The Wealth Expert: “Avoid Real Estate!” Rent Your Way to Financial Freedom

Our economic system is designed to keep people poor we're taught to go to school to get a job and spend our money we're never taught what to do with that money we're never taught to start a business and we're never taught how to take this money that we're earning and convert it into wealth really you're working to make your bank rich you're working to make gucci rich you're working to make everybody else rich except yourself the one and only jaspreet singh i am jaspreet singh the chief executive money nerd at the minority mindset companies created the youtube channel minority mindset just breathe the thank you for being here money talks and the people who have money will get to be able to live their freedom and the people who don't you become subservient to the people who have money yeah the first step to building wealth is to start with money mindset the beliefs that you have around money and understand number one you can become wealthy you will become wealthy that money is abundant we demonize the wrong things people coming at this from a good perspective that you have to own a home to build wealth but there's also a difference between making more money and building wealth really becoming wealthy comes down to five steps i'm going to break down into the simplest.

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Apply welcome back everyone to the school of greenness i'm very excited about our guest and this topic in a moment of time when it seems like inflation is rising higher than ever it seems like people are more in debt than ever and it seems like we don't know who to trust the government seems like some of them could be lying to us potentially about the economy there are so many wars that are causing transfers of money that we're not sure where the money is going student loans debt is at an all time high and it's harder and harder for people to make money these days we brought on one of the leading experts on the internet today jaspreet singh who is a trusted individual and advisor to millions around the world about money managing money making money understanding money in their lives and really trying to figure out what is happening in the economy and in the world and jaspreet welcome back to the show very excited that you're here because i'm confused and i feel like a lot of people are confused around money we are dealing with again taxes rising a silent recession that seems like it could be a massive recession in the next six to twenty four months depending on when things might pop it's harder and harder to buy a home these days people are struggling to buy groceries gas prices there's wars there's uncertainty and i think people are anxious about what's going to be happening around the election around the end of the year moving into next year and can you give us any insights on how we should first emotionally navigate the money troubles that millions of people are dealing with.

Today there's a lot to unpack there so i think the first thing is understanding now how money plays a part in your life and i know we've talked about this before but i really think the key here is understanding that number one money is important and understanding your personal relationship with money and what i like to define that is there's a few things that you have to understand is number one is that it is my duty to become wealthy number two money is a tool number three money is abundant and number four is i will become wealthy can you say those one more time sure number one is it is my duty to become wealthy yes number two is that money is abundant number three is that money is a tool and number four is that i will become wealthy and the reason why i say this is because you really have to understand that you can do it now there's there's a difference between now what i'm talking right now and thinking and growing rich because if if we kind of now dissect this everybody wants this outcome and the outcome is i want financial freedom i want to be rich i want to be wealthy i want cash flow you can use whatever term you want for that outcome right we want some sort of financial freedom in order to receive this outcome you have to go back a little bit which means i have to take certain actions right i have to do things about money i have to do things to achieve this outcome but let's go back even more how do you get that action to happen i have to have a thought to go out and do something with money right i have to think i need to invest have to think that i can become wealthy and this is where most people think that you have to start right think and grow rich if i think rich i can take the right actions and have the right outcome but that's a lie because what you'll realize many of us have this is in the back of our minds you might have this little voice saying i know this is not true so you can sit there and say i'm going to grow rich and try to manifest this wealth i'm going to grow rich i'm going to become wealthy money is going to fall into my laps but it won't happen if that voice in the back of your mind is saying i know i'm just doing this so i can have this outcome i don't know if it's true somebody like me can't become wealthy somebody that looks like me can't actually do it somebody from my background somebody with my upbringing somebody with whatever circumstances i have can't do it and when you have that back of that mind thought doesn't matter what you're thinking you're trying to just you're trying to outspeak your mind it doesn't.

Work like that so your mind and your words and your actions need to be in congruency and alignment right and.

That'S where we need to go one step back right we talked about we want this outco you need to take an action to have that outcome you need to have a thought to have that action but what's before the thought i call this your subconscious or your pre thought where this is now really getting into your your your true beliefs not just your thought your true subconscious beliefs and that's what you have to work on first that way you can actually think the right thing so you can have the right outcomes because what ends up happening if you're if you're just thinking this with the frontal part of your mind and i don't know which part of your brain does this i'm just saying this if you're just thinking this but you really know deep down that money is evil money is bad i can't become wealthy you're never going to actually achieve the outcome that you want which is why you have to start with really that deep understanding of your relationship with money and why you have that because the real reason why generation or poverty is generational isn't because of the circumstances that you're dealt with externally it's because you grow up being told we can't have this we can't afford nice things we don't have money for this we're not rich like them rich people are evil when you grow up hearing this you grow up living life thinking this is true believing it you believe it and why wouldn't you that's what you were told everybody around you said that people in your school probably said the same thing you live this life thinking that you know money is limited and it is taboo it is bad and we can't have nice things because we're not rich okay no big deal that's what's normal now you grow older you get a job maybe you're making some decent money but you're going to have those same money beliefs and then maybe you start having kids i know your kids want to have the nice ps four five six whatever we're on and what do you say oh we can't afford that we can't afford the nice things we don't have money for that that's for rich people we're not rich and so now this starts to get passed down and this is where now the first step we've talked about this many times the first step to building wealth is to start with the money mindset the beliefs that you have around money and understand number one that you can become wealthy not just that you can become wealthy you will become wealthy and that money is abundant there's a lot of money in the world right when people start to enter this financial education space we start to assume that if you're rich i can't be rich if you have money i can't have money so it starts to create that jealousy or just this negative association with oh my god i don't want to tell you my business idea because what if you feel in and take my money well both of us can have money because there's a lot of money in the world if you look at it from a financial perspective the better reserve bank is printing trillions and trillions of dollars there's a lot of money out there you just need a small sliver of it and you can have millions and live a life of true financial freedom and not just that understanding that money is a tool because the reason why we put these smoke screens around money that money's bad it's taboo it's evil is because many times people are insecure about their own money and so when i can't go out and buy that nice vacation for my kids i can't buy my husband that thing that he wants i can't buy my wife that ysl or gucci purse that she wants i can't go on the nice vacations well you know money is bad we shouldn't stress about money it's these stupid vacations we don't need those we can enjoy our time here it's such a scam to go out there and sit on an all inclusive beach and have food delivered to you right i mean we start to create these smoke screens where oh why would why would anybody want to have an expensive car like that why would anybody want to have these nice and expensive things judging people who have money yeah and so now it's you know what if you don't want it that's completely fine but make sure you can afford it and understanding now money is not going to make you a good person it's also not going to make you a bad person it's just a piece of paper it's fuel it amplifies who you are when you have more of that money you can do more of the things that money can buy one of those things is have freedom have options options to choose what you want to buy options to choose where you want to eat options to choose when you want to go on vacation not just can you go on vacation and options to choose how you want to live your life and not just that unfortunately or fortunately depending on how you look at it it also can influence what type of healthcare you can get what type of healthcare your parents can get what type of healthcare your kids can get what type of college your kids can go to what type of education your kids can go to it matters and so now at the end of the day you can hate it or you can understand it and so we create these smokescreens without really understanding how money plays a part in our life because at the end of the day money talks and the people who have money will get to be able to live their freedom and the people who don't you become subservient to the people who have money and i don't say that to be mean i say this to be factual.

