The One Truth About Money That No One Teaches You In School
In this episode of The School of Greatness, Daniel Priestley and Lewis Howes discuss the relationship between mindset and financial success. Through personal experiences, they explore how carrying cash as "pocket money" can help normalize wealth, and how overcoming deep-seated fears about money can lead to greater impact. They also examine how personal relationships with money often reflect one's sense of self-worth.
The conversation extends beyond financial matters to cover the importance of holistic personal development. Priestley and Howes share insights about entrepreneurship as a path to meaningful impact, the value of purpose-driven business networks, and key lessons for future generations about self-worth and resilience. They emphasize that true wealth comes from within and that success should be accompanied by joy and passion rather than driven solely by financial gain.
This is a preview of the Shortform summary of the Jul 9, 2025 episode of the The School of Greatness
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1-Page Summary
Overcoming Mental Blocks Around Money and Success
In this podcast episode, Daniel Priestley and Lewis Howes explore the psychological challenges associated with financial growth and success. Priestley shares how his mentor helped him shift his financial mindset by challenging his modest income goals, while Howes reflects on his past struggles with financial insecurity and the false confidence he projected to mask his uncertainty.
Mindset Shifts Unlock Wealth and Success
Priestley describes a transformative exercise suggested by his mentor: carrying $2,000 as "pocket money" to normalize the presence of wealth. Howes discusses his evolution from competitive drive to inner peace, suggesting that true wealth comes from within. Both speakers emphasize that success should be accompanied by joy and passion, with Priestley noting that fun should naturally indicate you're on the right path.
Prioritizing Personal Development Over Money
The conversation shifts to the importance of personal development beyond financial success. Howes discusses creating the School of Greatness podcast to address life skills overlooked by traditional education. Priestley shares how a recent health scare led him to prioritize physical well-being, while Howes emphasizes a holistic approach to health encompassing spiritual, emotional, and physical aspects.
Aligning Money Mindsets For Abundance and Impact
Priestley elaborates on his mentor's cash-carrying exercise, revealing how it exposed his deep-seated fears about wealth, including concerns about judgment and relationship authenticity. Howes adds that personal relationships with money reflect self-worth and potential world impact, sharing his own perspective that substantial wealth represents an opportunity for greater good rather than personal gain.
The Role of Entrepreneurship and Creating Positive Impact
Through his company Dent, Priestley works to empower entrepreneurs to "make a dent in the universe." He emphasizes teaching entrepreneurship as a path to meaningful impact rather than just wealth accumulation. The discussion highlights how purpose-driven entrepreneur networks can create significant social impact, with examples including Warrior Academy and Buy One Give One.
Lessons for the Next Generation
Priestley and Howes share key insights for future generations, emphasizing intentional communication, the value of creation over consumption, and the importance of partnership with others. They stress that children should focus on their own paths rather than inheriting legacies, with Howes particularly emphasizing the importance of teaching self-worth and resilience in a changing world.
1-Page Summary
Additional Materials
Counterarguments
- Carrying $2,000 as "pocket money" might not be feasible or responsible for everyone, especially those struggling with debt or living paycheck to paycheck.
- The idea that true wealth comes from within could be seen as oversimplifying the complex socio-economic factors that contribute to financial stability and success.
- Prioritizing personal development over financial success may not be a viable option for individuals in precarious financial situations who need to focus on immediate income.
- The notion that money mindsets reflect self-worth could be challenged by the argument that self-worth should not be tied to financial status or material wealth.
- The belief that wealth represents an opportunity for greater good assumes that individuals with wealth will choose to use it altruistically, which is not always the case.
- Entrepreneurship, while a path to impact, is not accessible or suitable for everyone, and other career paths can also lead to meaningful societal contributions.
- The emphasis on creating over consuming may not acknowledge the value and necessity of consumption in certain contexts and industries.
- The advice for children to focus on their paths rather than inheriting legacies might overlook the benefits of building upon the foundations and resources provided by previous generations.
- Teaching self-worth and resilience as a universal solution may not address systemic issues that affect individuals' opportunities and well-being.
