MONEY EXPERTS: If I Had to Make 1 MILLION From $0 — Here's EXACTLY What I'd Do!

One of the most difficult, if not the. most difficult conversation to have in. the world is about money. Whether it's. with your partner, whether it's with. your boss, whether it's with your. family, even yourself, we all struggle. with thinking about money, talking about. money, monitoring our money, growing our. money. It's one of those things that can. end up being one of the greatest. struggles of our life. And it's sad. because so much of our life revolves. around it. I know that this episode will.

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

can't wait for you to listen to this. episode because I want you to transform. your relationship with money and wealth. The number one health and wellness. podcast J Shetty J Shetty the one, the. only J Shetty. First up is Scott Galloway, entrepreneur, professor and best-selling. author. He talks about the pursuit of. wealth versus riches. Have you ever felt. the pressure that you need to own a. home? Scott bust this myth and I can't.

wait for you to hear his answer. What. does being rich even look like? Scott. talks about what does it mean to have a. passive income that can exceed your. expenses? Here's the truth. Everyone worries about. financial stability, even high paid. professionals. No matter your age, if. you're someone wanting a life of true. wealth, listen to this. There is a. certain pride of ownership. I think it's. situational where you are in life, how. much money you have, the city you're in,

but buying a home is meant to be an. enhancement to your life. It's not a. suicide pact and it may not may not be. right for everybody. Yeah. I think what. it gave people as a symbol was something. to pursue, right? We started talking. about you go to college, you get a. degree, you get a job, get married, you. get a house, you have kids, like it. became one of those temple things. And. so now when you take it out, it's almost. like what should people be pursuing, right? If you got married, you got a. good job, you're working, you're with. your partner, it's almost like people.

think they have to pursue. It's almost. like the assumption that you have to. have kids, it's the same assumption of, oh, we have to buy a house. Yeah. So, what should people pursue instead. financially when it comes to financial. security? The goal is um what I'll call. wealth. The goal isn't to be rich. Rich. is the things you see. Wealth is what. you don't see. And your pursuit should. be wealth or economic security. And this. is what wealth is. Wealth is having. passive income that's greater than your. burn. Uh two examples. I have a buddy.

who runs M&A for a bulge bracket. investment bank. Makes between$3 and $10. million a year depending upon the. market. because it's all current income. He pays 50% taxes between his ex-wife, his home in the Hamptons and his Master. of the Universe lifestyle that he feels. he deserves. He hasn't saved a lot of. money and he spends most of it. And I. know that firsthand he has a lot of. sleepless nights wondering what happens. if the music stops. He is not he is not. wealthy. My father who is 94 between his. pension from the Royal Navy, social.

security and he owns six washing washer. dryer machines and trailer parks where. he goes and collects the money with his. walker. He makes $52,000 a year. He. spends 48. So he is saving money despite the fact. that he's not working. So his passive. income is greater than his burn. He is. wealthy. So you want to put yourself on. a track to being wealthy. You want to. say realistically, I can control how. much I spend. I just I've been coaching.

this couple living in San Jose and. they're in their late 50s. I talk a lot. about young people and they say, "Scott, we're in our late 50s. What do we do? How much money do you have? What's your. house worth?" Da da da. And by the time. they're 65, they're not going to have. enough passive income to pay for their. lifestyle. I said, "Well, let's lean. into our strengths here. Why are you in. San Jose?" And they said, "Well, we've. always lived here." I'm like, "Well, okay. your kids are gone and you just. mentioned you go to Costa Rica twice a. year. Why wouldn't you try and cut your.

burn 40 40% and move to Costa Rica and. take that economic pressure away and. sell your house here? I think your kids. would love to come visit you in Costa. Rica. So the question is put yourself on. a path using basic math and what you. really think you're going to need in. terms of passive income such that at. some point ideally it's by the time. you're 40. It's usually not, but it. needs to be by the time you're 65 or 70. because that that release of of economic.

anxiety frees you up to focus on what is. really important and that is deep and. meaningful relationships. So the reason. why I am so much happier over the last. 10 years than I was kind of the first 45. years of my life is that economic stress. was always there for me. I was raised by. a single immigrant mother who lived and. died a secretary. I felt like there was. a ghost following us around telling us. we weren't worthy because we didn't have. money. Between college, student loans,

the dot bomb crash and the great. financial recession, I just never had. enough money to have passive income such. that I was done. Most and a lot of. people never get there. I got lucky. I. sold my last company about 10 years ago. for a lot of money. Now, unless I really. screw up again, which I've done a couple. times, I can focus on my relationships. The the resting blood pressure of a. child in a in a low-inccome home is. higher than the resting solid blood. pressure of a kid in a middle or upper.

income. I think the majority of divorces. are not a function of infidelity or a. lack of shared values. It's those. things, one or more of those things. might happen. And then the again the. incendiary on it is financial stress. Twothirds plus of of uh divorce filings. are from women. And we don't like to say. this because we like to assume all men. are predators and all women are. virtuous. But when a man is under. financial stress, the reality is he.

becomes less less attractive as a mate. And that can lead to real stress in the. relationship. So, what you want to. pursue if you're not pursuing a home, you want to put yourself on a path. You. want to get alignment with a partner. You want to track your spending and put. yourself on a path to some level of. economic security of wealth by say the. time you're 65. And if you're young and. you're killing it, instead of buying a. bigger flat screen or a bigger TV or. maybe a bigger house, what if I started. saving 10, 15, 20, 30% of my salary and.

