start simple with diversified index funds, move into private investments when you're ready, and then build or buy a business of your own.

Through it all, remember to not chase Instagram wealth.

The real flex is peace of mind, freedom of time and knowing your money is working for you instead of the other way around.

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 a great book actually called, have you read How to Make a Few Billion Dollars?

No.

It's a good book.

It's by this guy, Brad Jacobs.

If you could 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 sort of make them play like a jazz musician?

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 could think about it like a quadrant.

You could have a low risk deal.

And you could also have a low reward deal.

That's actually most deals in life, right?

That's like stay in your same job, don't take risks, et cetera.

The problem is you're not 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 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 investing terms.

You want to 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.

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

And so we have people taking way less risk than we think.

And that means you'll never make as much money.

Isn't that crazy?

Yeah.

Let's talk about that in terms of investing.

If someone's thinking that, because 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 a thousand dollars to start thinking about investing, maybe they've got a bit more.

Maybe they've been saving up and they're thinking that home that they want to buy is a long long long long, long way away.

But they got a little bit.

Where should they invest?

If you have only a little bit of cash, the best returning asset class of all time is going to be you put the money into you learning first before you go to invest.

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.

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 SP.

Now, after that next amount, I believe, because I'm old school, I started at Vanguard, I believe if you're reasonable, you'll probably agree with me.

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 industry with their technology?

No.

So that's why I always go for low-cost products, low movement, so they don't trade a lot.

Index funds.

I worked at Vanguard.

They have the best cost structure.

So I throw things in the S&P 500 in a diversified portfolio at a company.

How does someone do that?

Someone who's totally new to this.

You go to Vanguard.com.

You have no fees on their trading platform.

In my opinion, avoid anything where you're buying individual stocks when you don't know, unless you're doing it purely for learning and you're okay with losing everything.

And you go to Vanguard.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 how much risk you want to take.

So they'll have a 60-40 portfolio, which is like 60 stocks and 40 bonds, if you're our age, for instance.

If somebody's a little younger, they'll go 80-20, because you should take more risk with stocks when you're young.

So you can literally in one click get a diversified portfolio, and then you can add to it.

You could also use like a wealth front for that.

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

That means that you would never want to have all your eggs in one basket in 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, there's these charts you can see in finance where it kind of looks like a grid.

And on it are all of these different colors.

And what do all the colors represent that have no pattern to it?

Every single year looks different.

They represent every asset class you could invest in, from bonds to stocks, to Chilean stocks, to short-term money markets.

And what you see over time is in every single market, everything moves.

And so what you want to have is a portfolio that over time averages somewhere around 10%.

That's the average cost of inflation.

How your money really if you don't invest it?

Every single year that you don't invest, you lose money.

Say you took a $100 bill right here and I had it right in front of me.

And I looked at that bill since the beginning of the Federal Reserve, which is the government institute that mandates or manages all of our currency in the US.

So if I go all the way back to the 70s, and I look at it today, what do I see?

I see that that $100 bill, if I just held it from then to now, is worth about 25 bucks.

It's not worth 100 anymore.

Why?

Because of inflation.

And so if we don't invest our money and we stick it under our mattress, then sadly, the government eats away at it every single year.

Both sides politically agnostic.

And so we got to make sure that we put our money somewhere.

That's why the stock market over time is usually what most people do.

Okay, makes a lot of sense.

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

Okay, so stocks and bonds 101.

I think about stocks like a ability for you to have future upside of a company.

So you are betting in a way on a company.

You're saying today, the price of Amazon is $10.

I think in the future, the price of Amazon will be $15.

I want to go for that ride.

It's called upside return.

With a bond, what are you doing instead?

You're saying, I actually want income.

It's like a certificate.

If I give you a hundred bucks, I promise you over the next five years I'm going to give you 120 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 used to be like that.

So you're clipping the coupon.

And the reason we want both of those is because again, you want, when the stock market crashes, You want your bond to still be clipping those coupons, baby.

It's 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.

Is there a stage three?

So we did stage one is you, stage two is S&P.

What's a stage three?

Stage three is private.

