RECESSION: A Once In A Lifetime Opportunity To Build Wealth IS COMING! | Jaspreet Singh

The majority of people are very scared of slowdowns in the economy, slowdowns in the markets. However, for the minority of people, recessions, crashes are opportunity to.

I think you gotta have a dream.

The school of greatness, really. Yeah. Please welcome Lewis Howes.

How can people overcome the fear and anxiety of everything crashing right now and start to set themselves up for peace and protection moving forward?

So there's the R word, recession, which when people hear that, it gives them anxiety, fear, panic, makes people scared because you think of layoffs, companies going down. A couple things that I want to mention regarding that is, you know, the majority of people are very scared of slowdowns in the economy, slowdowns in the markets. However, for the minority of people, recessions, crashes, our opportunity to build wealth. You think of almost like Black Friday for investors. So the first point that I want to make regarding that is some people will use slowdowns as an opportunity to build immense amounts of wealth, immense amounts of wealth. More millionaires are made during recessions than any other time.

How do they do it?

So that's the thing. You want to find the opportunity. And the way that you find the opportunity is first to understand how you get there. Because history doesn't repeat itself, but it does rhyme. And so what happens is people say, oh, this happened in 2020, so it must happen again. Or this happened in 2008, so this is probably going to happen. Or this happened in 2001. That's not how it works. You have to understand what happened and how you're getting to where you are right now. That way you can look for the new opportunity because the opportunity is going to be similar but different. And you want to be ready when times are okay and good and prepared. That way, when things go bad, you can come in and pounce on the opportunity and take advantage of it.

So you got the stock market, which is, you know, have it looks like record lows. It seems like every week it just keeps going down. You've got the crypto market, which in the NFT space, which it seems like it's going down and down deeper into a hole. You've got the housing market, which seems like it's starting to take a turn and might pop in this bubble. Where is the biggest opportunity right now?

So let's talk about how we got here so you can see where the opportunity will be. So in the past, for the last number of decades, anytime you saw an economic slowdown, the response was to create inflation, the response was to stimulate. So go back to 2001. When the DOT com bubble burst, we saw interest rates get cut. There was stimulus by the Federal Reserve Bank. So anytime you inject more money into the economy, it creates inflation. Same thing happened 2008. The 2008 bubble, real estate bubble burst. And then we saw a new quantitative easing. We saw cutting of interest rates. More money was injected into the economy. Same thing in 2020 on a extremely bigger, much bigger level. 2008 was the largest quantitative easing in the history of time. And 2020 blew past that.

It was like five, ten times more.

Right? It was significantly more. And so what happens is when you create more money, it reduces the value of your dollars. This is what inflation is. Inflation comes from the word inflate.

So when you print a lot of money to put it into the economy.

Right.

New money, which creates inflation, Correct?

Right. And the value of a dollar goes down, causing the price of things to go up. So when 2020 happened, we started printing more money and injecting this into the stock market, into corporations and into people in the form of stimulus checks and unemployment. So what did that do? Well, in 2020, we saw the fastest and most severe stock market crash in history. It exceeded the rate of the Great Depression. Wow. And then what happened? The Fed opened up the money printer and boom, shot right back up. It was the fastest stock market growth in the history of time. Which if you think about that, we had the fastest stock market crash in the history of time, and then we had the fastest stock market recovery in the history of time. How is that possible? Well, we printed and insane amount of new money. And when that happened, we created something called unlimited quantitative easing, where they essentially just said that they would print and do whatever it takes to help recover markets. Well, when you start printing all of this money without producing more products, because now, remember, the world is shut down, what happens? We have people who have money and nothing is being produced. So now if you have money and you can buy stuff but nothing's being produced, what's going to happen? You start shopping and things get bought and all of a sudden companies can't keep producing the products that they had before now. You start to create supply chain issues. So now this started creating supply chain issues and then this caused the price of things to go up even more because now companies say, well, I don't have more mugs to sell you, I only have a few, so I'm gonna have to raise the price of these mugs. And now you start to go down this inflationary spiral because now that people need more money to buy Things, they go to their boss and they say, hey, look, I need more money. Right? It's more expensive to survive. Then your boss pays you more money, hopefully. And then your company says, our costs have just gone up. People need more money. So what do we need to do? We need to charge more for our products. Now you charge more for your products. People need more money. It starts to create the spiral. So that was the issue that kind of led us to where we are now. And up until just a few months ago, inflation was supposedly transitory. It was supposedly this temporary thing that would just magically go away. But the interesting thing, though, if we go into a little bit of data, I don't want to get too confusing, but the interesting thing, though is there's really no clear answer as to how much money was created. We have ideas, but if you look at this thing called M1, which is the amount of money out there, you can go to Google, search Fed M1, they have a chart of it, and what you'll see is that in the beginning part of 2020, there was just under $4 trillion of money out there, M1. And then now, today, there's over $20 trillion out there in M1 of money, actual dollars. Now, let me see. The reason why I'm saying it this way is because when the pandemic hit, the Fed started creating more money, but they also changed the definition of money, M1, which is the definition of money out there, as soon as it started opening up, quantitative easing, they changed the definition of it. Why? Now, there's no real answer for this, but my guess would be that if people knew exactly how much money was printed by the Fed, then people would be more of an uproar of what's going on. Because then they would see, holy cow, you're printing all this money making businesses rich, making investors rich, making regular people poorer. Because inflation disproportionately hurts the financially uneducated and the financially poor. Because guess what? Now your gas is more expensive, your groceries are more expensive, you're expensive, your rent is more expensive, but your wages aren't keeping up with it. Unless you had a 20% wage increase, your cost of living is probably outperforming your wages. So that's what's happening in terms of money. We had an insane amount of money printing being done. And in addition to that, we also saw interest rates get cut. What are interest rates and how does that have anything to do with inflation? Well, the Federal Reserve bank is the Federal Reserve Bank. However, they're not Federal it says so on their website. They're not a reserve because they don't keep any cash reserves. And they're not a bank. You and I can't go there to deposit money or do any banking. So the Federal Reserve bank. Well, it's not Federal or reserve or a bank. They control our monetary supply. They control our money. There's two ways that they can do that. One is through interest rates, and the other is through printing money. So through interest rates, they have the ability to raise and cut interest rates when we are in a slowing economy, a recession. They cut interest rates to stimulate spending because our economy runs on spending. If I have $1,000 in my pocket and I go to Amazon and I spend this thousand dollars, well, Amazon has more money to hire more employees, invest in more infrastructure, do more things in the business. But if I keep that money in my pocket, they're not making as much money and they can't keep growing. So our economy runs on spending. And when you cut interest rates, spending goes up. When mortgage rates drop to 2.5%, people want to go and buy a home. People want to go out and buy more cars. People want to go out and spend money because it's not as expensive. And businesses do the same thing. Institutions are going to go out and borrow an insane amount of money because it's cheap. If I can borrow money, $100 million at 3% a year, and I can grow my company at 5% a year, I'm going to do that all day long. Right? And that's what institutions did. So more money gets injected into the economy when interest rates are down. So that's what happens. Typically when you're in a recession, it creates more inflation. Right, because you're adding more money into the economy. However, it helps to stimulate the economy. Now, when you're in a growing economy and you want to cool down the economy and cool down inflation, do the opposite. You start raising interest rates, making it more expensive to buy a home, making it more expensive to live. And then you also can, in this case, remove cash out of the economy. This is what the Fed is trying to do now.

How do you remove it out of the economy?

So the Fed is. Well, interest rates and then their balance sheet. And I'll talk about interest rates first, and I'll go into the balance sheet. So the Fed right now is raising interest rates because they want to slow down inflation. So when you raise interest rates, what happens? It's more expensive to buy a home now.

So less people buy.

Less people buy less cash Enters our economy. Less institutions borrow money, less corporations borrow money, so borrowing goes down, less dollars enter our economy. The second side is the balance sheet. So this one's kind of interesting because you have to understand a little bit of how money works on the government side without going into politics. So the government is not a for profit entity. They don't sell products for money. Right. What they do is they get their money from tax dollars. People like you and me, right, we pay taxes and then the government spends money. So when the government spends less than what they bring in, no problem, their tax dollars cover it and then they have a surplus in case one year they overspend. But that's not what happens here. We spend more money than what we bring in. So that's why we have this national debt of $30 trillion is national deficit. And so how do you cover that? Well, if you spend more money than what you bring in, you can do a few things. You can raise taxes, which is going to make people angry if your taxes go up. And so you can't always do that. Second is you can go out and you can borrow money, you can go and raise debt. So that's what the government does. They go borrow money from countries like China and Japan. But there's going to be a limit to how much money you can borrow. So if you can't borrow enough money from different countries, then what's left? Well, then you can issue something called a Treasury bond, which is where now anybody, people like you and me, anybody listening to this can go and lend money to the United States government. But if the government is running a big deficit, meaning, let's just say they need to raise $4 trillion, where are they going to get this money? Well, if they can't get that money from regular people, then they're going to call up the Fed and they're going to say, hey Fed, we want to issue $3 trillion of treasury bonds. No one's going to buy it. Can you help us out? Now remember, the Fed doesn't have cash piles sitting there. So what do they do? They print $3 trillion, give it to the government. This money is created out of thin air. Now the government has this $3 trillion. Inflation just happened and the government is able to now spend this money without any sort of taxation. However, you still pay the price. The most expensive kind of money that there is is free money. Because now when the government gets this money for free out of thin air, everybody pays the price. And the person who pays the price disproportionately Are the poor and the financially uneducated? Because now you have to pay for inflation. Your wages don't stretch as far, your savings don't go as far. And now your cost of living is significantly higher, so you're becoming poorer each and every day. Inflation hurts the poor. And the reason I'm not even talking about the middle class is because inflation is the reason why the middle class is getting wiped out.

It's turning into more poor, turning more.

Either poor or the wealthy. Because if you understand what's going on here, you're going to change the way that you use your money. And it creates this divide. So more and more inflation creates a bigger wealth gap. And that's what we're seeing happen now. Some people during the pandemic became insanely wealthy. You know, they talk about how the richest Americans had gained billions and billions of dollars worth of wealth. Well, the poorest Americans saw no change. And so when the cost of living has gone up so significantly, and you don't understand this, you are being screwed over by this system and you don't even see it happen. So that's the issue with inflation. And if it becomes a real big problem, well, then you can run into some sort of currency crisis or you can run into an issue where the government can default on their debt. And this is an issue that's actually happening right now, not in the United States, but Sri Lanka. They just defaulted on their debt.

The country really, what does that mean?

