Jay Must-Listens: 3 Easy Money Habits That Will Change How You Save, Spend & Grow Your Money
In this episode of On Purpose, Jay Shetty and financial experts explore how to develop a healthier relationship with money through mindset shifts and daily practices. They discuss treating money like a relationship, maintaining gratitude through simple rituals, and the importance of moving beyond simply chasing wealth to embracing an abundance mindset.
The experts share practical strategies for building wealth, including automating savings, diversifying investments across multiple asset classes, and creating additional income streams through business ownership. They also address common financial pitfalls to avoid, such as keeping money solely in bank accounts, falling for get-rich-quick schemes, and the psychological trap of connecting self-worth to net worth or spending to appear wealthy.
This is a preview of the Shortform summary of the Dec 10, 2025 episode of the On Purpose with Jay Shetty
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1-Page Summary
Cultivating a Healthy Mindset and Relationship With Money
Financial experts Singh, Jay Shetty, and Lewis Howes share insights on developing a positive relationship with money through mindset shifts and daily practices. Howes suggests treating money like a loved one, while Shetty draws parallels to showing respect to Lakshmi, the deity of fortune. Singh emphasizes that his financial situation improved when he stopped chasing money and shifted to an abundance mindset.
These experts advocate for developing personal money rituals, with Shetty and Howes recommending practices like picking up pennies and using daily affirmations to maintain money awareness and gratitude.
Saving, Investing, and Building Wealth Strategies
Financial experts emphasize the importance of strategic wealth building through multiple approaches. Scott Galloway and Jaspreet Singh stress the value of automating savings, with Galloway noting that while only 17% of Americans use this method, it's highly effective for wealth accumulation. Codie Sanchez recommends investing at least 10% of income to beat inflation.
On the investment front, Singh warns against relying solely on savings accounts, advocating for diversification across stocks, real estate, and other asset classes. Sanchez specifically recommends low-cost index funds through Vanguard, while Galloway emphasizes tax-advantaged accounts like 401ks and IRAs.
For building multiple income streams, Singh emphasizes that wealth comes from ownership rather than just earning. He shares his experience with real estate investing, while Sanchez encourages calculated risk-taking in business ventures.
Avoiding Common Money Mistakes and "Quick Money" Schemes
The experts caution against common financial pitfalls. Singh warns about the danger of keeping money solely in bank accounts due to inflation, while Howes shares his personal losses from pursuing get-rich-quick schemes, particularly in cryptocurrency.
On the psychological side, Singh criticizes the practice of spending to appear wealthy, while Sanchez emphasizes the importance of separating self-worth from net worth. Howes reveals that hoarding money didn't make him feel rich, and Singh points out the dangers of normalized overspending in American consumer culture.
1-Page Summary
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Counterarguments
- While treating money with respect and gratitude is beneficial, some may argue that personifying money as a loved one could lead to an unhealthy attachment or an emotional relationship with finances that may not be practical for everyone.
- The concept of respecting money as a deity might not resonate with individuals who have different religious beliefs or who are secular.
- An abundance mindset can be helpful, but it must be balanced with realistic financial planning and awareness of limitations; optimism alone doesn't guarantee financial success.
- Personal money rituals like picking up pennies might not significantly impact one's financial situation and could be seen as superstitious rather than strategic.
- Automating savings is effective, but it may not be feasible for people with irregular income or those living paycheck to paycheck.
- Investing 10% of income is a good rule of thumb, but it may not be practical for everyone, especially those with low incomes or high debt.
- Diversification is key in investing, but the specific recommendation of low-cost index funds through Vanguard might not suit everyone's financial goals or risk tolerance.
- Tax-advantaged accounts are beneficial, but they have contribution limits and may not be the best option for everyone, depending on their financial situation and goals.
- Emphasizing ownership and multiple income streams is valuable, but it may not acknowledge the barriers to entry, such as initial capital, knowledge, and time, which can prevent some people from pursuing these avenues.
- Real estate investing can be profitable, but it also carries risks and requires knowledge and resources that not everyone has.
