Episode
A MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
51:09
Published: Fri Jul 15 2022
Description
Today’s episode is a masterclass around finance, with three experts on the topic of money and the mindset you should have around it to help you prepare and thrive during financial hardships.In this episode, Jaspreet Singh, also known as ‘The Minority Mindset’, tells us what he wishes we were all taught about money. Billionaire Ray Dalio shares the his opinion on the most common investing mistakes people make. Rachel Rodgers, the founder of Hello Seven, explains why we need to be having different conversations around money.For more, go to lewishowes.com/1293Full Episodes:Jaspreet Singh - https://link.chtbl.com/1257-podRay Dalio - https://link.chtbl.com/1266-podRachel Rodgers - https://link.chtbl.com/1183-pod
Chapters
Wealthy people aim to own the corporate ladder instead of climbing it, as they understand that the executives' duty is to the shareholders.
00:00 - 04:31 (04:31)
Summary
Wealthy people aim to own the corporate ladder instead of climbing it, as they understand that the executives' duty is to the shareholders. This is why they often pay themselves with equity and buy stock in the public company they work for.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
Amidst financial uncertainty, people are still spending on luxury goods rather than saving or investing.
04:31 - 07:42 (03:10)
Summary
Amidst financial uncertainty, people are still spending on luxury goods rather than saving or investing. The concept of debt in consumer culture is discussed.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
In this podcast episode, the speaker argues that buying a car you can't afford is a mistake.
07:42 - 11:41 (03:59)
Summary
In this podcast episode, the speaker argues that buying a car you can't afford is a mistake. Consumers are going into debt to buy liabilities that lose money and make everyone but them rich.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
Debt should only be used to purchase something that will generate income for you, otherwise, it is not helping your financial future.
11:41 - 15:42 (04:00)
Summary
Debt should only be used to purchase something that will generate income for you, otherwise, it is not helping your financial future. Understanding the power of compounding and investing in the right assets is vital in growing wealth.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
Real estate investing can lead to a lot of problems if you solely focus on the hope of selling for a higher price in the future.
15:42 - 18:52 (03:10)
Summary
Real estate investing can lead to a lot of problems if you solely focus on the hope of selling for a higher price in the future. Instead, transitioning into building a business can provide bigger opportunities.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
The speaker talks about the importance of property inspections and how a manager's issues with working on other properties can cause financial loss for property owners.
18:52 - 21:18 (02:25)
Summary
The speaker talks about the importance of property inspections and how a manager's issues with working on other properties can cause financial loss for property owners.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
In order to get a rental license, property owners have to deal with property inspectors who sometimes do not agree with one another.
21:18 - 24:29 (03:11)
Summary
In order to get a rental license, property owners have to deal with property inspectors who sometimes do not agree with one another. Even after obtaining a license, inspectors may still inspect the property and create more hurdles for owners.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
Having a net positive income, meeting the basic needs of having a bed and food, is crucial in order to weather unexpected financial changes.
24:29 - 31:51 (07:21)
Summary
Having a net positive income, meeting the basic needs of having a bed and food, is crucial in order to weather unexpected financial changes. Maintaining this level of income can also bring benefits such as mortgage tax deductions.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
People often hesitate to talk about money because they fear it will affect their ability to belong.
31:51 - 38:48 (06:57)
Summary
People often hesitate to talk about money because they fear it will affect their ability to belong. However, opening up about money earning strategies with peers can provide valuable insights and allow individuals to learn from one another.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
The importance of building relationships with competitors in order to share knowledge and grow together, despite selling similar products or services.
38:48 - 41:15 (02:26)
Summary
The importance of building relationships with competitors in order to share knowledge and grow together, despite selling similar products or services.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
The speaker discusses their financial journey, including their starting salary before becoming an entrepreneur.
41:15 - 43:19 (02:04)
Summary
The speaker discusses their financial journey, including their starting salary before becoming an entrepreneur.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
The speaker talks about the importance of valuing your services and charging what you are worth, as opposed to undervaluing yourself in order to please others.
43:19 - 47:16 (03:57)
Summary
The speaker talks about the importance of valuing your services and charging what you are worth, as opposed to undervaluing yourself in order to please others. They stress that serving the mission and benefitting the greatest number of people should be the priority.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
The speaker talks about the difficulties of making a living from freelancing and provides insight into how they grew their business by strengthening boundaries and charging for their services' worth.
47:16 - 50:01 (02:44)
Summary
The speaker talks about the difficulties of making a living from freelancing and provides insight into how they grew their business by strengthening boundaries and charging for their services' worth.
EpisodeA MASTERCLASS On How To Prepare & Thrive In Recession EP 1293
PodcastThe School of Greatness
The speaker struggles to establish boundaries between her work and personal life while working from home, as her husband constantly interrupted her work.
50:01 - 50:58 (00:56)
Summary
The speaker struggles to establish boundaries between her work and personal life while working from home, as her husband constantly interrupted her work. She emphasizes the importance of creating boundaries for a healthy work-life balance.