We have so much debt, we have spent so much money, we have no way to make the payments. We're going to default. And now the currency goes into collapse. Inflation goes through the roof. The, the economy goes to down. It's a big problem and it creates a lot of civil unrest. So that is the worst case scenario because now it's. You're worried not only about the economy, but you're worried about the currency and you're worried about being able to find food. You're being able to like, food becomes a scarcity. And right now, because of the inflation issue, not just in the United States, but around the world, the World bank said that about a dozen countries are on the verge of a potential debt default.

Wow.

Because of all of the inflation that's going on. So it's a real issue and most of us have no idea it's happening. That's why it's known as the hidden tax, a silent tax. It, everybody pays the price. And if you don't know you're paying the price, you're the one that's probably paying the biggest price. So this is where it's so important to get educated on that.

So what would be the thing if there was the biggest opportunity to create wealth right now?

Yeah.

What industry or sector would that be? Is that in this, you know, stocks? I feel like, I feel like nothing is stable. Like, if you're going to put money in something, you could make a lot or you could lose it all within a month. Is it the stocks? Is it the crypto NFT space? Is it the housing? Is it, you know, investing in yourself in another way? What would you say we should be investing in?

Absolutely. So the first. So the, the answer is going to be looking for where the opportunity happens. Okay, so 2008 was real estate. That was the biggest real estate opportunity in our lifetimes. In 2020, it was stocks and crypto. In 2020, the stock market from its bottom to the end of 2020 grew by 60%. The crypto market grew by almost 600%. And so if you didn't get out, you'd probably go back to. Of course. But this is where, you know, again, the psychology of investing is so important. But the thing that you want to pay attention to now is it's, you want to see where things are going. That way you can make the right moves. Remember, history doesn't repeat itself, but it rhymes. Right. So you want to look at the same data points and same factors and see what's happening.

So if you can make a prediction of what do you think is going to happen over the next few years based on history.

Yeah. So let me.

What do you. What's rhyming right now? What's rhyming for you?

So it's going to depend on one thing. Okay. It's going to depend on what the Fed does next. Because right now. And I'll explain and I'll give you a defined answer in just a minute, but I like to give you my reasoning first.

Yeah, give me the context.

So right now the Fed is working to fight inflation, but how?

It's like 8, 9%.

Yeah. They're raising interest rates and they're going to start selling off their balance sheet. So the Fed balance sheet is around $9 trillion.

Crazy.

And so starting in June, they're going to start selling off these assets while raising interest rates. And the Fed says that they're willing to fight inflation because. Because the economy is so strong and robust and because the economy is so strong and it can withstand any sort of interest rate hikes. So what is the Fed doing? In essence, they're pulling money out of the economy, and now they're hoping that the economy will continue to stay strong. So by raising interest rates, what's happening? Housing is becoming significantly more expensive.

And housing or rent, like buying a home or renting, Both of them.

Rent costs have gone up by 20%. Buying a home has gone up by even more. And I'll tell you why. Because when people talk about home prices, what do they talk about? They say, oh, well, home prices are up 20% from a year ago, but your housing cost is significantly more than 20%. Because if one year ago you wanted to buy a home for half a million dollars, you could get a mortgage for two and a half percent. 30 year fixed now, percent mortgage.

Wow.

Yeah.

Interest rate.

Interest rate, yeah.

30 years, 20% down. Right.

So $100,000 down.

Yeah.

You could borrow $400,000 at two and a half percent. It would cost you something between 1600 and $1700 a month.

It's not bad.

Today that home is not 500,000, it's 600,000, 20% more. And your mortgage rate is not two and a half percent, maybe five and a half percent. So what does that mean? If you put 20% down, you're not putting down 100 grand, you're putting down 120 grand. And you're not financing 400,000, you're financing $480,000. So you have to borrow more dollars and then you're borrowing the dollars at a higher interest rate. So you're not borrowing a 2.5%, you're borrowing at five and a half percent. So now your mortgage on that same house, the exact same house, assuming no upgrades, has gone from 16, 17 hundred dollars a month to 24, 25, 2,600 dollars a month. So, yeah, housing cost is significantly higher. So now with interest rates going up, what's happening? People are saying, oh my God. Homes are significantly more expensive. Mortgage applications are starting to go down in the stock market. What's happening? Well, businesses are having higher cost to operate, because now if you were one of the companies that were relying on debt and your stock price in order to operate. Because when you're in a low interest rate environment, you don't really need to make money because investors will keep throwing money at you because they can just keep borrowing money super cheap. And so if you were one of those companies that were not profitable, you might have just said, well, I'm worth $40 billion. I don't need to make a profit because I could just borrow money. I can just get an investor to invest money into me. But now people are looking at you and saying, I can't borrow that same money at the same rates as I could before, so I need a better return. And you're not making a profit. So I'd rather invest my money somewhere safer. So a lot of companies are seeing their valuations drop, meaning stock prices are dropping as interest rates go up. Same in the cryptocurrency market. There's a saying that when the tide goes out, you see you swimming naked. What happens? Well, there's a lot of free money out there. There was. And so people could just keep swimming in the free money, throw it into anything, and just hope that they'll make money on it, because there's a lot of dumb money out there. But when that money starts to go away, that's when you see who was swimming naked. That's when you see the scams, you start to see the bad investments and you start to get exposed. Because now people want to put their money somewhere saf and some are smarter. So people are leaving the risky investments and moving to the smarter places. So now back to your question. Where do you go? Where do you put your money? And the reason why it depends on the Fed is because it depends on what the Fed does next. If they continue fighting inflation and they say, we're going to do whatever it takes to bring inflation down, that means we're going to pull money out of the economy, we're going to jack up interest rates, even if that means that we're going to go into a recession, even if that means we cause a housing market crash, even if that means we cause a stock market crash, we're going to keep doing it. If they do that well, then you're going to have a big buying opportunity in pretty much any asset class, assuming you find a good investment there, a strong fundamental investment. But there's also the chance that the Fed doesn't do that. There's a chance that the Fed says, we're starting to raise interest rates now, and this is what they're doing right now. And then six months go by and they say, these higher interest rates are really hurting the economy. Now, the economy isn't as strong as we thought they. And then they start cutting interest rates. Now what are you doing? You're in a high inflationary environment, and now you're creating more inflation in order to fight the economy. Because the Fed can either fight inflation or they can fight the economy. They can only do one or the other. And in all the previous crashes That I talked about. We were never worried about inflation. We were worried about an economic slowdown. In 2008, we were worried about an economic slowdown. 2001 economic slowdown. Even in 2020, the worry was not inflation. The worry was deflation. The Fed says we can't have deflation. We don't want people to have their savings worth more. We need to create more inflation. And now it's, we have an inflation problem. And so if the economy goes down, what do you do? You create more inflation to save the economy. However that creates more inflation. Our economic slowdown today is being caused by inflation. You cannot fix inflationary recession through more inflation. What's that going to do? It's going to make the inflation problem worse. Yeah, it'll probably boost the economy in the short term, but it will crash the stock market and the real estate market, not downwards, but upwards.

Interesting.

And that's a very interesting concept to think about. Because when you think about a market crash, what are you thinking? Stock prices go down, real estate prices go down. But if you're worried about high inflation and then you start creating more inflation, what's going to happen? People are going to take the dollars and they're going to want to get out of cash because they're going to say if our inflation rate goes even higher, our cash is going to lose value even quicker. We want to own any asset stocks. Want to own real estate, maybe cryptocurrency, some smart ones. You're going to see more cryptocurrencies potentially go under. We've already seen some go under. So you're going to want to make fundamental investments, but you could see just a lot of money flow into these assets. Kind of like what we saw happen in 2020. We were in a recession, but the stock market was going upwards. Why the money printer let it all in. So that's where you want to pay attention to what's happening there.

How high do you think the interest rates could get to? What's the potential range? You think?

So let's talk about history. In 1970 was the last time we saw inflation this high. In the late 1970s, closer to 1980. And in that time we were facing double digit inflation. And in order to fight that inflation, the Federal Reserve then said either we can fight the slowing economy or we can fight the inflation. Similar issue. It was called stagflation. Stagflation is a very weird economic concept where you have a slowing economy and you also have rising costs. So it's like the worst case scenario. And so during that time, they said, okay, we have a slowing economy and we have high inflation. We're going to say, ignore the economy, we're going to bring down inflation, because that will save our dollar, it will save the currency. And so what did they do? They jacked up interest rates and mortgage rates were almost 20%. What?

When was the last time it was over 10?

Remember, in the 90s to early 2000. Around that time. 90s, probably. Yeah, it was the last time it was over 10.

So if it went over 10 now, what do you think would happen?

If the Fed continues to jack up interest rates to bring it over 10%, home prices will have to go down. I mean, people won't be buying, you can't afford the home at the same interest rate today. And that would also significantly hurt businesses, because the businesses that are relying on debt, they're going to see a big pain, a big crunch. And so that's where the Fed is facing a big dilemma. They're hoping that inflation will go down, but the question is how? They're hoping that it's still just supply chain, they're hoping that it's still just Russia, they're hoping that it's still just other issues. But the one issue they never talk about is the money printing and the stimulus. And that's the concern. If we really want to get serious about fighting inflation, we might have to get more aggressive. And if we get more aggressive on inflation, it's going to hurt the economy. Even the previous Federal Reserve chairman said that we need to crash the markets because we need to get serious on inflation, because we don't want to deal. A currency crisis would be even worse than just dealing with a recession. And so that's where it's what is going to happen. And are we really that bad? And the last thing I want to mention on that is the money printing that we saw happen in 2020, it has just come out that it also led to the biggest financial fraud of America ever.

Really? Why?

Because people abused the system.

Oh, yeah, they lied about things. They got free money they shouldn't have got.

It was the biggest financial fraud in our history. And the reason why it was from all angles. But if you look at the ppp, which was the loan to businesses that if you have employees, you have rent, if you have business costs and you're shut down, you can get essentially a free loan from the government and you don't even got to worry about paying it back.

It's crazy, right?

And if you are taking out, I think it was less than $2 million. You don't even have to explain what you use the money for. You have no justific. You can just borrow the money. So what happened? Well, some businesses use that money for good. And some people said, well, I don't have a business, but I wonder if I can look up a registry of businesses and say, oh, these are some businesses, and just start applying under these business names and say that I need the money. Billions and billions and billions of dollars were stolen. Where did the money go? Lambos? It went into nice cars, it went into nice homes. And it's just coming out now. And so we saw tens of billions of dollars go to just complete waste, even in the unemployment program. Now they're starting to realize that some people who were getting unemployment didn't justifiably get the money or shouldn't have gotten the money. And so they were sitting at home playing video games when they should have been working or could have been working. And maybe they were doing something that they shouldn't have.