So if you're a real pro and you want to go for 303 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 mean investing in direct and real estate, or investing in commodities which would be like timber right.

You could bet on timber prices.

That might be like equity and options.

I think this generation got a little crazy because they were the first generation to gamify stock market investing and make it seem fun as opposed to serious.

And they were the first generation that got easy access to things like options and warrants.

And 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.

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.

That's so great.

I love that step-by-step because I feel for so many people.

It just feels like this unorganized, messy wild wild west.

And now it's like, wait a minute, stage one, stage two, stage three, stage four, I love those.

Going back to stage two of the SP, What percentage of someone's income should they be looking to put into the SP?

There's lots of rules around this, but I believe in you pay yourself first.

And by you pay yourself first.

What I mean is you think about your investments just like you would a need, not a want.

So every single month, I believe in automatic investing.

I've done it my entire career.

Vanguard taught me that.

You get really lucky in finance.

They teach you how to invest so that it becomes a habit, not a possibility.

You don't wake up unless you're gross and not brush your teeth, right?

You just brush your teeth 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 10% of the money that you make go into investing.

There's lots of different rules.

People could play it either way, but I think pay yourself first, because otherwise you'll never pay yourself at all.

And give yourself at least 10% because we want to beat inflation every single year.

And if you do those two things, you are better than about 90% of people that don't do that.

10% off to tax.

That's just such a great goal for people.

And you start thinking about it and you go, oh, what am I spending dumb money on?

What do you see people wasting money on?

You know what the biggest thing is?

People waste money on looking rich instead of being rich.

And that is a cultural phenomenon that I think is eroding our wealth as society.

I mean, perfect example here.

Coachella.

We know, because we're on the inside, that the dirty secret of Coachella and everybody that you see on there, is that most influencers are one paid to go.

Two given free tickets.

Three flown out for free.

Four they actually have warehouses where you can pick out the clothes, 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 just desire what other people have.

That's how humans are.

They're not paying anything for a thing that costs thousands and thousands and thousands and thousands of dollars.

Well, the problem is that the average Coachella main ticket holder about 64 of them couldn't afford their ticket.

So they had to do buy now, pay later options this year.

Really?

They offered buy now, pay later.

And that is just for the ticket.

That's not for the clothes, and that's not for the food, and that's not for the drinks.

And so we are basically having credit card debt which 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 you don't see me flashing nice watches.

You don't see me having nice cars.

You don't see me posting about private planes.

Why?

That's not really necessary.

And all you are signaling is that that is what success is. that is not what success is.

Those are just accoutrements that could be fun if you're into it once you're rich.

But I promise you, I've met so many unhappy motherfuckers who have private jets.

Yeah.

No, and I really appreciate that you're saying that because I think for me, it was the same thing.

I never wanted.

I mean, when I started I didn't have anything to show, but I didn't want someone to follow me for what I had.

I wanted them to follow me for what I was saying and doing and living.

And that to me always felt like that means anyone could do it.

And as soon as it became, and also it was never about getting the thing even for me.

So if you make it about getting the thing, then the thing you do to get it, you don't love.

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 by-product.

They're wonderful, but they're never the goal.

They're never the destination.

They're never the thing that you wanted.

That's not what drove you there.

It's so true.

And they'll all be taken from you at varying points.

And so I think about it a little bit like beauty.

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 saggy tits and all the things, right?

And that's cool.

It doesn't matter.

And so if I can prepare now that maybe people listen because I might have something valuable to say, they don't still have something valuable to say when I'm 80, as long as I'm still with it.

And I think it's the same with stuff.

Somebody could take that from you, but they cannot take ever.

Nobody but God can take all the lessons that you've learned while running this business.

Nobody but God could take the relationships that you've built from this business.

But many things, including the market, could take everything that sits around us.

And so I try to remember that so that I never anchor to it.

Hey there, Dr. Jesse Mills here.

I'm the director of the men's clinic at UCLA Health.

And I want to tell you about my new podcast called The Mailroom.

And I'm Jordan, the show's producer.

And like a lot of guys, I haven't been to the doctor in many years.

I'll be asking the questions we probably should be asking, but aren't.

