Take These Steps To Achieve Wealth | Suhkinder Singh Cassidy

0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:08I 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 of the Daily Motivation Show.

0:49You look at the most wealthy people in the world and if you want to be wealthy, you need to be an owner. They have equity in something. They have equity in something. Equity ownership is the key to wealth creation. That's why people own their homes. The biggest source of wealth for people, home ownership, right? Saving allows you to do what? Become an owner. You got it. These are inherently related, right? So if you say like, if you don't save, guess what? The day that equity ownership comes up to buy a piece of a home or these days, a piece of a home or land or stock market, you know, equity in the stock market, anything.

1:21If you don't have savings, how do you become an owner? It's impossible. So these two things are inherently related, right? First of all, financial literacy is so key. You know this. I mean, if you don't have financial literacy, it's hard, right? Whoever is the wealth storer, you have to ask. Ask what questions? Well, you have to ask like, where are bank accounts? What do we have? Like, it's not just a question of being literate. It's a question of being like informed and not just trusting your financial decisions to other people, right? Some people, like if they're not literate, they won't ask.

1:49I'd say the converse is true. Like you can be literate and ask at the same time. So if somebody is managing your money, you better know where it is. And part of getting literate is being comfortable with asking questions. So I think there's literacy and there's information and they're very highly correlated. So I know people who they're husbands or manage all their money. I know people who give money to their broker and they don't know what their broker is investing in. I'm like, okay, so one is literacy, but one is like sheer information. So I see a lot of people are like, this is an uncomfortable topic.

2:18So I'm just going to also outsource not just literacy. I'm just going to outsource information. Like somebody else has information on my financial well-being. That's a little crazy to me. Take a little risk. Like if you're too afraid to manage all your money, take 10 % of it and say, I'm going to go, I'm going to manage this directly. If you want to start creating wealth, invest in what you know. Okay. So people think that - Don't invest in crypto if you don't understand it. Yeah, yeah, exactly. So it's not just like literate about like how financial systems work. It's like literally invest in what you know.

2:47When I was an analyst, I was at Merrill Lynch and early in my career, and I worked on the financial services industry. I learned about savings and loans, balance sheets, and income statements. And the first stocks I ever bought were in the savings and loan industry. Because I was like, I understand what good looks like. So I think if you want to create wealth, you know, you need to understand what you're investing in. Let's say you're going to buy real estate. Okay, well, you need to understand the neighborhood. You need to understand the comps. You can't just fall in love with a house and say like, Like, you know, is this a good advice?

3:12It looks good. I'm just going to buy it. Yeah. Yeah. Yeah. But I mean, this like one and done, somebody shows you something, you know? Right. So I think there's generally literate asking about your own money and understanding like where it is, who's managing it. Someone feels like a failure, like they have these failure conversations with themselves. They feel like they have a lot of negative thoughts. How can we overcome these negative thoughts and help us get out of a rut if we kind of feel like we're always stuck in that failure mindset? One of the reasons I think failure is so daunting for people, they think that a choice is binary.

3:44So I think there are two things that you need to do if you want to get out of failure mindset. First of all, you have to get out of this idea that you have one shot at glory. We fear failure because we think whatever decision we make is what Jeff Bezos calls a one-way door. I go through this door, there's no coming back. It's going to define me forever. I think that most people have the perception that failure is the result of a binary choice. You know, you make one choice, it fails or succeeds. Now, if you believe like I believe that actually between you and a reward is probably not one decision, but 30, 40, 100, should you really overweight the importance of the first decision?

4:19I would say you should overweight your ability to keep choosing. If you can keep choosing, you will find a path. You may not end up where you wanted when you started, but there will be a path. You have to dismiss this myth that failure is a bimodal, binary, one-way door. It isn't. It's just the first choice in a series of choices you will inevitably have to make. Supposing the decision you're contemplating is, in fact, bigger, and it is a one-way door. I make it up. You mortgage your house. You're starting a company, like, can't take back the mortgage. You quit your day job. You go to zero salary and you mortgage your house.

4:51Okay, we can agree that's a big risk. In that mode, I always say to people, like, okay, well, if it's a big risk, then as opposed to planning for all the upside that's going to happen, plan for the failure mode. Plan for the failure mode in order to get yourself to act. People are like, what do you mean? I'm like, okay. If something's really a big and scary risk, I want you to tell me the five choices you'd make after the choice. Tell me. Like, what are they? Tell me the five choices. And then I bet that you will find two, three, four recovery paths. But actively think about that now. But when you're trying to overcome failure, I'm like, visualize a failure, work it through, understand all your contingencies, and then you're probably far more likely to get into action.

5:29Because what you've done is reduce your fear of failure. Yes. Because you're actively imagining the choices after the choice when it fails. Let's say you pick a new job and you left your old job and you cut your ties and it fails. I'm like, okay, what then? So play through. You lose your relationship. You lose your kid. Everything you lose, yeah. Yeah, yeah. Then you're like, okay, well, then what would you do? Yeah. Because I think that on small failures, it's tough to know that if you act once, you still have 10 more choices. Yes. On something that is like truly a one-way door, there are very few decisions that truly you can't come back from.

5:58And those things you're like, okay, then what are my contingencies? Right. What do I do? So I believe that like this risk-taking equation guides all of us, which is fear of missing out is more than fear of failure. You know, fear of missing out is greater than fear of failure. You'll take action. If fear of failure is greater than fear of missing out, you won't. But most people only want to work one side of that equation, which is think about the positive. And I'm like, no, you got to think about both. One of my coaches, probably like seven years ago, I had been training for years already to overcome the fear of public speaking.

6:26And I'd been speaking for, I don't know, at this point, 10 years professionally. and I'd made good money on stages and spoken in front of 20 ,000 people. I don't know why. I remember calling him like hours before and I go, I don't know why I'm still nervous and a little afraid. And he said, because one of the things is you're afraid of how you're going to look. You're afraid of like being embarrassed or not like saying the right thing or messing up. You're still afraid of that as opposed to being of service to the audience and knowing you're going to mess, it's not going to be perfect. And he put me through an exercise like the what if or what happens next exercise.

6:58Just go, okay, what if you forget your word? where do you think we get that story then what then what then what and you just go then what i call that the choice after the choice then what well then i'll be like embarrassed well then what well then uh what's the worst gonna happen uh i don't know then i just walk off stage and i forget the whole thing and then what and then what he's like well everyone laughs at me okay and then what and then i don't want to come out for a week because i'm so embarrassed and then what it's like eventually you you're like okay i'm down here and i'll pick myself back up and i'll be okay and you know i'll start again yeah i think that that's sort of the point like the then what then what then what we sort of have trained ourselves to think that's bimodal.

7:33I'm like, it's not bimodal. It's like, what will happen is you'll discover the five choice after choice. So think those through now. Yes. Because in there is comfort.

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8:41Again, have an amazing day, and I'll see you tomorrow with another episode of the Daily Motivation Show.

8:56Thank you.