There was no incentive for them to work because they were making just as.

Much almost or more or even they were working and still getting the unemployment because they were doing something illegal. And so it created all this fraud. And so it's like we had all the stimulus without really any regulation. Regulation without looking into what we're doing with it. And it created the biggest financial fraud. And now who's paying the price? The average person? Regular people are paying the price to inflation. And if you're just now letting what inflation is, you're really probably getting pinched by it. And it sucks because we're never taught about this. When are we ever taught about inflation? When are we taught how to fight inflation? It's so unfortunate.

Unless you're in like an economics class in college or something. Maybe.

Well, look, I tried to get into. I tried to get into business school when I was in college. I needed to take econ one and econ two. I almost failed econ one, so I couldn't get into business school. So I don't even know if the economics classes teach this.

I know. So I'm curious. Okay, let's say it goes above 10% infl interest rates at some point this year. What would be your next three moves? Like, if you see it creeping closer there, what would you be investing in or taking your money out of? Or what would be your next three moves?

Sure. So I think the more liquid and more active investments would be your liquid investments, things like stocks, things like cryptocurrency. So Again, if you look at 2008, when the stock market crashed, started going down, it bottomed out in 2009, and then it started going up. So the 2008 crash happened, started in 2007, and it bottomed in 2009. And then it goes up. And by 2012, the stock market had fully recovered. But in 2012, that was when the housing market bottomed. So the housing market bottomed three years after the stock market crashed.

Wow.

And why? Well, the stock market has a lot of panic. It has a lot of emotions, and you can oversell very quickly because it's all emotions. Right. When you see the headlines on the news talking about what's happening in the markets, people get scared.

And this is today, right now.

And then you see assets go down, then you go, oh, my God, my assets down 30%, I want to sell my stocks. And then keeps going down. And so it's a very emotional driven. And it can happen essentially in the blink of an eye because you can buy and sell stocks in a second. The housing market doesn't work like that. The housing market has a much longer lag time because it can take easily 30 to 90 days to buy and sell a home. And so just understand that the housing market moves significantly slower. And so if interest rates, say, went up to 10%, I have a strong hunch that the stock market will get hurt. And I think there would be a lot of opportunity there in the stock market. In the stock market.

To invest then in the stock market.

Yeah. And that's if you believe in the American economy. I do. If you think the American economy is going to be strong in 10 years, 20 years, then there's opportunity there for you. And so what that would mean for me is looking for strong companies that are not going into bankruptcy that I can find opportunity to purchase. And if you're not interested in investing in individual companies, if you're not willing to spend the time doing that, because I think the majority of people should not be investing individual companies because they're not willing to put in the time, effort, research, and have the psychology to do that, then you can just look into an ETF that gives you exposure to the general stock market, the s and P500, which is the biggest 500 companies on the stock market. And now you're just investing in a piece of America and you're able to buy at a discounted price. So that's what I would say there. And then if you're talking about cryptocurrency, you have to first, I'm not here to tell you believe in crypto or don't believe in crypto. That's not what I'm here to do. If you believe in crypto. I do. I invest in crypto. If you believe in the technology, you have to be willing to weather the storm and you have to be willing to understand that, you know, price makes a big changes the sentiment of crypto. Because when prices of crypto go down, people think crypto is fake. It doesn't matter. When prices of crypto go up, people think, oh, it's the future. If you really want to be an investor, you have to be able to cut through that emotion and cut through the noise and understand, okay, I like the blockchain. I like the technology. I'm not investing in the meme stuff. I'm investing in something that has actual value, that can actually create change, and then that can be an investment for you. But now, in terms of timing, I want to make sure I mention this because a big mistake that happens, and this happened in big part in 2020, is you can't time the market. Nobody knows when the bottom is. And it doesn't make sense trying to time the bottom. When the 2020 crash happened, I was making videos on YouTube and one of the things that I was saying when the market was just collapsing, I said, look, here's what I'm doing. I'm buying on the way down. I buy in phases. I don't know when the bottom is. So I'm just gonna keep buying when I do my research now to find the good companies and the investments that I want to own. So I spend my time when times are good to find the good investments. I already know what I want. Now all I'm looking for is a good price. I'm looking for a good entry point. When the price goes down, hey, it's on sale, I'm going to buy. If it goes down further, I'm going to buy even more. So every time it goes down 10 to 15%, I buy and I buy more aggressively as it goes lower. And when I was making those videos, I got a lot. I got flooded with comments of people saying, why would you buy now? The market is collapsing, it's going to go way further. Wait for it to drop. And I kept saying, look, I can't predict the future. I don't know when the bottom is. I'm not trying to time the bottom. I don't know how long we're going to be at the bottom. What happened? The Fed opened up the money printer The X factor, I like to call it, and it shot back up. So if you were trying to time the bottom, what happened? You missed the opportunity to buy because then it starts going up and you say, no, it's too high, I don't want to buy. And then it keeps going higher and higher and higher and you just missed it. Yeah. So instead of trying to perfectly time the market, either do a dollar cost average system where every week you just buy a little bit of your investments that you like. Whether the market's up or down doesn't matter. Passive, consistent, automatic. You let it do its thing. Or if you want to be more active and you want to look and research the companies and the investments that you want, make your list and just look for a good buying opportunity and buy on the way down.

Is it, in your opinion, would you buy a home when interest rates is over or, I mean, yeah, when interest rates is over 10% or you feel like even though you're getting at a massive discount, you're paying more every month, would you consider that? Or you just wait until interest rates go down?

So I look at home buying very differently than the majority of people. I look at buying a home the way I buy a shirt. For me, a home is not an asset, it's a liability. So what does that mean? I want to buy a home because I want to create memories. I want to buy an investment property or an investment because I want to make money. So if you're buying a home because you think, oh, I want to get rich because of my home, I think you're looking at it the wrong way because you should be looking at your home as I want to make memories here. I want to live here and I want to grow my family here and I want to spend time here. If that's the reason why you want to buy a home, what you should be paying attention to is not what's going on in the markets, not what's going on with interest rates, but instead what you should do is say, can I afford it? Right. And what does that mean? Can I afford the down payment? Can I afford the monthly payment?

Property tax.

Can afford the property tax, the fix ups, the fix ups, the moving costs. And then, you know, you move in like, like I did the furniture. So if you can afford it, then you buy. If you can't afford it, if you're stretching yourself too thin, you don't buy. Because what happens to so many people is you get sucked into trying to time the market. But again, if interest rates drop and you Own a home, you can refinance. Right. And so remember understanding it's almost good.

To buy it when interest rates are high. If you can get the house on discount, and then if in a year or two that the interest rates drop in half, you can refinance.

Just make sure you can afford it. That's the biggest thing. You have to be able to afford it. Because if you are stretching yourself too thin, going paycheck to paycheck to live in a home, you're hurting yourself. Because now what you're doing, you don't have the ability to invest in other places. You cannot invest your money.

Do you think people will be able to actually buy a home in five to seven years?

It depends on what the Fed does. If the Fed cuts interest rates and we go into a recession, if so our economy slows down, the Fed starts cutting interest rates, mortgage rates go back down, you're going to see a bigger flood of cash into the housing market, and that will create a bigger wealth gap, and it will make it significantly more difficult for the regular person to buy a home. Homeownership will become a real American nightmare because you will not. It will be so difficult for the regular person. We will turn into essentially a renter nation. Wow. Where homeowners, homes are owned not even by regular investors.

Corporations.

Corporations. They've been buying up. I was reading Blackstone's been buying up.

A ton of homes.

Yeah. BlackRock's buying like BlackRock or Blackstone. They're buying one out of four homes in certain neighborhoods.

That's crazy, man.

Yeah. And.

And so which means they believe people aren't going to be able to afford them and they're going to have to rent from them.

Yes. And so it's, it's a, it's a crazy times to understand that, which is why, again, I look at the home like a liability. Can you afford it? Yes. Then buy. If not, then don't stretch yourself too thin. I used to be a real estate salesperson. And the reason why this is so important is because when I was a salesperson, you know, what they say is, you know, you want to tell people this is their biggest investment of their life, so buy a home that you love. Now, again, real estate agents are not bad people. Banks are not. Bankers are not necessarily bad people. However, you have to understand the messaging. If I tell you this is the biggest investment of your life, what are you going to say? I want something bigger. I'm willing to stretch a little bit thinner. I'm willing to go a little Bit further because I want that home. And so what does that do? Well, it makes the banker richer, it makes the real estate agent a bigger commission check and they walk away. Now you have to deal with it. If you can afford it, great. But if you start to struggle with it, you're the one that has to deal with the problem by yourself. And so what happens for so many people is your home is a money pit until you sell it. And then you have to hope that you sell it for a profit because there's no guarantee, right? We don't know where home prices are going to be in five years or 10 years. I can't predict that. I don't know what the Fed is going to do. And so the main thing that you have to understand if you're thinking about buying a home is ignore the markets, ignore what's going on in the world. Can you afford it today? And please do me a favor, okay? I very rarely try to tell people what to do because I feel like, you know, I try to, I want you to be educated so you can make smart decisions for yourself. But the one time that I really try to give people, like I say, don't do this, is when it comes to adjustable rate mortgages, because they've been making a huge comeback now because now the interest rates are 5.5%. People say, I missed out on the opportunity to get a low mortgage and now I have been seeing a huge growth of adjustable rate mortgages because now banks will say, don't pay 5.5% on a home, pay 3.7% today, and it's a 5.1percent arm, meaning after five years it's going to readjust and then your mortgage payments will readjust. And if it goes higher, don't worry, you can just refinance out. And it is so risky because we don't know where interest rates are going to be if they go up and they go up significantly. And now you're like, oh my God, let's just say mortgage rates are 10%. I don't want to pay three times more for my mortgage from $800 a month to $2,400 a month. I can't afford that, so let me refinance. Well, if you do that and home prices have dropped and you can't refinance because the bank says, well, you don't have enough equity in the home, I'm not going to refinance you, and then you can't sell because you're underwater. Well, now you're in a tough situation. So pay a little bit more, get that fixed rate mortgage. Because if mortgage rates do drop, refinance, right. And lock it in. Because, you know, other countries in the world don't always even have the option to do a 30 year fixed.

Right?

We do, but an arm, an adjustable rate mortgage, is significantly more risky. The only time that I would say an arm is okay is if you are like 100% confident that you're going to be able to pay off the home during that initial teaser rate. Because if you cannot, then you are taking on a huge gamble with the home that you live in, with your family's livelihood. You know, it's one thing if you do it with an investment, but with your. The home that you live in, avoid that extra risk and just lock in the rate, please. Right.

