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The psychology of investing is just as, if not more important than the actual how-tos of investing.
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Because every day people are watching that ticker.
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Most people who start off investing their money, they get sucked into that rat race.
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I did too.
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All you re doing is watching the numbers go up and down and ticker symbols and you re reading these forms.
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So the first thing is...
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Welcome to the School of Greatness.
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My name is Lewis Howes, a former pro athlete turned lifestyle entrepreneur.
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And each week we bring you an inspiring person or message to help you discover how to unlock your inner greatness.
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Thanks for spending some time with me today.
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Now let the class begin.
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Welcome to this special masterclass.
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We brought some of the top experts in the world to help you unlock the power of your life through this specific theme today.
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It s going to be powerful.
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So let s go ahead and dive in.
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One of the things that I say is that the psychology of investing is just as, if not more important than the actual how-tos of investing.
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And that s especially true when it comes to something like the stock market.
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In real estate, it s tough, but the difference between real estate and the stock market is if you buy a, say, $200,000 home, it s not gonna go to zero next week, next month, or really ever, because you have some land, you have a physical property.
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In the stock market, it can happen.
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And so there s a couple of things that you can do.
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You invest in stocks too?
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I invest, so I invest my money in five places.
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Real estate, stocks, startups, cryptocurrency, and physical gold.
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In that descending order of like value from the most to the least?
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Yeah, I would say so.
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And then, you know, if you want to put my business in there, then that would be number one.
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Startup s number one.
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Your business and startup s number one.
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Yeah.
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But I also invest in other startups as well.
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But kind of, I would say in that order, yes.
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But in the stock market particularly, it is a liquid investment, meaning you can easily buy, you can easily sell.
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And that s what becomes a big psychological game because every day people are watching that ticker.
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Ah, I just made money.
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I just lost money.
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Ah.
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What s Tesla doing today?
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Tesla s up $2.
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Tesla s down $4.
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And it can really drain you.
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And I think most people who start off investing their money, they get sucked into that rat race.
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I did too.
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Because when I first started investing my money in the stock market, I was like, wow, this is fun.
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This is exciting.
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Oh my God.
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It becomes like a druggie become addicted to it because I was waking up every morning.
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I was like, I m gonna become a day trader.
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I got it.
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And so, you know, I took a summer of when I was in college and that s all I did.
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I would wake up before the market and I would read these stock charts and I would trade these penny stocks.
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And some days I would, I would make a thousand dollars.
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Other days I would lose a thousand dollars.
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And by the end of the summer, I don t think I made any money.
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You just spent all this time.
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I spent all my time.
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And I realized this is not for me.
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I became so addicted to it.
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All you re doing is watching the numbers go up and down and ticker symbols and you re reading these forms.
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So the first thing is you have to understand that your psychology is important.
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What I do is I understand I m not a trader.
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I don t trade, I don t flip, even when it comes to real estate, really any of my investments.
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You invest long term.
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I invest only the long term.
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So what does that mean?
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So I have two strategies when it comes to investing my money.
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I have an active strategy and I have a passive strategy.
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I ll start with the passive strategy because that s easy to understand.
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Every month, I passively invest my money into stocks, physical, gold, and cryptocurrency.
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And so what that means is it s automatic, consistent, and happens all the time.
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You re doing index funds with stocks?
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In stocks, I do ETFs, low-cost ETFs.
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And I have ETFs that give me exposure to the S&P 500.
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That s kind of your safe, your value.
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S&P 500 are the biggest 500 companies in the stock market.
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So that s the kind of the safe value play.
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I have some ETFs to give me exposure to innovation, startups, growth, because I like that space.
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Much more risky, but you could see more potential upside.
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Risk means you could also see more downside.
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And then I also have ETFs that give me exposure to emerging markets.
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These are countries that are overseas, countries like China, India, Korea, Brazil, countries that are up and coming to give you some diversification, not just in companies, but also in dollars, right?
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Diversifying out of the dollar, so Canada gives me that protection.
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So every week, I have money that s leaving my account and being invested into these different ETFs.
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I don t care whether the market s up or down, it happens every week.
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In physical gold, every month, I use an app for this.
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There s a lot of apps that allow you to do this.
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I have money that s withdrawn out of my bank account that buys me physical gold.
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Now, people are gonna say, why gold?
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For me, it s real money.
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It s another way of saving real money because now if I have 50 grand of cash,
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Would I rather save and bury that 50 grand of cash in my backyard or bury 50 grand of gold in my backyard?
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I d rather bury the gold because I know that 50 grand of cash is guaranteed to lose value every single day.
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Gold is a store of value because it takes time, effort, and labor to mine physical gold.
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And that time, effort, and labor is represented through the physical piece of gold.
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So that s why I own it.
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It s not a huge piece of my portfolio, but it s kind of that insurance.
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That s the way I look at it.
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It s protection in case everything else goes wrong, that I have some physical gold.
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So I have that, and then I have my cryptocurrencies.
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Now I m mainly in Bitcoin.
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I have some Ethereum, a couple other coins, but mainly Bitcoin, and every day I buy a little bit of cryptocurrency.
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Again, I know it s volatile.
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I know you can see big swings up, big swings down.
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I don t care.
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I m buying it every single day.
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So that s my passive strategy where it doesn t matter what s going on in the market.
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I m just going to keep buying no matter what s going on.
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Then my active strategy is now where I do more of the fundamental analysis where I understand where am I actually investing my money.
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So this requires much more time and more effort on my end.
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So on the real estate side, I m looking for deals that are paying me that 7% cash on cash return.
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And so I m gonna be analyzing the numbers, looking through properties, walk through a lot of deals, and when I find something, I will go out and buy it.
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In the stock market, relatively similar.
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I m looking for companies that I believe in, that I believe are good fundamentally.
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Fundamentally means looking at the numbers, right?
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What do the revenues look like?
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Have the revenues been growing?
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How fast are they growing?
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10% a year, 20% a year?
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What about the profits?
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But you also have to look a little bit deeper than just the profits because you want to see what s going on with the expenses.
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Where are they investing?
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Are their expenses going up because the cost of business is becoming more expensive?
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Or are the expenses rising because they re investing more in their company?
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So you ve got to do a little bit of digging in there.
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And then in startups, obviously I invest in my own companies.
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but I also invest in startup companies.
