Podcasts > The School of Greatness > 5 Money Beliefs To Rewire Your Mind For Wealth

5 Money Beliefs To Rewire Your Mind For Wealth

By Lewis Howes

In this episode of The School of Greatness, guests Jaspreet Singh, Glennda Baker, and Codie Sanchez delve into the importance of cultivating the right money mindset and beliefs for financial success. They discuss how subconscious money beliefs from one's upbringing can hinder prosperity, and offer strategies for aligning positive thoughts and actions to achieve financial goals.

The conversation also touches on the challenges facing people financially, such as rising inflation, high debt, and economic uncertainty. The guests share insights on building wealth through various avenues like entrepreneurship, real estate investing, and business ownership. Additionally, they emphasize the value of resilience and reframing setbacks as opportunities for growth on the path to lasting fulfillment.

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5 Money Beliefs To Rewire Your Mind For Wealth

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5 Money Beliefs To Rewire Your Mind For Wealth

1-Page Summary

Money Mindset and Beliefs

According to Jaspreet Singh, cultivating beliefs of abundant wealth and money as a liberating tool is crucial for financial success. Glennda Baker shares how subconscious money beliefs from upbringing can unconsciously hinder prosperity. Singh recommends aligning subconscious convictions with positive thoughts and actions for financial actualization.

Challenges Facing People Financially

Lewis Howes notes rising inflation, high debt, and pervasive economic uncertainty contribute to financial insecurity. Singh argues government actions like money printing exacerbate challenges through inflation. He laments financial system complexity benefits the educated but leaves the uninformed struggling.

Building Wealth: Employee vs. Owner, Real Estate, Entrepreneurship

Codie Sanchez contrasts employee stability with business/real estate ownership risks and higher wealth potential through time leverage. She advocates acquiring cash-flowing businesses over risky startups. Glennda Baker prefers real estate investing over stocks for tangible, lower-risk assets building generational wealth.

Overcoming Mistakes and Setbacks

Howes, Singh, and Baker openly discuss transforming painful mistakes into growth through resilience. They highlight reframing disappointments as lessons, cultivating presence over material pursuits, and realigning self-worth for lasting fulfillment and success.

1-Page Summary

Additional Materials

Counterarguments

  • While cultivating beliefs of abundant wealth can be motivating, it's important to recognize that mindset alone is not sufficient for financial success; practical financial planning and action are also necessary.
  • Subconscious money beliefs can influence behavior, but it's also critical to acknowledge external socioeconomic factors that can limit financial opportunities regardless of individual beliefs.
  • Positive thinking is beneficial, but without concrete financial education and literacy, individuals may not be able to navigate complex financial systems effectively.
  • Inflation and economic uncertainty are indeed challenges, but it's worth noting that some economic theories argue that controlled inflation can have benefits, such as encouraging spending and investment.
  • The assertion that government money printing always exacerbates inflation is debated among economists, with some suggesting that it can be a necessary tool for economic stimulus under certain conditions.
  • While financial system complexity may disadvantage the uninformed, there are initiatives and resources aimed at increasing financial literacy and access to financial services for all.
  • The contrast between employee stability and the risks of business ownership doesn't account for the fact that some individuals may thrive in stable employment and not all are suited for or interested in entrepreneurship.
  • Acquiring cash-flowing businesses may be less risky than startups, but it also requires significant capital and expertise, which may not be accessible to everyone.
  • Real estate investing is often seen as lower risk, but it can also be subject to market fluctuations, and not all real estate investments are guaranteed to build wealth.
  • While resilience is key to overcoming setbacks, it's also important to acknowledge that systemic barriers can make it more difficult for some individuals to bounce back from financial mistakes.
  • Reframing disappointments as lessons is valuable, but it's also essential to recognize when systemic changes are needed to prevent similar setbacks for others.
  • Emphasizing presence over material pursuits is a valid perspective, but material security is also a legitimate concern for many people, especially those who are struggling to meet basic needs.
  • Realigning self-worth away from financial success is a healthy approach, but societal values and pressures often tie self-worth to financial achievement, which can be challenging to overcome.

