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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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.
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.
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.
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
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.
Jaspreet Singh underscores the importance of cultivating a healthy personal relationship with money, suggesting key beliefs to adopt:
Singh details beliefs that foster a sense of financial capability:
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.
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 ...
Money Mindset and Beliefs
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.
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.
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.
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 ...
Challenges Facing People Financially
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.
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.
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 ...
Building Wealth: Employee vs. Owner, Real Estate, Entrepreneurship
The dialogue explores how various individuals have faced their mistakes and setbacks, transforming them into opportunities for growth and resilience.
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.
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 ...
Overcoming Mistakes and Setbacks
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