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I love entrepreneurship.
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I am a huge fan of entrepreneurs.
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I love supporting other entrepreneurs because I never had that support when I was getting started as an entrepreneur.
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So one of the ways I can provide the support is through money, through investing in some of these entrepreneurs.
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So I invest in these startups.
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Fourth, cryptocurrency.
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If a big cryptocurrency crash happens, well, I already know what I want to own, I ll just come in and buy more.
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And with gold, I don t really actively buy gold, but that s the four ways that I actively invest my money.
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Sure.
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And where are the three biggest revenue streams coming from for you?
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Well, obviously business, you know, and that s across different businesses.
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And then the second one, I would say, is real estate.
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That gives me that passive cash flow.
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And those are my two real, when I talk about income cash in my pocket, it comes from my business and it comes from real estate.
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That s where my cash comes from.
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Nice.
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Yeah, it s pretty simple.
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And what s the number one revenue generator in your business?
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Is it from YouTube?
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Is it from the newsletter?
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Is it from some other course or coaching?
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So the business is divided up.
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I have a personal brand, which is Minority Mindset, right?
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That s me on YouTube.
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That s my blog.
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And then I have market briefs and market insiders.
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So number one would probably be my personal brand.
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I don t think that s gonna last very long though.
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My personal brand is doing well because I built up this big following on YouTube which was completely, it s funny, it s accidental.
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I never wanted to be a celebrity.
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I never wanted to be famous.
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I never wanted to be known.
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I started YouTube on accident.
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We talk about risks, making mistakes.
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I ve always been an entrepreneur and I went through a lot of different business ideas and one idea that I had, it was in the year of my grad school, I was taking a class on public speaking and my friend, my roommate at the time, he was like, you gotta watch this show called Shark Tank.
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I was like, okay, I don t watch TV.
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He said, but watch this show called Shark Tank.
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And it s all about people pitching business ideas.
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And this class that I was taking, we had a project where I was supposed to pitch a product to the class, kind of like Shark Tank.
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I was like, that s easy.
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I do this with my friends all day and night long.
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That can t be hard.
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So I kept putting it off, putting it off, putting it off.
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I m a procrastinator, especially when it came to school, because my mind was always somewhere else.
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And so now, one day I was late to class, like normal.
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I pick up my backpack and I start running, because I was like, oh, I m a couple minutes late.
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And it s raining this day.
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And as I m running to my class, I stepped in a pothole filled with water.
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Now my foot is soaked.
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I sit down.
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I m like, oh, I m wet.
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My socks are wet.
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I m uncomfortable.
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And the teacher goes, Jaspreet, it s your day.
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Your day for what?
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She s like, it s your day to present.
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And I was like, oh my god, I forgot.
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And so obviously I don t tell her this, but I go stand in front of the class.
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And I m like, Jaspreet, think of something.
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anything anything think of something and so the first thing that comes to my mind were my wet socks so I go up in front of the class no practice no preparation and I pitched this idea of water-resistant socks that way now you can be an athlete you can walk around and not have to worry about stepping in puddles
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I sat down and I was like, nice job Jaspreet.
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But that s actually kind of a cool idea.
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So I go home and I start Googling water-resistant socks.
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And they had these really thick, uncomfortable looking things that people wore when they go fishing and stuff.
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But nothing made for athletes, people to wear in their regular life.
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So I was like, oh, maybe I m onto something.
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So then I spent a lot of time trying to develop this technology, working with textile engineers, working with sock manufacturers, and I created a water-resistant sock.
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And now I go to launch this company, and I got approached by a marketing company, quote-unquote marketing company, and they said they re going to help me blow up my sales, they re going to help me do all this stuff, they re going to help me make all this money.
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and I was really skeptical and then they said don t worry we have a 100% money back guarantee if you re not completely satisfied if we don t make our money back you can get all of your money back I said okay that sounds pretty good so I gave him money it was a few grand I think like $3,500 which is a lot of money and
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The next day, after I gave them the money, I had a bad feeling in my stomach.
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I was like, you know, I m a marketer.
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I like the way I can promote products.
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Just something didn t seem right.
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So I call up the guy and I say, hey man, I know that we haven t started yet.
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Look, I just want to have my money back.
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I want to end this on amicable terms before you guys spend any money.
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Let s just end it now.
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And he said, OK, no problem.
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Puts me on hold.
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And I was in the gym at the time.
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And I was really frustrated because I was between sets.
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And he puts me on hold for a long time.
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And then all of a sudden, the phone line goes beep.
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And I was like, oh, something s not right.
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So then I call up the other number I have.
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They don t pick up.
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I start emailing them, and I never hear from them again.
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Found out I got scammed.
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They were a fake company.
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So now I was irritated.
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I launched the company.
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We had an amazing launch.
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I think, I don t remember exactly, but in the first 30 days, we did over either $17,000 or $20,000 in sales right off of the gate.
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And I was still, I had this like kind of chip on my shoulder.
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I was like, that s not cool.
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Like nobody supported me as an entrepreneur.
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Nobody wanted me to do this, especially when it came to the sock business.
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I mean, there were so many jokes thrown at me because they re like, oh, you left medicine to go sell socks.
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I was just so frustrated by it.
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And I was like, you know, people don t see what I see.
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They don t have my vision.
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I want to do something to help other people like me.
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So I put out this course on Udemy, seven books on how to launch a business without getting screwed over.
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I don t really care about making money.
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I just wanted to help people because I was so angry.
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And people loved it.
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And they were like, dude, can you please start a social media page?
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Start an Instagram page.
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and I did it under the alias minority mindset the whole idea being just thinking differently than the majority of people because that s what I thought I always did from the point where I started hosting parties instead of going to the parties to then buying real estate when everybody was out blowing their money they didn t have in college to now starting this company I was like y all have this thing minority mindset so I called it that
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And then I said, okay, I ll start an Instagram page, just posting the same stuff, like just here and there, like things that I wish I would have learned, known about starting a business and about investing in money that somebody, I wish someone would have taught me.
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And then everyone says, Jaspreet, I like this.
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Can you make long form content?
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Can you create a blog?
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And I was like,
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Well, English is my second language.
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You re not going to like my writing.
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So no, I can t start a blog.
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But I don t mind talking.
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So I ll start a YouTube channel.
