Jay Shetty & Lewis Howes ON How Scarcity Belief Blocks You From Becoming Rich

Have you ever felt completely overwhelmed at the thought of looking at your bank balance, wishing you could simply switch off all money-related concerns?

In this On Purpose episode, Jay Shetty and Lewis Howes dive into the root causes of our fears around finances. Howes discusses rebuilding your money mindset, learning to identify old stories that hold us back, and embracing an abundant approach to earning, spending, and giving.

From Scarcity to Abundance Mindset

Jay Shetty highlights how many people today are burdened by financial strain - gaps in education, limited access to opportunities, and how increasing living expenses have left a significant number of people working too hard for too few rewards. This financial stress resembles the experiences many make in other areas, such as dating, which can easily turn the hunger for money into feelings of desperation, fear, and panic.

Lewis Howes explains that you can only change your mindset when you become aware of your emotional state around money. He suggests cultivating a moment-to-moment awareness of how you feel whenever you receive, spend, or even think about money. According to him, it is crucial to identify the feeling (be it stress, scarcity, calm, abundance, etc.) before deciding to break old patterns. On the other hand, refusing to face your finances can worsen the relationship you have with money.

Money Attachment Styles

Lewis Howes explains to Jay Shetty that your attachment style with money resembles the one you exhibit in relationships:

• An anxious money attachment may manifest as constant worry over bills and incessant panic around unexpected expenses.
• An avoidant style may mean refusing to check your balance regularly or frequently disregarding your debt.

The podcaster suggests looking into your early money stories to understand when this attachment style was formed, usually during childhood. Did you witness your parents arguing over debt or expenses? Did they appear calm or panicked when it came to paying bills? Did they make you feel guilty when you asked for something extra? By analyzing these early memories, you can begin to uncover how they still influence your money beliefs today.

Identifying and Rewriting Hidden Beliefs

Lewis Howes told Jay Shetty that a powerful first step in breaking old patterns is identifying your underlying beliefs and how they shape your financial outcomes. If you see money as fundamentally bad or think that all wealthy people are corrupt, you will subconsciously sabotage any path to prosperity. Instead, you will behave according to your beliefs, keeping you trapped in a cycle of constant worry and dissatisfaction.

Jay Shetty admits that, for a long time, he assumed that good people have less money, while bad people had more. This mindset restricted his growth in the beginning - even after reaching a huge online following, he felt uneasy about being paid for his efforts. But, after recognizing the belief instilled in him from an early age, he decided to rewrite it intentionally.

Lewis Howes also warns the listeners about the dangers of seeking quick wins. This mindset reinforces the idea that the solution to your financial problems lies outside of you and that someone else is responsible for your win or loss. Instead, he suggests cultivating healthy, consistent financial habits because true wealth rarely comes from one single stroke of luck.

From Helplessness to Helpfulness

Howes shares with Jay Shetty that people stuck in poverty or massive debt often feel helpless. Their entire focus shifts to seeking help from outside, hoping that someone else will resolve their issues for them. However, the podcaster argues that you need to transition your mindset from feeling helpless to being helpful. Ask yourself how you can serve, even if you are the one struggling.

Jay Shetty and Lewis Howes give examples of how they started by offering their services for free initially, until they became noticed and eventually paid for their work. Rewards don't come right away, but investing effort in serving others has a good chance of changing your life for the better.

Generosity, other than money, is often a currency that opens doors. Jay Shetty and Howes emphasize that passion, curiosity, and a genuine willingness to uplift others create a gravitational pull - people who have the means are likely to respond to authentic warmth and skill. On the other hand, if you believe that nobody appreciates your offerings and feels unhelpful, your negative energy may drive away potential opportunities.

Simple Practices to Transform Your Money Mindset

It is important to become aware of how you treat money on a daily basis, whether you receive a paycheck or a bill. Lewis Howes suggests thanking the money that enters and leaves your life; although it may feel silly in the beginning, it trains a gratitude mindset, rather than living in fear.