Because guys usually don't go to the doctor unless a piece of their face is hanging off or they've broken a bone.

Depends which bone.

Well, that's true.

Every week, we're breaking down the unique world of men's health, from testosterone and fitness to diets and fertility and things that happen in the bedroom.

You mean sleep?

Yeah, something like that, Jordan.

We'll talk science without the jargon and get you real answers to the stuff you actually wonder about.

It's going to be fun, whether you're 27, 97, or somewhere in between.

Men's Health is about more than six packs and supplements.

It's about energy, confidence, and connection.

We don't just want you to live longer.

We want you to live better.

So check out the mailroom, on the iHeartRadio app, Apple Podcasts or wherever you get your favorite shows.

No one is harmed, no death, no trauma, just a few cells grown in a dish.

This is David Eagleman from the inner cosmos podcast.

And this week we're tackling a tough question where brain science meets the future.

Lab grown meat is going to force us to confront the boundaries of our ethics and our imagination.

It invites us to question why we draw lines exactly where we do, and whether those lines are drawn in ink or in pencil.

And what does this have to do with sanctity, brain plasticity, social belonging, messed up boundaries between mental categories, flesh copyrights, and the future of personhood?

What is the table we're going to set for ourselves?

What does this question uncover about brain science and our calculations of morality?

Listen to Inner Cosmos on the iHeart Radio app, Apple Podcasts or wherever you get your podcasts.

Hi friends, Sophia Bush here, host of Work in Progress.

This week we had such a special guest on the podcast my forever FLOTUS a mentor, a friend, a wife, a mother, an author attorney advocate, television producer, and now she adds podcast host to the list herself.

Friends, Michelle Obama is here.

Sophia, I'm beyond thrilled to be able to sit down and chat with you.

We talk about it all.

Life, love, motherhood, martinis.

Vodka, martini, dry, straight up olives.

Very cold.

My girl.

Barely any vermouth.

What's next?

What she's watching on TV.

I am a white lotus-er.

I am a Real Housewives person.

I love the dating shows.

And tennis.

I just find that to be a bit meditative.

You do not want to miss this.

Listen to Work in Progress on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.

Want to make a real difference this giving season?

This December On Purpose is part of Pods Fight Poverty podcasts, teaming up to lift three villages in Rwanda out of extreme poverty.

We're doing it through GiveDirectly, which sends cash straight to families so they can choose what they need most.

Donate at givedirectly.org forward slash on purpose.

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Our goal is $1 million by year's end enough to lift 700 families out of poverty.

Join us at givedirectly.org forward slash on purpose.

When Lewis Howes joined me, he didn't talk about spreadsheets.

He talked about experiments.

He challenged us to treat money like a relationship, set an intention, stay open to possibility and practice gratitude when it shows up, even if it's just a penny on a subway step.

He shares a simple practice.

I'm a magnet for money.

Money comes to me abundantly and freely, not as magic thinking, but as a way to train your attention to notice opportunities, receive them and act.

Lewis'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, 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?

It's an interesting story.

I was in New York last week and I said to myself and I have a lot of these different exercises and games in the 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 enter your life.

So I want you to, just as you're watching or listening, I want you to say I allow for magic and abundance to manifest in my life.

I'm 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 and 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 then I was in New York for a few days.

And 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 everywhere.

And I'm a magnet for money.

I'm a magnet for money.

I just kept saying this energy.

I'm a magnet for money.

I was just playful, this social experiment.

And when I was at Mel's, a penny dropped on the floor.

Someone was carrying a box and a penny fell.

And I said, oh, look, money comes to me.

I see it everywhere.

It was 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 if it was a penny, I could notice it.

And I was like, all right, it came to me.

See, here's a win.

Here's a little win.

Let me do this again.

The next day, I go to New York City.

And I'm in the subway.

It's freezing right now in New York.

It's like 15 degrees.

And I'm just saying this to myself in the subway.

And as I get off the subway I go up the stairs and it's fricking filthy in the New York subway right.

And the stairs are dirty and I see a penny heads up.

And I thought to myself, this is filthy.

This is dirty.

It's not valuable.