I'm curious. Here's a question we got from people on YouTube. If someone has between $1,000 and $10,000 today to invest, they can spend on whatever they want, and they had to turn it into 100,000 within three years.

Oh, okay.

What steps would they. Should they take? And obviously this is a, you know, not a guarantee, but if you're like, you have to turn this 1,000 into 100,000 or 10,000 to 100,000, what would you invest in right now and how would you manage it over the next couple of years?

So I'm gonna give you kind of a longer answer than maybe you were hoping for on this one.

Give it to me.

I'm gonna start by telling you what you should not do. Because the first time I remember I had a thousand dollars extra on my bank account. I was in high school. And what I did with that is I took the thousand dollars and I went out and I bought a watch.

Don't do that.

Yeah, and this watch was very studded up. It was all crystals. And I was like, ooh, it's a nice watch.

Clean.

So what happened with. Yeah, what happened with that watch? Well, I made that watch company richer. I made the jewelry store owner richer. And now the $1,000 watch today is worth maybe 50 bucks. It was just a show, so my value of my investment dropped like a rock. But now these companies made money, which now they could take that and invest in more products, more inventory, more marketing, more whatever. So the first thing is you got to understand that you want to put it in something that's going to help make you more money. So I'll give you my personal experience because I saw the biggest returns by investing in me, but that will be more of an active Investment, and then you have the opportunity for a passive investment, which is why it's a longer answer than what you were probably hoping for. But I'll try to get to all the answers there. So I feel like everybody who, especially if you have the entrepreneurial mindset, you go through these phases where you first go through this like, I'm a hustler, side hustler phase. And then maybe you become like a solopreneur, and then you become an entrepreneur, and then you become a small business owner, and then you kind of go to that business owner route. So you kind of go through these phases because initially when I first started as a side hustler, I don't know what entrepreneurship was. I was just trying to make.

Trying to make some cash on the side.

Exactly. You just started off for me. I started off in the event planning space. So I was in college. I started hosting teen parties for other kids in college and I didn't really have any money to spend. I was 17 year olds, 17 years old when I started. So I was like making very not attractive deals to me, but it was the only way I could get started because what I did was I would go to venues to host a party and I wanted a venue that wouldn't charge me any money up front. And in exchange they would say, just give us 50% of every dollar that you earn. So If I made $1,000 in revenue from COVID charge, right, $10 to come in, I give the venue, the club, whatever, 10 or $500. And then I didn't have money for a DJ, right? So I said, look, DJ, I need someone to play music. Let's work out a deal. They took 50% of what I was left with.

Oh, man.

So I would give them, you know, left for 500, they would take 250. Now luckily, the business was able to grow where, you know, we were making on the low end a couple grand a night. And then what was I able to. I was able to negotiate better deals and then I was able to start investing my money into marketing. So I started taking some money. And I remember the first thing that we did was I started investing money into flyers. It was $100 at the time to print 5,000 small flyers. And so I got creative and I was like, look, before the event, we need to distribute all 5,000 flyers. We cannot have them in our possession anymore. And I can't do this myself. So I need salespeople essentially. But I don't want to pay for salespeople.

Street team interns, college Students.

So what do you do? I'll give you VIP entry into the party, which doesn't cost me a penny. And I will give you a shout out at the party. Doesn't cost me anything. Makes you feel cool, makes you feel exclusive. You get to walk past the line, you have this lanyard that says you're this, you know, vip, whatever. And so now I have people at some of the biggest colleges in my area passing out flyers, trying to get everybody to come, because now you want to be one of those people. So, you know, I got these free salespeople that are trying to promote it smart. You have to be creative. And that now starts to multiply the money. And. And that's when I realized that I'm just a side hustler. I will never be able to build a business on this. I don't want to build a business like this because it was a very dirty industry, which is why I got out of it. I did not like the scene, so I left that and started kind of going down more the entrepreneurship route, not going more into innovation. So I started a sock company. So now I'm starting to invest money, my own dollars into the sock company. That way now I can build a product, build inventory, build a website, build advertising, build marketing. And now I'm able to grow this much faster because now I have some skills that I learned from my mistakes because I screwed up a lot. My first event was a complete flop. I had some very bad failures. I had lost money on some occasions. It was, you know, when you deal with club owners, you're dealing with very interesting people and you learn very quickly, right? I'm a 17 year old, going up to some of these club owners, trying to figure out the game and taking advantage of you. They're taking advantage of you. And it's also dangerous. I remember one time I went to a club to talk to the manager because we had a party the next week and I said, where's the manager? He said, oh, he got stabbed last night.

Oh, man.

And so, you know, you learn very quickly to protect yourself, to protect your own interests. I mean, it's, you're literally. I mean, there was a lot of physical stuff that happened. I mean, I got always the bouncer, a lot of it. So I, you know, you learn to protect yourself physically, learn to protect yourself mentally. You learn to protect yourself financially. So I had to learn very quickly. And so now I take things, I learned I'm in a much safer, much smoother, much cleaner industry, the sock industry. But I start to learn. And I start to apply some of the same marketing. How can I be creative in the marketing? How can I get people to learn? And, you know, you can't learn this in a textbook. You just have to try, be willing to fail. And so same thing there. Now I kind of go into the entrepreneurship route, and now I'm starting to learn and I start to sell. And then I realize my passion isn't in sock. I like the stocks, I like the business idea, but my passion isn't there. My passion is more on the financial side. So now I was also doing minority mindset as a hobby. Minority mindset starts to grow, and then I start to build things like market Briefs, which is our financial newsletter. So now I'm building Market Briefs and now turning more into, like, from the entrepreneur to the small business side. Because in market Briefs, I am not the only worker. Right. On the minority Mindset channel. It's my face, it's me talking about. And it's, you know, we have video editors and all that, but it's mainly me. If I'm not working in minority mindset, we're not making any more content. And it's not growing, which is okay. Right? It's not for me, like, as my business. For me, it's my way of helping to pursue my passion and my mission to help spread this sort of financial education. The things that I was never taught. Yeah. But my business now, Market Briefs, we have a whole team, right? We have people that read the. That lead the creative side, that write the newsletter every day. We have the business development team. We have the operations people. So, you know, we have a full team that are doing it. And if I were to not go into work tomorrow or if I, you know, something were to happen to me, the business will continue without me. Right, right. And so, you know, it's a matter of flipping that money into the next thing to the next and being willing to invest the time, the education. So for me, it took me a solid decade, so I don't have a better three years. I couldn't figure out how to do it. You know, it took me a long time to figure it out.

Maybe you could do it now. Now it's a thousand into 100,000.

I could do it significantly faster than a year.

I think one of that I'm hearing you say is invest that thousand into a skill. Invest it into a skill. You will get the best return and put it into. That could be okay. I'm going to buy a camera and for the next two years, master Becoming great at using the camera, whether it be video or photography, and then start working with clients and making some side income. And then using that money to reinvest in more equipment.

Exactly.

Using that money to maybe have someone else help me to scale my. My side business.

Yeah.

And then have that cash to invest in other things as well.

It's like.

And then develop new skills, new skill and new skill.

And it takes that mindset, though, and the willingness to take risk. Because, you know, I would also caution that, because you have to be willing to just try. When I started Minority Mindset, I didn't have a camera. I didn't have any fancy equipment. I started recording videos off my phone.

Yeah.

And I was like, you know, I'm not going to invest so much money into this when I'm trying to, you know, it's a hobby for me.

Yeah. See where it goes.

See where it goes. But I did take an acting class. I was in law school, so I was in law school part time. I was working on my business full time. And then I took an acting class in the evenings, night school, because I was like, I've never. I've never talked in front of a camera before. I'm not even a good public speaker. I don't know how to present myself. I don't even know how to hit the on button on a camera. How am I supposed to do this? So I took an acting class because I was like, well, I'm willing to learn. I'm willing to try. So you have to be willing to get uncomfortable, and you have to be willing to take that risk. And this is gonna. I don't know if this is gonna offend people or I'm gonna say a bad word, but the reason why I think I've been able to become successful is because I'm stupid. My whole life, I've been told, me and you both, man, I've been told, jaspreet, you're stupid. Jaspreet, you're stupid. Why would you want to do that? And you know what? That's the reason why I am where I am today is because I'm stupid. Because I'm willing to. I never looked at the risk, and you call it stupidity, but for me is I just saw the opportunity as I know I want to achieve something bigger because I saw how hard my parents had. I saw how hard my grandparents had. My grandparents were refugees. They lost their homes. They lost everything. They had to fight for their lives. And so I saw the things that my family had to go through. My grandparents raised me. They lived with me. So I lived with my grandparents and my parents. So I heard their stories, talked about the struggles, and that was where I started to get my basis of financial education. Because my grandfather would tell me. And he actually repeated this to me a couple weeks ago, and I was on the phone with him, and he was like, you know, the. The biggest and worst disease is poorness. Because he said, I grew up and I saw extreme poverty. So my family's from a state in India called Punjab. And in 1947, our home, the state of Punjab, was severed by the government. And if you were Sikh, a member of the religion that I am, and you're on the west side of Punjab, you had to migrate east, otherwise you were going to be killed. So my grandparents were on the west side, and you literally had to, like, run. Like my grandfather, all he had was a clothes on his back and a sword in his hand. And as they were coming across, they got attacked by a mob. And he saw his uncle get his head chopped open right in front of him.

No way.

They had a fight. And so he put his uncle on a horse, and that was the end.

Holy cow.

He got to the new side of India now, and he's there. He lost his shoes on the way. He has no home, no money, no anything. And so he says, I saw extreme poorness. And when you're in that level of poorness, forget helping other people. You can't even feed yourself. How can you feed your family? If you can't feed your family, you can't feed another hungry person. And so that's what he talks about, and that's my initial, like, the importance of. Because again, they didn't know investing. They didn't know financial education. What he knew was survival. Survival. And what he would tell me is work hard, follow the system, and become successful. And that's why I wanted to become successful, because I saw that now, I didn't know the right way to do it at the time. But that's what we're all taught, right? We're all taught, go to school, get good grades, get a good job. But there's so much more to it that we're never taught. But that's where my initial, like, I need to become successful, I need to work hard, was from that learning that basic.

I'm curious. This is something I don't think many people talk about or I don't hear people talk about the emotional side around money and the fear and emotions that are tied to money. When you say, okay, Here's a couple thousand dollars that I have in my bank account. I'm going to invest some of this. And then you see it in the stock market crash or go down or you lose half of it in a week. How does someone manage the emotions, the visceral response to when their money goes up and also goes down in an investment?