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So then I started this YouTube channel called Minority Mindset.
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And that slowly organically started to grow.
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And I never started it with the intention of making money.
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And it s funny, I tell that to people now, and they re like, there s no way that s true.
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You have to have some idea of trying to make money.
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And I really didn t.
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I was recording the videos off my phone, so I had really no expenses.
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I think I spent like $30 on a tripod.
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That was it.
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I had no lights.
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I had no fancy equipment.
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And then I think we were close to 10,000 subscribers, and my buddy comes up to me.
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He says, hey, how much money are you making from Minority Mindset?
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I m like, I m not making any money.
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He said, from your YouTube advertisements.
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I m like, what are you talking about?
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He said, you know you can have advertisements on your YouTube channel?
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I said, I have no idea what you re talking about.
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So he goes onto my YouTube channel with me, goes into the back end, the settings, and he s like, dude.
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Just click one button.
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Turn your monetization on.
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I said, I don t even know that you could do that.
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This is before that there was even monetization requirements.
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Anybody could monetize any videos, no matter how many subscribers, how many videos you had.
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So I was like, oh, I didn t know that I could do this.
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So, you know, I really started it just kind of with that goal of I want to put out that information that I wish somebody would have told me kind of just like that, that helping hand that, hey, it s OK.
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You re not the only one that thinks like this.
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It s OK to think a little bit differently.
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It s OK to try something different.
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So that was my whole goal, and then it started to grow, and then it became this bigger thing, and around a half a million or 600,000 subscribers, I was like, wait, I can actually turn this into a business.
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I went through with this, I m an entrepreneur.
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I was like, okay, Minority Mindset, I m gonna turn it into a business.
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So I started these other products under Minority Mindset.
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I started this newsletter under Minority Mindset.
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I started these other educational things.
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It started to get really confusing to me because I was like, what is minority mindset?
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I d be walking down the street and people will come up to me and say, dude, your minority mindset, man, you really helped me out.
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You saved my life.
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You helped me get out of debt.
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And it made me feel really good.
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Like I could not believe people knew who I was.
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I remember one time I was with my dad.
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We were in Arizona and we were getting acai bowls, which are absolutely delicious.
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And we re in line, and this guy sees me walk into the store, he was riding his bicycle, and he races across the street to come inside of me, and he goes, Jaspreet, Minority Mindset, is that you?
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And I was like, yeah, and my dad s right there.
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And he just puts his arms around me, hugs me, and he s like, dude, you changed my life, you helped me out so much, you got me out of this position.
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And I was like,
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oh my God, no way.
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And my dad looks at me, he s like, people watch you.
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You know what I mean?
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You re not a doctor and that s okay?
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Yeah, and so it was like, that was like, that realization that oh my God, people are actually paying attention.
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You don t, obviously you know, you see the comments, you see the subscribers.
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Until you meet people in person, you really don t know.
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Exactly, and that like.
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It s a crazy feeling.
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And you know, that time especially, just cause you know, I saw my dad light up and he was like, I can t, like, he was shocked.
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And,
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That s when I was, you know, I can actually do something with it.
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So I was creating these products under it, but I was getting confused because what is minority mindset?
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Is it a company or is it me?
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And as the entrepreneur, I was like, I m going to build a company.
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I m going to turn this into something.
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everybody assumed I m minority mindset, which made it very hard to build a company out of it.
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And so this was 2021 in December.
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I decided to go on a thinking trip and I d never done this before.
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And I really recommend this to anybody who can do this.
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I went to Boca Raton, Florida, and I was there for about a week.
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And I separated myself from technology, people, everything.
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And I lived in this like really tiny little apartment.
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And all I had was a bicycle and my notebook.
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I ve done this before, it s a game changer.
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Oh my God, and so what I would do is I d ride my bike to the beach in the mornings, I sat there for a couple hours with my notepad, and I just started writing down my thoughts.
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And from everything, not just business, you know, my mental health, spiritually, what do I want out of life, what s important to me, what s happiness, just starting writing things down.
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And you know, I would get to the business, financial stuff, and I d start asking minority mindset, question mark.
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What is it?
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Who is it?
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And it was at that week I realized I am minority mindset.
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That s what everybody identifies me as.
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And it makes sense because that is who I ve always been.
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But these companies, they re getting intertwined into something that s, they re being overshadowed.
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I can t give them the attention that they want.
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So after that, I came back to the office.
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This is the complete end of 2022 when I tell the team, sorry, 2021, I tell the team, as soon as we come back in 2022, we re gonna change some things around.
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So the first week of 2022, we have an all hands meeting.
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I was like, here s what we re going to do.
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We re changing everything.
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We re going to take our newsletter, turn it into market briefs.
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We re going to launch this app, Market Insiders.
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We re going to do all this stuff.
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And everyone s like.
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Where did this come from, right?
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And so we implemented all that.
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And then this is now early 2022.
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It took some time to implement.
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Market Briefs now becomes its own company, its own newsletter where we re providing financial news that s accessible.
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I talk about accessibility of financial education.
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For me, that is the biggest thing because I never understood those big terms.
1
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What does the 10-year yield going up 40 basis points means?
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It doesn t make any sense to somebody who s getting started.
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So I want to make things accessible.
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So that s what we do.
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We break it down in a fun, witty email that you re actually going to want to read.
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You re going to look forward to reading this email.
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And it s completely free.
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And so we re going to create this into our own company.
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And we went through a lot of, I mean, it was a painful transition because we had issues with the email service providers.
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We had a company saying that, yeah, it ll work.
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We spent months transitioning over.
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the first week that we re working with this company they say oh sorry you re promoting financial content we don t allow financial education we don t allow stock market we don t lock cryptocurrency we don t allow anything related to finance on our platform like dude you ve been working with us for two months we ve
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I ve talked to five people on your team, they know exactly what we re doing, and now you re telling us this?
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So we had to start the whole process over.
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So it was a big, you know, it was a part of an entrepreneur.
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You punch them out.
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Big mess.
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We go somewhere else.
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And now, like, it was April of 2022 where things finally were like, all right, we got it situated.
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Now we re going all in.
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So, you know, you d ask, where is most of the revenue coming from?
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It was YouTube, and it is, but I won t be long because, you know, I talk about how YouTube funded my business.
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I take the revenue from YouTube.