- Encouraging calculated risk-taking in business ventures is good advice, but it's important to recognize that not all risks pay off and some people may not have the resilience or resources to recover from failures.
- The criticism of spending to appear wealthy is valid, but it's also important to acknowledge the societal pressures and complex psychological factors that can drive this behavior.
- Separating self-worth from net worth is a healthy perspective, but it can be challenging to achieve in a society that often equates financial success with personal value.
- The dangers of normalized overspending are real, but it's also important to consider the role of systemic issues, such as advertising and lack of financial education, which contribute to this behavior.
Actionables
- You can create a "Money Date" in your weekly schedule where you review your finances, set financial goals, and educate yourself on investment opportunities. Dedicate an hour each week to sit down with your budget, track your expenses, and research different investment options to diversify your portfolio. This regular practice can help you stay on top of your financial health and make informed decisions about your money.
- Start a gratitude jar where you write down financial wins, no matter how small, and place them in the jar. This could be anything from finding a coin on the street, getting a discount on a purchase, or even a positive shift in your investment portfolio. Regularly acknowledging these wins can help reinforce a positive money mindset and keep you motivated to continue building your financial knowledge and assets.
- Engage in a monthly "financial book club" with friends or family to learn and discuss wealth-building strategies. Each month, choose a book focused on personal finance, investing, or wealth mindset, and meet to discuss the key takeaways and how you can apply them to your own financial situations. This not only expands your knowledge but also creates a support system for accountability and shared learning.
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Cultivating a Healthy Mindset and Relationship With Money
Individuals like Singh, Jay Shetty, and Lewis Howes share insights on creating a more positive and productive relationship with money by reframing perspectives and developing personal rituals.
Reframe Money As a Partner, Not an Adversary
Respect, Appreciate, and Intend Money Like a Loved One
Lewis Howes talks about imagining money as a person and the importance of treating money with care, much like a loved one. Howes discusses the necessity of setting intentions for money and treating it with gratitude and respect. Similarly, Jay Shetty compares treating money with the same hospitality and respect as a goddess, which in his practice is linked to showing respect to Lakshmi, the deity of fortune, by picking up pennies from the street.
Shift From Scarcity to Abundance Mindset
Embrace Abundance and Welcome Unexpected Wealth
Singh shares that his financial situation improved when he stopped chasing money, indicating a shift from a scarcity to an abundance mindset. Lewis Howes stresses the importance of gratitude for even the smallest amounts of money, such as a penny found on a subway step. He believes that by allowing for the possibility of magic and abundance, individuals can attract unexpected wealth.
Howes shares an anecdote about finding a penny that could be worth thousands of dollars, illustrating the potential of being open to money appearing in unexpected ways. He emphasizes the need to expand one's capacity to receive money without stress and to give generously, with the underlying belief in abundance—that giving will result in receiving in some way.
Develop Personal Money Rituals and Practices
Affirmations, Gratitude, and Money Awareness in Life
Jay Shetty's practice of picking up pennies and treating them with respect is an example of a personal ritual that embodies affirmation, gratitude, and awareness toward money. Similarly, Lewis Howes shares a simple practice of ...
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Cultivating a Healthy Mindset and Relationship With Money
Additional Materials
Counterarguments
- The idea of treating money as a person or partner may not resonate with everyone and could be seen as anthropomorphizing a tool or resource, which might not be practical or helpful for certain individuals.
- The concept of an abundance mindset could be criticized for oversimplifying complex financial issues and ignoring systemic barriers that can affect one's financial situation.
- The anecdote about finding a penny that could be worth thousands of dollars might give a false impression of the likelihood of such occurrences, potentially encouraging unrealistic expectations.
- The practices of affirmations and gratitude, while potentially beneficial for mindset, do not directly address the practical skills and knowledge needed for financial management, such as budgeting, investing, and saving.
- The belief that giving money will result in receiving more money could be challenged as it may not always align with economic realities and could lead to financial imprudence if misinterpreted as a guarantee of return.
- The focus on personal rituals and mindset may overlook the importance of external factors such ...
