The BIGGEST Steps Toward Achieving Wealth | Sukhinder Singh Cassidy EP 330

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1:14What do you think are the three most important steps to building wealth? Ownership. Like literally equity ownership. Like you 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. You have equity in your small business. You have equity in your practice and you sell your patient files, you know, to a bigger partnership where you're like me and you have equity in a big company or small company, whether you started it or not. Equity ownership is the key to wealth creation. That's why people own their homes.

1:39Biggest source of wealth for people, home ownership, right? You have to be an owner. That's a big one. Number two, you know this. Everybody knows it, but we need to do it. Saving. Saving just like saving early and compounding returns. Yeah. A lot of people don't do that. A lot of people don't do it. I started doing that years ago. Most people don't do it. I didn't have that much money. I was like, I'm in 500 bucks a year, a thousand bucks, you know, when I was, I know, right. Something. I remember, I remember I started at like 27, maybe starting to like my IRA and then just other investments. And I was like, but I don't have that much to invest to save in.

2:09Yeah. I wasn't making that much, but now 11 years later, I'm like, Oh, look what I've accumulated. Well, more importantly, saving allows you to do what? Become an owner. You know, 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. If you don't have savings, how do you become an owner? It's impossible. So these two things are inherently related, right? So even though it's fractional ownership, which we all have opportunities for now.

2:44So I think in order to become an owner, you need to accumulate savings. Okay. So I think that's the, I think that is, those are my two. I don't have a third. Those are it. Those are the two. What about the mindset around wealth and creating more financial abundance? How do we shift the narrative from thinking money's bad or I don't understand money or I'm not educated on it so that I'm not going to receive it? How do we change the mindset of the conversation we have around money? I feel like a lot of people don't talk about it enough. Yeah, I know. People, I mean, and I don't know, there's no shame in wealth creation, right?

3:19I mean, but I think there are two things. First of all, financial literacy is so key. You know, I mean, if you don't have financial literacy, it's hard. Right. So I was lucky that my, you know, I give my dad so much credit. My dad like owned equities, like he literally owned stocks. He would call his broker and buy them every day. So I saw stock ownership as a thing. Right. And then I ended up becoming a financial analyst. So of course I got financially literate. But my point is, if you're not literate, getting literate about is how you understand savings and ownership, what have you. So I think that literacy is one.

3:47Number two, I think if we are a female in a relationship, we tend to think that there's some shame in asking the other, you know, like your husband or, you know, whatever. 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, if you just, 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? So, like, some people, like, if they're not literate, they won't ask. I'd say the converse is true. Like you can be literate and ask at the same time.

4:19So if somebody is managing your money, you better freaking 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, OK, so one is literacy, one is like sheer information. So I see a lot of people are like, this is an uncomfortable topic. So I'm just going to also outsource not just literacy. I'm just going to outsource information.

4:49Like somebody else has information on my financial well-being. That's a little crazy to me. But I see a lot of people who just don't want to have the conversation. More often women than men. This is why I like platforms like Elle Vest and others that are driving women to manage their own wealth, I think is disproportionately important. So I think that's very key. How can women change the mindset around earning, saving, investing, and becoming more? ownership of their money mind? Well, first of all, I think many women are. But I just think that platforms that do it, I think anything that gives you education without it being intimidating is very critical.

5:29So I think women are doing it more and more, but I think that platforms that can accelerate your knowledge or your management of your own money's key. The third thing you can do, as we talked about, take a little risk. 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. And then the third thing I say to people is, 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.

5:58It's like literally invest in what you know. So I've become an e-commerce investor in the last 10 years and a pretty good one, but that's because I was an e-commerce CEO. And so while I, I understand the business. And so I was practicing every day. I thought like, God, like I know enough about these numbers to know where our numbers look good or bad, but that gives me pattern recognition in becoming an angel investor. Yes, I had diversification of wealth across different sectors or diversification of angel investments across different sectors of e-commerce. But literally, I doubled down on e-commerce because I understood that business.

6:31So I think if you want to create wealth, you know, you need to understand what you're investing in.

6:42Thank 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 Podcast 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.

7:32Again, have an amazing day, and I'll see you tomorrow with another episode of the Daily Motivation Show.