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I m investing all of it back into my companies because I want to turn market beliefs into something big, man, because it is needed.
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It is so important because if you re an investor, you need to know what s happening.
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How should people be thinking about this so they have enough safety and security, they have enough in the bank for if something goes bad in the economy, they ve saved enough, but also they re not just overspending as well.
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Some people who have the personality where they just spend, spend, spend, then they go into debt, right?
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So how do we...
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Balance yes money so that we have enough for you know the future yeah, and we re not in debt So that s what I m so fascinated with a couple counseling and sometimes family counseling.
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You know we re trying to have balance That s what s so beautiful about human humankind.
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You know somehow the spender get gets married with moneymaker right
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Someone s making all the money and someone loves to spend it all right and so they come in and This person is spending so much money.
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No, no, you re making too much money, you know, so you have no time for me That s why I m trying to get the stress out my spending money.
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So you have to have the balance.
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That s where Zen is
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comes in.
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If you re spending too much, you have to start saving.
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If you re saving too much, you have to start spending.
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So the prescription I give to each client is different.
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For some people, the savers, I said, withdraw $1,000 and spend it for nothing in 24 hours.
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they probably freak out like, ah.
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No, they are okay to the withdrawing part.
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And so the next few days, a week later, they came back and said, can I withdraw $1,000?
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I didn t spend it.
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But I spent like $20.
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Oh, man.
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Because they cannot waste their money.
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It s against their constitution.
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I know people like that.
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So what should people be spending their money on?
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So they don t feel like I m just blowing money and wasting it.
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I know, so like a moneymaker.
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Moneymakers, they think, is this a good investment?
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Yes, yes.
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So don t think about it, because just enjoy the money flow.
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You can give it to people.
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You can throw it away on the floor, because somebody s going to pick it up and make somebody very happy.
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So you can be creative with money.
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But we are taught from a young childhood that you have to take care of money well.
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Just what if you just throw your $100 bills on the street, what would your mother say?
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Right.
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Right?
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But for exercises, I tell people, can you throw away your money?
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And they show me the expression as if I m saying, you re gonna die in 10 minutes.
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They re going like, so I enjoy it so much.
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What happens with your clients when you say, okay, go spend a few hundred dollars today or leave money out on the table for someone to pick it up.
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And you do these experiments.
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What do these individuals say?
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afterwards, a month later, a year later, about giving their money or spending it, not all of it, but some of it in these experiments.
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So they realize how much attachment they had toward money.
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And it s in here.
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And by the way, my finding shows that the saver type, the people who have attachment for money, tend to have this problem physically.
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They get constipation.
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So there is that.
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So they have a hard time letting go of money.
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and their waste, their food.
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Because they re attached to it.
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What happens when we are attached to money?
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I think the flow of energy gets stopped.
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So if you let go of money easily, the more opportunities come easily.
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But because you cannot let go of money, you cannot receive.
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So if you let go easily,
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the more to come.
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So those people are losing out opportunities.
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So say, I had a friend in my 20s when I asked him to go out and have some fun.
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And he said, no, no, no, I don t want to do that because it s going to cost something.
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Say, you know, $50 or $100 for a party, right?
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But just look at what he s missing.
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He s missing out the opportunity of meeting new people.
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I met many great mentors by attending very expensive seminars.
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I attended a $200 seminar.
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At the time, it felt like a million dollars.
2
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But since I was the only student at the time to attend a business seminar, everybody loved me.
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So $200.
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It s so cool that you re here with all these older people, and you decided to show up.
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Let s mentor you.
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Yeah, yeah.
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So I was like a little toy.
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SPEAKER_00
OK, I want to just play with you.
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SPEAKER_00
So that was a great investment, for example.
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SPEAKER_00
So if you let go of money easily, you get so much.
2
SPEAKER_00
So why don t you think of letting go of money and also as almost like a shopping for your memories?
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SPEAKER_00
Shopping for memories.
2
SPEAKER_00
Yeah, because I didn t have to fly.
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I m going around the world this time.
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I m just meeting a lot of people.
2
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It costs some money, right?
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But by spending so much money on hotels and airplanes,
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look what I m having, I m having such a great time.
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You have experiences, life memories.
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Yeah, so when I m in a senior home sometime in the future, I think of having this conversation with you and meeting a lot of great people in the world.
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So I m full of memories.
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So if you don t spend the money, you don t get all the fun memories.
2
SPEAKER_01
Right.
2
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And what happens to people when they speak bad about money?
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They complain about it.
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They live in scarcity.
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What happens?
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SPEAKER_00
Yes, that s a good question.
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So think of money as a person.
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I always ask, you know, I talk to thousands of people at a time and just ask a big audience, how many of you love money?
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You know, if it s a business seminar, they say yes.
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And my next question is, how many people do you think money loves you as much?
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And then say, I love money, but I don t know if I m being loved by money.
2
SPEAKER_00
But feelings must be mutual, right?
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SPEAKER_00
It s the same thing with a relationship.
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Even if you love her, love him so much, if you don t get the same amount of love from the other part, it doesn t mean anything.
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SPEAKER_01
So you have to love your money, and your money has to love you.
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But if you speak bad about money, or you speak bad about people who have money, then why would money love you in return?
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SPEAKER_01
Yes.
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So, exactly.
2
SPEAKER_00
Thank you for answering me.
2
SPEAKER_00
Exactly what I want to say.
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If you want to be in love with money, you have to respect your money as your best friend or your love of your life.
2
SPEAKER_00
So love and money can love you back.
2
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So what are the best ways that we can start respecting our money better so that our money loves us more and wants to bring more friends?
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I always ask my money where it wants to go.
2
SPEAKER_01
Really?
2
SPEAKER_01
Yeah.
2
SPEAKER_01
So what do you mean?
2
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You have like a few hundred dollars in your hand and you say, where do you want to go?
2
SPEAKER_01
Yeah.
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The other day I got a big check from overseas that the book I wrote 18 years ago, it s about $10,000.
2
SPEAKER_00
Oh, thank you.
2
SPEAKER_00
Thank you money.
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SPEAKER_00
And I asked money.
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Do you want to stay with me?
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Or do you want to go somewhere?
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And the money said, I might hear it in imagination.
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The money says I want to go to Cambodia.
2
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to help kids.
