Get my New York Times Bestselling book, Make Money Easy!Money may seem complicated, but financial freedom comes down to mindset first, then strategy. In this powerful episode, I sit down with three leading financial experts - Jaspreet Singh, Codie Sanchez, and Glennda Baker - who each share their transformative journeys from financial struggle to abundance. Jaspreet reveals how our subconscious beliefs about money shape our financial reality, while Codie challenges conventional wisdom about entrepreneurship with her counterintuitive approach to "boring businesses." Most movingly, Glennda opens up about selling her Rolex at a pawn shop after making impulsive purchases, a painful lesson that later helped her build generational wealth through real estate. Whether you're struggling with debt, considering starting a business, or looking to invest wisely, these conversations offer practical strategies to make wealth-building accessible for everyone.Jaspreet on InstagramCodie on InstagramCodie’s book Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary BusinessesGlennda on InstagramIn this episode you will learn:How to identify and transform your subconscious money beliefs that may be sabotaging your financial successWhy buying existing "boring businesses" can be less risky and more profitable than launching exciting startupsThe critical differences between employee and entrepreneur mindsets, and which might be better for your personality typeFive strategic criteria for identifying undervalued real estate investments with significant growth potentialHow to avoid the common trap of making financial decisions based on ego rather than long-term wealth creationFor more information go to https://www.lewishowes.com/1757For more Greatness text PODCAST to +1 (614) 350-3960More SOG episodes we think you’ll love:Jaspreet Singh – greatness.lnk.to/1644SCCodie Sanchez – greatness.lnk.to/1701SCGlennda Baker – greatness.lnk.to/1651SC Get more from Lewis! Get my New York Times Bestselling book, Make Money Easy!Get The Greatness Mindset audiobook on SpotifyText Lewis AIYouTubeInstagramWebsiteTiktokFacebookX
Chapter 1: What is the purpose of financial mindset shifts?
I have a brand new book called Make Money Easy. And if you're looking to create more financial freedom in your life, you want abundance in your life, and you want to stop making money hard in your life, but you want to make it easier, you want to make it flow, you want to feel abundant, then make sure to go to makemoneyeasybook.com right now and get yourself a copy.
I really think this is going to help you transform your relationship with money this moment moving forward. We have some big guests and content coming up. Make sure you're following and stay tuned to this episode on the School of Greatness.
In a moment of time when it seems like inflation is rising higher than ever, it seems like people are more in debt than ever, and it seems like we don't know who to trust. The government seems like some of them could be lying to us potentially about the economy. There are so many wars that are causing transfers of money that we're not sure where the money is going.
student loans, debt is at an all-time high, and it's harder and harder for people to make money these days. We brought on one of the leading experts on the internet today, Jaspreet Singh, who is a trusted individual and advisor to millions around the world about money, managing money, making money, understanding money in their lives.
I'm confused, and I feel like a lot of people are confused around money. Can you give us any insights on how we should first emotionally navigate the money troubles that millions of people are dealing with today.
There's a lot to unpack there. So I think the first thing is understanding now how money plays a part in your life. And I know we've talked about this before, but I really think the key here is understanding that number one, money is important and understanding your personal relationship with money. And what I like to define that is there's a few things that you have to understand.
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Chapter 2: How can subconscious beliefs about money impact wealth?
Number one is that it is my duty to become wealthy. Number two, money is a tool. Number three, money is abundant. And number four is I will become wealthy.
Can you say those one more time?
Sure. Number one is it is my duty to become wealthy. Yes. Number two is that money is abundant. Number three is that money is a tool. And number four is that I will become wealthy. And the reason why I say this is because you really have to understand that you can do it. Now, there's a difference between what I'm talking right now and thinking and growing rich.
Because if we kind of now dissect this, everybody wants this outcome. And the outcome is, I want financial freedom. I want to be rich. I want to be wealthy. I want cash flow. You can use whatever term you want for that outcome. Maybe you want some sort of financial freedom. In order to receive this outcome, you have to go back a little bit. Which means I have to take certain actions.
I have to do things with my money. I have to do things to achieve this outcome. But let's go back even more. How do you get that action to happen? I have to have a thought to go out and do something with my money. I have to think I need to invest. I have to think that I can become wealthy. And this is where most people think that you have to start. Think and grow rich.
If I think rich, I can take the right actions and have the right outcome. But that's a lie. Because what you'll realize, many of us have this, is In the back of our minds, you might have this little voice saying, I know this is not true. So you can sit there and say, I'm gonna grow rich and try to manifest this wealth. I'm gonna grow rich. I'm gonna become wealthy. Money's gonna fall into my laps.