They'Re facts yeah what i'm hearing you say is if every individual watching or listening does not take one hundred responsibility for their beliefs around money they will pass on generational money traumas to their children or the people around them because they'll be speaking beliefs that are limiting instead of abundant absolutely and so how does someone who has been conditioned for decades around certain money beliefs all of a sudden educate themselves get the tools get the information and say no everything i've been taught for the last twenty thirty years of my life is a lie around money yeah and therefore you know have i been living a lie myself am i a fraud or these people around that have been telling me this can i trust them my parents like your whole world blows up essentially it does it blows up and so how does someone navigate the emotions of oh all these things my parents who i love who are well intended have taught me around money have kind of been helding me back and i understand they tried to protect me but it's really limited me how do we deal with that and then start educating ourselves to break free of money limits of money scarcity of money insecurity so that we can have more financial peace and emotional peace around money i think you.

Got to start with this understanding if somebody doesn't have what it is that you want you probably shouldn't listen to them on how to get where you want to go and your parents might have the best intentions your family might have the best intentions but they might not know how to get to where you want to go right the common saying is don't listen to a fat person on how to lose weight take that for whatever it's worth a broke.

Person on how to make money yeah.

Yeah you know my parents and a lot of traditional indian immigrants you come to a new country like america with very little you work very hard now you want your kids to have a better life and if you don't have financial education you're going to say that the best way to do that is go and become a doctor that's why you see so many indian people become doctors is because your parents beat it into you since the day you're one i'm speaking from one hundred percent experience here because since i was young my parents said that i need to go and become a doctor because if you become a doctor you're going to number one have that doctor title so you're going to have the status someone's going to want to marry you and you're going to be able to make a lot of money and be rich but what i learned was there's a disconnect between being a doctor and being financially wealthy those are two different things because we assume that if you go to school get good grades you make more money and you become more wealthy but there's also a difference between making more money and building wealth what's the difference.

Between making money and building wealth well.

Some people who have made millions and millions of dollars died with nothing in their name died being broke and lived broke building wealth is really a matter of time and freedom and what i mean by that is i can make a million dollars a year and be broke which a lot of people actually are we're out here not far from beverly hills and a lot of people are making a lot of money but are broke and i see this all the time because i work in this financial education space where i have met countless doctors because i talk about this a lot people who are making three four five six hundred thousand dollars a year that have no savings no investments and no idea where to start because when you start to make more money you first think if i had an additional one hundred thousand dollars a year oh my god i could do so many things because we think in terms of spending if i had ten thousand dollars a month what would i do well i would first go to cancun i'd buy myself a nicer car i'd go on a nicer you know whatever and that's we consume we consume that's how we think we're we're conditioned to think that way that america is a consumer nation we are the largest consumers of things in the world i like to say that americans make a dollar to spend two dollars traditional indian mindset people make a dollar to spend twenty cents right right because they're conditioned to save not saying either one of these is right they're both wrong but when most people are conditioned to consume and spend you make more and you spend more and you might think well how can you spend a million dollars a year it's very easy it is very easy to spend a million dollars a year you start buying some nice homes so going on some expensive vacations you start buying some expensive clothes and there goes your million dollars a year gone and that's what happens to a lot of people so we talk about the difference between building wealth and making a lot of money you got to take the money that you earn and not spend it and you got it put this to work and so let me let me break this down this way becoming wealthy comes down to five steps and you know i've talked about it in many different forms but i'm going to break down into the simplest root thing you have to understand number one is you got to earn money and if people say how do i earn money it doesn't matter it could be a side hustle it could be a business it could be a job you can have some money coming in once you make some money number two is you don't spend all of your money and that means when you make a thousand dollars you don't spend all thousand dollars how much do you spend let's not worry about the nitty gritty yet just don't spend all your money well.

Most people make a thousand dollars and they spend fifteen hundred yeah they use their credit card to spend more than what they have because they think well i'll be able to pay this off next month because i have another thousand dollars coming in exactly and then they get into more and more debt because.

They'Re over consuming you'll never build wealth you'll never get rich you'll never have any freedom and so you can't spend all of your money which is why number three is you take the money you don't spend and you go out and you buy an investment we'll call it the middleman and you'll see why i call it the middleman is you want to take this money don't spend and you want to essentially throw it into this thing on the side that will hopefully make you some more money in the long term then number four when your investment makes money take the money that your investments make and dump it back into your investments and then number five is work to make more money and the reason why you're working to make more money is so you can have more investments now let me explain why this is so difficult because it makes sense in theory right you're never going to become wealthy if every time you make a dollar you give it to somebody else if you want to become wealthy you have to keep more money for yourself the way that our economic system works is the more money you spend the richer somebody else gets it's you know hate it or love it that's the reality when you go to chipotle and you buy that extra guac chipotle is making more money when you go to amazon you spend more money amazon's making money now this can make some people extremely wealthy but it also keeps the majority of people broke financially and so this is where if you want to make yourself rich you got to stop making everybody else rich right now you got to first make yourself rich and that means stop giving other people your money and there are so many extremes to how you can do this right i mean you could go to that that one extreme where i am not going to spend anything i'm going to live in a shoebox and i'm going to eat nothing but rice and beans and i'm going to stack all my money fine other people will find a more balanced approach and you got to find what's right.