I got wealth by the time I'm 40 or 45? Because to be in America young and. healthy and have passive income that's. greater than your burn, you're just. going to have a wonderful life. So, it's. not acquiring anything. It's getting to. a point of economic security or wealth. And that's a function of two things. How. much money you make such that you can. save. Key to wealth is not how much you. make, it's how much you save. And also.

the thing you can control is your burn. You know, I have a friend who ran a. hedge fund. It closed down. He makes. good money but not great money. Living. in Tribeca with three kids, needed a. million bucks a year to live that life. Moved to Portugal. lives an amazing life. with a beautiful home, great food, child. care, great education on 400 grand a. year. I mean, these are these are. problems of privilege, but that has. taken the world of stress off his. shoulders. He now needs to make a very. good living, not an outrageous living.

So, but surround yourself with smart. people who can help you make these. decisions. But wealth is passive income. that's greater than your burn. When you. bring up the word money, most of us kind. of go blankfaced. We we want to reach. for a stress ball. We kind of you can. just sense that it's uncomfortable to. talk about it because we're almost. reminded of all the bills stacking up. and all of our expenses and we spent too. much on Tik Tok shop this week and you. know the reality hits and we kind of. don't want to talk about it don't bring. it up. How do we get out of that.

stressful wiring? And and you talked. about it even there with your. background. Like I grew up in a family. where we didn't have the healthiest. relationship with money because we never. had enough or we always had just enough. and that was good enough. And that was. always like, you know, you're just. looking at your bank balance sitting at. zero all the time. Like how do we rewire. our relationship with money? Because. most of us have a stressful relationship. with money. Well, when you think about. how they how they help people who are. depressed, it's a combination of talk.

therapy and if needed, some sort of, you. know, pharmaceutical intervention. I. think mental illness or mental. unwwellness around money. I think we. absolutely need to one have more. financial literacy. I think we should. have a class called adulting in your. senior year of high school that says, "My kid can do derivatives, but I just. figured out he doesn't understand the. interest rate on his credit card." So, young people need a certain level of. financial literacy. Also, I encourage. them to talk about money with their. friends. It's especially hard for men.

Women are disproportionately evaluated. based on their aesthetics. Men are. disproportionately evaluated based on. their uh economic vitality. So, for a. guy to say, hey, do you, you know, I. lost a ton of money in the market. Should I sell it? Do I get a tax write. off? That conotes weakness. They're. worried that they're less attractive. There's actually something very British. that you might relate to and that is. British people the best grade I. understand in Britain that everyone. wants is you get really high marks but.

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

house now, I heard there's something. called 1031 exchange where I can roll. into my next property tax-free. Talk about money. Get get really good at. it. Roger Federer, do you think he never. talks about tennis? Talks about it all. the goddamn time. You do you want to be. great at money? Most people say, "Yeah, I want to be great at money." Is anybody. great at anything? If I'm If I wanted to. be an amazing evolutionary. anthropologist, would I never talk about. it? Would I never bring it up in. conversation? Would I never want to talk.

to other people about evolutionary. anthropology? If you want to be good at. money, put down the facade and start. talking to people about their. investments, how much money they make, what they do with their money, how they. save money, what they do to try and. limit their spending. I talk about. stoicism. See if you can find a practice. where you get reward or a dopa hit from. exercise or relationships. Gify saving. money. My junior year at UCLA, I was in. a fraternity with mostly wealthy Jewish.

kids from the f uh from the valley. And. there were five or six of us out of 120. guys. And everybody knew who we were. We. didn't have any money. We're always. laying on our house bills. Everyone. knew, oh, those are the poor kids, right? And one summer we all lived in the same. apartment building and we gified saving. money and we had a whiteboard and we. literally made a game out of it. In the. summer of 1985, I survived for 12 weeks on 78 bucks a. week including rent. Because if I didn't. save 3,000 bucks by the fall, I wasn't.

going back for my senior year in college. cuz I didn't have wealthy parents. And. if you can gamify saving money with a. partner, especially a romantic partner. that you can be totally transparent. with, God, that's powerful. We're. building something. We're going to save. a ton of money. Can we save five or. 7,000 bucks this year together? And it's. going to be 8,000 next year and then. it's going to be nine. And with. compounding in five or six years, which. will go really fast, we have 60, 80, 100. grand. And having kids is, I think, the.

most rewarding thing it has been for me. I was I didn't plan to have kids, but it. was having kids with someone else and. and raising what feel like pretty good. citizens, but a close second was. building economic security with someone. else. We had total alignment, right? We're going to save. We were transparent. around our expenses. We were generous. with each other. Oh, no, you should do. that. There's a very unhealthy dynamic. sometimes in relationships. And this is sexist, but I found it to be.

true. Where the dude uses money to. control his spouse. and the spouse turns it into a game of. how much money she can spend without him. knowing. And fortunately, that's getting. flipped a little bit or it's equalizing. because me women are doing so well. Women under the age of 30 are making. more money in urban centers, more single. women own homes. But there's still in my. generation this very weird dynamic. between the sexes and money. But going. back to your original question, talk. about it, understand it. If you want to.

be good at it, you got to get literate. at it. You want to bring it up with your. friends and you start learning. I spend. 4 hours a week probably talking to other. people about my economic well-being, what tax loopholes there are, where I. should be investing. I have a lot of. real estate. When interest rates come. down, at what point do interest rates. get low enough where I should be pulling. a second out and putting it in the. market, knowing if I have a 10-year. mortgage over 10 years, the market's.

