Rich Habits Podcast - 103: The 5 Types of Wealth w/ Sahil Bloom

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Starting point is 00:00:26 Hey, everyone, and welcome back to the Rich Habits Podcast, brought to you. you by public.com, a top five business podcast on Spotify. My name is Austin Hankwitz, and I'm joined by my co-host Robert Croke. Robert is a seasoned entrepreneur in his 50s with lifetime revenues of over 300 million, and I'm an entrepreneur in my late 20s with a background in finance and economics. Since quitting my full-time job in corporate finance a few years ago, I've built a seven-figure media business and actively advise some of the most well-known fintech companies around the world. Now, as the show name might suggest, every episode, We talk about rich habits as they relate to business, finance, and mindset.

Starting point is 00:01:04 However, we try and bring you two unique perspectives. One from an industry veteran, which is Robert, and the other myself, someone who's still in the process of building wealth and figuring it all out. So, Robert, before we jump into this amazing episode with Sahil Bloom, let's take a moment to reflect upon the immense momentum our show has experienced just in the first few weeks of 2025. Yes, thank you to all of our incredible listeners, once again for your continued support. was a game-changing year for this podcast, and 2025 has been off to a really, really hot start. Our 100th episode climbed to number eight in the country on Spotify.

Starting point is 00:01:41 So let that sink in of millions and millions of podcasts, number eight for the 100th episode, which is just really, really incredible, especially if you consider that the top four were all Joe Rogan. So if you take those away, we were right there, right at the top. But hey, Joe does a good job. let that slide. And we've already added 9,500 new subscribers on Spotify this year and are now over 180,000 listeners that the Rich Havis podcast delivered straight to your inbox every Monday and Thursday morning. It is so humbling to be a part of so many of your daily and weekly routines.

Starting point is 00:02:18 We love you guys. We are so pumped to keep the great content rolling. Now, with that being said, Robert, what's on deck for today's episode? Yes, it is a very exciting episode, actually. Today, we're thrilled to sit down with Sahil Bloom, one of the most insightful voices in personal finance, business strategy, and my favorite mindset and self-development. So if you spend any time on X or LinkedIn, you've probably seen one of Seheel's famous threads, breaking down complex topics into practical, actionable advice. And beyond his online presence, Seel is an entrepreneur, an investor, and the founder of SRB Ventures. So his new book, The Five Types of Wealth, explores the pillars of a fulfilled life from financial freedom to time, health, and relationships. And today, we'll dig into his story, the frameworks he's developed and how anyone listening can take actionable steps towards creating wealth in their own life. So Sahil, a warm, warm welcome to the show.

Starting point is 00:03:17 Thank you so much for having me. It's a thrill to be here. I am really excited about this episode. Major shout out to John Who, as our listeners know, he joined us on this podcast as well. how to generate your first $1,000 on the internet. He actually connected us with Sahil and we're just pumped for this episode. So, Seahil, let's kick things off with the start of your journey. You're a former Stanford baseball player turned Goldman Sachs professional, turned creator

Starting point is 00:03:41 and entrepreneur and now published author. Can you walk us through your path in what led you to pivot into writing, investing, and building a personal brand at such a young age? I would say that I was very much on the track, if you will, for most of my life. You know, I went to Stanford on a baseball scholarship. I graduated and tried to get the most impressive sounding job that I could get, which was at an investment fund in the Bay Area where I was going to be getting paid the six-figure salary that everyone hipes up in their mind as being like the most important thing. And like most people who at the

Starting point is 00:04:18 time have no money because you haven't earned anything yet, you prop up these numbers in your mind as being like the point at which you will have arrived, if you will. You know, you're like, once I make a million dollars, then I'm just going to be great. Life is going to be easy. Everything's going to be good. I'm going to be happy, stress-free. And I very much marched down that path. And every single time I would get to one of those milestones that I had propped up as like

Starting point is 00:04:42 the summit of whatever mountain, I would get there. And that feeling of happiness and fulfillment and contentment would be absent. And I would just have this sort of feeling of dread of never doing a number. enough and that would reset to some point on the horizon. You kind of get the momentary blip of happiness and then it's just like, okay, what next? What's the next thing? And along that journey, what happened to me was I became more and more narrowly focused on the idea that money was going to be what led to my success and happiness.

Starting point is 00:05:14 And unfortunately, a whole lot of other things started to suffer along that way. My relationships really started to suffer, my relationship with my relationship with My parents was really challenged. I wasn't seeing them often enough. My sister and my relationship had ground to a halt. My wife and I were struggling to conceive at the time, which was creating real strain in our life. My health, I was drinking six, seven nights a week, mental and physical health. There were all of these things that I was hiding from the world.

Starting point is 00:05:41 While on the outside looking in, anyone who saw me would have said I was winning the game. And I started to have this sensation in 2020, 2021 that if that was what winning looked like, I had to be playing the wrong game. And so it all came to a head for me in 2021. And I made a decision to step off the path that I was on and create my own. And that's really been the journey that I've been on for the last several years to pursue these different things, to share content with the world, to create, to build these businesses. And really to do it with a frame in mind of building a life that is wealthy across all of these different areas rather than just one. I'm really excited to dig into these different areas. you're alluding to the different pillars of a fulfilling life.