Actionables
- You can carry a small item of value with you daily to subtly shift your perception of wealth. Choose something like a high-quality pen or a piece of jewelry that feels luxurious to you, and use it regularly to become comfortable with the idea of wealth being a normal part of your life.
- Start a "joy and passion" journal where you record daily activities that bring you happiness unrelated to income. This practice can help reinforce the belief that true wealth comes from within and is not solely dependent on financial success.
- Create a "purpose-driven" savings account where a percentage of your income is automatically deposited each month for the specific intention of funding a project or donation that aligns with your values and desire for social impact. This can be a tangible way to connect your financial growth with positive contributions to the world.
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Overcoming Mental Blocks Around Money and Success
Daniel Priestley and Lewis Howes discuss the emotional upheavals and psychological hurdles that often accompany financial growth and success.
Speaker Reflects On Financial and Emotional Insecurities, Lacks Understanding of Wealth Generation and Management
He Projected False Confidence to Hide Financial Uncertainty and Stress
The conversation delves into the impact of deep-seated insecurities surrounding money that many grapple with. Priestley shares a profound moment of revelation when his mentor highlighted the necessity of redefining his concept of what is considered a substantial amount of money. Priestley initially thought that earning "a grand a week" would be satisfactory, but his mentor challenged him to aim for a hundred grand a year, signaling the importance of a paradigm shift to achieve higher financial success.
Adding to this perspective, Howes recalls his own history of financial scarcity and emotional fear. Despite feeling insecure and uncertain about his financial acumen—lacking the knowledge on effective ways to earn, manage, and multiply wealth—he recalls adopting a façade of confidence to mask his financial anxiety and ignorance. Successful, wealthy individuals used to seem like an unreachable class to him due to his misunderstandings.
Mindset Shifts Unlock Wealth and Success
Overcoming a Competitive Mindset for Inner Peace and Purpose
As part of altering his wealth mindset, Priestley narrates an unusual but insightful exercise suggested by his mentor: carrying two thousand dollars to view it merely as "pocket money." This tangible practice was meant to normalize the presence of money and psychologically conditioned him to think beyond his previously held financial limitations.
On the other hand, Howes elaborates on the evolution of his i ...
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Overcoming Mental Blocks Around Money and Success
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Counterarguments
- Carrying $2000 as "pocket money" may not be practical or safe for everyone and could potentially encourage reckless spending habits rather than a healthy relationship with money.
- The idea that one must redefine what a substantial amount of money is could perpetuate a cycle of never feeling satisfied with one's financial status.
- The notion that true wealth is serenity within oneself, while philosophically sound, may not address the real economic challenges and systemic barriers faced by individuals.
- The concept of projecting false confidence could be criticized for potentially leading to a lack of authenticity and genuine personal connections.
- The emphasis on fun as an indicator of the right path might overlook the fact that many worthwhile endeavors require hard work and may not always be fun.
- The idea that building and achieving are tied to deeper emotional needs could be seen as an overs ...
Actionables
- You can redefine your financial comfort zone by carrying a slightly higher amount of cash than usual for a month to desensitize anxiety around money. Start by increasing the amount you usually carry by a small percentage, and each week, add a little more. This gradual increase can help you become more comfortable with having money on hand and may shift your mindset towards abundance.
- You can create a "fun index" for your financial decisions to align success with enjoyment. Whenever you're about to make a financial decision, rate it on a scale of 1-10 based on how much joy it brings you. Aim for activities and investments that score higher on your fun index, which can lead to a more balanced approach to wealth and success.
- You can journal about the emotional needs behind your ach ...
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Prioritizing Personal Development (Health, Relationships, Purpose) Over Money
Lewis Howes and Daniel Priestley delve into the notion that prioritizing personal development in areas such as health, relationships, and purpose can lead to greater overall success and impact.
Skills and Values Beyond Financial Success: Health and Relationships
Howes and Priestley reflect on the importance of health and relationships, considering them key components of a fulfilling life and crucial to individual potential for impact.