It's not enough money.

I don't need to pick this up.

But I was like, no, I'm doing this experiment.

Money comes to me abundantly and freely.

I'm a magnet for money and I'm going to manifest money, right?

And so I see it's heads up.

I pick it up, put it in my pocket.

And I just say, thank you money for coming to me.

The next day, I put it on my bedside table.

I don't think anything of it.

The next day, I wake up and I look at this penny.

And I said, because I'm doing this experiment every day.

I'm a magnet for money.

Money comes to me abundantly and freely.

And I look at it as a reminder, these two pennies.

Look, this is a reminder that money came to me.

Maybe it's not thousands of dollars or millions of dollars.

It's not something that's magically right here.

But it's a reminder that something is possible.

And I flipped over this one penny.

Oh, no, I looked at the penny because it was heads up.

And I noticed something.

I go, oh, that's really interesting.

It said 1945 on this penny.

That's an 80-year-old penny.

And I go, huh, that's unique.

I haven't seen a penny that old in a long time.

And I flip it over, and I notice something.

And I get chills thinking about it.

I notice it's a wheat penny.

I don't know if you know what a wheat penny is.

No, I don't.

So a wheat penny looks different than a normal penny.

It's got like two stalks of wheat on the outside of the penny.

It's this old penny.

And I look it up and I Google 1945 wheat penny value.

And one just sold.

I kid you not.

I get chills thinking about it.

One just sold, guess for how much?

I have no idea.

$4,000.

No way.

Online.

One sold for $4,000.

Now, it's all based on the condition and all these different things.

Like, who knows?

Maybe it's worth $20.

Maybe it's worth $5,000.

Maybe it's worth $100.

But the idea is that there was more value inside of that penny than what met the eye originally.

Yeah.

And the experiment of, let me be... opened up possibilities for money to come to me.

And what I thought was two pennies might be $2,000.

And all I had to do was be willing to look for it, be willing to pick it up and say I receive.

Thank you.

If I didn't look for it, if I didn't set that intention, if I didn't see the possibilities in front of me, I may not have received that penny that could be worth thousands.

And it's the same thing in life.

We may not see the opportunity in front of us right now.

We may not reach out to the people we already know and say hey, this is what I'm looking to create in my life.

I have these skills.

I have these talents.

Is there anything that you need right now that I can be of service for you with?

And that's for that first year how you created multiple six figures in that first year when you had nothing was reaching out to hundreds of people.

That was you either, setting the intention, seeing that there might be possibilities, and doing the work to manifest hundreds of thousands, that first six months.

So, by doing that effort, setting the intention, by saying I'm open to possibilities, I'm open to receiving opportunities that come to me, but I have to be willing to look for them.

I have to be willing to ask for them.

I have to be willing to put myself out there.

And receive and say, yes, thank you.

I will do this work.

And that's what I think people need to be thinking about.

Can you manifest millions?

Yes.

If you're willing to set a clear intention, if you're willing to reach out and say here's what I'm willing to offer and add value in.

I want to help you achieve these goals.

You're creating more potential to manifest money.

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.

Do you have a money mantra?

We don't say something, but I'll tell you about it.

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 one God, but then there's loads of different gods for different departments of society.

Kind of like you have a president or a prime minister, and then you have like the cabinet.

Who's the money god?

So it's a goddess called Lakshmi.

Lakshmi.

Yeah, and Lakshmi means wealth or fortune.

It's like luxury almost.

Yeah, it's like Lakshmi.

Maybe that's where it comes from.

Who knows?

But Lakshmi 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're 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 or LA, wherever I am on subways, I do the same thing.

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 fortune.

So good, man.

And so that's what it is.

It's like I'm showing respect to the goddess of fortune by picking it up.

And usually you give that money to charity or whatever it may be.

It's not you 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 her.

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.

You have a relationship with your body, you have a relationship with your mind, you have a relationship with your partner and you have a relationship with money.

And so 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.

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 them?

Imagine you're, you know, Roddy for the next month, you never say thank you.

Yeah.

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 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?

Is money.

And could you, as an example for people to imagine this as well, what does that person look like when they come in?

