Jay Must-Listens: 3 Easy Money Habits That Will Change How You Save, Spend & Grow Your Money
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
This episode explores building a healthy relationship with money through insights from financial experts Scott Galloway, Jaspreet Singh, Codie Sanchez, and Lewis Howes. The conversation moves beyond traditional financial advice to address the emotional and psychological barriers that keep people financially stuck. (01:57) The speakers reveal that nearly half of American adults grade their financial knowledge as C or worse, yet social media promotes get-rich-quick schemes instead of sustainable wealth-building strategies.
- Core themes include breaking free from poverty mindset, understanding the difference between earning and owning, creating forced savings systems, and treating money as a relationship that requires respect and intention.
Speakers
Scott Galloway
Scott Galloway is a professor, entrepreneur, and bestselling author of "The Algebra of Wealth." He's a clinical professor of marketing at NYU Stern School of Business and has founded multiple companies, bringing both academic rigor and real-world business experience to financial education.
Jaspreet Singh
Jaspreet Singh is the founder of Minority Mindset, a financial education platform, and a successful real estate investor. His first property purchase at age 19 for $8,000 taught him that wealth comes from ownership rather than just earning, fundamentally shifting his approach from pursuing medical school to building financial literacy.
Codie Sanchez
Codie Sanchez is a former Wall Street executive turned entrepreneur and investor who specializes in helping people transition from employees to business owners. She previously worked at Vanguard and brings institutional investing knowledge to individual wealth-building strategies.
Lewis Howes
Lewis Howes is an entrepreneur, author, and podcast host who emphasizes the spiritual and emotional aspects of money. He focuses on healing money wounds and creating abundance through mindset shifts and intentional practices.
Key Takeaways
Create Forced Savings Systems Instead of Relying on Willpower
Scott Galloway emphasizes that 98% of people spend everything that comes through their hands because we live in a society designed to separate us from our money. (05:24) The solution isn't willpower—it's automation. Only 17% of Americans use automatic deposits, yet it's the most reliable path to wealth. Whether through 401(k)s, IRAs, or apps that round up purchases, the key is ensuring money never touches your hands before being invested. This approach leverages your advantage when young: more time than money, allowing compound interest to work its magic over decades.
Focus on Building Equity Rather Than Just Earning Salary
Jaspreet Singh's revelation came when his $8,000 condo generated $600 monthly without active work, teaching him that wealthy people don't just climb the corporate ladder—they own it. (27:07) The fundamental shift is understanding there are two types of people in every company: workers who get salaries and owners who get profits. True financial freedom comes from transitioning from earning through labor to earning through ownership, whether that's stocks, real estate, or business equity. This doesn't mean everyone should start a business, but everyone should own pieces of businesses through strategic investing.
Break the Three Poverty Mindset Habits
Jaspreet identifies three destructive patterns: spending or saving all your money (without investing), blindly following traditional systems without questioning, and not understanding how money actually works. (15:53) The spending trap keeps people making others wealthy while staying broke themselves. The saving trap ignores inflation, causing money to lose purchasing power daily. The system trap assumes the only path to wealth is climbing corporate ladders, missing the opportunity to own assets that generate passive income. Breaking these habits requires financial education that most schools never provide.
Start with Self-Investment Before Market Investment
Codie Sanchez argues that when you have limited capital, your highest-return investment is always yourself. (42:07) Before putting money in the S&P 500, invest in skills, knowledge, and capabilities that increase your earning potential. This creates unlimited upside that compounds over time. Once you've built your human capital, move to low-cost diversified index funds, then private investments, and finally to building or buying businesses. This progression ensures you're always betting on your strongest asset first—your ability to learn and execute.
Treat Money as a Relationship Requiring Respect and Intention
Lewis Howes challenges listeners to imagine money as a person walking into a room. (56:48) How would you treat them? Most people avoid, gossip about, use, and ghost money—then wonder why it doesn't stay in their lives. True abundance comes from treating money with the same respect you'd show a valued relationship: gratitude, honest communication, and generous hosting. This includes practical actions like picking up pennies as a sign of respect, setting clear intentions, and living beneath your means while feeling abundant. The goal isn't to worship money, but to create a healthy dynamic that attracts and retains financial opportunities.
Statistics & Facts
- Nearly half of American adults grade their financial knowledge a C or worse, revealing a massive education gap in basic financial literacy. (01:57)
- Only 17% of Americans use automatic deposits or transfers to build savings, despite it being the most reliable wealth-building method. (02:55)
- About half of America has zero investments—no 401(k)s, IRAs, stock accounts, real estate, or gold investments. Of the remaining half, only half have investments outside their 401(k)s, meaning only about 25% of working Americans do any investing on their own. (16:46)
