Why Believing the System Is Rigged Is Costing You Everything | Mrs. Dow Jones

0:01Mrs. Dow Jones:Stocks, ETFs, or what about mutual funds? Choosing your investments is easier with Fidelity. Our step-by-step experience can help you pick out the right investments for you. Plus, with recurring investments, you can decide how much and how often to invest. Lastly, there's 24-7 help if and when you need it. To find your next investment, head to fidelity.com slash trading. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSC SIPC. Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:41When someone only wants brands and they're like, I cannot wear anything unless it's designer name and it's showing it. What are they saying to the world, typically, if that's the case? Well, to me, this is a form of learned financial helplessness, which is when you feel like the system is so out to get you and there's no real opportunity to win. And so you start to prioritize things that don't really matter because you're sort of looking for shortcuts and ways out versus actually understanding that there's always still ways to win. You just need to find them. And so this could come as, you know, ignoring your bank statements.

1:29Quiet quitting, I think, is a really good example of learned financial helplessness.

1:34Mrs. Dow Jones:Really? But yeah, but, you know, where you sort of just give up. You're like, well, you know, I shouldn't have to count on myself. Like it's, you know, the people who are sort of like, we're on a spinning rock, the world is burning. Or, you know, I see this a lot when I give projections for investments. So I'll talk a lot about how important it is to start investing early. And if you invest at$25,$200 a month, 8 % to 10 % return, by the time that you are in your 60s, you will have over$700 ,000. Crazy, right? Which is so cool. 200 bucks a month. 200 bucks a month. At 25. Yep. And if you start at 35, that goes down.

2:16By half at least. Yep, exactly. But when I say that, there's always people in the comments who are going to say, well, $700 ,000 by the time that I'm in my 60s isn't even going to matter. Like, you know, inflation is so crazy. And they're not wrong. Since 2000, you know, price of living has gone up 67%. We just have increased 7%. But if you don't invest anything and you have zero at 65, you're screwed. Exactly. Then what do you do? Exactly. But that's learned, it's like this financial nihilism where you just count yourself out. And that is something that I really talk about a lot in the book because I think that we see it a lot in young people who then prioritize like flexing or, you know, you see it even like people going to Coachella on buy now, pay later, where they're living so much more for the now versus prioritizing their future rich person because they feel like there's no point so let's go back to this moment this aha moment you made three grand you went on ebay you bought a big louis vuitton bag right and you still buy designer brand stuff today right i'm assuming you know a lot less i now do a lot of uh luxury resale so now it's become like a savvy hobby of mine where I have traveled around the world and I've gone to Asia.

3:37I've gone to Europe to find secondhand luxury goods and then I'll either keep them or I'll flip them. Really? Yes. Oh, so you make like a business. Yeah. I mean, you use it for a few months and you can make money. Exactly. That's interesting. Yeah. Yeah. It's more of an asset. Yeah. It's an, I mean, but it's a hobby. It's still, it's not going to change my life, the money that I make on it, but it's become more gamified but i'm very outspoken against um you know the the whole like birkin culture online which i fell for too what's that i don't know just a bag yeah the birkin back what's the culture about it you know there's so much information out there that uh is perpetuated that a birkin is as good of an investment as the s p 500 and so it sort of tricks women into thinking that like you should spend 20 grand on a bag and that that's like a really good idea because yeah it's going to beat the stock market and you can wear it and it's like going to make you look rich but it's also going to make you rich and it's like in actuality those numbers are not correct they are completely graded on a curve of course there are some very rare assets that come from hermes that's like the crocodile diamond secret like you know like 20 of them in the world yep and those are going to swing the whole pendulum one way, but for most people, put your money in the stock market.

4:58Like, what are you doing? It makes no sense. When should someone buy a$5 ,000,$10 ,000 or$20 ,000 bag or luxury item, like brand item? Well, I think it all comes down, first of all, to figuring out what you really value. Like, you know, for me, I realized that I actually really did like the game of luxury and I was interested in it And I did look at it as an asset and it was like sort of educational and fun and this like little chase. And so that's something that I actually really value. But I think that like when I started, it was something that I was just buying to sort of keep up with the Joneses because I was a wolf with no clothing or what they call it.

5:38Sheep with no clothes. Yeah. Yeah. So it was all a facade. Really? Yeah. It was a mask of, you know, like don't look too closely over here because there's not much underneath the surface. But when there is stuff beneath the surface, you don't need the mask. That's why you see like billionaires in sweatpants, you know, like because they're like, yeah, I'm good. Like, I don't need to flex anymore. How long were you doing that? Like trying to buy designer brands or whatever until you realize like, oh, maybe I should reevaluate this. Why I'm doing this. Like, how long were you doing that for? I mean, that bag was a wake up call for me.

6:14Okay. Yeah. Because I was already on my financial journey at that point. And I was like, yeah, it's like crazy that I have this asset or not asset even. Like I have this bag, but it's like I'm struggling to actually pay my rent this month. That's interesting. Yeah. And like this makes no sense. And so now. Or dollars. Yeah. Good. I like that. You're the comedian now. But yeah. And so then, you know, I really started to focus on value-based spending.

6:50I 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.

7:31Thank 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.

8:21Again, have an amazing day, and I'll see you tomorrow with another episode of the Daily Motivation Show.

8:40Mrs. Dow Jones:Our step-by-step experience can help you pick out the right investments for you. Plus, with recurring investments, you can decide how much and how often to invest. Lastly, there's 24-7 help if and when you need it. To find your next investment, head to fidelity.com slash trading. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSC SIPC.