usually up about 7 to 9% a year. Does. that make sense? Right? Think about it. all the time. You're the average of your. five friends. You've seen that study. Body mass, politics, sports teams. But. what's more interesting is one of those. five people will be more economically. secure, much more economically secure. than the other four despite not making a. lot more money. You want to know those. behaviors and those characteristics and. you want to model that person. But this. is something we all need to be more open. about. It doesn't make you less of a.

man. You're not supposed to have a lot. of money when you're young. Everybody. screws up. I've been broke twice. In my. 40s, I was broke. And that was really I. was too ashamed to admit that to anybody. else. It was like, well, you're supposed. to be smart and great at what you do, right? So, I think being a little bit. more vulnerable, being open about it, and getting tips and, you know, kind of. kind of rules of the road from other. people talk about it. Clip two is from. Cody Sanchez, founder, CEO, New York.

Times bestselling author and champion of. financial freedom. She talks about how. to translate your skills into wealth. You might have felt that you have. skills, you have talents, you have. abilities, but you don't know how to. monetize them. Are you someone who's. deciding whether college is right for. you? Or maybe you went to college and. got a degree in something you no longer. want to pursue. Degrees don't always. guarantee financial success. Practical, transferable skills can matter more.

Companies increasingly value practical. skills over traditional degrees and Cody. talks about how to turn those into real. world value so that you're not chasing. your passions that may not pay off. I. can't wait for you to listen to this. clip to recognize how to turn your. skills into profit. And so I'd meet a. lot of young people who sadly have spent. so much money on their degree, are. really smart academically, but then that. skill doesn't translate into knowing how.

to make their company more money, knowing how to lead people really well, knowing how to build functions, systems, processes, and therefore it's like, well, wait a minute, I just studied all. these years, but it doesn't translate. Yeah, I think you're exactly right. I. mean, for a long time, we employed. people from the top universities and. financial firms. we would go out and we. would hand select them because that. would be an indicator of their grit, perseverance, and potentially their. their intellect, their IQ. Now, by and. large, you're starting to see uh a lot. of the top institutions bypass that. You.

know, Google doesn't mandate that you. have a college degree if you're going. into an engineering degree, actually. And I think that should be really. liberating for us. It's basically. breaking down this barrier that's a. six-f figureure barrier that allowed for. the few, the elites, to stair step over. everybody else. And now it's actually. saying how bad do you want it and don't. tell me what you learned, show me what. you can do or even better, show me what. you did. And so I think the resume of. the future is actually if somebody came. to you, Jay, and they were like, I just. graduated from Wharton. I am very smart.

You know, I also did my undergraduate. degree at Harvard. Um, I now want to. come work for you. You'd be like, what. do you know how to do? Do you know how. to market? Do you know how to grow a a. beverage company? um do you know how to. increase our uh investment return? Oh, you kind of like theoretically have. looked about how to do that in a case. study. That's probably less interesting. to you than somebody that goes, you know. what, I was part of the beverage team at. Arowan and Whole Foods and I figured out. uh sort of across the country how they.

buy different pieces of uh inventory. Yeah, you got my attention already. Right. Exactly. and and maybe because I. want to help you grow this individual. business, which I know you care about. because I see it on your socials, I put. together this little spreadsheet for. you. Here's the things they care about. Could I come work for you for free for 3. or 6 months? And if that works out, could we do something better and bigger? The the problem that people usually have. on the internet when I throw out the. word work for free is young people are. like, remember that part where you told. us that we were broke and we don't have.

any money? So, I'm not trying to dismiss. that at all, but I do think we have to. be honest about the fact that when we're. young, you're going to have to work. harder than you think, longer than you. think, doing stuff you don't like with. people you probably don't like until. eventually you get the right to do. something really interesting. But like, you don't die in your first job from it. being really hard and challenging. You. die from the absolute monotony and the. low-level tasks you have to do for. basically pennies on the dollar. Yeah, definitely. Definitely. Absolutely. I. fully agree. Let's say someone's 30. years old. Yeah, they've or 30 to 35.

They worked 10, 15 years after. graduating. They've been at the same. company, maybe they've moved once. I was. actually talking to someone like this. yesterday. She's been at this one. company for six years. It's a great. company. Great on her resume, but she's. like, I don't really want to be here. I. don't think this is where I see my. future, but I'm so scared of quitting. I don't know how to invest. I probably. didn't save that much anyway. Now I feel. bad about it. I'm probably feeling a bit. of shame and guilt that I didn't save. that much over the last 10 years. What.

would I do, Cody? Well, one, I would say. these days, you do not have to have. money to make money, which is incredibly. powerful. So, when I think about it, if. I'm 30 and I am at a company like that, what would I do today? Well, I would. actually probably sit down and figure. out what am I actually skilled at that. somebody else would pay me for. Once you. know what somebody else would pay you. for, which is really just like, do. people ask for your opinion on this? could you actually get jobs in this. space if it was me because I'm kind of. unemployable like you don't want me to.

work for you. I like I got my own ideas. I want to do things this way. If she's. like that, then what you want to do is. you want to try to partner with somebody. where you can be the solution to their. problem. And because you understand what. I call dealmaking, which is really the. language of money, you can negotiate an. ability for you to own part of a thing. in order for you to have one of three. outcomes. if she can figure out if she. can help a business grow its revenue, make more money, if she can help a. business cut its costs, or if she can. help decrease the pain of a business.

