Build Wealth by Changing the Way You Think About Money with Anthony O’Neal

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0:33I can't wait to see you there. Hey there. Welcome to the Jasmine Starr Show. Today, we're highlighting a powerful snippet from a past episode, and y 'all, it's just too good to stay buried in the archives. So Jasmine sits down with Anthony O 'Neill, a number one best-selling author, speaker, financial educator, and host of The Table. Together, Jasmine and Anthony dig into something that holds far too many entrepreneurs back, a broke mindset. This isn't just about numbers, my friend. It's about financial confidence and rewiring the way you think about money in your business. let's all listen in the broke mindset is i can't afford it we don't have money living paycheck paycheck right and then what you had said was like this money mindset and i think you had said a millionaire mindset absolutely and the millionaire mindset is i have money i will not be a slave to debt right right okay but what what happened in between the two so what happened in between the two when you say in between the two what do you mean like somebody's listening and be like, you know what?

1:33Wow. I've been exposed. I feel seen. I do suffer from the, I can't afford it. And then all of a sudden they hear you say, I can't afford it. I won't be in debt. Like what, what happened? You know, one of my mentors, Dave Ramsey, right? He says, you just made the choice and you just snap and make the choice. So when you have a millionaire mindset, it doesn't mean that you are a millionaire. It's, you know, I'm walking and I'm believing that that's the route that I'm going. So I'm speaking what I seek until I see what I spoke. That's one of my mentors taught me, Mignon Francois. So for me, the millionaire mindset doesn't mean I have a million dollars in my pocket, but I do have the mindset of a millionaire.

2:08I'm listening to people like your podcast who are making seven figures. How is she thinking? What is she doing? Let me think like that so I can start getting myself to that journey. I believe I have a billionaire mindset. I'm going to be honest with you. Okay, wait, wait. Talk to me the difference between a millionaire mindset and a billionaire mindset. I believe billionaires are very, very smart. I think millionaires are hard workers. Oh, don't say that. Yes, because billionaires have learned, in my opinion, from the billionaires that have been around, they work hard mentally. Millionaires have...

2:41I think you do 50-50. They work hard mentally and hard physically. I feel like you're preaching. I feel seen. I feel exposed. Stop with the x-ray. I'm actually getting very upset. I'm serious. It's like seven-figure people were always thinking of, what are we going to do? What are we going to do? How are you going to do it? Billionaires are thinking, okay, how do I get my money now to make me more millions? And they sit down and they just think, they read, they write, they process all day. Then they cast a vision out to their team and then their team go do all the hard work while they're the billionaires.

3:12And so, and again, I'm not a billionaire, so I don't want to act like I have that expertise. But from being around the billionaires and the millionaires, I've been able to see there's, I'm going to work hard too so I can make seven figures. But to get to that billionaire mark, it's not hard work. It's more smart work. How do you be smart in what you're doing? So now I'm doing that myself. Okay, Anthony, instead of for, you know, working hard, how do you delegate some stuff to create opportunities for you to be more of a thinker, more of a thought leader? And how do you cast vision? Can you give us an example?

3:44Like I said, I asked, well, I asked, I was just like, I want to give Anthony a cup of tea so that you could spill it because we are, I want us to get like super granular. I got you. I got you. Give me an example. So for an example, for me, it's like, I just told you, for example, I am doing a email list, right? Yes. I don't have one. Okay. Oh, I love it. Okay. This is juicy. This is juicy. I don't have one. So what I did was, okay, instead of me going out there doing all of the work, I said, you know, let me go hire someone to do all the work that is smart in that area. So I hire someone to do that.

4:15I work on the content. Then I give her the content. She makes it happen. More than likely, most people who are starting off like me, we're going to do everything. We are the photographer. We are the video person. We are, you know, the sound person. We're the email person. And we try to keep the money. Well, for me, I'm like, no. Okay, if I was a billionaire, what would I be doing? This is the vision. Hey, Jasmine, can you do this? Can I pay you to do this? Then what that does, it creates space for me to now put more effort into what really pulls in people, which is the content. Now, for the person who's listening and says, look, okay, I want to do that, but I don't even have money right now to pay somebody to create my funnel.

4:55Is this for the point to where you say, okay, if you had the broke mindset, you're not going to jump to a billionaire. You're saying right now a millionaire is finding how can I afford it? Absolutely. I like that distinction. I like that distinction. Yeah, yeah. It's like, how can I do it? What is the best way to do it? What's within my means? And so you do the very best with what's in your means. How do you live below your means, for one? I teach that on money. So if your company is making - You do teach that. I want to put a pin there. You do teach that. And I have to tell you, it's a rough point.