For you yeah yeah i'll spend a certain amount on the things i like but i'm not going to overspend or i like it where you just say i'm going to reinvest a certain amount of my money every single month of the money that's coming in whether it's a paycheck or your business i'm gonna take that money this much is going every month into my investments whatever that might be and then if i wanna spend the rest on a vacation or you know extra guacamole or whatever it is cool enjoy your life as well like you don't have to live the most frugal life as well you don't have to be so extreme but i think first take your money to invest yeah then spend on some activities and events and go to concerts cool i.

Get it and you got to find your balance for me i was on an extreme when i first learned about this i went extreme because at first when i was making money first i was running an event planning company i didn't know anything about money i took my money and i bought nice watches and i dumped it back into my car i mean that's what i thought was normal but as you start to learn you realize or if you start to become more financially educated you realize that that doesn't do anything for your wealth right there's no wealth built into tricking out your car there's no wealth built into just spending money on nice things it looks nice and it's nice if you want to have it it's fine but that's not going to make you wealthy and you got to decide what's more important to you so then i completely tipped the scale and i started not spending any money so i'd have more money to invest for me it started off in real estate and now it's this slow process the reason why it's so difficult is because if you make ten thousand dollars it's a lot of money to put aside right i work to make ten grand but you can't show off a ten thousand dollars stock market portfolio the way you can a ten thousand dollars watch or a ten thousand dollars vacation because i can take those things and i can put it on my instagram i could put it on my facebook i could put it on tiktok and i can show these things off and they get a lot of likes and they get a lot of oohs and ahs but my stock market portfolio just sits there slowly it'll start to generate a little bit of income and i think understanding you're going to make a lot of money in your lifetime i don't care how much money you're making if you make fifty grand a year in the next ten years you're going to make half a million dollars in the next two decades you're going to make a million dollars wow assuming you never get another raise which means you're going to make millions of dollars over the course of your career and most people will have nothing to show for it and when i say most people i don't say this generally i mean statistically most people will have nothing to show for it which means now as you go through life earning this money what are you doing it for are you doing it to look rich or are you doing it to actually build wealth and you got to decide that for you right i can't come here and tell you oh it's important for you to build wealth and then you listen to me you got to decide that for yourself because you want to take better care of yourself your wife your husband and your kids and your parents and you want to have a better future than today and that's what investing is.

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If someone is making between fifty thousand to one hundred thousand dollars a year and they want to break free of the system they want to overcome the urges and desires and temptations of society where they have to show off to please people that don't care about them and they don't care about and they want to start setting themselves up for a greater future it's going to take time but over ten twenty thirty years they could potentially have a million dollars worth of investments or beyond or more or more so if someone's making between fifty thousand dollars and one hundred thousand dollars right now twenty twenty four what should they be thinking about in terms of building wealth what's a couple of steps or a system they can put in place if they have zero financial education if they have they don't even have the right beliefs but they could start setting themselves up for five ten twenty years in the future where they're going to say wow i'm so glad i made those those few steps that jaspreet told me to do back in the day what would those steps be.

Well the first thing is understanding that even if you're making fifty grand a year you can retire a millionaire and live a life of financial freedom if you start taking action now the thing that everybody likes to talk about i'll give the end goal and i'll show how to actually do it because everybody says if you invest dollar one hundred a month from age twenty one to sixty five you'll have over a million dollars when it comes time for you to retire okay how where when and you know what do i do so number one understanding the numbers the math will show you that you can become a millionaire now you gotta dissect the how do i actually go about doing it because everybody says invest your money but what does that mean so and.

Where do i invest in the stock market individual stocks funds real estate real estate funds apartments you know it's crypto gold like what am i supposed to.

Do so you start by not spending all their money a simple thing that i talked about is my seventy five fifteen ten plan which means for every dollar that i earn seventy five cents is the maximum that i can spend fifteen cents is the minimum i'm putting aside to invest ten cents is the minimum i'm putting aside to save now the first thing everybody says when i say that is jaspreet how in the world am i going to live off of three quarters of every dollar that i earn i'm already struggling to survive well you got to make this decision right now which is what's more important to you right now do you want to build your future wealth or do you want to continue having the nice things then everybody says jaspreet i'm already living tight like i what do you mean i'm already living paycheck to paycheck things are already tough well i'm going to just all i can do is give you the reality and the reality is it's going to be harder next year it's going to be even more difficult the year after that and it's going to get even more difficult the year after that the path to building wealth is not that complicated you have to have some money you have to put this money aside for your investments if you're spending all of your money you're never going to build wealth and now you got to figure out what are you going to cut out but.

Jaspreet i've got my parents who need support i've got family members who are struggling i've got my friends that want to go out on the bars three times a week and concerts and activities and i got to buy nice clothes for my job and i've got to commute to work and i've got to do all these things that cost a lot of money jaspreet what do i.

Do where you put your focus you're going to see the biggest results if you want to lose weight you got to put your exercise and your focus in the gym you got to put your focus on your diet if you want to advance in your career you got to put more focus on your job and learning how do you advance in your career if you want to build more wealth you got to put your focus on learning how to do that and changing the way you spend your money and it's really just a matter of priorities i used to guest teach in detroit public schools obviously our office is in detroit but i used to guest teach in detroit public schools in some really rough school districts and these kids were smart hard workers but many of them grew up in troubled homes most of the kids did not have two parents in a home the vast majority of kids did not have two parents in a home the vast majority of kids had no guidance or leadership some of the kids were already affiliated with gangs in high school because they didn't have anywhere else to go and the gangs literally provided them food so now when you're quoting and community and community when you're when your brothers are providing you food they're trying to take care of you you don't think of it as a bad thing now here's the interesting part if you focus on the financial side i came in as a guest teacher just to talk about life and i would talk about you know just general motivation and you can become successful starting with that mindset side of things but also getting a little bit into the financial side because the kids there wanted nice things like every other high school kid in the.

World does they wanted cool sneakers and.