Actionables

  • You can create a vision board with images and phrases that represent wealth and freedom to reinforce a positive financial mindset. Place it somewhere you'll see daily, like next to your computer or on the fridge, to constantly remind yourself of the abundance and opportunities around you. For example, include pictures of places you want to travel, symbols of financial freedom like a piggy bank or a tree growing money, and affirmations such as "I am capable of achieving financial success."
  • Start a "Financial Resilience Diary" where you document and reflect on financial setbacks and how you overcame them. This practice can help you see patterns in your reactions to financial challenges and encourage a mindset of growth and resilience. For instance, if you faced an unexpected expense, write down how you managed to cover it, what you learned, and how you can prepare for similar situations in the future.
  • Engage in a monthly "Self-Worth Session" where you list out your non-material achievements and qualities, focusing on aspects like relationships, personal growth, and community involvement. This can help you realign your self-worth with non-financial successes and create a more balanced view of fulfillment. For example, you might write about a friend you helped, a new skill you learned, or a volunteer project you contributed to, and reflect on the value these experiences add to your life.

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5 Money Beliefs To Rewire Your Mind For Wealth

Money Mindset and Beliefs

Lewis Howes delves into the topic of financial beliefs by discussing the new book, "Make Money Easy," which guides readers toward financial freedom, a feeling of abundance, and a transformed money relationship.

Empowering Money Relationship Crucial For Financial Success

Jaspreet Singh underscores the importance of cultivating a healthy personal relationship with money, suggesting key beliefs to adopt:

Adopt Beliefs of Abundant Wealth and Money As a Tool For Freedom

Singh details beliefs that foster a sense of financial capability:

  1. It is my duty to become wealthy.
  2. Money is abundant.
  3. Money is a tool.
  4. I will become wealthy.

These principles are crucial, Singh asserts, because they promote the conviction that financial success is within reach. He emphasizes that financial freedom provides choices in life—from mundane decisions about purchases to the broader context of how to live—and believes understanding the financial system can fundamentally change one's lifestyle through smart spending and investing.

Singh also points out that speaking English and living in a first-world country like America offers ample opportunities to build wealth. He encourages the belief in the possibility of living a life of financial freedom, urging action and perseverance through challenges.

Addressing Subconscious Money Beliefs to Change Financial Trajectory

Negative Money Beliefs, Inherited From Upbringing and Environment, Unconsciously Hinder Financial Success

Glennda Baker shares a personal anecdote about her earlier belief that marriage to someone influential was necessary for worthiness, a view influenced by not having married parents. This reflects how extrinsic factors can sometimes become intertwined with self-worth and financial prospects.

Moreover, Singh argues that internal, subconscious money beliefs, often stemming from one's upbringing, can thwart conscious aspirations for wealth. He describes how doubts originating in background or circumstances can subvert a conscious intent to ...

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Money Mindset and Beliefs

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Counterarguments

  • While adopting a positive mindset about wealth can be beneficial, the belief that it is one's duty to become wealthy may not align with everyone's values or life goals.
  • The idea that money is abundant can be challenged by economic theories that recognize the limitations of resources and the competitive nature of wealth accumulation.
  • Viewing money solely as a tool might overlook the complex social and emotional roles that money plays in people's lives.
  • The assertion that everyone will become wealthy ignores systemic inequalities and the fact that not everyone has equal access to opportunities for wealth creation.
  • The notion that financial success is always within reach may not account for structural barriers that can impede financial progress for certain individuals or groups.
  • While financial freedom can provide more choices, it's important to acknowledge that personal fulfillment and success are not solely determined by financial status.
  • The belief that understanding the financial system is sufficient to change one's lifestyle may not consider the practical challenges and knowledge gaps that can prevent effective money management.
  • The idea that there are ample opportunities to build wealth in English-speaking, first-world countries may not take into account the disparities and economic challenges within those countries.
  • The emphasis on action and perseverance might understate the role of luck, timing, and external factors in financial success.
  • The concept that negative money beliefs inherited from upbringing are the primary hindrance to financial success may not fully recognize the impact of current economic conditions and opportunities.
  • The idea that congruence between thoughts, words, and actions is key to financial success could be seen as an oversimplification of the complex factors that contribute to financial outcomes.
  • The focus on aligning ...