Starting point is 00:06:23 But before we do that, I just wanted to reflect upon this quote that I'm sure we've all heard, which is money only solves money problems. And as someone now who is 28 years old with a net worth of well over a million dollars, and I have money, right, I've realized that. And to your point, I was in, you know, back in the day, I kind of reflect and think like, oh, if I only started making 100 a year, if I only had, you know, 200,000 in my brokerage account, or if I can only buy my first house or get this really cool car that I think is going to make me happy. We put these milestones and these sort of like checkpoints and these, you know,

Starting point is 00:06:57 check off the box type objectives in front of us. And we think if we accomplish them that our lives are going to change or will feel different about our day-to-day activities. But instead where I've realized where wealth really comes from is the Tuesday mornings, where I wake up and I have the autonomy to have a slow morning. And maybe I want to have some coffee and I make myself a brink. breakfast or maybe it's the Thursday evenings where I go to the gym and I'm able to spend time getting my heart rate up and, you know, hanging out with friends, right? But really, you know, living on that

Starting point is 00:07:29 day to day, what can I do every day that's going to help me feel better about my life? Not so much of, you know, what big milestone do I have to achieve that's going to make my whole life so happy in a windfall of a moment, right? I think it is very representative of a line that I share in the book, which is money isn't nothing. It simply can't be the only thing. And for many of us on our journey, money starts to become the only thing. And my reflection on that is because it is the one thing that is measurable. It is very hard to measure the slow Tuesday morning. You can't like put that on the scoreboard in front of you in a normal sense and compare that to other people and feel good about that and track against that in the way that you can, your net worth. And so what gets measured gets

Starting point is 00:08:16 managed is the famous phrase from Peter Drucker. So that's the thing that you end up focusing on narrowly. And unfortunately, what happens to a lot of people is they win that one battle of money throughout their whole life. And they wake up and they're 50 years old and they have three divorces and four kids who don't talk to them. And they feel like they won the game. But you have to ask yourself, is that a game that you actually want to win? Is that a game that you really cared to win on that journey? You know, you focused on the one thing at the expense of everything else. Yeah, one of my favorite stories that I kind of go back to all the time is my ex from a few years back. She was really giving me a hard time and saying, you know, you should have more money.

Starting point is 00:08:55 You should have a higher net worth. Why are you not a billionaire? All these weird things. So I pointed out to her one day. I said, I don't care to be a billionaire because I really want to preserve my quality of life. I said, let me explain something to you. What do we do every morning? and she goes, you make us an awesome breakfast.

Starting point is 00:09:13 I go, yep. I go, what do we do every afternoon? Well, we normally have a nice lunch and then we go for a walk or a bike ride. And I said, yep. And I go, what do we do every evening after we work a few hours? She goes, generally we'll go to the gym or we'll have a nice dinner or we'll go for an evening walk. I go, yep.

Starting point is 00:09:31 And if I were chasing money and trying to become a billionaire, none of that happens. And it took that conversation for me to get her to understand. I have plenty of money to lead a wonderful life, and I'm not trying to chase private jets and 300-foot yachts because all that goes away if you're trying to constantly chase money and chase this wealth number that is unattainable in most situations. So I love this conversation because it really alludes to a lot about this episode that I'm excited for about mindset and understanding that quality of life

Starting point is 00:10:07 is more than just how much money you have and what you do with it. So I'm really, really excited to move forward. So Sahil, you've built an incredible audience and brand at a relatively short time. So how did you go from zero to millions of followers? And what advice would you give someone looking to share their ideas and build influence in today's digital landscape? I very much believe that the same principles for making progress in any area of life, apply to the world of content and the world of creation. And the main one is consistency. Showing up every single day and creating things that are at a quality bar that you are

Starting point is 00:10:48 proud of is very difficult to do. And that allows you to stand out from 99% of people. I mean, if you can just show up and create things on a daily basis, after a month, you are already in rare air. After a year, there's almost no one that's willing to continue doing that. And what that requires under the surface is a really thoughtful set of processes and systems to actually be able to create high quality things on a daily basis. You need to have a really high quality idea engine, if you will, that allows you to come up with the ideas and the things that you are going to be creating. You need to have, you know, real systems around consumption of new ideas, around the ideation thinking about those.

Starting point is 00:11:27 And then on the creation, actually sitting down and creating around those concepts. And so I think that that is fundamentally what it came down to for me. I didn't have a single piece of content that, like, jumped me, you know, 500,000 people or, like, you know, like vaulted me into a totally different stratosphere. It was very much chipping away over and over and over again over a long period of time. And, you know, what I would say to someone that's starting out is focus on sharing the journey, not, you know, reading some book and regurgitating things that anyone else could do. Your journey is unique to you. the questions and the things that you are wrestling with and what you are experiencing is unique to you. You know, the book you read that you're going to summarize anyone could do, and frankly,

Starting point is 00:12:11 an AI will be able to do that within a year very, very well. But what they can't replicate is your journey. And if you are experiencing something, there are millions of other people out there that are experiencing that same thing. So you get the common pushback of like a student saying, well, I don't have an interesting journey. I haven't built huge businesses. I haven't done the things that Robert has done. That's fine because there are a whole lot of people. who are on the exact same spot on the journey as you

Starting point is 00:12:36 that will learn a lot from you sharing what you are experiencing, how you are trying to go build your first business, how you're trying to make your first million dollars. Share that journey and people will be attracted to it. And it's beyond just like starting a business or trying to make your first million dollars or things like this. Like for some people, it's baking their first loaf of sourdough bread