Clothes and whatever yeah which is no different than any other high school kid the difference is many of these kids here were also working jobs they were working to earn money while going to school and so we talked to the kids about money like okay you're working to earn money great what are you doing with this money i get paid i go to the local liquor store i cash in my check the liquor store owner takes one to ten percent of the check i buy a bunch of things and i walk out and then i have half of my paycheck left okay well what about these new jordans that you got because that was a big thing in the school that i'm talking about particularly where kids were really lining up to buy the j's the jordans and i remember this so vividly because i remember kids would saying i'm not going to eat because i want to save that eight bucks so i can buy these shoes it's a matter of priorities where true story some kids are prioritizing the jordans over the food that i eat wow and so life is really a matter of priorities now if building wealth is really a priority that means you're going to have to deprioritize some other things that you're spending money on now this is where people get into those arguments of does that mean i should stop buying starbucks look starbucks is five dollars a day whatever it might be more than that now whatever it is right which you know if you put that in a compound interest calculator yeah it could be worth a million dollars but now let's let's take a step back and look at some of the biggest purchases the number one largest expense for most people besides taxes car your home where you live and then your car and so now let's start with those two things can you live somewhere smaller and save a few hundred bucks a month you.

Know i say this i've been telling people this a lot because i just told you beforehand that i bought my first home a year ago at forty i waited until i was forty years old to buy a home now i live comfortable in a two bedroom apartment for fifteen years almost right a one bedroom apartment studio apartment one bed apartment two bedroom apartment you know nice buildings eventually and paid for that but i saved and invested money and waited till i was forty now i live in los angeles it's a different price bargain i wanted to wait till i had the home that i could live in for at least ten years that i was like had everything i wanted so it was a bigger investment but i waited you know and i let my money work for me for the last thirteen years yeah and there are sacrifices you make and pros and cons for whatever decisions you make every decision i.

Still rent today yeah i own a portfolio of rental properties i invest in stocks i invest in startups i run briefs media my company we have an office an expensive office in downtown detroit but i also read where i live yes are you going to feel bad for me because i rent well i hope not you know it's we we demonize the wrong things and i made a post on this on x or.

Twitter i think it's officially x now.

X now where it was let's stop normalizing buying bmws in our twenties and start normalizing buying assets because it's very easy to demonize oh you're renting you're paying somebody else's mortgage you're making somebody else rich why not build your own equity well let's actually dissect the financial argument here because it has good merits right people coming at this from a good perspective that you have to own a home to build wealth that's what people have made the american dream to own a home when reality the american dream is the ability to build wealth people just assume building wealth means buying a home who did that well none other than the bankers and the realtors i used to be well i still am a licensed realtor and one of the things they teach you when you become a realtor especially if you're learning how to sell is you talk to people about buying their biggest investment ever and if you're buying your biggest investment keyword investment ever it's a little bit easier to get you to think about buying a little bit bigger and a little bit nicer because now you're buying for your kids you're buying to build a generational wealth you're buying something that you can build equity in but let's talk about this for a second when you go and rent the thing everybody says is you're going and paying a landlord's mortgage yes when you go and buy something on amazon did anybody ever say you're paying jeff bezos mortgage whoever the other owners are the same starbucks mortgage because you are yeah when you go and eat at a nice restaurant did you ever think that you're paying the chef's mortgage because you are when you go and get a drink from starbucks do you ever think that i'm paying for that baristas mortgage because you are so you're getting a value now let's talk about okay well i'm building equity in your home yeah that's great nothing wrong with that but banks are also smart and they front load their mortgages what does that mean that means for the first if you get a thirty year mortgage for the first fourteen and a half years out of your thirty year mortgage paying interest well the majority of your payment is going directly to interest which means for the first year almost all of your monthly payment is going in interest so if i'm making one thousand dollars a month in my mortgage year one i have built essentially zero equity because all that money i paid in year one or almost all of it is going directly to my banker's pockets and it's not until year fifteen that half of my mortgage payment is going to build equity so yeah you are building equity but it takes a long time and what ends up happening before year fifteen is people go and refinance and when you refinance you're starting that process all over again and so this is where again i'm not against homeownership i think it's a great thing for the right person at the right time just make sure you can afford it yes and at the end of the day the way you build wealth is not by buying a home the way you build wealth is not by becoming a doctor the way you build wealth is not by becoming a nba player the way you build wealth is by using your money to buy investments i called it the middleman a little bit earlier the reason why i call it a middleman is because it's so difficult and you really have to think of it as like a delayed process i make when i make ten thousand dollars it takes a lot of time and effort and energy to make that ten thousand dollars right well what do you want to do when you make this you want to show it off but instead if i take the ten thousand dollars and i put it in an investment i don't see anything of it a ten percent return on one thousand dollars is one hundred bucks a ten percent return on ten thousand dollars is one thousand dollars and it might take a year to get the ten percent return it could take two years well if you keep doing that though what you'll start to realize is that a ten percent return on one hundred thousand dollars is ten thousand dollars and a ten percent return on a million dollars is one hundred thousand dollars it takes time to grow and build but you got to get started it starts with one right people say oh i got i can't see any real returns real money until i invest a million dollars well the way you get to that million dollars is you start with one yes right you're from ohio right in the midwest it gets cold during the winter times okay detroit's a little better than ohio but what happens is when the wintertime comes and you want to build a snowman you start with a small snowball it's this big okay you put it on the ground and if you want to build a snowman you start to roll it in the beginning you're not seeing any growth that snowball stays small but if you keep rolling you stick with it you keep rolling it starts to get a little bigger and then a little while by it goes a little bigger and then once it gets bigger every time you turn the snowball it gets a lot bigger a lot quicker because there's so much more surface area and that's what you're doing when you're investing your money is you are working to build the beginning part sucks there's no way around it you got to start by spending less money you got to start by investing your money and you see no returns because the markets might be going up they might be going.

Down you might lose money you might.