So you have to know your strategy and you have to be willing to stick to the strategy and trust your strategy. So that means when times are good, you need to spend your time learning, get educated and believe your strategy. Because if you just start switching your strategy in the middle of times, you are going to be the one paying the price. The stock market is a place that transfers money from the patient to the impatient. And so if you are impatient because you're like, oh, things are going wrong temporarily and you sell, what happens? Someone else can pick up your investment at a discounted price. So that's the first thing that you have to understand. You have to understand the strategy and be willing to stick with it and make sure that it's been time tested. And again, history doesn't repeat itself, but it rhymes. And you can see the success of certain strategies through previous downward cycles. Downward cycles happen. It's a fact. I mean, every eight to 12 years we see some sort of economic slowdown, we see some sort of market crash. This is nothing new. This is why for successful investors, they love recessions, they love market crashes because it gives them an opportunity to come and buy. It's like Black Friday, right, for investors. So the first thing you have to understand is that. And then that will help you kind of just close your eyes. Remember, these are just day to day swings. You only lose money if you sell or if your investment goes bankrupt. So you want to make sure it's not going bankrupt and then understand that. But then on the flip side, you know, you talk about the actual emotions. I'll tell you, it was difficult, you know, because I had very high expectations on me to go out and become a professional. I became an attorney because essentially the conversation was if you do not become a doctor, then you're going to lose all pride in the family, so at least become an attorney. And it was difficult.

Second best.

Yeah, exactly.

And if you're not that, you're a failure.

Yeah, exactly. So, you know, it was tough. And you know, for me, I was like, okay, well I can go to law school part time, which means I can work on my business full time. However, I wasn't the best student in law school and the Reason was because I was devoting a lot of my time and energy into the business. Now, I did good in law school. I'm not good. Like, I actually did really well in the bar exam. I enjoyed learning. I love learning. But I knew that in the back of my mind, oh, my God, if I graduate law school and things don't work, I don't know how I'm going to work as an attorney. Like, I'm going to be like, the bottom of the barrel. Like, I don't know what I'm going to do because I don't, like, know the traditional how to work as an attorney. I'm sure I could figure it out, but I don't know what I would do. And so I remember I was sitting there and I was like, oh, my God, like, when I'm done with law school, like, it's over. Like, I was already making decent money. So I was fortunate there. But I was like, what if this is just, like, just temporary? What if things go down and I don't have any security and that's it? And I would have so much anxiety, I couldn't sleep at night. I would wake up in the middle of the night multiple times and I would be shaking and I was like, what if. Not only am I going to, like, financially not be able to take care of myself, how am I going to take care of my parents, how am I going to take care of my family, how am I going to. What am I going to tell people and what am I going to do? And just the amount of questions, it is hard. And, you know, the faith in you being willing to take that risk tolerance is hard. And I, I was fortunate that I, I have tough skin. And I think the reason why is because, you know, my whole life I was bullied. I look different. I. I wear a turban. I have a beard. When I was in elementary school, I was picked on because of it. Then we went through 9, 11 when I was, you know, young man, just a bunch of.

How old are you?

At 9, 11, I was maybe 10 years old. So right around 10.

And is the tradition, you know, is. Did the youth dress in this way as well or is it more once you're a certain age?

So I wore a smaller turban.

Okay.

And, you know, it's still very identifiable.

Right.

I was picked on before that.

How old were you then?

When?

9, 11.

Around 10.

So what was that like for you?

So I went to a school with all white people, and so people just, they were not accustomed to other Religions.

And cultures, races and everything.

Yeah. And so when 9, 11 happened, everything just went. I mean, it was really bad where I was, like, picked on, bullied. I was punched. I was. Had my stuff thrown around. I was spit on.

Wow.

There was times I had my turban ripped off. I mean, it was. It was pretty bad.

Really?

Yeah. I mean, it was pretty.

At 10.

At 10. I mean, it was. It was 10, 11, 12. I went on for years because.

Yeah, 911 was 5, 10 years of.

Yeah, it was a lot energy. Yeah. And, you know, it's just one of those things where I would come home and again, it was my grandparents and my grandfather. He was. He was a very tough person. Right. He went through a lot and he ended up joining the Army. He was a very, like. He was like, you gotta stand up for yourself. Yeah. Yeah. And I was like, oh, I was a really timid young kid. I was like, I don't know. And then my grandma was this loving person who said, no, it's okay. Give me a kiss and hug, Say no. You never want to fight. Just, you know, just teach them about them. So I had, like, these two kind of polar opposites. And I think that was great because that helped me see both sides and become more of, like, understanding different opinions. But, you know, when you go through that and you realize that, you know, I'm not accepted or you feel that way, when you want to become an entrepreneur, you don't get accepted.

Right.

And it translates differently where now it's like, oh, I don't like your business idea. You're dumb for doing that. You must be stupid for doing that. Who's going to start a sock business? You were supposed to become a doctor. That was the saying that I heard so many times. But, you know, people will call my parents and say, say, oh, so your son is supposed to be a doctor. Now he's selling socks. And it was like, you got to have some tough skin, man, to be able to hear that and keep going. And so I was fortunate to be able to go through that and let that make me stronger. But now it's like, it is what it is. You know, I'm going to keep doing me. And it's like, you know, goes back to the, hey, I'm stupid. I'm going to keep doing because I believe in it. People don't see what I see, but.

I'm going to go for it, going along with that. What would you say if you saw someone now say they're 20 or maybe they're 30 or whatever, age doesn't matter. But they don't have a lot of money right now. Let's say they're just making a normal amount of money, right? But they have certain habits and behaviors and beliefs and thought processes that you witness. And you could say, wow, if you follow these things, you have the ability to make a lot of money one day. What would be those behaviors or habits that would determine if someone has the ability to be rich?

The first thing is mindset. That's what I call, you know, my channel me, the minority mindset. You have to believe it's possible for you, because if you don't believe it's possible for you, you can have all the resources, you can have all the drive, but you'll never be able to because your mind is going to stop you. Your mind dictates your actions. And so you first have to believe that somebody like you can do it from your position and know that, hey, I will do whatever it takes. Now, if you have the mindset, then you have that I will do whatever it takes. That discipline and then the willing to learn, nothing can stop you. So the discipline means that you're willing to put in work. A lot of people say, don't work hard, work smart. And I think this is a whole bunch of crap. You can work as smart as you want, but if you're not willing to work hard, you're going to very much limit your success and limit everything in your life. You have to be willing to work hard.

I don't know anyone that didn't put in a lot of hard work for a period of time until they learned how to manage and delegate and optimize with resources and skill and time to work smarter 100%. But they had to work hard at.

In order to get there. Once you get there now you can scale back and now you can, you know, reap the fruits of your labor. But you have to be willing to put in the work.

The harder you work, you got to make the flywheel turn.

You got to. And if it, you know, your hard work makes your smart work even more effective. Key and then your discipline then is. It's just like anything else. It's being willing to stick with it when things go wrong. And when things get hard, because things will go wrong, things will get hard. I made a video on my YouTube channel talking about my worst real estate deal ever. I had this running joke with my friends that anytime I start something new, I get scammed and I get screwed over. And it is extremely difficult every time it happens because from the event planning business, I got screwed over multiple times. And then the beginning, it was just a complete flop. I mean, it just thinks everything went wrong that could potentially go. I was supposed to host my party at a venue, planned it for months. The night before the event, it got shut down by the cops because they were apparently serving to underage people. It just lost.

Oh, man.

And this is my first event, and everything just goes wrong. Then, you know, I started my sock company. I got scammed by a fake marketing company as soon as I started, which is why I started Minority Mindset. When I started my. I started for a little bit. I was trying to hustle, and I was selling stuff on ebay and Amazon. Me and my buddy, we found this supplier in China, was sending us authentic items that we were going to sell online. We were young and we were selling it. We were making decent money. And then we get a letter saying, you're not selling authentic stuff. We will potentially sue you for $7 million.

Oh, man.

I'm not even 20 years old, you know, like, I don't like $7 million. I can't even count that many digits. You know what I mean? So it's like. And I had to shut that down. So it's. It gets tough.

Yes.

You know, you talked about last time getting punched in the mouth. You have to be willing to get back up. And, you know, how do you prepare for that? Maybe go and get punched. Go to a boxing class. Get uncomfortable. Do something that puts you out of your comfort zone, even if it's not directly correlated. I try to do that. You know, I've joined a boxing gym here in California. I'm not the best boss just to get in shape, but, you know, you get uncomfortable. I joined my acting class. That was really uncomfortable for me because I'm like this. Like this kind of nerd. You know, I went to school, I was supposed to study hard in school and do all this stuff, and now here I am trying to figure things out. I didn't fit in, but I made friends. Everybody's so friendly, and you get to meet more people, and you put yourself out of that comfort zone, and I think that will help you in other places as well. So it's not always, you know, finances. We talk about this where we live a human life. It's not just my bank account. It's. I'm a human first. My bank account is one aspect of my life, and you have to be able to live as a human. That way you can actually enjoy your bank account. Absolutely. Man, right. I mean, you can have a million dollars, $10 million if you're miserable, who cares?

Exactly. So you talked about the right mindset, the right discipline. The third thing was the right mindset.

The right discipline, and the right work ethic. So the willingness to learn, you have to learn. And if you're not willing to learn, you're not going to be willing to grow because you have to be willing to challenge your beliefs. And I think that became significantly easier for me once I started learning about money because I realized everything I was told was wrong, about money from loans to banks, to schools, to your job, to investing. When I realized that everything that I was told was wrong, that's when I started. Well, I was like, man, I don't think I know anything, right? So it was very easy for me to start learning and listening to contradictory points of view. But you really have to be willing to listen to things that don't agree with one another. And that's. In the middle is where you find intellect. That's where you find where. Where your best education comes. And so, like, you know, if you listen, like my. I listen to audiobooks, I'm not a very good reader. English is my second language. Right. So I'm not the best reader, but I listen to audiobooks. And it's funny because I have, like, books that will completely contradict one another just so I can learn from different points of view. Like I read Donald Trump's book, and then I read Barack Obama's book. I read the Communist Manifesto, I read the Capitalist Manifesto. You read books that are completely opposite. That way you can explore different points of view and understand and solidify your thoughts and just be more educated. Because.

Because otherwise, if we. We grow up with just one belief the entire time and we don't see another side of something or another extreme potentially, then we're always going to think life is that specific way, as opposed to being open to seeing what other people think about, whether we agree with it or not. Just learn.