But it won't happen if that voice in the back of your mind is saying, I know I'm just doing this so I can have this outcome. I don't know if it's true. Somebody like me can't become wealthy. Somebody that looks like me can't actually do it. Somebody from my background, somebody with my upbringing, somebody with whatever circumstances I have can't do it.
And when you have that back of that mind thought, it doesn't matter what you're thinking. You're trying to just, you're trying to outspeak your mind, right? It doesn't work like that.
So your mind and your words and your actions need to be in congruency and alignment.
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Chapter 3: Why is financial education crucial in today's economy?
It's tough financially, but that's going to give you some more money. Now, when you take this money, you're going to start investing it. You're going to be very disappointed in the first couple of years because you see no returns. You don't see anything happening, but you got to stick with it. And you keep doing it. You built your financial education, learn more about how to invest.
You start studying the financial trends. You keep building the financial preparedness. Maybe you see a market downturn. It creates more opportunities for you to invest, but you just stick with it. then what's going to end up happening, you go through the decade of sacrifice, is now you turn around and you don't recognize the person that you were 10 years ago.
You won't even recognize yourself three years ago, but this is where now you will start to build this real wealth fund for yourself. And now you can start spending more money, but it's not necessarily coming out of your paycheck. You can start having nice things. You don't have to worry about the price because the money is being funded by your investments.
And that's why now understanding the system is designed to keep the majority of people broke. And the reason why is because they want you to spend all of your money. And they want you to spend money you don't have because that means you get to spend more money, right? If I make 50 grand a year, I only have $50,000 worth of buying power, you would think. But no, you have more because of credit.
We live in a credit-based economy. So if I can only spend $50,000, I can only stimulate the economy by $50,000. And that's where this clever financial strategizing came in and said, well, how do we get somebody making $50,000 a year to stimulate the economy by $80,000 a year. Credit cards, lines of credit, other forms of debt. That way now, what is debt?
You're taking next year's income, spending it today, and then you pay it back next year plus interest. So now you constantly, you're working just to make everybody else rich. You're working to make your bank rich. You're working to make Gucci rich. You're working to make everybody else rich except yourself. And this is where, that's what the system is designed to do.
But if you want to build wealth, You got to, number one, learn and stop spending a lot of money. Who should be most afraid?
People that are making under $100,000? People that are making it from $100,000 to $500,000 a year? Or people that are making $500,000 to $1 million a year? Over the next few years, with the elections, the economy, wars, inflation, who is at the biggest risk financially?
Well, I think it's everybody. I wouldn't say one over the other. It depends on the percentage of money you're keeping for yourself versus spending. Because if you make a million dollars a year and you're spending 110% of your money a year, but you're making 50 versus somebody else is making 50 grand, I'm living off of 75,000.
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Chapter 4: What are the benefits and risks of business ownership?
Everyone thinks it's the best idea ever. You're going to sell millions.
Right. Then you go and create the company. And all of a sudden, Louis is a little cheap. Nobody's buying my mugs, right? So the market didn't actually want what you were selling. And then the second reason most businesses fail, which is about 20% of the reason, is lack of cash flow. So you have this big idea, nobody wants it, you run out of cash before you get to figure it out.
And so I think we've been sold a total lie about business creation and startups, which is that employment sucks and also we should go start a business instead. And what often happens, and I hire a lot of these people, is they go start their business, they're like, oh my God, this is worse than employment, and I'm not making any money.
And so if you're gonna play the odds, if you're gonna go gamble, you can play the slots and know that you have the worst odds out there playing the slots. And if you're gonna gamble, you at least are probably gonna play blackjack if you're good at it, because you know that's where you have the best odds. Business is very similar.
The best odds is somewhere where the business party has product market fit, and the business is already cash flowing. It's already making money. It's already profitable. And it's been doing it for years. And so that's why I'm obsessed with this idea of boring businesses and buying them because statistically it has less risk and it has more ability for you to earn over time.
It's not no risk, but it is less risk than a startup. And nobody talks about that.
What are the main reason people are selling their profitable businesses then? If a business has been profitable for five or 10 years and it's so hard to be successful, why sell the business?
There is a huge gap in education between asset value in business owners and ability to sell your assets. Think about it this way. If you owned a house anywhere in the country and that house was too small for you and it was still livable, it's still a house, maybe it's not the nicest house, it's not really what you want, you would never just go, let's just light that.
Fire and like walk away, right? That would be crazy. You'd be like, okay, well, let's sell it for whatever it's worth, or let's put a renter in there, or let's do something with that asset. We think about a house like an asset. In the U.S., we do not think about our businesses as assets. We do not think about our business lines and divisions as assets. And so what do we do instead?
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