He Believes Traditional Schooling Fails to Teach Essential Life Skills, Prompting Him to Create the School of Greatness Podcast to Fill That Gap
Lewis Howes discusses the shortcomings of traditional schooling in providing key life skills, which led him to start the School of Greatness podcast. Here, he addresses skills often overlooked by conventional education, such as managing relationships, coping with emotions, and public speaking.
Health and Fitness Weren't a Priority Until a Recent Scare
Daniel Priestley recounts his health scare over Christmas, when abnormal pancreas enzyme levels alerted him to the necessity of taking health seriously.
He Sees Health As Vital To Unlocking one's Potential For Impact
After the scare, Priestley realized the importance of health in enabling him to achieve greater success and have a substantial impact. As a re ...
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Prioritizing Personal Development (Health, Relationships, Purpose) Over Money
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Counterarguments
- While personal development is important, financial stability is also a key factor in one's ability to focus on health, relationships, and purpose without the stress of financial insecurity.
- Traditional schooling does provide a foundation of knowledge and critical thinking skills that can be applied to learning essential life skills outside of the classroom.
- The focus on personal development might not be feasible for everyone, especially those who are in challenging economic situations where making ends meet is a priority over self-actualization.
- Health is important, but it is not the only determinant of success and impact; other factors such as opportunity, education, and networking play significant roles.
- The idea that increased credibility and impact stem from making health a priority could be seen as oversimplifying complex social and professional dynamics.
- A holistic approach to health is beneficial, but it may not be accessible or practical for everyone due to various socioeconomic and cultural ...
Actionables
- You can integrate micro-meditations into your daily routine to enhance spiritual well-being by setting reminders to take one-minute pauses for deep breathing or gratitude reflection throughout the day, which can help maintain a sense of peace amidst a busy schedule.
- Start a "relationship audit" by listing all your significant relationships and noting areas for improvement, then commit to one specific action for each relationship, such as scheduling regular catch-ups or expressing appreciation, to strengthen your emotional connections.
- Create a "health-first" cal ...
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Aligning Money Mindsets For Abundance and Impact
Daniel Priestley and Lewis Howes delve into the complex relationship between money, self-perception, and societal impact, emphasizing the need for a healthy and abundant mindset towards finances.
Mentor Challenges Beliefs By Having Him Carry Cash
Core Beliefs: Wealth Brings Judgment, Danger, or Fake Relationships
Under his mentor John's guidance, Daniel Priestley carried $2,000 in cash at all times in an effort to confront and ultimately change his deep-seated beliefs about wealth. This exercise brought forward a range of emotions which Priestley diligently recorded in his journal.
Priestley had fears about being judged for having money, concerns about his physical safety, and worries that money would taint the authenticity of his relationships. Through discussion with his mentor, Priestley began to recognize these fears as core beliefs about wealth that needed to change.
Emphasizing an Abundance and Deserving Mindset Over Scarcity and Guilt Regarding Money
Relationship With Money Reflects Self-Worth and World Impact
Priestley elaborated on the negative mentality that typically surrounds financial success. He condemned the notion that desiring more wealth is inherently greedy, arguing that this belief system was perpetuated by historical figures of power to maintain their wealth. Lewis Howes highlighted money's substantial role in shaping lives, underpinning the significance of possessing a constructive money mindset.
They addressed the psychological strain of money, particularly feelings of guilt or shame when acquiring wealth beyond what one perceives as reasonable. Howes questioned how individuals can adj ...
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Aligning Money Mindsets For Abundance and Impact
Additional Materials
Counterarguments
- Carrying large sums of cash may not be a safe or practical exercise for everyone, depending on their environment and personal circumstances.
- The belief that desiring wealth is not inherently greedy does not address the systemic issues that can be associated with wealth accumulation, such as inequality and exploitation.
- A constructive money mindset is important, but it should not overshadow the need for practical financial skills and literacy.
- The role of money in shaping lives is significant, but it is not the only factor; other elements such as community, relationships, and personal fulfillment also play crucial roles.