Actionables

  • Create a vision board that visually represents your financial goals to reinforce the belief that wealth is within reach. Use magazine cutouts, printed images, or drawings to represent the lifestyle you aim for, the assets you want to acquire, and the feelings you associate with financial success. Place this board somewhere you'll see it daily to keep your financial aspirations top of mind.
  • Start a 'money mindset' journal to track and shift your beliefs about wealth. Each day, write down one negative belief you have about money and counter it with a positive affirmation. For example, if you catch yourself thinking "money is scarce," write down "money is abundant and I can attract it through my actions." This practice can help rewire your subconscious beliefs to align with your financial goals.
  • Engage in a monthly 'financial freedom' day where y ...

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5 Money Beliefs To Rewire Your Mind For Wealth

Challenges Facing People Financially

Lewis Howes and Jaspreet Singh discuss the rising financial challenges that many people face today, emphasizing inflation, debt, and the impact of government actions on the economy.

Inflation, Debt, and Uncertainty Contribute To Financial Insecurity

Howes points out that inflation is on the rise, people are more in debt than ever, and there's a pervasive sense of uncertainty about who to trust when it comes to the economy. He notes that student loan debt is at an all-time high, which complicates individuals' efforts to earn money and achieve financial security.

Government Actions Like Money Printing Worsen Financial Challenges

Continuing the conversation, Singh touches on the delicate subject of government actions such as money printing by the Federal Reserve. He argues that these actions can lead to inflation, which worsens the financial struggles for individuals. He further explains that government spending can create inflation, which contributes to keeping people in poverty by devaluing their money.

Howes questions which demographics should be most concerned financially, given the upcoming elections, the current state of the economy, wars, and ongoing inflation issues.

Financial Ignorance Leaves Many Unprepared for Complex Landscape

Financial System Benefits Educated, Leaves Uninformed Struggling

Singh emphasizes that individuals often spend more money than they make, which jeopardizes financial security across all income levels. He points out the direct link between debt and financial insecurity and stresses that the financial system is constructed to benefit those who are financially educated. This structure, unfortunately, leaves many who lack financial knowledge unpr ...

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Challenges Facing People Financially

Additional Materials

Clarifications

  • When a government prints more money, it increases the money supply in the economy. This can lead to more money chasing the same amount of goods and services, causing prices to rise, which is known as inflation. Essentially, an increase in the money supply without a proportional increase in economic output can erode the purchasing power of the currency, leading to higher prices for consumers.
  • Government spending can lead to inflation when the amount of money injected into the economy surpasses the production of goods and services, causing prices to rise. Inflation can erode the purchasing power of individuals, especially those with fixed incomes, potentially pushing them into poverty. Excessive government spending without corresponding economic growth or productivity increases can exacerbate inflationary pressures, making it harder for individuals to maintain their standard of living. This cycle can contribute to a situation where individuals struggle financially due to the diminishing value of their money caused by inflation resulting from government actions.
  • Elections, wars, and ongoing inflation issues can impact financial concerns by creating uncertainty in the economy, affecting consumer and investor confidence, and influencing government policies that can directly impact inflation rates and economic stability. These events can lead to fluctuations in markets, changes in regulations, and shifts in public sentiment, all of which can have significant implications for individuals' financial well-being and long-term planning.
  • The financial system benefits the financially educated because those who understand financial concepts can make informed decisions, take advantage of investment opportunities, and navigate the system effectively. Financially educated individuals are more likely to manage debt wisely, build savings, and grow their wealth over time. This knowledge empowers them to leverage financial tools, protect their assets, and secure their financial future. In contrast, those lacking financial education may struggle to make sound financial choices, potentially leading to debt, missed opportunities, and financial insecurity.
  • Understanding financial concepts and practices is crucial to making informed decisions about money management, investments, and debt. Financial literacy helps individuals navigate the complexities of the financial system, enabling them to budget effectively, save for the future, and avoid c ...

Counterarguments

  • Inflation is a complex phenomenon and not solely the result of government actions like money printing; other factors such as supply chain disruptions, global economic conditions, and market dynamics also play significant roles.
  • Debt can be a tool for financial growth if managed wisely, such as taking on student loans for education that leads to higher earning potential or mortgages that enable homeownership.
  • Uncertainty in the economy is not always a negative factor; it can also create opportunities for investors and entrepreneurs who can navigate the volatility.
  • Not all government spending leads to inflation; targeted fiscal policies can stimulate economic growth, improve infrastructure, and provide social services without necessarily causing inflation.
  • The assertion that the financial system is constructed to benefit the financially educated oversimplifies the reality that there are various consumer protection laws and regulations in place to safeguard the interests of all participants.
  • Financial literacy is important, but systemic barriers and income inequality can also contribute to financial insecurity, not just a lack of education.
  • Encouraging consumer behavior is pa ...