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

I want to feel respected and I want to. feel like my skills fit somewhere and. I'm able to have an outsized income. If. that's you, then I think you should try. to value your skill set. Then you should. try to negotiate for an upside deal with. somebody. And you should try your hand. at this game called ownership, which is. where you say, "Hey, small business, I. know how to market. Can I help you. market at the side while I'm working on. this company? And because I help you. grow your revenue by 50%. Could I keep. 10% of the 50% I grow?" Do you think a.

small business owner would say yes to. that? Of course they would. Because. there's no downside. And I think more. often than not, we think that the only. risk you can take in making money in. business is putting your own cash down. That's a risk. or starting a business. aka dedicating your life to something. The last part I'll get a little. statistic on us is 90% of startups fail. inside any rolling 10-year period. We. know that statistic. Most startups make. $0 for the first three years. After. that, the average entrepreneur makes. about $46,000 a year, which is great,

but not when you've been making zero for. three years. And then on top of that, we've got this nation of of people who. have all these bills to pay, and they're. betting on hopes and dreams as opposed. to realities. And so my my commentary. is, can you figure out how to value your. skills so you can negotiate a little bit. more upside for that day where you can't. work anymore? Clip number three is from. one of my best friends, Lewis House, and. he talks about the mindset of abundance. He talks about how a scarcity mindset.

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

we really didn't have money. Yes. And. you think about someone who's in that. position, who's listening to us right. now, and in their head they're thinking, "But how do I become abundant when I. don't have where like my natural thing. is like I'm just struggling to pay my. next bill?" And me and you have both. been in those situations. I remember. when I was growing up, I grew up in a. house where we had just enough. Like. that was the language my parents used. We have just enough. And my parents.

would often argue about money. I. remember I wasn't allowed to buy cool. shoes and stuff. I'd have like the the. knockoff cheapest brand from whatever, which was I actually didn't have an. issue with that. I didn't have an issue. with any of it because we had food and. that was my normality. But it's really. interesting because the amount of times. growing up I started working when I was. 14. And I think that gave me a really. interesting sense of how hard it was to. make money because I started working at. 14. And I used to get paid £2 per street.

that I delivered newspapers on. So. imagine there's a 100 houses. It's going. to take me like not per house. No, no, no. Per street. So I did five streets. And so I'd get £10 at the end of the. week if I did five streets. And each. street would take me at least an hour, maybe, I don't know, something like. that. And so I'd walk around, I'd pull. this thing and I'd deliver it. And I got. an understanding of how hard it was to. make money. But then that became a story. for me. Going to your point, making.

money is hard. Making money is hard. And. that there's only a certain amount of. money you're allowed to make at this. level. Like you're a 14-year-old. Then I. worked in retail. I stacked shelves at a. grocery store. I worked at a store. called Morrison's, which is like working. at Walmart. And there I remember I got. paid like £5 an hour. And then you get. like time and a half if you work the. weekends and the evenings. All of this. to say that I probably spent my whole. life only seeing zero in my bank account.

because everything that would come in. would pay for my phone bill, my car. insurance that I paid for, whatever it. was that I was taking care of. So, I. wasn't relying on my parents apart from. I lived in their home obviously. But I. always felt like money came in, money. went out. And my story around money was. people who have money are doing. something bad. So, I lived in a home. Whenever we went to a friend's home and. they had a nice home, my family would. always say, "Oh, yeah, but they do dodgy. stuff to make money." All the language.

around money was, "People with money are. doing bad stuff." So, in my head, it was. like, "Oh, if you have money, then you. must be doing shady stuff because we. don't have money and we're not doing any. shady." Right. You must be hurting. people to make money. Correct. In some. way, exploiting, taking advantage of. Yeah. taking advantage, whatever. So. everything you're saying is so true. because then when I got to a point in my. life where I was just trying to do good. and I had something like 150 200 million. views on content and you had no money. I. was 4 months away from being broke. I. met you at this time. I met you around.

this time. I met you this time. Yes. And. it was really interesting to me because. that was the time that I was actually. doing this work, which is why this. book's so powerful because I realized. that I couldn't even with 150 200. million views. It wasn't that that made. money because my story and my. personality style was anxious. I felt. like it was wrong to make money. Like. that's actually what it was. I felt like. making money was bad. And so until I got to that, did you.

believe you were worthy of making more. money? I believed I was worthy, but I. believed that you had to be bad to make. money. Wow. So you didn't want to be. bad. You don't want to have a lot of. money and associate I have a lot of. money and I'm now I'm bad. Correct. I'm. bad and wrong and I'm hurting others in. order to help myself. Correct. Cuz good. people are poor. Wow. Right. Like to be. a good person of good character means to. not have money. Wow. And that was based. on a a belief system that you developed. over time.