5:27Is it? I think, and here's the thing. So it's a rough. I know. I know. I'm like, what am I doing? I'm like, this is me. I just had a cup of coffee and I'm like, where is this? Hold on. Let me get some water here. Okay. I, okay. I believe it and I know to be true. Okay. And I practice it. Okay. So there's that. There's that. All right. I just have, it's just for a girl from the hood. Okay. Who like the church plate was passed for your family. Yeah. Yeah. Like we got groceries on the porch. Absolutely. Christmas gifts. Right. I mean, when it was Easter, you shop in a thrift store. Absolutely. That's what life was.

6:00And so I kind of get to a point in my life to where I just want to be reckless. I just want to be like. But that comes from your life experiences, though. Well, it's like you know the next question. Right. Because, okay, actually, let's go there. Okay, okay. So how can one tell the way that they were raised affects how we look at money? Like, are there telltales? You literally just said it. So my life growing up wasn't to like your extreme, right? But I grew up with four loving parents. and four loving parents who are in the church. And we lived paycheck to paycheck. So my mom and stepfather in California had two other siblings.

6:36And growing up, we had my elderly grandmother living with us. We're living in a 1 ,200 square foot home, three bedrooms with six people. So me, my sister, and my brother had to sleep in the same room. Grandmother had one room. Parents had one room. We ate spaghetti and 99 cent hamburger helper at least twice a week. Yes. Right? Yes. We had Pizza Hut, only one large,$9.99 on Fridays. And then back then we could watch one hour of TV a week. So we would save that for Fridays, for TGI Fridays. That's right. Because if you did not shadow Urkel right now, I was going to be so offended. I was like, no, come on.

7:13You know what I'm saying? So it was like we saved pizza and an hour of our TV time for that experience, right? But going to school, I remember having to put duct tape on the bottom of my shoes because we couldn't afford shoes. So I would have holes in the bottom of my shoes. Socks would be coming out. Water would get into the shoes when it was raining. So I understand where you're coming from. So when we fast forward today, what do I spend money on? Food. Because we grew up to where we didn't have access to all kind of different foods. French toast. We always had bread. We always had water. We always had milk in the refrigerator.

7:48That's French toast. You know what I'm saying? Put a little bit of cinnamon on there. Wait, wait, wait. What about the egg? That's good. You put the egg inside of the milk. Okay. You put the cinnamon on top of that. I didn't know you didn't mention the egg because you said we got water, we got milk and cinnamon. I was like, whoa, you got it. You got it. You got it. You got it. You got it. You got milky bread. So now it's like, okay, cool. Great. So now I like French toast, but I don't do it that way. I use vanilla creamer because my life experience is like, well, that was a cheap way of doing it.

8:15Find out the AO way of doing it. I think our life experiences growing up have taught us things that are good and also have taught us things that we just don't want to do. My mom and dad never had a wedding. My mom didn't get her ring until she was about maybe four or five years into their marriage. She never went on a honeymoon until my siblings and I sent them on a honeymoon four years ago. They just purchased their home for the very first time in their 50s, five years ago. My sister was the first one to have a home. I was the second one to have a home. And so watching them and going through my life experiences growing up, you know, I made some bad decisions growing up.

8:51I was homeless for six months of my life. and when I got out of that season, Jasmine, I was like, yo, I don't want that. I don't want what my parents had and I don't want to go through that experience again. So I'm like you. Rachel Cruz came out with a boat talking about your money personality and stuff like that. I am the spender, okay? So I'm going to spend a lot of money on my car. I'm going to spend a lot of money on my house. I'm going to spend a lot of money on my food because growing up, we didn't have a nice car. We didn't have a nice house and we didn't eat all that well. And so I spend my money there, but also I got to train myself and educate myself.

9:27Hey, just because you have the money to do the nice things, wait, still pay cash for it. So I just bought my dream car maybe about four or five months ago. I mean, it's a shame this is just audio because we could do a car commercial. I'm just saying I'm a car girl. I drive the same car. Are you serious? I know this is why I do sweat. But here's the thing. Here's the difference. I like that you said I'm the spender. I'm not. You're not? Zero. But my husband, oh, he loves. I like your husband. He likes that stuff, right? So then I'm able just to blame him. I was just like, I know application of financial responsibilities.

10:05I'm just like, okay, but it's for you, you know. So your husband is the saver? You're the spender? No, no. So you're the saver. I'm a liar. Like as a child, I would bring out like, it's this thing called domingo, which is Sunday in Spanish. But then you would get an allowance. Well, my parents never gave an allowance. So we had an uncle that would give us a dollar. I would go home and I would iron my dollar and I would hide it in a Band-Aid container. And so I feel like I took those tendencies to me. There is no good reason why I want to save every last penny. But I feel like it becomes a self-fulfilling prophecy.