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5 Money Beliefs To Rewire Your Mind For Wealth

Building Wealth: Employee vs. Owner, Real Estate, Entrepreneurship

Codie Sanchez and Glennda Baker discuss different paths to wealth accumulation through entrepreneurship, real estate investment, and optimizing business for sale, contrasting these with traditional employment.

Employee Stability vs. Business/Real Estate Wealth Potential

Entrepreneurship and Real Estate Investing Demand Higher Risk Tolerance, Offering Exponential Growth Opportunities Through Skills and Time Leverage

Sanchez states that a significant percentage of millionaires own a business, and owning a business is closely related to becoming a millionaire. She also talks about the sacrifices employees make, like working 78-hour weeks, to gain income and skillsets, noting that a typical 40-hour work week with minimal effort won't lead to significant earnings. She emphasizes that operating as a business owner offers potential earnings without active work, but with the risk of losing everything.

Employees can gain company ownership by becoming valuable through earned equity in startups or investing personally in the company. Codie discusses partial acquisitions where one leverages their skills to negotiate a business percentage in exchange for contributing to increased revenue or problem-solving.

Sanchez addresses the difference in risk tolerance required between employees and business owners, highlighting that while employees risk job loss, owners bear the entire financial risk of their ventures. She mentions that most startups fail within the first few years, and even if they succeed, entrepreneurs often only earn modest incomes.

Lewis Howes points out that employees are spared from managing the daily operations of a business, such as payroll or income generation. Sanchez provides the example of an employee in private equity who accumulated wealth through multiple equity positions without the burdens of ownership.

Sanchez suggests that although many consider starting a business preferable to employment, in reality, entrepreneurship can be challenging and is a high-risk gamble. She recommends that even as employees, individuals should think like owners, which can eventually lead to actual ownership, bringing more value to their employers and leading to career advancement.

Optimizing Business or Investment Opportunities For Sale

Acquiring Cash-Flowing Businesses Minimizes Risk and Safely Builds Wealth

Sanchez emphasizes the importance of understanding the value of a business and preparing it for sale, considering that many owners lack knowledge about maximizing their assets' value. She advocates for buying established, profitable businesses over startups for less risk and greater earning potential. She compares business owners unaware of their assets' value with homeowners, urging business owners to not walk away but to explore options to maximize their asset's value.

Sanchez suggests that acquiring a business with an established cash flow is safer for wealth-building compared to starting from scratch. She discusses how ...

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Building Wealth: Employee vs. Owner, Real Estate, Entrepreneurship

Additional Materials

Clarifications

  • In the context of business, a partial acquisition involves acquiring a portion or percentage of a company rather than buying it outright. When someone leverages their skills to negotiate a business percentage, they are using their expertise, experience, or resources to secure a stake in the company in exchange for contributing to its growth or solving specific challenges. This strategy allows individuals to gain ownership in a business without having to purchase the entire company, providing them with a vested interest in its success and potential financial rewards.
  • Optimizing a business for sale involves preparing the business to be attractive to potential buyers by maximizing its value and profitability. This process may include improving operational efficiency, financial performance, and market positioning to ensure a smooth and lucrative sale. By focusing on enhancing the business's strengths and addressing any weaknesses, owners can increase the likelihood of selling the business at a higher price and achieving a successful exit strategy. Ultimately, optimizing a business for sale is about strategically positioning the company to attract buyers and secure the best possible return on investment.
  • Acquiring a business with established cash flow for wealth-building involves purchasing a business that already generates consistent income. This approach minimizes the risk associated with starting a new business from scratch. By acquiring a business with a proven revenue stream, individuals can focus on optimizing operations and potent ...