Starting point is 00:12:55 or making their first leather good and their garage or starting that Etsy shop and selling candles. or maybe it's perfecting their landscaping and getting the perfect front lawn because they're weirdly passionate about that. I think that's what people forget, especially when it comes to creating content, is like, at least what I've seen be successful in the past couple of years and I'd predict will continue to be successful in 25 and beyond is, to see Hill's point, everyone has a unique perspective and a unique experience and, you know, they have a very unique insight to share,

Starting point is 00:13:27 and that is not exactly replicable, therefore you are special. in that way, but it doesn't have to be something that's so overarchingly viral, right? It doesn't have to be about whatever Ryan Treyhand did, right, a penny to a house or, you know, all these cool things. Like, it can be about making your first set of candles or maybe it's about, again, perfecting your front lawn or working on your car or optimizing your working space and your desk at your job. Like, there's so many cool things that people are weirdly passionate about that a lot of people

Starting point is 00:13:59 turns out also care about. I mean, there's a guy that I followed for a while. I think his name is Hub's Life on TikTok. And he... Oh, I've seen that guy. Yeah, man. He just like documents his day to day of being a normal dude in his 30s or 20s or how old he is working an HR job and he's got a dog and a wife and, you know, just this normal house. Yeah, I think the idea there is like, it doesn't have to be performative. And that's a really important point. Like, I had a friend who built a following by just turning on a loom recording on his screen while. while he worked on trying to build a Shopify store. Like he was trying to build an e-commerce business, some like small little crafts thing.

Starting point is 00:14:36 And he literally would just post videos of himself whatever he was doing during that day. And they were like these long videos. Most of the time he's doing nothing. And it attracted people to it because there were people trying to do that thing. And so you don't have to feel like it's a performance. You can just document. I mean, this goes back to the Gary V, like, wisdom from when he was like one of the OGs building his following. It was just, it was document.

Starting point is 00:14:57 Document the things that you're doing. Totally agree. Now before we jump into our next question for Sahil, let's take a moment to hear from this episode, sponsor, public.com. If you're serious about investing, you need to know about public.com because that's where you can invest in everything. Stocks, options, bonds, and cryptocurrency. They even offer some of the highest yields in the industry like a bond account that pays 6% or higher, and that yield remains locked even if the Fed cuts rates. What sets public apart is how they give you the tools you need to make informed investment decisions.

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Starting point is 00:16:05 That's public.com front slash rich habits paid for by public investing, full disclosures in podcast description. All right. Let's now go ask our next question. So the new book, the five types of wealth, it's generating a ton of buzz. I'm reading it right now. Thank you for sending me a signed copy, Robert as well. I even heard Ivanka Trump put it on her Instagram story and Tim cook, the CEO of Apple, even wrote you a review on the back of the book. That's crazy. So can you give us a preview of what these five types of wealth are and why financial wealth is only one piece of the puzzle? Sure. Yeah, and it's been very fun to see the support from all these different people, different walks of life, very kind of all of them to do that. So the five types of wealth. The first is time wealth.

Starting point is 00:16:52 This is the idea of the freedom to choose, how you spend your time, who you spend it with, where you spend it when you trade it for other things. It is an understanding of time as your most precious asset, as the finite, impermanent thing that you can never get back. Time wealth is very much what Robert was talking about when he said that he had the freedom to do those things, to, you know, have a lazy lunch, to relax in the evenings, to do those and interesting things. That is very much time wealth. The second type is social wealth, all about your relationships, your connection to a few deep relationships, and then your extension to something bigger than yourself, the broader circles of acquaintances, of communities, of religious circles, etc. Mental wealth is all about purpose. It's

Starting point is 00:17:35 about growth. It's about creating the space necessary to wrestle with and engage in the bigger questions, unanswerable questions of life, whether through religious practice, spirituality, meditation, solitude, whatnot. Physical wealth is the fourth type. This is all about health and vitality. It's about taking the controllable actions on a daily basis to fight the natural decay that your body is going to go through as you get older. And then the fifth type is financial wealth, which we all know about it's net worth, it's the amount of money that you have, but with the important caveat of really thinking about your definition of enough, with the idea being that your expectations are your single greatest financial liability. Because if your

Starting point is 00:18:18 expectations rise faster than your assets, you will never feel wealthy. You will just be chasing whatever version of more the world tells you you should want. Man, how powerful is that, Robert? Your habits need to match your goals. And I love that quote because so many people get this overload of stimulation, you know, through their learning on TikTok or podcasts or Instagram or YouTube or wherever, but they don't do anything with it. Their habits don't change so that their goals can actually be met. And I always really like that kind of philosophy and that, you know, quote, just because so many people just don't do the work. They don't put in the time to improve themselves. So I think it's really important that we touch on that a little further because

Starting point is 00:19:05 so many people, I feel like they're overly saturated with information, but they lack execution. And they just don't understand the difference and why the execution part is where all the magic is. You can be the smartest guy in the room, but if you don't do anything with it, that's why you see so many professors and all the smartest people in the world, they suffer so badly from execution because they're more engaged with learning and less about the execution and putting it to action. So I think it's really important for people to understand that distinction. Yeah, that idea really resonates with me because one of the things that I have often thought about is dopamine from information gathering is a very dangerous drug.