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And then I remember there is a friend of mine who is doing an orphanage in Cambodia.
2
SPEAKER_00
So that $10,000 is helping kids for fruits and electricity and the rent for a whole year, like 36 kids.
2
SPEAKER_00
So on that $10,000, I could have used for something else, but I have already enough.
2
SPEAKER_00
So by asking the money where it wants to go, it went to the right place to bless the kids.
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SPEAKER_00
So I m so blessed with happy money.
2
SPEAKER_00
So if I start doing that, the more money comes in,
3
SPEAKER_01
So more money comes in from the world, and I ve written 200 books, so like book royalties come from everywhere.
3
SPEAKER_01
So almost like every few other days, I get money from somewhere.
3
SPEAKER_00
It s amazing.
3
SPEAKER_01
Yeah, so I ask money where I don t want to go, and then I want to take your family out for dinner.
3
SPEAKER_01
That s good, so we just, you know.
3
SPEAKER_01
go so it s not i m not i m not saying that you should spend your money for somebody else it could be you know i want to buy a car or whatever that is so so if you can be if you can have some distance from money instead of like this is all my money uh you you can be free from money
3
SPEAKER_00
Because what happens to someone who has so much extra money at the end of their life and they don t spend it?
3
SPEAKER_00
What do you think about that?
3
SPEAKER_00
Because a lot of people have a lot of extra but then they pass it down to their families or they put it in trusts and then they give it out to charities.
3
SPEAKER_00
What s your thoughts on that?
3
SPEAKER_01
I m just saying that they re missing out a huge thing.
3
SPEAKER_01
They could have seen what your money could have done.
3
SPEAKER_01
The impact.
3
SPEAKER_01
Yeah.
3
SPEAKER_01
One of my mentors is Junki Yoshida, who is a founder of Yoshida Gourmet Sauce in Portland, Oregon.
3
SPEAKER_01
And he donated something like eight or $10 million worth of state to Children s Hospital.
3
SPEAKER_00
Wow.
3
SPEAKER_01
And he s in his 60s or early 70s.
3
SPEAKER_01
So he he s still alive, right?
3
SPEAKER_01
He experiences it.
3
SPEAKER_01
Right.
3
SPEAKER_01
I mean, usually I hear when you pass out, pass away, that goes to something, right?
3
SPEAKER_01
But he donated the big house that all their kids grew up on, donated the huge mansion to the hospital.
3
SPEAKER_01
And I asked him,
3
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If I were you, I d want to live as long as I m alive.
3
SPEAKER_01
And then when I die or my wife dies together, that can go.
3
SPEAKER_01
And he said, I wanted to see how my money or how my house is helping kids while I m alive.
3
SPEAKER_01
Don t you think it s selfish?
3
SPEAKER_01
No, no, no, no.
3
SPEAKER_01
I think you have all the rights to see how your happy money can help others.
3
SPEAKER_01
So if you just hoard your money and then die without doing anything, you are missing out the most fun
3
SPEAKER_01
Because you have such an impact, you could have an impact for other people.
3
SPEAKER_01
And I think that s a reward for making so much money.
3
SPEAKER_00
What is the vision for your money life, for the rest of your life?
3
SPEAKER_00
Do you want to die with zero?
3
SPEAKER_00
Are you trying to give more of it away?
3
SPEAKER_00
Are you trying to make more?
3
SPEAKER_00
Are you trying to make your container bigger?
3
SPEAKER_00
What s your vision?
3
SPEAKER_01
I may surprise you, but I m a money-indifferent type.
3
SPEAKER_01
You re neutral.
3
SPEAKER_01
I m not really interested in money.
3
SPEAKER_01
Really?
3
SPEAKER_01
Yeah, because I m not interested in growing my money because I have already enough and I make enough.
3
SPEAKER_01
So I m not interested in money, even though I m regarded as a money guru, because money flows enough and goes out enough.
3
SPEAKER_01
So I don t have a goal.
3
SPEAKER_01
I don t have any attachment.
3
SPEAKER_01
Sure.
3
SPEAKER_01
And as I said, even if I lose everything,
3
SPEAKER_01
my friends would take care of me.
3
SPEAKER_01
So I don t have anything.
3
SPEAKER_01
But for humankind, I have a vision.
3
SPEAKER_01
I hope in 20, 30 years or while I m alive, I want to see human being can be free from money or money worries.
3
SPEAKER_01
That s why I m doing my work.
3
SPEAKER_01
actively in the world, because I don t need to get something out of people.
3
SPEAKER_01
I m just here to share.
3
SPEAKER_01
And if you know how not to worry about money, you are going to do something else.
3
SPEAKER_01
So my question to the viewers and friends is that if you don t worry about money, just even the slightest bit, what would you do?
3
SPEAKER_01
What is a project that you want to start?
3
SPEAKER_01
And that is something you have to go right away.
3
SPEAKER_01
Yes.
3
SPEAKER_00
What would you say to parents
3
SPEAKER_00
on the three most important things they should be teaching their children.
3
SPEAKER_00
As they get into, you know, after five years old, as they start learning about money and the material world, what lessons should parents be teaching their kids about money, in your opinion?
3
SPEAKER_01
So I used to, and I think I m still teaching my child.
3
SPEAKER_01
She s 24, so she s grown up already.
3
SPEAKER_01
But the first thing I would teach is money is fun.
3
SPEAKER_01
So if your kids know that money is fun, so we used to sit on the dinner table, just say, I have this, say, $10,000 to donate.
3
SPEAKER_01
What do you want to do?
3
SPEAKER_01
You can help rescue the animals, you can help the environment, you can help the homeless people.
3
SPEAKER_01
What do you want to do?
3
SPEAKER_01
And when we give presents, what would you want to do?
3
SPEAKER_01
So my daughter grew up thinking money can do so many wonders.
3
SPEAKER_01
So if all our kids learned money is a magical wand to make people happy, I think people are more excited about getting the money.
3
SPEAKER_01
So they have no negative ideas about money.
3
SPEAKER_01
And imagine what if all the child have never been scolded for wasting their money.
3
SPEAKER_01
I think we ll be so stress-free, because a lot of worries come from the need for survival, and it s attached to money.
3
SPEAKER_01
So once we are free of money stress, I think our life will be so different.
3
SPEAKER_01
So if you can teach money is a fun thing, that is a great starter.