I don't know which. story. how do we start to rewrite that story. now that we're aware. Well, it's so. powerful that you said that and I. remember this vividly because I met you. on Halloween 2017, right? Yeah. Eight. years ago. Yeah. And we I said like. cancel the day. Let's just hang out all. day. Yeah. You had a book coming out. that I had a book that came out that day. on Halloween. Yeah. Which is called The. Basking Masculinity. Anyways, how do we.

rewire our brain around money to create. more abundance when you have nothing? When you have lack, how do we rewire our. brain to create abundance when you have. nothing and you don't know how to earn. more money? The first thing I think you. need to be aware of is that your beliefs. dictate your behaviors. So if you. believe that money is bad or people who. make a lot of money are bad and take. advantage of others and therefore me. having lack right now means I'm a good. person and I don't want to become a bad.

person. Then that belief is going to. dictate your behaviors and you're going. to stay in lack. You're going to stay in. scarcity and you're going to see. opportunities that only give you just. enough as opposed to opportunities that. could create incredible wealth for. yourself financially, but also an. emotional wealth that you've never had. before. So, that's one of the things you. want to understand is first that your. beliefs dictate your behaviors. That's a. big one, by the way. That's huge. Like, that I just want to point that out for. people. Like that's so huge because your. belief your belief got you to a place of.

I am impacting hundreds of millions of. people from these these videos that I. created with my talents but I don't know. how to make money with them and I don't. know if I actually should because then I. could be bad and wrong or people could. perceive me as I did something bad to. make this money correct and I'm a. spiritual person I'm a monk I've done. all these things I don't want to have. that life but I want to make an impact. and I don't want to be poor so I think a. lot of people are struggling with that. mindset. What are the other ones you. hear? What are the other focusing on.

that beliefs period? What are you. hearing from people about their that's. my belief and that's very much my. history and story as you said. What. other stuff do you hear from people? The. biggest shift that will create abundance. in your life is a mindset habit in. unlocking wealth for yourself. And one. of the big lies or one of the big blocks. that holds people back from financial. opportunity is that I I cannot be. generous with my time, my wisdom, my.

knowledge or my secrets to others. because if I am, they will take it and. run with it and I will be left with. nothing. So therefore, I'm going to. hoard my energy. I'm going to hoard my. time, my knowledge, and only keep it to. me so that others don't have good ideas. or have my help. And from all the. different billionaires and millionaires. and financial leaders in the world that. I've interviewed, I know you've. interviewed a lot of them, there is a. question I would always ask individuals. who've made incredible amounts of money.

and that keeps helping them create more. wealth year after year. And they all say. the same thing, those who have had a. sustainably good heart in the process is. that you have to have a generous. mindset. So the mindset habit is the. first thing that you have to think about. when creating abundance with your money, but also feeling abundant internally and. it's coming with generosity. So if you. feel like you're stuck right now, if you. feel like you have nothing, this was. what you were at 8 years ago when I met. you. This was where I was at 15 years.

ago when I was on my sister's couch. I. had no money. I was in student loan. debt. I was sleeping on her couch. I. didn't think I had any skills. I didn't. have a college degree yet. I was like, how am I going to make money if I don't. know how to make money and I don't have. any talent or skill and I'm in debt. It. didn't understand it. It felt. impossible. And the thing that I shifted. when I started meeting money mentors is. I needed to learn the first habit which. is the mindset habit which is a habit of. generosity and gratitude. So what did.

that look like then? What was the. practical step? What it looks like was. how do I meet money people, people who. have money, people who have success, people can teach me knowledge. I needed. to come with a sense of energy, of. curiosity, of possibilities, and of joy. I literally wrote a list down of all. these different things that I thought. were my talents. I go, "How can I make. money? I don't have any skills. I played. football and now I'm injured. What can I. do for people?" But I was like, "Well, I'm really curious. Maybe I can just ask. people questions." And never did I think. in a million years that I could have a.

12-year-old podcast just asking. questions and make millions of dollars a. year. I never thought that was possible. I was in my early 20s and I was like, you know what? I've got a lot of energy. I've got a lot of passion. So, let me. bring passion and energy to other people. and excitement. And that energy was. infectious. And there's a currency. that's tied to that energy of passion, joy, excitement, curiosity. That. currency may not look like money, but. for those who are older, who have no.

more passion, they're burnt out, they're. exhausted, it is the highest form of. currency. They want that. They crave. that energy. They've burned themselves. out for decades. They want to feel young. again. They want to feel curious again. They want to feel excited again. And. when you come to someone with that. energy, you are bringing a different. mindset. So the mindset of curiosity, joy, passion, presence, like just. connecting with someone and asking them. a question is such a valuable currency. So we have to look into these untapped.

skills, talents, currencies inside of us. that are hidden to others but inside of. us they can create magic. Yeah, that's. one of them. Another one is just being. generous with your time, with your. resources, with your ideas and helping. others succeed. I love that because I. didn't even know that then, but I was. doing it unconsciously. Yes, you were. So, I really wanted to interview. incredible people, but I didn't have a. platform at the time when I met you. And.

so, I'd partnered up with NASDAQ. And by. the way, just to be really clear with. everyone, I didn't get paid to do this. So, NASDAQ had something where everyone. was using Facebook Live and I said, "Hey, could I have an hour in the NASDAQ. building whenever I have an amazing. guest that says yes so that I can. interview them on NASDAQ Live?" And they. would put the picture up on the middle. of Time Square on a billboard. So now I. could reach out to people I looked up. to. That's the reason why I went on the. show. Exactly. So I didn't know who you. were until I saw, hey, I can get you on.

a billboard on Time Square. I go, that's. value to me right now. I'm being. generous and I'm trying to find a way. because I don't have anything to offer, but I admire you. And it was all people. I admired. It was yourself. It was Ryan. Holidayiday said yes. Me and Ryan had. met maybe once before that, but Ryan. came on that show. And there were a. bunch of other authors. Deepak Chopra. came on that show with me and it was all. people that I'd admired, looked up to. for a long time and exactly that that's. how first of all we became great friends. off of it. But the point is it's exactly. what you're saying that even though I.