- Feeling deserving of wealth is a complex issue that may require more than a mindset shift, including addressing past traumas or societal messages about worthiness.
- An optimal mindset towards finances is beneficial, but it must be coupled ...
Actionables
- You can challenge your own beliefs about wealth by carrying a higher amount of cash than usual for a week and journaling your feelings. This exercise will help you confront your own fears and beliefs about money, similar to how carrying $2,000 challenged Priestley's beliefs. For example, if you usually carry $20, try carrying $200 and note any feelings of discomfort, empowerment, or anxiety. This will help you identify and work through your own core beliefs about wealth.
- Start a "money mindset" book club with friends or colleagues to explore and discuss different perspectives on wealth. By reading and discussing books that offer various viewpoints on money and wealth, you can collectively examine and evolve your beliefs about money. Choose a book each month, meet to discuss the key takeaways, and share personal experiences related to the book's content. This shared learning experience can foster a supportive environment for changing your money mindset.
- Create a "wealth-deserving" jar where you deposit notes of ...
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The Role of Entrepreneurship and Creating Positive Impact
Initiatives from entrepreneurs like Daniel Priestley highlight the potential for businesses to not only generate profit, but also create a significant and positive change in the world.
Dedicated To Developing Entrepreneurs to "Make a Dent In the Universe" and Solve Problems Through Business
Daniel Priestley runs Dent, an entrepreneur accelerator aiming to empower entrepreneurs to "make a dent in the universe." He started with an interest in charity work but realized that fostering entrepreneurship could have a broader problem-solving capacity.
Dent Empowers Entrepreneurs to Stand Out, Scale, and Leverage Enterprises For Good
Dent helps entrepreneurs to stand out and scale, drawing on the Steve Jobs quote about making a dent in the universe. Priestley is committed to the path of teaching entrepreneurship, preferring it over faster means to wealth. He sees it as a way to help people find a meaningful career and make a true impact.
Daniel Priestley also highlights the use of his software, ScoreApp.com, as a tool for entrepreneurs to improve business outcomes by generating leads and increasing sales conversions.
Speaker Prioritizes Empowering Others Over Personal Wealth to Create Positive Change
Priestley's primary goal isn't personal wealth but empowering others. Through his network, entrepreneurs commit their businesses to make a positive impact. Examples include Warrior Academy and Buy One Give One, which have contributed to significant social impacts like teaching life skills to children and fostering charitable giving that scales with business growth.
Purpose-Driven Entrepre ...
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The Role of Entrepreneurship and Creating Positive Impact
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Counterarguments
- Entrepreneurship is not a one-size-fits-all solution and may not be suitable for everyone's skills or circumstances.
- Scaling a business and making a positive impact can sometimes be at odds, as growth often comes with increased environmental and social footprints.
- The effectiveness of entrepreneur networks in creating positive change can be difficult to measure and may not always be as impactful as direct problem-solving initiatives.
- While entrepreneurship can lead to innovation and problem-solving, it can also perpetuate inequalities if not managed with a focus on inclusivity and equity.
- The assumption that a simpler life focused on family and essential pleasures is more effective than pursuing financial gain is subjective and may not align with everyone's values or definitions of success.
- Software tools like ScoreApp.com can be beneficial, but they are not a panacea for all business challenges and may not be accessible or affordable for all entrepreneurs.
- Initiatives like Warrior Academy and Buy One Give One ar ...
Actionables
- You can integrate purpose into your business model by dedicating a portion of your profits to a cause related to your industry. For instance, if you sell books, you could donate a book to underprivileged children for every book sold. This not only aligns with creating a positive impact but also resonates with customers who value social responsibility.
- Start a peer accountability group with fellow aspiring entrepreneurs to encourage each other to focus on impactful goals rather than just financial success. Meet monthly to share progress, set back-to-basics goals like spending quality time with family, and discuss how to use your businesses for social good.
- Reflect on your daily routines ...
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Lessons for the Next Generation
Daniel Priestley and Lewis Howes share their insights on the critical lessons for the next generation, emphasizing the importance of health, relationships, and finding purpose beyond financial success.