And it's so much more important now because of social media. And I mean, I know you know this, but you go on Facebook, Instagram, YouTube, anything. If you start watching one type of content, what are they going to do? They're going to feed you more and more of that exact same thing. And then all of a sudden, you go down this rabbit hole where you think everybody thinks like you. Anybody who doesn't think like you is wrong. They must be dumb. They have no idea what they're talking about. But you have to. I Mean, it's so much harder now, which is why it's so much more important. But you have to be willing to break out of this hole and start learning something else and be willing to challenge your own beliefs. And that's where you will become smarter and you'll find more opportunity and you'll solidify your own beliefs on whatever it is that you do. Absolutely.

Those are good habits. What would you say the three biggest myths about money that you've debunked over your time of learning about money, that maybe you grew up thinking it was one way, like, you were talking about loans and banks and all these different things? What are three myths about money that you've found out were not true?

Well, the first thing that I would say, I don't know if it's a myth, but I would say that the first thing everyone has to understand is, is what money is. And I don't mean in terms of, like, in terms of wealth, but, like, money is just paper. It doesn't make you a good person. It doesn't make you a bad person. It just is paper. And we talk about all these insecurities people have with money. I grew up being told, don't talk about money. Don't worry about money, don't stress about money. Yet here I am, seeing my parents work their butt off every single day, so trying to make money. Trying to make money, and it doesn't make sense. How am I supposed to not worry about money? And you want me to become a doctor because you read those. If you go to those career fairs, they show you the different careers, and Dr. Is always number one, the highest income. So why am I doing this? If it's because of the income instead of because I love it or do something that I love, why not?

Because I want to help people.

Yeah.

You know, I want to save lives.

Exactly. And what's crazy is if you understand money, you become financially educated, you're willing to talk about it. Well, now you can be financially stable doing whatever you want, and you can follow something you love and still be financially okay, because we assume that you have to have this in order to make money. You have to have this job in order to make good money. You have to have this career if you want to be financially stable. But that's a complete lie. But that goes down to not us being willing to talk about money. And I talked about this in our last interview. But money is one part of our lives. And the reason why people are scared to talk about it is because we're Insecure about it. And that's because we don't understand how money plays a part, part in our lives. It's one aspect. I say that there's four. You have to be physically healthy, mentally healthy, spiritually healthy, and then financially healthy. If you're not financially healthy, well, it can make everything else much more miserable because you can't pay your bills. But if you're financially healthy, you're rich, but you have nothing else. More money just makes you more miserable. So you need to live a holistic life and understand how money plays a part in your life. That way the finances can have the biggest power. And then you understand that more money just amplifies who you are. It's like fire. It's like fuel. It fuels your fire. If you're a good person and you have more money, you have a tool to do more good. If you're a bad person, you have more money, you have a tool to do more bad. Just why we need more good people with money if we do that well.

Yeah, get educated. A lot of people just say that money exposes who you really are.

Exactly.

It amplifies who you are so people can see, you know, whether you're that good person or a bad person or whatever it might be in between. But first off, understanding what money is is what you had to learn. It's kind of like this thing. What else around understanding it, would you say? So maybe you thought it was one thing, but then you realized it was something else.

Exactly. So now that's money. The second thing is, how do you use money and value money? Because I'm going to say this in the nicest way possible, but traditionally Indian people can be very cheap. And I grew up seeing this. And what does that mean? It means that people, the traditional Indian house is a save heavy culture. And I can say that because I've seen this and I grew up in that where you make a dollar to spend 20 cents. And the traditional American culture is you make a dollar to spend two dollars. Right. And so to save heavy culture, so you're spending as little money as possible to save it. Now, obviously we talked about inflation, so I'm not going to mention what that means with savings. But what I'm talking about here is you can use your money as a tool. And this is what wealthy people do, because now what do they do with their money? You use your money to buy your time back. Because what so many of us do is we're exchanging our hours for dollars. You go to work every single day and you get paid. But what are wealthy people doing? They're not working just to use their money as a way to buy hours. They're using the money to buy their time back. Yes, because now you can build things and build processes and invest your money. Because now you can use your money as a tool instead of as a fool. That's what I like to say. But this is where it's. How do you now use your money to make your life better? And you don't want to be now just buying a whole bunch of Gucci and Louis Vuitton. It's now actually improving your life.

Not to make your life look better, but to actually improve it from the inside out.

Yeah. So the simplest example would be you start a YouTube channel. We talked about buying a camera. Well, one thing that you could do is you can hire a video editor. You know, you go on a freelance site, hire a freelance video editor, and now what are you doing? You can spend more time making more videos instead of spending all your time editing the content. So you can focus on your time. You can hire someone to mow the lawn. You bought your time back. You can hire somebody to help get you your groceries. You buy your time back. It costs money. You have to spend money in order to do that. But you're getting something in an exchange, and now you're buying your time back. So you can use your money as a tool, and you can use your money as a tool to buy your time back, or you can use your money as a tool to make you and attract you more money. That's what wealthy people do. And so you want to be able to use money in that way. The third thing would be now to really, I mean, I know I talk about this a lot, but you have to understand the difference between something that makes you money and something that loses you money.

That's a liability.

Yeah, a liability.

What are the main liabilities that people spend on today?

The way you look, man, we got. We have this Instagram flex culture, right. And it is. It is very toxic if you do not know how to use it.

And unless you're investing your money wisely and you've got excess money and you're like, okay, I want to buy some stuff to flex. Cool.

But there's no.

You're not investing your money.

Yeah.

And you're just spending it on clothes and watches and shoes.

Yeah. If you got. If you got the name brand stuff, but you got no savings, you got no investments, you're doing something wrong. Your priorities are in the wrong place. What are you doing? You're making Gucci rich, you're making Louis Vuitton rich, you're making all these companies rich, but you're keeping yourself broke. I talked about my watch. I spent a grand on a watch. I had no investments. I don't even know what an investment was at the time. I didn't realize I could have taken a grand and invested it into a watch company and get a share of the profits. But that's how wealthy people are doing, and they understand that. And there's nothing wrong with spending money. There's nothing wrong with having luxuries. There's nothing wrong with having the nice things.

Yes.

But it's a matter of when can you actually afford it. You have to know when the right time is for you to have it, because you want to first make yourself rich, and then, hey, blow if you can afford it, do whatever you want.

Grant Cardone was always talking about how he doesn't spend money on the cash he makes to buy watches or things. He only spends money on the watches and clothes and things on the passive income.

That's great. From his investments, you take the earned income. You're working every single day. You take this income, and you use as much of that as possible to invest into assets. The assets pay. You live off of the assets, because now those assets don't need you to go to work every single day to get paid. So if you break your leg and you can't get paid, you're not getting that earned income, but that active, the passive income from your assets still coming in. And now if that's the money you're living off of, you are free. Your earned income is just buying you more assets. And so how do you start that? Right? And so this is where you have to kind of build some sort of system for yourself. And the rule that. That I would always say is follow something like my rule of five. If you can't buy five of them, you can't afford one of them. Yeah. So you want to buy $1,000 phone, you want to buy $1,000 watch. Okay, fine. Can you buy five of them? And if you don't have the ability to buy five of them, if you can't afford to do that, then you can't afford one. If you can't buy five, you can't afford one. And then you want to create a system, like a system that automates your finances, where now you have something going on with your money that is putting your money to work no matter what. And so one of the easiest things you can create your own is to follow something like a 75, 15, 10 plan, which means that for every dollar you earn from now on, 75 cents is the maximum you can spend, 15 cents is the minimum you're investing, and 10 cents is the minimum that you're saving. Now the savings is you want to build somewhere between three and 12 months worth of savings if you want to have that protection. Three months. If you don't have a lot of responsibilities, you don't have all that going on, and you have a high risk tolerance. 12 months. If you want to play it safe, you figure out what's right for you. After you filled your savings, you fill up the savings. You don't want to put any more money into it because now you're just being eaten away by inflation. The savings is not there to make you wealthy, it's there just to protect you against an emergency. Then what you do is you take the money, put it into your investment, and now you just keep investing money. Now what happens is as you grow your income, you don't change this ratio. If you go from $40,000 a year to $400,000 a year, you keep the same ratio and you're still investing first. And then you keep saving your money and then you know how much you can spend. Because now what you're doing, which is what wealthy people do, is you invest before you spend. The way that the finances 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. Well, wealthy people do, right? Wealthy people are, you make money, especially in California, $7 gas and high taxes. But what wealthy people are doing is you make money and then depending on how you make it, either you pay taxes first or after. Ideally after, because there are ways to do that legally. But you make money and then you want to invest as much as possible and then you spend whatever's left. So wealthy people invest and spend what's left, while the majority people spend and invest whatever's left.

Here's one that I think a lot of people do and I think it hurts them in a big way. How does someone not make their net worth attached to their self worth?

That's a good one.

Meaning how do they believe in themselves, have confidence, have love for themselves when they're not making that much? Maybe they're in a transition, maybe they lost their job, maybe they're just starting out. And how do they also, when they start making some cash, not tie their bank account number to Their self worth.

So when you fail at something, you don't become a failure as a person, you fail at a task. And in order to become successful at something, you have to fail at a lot of tasks. And so the first thing you have to understand that about yourself is that just because something didn't work, just because you failed at something does not mean that you are a failure. Maybe you failed at a task. I failed at a ton of things. I'm sure you have too. You have to screw up a lot and that's how you find the good. So now when it comes to net worth, if you want to be completely honest, your net worth is pretty useless. It's a worthless number. It means nothing. It means less than nothing. Because what is net worth? It's a paper number. If I have a million dollars net worth in the stock market today, tomorrow could be worth 400,000. If you are valuing your life and even worse if you are spending based off your net worth, you're living a very dangerous life. And some people do do this because they say, oh, I'm worth a million dollars, so I'm going to go out and live a million dollar lifestyle. You don't have a million dollars, you're just worth a million dollars. You don't have income coming in, you're just worth this amount of money. And so you go and borrow a ton of money and you start living this million dollar lifestyle and then things go down and now you're the first one to lose your shirt. So the thing that I want you to remember is first regarding the failure, you're not a failure. Just because you failed at a task does not mean you're a failure. It's actually a good thing you failed because that means you're one step closer to finding that success. And, and then second, regarding the actual net worth number, look, this is just temporary. Everything is temporary. And you have the opportunity to build something a lot bigger. You have to have the right mindset. And if you are here in America, you're in a first world country, you have the opportunity to do that. But you have to be willing to learn and be willing to give it time. So you have to be patient but also impatient at the same time. Patient in the sense that you have to understand that get rich quick is majority of time a big scam. It doesn't work. It makes the people selling the get rich quick rich and you keep you broke. So the first thing you got to understand is that. But then second is you want to be impatient where you Got to. It's going to fuel that drive, fuel that work ethic, fuel that discipline. And you have to be willing to keep going. You know, I don't. If you would have told me 15 years ago or 10 years ago, hey man, you're going to be interviewing with Lewis on this show, I would never thought that's possible. Like, you know, I grew up being told somebody like me can't do this. Somebody like, you know, I remember talking to my own family members that you can never be a CEO of a company. Somebody like, you can't do that. You have no business background, you couldn't even get into business school. And it's funny, nowadays I'm like, well, there's a lot more value to be the owner of a company than the CEO of a company because the CEO is working for the owner. But anything is possible. And even if you just ignore the financial side, you can do anything you want. You want to be a singer, you want to be an actor, you want to be an entrepreneur, you want to be a CEO, you want to be whatever you want to do. It is possible, but you have to believe it and you have to be willing to put in that work hard work beats talent. When talent doesn't work hard. That is the truest saying that you can make. Because I have so, you know, I worked in the event planning space. I still know a lot of people in the space. I know a lot of people that manage singers, big time singers, especially in the Indian space. And some of these people are incredibly talented with no drive, no work ethic. And where are they going with their careers? They had this spike in the going down. I know these other people that are average singers, but they're putting out songs day after day after day. I mean, if you heard them sing, it's like, you know, it's whatever, but.