felt I had nothing to offer, I had to. find a way to create something to offer. someone of value. I didn't get paid for. it for that show. I didn't get paid to. run it. I didn't make any money from it. But it created an opportunity for me to. connect with friends, to connect with. people that were doing incredible things. and of course allowed me to showcase my. talents so that then I could show it to. other people. I remember I had Ryan. Harwood on the show who founded Pure Wow. and he just sold it to Gary Vee and. that's how I met Gary. So Ryan came on.

my show and he was just like, "Jay, I. love you. You're a great interviewer. Like you have such great energy." He was. he really liked my passion and he said, "You got to come meet Gary." And I was. like, "No way. like I love Gary. And so. he took me to meet Gary for the first. time. We had a meeting in his office and. that's how I built my relationship with. him. It was all thanks to Ryan. And so. when you think about it now, like when. I'm I've never thought about it until. what you're saying. Now when I look. back, Ryan's been on the podcast like. four times now, whatever. I love his. books. So many relationships came out of. that. And so I think when you live in a.

world of I have nothing to offer and I. don't have anything, it becomes really. hard to create. And most people think. when I have nothing, I need to take from. someone else. Yes, I don't have. anything. So, I can't give anything if I. don't have it. So, I need someone to. give me money right now cuz I'm broke. I'm poor. I'm stuck. I'm stressed. I'm. anxious. I can't think out of myself. And this first habit is really gratitude. and generosity is the gateway to. abundance. And it may not mean you're.

going to make money right away. We. didn't make money by having. you helped me over time. We helped each. other create more abundance together. Not only financially, which we've done. together, but a type of richness that. isn't about money. And this book again, it's it's a money book, but it's really. like it doesn't matter how much money. you have if you don't feel like you have. a rich life inside of you. That's real. It does not matter how much is in your.

bank account, how big your net worth is. If you don't feel like you have an. abundant life, if you're stressed, if. you're overwhelmed, if you're anxious, if you're constantly in drama, that is. not abundance. A high net worth does not. mean you are free. And the goal is for. us to feel free every moment of our. lives as often as possible and allow. money to be a tool to create incredible. opportunities, memories, moments where.

you can be generous with it with the. people you care about, the causes you. care about, the institutions you care. about to serve more people and feel good. about doing it, not feel bad about doing. it. And that's part of this process. Most people when they lack money, they. want to take from others. They want. someone to help them. And you need to. flip it on its head and say, "How can I. help others?" Even when I have nothing, that is the time to be more generous and. in more gratitude and say, "Thank you. for this opportunity." Even if you have.

to just lie to yourself for a moment and. say, "I'm stuck. I'm on my sister's. couch. I have no money. I'm 4 months. In. four months, I'm going to be out of an. apartment and I don't know where the. money's coming." Just say, "Thank you, God. Thank you, Universe, for this. opportunity to learn. Yeah. This. opportunity to grow because I'll never. be here again. I interview I don't know. if you've had Ken Honda on, but he wrote. I know Happy Money, but I haven't had. him on. Dude, he's so cool. I love this. approach to this and he's talking. similar style about how do you just live. a rich life irrelevant of whether you. have money or not? And again, this is.

what I want people to get to. When you. are poor, when you're broke, when you're. struggling financially, it feels really. hard to feel abundant and rich. And we. want to start shifting our thoughts, our. emotions, and our energy on, okay, I. know I'm in this financial situation. It. doesn't feel good, but in order to get. out of it, it's not feeling worse about. it. It's starting to feel better about. me, better about my values, my. character, my kindness, my generosity, and seeing how can I add value to.

others. And that's the first thing we. need to be thinking about. How can I get. into a richness inside of me to serve. others and take care of me at the same. time? And one of the practices or these. social experiments or exercises similar. to you that Ken has is that whenever. money comes to him, whether it's a. check, whether it's a Venmo payment, whatever it might be, he just says thank. you to that money. He looks at that. number. If it's a penny, if it's a. million dollars, if it's your your. normal check you get coming in in the.

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

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

to you, she brought that thankful. energy, that present energy, that. loving, joyful, curious energy and it. created an abundance of opportunities. and connection. Next up is Jasperit. Singh who talks about the wealth. formula. Now, this was one of our most. popular episodes and I'm so excited for. you to learn from him. He talks about. the difference between building wealth. involving both saving and investing. It's not an either or. He also talks.

about understanding the formula. Income. minus expenses equals investments plus. savings. And investments are the key to. maintaining wealth even after making. millions. If you're someone who's been. wanting to learn more about investing, this clip is for you. What are you doing. with your income? You can either build. the equity by starting a company. yourself or by building a home or you. can buy the equity. Now, how do you do.

that? Well, you have to understand the. wealth formula. The wealth formula that. I come up that I've come up with is you. take your income minus your expenses and. that equals your investments plus your. savings. So, if you take your income, the amount of money that you make, and. now you subtract all the things that you. buy, your rent, your mortgage, your car. payment, your groceries, your gas, you. take away all of your expenses, and if. you have a margin, well, now you have. extra cash. Now, you can save all or. some of this money, but if you don't.

save some of it, then that money can be. put to work in your investments. These. investments, like I've been hinting at. is what makes wealthy people wealthy, and it's what keep wealthy people. wealthy. These investments can be in the. stock market because anytime you buy a. share of any company, if you go out and. buy a share of, say, Amazon, you become. one of the owners of the Amazon. corporation, you get to share in the. profits. If the Amazon valuation goes. up, your stock price goes up. The second. way would be through real estate. Not. through your home, but through a real.