What would you do?

What would you say or not say?

Could you share kind of what that would be like for you?

Money, a person walks in, they are money.

They are the representation of your relationship with money.

How would you show up and react?

So in our culture, because it would be Lakshmi walking in, 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 do you need?

Like, what would you like?

What would you, would you like a place to sit?

Kind of like a guest in your home.

Like a generous host.

You treat them like a guest in your home.

Yeah.

Like, what would you like?

Can I get you something to drink?

You know, whatever it may be.

Obviously she's a goddess.

She doesn't need anything.

But the point is, that's how the hospitality would work. still be carried through.

That's cool.

And then you'd thank her as well.

Like you'd start every connection with a god or a goddess with gratitude.

So that'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.

I'm really struggling right now.

This is what I'm going through.

I need your help, like a prayer almost of sorts.

That's beautiful.

And I've been asking a lot of people this.

And so I love to hear people's responses.

And be honest in the YouTube comments below of your relationship with money.

I asked someone close to me, someone younger, probably in their late 20s.

I asked them if money walked in and you were at a party, how would you respond?

And they said, 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, wow.

And they were like, yeah, I know.

It's really bad.

But they were being honest.

So I want people to be honest.

Like, what is your relationship with money?

And just imagine if you were money and someone treated you that way.

If they wouldn't look at you, they would avoid you, they speak poorly behind your back, they would use you and abuse you when they wanted you, and then they'd ghost you when they didn't want to talk to you.

Do you think money would want to keep showing up in your life if they were a person?

Yeah, definitely.

If they were a person, would they want to be in your life?

Or they feel, this isn't a good relationship for me.

And your show is all about helping 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.

This is a person that I love and I want to treat them with care.

I want to be a great host.

How can I show up?

And it doesn't mean it's always going to be perfect.

But how can I show up and be generous, be kind, be patient listen, be aware and be of service to it?

Yeah, I think it makes a huge difference.

Huge difference.

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 overwhelm with money 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 money like wound that people might have.

Like 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 at 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 so it's learning how to heal the relationship so that, when you grow your net worth, you also increase your self-worth.

Yeah. inside and feel peaceful about it.

You expand your nervous system, your container to receive abundantly so that it's not scary.

It's not stressful.

You can receive more and you can give more, because you know that the 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 were trying to take advantage of me and take my money.

It doesn't feel rich having money and living in scarcity 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 there's not this.

You know, because we can sometimes become egotistical about how much we give.

And it's like, well, you've got one hand behind your back and you just made that point.

It's that pinch.

It's that, are you giving where there's a challenge to give?

Because that's where we're healing.

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, When they were giving... It felt like a lot.

It felt like a lot.

And so, like, what we're saying is that this thought of being a giver has to be core to us.

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.

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.

Cool.

We'll figure it out.

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 very generous with your time, with your, 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.

And if you feel that, when you start making money, you're gonna 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 is an even greater prison in my mind that you're living in scarcity when you have money.

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?

Mm-hmm.

If you have the ability versus like saving for your future or your family.

How do you think about that version?

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 night.

It's an incredible movie of a guy who has nothing, who was born by, you know, back in the I don't know 1700s or something.

It's a period piece.

He was born of like a clerk, a guy who makes no money.

And his friend was born of like some general who had a lot of money or something.

And this poor kid that grew up friends didn't have anything, but he had the world.

He had no money, no possessions, but he just approached life.

It 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.

That's the hard part, yeah.

When you see everyone else having fun with money and going on that trip with their girlfriends or buying that expensive car to show off to their guy friends, or getting the nice watches or having the cool shoes and you thinking oh, if I could really have money then I could have these things that would make me feel cool or feel better.

But if we can approach life and just be like man, life is so good with what I have that is true wealth.

That is true abundance and happiness.

And it doesn't mean you shouldn't strive to create more if you want more.

If you want to have nice shoes or a nice watch, cool.

You'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 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 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.

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?

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 when we find the quick hack or the quick investment, that's got a 10 X in two months.

Sure.

There's always outliers that figure out a way to do that.

But every time I've tried to do that, I've lost my money and it's been painful.