Be seeing lose i mean that's a part of the process and you're like what i'm investing my money for six months and i haven't seen where are my millions of dollars right but you got to stay consistent the beginning part sucks and it's tough and it's not attractive but you got to keep going and that's why people get so attracted to how can i get rich quicker right the next meme stock the next crypto hot crypto i'm not saying all bitcoin or blockchain is bad but you get caught into this how can i ten x my money in ten months how can i double my money in ten months how can i get this this quick outcome which ends up becoming gambling which is why most people who do that end up losing their money i read a statistic the other day that said that ninety percent of people lose money in the stock market over the last century the stock market has gone up by an average of ten percent a year yet most people are losing money why the reason why is and if you're watching this video you might relate to this you go and find a nice stock you put your money in three weeks later the stock is lower every and you feel like every time you buy a stock the stock market goes down right after you buy that happens to a lot of people and then what ends up happening is a lot of people end up selling because they don't start to see that return in three weeks or three months or even three years and so now you sell but this is where now it's that financial education which means the psychological education but also which investment am i buying psychological investment means understanding there's ups and downs i gotta be able to ride through them and keep investing my money the educational financial education is what am i actually buying because i don't think ninety eight percent of america should be trying to pick the right stock no invest your money in a fund because you don't know if you're investing into the next amazon or the next bed bath and beyond because.

But if you invest in a decent index fund or the s and p five hundred you're going to and you keep it in there you're going to.

Make money if you believe well as long as america keeps growing you're going to keep making money because at the end of the day what you're trying to do is you're essentially trying to invest in the american economy and if you believe that the future of america is going to continue to be bright and it's going to continue to be better then you want to own a piece of that today if you believe that the future of america is a bunch of crap well then you probably don't want to be investing your money and this is where one of the things i like to say in our market briefs our newsletters is don't get caught up in the emotion and this.

Is so hard for people so hard.

This was a big reason why i created market briefs was because you're in the media space i'm in the media space in order to get somebody to click that's the only way you're going to make money right you got to get someone to actually watch your stuff.

You need to create an emotion you.

Create an emotion and so now when we talk about the financial side of things how do we create an emotion oh the world is gonna end you know right the markets are gonna collapse is this stock gonna fail this stock is the next nvidia this stock is gonna be the next tesla this stock is gonna you know you have to create this emotion and what does that do especially for somebody who's let's say not super financially educated somebody who's making you know under a couple hundred thousand dollars a year who has less than half a million dollars invested for then that's the vast majority of people for the average person that becomes oh no i bought into a bad thing or i need to buy this before everything crashes and so people then get excited whether it's good or bad and then you start manipulating your money whether it's buying or selling based off of what's happening in the news yes and that's i mean that oh my god it.

Really i mean how do people make informative decisions in an investment in a stock or the stock market without emotion and then when they see their investment going down obviously you only lose money when you sell it but it feels like you're losing money when it goes down how do you not get emotional and say i need to get the money out that i still have in there when all you're thinking is how much time did it take to make that money how much of my life yeah that i spend to earn that money whether a job or a business or a side hustle or whatever it might be i spent hours weeks months years on that time for the trade of the money that i got to invest in this stock and now i've lost twenty percent fifty percent seventy percent have i lost my life and i think that emotion creates a lot of anxiety and fear regret remorse resentful lack of trust yeah uncertainty and they think i can't trust the stock market again i can't trust myself in making a decision in what to invest in again what do i do with my money.

That'S funny you say this because i just did a whole presentation on this in reaps media which is when the twenty twenty pandemic happened i owned stocks before twenty twenty my portfolio is going down like this and when i was on youtube what i was talking about was i'm buying i was buying here i was buying here i was buying here i was buying here and phases on the way down because i don't know how low it's going to go and i was talking about this publicly on youtube and the comments that i would get when i was saying you know i'm buying i don't know how low it's going to go i don't know what's going to happen because if we remember twenty twenty it was a very scary time we don't know if the economy is going to be open tomorrow we don't know if we're all going to be dead tomorrow right especially in the early parts we had no idea what this thing was and markets were collapsing it was the fastest stock market collapsed since the great depression and naturally people got scared and i was talking about this because there were so many news articles talking about how people were selling out of their four hundred one ks they were selling out of their their retirement accounts at sixty percent losses at fifty percent losses at forty percent losses because they thought they were going to lose everything and i was buying but what ended up happening we saw markets then turn around and go back up now i couldn't have predicted that it was going to go up the way that it did but this is where that psychology is so important and the best way to understand the psychology is to look at history because while history doesn't repeat itself it does.

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To forget to take care of yourself in the middle of it all i've.

Been there and what i've learned is that when you don't make space to slow down it's hard to actually enjoy the moments that matter most that's why betterhelp is encouraging you to rewrite your traditions this season by making time for you incorporating therapy into your routine can help you pause reflect stay grounded during what can be joyful but sometimes hectic or even lonely time of the year the holidays look different for everyone maybe it's baking your great aunt's sweet potato pie or maybe it's starting something new like a quiet night with friends therapy can be one of those new traditions too betterhelp matches you with a licensed therapist based on your goals and preferences and if it's not the right fit you can switch anytime this december start a new tradition by taking care of you our listeners get ten percent off at betterhelp dot com lewis that's betterhelp dot com lewis and what i mean.

By that is if you look at any economic downturn any market downturn they create opportunities for those that are financially educated for those that are prepared and those that understand the financial trends you have to understand those three things so financially educated means you know how to find a good investment prepared means you have money to go out and invest and understanding the trends knows means where are you going to deploy your money what type of industry do you want to put your money in what area do you want to put your money so the financial education is now well am i going to put my money into this individual company am i going to put money into amazon or the s and p five hundred or something else and you know what's right for you may not be right for me and you got to know your own financial education on how to analyze your investments is it stocks is it real estate is it something else what type of stocks what type of real estate there's a whole financial education space there being prepared because then what everyone's going to say is well the economy shut down how am i supposed to have extra money well you don't start getting prepared during the downturn you got to start preparing before bad things happen when.

Times are good and winter is coming it's always coming winter is coming soon for a lot of people i feel.

Like well yeah and the thing you also have to understand is because everyone says when the first thing you have to understand is i guarantee a recession is going to come i can bet you whatever amount of money you want.

You just don't know when i don't.

Know when right we know what's happening.

Every ten twenty years something's happening we.