Jay Shetty shares that, in his tradition, honoring money equals to honoring Lakshmi, the goddess of fortune. Whenever he finds a coin on the street, he picks it up as a sign of respect for her. To Jay, if he ignores even the smallest manifestation of money, it's like disregarding wealth as a whole. So, even the most modest ritual makes you respect money more and create a healthier, deeper relationship with it.

Moreover, Howes addresses the idea of manifesting money. In his opinion, you can cultivate an environment where money finds you, but it requires your active engagement. You need to be ready to develop your skills, extend help to others, and stay open to unexpected opportunities, such as meeting a potential mentor. Simply wishing for money without doing anything in this direction rarely results in true financial success.

Healthy Spending vs. Saving

The fear of missing out propagated by social media makes the average person want to buy more things, whether designer products, luxury trips or high-end dining. People fear missing out on once-in-a-lifetime events or travel experiences if they save too much. On the other hand, they worry about potential future emergencies if they spend too freely.

To achieve a balance between your spending and your savings, Howes suggests living below your means without embracing a scarcity mindset. He told Jay Shetty that your goal should be to feel abundant while at the same time being financially responsible. You need to assess your finances and believe there is enough for everyone. Changing your mindset and relationship with money is crucial, so you can calm the panic and act from a place of greater composure.

The Paradox of Seeking Easy Money

Lewis Howes warns against seeking quick money and trying to get rich fast. He told Jay Shetty that the temptation of quickly increasing your wealth is strong, but it often leads to disappointment or even financial ruin.

The podcaster explains the difference between quick money and money earned easily over time. By making money easy, Howes refers to cultivating the emotional capacity to handle unexpected financial gains and losses, and building a skill set that can generate consistent income. He gives examples of lottery winners who ironically sabotage themselves after sudden economic windfalls, often reverting to old financial troubles.

So, Jay Shetty suggests investing only in opportunities you know enough about, not jumping on the latest trend without having the necessary background information, because you may end up losing more than you win. He believes you need to cultivate respect for money and, in doing so, educate yourself before risking your existing assets.

Generosity for Sustainable Wealth

Lewis Howes shares with Jay Shetty insights from his discussions with many millionaires and billionaires - the only constant was that, each year, they strive to contribute more than in the previous year. They find new ways to add value, whether through mentorships, charitable activities, or investing in promising small businesses.

Jay Shetty agrees, sharing that his parents always found ways to help others, even when they didn't have too much for themselves. These acts of generosity enhanced their sense of happiness and created a type of wealth that went beyond traditional currency. You should view generosity as an investment in the greater good and in yourself rather than a loss.

Cultivating Courage, Confidence, and Clarity

Lewis Howes shares with Jay Shetty a framework for financial and personal development based on courage, confidence, and clarity.

• Courage

Decide to invest in yourself. When you don't have money, it’s tempting to think you have no capital to work with. Instead, funnel whatever you can—time, small amounts of money—into learning a marketable skill or honing a talent. This type of investment eventually repays you many times over.

• Confidence

Do something new, even if it means facing the possibility of failure. With each small victory, you cultivate confidence; a single public speaking workshop might grant you the courage to pitch your ideas publicly or lead a meeting with potential clients.

• Clarity

Map out how you wish to earn, spend, and give. Revising your personal money map ensures you’re not drifting aimlessly, repeating old patterns. It might mean systematically paying off debt, setting monthly saving goals, or deciding which charities or initiatives are meaningful to you so you can incorporate giving into your plan.

Jay Shetty shares his journey from unknown content creator to a sought-after speaker, author and podcast host, a transition that happened after he addressed his deep-rooted money beliefs, grew his skill set and strategically followed opportunities that aligned with his goals. He and Lewis Howes believe money is energy and that how you treat it shapes your financial reality.

More From Jay Shetty

Listen to the entire On Purpose with Jay Shetty podcast episode “Lewis Howes: The Scarcity Belief That’s Blocking You from Making Money & How to Feel Rich Even When You’re Broke” now in the iTunes store or on Spotify. For more inspirational stories and messages like this, check out Jay’s website at jayshetty.me.