The Finance Expert: 6 Keys to WEALTH Formula (ANYONE Can Become A MILLIONAIRE!) Jaspreet Singh

It's not very complex, but I created this wealth formula, which breaks it down into a very simple, almost mathematical thing, where it's six steps. Hi, I'm Josiah Priel Singh from theminoritymindset.com, where money minds we think rich. I realized that something's wrong, and I was like, am I missing something? Because I thought that if you go to school, get a good degree, you can make a lot of money. And if you work harder in school, get better grades, you'll make even more money. So I thought it was just directly correlated, your grades, your income. and that's when I started questioning things. As you start to go down deeper and deeper down the rabbit hole, you start to realize, oh my God, everything that I've been told is a lie. I can't show off my stock portfolio or my real estate portfolio the way that I can my Gucci belt. And most people would rather have the show, would rather have the look, than the actual thing that will make you wealthy. And that goes back to the mindset, the thing you talk so much about.

Your mindset has to be focused on saying, you know what? I want to become wealthy. How do you invest where it doesn't.

Become a time suck?

And an extra job. Hey guys, I want to quickly check in with you before we continue on with this episode. And I know thinking through all your personal finances on your own can feel overwhelming, but I'm also so glad that you're here taking the first step to building up your wealth by tuning into this video and this episode. And my goal is to make expert advice available and accessible to to everyone, especially you. And that's why I'm excited to be partnering with Facet, because they share the same goal and we are making it accessible to more than just the rich to get professional financial help. With Facet, you'll have a team of certified professional planner professionals helping you along the way, as well as access to a team of experts in retirement planning, tax strategy, estate planning, and more. all crucial things. Facet is the perfect affordable option if you're feeling overwhelmed or stressed about handling financial planning on your own. Instead of taking a percentage of your portfolio, Facet has a flat membership fee and there are no additional fees for investment management, which is really cool. And on top of it all, Facet is waiving the $250 enrollment fee for new annual members who sign up using my link at facet.com/lewis. So make sure to go there right now to get signed up. That's facet.com/L-E-W-I-S.

Most of us, myself included, are never taught a thing, a thing about money. We're told go to school, get a degree, get a job, and all you figure it out. And then what happens for the majority of people is you end up broke, you end up struggling financially, and you can never figure out why. What is it that you want to achieve? in your life financially. And then you have to go out and figure it out yourself because unfortunately, school will never teach you this stuff. I saw my parents work their butt off every single day. If my dad got a Saturday and a Sunday off, it was considered a long weekend. And so I didn't get to spend a lot of time with my parents growing up. And they would always tell me that you have to go out and become successful. And I completely agreed because I wanted to give back to my parents. I wanted to help support them. And I figured, okay, if I want to become successful, I should follow the steps that were told to become successful. What are those steps? Go to school, get a good degree, get a good job. For me, in my case, it was become a doctor. And along that way, it was in college, I realized that something's wrong, something's not adding up. And it actually happened, I was studying to get into medical school. And as I was studying, I started reading other business books and financial books. And I remember this, I was in the library studying, and I went onto Google, and I searched the richest people in America. And you see people like Steve Jobs, Warren Buffett, Bill Gates, Mark Zuckerberg. And I was like, huh, none of these people are doctors. None of these people went down that traditional route of getting a degree, doing a good job. Am I missing something? Because I thought that if you go to school, get a good degree, you can make a lot of money. And if you work harder in school, get better grades, you'll make even more money. So I thought it was just directly correlated, your grades, your income. And that's when I started questioning things. And I realized, oh, maybe this isn't right. And as you start to go down deeper and deeper down the rabbit hole, you start to realize, oh my God, everything that I've been told is a lie. And so that kind of pushed me into this whole painful, emotional journey of learning about money, learning about entrepreneurship, learning about what does it mean to become wealthy and how do you actually do it? Right. So that was kind of the initial phase for me and then I had to go out and actually start learning it. Yeah. And the first real experience of that for me was I had this event planning company that I started in college and the reason why I started it was because when I was in high school, I worked at Indian weddings. So I got to know a lot of the DJs. Right. and when I was in high school, these DJs were like, Hey man, you know a lot of people in high school, how about we host a teen party for your friends in high school? I was like, All right, that's fine. You know, why not? Started this little teen party business in high school and I go to college. Don't know what to expect because my parents didn't go to university here. I think everybody goes to college to study hard and become this big thing in college. I get to college and everybody is partying. They're blowing their money that they don't have on alcohol. They're drinking. I don't drink. I don't smoke. I'm not into that party scene, but I need something to do on Friday nights. So I was like, why don't I just take this teen party business that I had in high school, bring it to college? And that's what I did. My freshman year, I was 17 years old, I started knocking on the door of every club, venue, bar, restaurant, asking if I could host a party here. Some would say, yeah, it's gonna cost you $10,000. Some would say, yeah, it's gonna cost you 20 grand. I don't have that money. Right. But then one or two said, you can do it here. We're not gonna charge you a penny. just give us half of the COVID charge, half of the money that you bring in. I said, okay, now I'm in business. So I started making a little bit of money doing this, and I had some cash saved up. And I'm starting to read these business books, and every business book said, wealthy people invest in real estate. I don't know what that means. I don't know any real estate investors. My parents aren't investors. And so I was like, okay, if wealthy people invest in real estate, maybe I should invest in real estate. And this was. right after the 2008 crash in I'm in Michigan, where real estate was hit extremely hard. So I was like, all right, you know, I would like to invest in real estate. I'm studying for my medical college admission test. I start going to Google because I'm bored while I'm studying for this exam. I'm reading about the, the Forbes richest people. None of them are doctors. None of them are people that work the traditional path. And, you know, I have this idea to start investing in real estate. So I started looking at real estate in between my study sessions. And on August 22nd, I took the Medical College Admission Test, the MCAT. On August 23rd, I closed on my first real estate investment property. Wow. How old were you? I was 19. Holy cow. It was $8,000. It was the investment.

Was the price of the condo. The condo was eight grand.

Eight grand. How'd you get a condo for eight grand? This is right after the 2008 crash. Wow. You got a foreclosure or what? It was a foreclosure. That same condo was selling for about 150 grand. just a few years prior.

Come on.

Yeah. And so I came in it was actually listed on sale for 8,400. I made an offer for 4,000. They came down to $7,000 and I was still trying to push them lower. But then they said they had another offer on the table. I don't want to lose it. So I said, I'll give you eight grand, right? So I bought it for eight grand, put in a few thousand dollars worth of work and at least it for $600 a month. And now all of a sudden my mind was blown because I kind of had this idea of what entrepreneurship was. I had never heard that term. until I came to college. But I was running this event planning company. I'm starting to learn about this thing called entrepreneurship. And now I have this condo that's generating me this almost.