Have seen a recession every decade in our economy for the last century in fact the longest period the united states economy has gone in modern history without a recession was two thousand eight to twenty twenty and that was you know quote unquote a forced recession because the economy was shut down because of the pandemic but that was the longest period ever in our modern history without a recession so now understanding guess what recessions happen market crashes happen when are they going to happen i don't know but i want to be prepared for whenever the next one is what does that mean to be prepared that means don't spend all of their money that means take some of that money and have it either invested or ready to be invested and again this all goes into your strategy because for some people they're going to set up a system where i'm just going to invest every week every two weeks every month and it's just to set it and forget it and that's fine and that means when the next downturn happens you just keep investing and you just keep riding the wave yes for others that means i'm going to invest every week every month but i'm also going to put money into a separate account that way when i see a good opportunity there's market opportunities when you see a market downturn but there's also investment specific opportunities where a stock is going down or it's undervalued and you see a great opportunity to buy and that could happen during an economic boom i saw the same thing in real estate i made a video about this i think twenty twenty one or twenty twenty two where that was you know one of the hottest housing markets ever if you remember that's a mortgage rates for low everybody was buying yes homes were being sold way over asking price and i was still finding good rental properties really it was difficult it was more hard it took more work i had to be more picky but they were still there and that's where you know it's that financial education but then it's also then the third part which is the trends where are you going to put your money so in real estate that means which neighborhood are you going to put your money in is it single family is it multifamily is it commercial in the stock market that means well do you want to be investing in artificial intelligence do you want to be investing in international companies do you want to be investing in health care what is the general industry where is the trend going and that's where now you got to understand i got to know the financial education i got to be prepared and i got to know the trends and these things don't start after the fact people want to then start doing this when they i see a great investment opportunity but i have no money and i don't know what to do well so it's a little too late to start worrying about that now i mean.

You got to start educate yourself first.

Yeah yeah and prepare and that's why it's all about you know being financially healthy it's just like being physically healthy actually it's actually you have more benefits being financially healthy because when you work to be physically healthy i can put in six months of work if i really dedicate myself for six months i can build a shredded six pack and look great and look really nice but then if i go back to eating donuts and ho hos six months later i'm going to be back to being fat right i mean that is you don't build that kind of forever reserves but you can with wealth because you.

Invest for a big chunk of and then you don't invest for a while it's going to keep compounding that chunk.

I call that a decade of sacrifice if you put in that decade of spending less and earning more and you take this money and instead of buying the gucci you go out and you buy these assets white stocks real estate gucci stock instead right you buy investments and now let's say these investments are paying you monthly or quarterly well now you can spend that money on dumb things you can spend that money at gucci buying the extra guac buying whatever you want and those assets are still there yeah right you start you build up reserves you can't do that with your body but you can do that with your wealth and that's what wealthy people want to do is they want to build these reserves first but that you know it goes back to well what do i do i'm making thirty thousand i'm making fifty thousand i'm making five hundred thousand it's the same thing stop by number one not spending all their money you invest the money you don't spend you reinvest the cash flow and then you work to earn more money and the reason why you're working to earn more money now is so you have more money to invest because the reality is now when you earn more money you can invest more money because at the end of the day a penny saved is just a penny right if i'm making fifty grand a year maybe you put aside first five thousand dollars a year to invest and then you realize wow this is great i want to invest more now maybe you're investing ten thousand dollars a year out of your fifty grand maybe you get to fifteen thousand but there's really only so many dollars you can squeeze out of this limited pie but if you can go from fifty thousand to two hundred fifty thousand now there's a lot more dollars you can invest and a lot more spending power too yes and then everybody says well how in the world am i going to go from fifty grand to two hundred fifty thousand dollars my boss is never going to give me that raise well maybe you got to start thinking a little bit differently again it's where are you going to put your focus and attention that's where you're going to see the most results if you want to increase your income you got to learn how do i increase my income and the problem is most people are focused on increasing the income without having any financial.

Education and they're spending it all you're.

Spending it all and they think i want to go from fifty to two hundred fifty thousand dollars a year so i can still have a nice bentley so i can go on the nice vacation so i can have this nice stuff but in reality you got to know the financial education first that way you know how to use the more money and then you learn how to make more money and it's all accessible yes go to youtube learn read books there's so many opportunities out there great.

Great channel called minority mindset that you check out too i want to read this stat for you a twenty twenty three survey conducted by payroll dot org highlighted that seventy eight percent of americans live paycheck to paycheck a six percent increase from the previous year and also according to experian average total consumer household debt in twenty twenty three is one hundred four thousand dollars roughly and that's up eleven percent from twenty twenty where the average total consumer debt was ninety two thousand roughly and i'm assuming in twenty twenty four it's up even more and it's going to go up even more after this next election inflation and all these different things so with those statistics where seventy eight percent of americans live paycheck to paycheck and the average debt continues to increase and it doesn't look like it's going down anytime soon what are the best investments in twenty twenty four and beyond with all the uncertainty with all the chaos with all the trends that are out there you know should people just stick to four hundred one ks individual stocks index funds s p five hundred start doing any different types of real estate you know go riskier with the crypto stuff i think i saw you post a video that you sold your bitcoin recently you know should they be buying harder assets like gold like what three main investments should people be considering to have the best security and safety possible for the.

Future yeah so let me break that down and i will want to i do want to talk about the bitcoin thing as well so starting with i would say the first one whether we want to call this part of the three or not is you got to invest in yourself and the reason why is because when you hear that statistic what everybody says it's because of greedy politicians it's because of greedy corporations it's because of greedy bankers it's because of my boss is not paying me enough right we can point our fingers at every single other person because inflation is hot i can't pay my rent and buy groceries you have all these other issues and so we point our fingers but what we have to remember is when you point your finger at somebody else like this is you got three fingers pointing right back at you and so the reason why i say that is because all these things are a reality where inflation is still hot the average person is losing spending power due to inflation what that means is even if you get a raise for the average person it's not keeping up with inflation so more and more of your paycheck is going to just pay your rent and your groceries so you have less money left over to buy investments let alone you know anything else and so when you hear that the average person says jaspreet what you're saying today ignores the reality of what's happening in america and the reality is no i get that that's what's happening but i also understand that if you want to break out of what's happening you got to change your mindset on it and change the way you're living your life because the reality is this is happening and that's not going to change it's not going to get easier and which is why you got to start making these tough decisions today i'm so glad.