estate investment, buying a rental. property that you're buying for the sole. purpose of making money. This is. something they can pay you every week or. every year, every month. Uh then it can. be through your own business or if you. don't want to build your own business, you can invest in startups. It's much. more accessible now. You can own. physical gold. You can invest in. cryptocurrency if that's something that. you believe in. So, there's a lot of. different ways to build this equity, but. this is where now you need to be putting. your money to work to actually buy and. own and build this equity. Yeah, those.

are I mean I first of all, I just want. to say I love how structured your. thinking is. And it's so great to break. things down. And so, anyone who's been. listening or watching so far, make sure. you go back and ask yourself which of. those habits you're struggling with. Are. you someone who's in the 2 S's choosing. to spend or save? Are you someone who's. being slowed down by systemic thinking. and like being controlled about where. that goes? Like really take a moment to. reflect in this episode while you're. listening. Which part you want to work. on? Because I know right now some of you.

may be tempted to just turn this off and. go, I'm overwhelmed. I don't want to. hear about this. I'm scared about my. money already. I don't want to talk. about it. But I'm hoping that this is. creating space for you to really sit. down, introspect, and reflect. going. into that. I think one of the biggest. issues that people have when they hear. this, and I know that I had a long time. ago when I first heard this, was I don't. have enough to do anything with. And so. I remember when I started hearing about. crypto specifically, like very early on,

like I probably heard about it like. maybe like 13 years ago, probably the. first time. Yeah, I was very early heard. about cryptocurrencies about 12 13 years. ago. And I had just come out of the. monastery. So I didn't have any money. Like I didn't I didn't have anything to. invest. And probably in about a year I. probably would have had like a,000 to. invest. In my head I go, that's not. anything. What's that going to do? Right? And I think a lot of people have. that mindset. They're like, I only have. $500. I only have $1,000. Like what can.

I do with that? I might as well spend it. on whatever it is because or I'm going. to save it because I need it for a rainy. day. What does someone do when they have. that mindset? When they're like, I don't. have enough. How how do you approach. that? So, when I was in high school, I. really wanted a Ford Mustang, but my dad. was like, "No, you can't buy a Ford. Mustang. I wasn't going to get that. car." Um, but this is again when stock. prices had crashed and the next best. thing if I couldn't buy a Ford Mustang, this and I started reading the business. books then was how would I buy some of.

the Ford stock? Again, I didn't have a. lot of money. My first investment in the. Ford stock was $2 because that's how. much the stock was trading for. Now it's. much higher. But what I'm trying to get. at is, you know, you can start with very. little amount of money. I mean nowadays. with the new age of stock brokerages, if. you have $10, you can start buying this. type of equity. You can start building. this type of equity. But the key now is. the consistency and how often like doing.

it all the time. Because when I say. consistency, people say, "Oh, anytime I. have $100." Well, okay. But what you. want to do by consistency is make it. automatic. Anytime you get paid, take a. portion of that money and automatically. invest it. Now the next question is. probably where do I put this money? Do I. just throw it into Tesla or Amazon? Well, if you're not willing to do that. level of research where you don't want. to try to find the best companies, you. don't want to invest in real estate, you. don't want to get into the more, you.

know, let's say the more advanced type. of stuff, you want to just put your. money to work. Well, the simplest thing. you can do is look at something called. an ETF, which is an exchangeraded fund, which gives you exposure not to one. company, but many companies, maybe. hundreds of companies. For example, there's something called the S&P 500, which is a group of the 500 biggest. companies on the stock market. Essentially, the 500 biggest companies. in America. You can invest in the S&P. 500 by investing in just one symbol. So.

you invest in this one thing and you're. getting exposure to 500 different. companies. Now you don't have to worry. about what each of these 500 companies. are doing. You're just investing. essentially in America. The future of. the American economy. If that's. something you believe in, well now every. time you get paid, put in $100. And now. you just do this for the long term. Whether the market is up or down does. not matter. It should not change your. strategy. You just keep passively. investing your money. Make it automatic. Make it passive. That way you don't have. to even worry about it. And now you just. keep building it up because now it's the. whole idea of compounding. You don't.

want to just throw your money in at. once. You want to put a little bit of. money and let that grow. Put more money. in. Let that grow. Put more money in it. Let that grow. I made a couple videos. where I talked about two people. One was. a janitor. One worked in a school. Both. of them made very little income. Yet. both of them retired very wealthy. And. the reason with and I'm talking about in. the millions of dollars. And the reason. why they've been able to retire with a. million dollars plus was because they. took a little bit of money every time. they got paid and they just invested.

that money. It did not matter, you know, what else was going on in the world. They always paid themselves first. They. always invested in assets before they. started going out and buying things that. made them look rich every single time. And when you put that little bit of. money to work, whether you're starting. with $25 or $250 or $1,000, when you put. that money to work and you do that. consistently over time, you can build. real wealth. I mean, if you look at a. compound calculator, a few hundred a.

month compounded from the age of 21 to. 65, getting an average rate of return. I. mean, we're talking about millions. But. it just starts with making that small. investment first and being consistent. with it and always being willing to. learn. I love that and I'm glad you. brought that up because I think the. other option so as I was saying there is. the issue is I don't have enough. It's. not going to matter. Right. Like that's. one mindset. The other mindset is and. it's almost the opposite. It's the idea. of like but I want to make money quick. Yeah. Right. And I feel like it's like. oh no but I want it now. And I think.

there's this mindset, especially what. you keep saying about the how the. lifestyle's been portrayed. Yeah. That. we almost feel like people just change. their lives overnight and that they all. of a sudden have like a portfolio of. rental properties or they all of a. sudden have the nice house or the nice. car or whatever it may be and all of a. sudden we're wondering, well, how does. it happen that quick for me? And then we. get stuck in a get-rich quick scheme or. we get stuck in like some quick win. How. do it sounds like to me that one of the. biggest trainings is in the discipline. of being able to postpone pleasure.