10:36It's like I'm saving for a rainy day. Well, when you save for the thing that you don't want, you end up getting the thing that you don't want. So I feel like I'm talking to you. I feel like I'm looking at you and I'm like, you're saying things that are possible. You can afford it. You have to wait until you can pay cash for it. Absolutely. Amen. Okay. Everyone can get, I truly do believe what they want. You just have to put a plan into place, stick to the plan, and just be patient for that plan to come forward. Okay. Well, we know that that didn't come to you. So you said, hey, I was homeless for six months.

11:04Right. What happened there? Oh, man. I got kicked out of school. Kicked out of? College. Okay. So I was 18 years old, kicked out. Why? Are we going to spill that to you or just say? Oh, man. It was embarrassing. Why? Okay. Very embarrassing. I just made a bad decision, put it like that. Okay, great. Trying to impress people. And when I got kicked out, my parents in California were very disappointed in me. And so my father said, since you think and you want to act like a grown man, go be one. Ooh. You can't come home. Okay. You know, because the only grown man in this house is the one paying the bills in this house.

11:38And so me and my father got into a huge argument. My mom thought I was going to go move in with my girlfriend. I mean, I wasn't. I was actually sleeping in the back of my car. And because of that, I had racked up$35 ,000 in debt before then. And then also I lost my job. So I didn't have a job. And then I lost my apartment. So then now I have that money I need to pay back. And so for those six months, you know, Jasmine, to keep it real, I contemplated suicide. I questioned my relationship with God. I even questioned all of my friends because all of my friends who I got in trouble for trying to impress them, I spent all this money on not one of them offered me a place to live.

12:15Not one of them offered me a place to lay my head temporarily. They didn't even offer me a place to shower, get something to eat. And so I really woke up around that season saying, you know what? I've learned so much. I watched my parents struggle. I remember my mom and dad telling me, no, you can't even get a$5 notebook for school because we didn't have the$5. I remember I would get in trouble if I said this like 20 years ago. So thank God I'm a grown man now. But when my parents bought our first car, it was a van. Well, the van only had two seats, the front two seats. We didn't have seats in the back.

12:47So me and my siblings had to sit on the metal piece of the car because think of like one of those delivery vans. It was one of those. And we're putting our whole family in there. And I said, I don't want that. I don't want that for myself or for my kids. And so I literally got on the plan, got out of debt, took Dave's Financial Peace University course, got out of debt, started second savings. So you're 18, but like, I like to get the details. You're 18. you have like this wake up call and then you say, I take a financial planning course. No, no, no, no, no, no. I didn't get that course until like I was like 20, 21.

13:21I went back home and my dad gave me a Dave Ramsey budget form. He said, you need to get a job too at that. And you need to get out of debt. You need to honestly sit down. And this is a thing that I love about my parents. They apologize for not teaching me financial literacy growing up. Everything, the only conversation we had about money was tithe. If you get$100, give 10 % to the Lord. That's it. The other 90%, hey, just do well with it. Make it do what it do. And then their thing was get a job, get a good 401k benefits, keep your credit score at a good score, retire well and live off of your social security and your 401k benefits.

14:00They never talked about wealth. They never talked about starting a business. I saw them back in those days balancing the checkbook, but they never taught us how to budget because they weren't taught. And so I got out of the car, went back home, apologized to my parents. And my parents were like, yo, come back home. So I got on a budget form and had three jobs, working for a collection agency, eight to five. And then I would go and wash cars up until about 6.30, sundown. And then I would get up at two o 'clock in the morning and I'll go deliver newspapers. And I did that so I can get out of debt, so I can get my own apartment because everyone was declining me at the time when I wanted to get my own place.

14:40How long did it take for you to get out of debt? It took me a while because I did two years and then I transferred over to Florida. And then I got back into debt, bought a crazy BMW car trying to impress ladies again. And so I would definitely say it took me about a good eight years to get out of debt. Because I went, I'll get out, go right back in. Get out, go right back in. And then a local pastor in Florida said, hey, you need to take Financial Peace University. And then that's when my true journey started to really start pursuing the route of living the debt-free life that I teach today. That is so juicy.

15:15Okay. Okay. Okay. Okay. So. Yeah. She gets into details. I like. It's just, I love these conversations because I feel like you're teaching me. Oh, man. And by way, and I always like to be, I think that you're a vessel. So you sit here and then you speak the truth that somebody needs to hear. because I do think that maybe while somebody's not on their last bottom dollar sleeping in the back of their car, I do know that they may not have had parents to speak about wealth, to speak about what it looks like. And I actually think it was like, so if I, I think that when I'm maybe 70 or 80, I'll look back and I'll think that I was courageous for having conversations around wealth.

15:50Okay, okay, okay. That conversation with Anthony, it's the money mindset reset every entrepreneur needs. Here's a reminder. You don't have to be defined by how you were raised or what you didn't know about money when you started your business. What matters right now is the action you take today and the mindset you build along the way. If this episode sparked something in you, would you share it with a fellow business owner? We'd love to help all of you who are working to build wealth from the inside out.