3
SPEAKER_01
Okay, number one, teach the money is fun.
3
SPEAKER_01
And also, I want you to teach your kids about money and emotions, because those things are not taught at school.
3
SPEAKER_01
Because even though your child is grown up with positive attitudes, your friends may not.
3
SPEAKER_01
So they try to compete with you of how much they have allowances, or like, this is my new iPhone something, or like, this is my sneakers, or whatever that is.
3
SPEAKER_01
And then people try to manipulate you with emotions.
3
SPEAKER_01
So if you start teaching, you feel bad about money, you feel ashamed of money, you feel guilty around money, we all feel some emotions.
3
SPEAKER_01
So if you start teaching emotions around money, I think your kids will be emotionally free from money stress.
3
SPEAKER_00
Yeah, they won t be comparing themselves to others who have more, they ll feel good about themselves.
3
SPEAKER_01
And I think related to that, I probably share.
3
SPEAKER_01
I once shared with my daughter, you know, I m not the wealthiest man in the world.
3
SPEAKER_01
I have enough money, but I don t call myself, you know, the tycoon or whatever that is.
3
SPEAKER_01
I don t have a private jet.
3
SPEAKER_01
Right.
3
SPEAKER_01
So but I m financially independent and free.
3
SPEAKER_01
So I teach my daughter that about money emotions.
3
SPEAKER_01
And at the same time,
3
SPEAKER_01
I have a lot of emotions too.
3
SPEAKER_01
Sometimes I feel guilty, sometimes I feel shame.
3
SPEAKER_01
Really?
3
SPEAKER_01
Yes.
3
SPEAKER_00
Around money or around?
3
SPEAKER_01
Yes, around money or everything.
3
SPEAKER_01
Why do you feel guilty or ashamed?
3
SPEAKER_01
Like say all my students have less money than I do.
3
SPEAKER_01
So sometimes I used to feel, sometimes I feel I m taking advantage of other people.
3
SPEAKER_01
I don t need to get money.
3
SPEAKER_01
So sometimes I do seminar for free.
3
SPEAKER_01
But anyway, so I feel shame, guilty, guilt around money.
3
SPEAKER_01
So I share that with my daughter.
3
SPEAKER_00
How do we eliminate those negative emotions?
3
SPEAKER_00
Like how do you get rid of those?
3
SPEAKER_01
You cannot.
3
SPEAKER_00
Really?
3
SPEAKER_01
Because it s human nature.
3
SPEAKER_01
As long as you live.
3
SPEAKER_01
Say you re very happy, but if the person right next to you is crying, you feel bad.
3
SPEAKER_01
You feel sorry for her.
3
SPEAKER_01
So sometimes you may feel about guilt for being happy.
3
SPEAKER_01
So sometimes I feel guilty when my author friends saying, Ken, my books are not selling well.
3
SPEAKER_01
I m so sorry.
3
SPEAKER_01
Yours are selling so well.
3
SPEAKER_01
Yeah, yeah.
3
SPEAKER_01
So I feel guilty.
3
SPEAKER_01
I feel shamed.
3
SPEAKER_01
So many things.
3
SPEAKER_01
So I m teaching my daughter that this is very natural.
3
SPEAKER_00
Gotcha.
3
SPEAKER_01
But the bad things happen if we try to manipulate our feelings by compensating, by working hard, by saving what.
3
SPEAKER_01
So I I m just joking if I could become a prime minister of Japan.
3
SPEAKER_01
I m gonna print every note of banking note said Making too much worrying too much and spending too much can be hazardous to your health Okay, so the first thing to teach your kids is money money is fun
4
SPEAKER_01
You can make people happy with it.
4
SPEAKER_01
The second thing is to learn about money and emotion.
4
SPEAKER_00
Yes.
4
SPEAKER_01
These things are natural to have emotions around.
4
SPEAKER_01
The third thing the parents should teach kids about money?
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More you give, more you receive.
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So you don t have to work so hard to get the money.
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But if you want to get more, you have to give more.
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And to do that, you have to be loved by people around you.
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You have to have many friends.
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So to do that, you have to have a good relationship, relationships with people.
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So relationships are everything.
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In North America, it s very individualistic.
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So you eat your own food, you eat your own thing.
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And since you re five, you are so used to taking examinations.
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You never had examinations with three of your best buddies and coming up with the right answer.
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I think we should.
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But it s so individualistic.
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So you cannot talk with your friends while you re having an examination.
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You can t collaborate.
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Right?
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Hey, Bill, what do you think?
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Number three.
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OK, thank you.
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It doesn t work that way.
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And then it s up to your 20s and 30s.
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So especially in North America, everybody seems isolated because you cannot talk about your sexual problems or financial problems, your emotional problems with your best friends.
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So you hang out and go for a glass of beer and just watch the sports.
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But you re missing out the most quality moments, which is share your problems, because your best friend may have the exact problem.
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You might have a deeper connection.
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Right.
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So you have to really have this mentality of being supported by friends.
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So do more and receive more.
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So by hearing that, you know, you don t have to worry about taking advantage of other people.
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Something is not fair.
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The rich is doing something bad.
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It s nothing.
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It s not over your problem.
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You focus on what you give and what you share, and then you receive.
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The earning of money is an exact science and it s governed by law.
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The amount of money you earn is in direct ratio to the need for what you do, your ability to do it, and the difficulty there is in replacing you.
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It s the need for what you do, your ability to do it, and the difficulty there is in replacing you.
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Now, in this business I m in, you can earn an awful lot of money.
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because there s a tremendous need for a person that does what I do.
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I ve traveled all over the world from Shanghai to Buenos Aires to all over Europe, Asia, everywhere, everywhere.
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They need what I ve got.
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There s a tremendous need.
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I can earn more money than a neurosurgeon.
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Now,
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Everybody has a brain, but not everybody needs it operated on, you know?
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They need it operated in a different way, the way you do it.
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It s the need for what you do, then your ability to do it.
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So if a person, if there s a great need for what a person s doing, then they ve got to get really good at it.
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So you never stop getting better at it.
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You re good at what you do.
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And I don t mean to flatter you.
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You are just good at it.
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I watched you do it.
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Thank you.
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And you do it.
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Like I was mentioning, you re sort of the, um, well, you re, you re, you re much the same as, uh, um, you re on a blank on his name.