Starting point is 00:19:49 Dopamine from information gathering is what you get when you read the self-help book and you feel like you've done something. You go and read atomic habits and you're like, oh, I'm good at habits now because I read atomic habits. But you haven't done anything. You haven't actually gone and taken an action against that information that you've gathered. And one thing that I've found spending time with some of the most impressive people in the world

Starting point is 00:20:10 over the last five, ten years is that the highest performance, in any field have a razor-thin gap between information and action. They gather information and then immediately act on that information. That is what allows them to be successful. Most people have this enormous gap where they're gathering all this information. They're feeling all good about themselves, but you're not doing anything with the information in front of you. You're not actually going and acting on it.

Starting point is 00:20:36 And so something you do is like you ask someone, what life do you want to build? What is the life that you actually want to lead in 10 years? They tell you all of the things that they want. They want this house. They want a wife that they love. They want healthy kids. They want a healthy body. They want to feel working on their purpose.

Starting point is 00:20:53 You ask them what they're doing on a daily basis. And none of the actions on a daily basis are conducive to creating that future that they just said that they want. So how can you expect to create the future that you're claiming is your key goal if you're not willing to take the actions in the present to go and create that? 100%. That gives me goosebumps because it is so, so true. And I see it every single day with people and I have for the last 35 years. And to that point to Sahil, right, we've all seen that clip of Chris Williamson saying, I forget who he was interviewing or talking with, but, you know,

Starting point is 00:21:24 learning about the thing is not doing the thing. Talking about the thing is not doing the thing. Doing the thing is actually doing the thing. So to your point about having that razor thin gap between the knowledge and the learning process and the execution about what you just learned, oh, man, I wish I had a razor thin gap. But something I want to get your perspective on, Sahil, is I think it was Jeff Bezos, who was talking with Lex Friedman several months ago. Maybe it was mid-24 about how, you know, they try and make these two-way door decisions at Amazon where they can make a decision. And if they realize it's the wrong decision, they can quickly turn around and walk back out the door, where they try to avoid one-way decisions, where if they make a decision, they have to keep continuing with that decision because they've, you know,

Starting point is 00:22:12 their bed now they have to sleep in it so I'm curious how do you use that framework with your own decision making with your businesses and and everything else that you're working on the most important part of that framework this idea that they're two-way doors these doors that you can walk through make a decision and then you can turn around and walk back is to recognize that the vast majority of decisions in your life in your business and professional life and personal life are two-way door they are totally reversible as much as you build them up in your mind as being irreversible, trust me, most of them are reversible. For example, people think that if you step off the path, if you leave your big four consulting firm or, you know, leave the finance job

Starting point is 00:22:53 to go try something new, that you'll never be able to go back. People build those things up in their mind, like this is the one time. I'm going to jump out the plane. And if I, if it fails, I'm never getting another good job. It is just total nonsense. The like, if you have the skills and now you've gone and done something interesting that built more skills on top of that, you can go back and get another job, I promise they will hire you back. And so this is really important because so many people, before making the decision, hype it up to no end in their mind as this irreversible thing that if they get it wrong, it's going to be life shattering. So they don't walk through the door at all. And so what you do is you don't even, you don't even try to get through the door.

Starting point is 00:23:31 You stand where you are and you get caught in this overthinking spiral of, okay, I'm just going to do nothing. I'm going to try to make the perfect decision. There's no such thing as the perfect decision. The highest performers in the world, the billionaires, the most successful entrepreneurs, all of these people that have built incredible things in their different fields, what they do consistently is they don't worry about making the perfect decision, they make a decision, and then they make it perfect through the actions that follow. And the reality is that with most decisions in life, that is how it is done. You make the decision, and then what actually counts is the things that you do after that decision that you made. Think about the decision for getting married.

Starting point is 00:24:07 people hype up in their mind like it has to be the perfect woman there's no such thing the perfect relationship is built through the daily actions that follow it's the daily actions of showing up and investing and voicing appreciation for that person every single day of having the hard conversations of doing those hard things it's not making the perfect decision at age 25 it's how you showed up every single day between 25 and age 80 that actually counts for making that a perfect marriage and so we need to start reframing all of these areas in our life that way. Make the decision, then make it perfect through the actions that follow. Yeah, I love it because I believe that we live too much in a comparison-based lifestyle because of social media. And everyone is

Starting point is 00:24:50 out there giving up on jobs, giving up on dreams, giving up on relationships, giving up on marriages because they see the highlights of other people that aren't real and they think that is how life is meant to be and that's how you build a meaningful life. And it's just all wrong. And I couldn't agree with you more and also like you said definitely goosebumps because i want people to fight harder don't give up so quickly on the dream or the relationship or the perfect body or whatever it is that you're striving for is so critical and i would shout it to the mountain tops every day if people wouldn't think i'm crazy because i'm all about all the good stuff is on the other side of comfort but you still have to put in the work and it's so incredibly important

Starting point is 00:25:36 Yeah, here is one thing I have to add to that because you're like, you're singing my love language here, Robert. What I would say is that we live in a culture that absolutely loves hitting the eject button. I see people hit the eject button way too early in life in all of these different areas. As soon as it gets difficult, as soon as it's not giving you that immediate dopamine, you hit the eject button. On the business that you're trying to build, on the content creation that you're trying to do, on the relationship that you're trying to build, on the body, you're trying to build. As soon as it gets hard, you hit the eject button because you are told that right in front of you on your phone, there's a million other options. A million much easier things that you can go and do. And the unfortunate thing is that when you hit the eject button, the

Starting point is 00:26:18 second it gets hard, you are stopping the compounding engine that builds all of the things that are meaningful in life. Every single thing you want in life is on the other side of something that you don't want to do. And if you hit the eject button, as soon as that thing comes into your life, you are never going to get those things that you want that exist on the other side. I'm 100 percent in agreeance with you, Sahil. Super excited about this episode, man. This has been so much fun already. Now, before we jump to our next question, though, I'm so curious.