You said this is number one to invest in yourself because i believe when you bet on you and you make the challenging decision to say you know what i'm going to buy these books courses go to events where i can actually learn i'm going to hire a coach or a mentor whatever it might be where i can learn something and i can accelerate the learning curve and i can get there a little faster by gaining wisdom and knowledge from people who have already been through all the mistakes who already are way farther ahead than me when you can learn from others and invest in yourself in developing a new skill or gaining knowledge you give yourself the best chance of being free psychologically emotionally and financially and obviously investing yourself and getting the wisdom and the knowledge is one thing you have to apply the knowledge and apply the habit of the actions daily consistently over time otherwise the knowledge is pointless in a sense but i'm so glad you said that because most people don't invest in themselves and there's a quote before you go to the next three there's a quote that you said is that our system is designed to keep the majority of people broke financially and poor mentally and if the system is designed to keep us broke and poor then we must be betting on ourselves by investing in ourselves so that we can navigate with ease when the system or systems may be trying to hold us.

Back yeah i mean the reality is corporations profit when you spend your money they profit even more when you spend your money in debt banks profit when you're in debt the government profits when you're in debt and don't understand money and you might say well what well yeah they profit when you don't understand money because that means you're just an employee and you're just a consumer employees pay the highest tax rates as an attorney not your attorney because you pay what's called earned income tax rates we have different tax rates depending on how you earn your money if i earn my money from my job versus i earn my money from my investments it's a different tax rate investors qualify for lower tax rates business owners qualify for higher tax deductions employees get neither of those you have the highest tax rates lowest tax write offs so governments love that now again it's not a bad thing to be an employee but you got to at least become an investor that way you can win in this economic system or if you want to become an entrepreneur but only if you are an entrepreneur yourself so invest in.

Yourself was number one or the pre.

Number one we'll call that the pre number one yes and i do want to give the second part to the government part too because the second part to that is being in debt everyone talks about student loans on the in the government and how bad they are and how they're keeping the average person from building wealth but what you got to remember which is why i always say you want to become financially educated so you don't have to rely on somebody else whether it's your parents or the government yes it's because student loans are the number one asset on the united states balance sheet really it is their number one asset which means it is a huge tool that the government has to continue spending money the way.

That they want really how much money or how much student loan debt is there currently and every year when new students enroll in school do we know that statistic well i don't know off.

The top of my head how many dollars of student loans are out there but what you should understand is how much money the government is spending because the government is about to reach thirty five trillion dollars at the time of this recording a national debt wow and where's and this is where everyone says where's the government spending so much money because the reason we have all this national debt is because the government keeps spending money they don't have how does the government make money through taxes and well if they keep spending money they don't have thirty five trillion dollars that they don't have where does all that money go and the reason why i say this today the reason why it's so important to understand this today is if you look at the three largest expenses for the government they might not be what you think number one is social security number two is health healthcare number three is interest payments it's not the military it's not firefighters it's not police it's not infrastructure bridges and building public transit it's interest payments the third largest expense that the united states government has in twenty twenty four is interest and for the first time in the history of american history the government is paying more money to pay off the interest than they are on our military.

Or defense oh how much how much interest is america paying out on a monthly basis do we now we have.

Thirty five trillion dollars of debt and the reason why this is important to calculate this is because number one we are increasing our national debt at still some of the fastest rates we have ever seen but we're also paying significantly higher interest rates than we have seen in more than two decades so not only is the amount of dollars we have borrowed going up but the interest that we pay on those dollars is going up and the government doesn't have a thirty year fixed rate mortgage it's adjustable rates because the government then sees their debt readjust every twelve months every twenty four months every thirty six months i mean more and more debt is readjusting every year which means more and more debt is now being paid out at the higher interest rates where was.

Our debt national debt a year ago do you remember we were around the.

Thirty trillion if i had to guess i mean i don't know five trillion roughly no it wasn't that much but it was it is growing very quickly.

What will happen to america and the world when our national get debt gets to fifty trillion or one hundred trillion.

And beyond well i think the better question here to answer the same point is what is the why is national debt an issue why is the spending an issue and it goes back to the topic of taxes because if the government can just spend money they don't have why do they tax you in the first place why do we have to pay taxes if they're going to continue just spending trillions of dollars that they don't have because i think the national deficit last year was about a trillion and a half this year it's about a trillion and a half next year is projected to be a little bit more so the national debt is growing by around a trillion and a half or so a year that's not.

Including the interest that we're paying that's.

Not including the interest and so now if they're spending all this money like if they generate five trillion dollars in tax revenue but then they spend six point five trillion why even collect the five trillion why not just spend six and a half trillion and the reason why is because well taxes are a way for the government to continue furthering some of their goals and agendas and operations now i don't say this from a conspiracy point of view but the thing i want you to understand here is when the government spends money they don't have you're still taxed on it you're just not taxed the way that you think you might be taxed because if the government wanted to go out and build a bridge that costs a million dollars they can go out and levy a tax collect million dollars from wealthy people making over ten million dollars a year take that money and go out and build a bridge but that's not what they end up doing many times because the alternative is instead of going through congress and getting votes how about we just spend the money and we borrow the money to do it and so now when you do that well now the bridge still gets built but no one really knows where that money came from then you have to ask where did they borrow this money from well what we've seen is that a lot of this borrowing has been from the federal reserve bank now anybody can go and lend money to the government you can do it i can do it anybody listening or watching to this can do it it's by going out and buying a treasury a treasury note a treasury bond when you do that you're lending money to the united states government and you get a return for doing that you get an interest payment well when the government is borrowing trillions and trillions of dollars you don't have enough people to give the government that much money there's not that much money available interested in lending to the government which is why they then turn to the federal reserve bank and the federal reserve bank while they're called the federal reserve bank it's not federal they say so on their website they're not a reserve they don't sit on cash reserves and they're not a bank you and i can't go there to deposit money so they have a special power which allows them to essentially create this money and then lend it to the united states government so now the government wants to spend a trillion dollars or trillion and a half that they don't have they call up the federal reserve bank who then prints this money gives it to the government they get this money and then they inject it into the economy they can go and hire contractors and construction companies and they can give this money to whoever which stimulates the economy because now you get a job you get a paycheck you're getting money but then everybody else is paying for it because now it's not coming from this particular tax right if i taxed you your money is going to pay for the bridge but if i'm not taxing you to pay for it then everybody's paying for it right and this is that hidden tax called inflation.

