Take These Steps To Achieve Wealth | Suhkinder Singh Cassidy EP 208

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

0:10I firmly believe that taking charge of your mindset allows you to be in the driver's seat of your life and unlock your potential. And that's why I'm thrilled to share that my new book is out right now. It's called The Greatness Mindset. In it, you'll learn how to build a plan for greatness through powerful exercises and toolkits designed to propel your life forward. This is the book that I wish I had 20 years ago. It's everything I've learned in the last decade with the research and the science to help you unlock your mind. Make sure to go to lewishouse.com slash 2023mindset to pick up your copy of my book, The Greatness Mindset, today.

0:51You 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. Right. You can buy something with it. 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.

1:21Collectibles, art, whatever you want to, yeah. If 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 store, 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.

1:51I'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. Like, 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, you know, 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, OK, so one is literacy, one is like sheer information. So I see a lot of people are like, this is an uncomfortable topic.

2:20So 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.

2:49When I was an analyst, I was at Merrill Lynch 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, you know, is this a good investment?

3:13It looks good. I'm just going to buy you. Yeah, yeah. But I mean, it's 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.

3:46So 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 in 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 who 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?

4:21I 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 your mortgage house.

4:52Okay, 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 gonna happen, plan for the failure mode. Plan for the failure mode in order to get yourself to act. And 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 because what you've done is reduce your fear of failure because you're actively imagining the choices after the choice when it fails.

5:37Let'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 on something that is like truly a one way door. There are very few decisions that truly you can't come back from. And those things you're like, OK, then what are my contingencies? 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.

6:10You 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 the 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. And 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. And I remember calling him like hours before, and I go, I don't know why I'm still nervous and a little afraid.

6:42And 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 gonna mess it's not gonna be perfect and he put me through an exercise like the what if or what happens next exercise just go okay what if you what if you forget your words what if you forget 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 could 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 it's bimodal i'm like it's not bimodal it's like what will happen is you'll discover the five choice after choice.

7:38So think those through now. Yes. Because in there is comfort.

7:53Thank you so much for listening to today's episode of The Daily Motivation. And I hope you have an amazing rest of your day. If you enjoyed this episode, make sure to click the link in the description. that will take you to the full episode of our main podcast on the School of Greatness. And if you are loving the daily motivation, please follow us over on Apple Podcasts and Spotify and leave us a review over on Apple Podcasts right now. And if you want more exclusive content and ad-free listening experience, make sure to subscribe to our Greatness Plus channel on Apple Podcasts right now. And if you want to get even more inspiration from our world-class guests and learn how to improve your life and take it to the next level, then make sure to sign up for the Greatness newsletter and get it delivered right to your inbox over at greatness.com slash newsletter.

8:43Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.