Starting point is 00:26:43 I'm pretty sure I know the story, but I want to hear from you. Tim Cook wrote a review on the back of your book. It's the CEO of a $3 trillion company. Apple, Apple, right? So how did that happen, dude? How are you and Tim Cook buddies? Tim and I became friends before he was the CEO of a $3 trillion company. I think he was the CEO of maybe a $300 billion company at the time.

Starting point is 00:27:03 We met in 2014. He was the relatively new CEO at the time. And the two of us met as gym buddies because we were two of maybe five or six people that would show up at 4.30, 4.45 in the morning to this gym every single morning. And candidly, I didn't know who he was for the first six months. So I would talk to him every single morning with no idea that he was the CEO of one of the biggest companies in the world. I then found out and asked him if he'd be willing to provide some mentorship or advice as I was just starting my career. I'd just gotten my first job. And we shared a common passion and interest in policy and public policy and foreign affairs,

Starting point is 00:27:39 something that's a key part of his job, obviously, as kind of a head of state with a company of that size. And he's been an incredible mentor and friend. He was one of the people that encouraged me to take the leap to leave what I was doing and go down this different path. And he's been a great supporter of this book and of this journey that I'm on. Congratulations. It's so important to have.

Starting point is 00:28:00 Now, I'm not saying everyone has a Tim Cook in their circle or their network, because I certainly don't, but it is very important to have those mentors and the people that you can lean on and say, hey, listen, this is the situation I'm in. I need some perspective. I need a sounding board. I need to be able to hear someone else's opinion on this. How would you describe your mentorship circle? I'm sure you have a couple other mentors, right? How have you gone about finding them and sort of what decisions do you rely on them to help you make? This is a hot take, but I think the idea of mentorship is dead. The concept of a single mentor that can provide all of the guidance that you need in your life is a fundamentally dated and almost archaic concept. It also requires a certain level

Starting point is 00:28:42 of commitment and investment from the other person that is somewhat unreasonable to ask of someone who is in the level of standing in life that you would want in a mentor. And so that the reframe that I have gone through and that I think is much more powerful for most people is to think about building a personal board of advisors. A group of people across different fields, different areas of expertise that can provide you with guidance and advice on different parts of your journey along the way. And it doesn't need to be so formal. You don't need to go ask them, will you be my mentor, in the way that you used to have to do with a mentor? It is very much just people that you are building genuine relationships with, ideally mutually valuable relationships where you can

Starting point is 00:29:23 provide things in return, where you can create value in their life. And people that you turn to at different stages, different inflection points, where you need guidance from someone who has a fundamentally different lens than you do on the situation. I talk about it in the book as a brain trust for your life, if you will. Pixar is sort of the origin of that idea of a brain trust. They used to do that for every single movie. They would have like a group of people who weren't involved in the actual creation of the movie who would come in and provide different lenses and perspectives to sort of chisel away to make it better along the process. And that concept applied to your life is a very cool way of thinking about your progression and your professional career.

Starting point is 00:30:01 That's so cool. Yeah. And so many people we see it every single day in social media. They say that you are the five people you hang around with the most. And I think it's very important for people to let that sink in because I totally agree with it. Because you're going to reduce yourself to your audience and the people you're with all the time or you're going to rise up if in fact they're ahead of you or striving to be in the same world that you're in. And it's so important. to have those people around you, especially as you alluded to this personal board of advisors, because everyone can have a different expertise, which makes up the perfect pie for everyone to gain more knowledge and grow in their personal wealth. And so that leads me to my next

Starting point is 00:30:45 question, and that is your philosophy on wealth creation because you really emphasize action over analysis. And we talk about it so much in the Rich Habits podcast. And, in the Rich Habits Network. And why do you think so many people get stuck in analysis paralysis? And how do you think they can overcome it? Because I think it is one of the greatest mindset hurdles that most people need to figure out how to overcome. And I want to hear it from your perspective of how you help people overcome it. The brutally honest advice I would give to anyone who wants to make a lot of money, build financial wealth, is stop overcom. complicating how you make money. There is a bombardment of content telling you all of these

Starting point is 00:31:33 complicated, fancy ways to make money out there in the world right now. Fundamentally, making money is very, very simple. Create value and you will receive value in return. If you create value for your colleagues, for the customers of your company, for your bosses, for, you know, other employees, whatever it might be, you will receive value in return. That is all that making money is about. Money earned is a byproduct of value created. If you create an immense amount of value, you will make money along the way. The richest people in the world, billionaires, almost trillionaires, it is because they have created trillions of dollars of value and they have captured a small portion of that along the way. If Elon Musk becomes a trillionaire,

Starting point is 00:32:14 it's going to be because he has created trillions of dollars of value and captured a small portion. So fundamentally, all you need to think about, rather than overcomplicating it, if you're trying to make a lot of is identify problems, create solutions, and then scale those solutions. That's it. You just need to work on one of those three things at all times, identifying the problems that exist for people around you, bringing solutions, and then scaling those solutions. The more scalable the solutions, the more money you'll make. But that gets lost for a lot of people. If you just spend all of your time, if you're working in a nine to five and you're frustrated, you're not making progress, spend a week identifying a whole bunch of problems that the people around you have.