Actionables
- Create a "money appreciation jar" where you deposit a small amount of money each time you feel grateful for a financial occurrence, no matter how minor, and at the end of the month, donate it to a cause you value to reinforce the cycle of gratitude and giving.
- By physically placing money into a jar with a sense of gratitude, you're not only acknowledging the value of every coin or note but also setting a tangible example of generosity. This act can help solidify the concept of money as something that flows and multiplies through appreciation and sharing, rather than something to hoard.
- Develop a "money dialogue journal" where you write a daily entry addressing money as if it were a friend, discussing your feelings, goals, and the actions you took that day that reflect a respectful and abundant relationship with finances.
- This practice encourages you to reflect on your daily financial decisions and the emotions associated with them. It can help you identify patterns in your financial behavior and foster a more mindful and intentional approach to money managem ...
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Saving, Investing, and Building Wealth Strategies
Financial experts discuss various strategies for saving, investing, and building wealth, emphasizing the need for a strategic approach rather than just accumulating savings in a bank account.
Start Small and Automate Savings
Experts encourage beginning with small savings and making the process automatic to ensure consistent wealth building over time.
Allocate a Percentage of Income For Savings and Investments
Scott Galloway and Jaspreet Singh advise on the importance of setting aside a portion of one's income for savings and investments. Galloway highlights the effectiveness of automation, such as automatic deposits or transfers. Only 17% of Americans use this method, but it's very effective for wealth accumulation. He also suggests starting to make money through side hustles like using their smartphone for Lyft or TaskRabbit jobs and then automating a part of those earnings into savings. Singh echoes the importance of having a plan for one’s money to ensure adequate savings and investments.
Jay Shetty talks about making intentional small decisions in daily life, such as cooking at home, which can aid in saving for significant goals. Codie Sanchez believes in paying oneself first by automatically investing as a habit and recommends allocating at least 10% of income to investments to beat inflation.
Diversify Your Investments
Diverse investments are key to mitigating risks and ensuring growth amid inflation.
Explore Beyond Bank Savings: Index Funds, Real Estate, and More Asset Classes
Jaspreet Singh warns that saving alone will not lead to wealth, given that inflation usually outpaces interest earned in savings accounts. He suggests exploring investments beyond savings accounts, such as stocks, real estate, and other asset classes.
Sanchez endorses investing in oneself before moving into financial markets and diversifying by investing in low-cost index funds, preferably with Vanguard because of their no-fee trading platform. She also touches on having a balance in investments across stocks, bonds, and different market areas for diversification.
Galloway encourages looking into low-cost diversified index funds and discussing with knowledgeable advisors about forced savings mechanisms that are tax-advantaged, such as 401ks, IRAs, or Roth accounts.
Jaspreet Singh shares his experience of purchasing a foreclosed condo and renting it out, realizing this investment could generate income passively. Galloway advises young people to start by gaining certifications and acquiring skills for personal investment in their capabilities.
Build Multiple Income Streams
Creating various sources of income is another critical component of wealth building.
Explore Side Hustles, Freelancing, and Business to Grow Wealth
Singh comments that we ...
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Saving, Investing, and Building Wealth Strategies
Additional Materials
Counterarguments
- While automating savings is beneficial, it may not be feasible for individuals with irregular income or those living paycheck to paycheck.
- Allocating a fixed percentage of income to savings and investments might not account for the unique financial situations and goals of every individual.
- Side hustles and gig economy jobs can provide extra income but may also lead to burnout or reduce the time available for rest and personal relationships.
- The advice to pay oneself first by investing a minimum of 10% of income may not be practical for those with high debt burdens or low incomes.
- Diversification is generally a sound strategy, but it can also dilute potential gains from high-performing investments and may not be as necessary for young investors with a higher risk tolerance.
- Low-cost index funds are a popular recommendation, but they may not always outperform actively managed funds or other investment strategies in certain market conditions.
- Tax-advantaged accounts like 401(k)s and IRAs are beneficial, but they also come with restrictions and penalties for early withdrawal that may not suit everyone's financial needs.