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Larry King.
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Larry King.
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Yeah.
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Because Larry was a master.
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Larry never talked about, and Larry, he never, it was all about you.
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You never heard him say I, it was always about interviewing the person.
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So there was a great need for what he did.
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He was entertaining a lot of people.
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His ability to do it, he was very good at it, so he was very difficult to replace.
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Now when you re difficult to replace, your stock goes up.
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Yeah.
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We ve learned, we ve got to learn how to earn money.
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And most people don t know how to earn money.
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Most people think you go to work to earn money.
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Do you know, I was in a seminar in Phoenix, probably a couple of years ago now.
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And this guy come over and talked to me.
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I knew him, not well, but I knew him.
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And he was a doctor and he told me he was thinking of quitting.
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I said, why are you going to quit?
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Well, he said, the medical profession s all messed up now.
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He said, you got to put in more time to earn less money.
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I said, well, that s true.
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But I said, why d you become a doctor?
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Well, he said, I love it.
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I said, what the hell?
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The fact that you re earning any money is a plus.
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You don t go to work for money.
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You go to work for satisfaction.
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There s two rewards in life.
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One is material and the other is psychic.
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We shouldn t work for money, we should work for satisfaction.
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You provide service to earn money.
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Take some recording stars.
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I got the millions on a recording.
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But look at the millions of people that are being entertained.
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Construction workers, air flight attendants, restaurants, there s the music playing, entertaining all the people that can hear that music.
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So they re entertaining all the people and that s where it s coming.
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You see, you do what you, you work at what you love to do and you ll get tremendous satisfaction.
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Like I love what I m doing.
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I would do it for nothing if I had to pay it off.
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I just love it.
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I really love it.
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And so the fact that I love it, um,
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why would I want to do anything else?
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And that s what I said to him, you get satisfaction from what you re doing, what you love to do.
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So every day when I get up to go to work, I m doing what I love doing.
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You provide service to earn money.
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I have all kinds of stuff that we have, stuff that we sell, programs that we re selling.
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Somebody buying them now, I don t know who they are or where they are, but I m earning money right now while we re talking.
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And when I go to bed tonight, I ll be earning money and I ll earn it all night.
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And I like that idea, you know, because we re providing service.
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So I think we have to get the money straight in our mind.
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And I don t think most people have it straight.
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If you, uh, if people don t, you mentioned if a person didn t like to talk about it, they have a problem with it.
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So start talking about it more.
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Absolutely.
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Yeah.
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If there s somebody that, that you re around a partner and associate or something, and they really don t want to talk about money, you, um,
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I think there s a problem there.
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Yeah.
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If someone came to you and has struggled with money their entire life, whether they re in their early twenties or they re in their forties or fifties, and they asked you, Bob, what do I need to do to make my first million dollars?
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what would you say are the most important things they should think and act on next?
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Well, first of all, they got to believe that they can run the million dollars.
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They got to develop a belief system.
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Our belief systems based upon our evaluation of something.
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And frequently if we reevaluate the situation, our belief about it will change.
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We ve got to understand that money s easy to earn.
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I work with our sales staff all the time helping them learn how to earn more money.
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I work with members of our staff, different members of our staff, helping them develop the desire to earn more money and then I show them how they can do it.
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How do we believe if we ve never seen evidence before or gotten results before of earning it?
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Yeah, it s through the repetition of it, through the repetition of writing it and believing it.
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I had an affirmation that I used for years, still use it.
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I m so happy and grateful now that money comes to me in increasing quantities through multiple sources on a continuous basis.
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I am so happy and grateful now that money comes to me in increasing quantities through multiple sources on a continuous basis.
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And I just keep repeating that like a mantra.
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And you write out, you know, I m so happy and grateful now that I have in my possession a million dollars.
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And that s where you started out.
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intellectually, then you get emotionally involved.
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And if you keep doing that, ultimately, you re going to attract the money.
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And you ve got to ask.
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How can money be earned?
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Money can be earned in all kinds of different ways.
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We have a company, MSI Connect.
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It s a pet of mine, not my partner s.
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I don t think she s too in love with it.
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But I think it s a neat company.
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MSI is Multiple Source of Income Connect.
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And there s a lot of people there and they connect with each other.
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And they set up joint ventures with each other.
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They set up affiliate things with each other.
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You can buy different things there.
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People sell stuff there.
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They study money there.
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You ve got to get into an environment where money is talked about, where it s understood.
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You know, it s interesting you say that because for years I have studied money at different levels and those levels of studying have gotten me to those results.
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But I ve never been able to really, you know, but there s always a cap and you ve got to learn something new in order to break through that cap into a new level.
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And I ve never really understood the stock market.
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I ve always just,
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invested in certain things and allowed them to just work on their own.
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But I ve never actually taken full ownership of learning it myself.
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I ve always had a financial advisor and things like that.
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And now I said, you know what?
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I just want to understand the stock market.
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I want to learn it because I don t know.
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I m still uneducated.
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I don t even know how to buy a stock.
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I bought my first stock like a few months ago myself.
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I ve invested in stocks and index funds, but I ve actually learned how to do it myself.
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I was like, I need to find the best people that are doing this and learn from them and have conversations with them.
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And it s been amazing in a short amount of time by surrounding myself with people that are doing at an astronomical level, just by having a couple conversations, taking the risk and doing it myself and trying it and learn and fumbling around having no clue what I m doing.
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I m already seeing growth in a couple of months.
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but if I didn t have the awareness to ask those questions and surround myself with that knowledge and then apply it and continue to learn from it, I d still be stuck to where I was before.
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And so I think that s what we need to, I love the way you talk about the environment, about constantly being curious, asking these questions and having the conversations because it doesn t matter how successful we are, we ll be stuck to a level of our past knowing until we break through and find a new knowing.
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I m curious, for those who,
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want to learn the millionaire morning routine.
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They want to master this.
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They want to learn what do those millionaires and billionaires do with their morning routine.
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You ve already shared a few things that you do.
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What would it look like if you had 90 minutes in the morning to set yourself up to reprogram your money mindset?
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Well, I don t think it would take you 90 minutes.
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You could spend nine minutes.
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If you just write down, write it, write this down right now.
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I am so happy and grateful.
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I am so happy and grateful now that I have multiple sources of income.