Starting point is 00:32:57 If you can identify 10 problems that your boss seems to be facing and come to them with solutions and actually go and implement those solutions, I guarantee you will start getting new opportunities, you'll start making more money in that job. Maybe not instantaneously, but over a period of time, I guarantee it because so few people are willing to actually take the initiative to do that. So you immediately stand out. You immediately become a top 10% performer in the thing. you're doing by just taking a basic initiative around creating value in order to receive value in

Starting point is 00:33:27 return. So that's really the fundamental advice that I would give to anyone that is trying to build a base of financial wealth. What's your perspective then, I guess to double click on that, let's say they are trying to, if it's building wealth or maybe starting a new habit or getting in shape or any large milestone goal that they actually think will make them happy. But again, they're coming back to this idea of analysis paralysis. Maybe they're still trying to perfectly find the right workout routine or the right time to work out or the right business model or like, you know, what advice do you have for those people? Because I think at the end of the day, that's where the most, you know, friction happens, right? We know the information, but back

Starting point is 00:34:07 to this idea of like taking information and acting upon it. It's so wide gap for a lot of us. Small things become big things. The big change that you're trying to make in your life in whatever area, your health, your business, your financial life, your relationships. It appears in front of you as this enormous wall. And you look at that wall and you're like, I have no idea how I'm going to get to the top of that wall. So I do nothing because it's too big. I can't possibly imagine getting to the top of that. But you don't really have to get to the top of that right now. All you have to do is solve the first little problem. Just the one little step. Maybe lay the one brick that you're going to step on top of. The next day, you can worry about laying the next brick. But the first brick,

Starting point is 00:34:45 you just, that's all you have to worry about today. My favorite example of this is from the movie The Martian. Matt Damon in the very last scene of that movie is giving this talk about how he returned and made it home safely from Mars. And he talks about the fact that when the world is collapsing in on you, it feels like there's this enormous daunting task in front of you and you have to solve all of these a million problems that exist before you to get to where you're trying to get to. But you don't have to do that.

Starting point is 00:35:10 You just have to solve the first problem. Just solve the one problem. Then you solve the next one, then you solve the next one. But right now, you just have to focus on the one. And that creates momentum. That creates this kind of winning sensation within you that starts to rewire your brain. You start to recognize that you are capable of taking an action and creating an outcome. And once you recognize that, once you look in the mirror and see in yourself that you are the type of person that is capable of creating this change, everything starts to feel easier.

Starting point is 00:35:38 You start feeling the progress. You start seeing the progress in yourself. And then all of the change that you thought was impossible becomes like a blip on the radar in your rear view mirror. I really, really like that perspective. And the advice I would share is back to this notion of like, do it tired. Right. I think a lot of people are like, oh, I have to, if I'm going to do this, I got to make sure I feel great about them, having a good day. I've got, you know, the sun's, you know, outside and the perfect weather.

Starting point is 00:36:05 Like, I got to have this perfect situation to go build that business or start working out or read that book or whatever you want to do that's going to be. make you, you know, happier in the long run here. And they're waiting for that perfect situation where I've started to work out this year. I'm not a big gym guy, but I'm doing it tired. I'm doing it after, you know, a long day. I know I still got to show up and go figure it out and just like, do it tired, do it hungry, do it bored, do it any way, just go do it. By doing the thing and giving yourself grace along the way. I think that's also an important factor too. And I know Gary V's talked about that in the past as well where it's like, don't beat yourself up for not having the perfect outcome. We don't all have perfect days, perfect moments, perfect outcomes, right? Give yourself

Starting point is 00:36:46 grace along the way because you're putting yourself out there. You're in the arena. You're doing it. Yeah, I don't think anyone has ever synopsized it better than Nike. Just do it. So many people want to wait for perfection to start the business, start the workout, start just do the damn thing. It's so, so important. You know, I always remember back 20 years ago, probably one of the smartest human on the planet that truly should be a multi-multy billionaire could never get out of his own way because every time he had any pushback in a business or an idea or anything that was troublesome, he would just give up and go back to his comfort zone. And that is a huge issue for most people that are out there. So anyone listening, anyone watching, do not give up because all the good

Starting point is 00:37:35 stuff is on the other side of the discomfort and getting out there and just doing it. It does not have to be perfect. Trust me on this. It is so important. So Hill, one of your most famous pieces of a device is about mastering the boring stuff, right? Automating your savings, consistent investing, focusing on long-term daily habits. Why do you think these foundational practices are so underrated for the everyday person? It is fundamentally about a simple equation, which is that compounding is just returns to the power of time. And time is the exponent. And people lose sight of that. Because what that means is that time, staying in it for a long time, showing up consistently for a long time, is fundamentally what matters in all of these areas of life. You need to make it so easy and boring that you can just do it over and over and over again for long periods of time.