- Real estate investment requires significant capital and can be less liquid than other investments, posing challenges for those who need access to their money.
- Encouraging people to take calculated risks in business can be sound advice, but not everyone has the entrepreneurial skills or risk tolerance necessary for starting a business.
- The idea of avoiding risk being problematic for wealth creation may not consider the value of a c ...
Actionables
- You can create a visual savings tracker to gamify your wealth-building journey by drawing a progress bar on a poster and coloring it in as you save or invest money. This visual representation can make the process more engaging and provide a clear visual of your progress towards your financial goals.
- Consider setting up a 'finance date' with yourself once a month to review your financial decisions, explore new investment opportunities, and adjust your strategies as needed. This regular check-in ensures you stay on track and can adapt to any changes in your financial situation or goals.
- Start a 'skill-swap' group in yo ...
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Avoiding Common Money Mistakes and "Quick Money" Schemes
Experts in the finance industry discuss the pitfalls of get-rich-quick schemes and emphasize the importance of separating one's self-worth from net worth to avoid common money mistakes.
Resist the Temptation Of "Get Rich Quick" Promises
Singh and Howes suggest that not all investments are created equal, and caution is necessary to distinguish genuine opportunities from high-risk schemes.
Beware Of High-Risk Investments and Scams With Unrealistic Returns
Singh warns that keeping cash in a bank account without investing may lead to losses due to inflation, which is a problem exacerbated by recent higher rates. It suggests that blindly saving without investing can be a financial mistake. Howes shares his experiences of losing money by chasing quick money opportunities, emphasizing that the promises of getting rich quick through certain investments, like cryptocurrency, often lead to painful lessons. He also states that he does not know anyone who has successfully built wealth through consistent get-rich-quick schemes. Jay Shetty advises avoiding shortcuts and instead suggests that true freedom comes from discipline, risk understanding, and knowledge of money.
Separate Your Self-Worth From Your Net Worth
Experts argue that your self-worth should not be measured by your wealth or the appearance of wealth.
Avoid Spending Just to Appear Wealthy
Singh criticizes the practice of spending money to appear wealthy—buying expensive items one cannot afford—which can lead to actual financial ruin. Codie Sanchez discusses the pitfalls of anchoring self-worth to material possessions and the importance of focusing on knowledge and relationships. People are advised not to emulate the luxurious lifestyles seen on social media and instead work towards true success, which is defined by freedom of time and having your money work for you.
Howes and Jay Shetty discuss the non- ...
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Avoiding Common Money Mistakes and "Quick Money" Schemes
Additional Materials
Counterarguments
- While get-rich-quick schemes are often risky, not all rapid financial opportunities are scams; some may be legitimate opportunities that require due diligence.
- Investing always carries risk, and even traditional investments can lead to losses; it's not just high-risk investments that can result in financial setbacks.
- Keeping some cash in a bank account can be a strategic part of a diversified portfolio, providing liquidity and reducing overall risk.
- Some individuals may have successfully built wealth quickly through high-risk investments or entrepreneurial ventures, although these cases are not the norm and often involve a high degree of skill, timing, or luck.
- The pursuit of appearing wealthy can sometimes be a motivator for individuals to achieve actual wealth, although it can be financially dangerous if not managed properly.
- Material possessions can have intrinsic value and contribute to one's quality of life, not just their perceived self-worth.
- Emulating luxurious lifestyles seen on social media can sometimes provide motivation and aspiration, although it should be balanced with r ...
Actionables
- You can create a "Financial Reality Check" diary to track your emotions and spending habits, noting when you feel the urge to spend to boost self-worth or appear wealthy. By reviewing this diary weekly, you'll become more aware of your triggers and can develop healthier financial habits that don't rely on material possessions for validation.
- Start a "Smart Investor Book Club" with friends or community members where you read and discuss one book about investing and financial management each month. This will help you build knowledge and differentiate between genuine investment opportunities and high-risk schemes, fostering a community of informed investors.
- Implement a "48-Hour Rule" for all non-essential purchases to combat impulsive spending driven by th ...
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