You can produce it well. You can make the hooks, you can write cool lyrics.

Improving and they keep putting out content and they keep, they keep improving every week. And it's like, dang, you got millions and millions and millions of views.

It's funny, man. I got a friend of mine I've had on the show, Andy Grammer, who was literally in Santa Monica busking for four years, five days a week, four years playing songs for just tips on the streets.

Hustle, right?

But he, I think he said he did like, he wrote like over a thousand songs or something crazy like this in this four year period. He would sing the covers to try to get like people to come around and be like, oh, I Like that song let me give you a dollar. And then he would throw in one of his own original songs to try to get people like, oh, he got his own stuff. But he does for four years before he actually got something that was on the radio and then touring and all these other things. Four years on the streets, just working really hard. Now he's got momentum, but he's got all these skills now developing over those years to write his own songs.

And I don't think people realize what four years means, because you hear four years, oh, you know, college is four years, high school is four years. But you got to remember during those four years, that's a long time. You go from January, February, March, April, May, do it again, again and again and again. Steve Harvey, I love his story because he went through the same thing. He was homeless because he was like, I'm a janitor right now. I want to be a comedian. My friend who I grew up with is now on tv. We both had the same dreams. I didn't want to say it. He got laughed at for his dreams, and now he's the one on TV living my dream, and I'm working as a janitor. Quit his job, moved into his car, and spent three years just trying to make it look at him. And he's. He's on shows after shows after shows, crushing it. It's that discipline. Being willing to put in the work and just sticking with it is so hard. And that can help you with any. You know, forget the financial side, doing something you love, living a purposeful life, because what's important to you is not what's necessarily important to me. And what's important to someone. Listening to this is going to be different than me. And we all have a different passion, a different purpose and a different mission. And so someone's going to care about climate change, someone's going to care about world hunger, someone's going to care about cancer in kids, someone's going to care about breast cancer. Someone's going to care about financial education. And so we all come at this world with different experiences, different pains, and each one of those pains are going to drive our motivations. But you have to. You have to be willing to work towards it, because if you don't, who else is going to?

Yeah.

And you have to be willing to do that if you want to make that impact.

What would you say on a scale of 1 to 10, how much you love yourself today? 10 being you have ultimate love for yourself and not in an egotistical way. Yeah, one Being you, you know, hate yourself, where would you be on the one to ten scale?

I think. I mean, I don't want to be, like, mean. Like. Like, oh, I'm, like, overly narcissistic. But I love myself. And I never asked myself that question because I don't think I was very fortunate that I never really had to struggle with happiness.

Really?

No. And.

And even when your parents were kind of talking the way they.

It was tough, but it never really made me unhappy because I think why is. I had a group of guys that I was friends with, a few DJ friends, and we were all kind of like, almost like rebels, but we knew we weren't doing bad things. We want to become successful because no one sees our vision. So we all just kind of like, we were. We were friends. I had a really good community, and I think that really helped me because, no, sometimes I would go sleep in their basement. I was like, man, this is, like, my mom told me this, or my dad's not believing me. And they were like, you know, and they were in the same boat as me. Like, they're like, dude, I don't know what I'm gonna do either. And look, all of us now are doing very well. And we joke around about that where it's like, man, I got a lot of trouble with my parents. I'm sleeping in your basement now. You're coming to my basement. And so it was tough, but I had a lot of fun along the way, man, because.

So money. You never attached money to happiness?

Never. I think actually, you know, I think more money actually maybe have reduced potential happiness. Really? Yeah. And I think the reason why is because some things had happened in my life that I did not expect. And I. And I thought because we were all like, we want to become successful, but we love the journey. We were having a great time. But I think what happened was I had some, like, really tough realizations. And I've never talked about this publicly, but I'll do it now. So when I was minority, mindset was growing, and I was like, you know, I'm going to really build this now. And we were getting close to 100,000 subscribers, and we were going viral. And it's like, wow, you know, we made it. We're about to hit it.

100,000 is hard to do that first hundred thousand, man. Really hard.

And it was. I was right about to hit it. And I come home and we're having dinner, and my dad, I knew something was wrong. And he. And he looks at me and he says, your mom has cancer and all of a sudden it's like, forget the YouTube channel. Forget the investment. Like, forget it all. Like, I was like, are you serious? I was like, did you get a second opinion? And, you know, it was very tough. And so the next week, my mom's in the hospital in the operating room. And it was the day after I had a hundred thousand subscribers the day after operation. And it was like, it was nice to see, but it was like, I like that I'm making an impact, but honestly, it doesn't even matter. Like the, like, I would give this up in a second to make sure my mom is okay. And just, I think that that initial realization was like, wow. Like there's, there's. There's so much more to life than just money. And, and you know, you can. I think that's when I started develop. That's when I developed the quadruped triangle, the physical, the mental, the spiritual, the financial. Because I was like, I, I started writing my thoughts down. I was like, you know, this is, this is. You start to really place a value on different things.

Absolutely.

And you start to realize, okay, I'll spend a lot of time in my work, and I still work a lot, but you start to realize that, you know, I need to spend some time with my family. I need to do certain things. I need, I need to make sure that I take care of myself and I need to make sure I take care of my family. And, and those are, you know, my mom was okay. She beat it. It was great. It was amazing. Like, like, that was like the biggest relief. But you learn from your struggles, you learn from pain. And that I think that realization probably was like, you have to. Money does not make you happier. But what it can do is it can make your bills a lot easier to pay. It can make vacations. Like, it can make your life more. You can do more of the things that you love.

You have more choices, more options.

Exactly.

But you still have to work on happiness.

You have to work on. It's a completely different game.

There's so many people that I've interviewed in the last few months that have had kind of this rise to success over the previous, let's say, say three to five years. And so many of them said, when I asked them on the scale of 1 to 10 of their happiness and self love, that they were higher just right before they started to hit, like this growth period, like right before they kind of became famous or made a ton of money. They were higher right before than they were now. Not to say they weren't still happy and loved themselves, but many of them said it was the pressure to continue to grow. The now, this exposure, all these people know about me, and I'm getting judged and critiqued for my message or my content or my actions. And this kind of fear, what if I lose it? What if it goes down?

Yeah.

So it sounds like you kind of have that.

Yeah. So I think I have a little bit of a benefit there, and I'll tell you why. Because I do notice that pressure where, you know, people, they recognize me, which is amazing. And I hear some of these stories, and I'm like, I don't want to screw this up. But I think part of the reason why I'm a little bit detached from that same pressure is because I don't need my income from YouTube, so I don't have to portray a certain image or act like a certain person. I can be me. I can be silly. Like, you watch my YouTube channel. I say the word below. Very funny. It's just the way I talk. I talk about guacamole because I love guac. You know, I go, I get my extra guac. So I. I am able to inject my own personality. And if you don't like it, I really don't care, you know, you can leave. I'll still be okay financially. And which is why I think also I can talk about things like, I'm not here on my YouTube channel. I think that's also contributed to my growth, kind of. It's funny how it works where, like, I don't have to sit here and make certain types of content. I think I did go down that route for a little bit where I.

Was like, ooh, trying to hit the trends.

Yeah, you start hit the trends. And I went down that. Right. And it was like, you start to do things you don't want to do because you're like, oh, this is what the algorithm wants. This is what is going to make people happy. And you start doing it for the wrong reasons. This is what's going to make my sponsors happy. Right. And I did that for a while, and I was like, you know what? This is not me. And I stopped. And I was probably like, a half a million subscribers at the time. So I was pretty. I was making good income, and I was like, you know, screw this. It's not me. And so I stopped that. I put out the content that's more genuine to me. I'm gonna talk about the things that I want, things that are important to me, things That I like talking the way I like talking about it. I'm gonna be silly. If I want to dance in a video, I'll dance, you know? And I love my fans. I love our followers. I love our subscribers. Like, they're the greatest subscribers ever. I just had a small meet and greet here in San Diego. I talked about it weeks before the event, and I stopped talking about it. I just kind of put it out there because I've never done anything like that before. It was a huge success. I mean, I could not believe it.

A lot of people showed up.

I don't know, dude. Over a hundred. Wow. And I mean, we had shut down Little Italy. I don't even know how many came. I don't even know if it was more. There was so many people. And people flew down to see. Wow. People drove eight hours. And I was like, are you serious? Like, you guys. I mean, it was amazing. And it was like, I'm not. I don't need to sit here and act. I don't need to sit here and be someone I'm not. Look, I'm gonna. I'm gonna talk the way I am. I'm gonna wear the clothes that I wear. I'm gonna be like me. I'm gonna act like me. And if you don't like it, I'm sorry. You know, I do this for me. I don't do this for you. And I think people have appreciated that because they realize that I'm coming from a genuine perspective. Or it's like, look, I'm looking. Obviously, it's nice. I get an income from it, which is great, but my livelihood is not dependent on it. If my YouTube shut down, I'm not gonna be homeless. I'm gonna be okay. So for me, it's a way for me to get my message across. It's a way for me to talk about my business market briefs, talk about the things that I'm working on, and it's a way for me to really just connect and talk about the things that I wish I knew. So I think that has helped me in that happiness side where I could be me. But I think I've also started to identify, like, you know, happiness is something that, like, it's almost like, not something you look for. It's just you're happy with it. And I'll give you an example with it, because I think a lot of people thought I was really weird when this happened. So this is like, before I used to credit card, I used to really be this big cash person. Oh, Credit cards are bad. Now I only use a credit card. But before I was like, credit cards are bad. So I used to keep this, like, fat wallet.

Now you only use a credit card. I only use a credit card.