And I'm like okay, I think I've learned that lesson, but there's this new like quick, easy money opportunity.

And every time I do it again, I'm like, what was I thinking?

Yeah.

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 going to make quick and easy money.

I don't know anyone who's made hundreds of millions, millions, or billions who's lived that way.

They might have invested and gone all in on one business and created generational wealth.

Or maybe they went all in on investing in one main stock that ended up 10 or 20x-ing over time.

But going the quick, make easy money way doesn't usually work.

And it's painful lessons you have to live afterwards.

True financial freedom starts with intention, not willpower.

You can't invest what you don't earn and you can't grow what you don't plan.

Real wealth isn't in cars or vacations.

It's in building a life where the rest comes without fear.

Get clear on your goals, build systems to support them and let learning guide you.

Financial peace isn't luck, it's the result of choices repeated over time.

And if this episode helped you rethink your relationship with money, share it with someone who's ready to start building wealth with intention and strategy from the inside out.

If this is the year that you're trying to get creative, you're trying to build more.

I need you to listen to this episode with Rick Rubin on how to break into your most creative self, how to use unconventional methods that lead to success and the secret to genuinely loving what you do.

If you're trying to find your passion and your lane Rick Rubin's episode is the one for you.

Just because I like it, that doesn't give it any value.

Like as an artist, if you like it, that's all of the value.

That's the success comes when you say, I like this enough for other people to see it.

What up, y'all?

It's your boy Kev on stage.

I want to tell you about my new podcast called Not My Best Moment, where I talk to artists athletes entertainers creators friends, people I admire who had massive success, about their massive failures.

What did they mess up on?

What is their heartbreak and what did they learn from it?

I got judged horribly.

The judges were like, you're trash.

I don't know how you got on the show.

Check out Not My Best Moment with me Kev on stage on the iHeartRadio app, Apple Podcasts, YouTube or wherever you get your podcasts.

Hey there, Dr. Jesse Mills here.

I'm the director of the men's clinic at UCLA and I want to tell you about my new podcast called The Mailroom.

And I'm Jordan, the show's producer.

And like most guys, I haven't been to the doctor in way too long.

I'll be asking the questions we probably should be asking, but aren't.

Every week, we're breaking down the world of men's health, from testosterone and fitness to diets and fertility.

We'll talk science without the jargon and get you real answers to the stuff you actually wonder about.

So check out The Mailroom on the iHeart Radio app, Apple Podcasts or wherever you get your favorite shows.

On this week's episode of The Next Chapter I, TD Jakes get to sit down with Oprah Winfrey, a media mogul, philanthropist and global trailblazer.

I could feel inside myself at four or five years old, looking through the screen on the back porch, that this is not going to be my life.

Listen to the next chapter on the iHeartRadio app, Apple Podcasts or wherever you get your podcast episodes drop weekly.

This is an iHeart Podcast.

Guaranteed human.

[Mastering Wealth: Strategies for Financial Freedom and Mindset]-[Jay Must-Listens: 3 Easy Money Habits That Will Change How You Save, Spend & Grow Your Money]

📋 Summary

The Path to Financial Freedom: Discipline, Ownership, and Mindset

1. Reclaiming Time and Developing Executive Function

2. The Strategy of Forced Savings

3. The Three Habits That Keep You Broke

4. The Four Stages of Investing

5. Healing the Relationship with Money

Conclusion: Consistency Over Intensity

🎯Key Sentences

📝Key Phrases

📖 Transcript

[Mastering Wealth: Strategies for Financial Freedom and Mindset]-[Jay Must-Listens: 3 Easy Money Habits That Will Change How You Save, Spend & Grow Your Money]

📋 Summary

The Path to Financial Freedom: Discipline, Ownership, and Mindset

1. Reclaiming Time and Developing Executive Function

2. The Strategy of Forced Savings

3. The Three Habits That Keep You Broke

4. The Four Stages of Investing

5. Healing the Relationship with Money

Conclusion: Consistency Over Intensity

Deep Learning with ListenLeap

🎯Key Sentences

📝Key Phrases

📖 Transcript

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