Starting point is 00:38:25 That is all that matters. My grandfather gave me this amazing piece of advice when I was a kid, which was, you'll achieve much more by being consistently reliable than by being occasionally extraordinary. And I remember that hitting me so hard at the time when I first heard it. And it continues to be a mantra that I try to live by today in all of these areas of my life. How can I just be the type of person that shows up and gets the job done every single day? It doesn't need to be flashy. I just need to punch the clock. I just need to show up and know that anything above zero compounds.

Starting point is 00:38:58 Anything above zero compounds. I really like that. It's a wonderful quote by your grandfather. Robert, let's jump into our next question now about mindset. Yeah, we talk about mindset constantly. It's one of the hills that I stand on proudly with all of my might. And it's definitely one of my favorite topics to share with people and guiding them on their personal finance and business journeys. And you've said that mindset is the ultimate unlock for success. So what habits or thought patterns can we share with the audience today from your perspective to really help those listeners adopt these habits? So walk us through that because I think, mindset is one of the greatest equalizers if you can overcome these blocks and these hurdles. The stories you tell yourself create your reality. So pay very close attention to the stories that you tell yourself about who you are, about what you're capable of, and about your identity.

Starting point is 00:39:53 Because humans are storytelling creatures. We have what's called the narrative fallacy, which means that we seek and find evidence that confirms the narrative that we already have in our minds. So if you tell yourself a story that you are not capable of anything, that you are not the type of person that can do X, Y, or Z, that you are not the type of person who launches a business, that you are not capable of building this new thing. You will find evidence to confirm that belief. I guarantee it. You'll find loads of evidence out there. And you'll ignore every single thing that would refute it. So your job as a person is to break down those fundamental self-limiting stories that you have about yourself. A lot of them. them were built in childhood, built by things your teachers told you, built by things maybe your parents told you, or your siblings or friends along the way. Whatever it was, question those original stories that you tell yourself. Ask yourself, are they really true? Or am I just

Starting point is 00:40:51 finding things that are proving them out and ignoring the things that would dispute them? Rewrite those stories. Find ways to rewrite them. And once you change that narrative you have about who you are. Once you actually start rewriting the story you tell yourself, your entire life will start to change on the back end. I couldn't agree more. I think a lot of people listening to this podcast unfortunately have money trauma, right? They have a relationship with money that is not a positive one. If it was, to your point, growing up, maybe their parents struggled with money or maybe they themselves struggled when they were younger. Whatever you tell yourself is going to become your reality, I think that's a very, very powerful mindset shift that a lot of people need to make, especially with their money.

Starting point is 00:41:36 Do you have any advice for someone who's trying to build that long-term vision for themselves from scratch? Maybe they don't exactly have an example to look toward in their daily life. Try to create micro evidence of the new story that you are rewriting for yourself. You are not going to go build this in a day. You are not going to fundamentally dramatically change who you think you are as a person in a day. But what you can do is create a tiny bit of evidence that you can kind of put up on the board, that you can put up in your win column for the type of person that you're trying to become. It's the reason why when someone's trying to change their life,

Starting point is 00:42:09 the first thing I tell them is to wake up at 5 a.m. and go work out. It has nothing to do with really changing your life. It has everything to do with rewriting the story about who you tell yourself you are. Because if you can do that, wake up early and go work out, you're the type of person that can do hard things. That has ripple effects into every other area of your life. You have put a tiny piece of evidence into the wind column on the board for yourself. And so I would just say if you are trying to create that change, you don't have examples,

Starting point is 00:42:36 you can't grab on to anything. Do one tiny thing. You know, if you're trying to go build a new business, go try to like create a little landing page. Go, you know, see if you can get one customer for the product. Make a mock up of the one thing. Do the one tiny thing that starts to create evidence in your mind that maybe I can do this. You start to stack those tiny wins in the wind column. and that builds into a much more powerful piece of evidence in the future.

Starting point is 00:43:00 That's wonderful advice. Now before we ask to heal our final question, let's take a moment to hear from this episode sponsor, Blossom. Investing is more fun when you're doing it alongside like-minded people. From dividends to growth stocks, there's a community for everyone on Blossom. And remember, Blossom is not an online broker, but instead a social investing app built around transparency, a social media platform built specifically for investors. And transparency is key when it comes to investing.

Starting point is 00:43:26 You all know just how important this is because you listen to our podcast. I've already connected my personal accounts to Blossom, and I enjoy seeing how everything is divided up and performing on a daily basis. Additionally, they offer a duolingo-style educational video content for those of you still learning. They were recognized as a top 25 app for 2025 by the Apple App Store for good reason. So if you've not yet joined Blossom, we really encourage you to do so. Now over 200,000 users strong, it's an easy way to find both your own community of like-minded investors and also manage and analyze your portfolio in a really clean way.