Yeah. Because what you're saying in any. mark is it's going to take time. Like. you had to save up four 4 to 8,000 for. your first condo that you bought. First. of all, you had to work for that money. You had to save that money so that you. could invest it. then you were able to. buy this 8,000 condo which which. obviously had has had great you know. growth I'm sure but there was a lot that. took to get to that whereas I think. right now people are like oh well I'd. rather spend the $100 on this right it.

it's it's a real decade of sacrifice and. there's really no way around it if you. want to fast track your way now the best. investment you can make if you want the. better returns the bigger returns is by. investing your money in yourself and the. the tough part is you got to be willing. to go through that time and the effort. because you're right it takes time. I. you know unless you have that experience. already there you have the mentors you. have you know peerants people who can. guide you through it maybe you can. shorten it but I didn't have that so for.

me it took me a solid decade to figure. it out to go from business idea to. business idea to business idea to get go. through failure over failure to get. scammed after scam to those things are. what teach you and when you're going. through it sucks you don't realize that. you're going through a lesson you just. feel like dang I just got screwed over. you know what I mean true but it's It's. you got to keep the goal, you know, in. mind and it's understanding what is more. important to you right now because. you're right, the last thing that you. want to do also is get into this idea of.

just pinching pennies. Because at the. end of the day, a penny saved is just a. penny and the the thing that I can best. do to illustrate that is if you make. $40,000 a year and you're like, "Okay, I'm going to put aside a quarter of my. income. I'm going to put aside $10,000. to save and invest." And then you start. putting your money to work and you're. like, "Oh my god, I love this. I want to. do more. I want to get better results.". So now you're like, "Well, I'm going to. try to put aside 30% of my income, 35%. of my income." And you keep trying to.

squeeze this limited pie. But this is. where now it's about building that. growth mindset. And this is what wealthy. people are able to do where they say, "Okay, sure, I can try to squeeze more. pennies out of the pie, but the other. thing that I could do is I'm going to. try to grow the pie. How do I go from. $40,000 to $400,000?". And you know, you might hear that. thinking, how in the world am I gonna go. from 40 to 400 like it just sounds. impossible and so far away and at at. that point, yeah, it might seem the way, but the first step, like you said, it's.

that mindset. That's why I call minority. mindset, minority mindset, because all. success starts with your mindset. You. have to be wealthy here before you can. be wealthy in your bank account. And you. have to understand how your mindset. plays a part in it. Because now, if you. tell yourself you can't do it, you. can't. Yeah. But if you tell yourself. you can, then the next thing you're. going to do is you're going to say, "How. do I go from 40 to 50?" Yeah. 50 to 100. You're going to start watching YouTube. videos. You're going to start putting in. work. And as you start to make more. money, now you're going to be able to. answer that question of what do I want.

to do with this money? Do I want to go. out and buy a new Beamer or do I want to. go out and invest in my business? Do I. want to go out and buy a rental. property? Do I want to go out and invest. in stocks? Do I want to go out and. invest in a startup? And now you can. make these decisions because you have. that financial education. And this is. why, you know, anytime I talk about the. hows of, you know, things that I say you. should do to become wealthy, I always. talk about how you uh invest and grow. your money last. Because if you don't. know how to save that money, if you. don't know how to invest that money,

earning more money doesn't do you any. good until you know how to do that. Because now earning more money has the. most impact because now you know how to. put that money to work. You have the. system. Yeah. And I'll give you a quick. example. Like the first time I made a. million dollar in a year, my car was. worth $500 that I was driving. I still. drive today that $500 car. Just last. week before I came out here to. California, my homeowner association. called me and they said, "Hey, Jos, uh, we have a number of complaints about a.

junk car sitting in your driveway." And. this is a true story. They said it's. been sitting there because I was in. California for a long time. and they. said it's been sitting there and uh. people say that you should take these. junk cars and put them in storage. And I. was like, well, for your information, it's not a junk car. That is my car that. I take to and from work every single. day. It doesn't have a bumper on it. Um. but it works. And they were like, well, you have to put it higher further in the. driveway so people don't see it. And I. was just like, oh my god, like you don't. get it. Like, you know, and it's not. that I can't go out and buy another car.

I I the way I look at it is, well, if I. want to go out and buy a $150,000 car, which I can, I can go out and take this. cash and buy a car, or I can take this. $150,000 and put it back either into. real estate or into stocks or into my. business, because that's something that. I've been investing heavily in. Now, I. want to end this episode with a few key. takeaways. Real wealth starts with. strategic thinking and understanding. passive income. It's not from luck or. just hard work. Number two, it's about. building long-term financial security.

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

and the secret to making better. decisions. Look, am I hesitating on this. because I'm scared of making the choice, because I'm scared of doing the work, or. am I sitting with this because it just. doesn't feel right.