Counterarguments

  • While owning a business is related to becoming a millionaire, it is not the only path to wealth, and not all business owners become millionaires.
  • Working long hours can lead to burnout and is not sustainable for everyone; work-life balance is also important for long-term success and health.
  • Passive income from business ownership is rarely achieved without significant upfront work and ongoing oversight.
  • Gaining company ownership through equity or investment often requires being in the right place at the right time, and not all employees have these opportunities.
  • Negotiating a business percentage requires a level of expertise and leverage that not all individuals possess.
  • While business owners do bear financial risk, proper planning, insurance, and diversification can mitigate some of these risks.
  • Some startups can become highly profitable, and not all fail within the first few years; there are exceptions to the rule.
  • Employees may not manage daily operations, but they often face their own set of workplace stresses and responsibilities.
  • Thinking like an owner is beneficial, but not all employees will have the opportunity to become owners, and this mindset does not guarantee career advancement.
  • Acquiring cash-flowing businesses may minimize risk, but it also requires significant capital and due diligence to ensure profitability.
  • Preparing a business for sale is important, but not all business owners may want to sell or may find the right buyer at the right time.
  • Real estate investment carries its own set of risks, such as market fluctuations, property damage, and tenant issues.
  • Due diligence is essential, but even well-r ...

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5 Money Beliefs To Rewire Your Mind For Wealth

Overcoming Mistakes and Setbacks

The dialogue explores how various individuals have faced their mistakes and setbacks, transforming them into opportunities for growth and resilience.

Mistakes as Painful but Valuable Learning Experiences

Mistakes Inspire Growth Through Transparency

Jaspreet Singh acknowledges making many mistakes but emphasizes the importance of trying to be a little better every day. Lewis Howes and Glennda Baker discuss their personal blunders, acknowledging that while they were painful, they served as valuable lessons. Howes shares that after selling his first business, it was run into the ground by the new owner, teaching him a hard lesson. He also reflects on the importance of alignment in vision and asking the right questions early in a partnership, instead of focusing solely on financial gain. Additionally, though not explicitly stated, Howes's openness about his experiences serves as an inspiration and learning tool for others.

Baker, who struggled with alcohol, found that overcoming her addiction helped her focus on being her best self. She highlights the value of sharing stories transparently to help others learn and grow, using her own experiences—such as buying luxury items she couldn't afford and having to pawn them, as well as not paying taxes—as lessons on financial management and the consequences of ego-driven decisions.

Building a Resilient Mindset: Leveraging Setbacks For Self-Improvement and Success

Cultivating Presence and Meaningful Moments for Lasting Fulfillment Over Material Pursuits

Howes and Singh discuss finding joy and fulfillment through activities that don't involve overspending, such as spending time in nature or with loved ones, building resilience and fulfillment beyond material pursuits. Singh mentions how attraction to material items is strongest when they’re unaffordable, but this allure fa ...

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Overcoming Mistakes and Setbacks

Additional Materials

Counterarguments

  • While self-improvement is important, it's also crucial to recognize that constant self-improvement can lead to burnout if not balanced with self-acceptance and rest.
  • Learning from business failure is valuable, but it's also important to acknowledge that not all lessons can prevent future failures, as some factors are beyond an individual's control.
  • Vision alignment and asking the right questions are key in partnerships, but it's also necessary to recognize that people and circumstances can change over time, which can affect the partnership dynamic.
  • Finding joy in non-materialistic activities is beneficial, but it's also important to acknowledge that material resources can provide security and opportunities that enhance well-being.
  • Gaining perspective from witnessing poverty can lead to greater appreciation, but it's also essential to be cautious of framing poverty as a tool for personal growth, which can inadvertently dehumanize those experiencing it.
  • Overcoming addiction and learning from financial mistakes are commendable, but it's important to recognize that not everyone has access to the same resources or support systems to make such changes.
  • Realizing self-worth internally is important, but it's also valu ...

Actionables

  • Start a "Daily Improvement Diary" where you jot down one small thing you've learned or improved upon each day, ensuring consistent self-growth.
    • This could be as simple as learning a new word, trying a different exercise, or reading an article on a topic you're unfamiliar with. The key is to make it a habit, reflecting on your progress weekly to see how these small improvements add up over time.
  • Create a "Vision Sync Checklist" for use when entering new partnerships or collaborative projects.
    • Before committing to a new partnership, list your top five personal and professional values and ask potential partners to do the same. Compare lists to see where your visions align and where they differ. This can help ensure that you're on the same page and can work towards common goals effectively.
  • Establish a "Non-Material Joy ...

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