But back then, I used to have this, like, fat wallet and used to have a bunch of cash in there. And I had the cash stolen out of my wallet a couple times, right? It was a few hundred dollars. And, you know, I was younger at the time, so a few hundred dollars was a lot more significant. Significant. And I remember friends were like, dude, like, aren't you angry? I was like, man, look, the person sold probably needed it more than I do, is what it is. It sucks. Like, what am I going to say? Cry about it, beat myself up. I think I remember my mindset changing on this. When I was maybe in middle school, my uncle sent me this email. I've been trying to find this email, but I can't find it anymore. And they gave the story about why you shouldn't cry or spilled milk. And the premise was it was this kid who was making cereal spilled the milk. And now he was so angry. He was so angry about it, he got late for school or work. He gets in his car. Now that he's late, he starts speeding. He starts speeding, and now he gets into an accident. Now he gets even more angry. He gets into an accident, somebody else gets injured. Now he's even more upset. Now he's late for work. And now he gets into work after the person's injured, he has to deal with that. And then he gets into work, and then he gets fired because he's late, all because of the spilled milk. And it's like, if you didn't cry over the spilled milk, it's like just a little bit of milk. You pick it up, you go to work, you're on with the day. And nothing wrong, nothing else goes wrong. And it's like, wow, it's a big shift.

Yeah.

But along the way, I've realized that, you know, I've been talking a lot more about mental health a little bit on our channel because I have become much more aware to it. I'll be honest, I was very ignorant to mental health for a big portion of my life. Very dumb about it, where, you know, I was like, I kind of grew up with this. Like, depression's fake, it's not real. And then, you know, everybody has a turning point, right? You start to see pain. And then I started to see it in people around me, people very close to me. And you start to See the impacts of that. And then you start to realize, whoa. Like, I. Maybe you can't break out of it because now I started learning about it. I started reading articles about it, I started listening to podcasts about it. I started listening to YouTube videos about it. I was like, oh, my God, like, I don't understand this. And then, you know, I had lost some very close friends to it.

And to depression.

To depression. Wow. They took their own life. And that's when, you know, it's like, this is serious.

Becomes real.

Becomes real. And I'm like, kicking myself, like, dude, you're so dumb. How could you think that? And you start to, you know, you realize that there is a big importance in that, which is why, you know, again, going back to the Quadra Fit, the mental is so important if you are anxious, if you're depressed. And, you know, and it starts at an early age. It starts, you know, from your childhood. And obviously, I'm not a brain expert, you know, you've interviewed the top minds in this, but, you know, it starts at an early age. And which is why for anybody, it's important to learn about it. Because if you're going to have kids, learn about this. You know, you want to know physical, mental, spiritual, financial. So you can teach this at a young age, teach this to people. Because we never taught these things.

Absolutely.

If you just have to go and figure it out, guess what? You don't want to be on the. The losing side of any of these. So, you know, on that side, be willing to invest in yourself. Whether that means talking to a therapist, whether that means checking yourself into a rehab, even if it's expensive. Go in and check yourself in. Find whatever help, whether it's alternative help, traditional. Go and find help. Get the help. That way you can take care of yourself. Because if you can't get out of it now, it's going to become more difficult. And if you think that more money is going to solve that problem, you are going to be even more miserable, because then you're going to realize that you were wrong. And then you're going to feel more hopeless because you're like, I did this to solve this problem, but it paid my bills, but it didn't make me happy. And now you're going to feel so much worse.

Right?

And I've seen it, because, look, in my culture, a lot of people in this first generation we've seen gone through a lot of similar struggles where parents are working hard, and so you don't get to spend a lot of time with your parents, you see a lot of trauma in the household and it starts to come out when people start to work. And I start to see all these issues on the mental health side of things. And it's still a taboo topic in my culture. Mental health is not something people openly talk about what we need to. And it's one of those things where, dude, people are taking their lives and we're still scared to talk about it. And this is why, you know, I say, look, learn about it. Be willing to invest in yourself if people don't support you. Just be willing to spend and do whatever it takes.

And what I do know is that money might help in some ways ease some pains, but it doesn't ease every pain. There was someone, I was in a building two years ago, living in a building here in la, someone was worth a half a billion dollars that took their life. And so it might solve money problems, but it may not solve depression, anxiety, stress, mental health problems, self love problems.

Exactly. They're different layers, right? They're made of different ingredients. Go back to the cake example. I love food. Okay, so it's different layers made up of different ingredients. When this is not too long ago, I was in Sacramento. I did another interview over there and I got there a little bit. I landed and I got there a little bit early. So I went to Chipotle, and I'm driving into Chipotle and there was a lady there with a sign that said, please help, I need food for my kids. And they're two small kids, probably like five to seven year old were sitting there. So I parked my car and I was like, well, I have some extra time. Let me go see if I can buy them lunch. So I go up to her, she didn't speak much English, and I said, can I buy you lunch? She didn't understand. So I tried to like explain it with like hand signals. And she was like, oh, I would love that. And I was like, well, I got time. I was like, what about it was in the same plaza as a grocery store. I said, can I buy you groceries? And after I got that across, she understood that. She was like, oh my God. Like, yes, like, please. And I said, okay, let's go inside. I'll get you whatever you want from the grocery store. Buy whatever you want. Her two kids get up, she explains it to them in their native language, and they start jumping in joy. And I was like, you know, it's like, when was the last time you got excited to go to the grocery store? Right? It's like, it's just normal. And so they go inside and they're shopping and I could just see the happiness. They're like, oh, we're buying vegetables, we're buying eggs, we're buying some milk, we're buying some meat. And the kids, like at some point were literally like, oh, can I buy this chocolate bar? And they start jumping, like up and down, jumping with joy. And they get to the cashier and I don't get emotional often. And I remember seeing that and the kids were coming up to me and I was getting emotional, sitting there looking at this. I had to turn around. I just started blinking. I was like, this is just so sad. Where it's like, you know, in that instance, money would make a big difference. And I know I could talk about my culture because I've seen it and I know a lot of people, you know, people even in my own family that seen extreme struggles. And in that moment, money will solve a lot of problems.

Yes.

It will make your stress go down. It will feed the family, it will feed the kids. It will be, you pay your bills, it will pay off the debts and that stress, the financial stress will leave. But then you have to also look at the physical, the mental and the spiritual. And you know, this is where, you know, I am not a mental health expert. I'm not a physical health expert. I'm not a spiritual health expert. But I understand that it's important in my life because I've, you know, I've seen the importance of it, but I think I understand money. I don't like calling myself an expert. I hate when people call me a guru or an expert. Even when I go on the news. Please don't call me an expert because I'm learning every single day, but I'm learning every day about it. And I think that that education is where I can help. And it's under this, this is where that lack of financial education is just so deep rooted. And I said this last time, I'm going to say it again. It's because it is so profitable to keep you poor. It's profitable to keep you financially uneducated. And it sucks, but it's the reality. So what do we do now? Get financially educated. Because at the end of the day, money speaks, money talks. You can hate it, you can love it, but it's the reality. You know what? People listen to what I have to say now. Why? Because I got money. It is what it is. Yes. You know, it's a gravity.

There's some credibility to it. Too, you know, it builds credibility, authority, trust, all these different things.

And I hope that, you know, through my genuineness, I've been able to build that.

Yeah, man.

But, you know, I talk about the system like gravity.

Yes.

It is what it is. You can fight it or you can understand it. Learn the rules to the game and leverage it. Learn the rules to money. Leverage it. Use it to your advantage. Because either you're going to use it to your advantage or you're going to get used to somebody else's advantage.

Snap. This has been powerful, man. I'm so excited about this conversation. And if you guys are enjoying this at home or on YouTube and you would. Here's something we haven't talked about, we haven't talked about, and I haven't seen you talk about this on your YouTube channel about money, dating, relationships and marriage and this whole conversation. And if you guys want Jaspreet to talk about this at length, leave a comment below. Type in love below. Let's see on YouTube. How many people want a conversation around how to manage the mindset of money and relationships, money and dating, money and marriage and how that dynamic works together? What conversations should you have with your partner before you get married? When you're married, when you start to make more money, what should you be investing in? Is it one person's decision? Is it both? So if you guys want that, because you've been married for, you think a.

Year now, almost a year.

So it'd be interesting to see your journey and what's worked, maybe what hasn't worked, what you've seen from other people you've studied. So if you guys want to learn more about money and relationships and marriage and all tied in together, leave a hashtag love in the comments below and we'll come back.

Or the comments below.

Yes, below you've got an amazing channel. People can follow you and your YouTube channel. Minority Mindset on YouTube. Make sure to check Jaspreet out there. Marketingbriefs.com which is your powerful newsletter for investors. Market, Market Briefs. Go to MarketBriefs.com Minority Mindset Everywhere. YouTube, Instagram, Twitter, all the places. How else can we support you? Theminoritymindset.com what else can we do to support you?

Yeah, man. Minority Mindset everywhere. You know, if you like the content, share it. Check out Market Briefs. Market Briefs.com it's a free financial newsletter where we break down what's happening in the top finance and business news every single day into a fun and witty email. Less than 5 minutes long. Every morning. I promise you love it. And if you don't, you can unsubscribe. It's free. But I promise you will love it. I've had so many people, so many people tell me that this is the only email that they look forward to reading every single day. So you will love it. Especially if you want an easy way to stay up to date on what's happening. Check out Market Briefs. And you know, if you like the content, it's helped spread it, help educate somebody else. You know, one candle can light one room, but one candle can also light a million other candles and those can light a million other rooms. So spread the education, help spread the knowledge, help spread the word.

My man and I asked you last time your three truths and your definition of greatness. So if people want to hear what you said before, go back and watch the previous video on this or listen to the previous episode where Josh Spiett shares his three truths and his definition of greatness, and hopefully we'll have you come back on and talk about money and relationships. I want to acknowledge you, Josh Pete, for your constant commitment to this message, the way you show up for yourself, the way you show up for your family and for your community. It's really inspiring that you're teaching this from your cultural perspective. We need more people like you sharing this wisdom, studying these things, and then teaching it to us in a way that we can understand it and use it for good in our lives. So I really acknowledge you, my man. Excited to have you back on again. Leave a comment below. Love if you want to learn more about love and money, I think it'd be an interesting topic. But my man, thank you so much for being here.

I appreciate it. Thank you for having me. It was a great time. As always, at the end of each.

Year, start a new year with have.

More assets and no cash. And do that every year.

Year 2 years, 5 years, 10 years, 12 years. Like, if I had advice for somebody.

I'd be like, man, don't just worry about this year.

Start collecting a little bit of assets this year, another one next year. You don't have to own it all.