5 Mindset Shifts to Unlock Financial Abundance | Lewis Howes
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
In this deeply personal episode of The School of Greatness, Lewis Howes shares his transformational journey from being broke on his sister's couch to building extraordinary wealth and emotional fulfillment. Drawing from interviews with some of the world's greatest financial thinkers, Lewis reveals five crucial mindset shifts that helped him overcome financial anxiety and build lasting abundance. (00:55) He emphasizes that "it wasn't the money" he was missing during his struggling years, but rather "the mindset that creates money, the beliefs, the patterns, the emotional relationship that we all have with money." The episode combines practical financial strategies with deep psychological insights about healing childhood money wounds and developing an abundant identity.
- Core theme: Transforming your internal relationship with money to unlock external financial abundance through five fundamental mindset shifts
Speakers
Lewis Howes
Lewis Howes is a New York Times bestselling author, entrepreneur, and host of The School of Greatness podcast with over 20 million followers across platforms. After struggling financially and sleeping on his sister's couch for a year and a half, he built a multimillion-dollar business and became a leading voice in personal development, helping millions transform their lives through his books including "Make Money Easy," "The Greatness Mindset," and "The School of Greatness."
Key Takeaways
Money Requires Systems, Not Accidents
Wealth creation is an intentional process that requires structured systems rather than hoping things will work out. (03:56) As financial expert Dave Ramsey emphasized in Lewis's interviews, "No one wins anything accidentally. It's an intentional act. No one accidentally gets wealthy." The foundation involves living on less than you make, having a written plan (budget), getting out of debt, and consistently saving and investing. (03:41) This systematic approach creates both mathematical freedom and psychological peace, allowing you to take calculated risks and make decisions from a position of strength rather than desperation.
Heal Your Early Money Wounds
Most financial struggles begin in childhood, not adulthood, making it crucial to identify and heal early money wounds. (10:52) Ken Honda's research shows that "we wake up to the reality of the world when we are around five, six, seven" and from then on, we absorb negative messages about money that shape our adult financial behavior. (14:55) The key insight is that "you can't build wealth with a mindset that was designed to keep you small." This requires identifying your earliest money memories, examining limiting beliefs inherited from childhood, and consciously replacing them with empowering beliefs through daily practice and repetition.
Pay Yourself First
Wealthy people fundamentally approach money differently by investing before spending, not after. (23:41) As Jaspreet Singh explains, "the way that the finances will look for the majority of people is you make money, you pay taxes, you spend your money, and then you wonder where your money went. But wealthy people make money, and then you want to invest as much as possible, and then you spend whatever's left." This creates automatic wealth-building discipline and transforms your identity from someone who spends first to someone who prioritizes long-term growth. Even starting with $5-10 weekly builds the crucial pattern and belief system.
You Are the Abundance, Not Money
True financial freedom comes from recognizing that your internal state—peace, creativity, intuition, and presence—is the real abundance, not the money itself. (32:08) Kyle Seys revealed that "meditation gets me to understand that I'm the abundance, not money." This shift eliminates the fear-based relationship with money that causes people to make decisions from desperation rather than creativity. (34:52) When you build inner abundance first, "outer abundance has a place to land." This allows you to see opportunities, connect with others authentically, and access the creative flow state that naturally attracts financial opportunities.
Your Money Grows When You Grow
Financial growth is directly tied to personal growth and upgrading your identity to match your income goals. (38:27) Patrick Bet-David's insight that "whatever you hate or you don't respect, you're not gonna get" reveals how resentment toward wealthy people sabotages your own financial success. The key is developing evergreen skills like leadership, communication, and relationship-building that are valuable across all industries. You must constantly ask yourself: "Am I acting like the person who earns the amount I want to earn?" This requires continuous skill development, taking on more responsibility, and embodying the identity of someone who creates tremendous value in the marketplace.
Statistics & Facts
- Lewis Howes built a multimillion-dollar business and gained 20 million followers across platforms after starting from sleeping on his sister's couch for a year and a half. (01:40)
- According to Dave Ramsey's research - the largest study of millionaires ever done in North America - the typical way someone reaches their first 1-5 million dollars is through having a paid-off house and healthy 401k/Roth IRA investments in good mutual funds. (05:40)
- Jaspreet Singh's "75-15-10 plan" allocates every dollar earned as follows: maximum 75 cents for spending, minimum 15 cents for investing, and minimum 10 cents for savings (3-12 months of expenses). (21:57)
