Podcast Summary: The School of Greatness – Episode: 5 Money Beliefs To Rewire Your Mind For Wealth
Host: Lewis Howes
Guests: Jaspreet Singh, Glenda Baker, Eduardo
Release Date: April 11, 2025
Introduction
In this enlightening episode of The School of Greatness, host Lewis Howes delves deep into the foundational beliefs about money that can either hinder or propel individuals toward true wealth. Featuring insights from financial expert Jaspreet Singh, real estate mogul Glenda Baker, and entrepreneur Eduardo, the conversation emphasizes the importance of mindset in achieving financial freedom.
Understanding Money Beliefs
Jaspreet Singh kicks off the discussion by outlining four essential beliefs to cultivate a wealthy mindset:
- It is my duty to become wealthy.
- Money is abundant.
- Money is a tool.
- I will become wealthy.
At [03:50], Singh stresses, “You really have to understand that you can do it now,” highlighting the shift from merely thinking about wealth to embodying the mindset that attracts it.
Notable Quote:
“Money is not going to make you a good person. It's just a piece of paper. It's fuel. It amplifies who you are.” – Jaspreet Singh [09:37]
The Importance of a Wealth Mindset
Singh elaborates on the subconscious beliefs that often sabotage financial success. He explains how generational poverty and negative associations with money can limit one’s ability to accumulate wealth. Singh urges listeners to "start with really that deep understanding of your relationship with money" to align thoughts and actions toward financial prosperity.
Notable Quote:
“The rich get richer, the poor get poorer, and the middle class has been shrinking because most people don't understand money.” – Jaspreet Singh [10:55]
The Economic System and Financial Education
A critical examination of the current economic system reveals how it's structured to maintain inflation and limit financial growth for the average person. Singh contends that “Our economic system is designed to keep people poor,” emphasizing the necessity of financial education to break free from this cycle.
Notable Quote:
“The government has more money to spend because of inflation, which keeps people poor.” – Jaspreet Singh [11:18]
Building Wealth Through Investment and Education
Singh outlines a three-step approach to escaping financial constraints:
- Learn the system: Understand how money and investments work.
- Believe you can do it: Cultivate a positive and confident mindset.
- Take action: Implement strategies like reducing unnecessary spending and investing wisely.
He underscores the importance of “a decade of sacrifice of spending less, earning more,” leading to substantial financial growth through persistent investment.
Notable Quote:
“The goal is not to ever enjoy the nice things, it’s to be able to afford the nice things without having to worry about the price.” – Jaspreet Singh [13:18]
The Reality of Business Ownership
Entrepreneur Eduardo discusses the high failure rates of startups, attributing most failures to “lack of product-market fit” and “insufficient cash flow.” He advocates for investing in established, profitable businesses as a safer route to wealth compared to launching new ventures.
Notable Quote:
“90% of startups fail in a 10-year period. The best odds are somewhere where the business already has product market fit and is cash flowing.” – Eduardo [32:44]
Real Estate Investing Insights
Glenda Baker, a seasoned real estate investor, shares her journey and the lessons learned from her mistakes. She emphasizes the importance of viewing businesses and properties as assets rather than disposable entities. Baker advises thorough research and understanding of the investment environment to mitigate risks.
Notable Quote:
“Just thinking about how you can have the right asset and not just walk away from it is crucial.” – Glenda Baker [35:54]
Overcoming Financial Obstacles
The conversation shifts to practical advice for those feeling stuck in unfulfilling jobs or struggling financially. Eduardo suggests adopting an owner's mindset by taking initiative to add value in current roles, which can lead to career advancements and increased earnings.
Notable Quote:
“Have an ownership mindset because when you have an ownership Mindset that transfers to ownership eventually.” – Eduardo [46:08]
Personal Stories and Lessons Learned
Glenda Baker recounts personal financial missteps, including overspending and neglecting taxes, which taught her invaluable lessons about financial discipline and asset management. Her transformation journey underscores the power of self-awareness and proactive learning in achieving financial stability.
Notable Quote:
“Every single day, my name is Glenda Baker. Only amazing things happen to me. I'm a woman of action.” – Glenda Baker [60:21]
Conclusion
Lewis Howes wraps up the episode by reinforcing the key takeaway: cultivating a positive, educated, and proactive mindset toward money is essential for achieving wealth and financial freedom. The guests collectively emphasize that understanding and rewiring one's beliefs about money can lead to lasting financial transformation.
Final Thoughts:
“If you can show these two things in the world, you will go from having an owner's mindset to an owner one day.” – Eduardo [46:08]
Key Takeaways
- Mindset Matters: Beliefs about money fundamentally shape financial outcomes.
- Financial Education: Understanding the economic system and investment strategies is crucial for wealth accumulation.
- Practical Actions: Reducing unnecessary spending and making informed investments pave the way to financial freedom.
- Business Ownership: Investing in established businesses or real estate can offer more stability compared to starting new ventures.
- Personal Growth: Learning from mistakes and adopting an ownership mindset can significantly enhance financial success.
Recommended Resources
- Jaspreet Singh’s Book: Make Money Easy – A guide to transforming your relationship with money. make moneyeasybook.com
- Capella University: Offers flexible learning formats for business degrees. Capella University
For more insights and transformative conversations, subscribe to The School of Greatness on Apple Podcasts and join the journey toward unlocking your inner greatness and living your best life.