Speaker Shares Lessons on Health, Relationships, and Purpose Beyond Financial Success
Daniel Priestley emphasizes the significance of health, and the value of relationships. Lewis Howes references his own experience, sharing his desire for his children to focus on personal fulfillment and meaningful lives outside his accomplishments or financial success. Both speakers agree that personal purpose and contribution to the world hold great significance, potentially more than just acquiring wealth.
He Wants His Kids Focused On Their Own Lives, Not His Legacy
Priestley envisions his children concentrating on their own futures, families, and careers, rather than dwelling on his legacy. He desires for his kids to remember their upbringing as positive and their parents as good role models, without feeling obligated to his achievements.
Key Lessons: 1) Be Intentional About Your Words; 2) Creation Outweighs Consumption; 3) You're in Partnership With Everyone
Mindset, Action, and Relationships Drive Impact
Priestley advocates "speaking your life into existence," urging the importance of intentionality with words. He suggests that creating is more valuable than consuming, and emphasizes prolific output over seeking perfection. His partnership approach suggests that caring f ...
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Clarifications
- Daniel Priestley emphasizes the importance of intentionality with words, advocating for speaking positively to shape one's life. He also highlights the value of creating over consuming, suggesting that taking action and producing output is more valuable than passively consuming information. Lewis Howes stresses the significance of maintaining good health to serve others effectively and thrive in a changing world. He also discusses the importance of teaching children self-worth and resilience in the face of challenges.
- Daniel Priestley is an entrepreneur, author, and speaker known for his expertise in entrepreneurship and business growth strategies. Lewis Howes is a former professional athlete turned entrepreneur, author, and podcast host, focusing on personal development, leadership, and building meaningful relationships. Both individuals are recognized for their contributions to personal and professional development through their books, podcasts, and speaking engagements.
- "Speaking life into existence" is a concept that emphasizes the power of positive affirmations and declarations. It suggests that the words we speak have the ability to shape our reality and influence our outcomes. By intentionally using uplifting and empowering language, individuals can manifest their desired future and create a more positive and successful life for themselves. This practice is rooted in the belief that our thoughts and words have the potential to bring about the reality we envision.
- Priestley's partnership approach emphasizes caring for others' needs and collaborating for positive outcomes. It suggests that working together with others can lead to mutually beneficial results. This approach focuses on building relationships and fostering a sense of community. By prioritizing partnerships, individuals can create a supportive network that enhances personal and collective success.
- Taking care of one's health can lead to serving in greater capacities by ensuring one has the physical and mental energy to take on more responsibilities and challenges. Good health allows individuals to be more productive, focused, and resilient, enabling them to contribute more effectively to their work, relationships, and communities. By prioritizing their well-being, individuals can sustain their efforts over the l ...
Counterarguments
- While emphasizing health and relationships is important, it's also critical to acknowledge that for some individuals, financial stability is a prerequisite for maintaining good health and fostering strong relationships.
- Personal fulfillment and meaningful lives are subjective concepts, and what constitutes a meaningful life can vary greatly from person to person; some may find fulfillment in achievements that include financial success.
- The idea that personal purpose and contribution to the world are more significant than acquiring wealth may not resonate with everyone, as some cultures and individuals prioritize financial security and wealth accumulation for various reasons, including as a means to enable other forms of contribution.
- Encouraging children to focus on their own futures is important, but understanding and appreciating one's legacy can also provide a sense of identity and belonging.
- The notion of "speaking your life into existence" might oversimplify the complexities of achieving goals and overlook the systemic barriers that can impede an individual's ability to manifest their intentions.
- While creation is valuable, consumption can also play a role in learning and inspiration; a balance between the two might be more beneficial than a focus on one over the other.
- The partnership approach assumes that all parties are willing and able to collaborate, which may not always be the case in competitive or adversarial environments.
- Taking care of one's health is important, but it's also necessary to recognize that not everyone has the same access to health resources or the sa ...
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