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I am so happy and grateful now that I have multiple sources of income.
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You know, if you write that out every day for the next 30, 60 days, you re going to become very, very aware of having multiple sources of income.
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Wealthy people all have multiple sources.
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They don t have one or two.
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They have a whole bunch of them.
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I don t know how many sources of income I ve got.
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I m not even interested in figuring it out because somebody else looks after that.
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I don t look after it.
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But I do know that you can do that.
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That s what Keith did down in New Orleans.
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God, he just, his life changed so dramatically.
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And I ll show you different things you can do because anyone can.
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You want to set up multiple sources of income.
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Do you know, I was flying on a plane to KL.
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I used to fly from Toronto to KL once a month and back.
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It s 25 hours near one way.
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So when I m in the air, I either work with names, words, or numbers.
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And I wrote down one with six zeros.
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And I thought, what is the big deal about a million?
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You know, you often hear people say, what would you do if you had a million, if you won a million?
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And I get thinking about it.
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And I played with that on the plane for quite a while, and it dawned on me they do not have one source of income.
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They don t have a job.
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Now, some people have a job, earn a million dollars, but that s the unusual one.
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And then I got playing with it further, and I broke it down.
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They d have more than one, and then I got it multiple, and then MSI.
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Well, then I got thinking.
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we should run a seminar, teach people to earn a million dollars by setting up multiple sources of income.
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And when I got off the plane, I phoned Mark Victor Hanson down in Newport Beach.
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I was in KL.
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I woke him up in the middle of the night and I got talking.
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He says, great idea.
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So we started the million dollar forum.
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And he got involved, and Bernie Dorman, who just passed away, and Jack Canfield, Lee Poulos.
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In fact, that s where the Chicken Soup for the Soul books came from, from that particular seminar.
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And we were teaching people to set up multiple sources of income.
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Well, they earned many millions from that, but that s where that started.
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And you are in a beautiful position to set up all kinds of sources of income.
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So when you think of wealth,
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You know, you might only earn $10,000 or $15,000 from one source.
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You might earn $200,000 or $300,000 from another.
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But you have a lot of them.
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And that s where you ll earn wealth.
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Like, I don t invest in the stock market.
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My wife s have bought stocks.
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Sandy buys stocks, I think.
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I just don t pay attention to it.
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It doesn t interest me.
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I d rather earn it by thinking, putting an idea to work, than let the stock market do for me.
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That doesn t excite me.
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I d rather sit here and think it.
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If I sat here for another hour after we get off, I could think of a way of creating a source of income.
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And it would be a damn good one, because they re all good.
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I m very creative.
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My mind is conditioned along that level.
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Yeah.
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What do you think are three skills everyone should learn in order to generate more wealth and generate more income for themselves, or just to improve the quality of their life in general?
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What are those three skills you wish everyone could master?
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You ve got to be fairly creative.
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You ve got to have a free flow of energy.
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Energy has to flow through.
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You can t be stubborn.
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You can t lock in on something and not want to let go of it.
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You ve got to have a free flow.
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You ve got to be interested in ideas, new ideas.
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You were talking about not wanting to watch television.
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I don t watch much.
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I love watching Shark Tank, though.
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Yeah, it s great.
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And I like watching- I just interviewed Kevin O Leary yesterday.
5
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Yeah, he s great.
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Well, you worked with him yesterday, did you say?
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I just had Kevin O Leary on yesterday.
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Yeah.
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Well, you see now that guy s mind, it s amazing the way it works.
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Yeah.
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But you watch all of them, all those sharks, their mind, it works like a rocket, you know?
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And they, they break things down.
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Somebody will say something, they break all kinds of things down from what the one thing the person will say.
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They are very, very sharp.
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Every one of them.
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And Kevin is certainly one of the sharp ones on there, but they all are, you know, I don t know if there s one any sharper than the other, but they ve got a very free flow of ideas.
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Yup.
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So flow of energy, free flow, interested in new ideas.
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What s another skill?
5
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I think you have to be service oriented.
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You really have to be thinking of how to do things for people, how to help people.
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Because money is a reward received for service rendered.
5
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Yeah.
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It s hard to help others when you re
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always consumed with the negativity in your own life.
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Oh, well, I mean, that s the mentality.
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That s why poor people remain poor.
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They re so locked into their problems.
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But if you, listen, if a person is like that, let s suppose they re really locked in on problems.
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But they hear what I ve just said.
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They really got to think of serving others.
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How can I serve others?
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How can I be of greater service?
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You re going to figure it out.
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Discipline yourself for, let s say, 30, 60, 90 minutes a day, sitting down and thinking of writing down 10 ideas that could be of service to other people.
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And you probably won t get very good ones for the first little while, but if you keep doing it, they ll keep coming.
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Absolutely.
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Or you ll try stuff in the beginning and you ll learn something from those efforts and you ll realize how to make them better and maybe don t stick with them.
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When I started, I was like doing stuff, just hustling around trying to figure it out and you realize what doesn t work for you until you realize what does work.
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What s something else you recommend doing in the morning routine?
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I know you mentioned writing down this
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sentence every day.
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I m so happy and grateful that now I have multiple sources of income.
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What other things would you recommend for people to develop that millionaire mindset in the morning?
6
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Get books on money.
6
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You Too Can Be Prosperous is one.
6
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That was the one by Robert Russell.
6
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You Too Can Be Prosperous.
6
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Think and Grow Rich.
6
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The Master Key to Riches by Napoleon Hill.
6
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Get reading these books.
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Get a partner to read them with.
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The partner doesn t have to be somebody you re living with.
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Could be somebody on the other side of the country.
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I hope you enjoyed today s episode and it inspired you on your journey towards greatness.
6
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Make sure to check out the show notes in the description for a full rundown of today s episode with all the important links.
6
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And if you want weekly exclusive bonus episodes with me personally, as well as ad free listening, then make sure to subscribe to our greatness plus channel exclusively on Apple podcasts.
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Share this with a friend on social media, and leave us a review on Apple Podcasts as well.
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Let me know what you enjoyed about this episode in that review.
6
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I really love hearing feedback from you, and it helps us figure out how we can support and serve you moving forward.
6
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And I want to remind you, if no one has told you lately, that you are loved, you are worthy, and you matter.
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And now, it s time to go out there and do something great.