Starting point is 00:44:03 Click the link in the show notes below to sign up for Blossom or simply type Blossom in the app store. And then, once you're on there, follow Robert and myself. You can see our portfolios and our investments and all that fun stuff. All right, let's now ask to heal our final question. Now, as someone who's invested in numerous startups and companies, what qualities do you look for in founders or different teams? What industries are you excited about? And then maybe even before answering that, kind of break down maybe what your own portfolio of boring businesses and companies looks like right now in 2025. So I sort of have a bit of a barbell approach in terms of how I think about investing. I have very risky stuff on one end, which is primarily my venture investment fund. This is all early stage technology companies that I've invested in inherently extremely. extremely risky. 90% of them will never make it anywhere. They'll all die. The other end of the spectrum, I try to do very boring stuff, which is, you know, S&P 500 index funds type boring, not touching it, just dollar cost averaging into things. I would say on the boring end of the spectrum, I also have a range of businesses that I am involved in. The reason I call those boring is because I actually have control over them. And so they are not inherently nearly as risky as the things that are on the venture side of the spectrum. You know, these are like my media businesses. the things that I actually control the direction of. I think by traditional definition, those are probably

Starting point is 00:45:23 further out on the risk spectrum, according to most people. But when I'm in control of something on the risk spectrum, I place it in the safer bucket because I can actually steer the direction of that ship. So that's kind of what my ecosystem looks like. In terms of what I look for, the single greatest predictor of success in businesses is adaptability. It's probably the single greatest predictor of success in life because at the end of the day, preparation beats planning. Planning is based on the expectation of order. It is, I'm going to stand here and plan the perfect path to get to the other side. The seas are going to remain calm and I'm going to get from here to there. Preparation is based on the expectation of chaos. It is the understanding that I am standing here. The seas are going to be

Starting point is 00:46:05 stormy and chaotic, but I am preparing to navigate through that chaos to get to the other side. When you find founders, when you find businesses that can remain adaptable through those storms, those tend to be the businesses and the founders that find success in whatever it is that they're doing. So I am on the hunt constantly for adaptable people, for people that are going to be the explorer that can navigate those stormy waters because there is no such thing as a clean business journey. I love that. And one of the things that's kind of ironic on this part of the show tonight is an LLC that I had for many, many years for a lot of my venture investing was called tenacity brands because I really want to look

Starting point is 00:46:46 for tenacious people that aren't going to quit every time there's a roadblock because those are the winners, the people that can adapt and figure it out and pivot if necessary to become a winner and be a winner with that particular project. So I love, love, love that. So Sahil, thanks for joining us today. Your insights into building wealth, both financial and otherwise, are incredibly powerful and really, really aligned with Austin and I's message so, so well. So it has been an absolute pleasure. So for anyone looking to learn more, follow Sahil on social media and sign up for his newsletter, The Curiosity Chronicle. We'll be sure to link it in the show notes below. And Seheel, thank you so much for joining. It has been amazing. And do not forget to order his book,

Starting point is 00:47:33 the five types of wealth. Trust us. It is going to to change how you think about success. Again, that is the five types of wealth. I think you have it there in your hand. Hold it up for everyone to see that front page. There we go. Beauty, beauty. All right. Sahil, thanks so much, my friend. Thanks again for having me. I can't wait to see what people take and run with from this book. I really hope that it encourages you to identify what truly matters in your life. And go take actions to build your life around those things. Robert, I don't think we've yet had a guest on the show that is going to be so impactful from a mindset, wealth-building, entrepreneurial, whatever, perspective for so many of our listeners.

Starting point is 00:48:11 That episode was just knowledge bomb, gem, and mic drop after mic drop. What a wonderful job by Sahil. Again, major shout out to John Who for connecting us. Yeah, that was incredible. Many, many moments of goosebumps. And just I love having a guest like Sahil that shares our affinity. for mindset and really helping people understand how to feed their brain properly, overcome these mindset hurdles, and really find and build the life that they desire.

Starting point is 00:48:42 And he really resonates so, so well with every part of my being and really wanting to help people with their mindset. So that was ultimately enjoyable for me as well. And just another reminder, go order his book, The Five Types of Wealth on Amazon. You can get it hardcover Amazon Prime. It's $21, super affordable. It's going to be the best $21 you'll spend in the month of February. It is a wonderful, wonderful read. I'm halfway through it right now myself.

Starting point is 00:49:10 It's awesome. So there's going to be some links in the show notes below for that as well. As always, everyone, thank you so much for joining us on this week's episode of the Rich Habits podcast. We hope you'll learn something. And if this episode was eye-opening or if it gave you goosebumps, maybe it'll give your friends, your family, your coworkers, some goosebumps as well. so please share the episode with as many people that you think are going to benefit from what we've talked about on the show.

Starting point is 00:49:35 Yeah, and we definitely love the feedback on what we're doing with the episodes because we're trying to cover all the bases to help people build these magical lives. So we just want to make sure you guys are DMing us on Instagram, hitting us up on YouTube. It can be email. We don't care because we want to hear your thoughts on these episodes. And always make sure if you find the value and you really enjoy it, share it with a friend. share with a family member, share with your barber. I don't care who it is because everyone needs help along the way on their journey, and we're here to provide it.

Starting point is 00:50:07 With that being said, everyone, thank you so much for listening to this episode. Spotify, it's Jay Shetty. Are you one of those media strategy people? scrolling through spreadsheets, searching for an audience that pays twice as much attention to your ads than they do on social? Let me introduce you to fans, and they're here with me on Spotify. Trust me, I know fans. They don't skip, they stay for hours.

Starting point is 00:50:32 They don't move on, they manifest. They're not a demographic group, they're fans. Spotify advertising. You're among fans. Great start to your week.

Rich Habits Podcast - 103: The 5 Types of Wealth w/ Sahil Bloom

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