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You and now we've been really paying the price for this and the thing about this hidden tax is it is disproportionately felt by the financially uneducated and the poor versus the financially educated and the wealthy benefit because when inflation happens guess what the stock market goes up real estate values go up my rental properties values go up rental prices go up for the landlords and so it benefits the financial the educated while hurting everybody else if you look at the last from twenty nineteen to twenty twenty four the reported inflation numbers are around twenty two percent wage growth is around twenty percent maybe twenty one percent in that range we're not completely sure because we don't know what twenty twenty four wage growth exactly is but at the same time the s and p five hundred has grown by around eighty percent really so that means for investors your wealth grew significantly faster than the average person who's not an investor because the average person's incomes barely kept up with inflation if at all wow because for a lot of americans the regular person your incomes did not keep up with inflation but if you're investing your money you saw this windfall which is why we've been seeing this bigger dividend right the rich get richer the poor get poorer and the middle class has been shrinking because most people don't understand money they don't know how to use their money they don't understand what inflation is they don't understand how the system works the system is designed to produce inflation and you're going to say well how do you know that the federal reserve bank says this they publish this all the time they say that we want a two percent inflation target why why not one percent but why not zero percent why do we want inflation in the first place because that's the way our economic system works our economic system runs on spending and inflation increases the monetary supply right it increases the amount of dollars out there that means the government has more money to spend if the government has more money to spend they can continue spending money and giving people jobs right if they if they go out and give a contract to greatness so you can produce some content where you can go out and hire some people to go out and do things but the question is how are they paying for that because if i'm paying you to do that i have to make a profit or i have to generate revenue from my business right to go out and write you this check the government can just levy a tax or they can just get the money printed which is a whole lot easier and so then one of these things can create more inflation in that sense and that's why again our system is this way we talk about why is financial education so important because it is designed to benefit the financially educated is designed to benefit investors and anybody can be an investor but we're never taught to be investors we're taught to go to school to get a job and spend our money we're never taught what to do with that money we're never taught to start a business and we're never taught how to take this money that we're earning and convert it into wealth we're taught to turn this money into cars and clothes flashy things.

Vacations so would you say then that the government is designed to keep people poor unless they're willing to invest in financial literacy and education and make the right choices to get them into creating.

More wealth our economic system is designed to keep people poor the government continues to spend money which creates inflation which keeps people poor and this is where now in order for you to break out of that system you have to number one learn the system number two believe you can do it number three do something about it yes and do something about it means you got to stop spending all your money which is uncomfortable right because we want to have the nice things but i'm not saying don't ever have a nice thing again don't ever go to you know starbucks or go to gucci no what i'm saying is go through the decade of sacrifice of spending less earning more it's tough financially but that's going to give you some more money now when you take this money you're going to start investing it you're going to be very disappointed in the first couple of years because you see no returns you don't see anything happening but you got to stick with it yes and you keep doing it you built your financial education learn more about how to invest you start studying the financial trends you keep building the financial preparedness maybe you see a market downturn it creates more opportunities for you to invest but you just stick with it then what's going to end up happening you go through the decade of sacrifice is now you turn around and you don't recognize the person that you were ten years ago you won't even recognize yourself three years ago but this is where now you will start to build this real wealth fund for yourself and now you can start spending more money but it's not necessarily coming out of your paycheck you can start having nice things you don't have to worry about the price because the money is being funded by your investments and that's why now understanding the system is designed to keep the majority of people broke and the reason why is because they want you to spend all of your money and they want you to spend money you don't have because that means you get to spend more money right if i make fifty grand a year i only have fifty thousand dollars worth of buying power you would think but no you have more because of credit we live in a credit based economy so if i can only spend fifty thousand dollars i mean i can only stimulate the economy by fifty thousand dollars and that's where this clever financial strategizing came in and said well how do we get somebody making fifty thousand dollars a year to stimulate the economy by eighty thousand dollars a year credit cards lines of credit other forms of debt that way now what is debt you're taking next year's income spending it today and then you pay it back next year plus interest so now you constantly you're working just to make everybody else rich you're working to make your bank rich you're working to make gucci rich you're working to make everybody else rich except yourself and this is where that's what the system is designed to do but if you want to build wealth you got to number one learn and stop spending a lot of.

Money who should be most afraid people that are making under one hundred thousand dollars people that are making it from one hundred to five hundred thousand dollars a year or people that are making five hundred to one million dollars a year over the next few years with the elections the economy wars inflation who is at the biggest risk financially well.

I think it's everybody i wouldn't say one over the other it depends on the percentage of money you're keeping for yourself versus spending because if you make a million dollars a year and you're spending one hundred ten percent of your money a year but you're making fifty versus somebody else is making fifty grand i'm living off of seventy five thousand i'm more worried about the million dollar a year person because you are one bad step away from bankruptcy versus if you're making fifty grand a year but you're smart with your money which i've met a lot of people doing that you are you're ready for whatever happens and you say bring it on because i'm going to find the opportunity it's a very different mindset and you're not.

Living in you know you're not living out of your means so you're you've figured out how to have a comfortable lifestyle a lifestyle that suits you that aligns with your your financial income and you're not choosing to overspend right and i've met a lot of people who have you know who rent who have great relationships who have good family ties and community that are able to use their time without having to spend money to have fun yeah to enjoy their life yeah beyond obviously you got to buy food and you got to pay rent and bills and expenses but they don't need to overspend they can go in nature they can go on walks they can be with their dog or their friends or family and do things and activities that stimulate more fulfillment and joy than spending on watches and clothes.

You know the first my wife grew up with a very tough financial upbringing and when we got married she you know always expressed that she would want to she'd always wanted you know a designer purse or some other things like that and so she went out and i wanted to make sure she had whatever she wanted so she got you know the designer purses and all the nice stuff and then pretty quickly she realizes okay this doesn't really give me much fulfillment now what yeah now what i can buy my purses but it doesn't the the attraction to these things are the highest when you can't afford them when you can comfortably afford it you no longer really crave that stuff now you realize well what's something bigger what's going to really give me that fulfillment what is going to give me those memories and it really goes back to what you were just saying which is a mindset shift because everyone says oh it's going to suck living smaller it's going to suck doing this well it doesn't have to when i'm sure when you were starting your business you were working hard but you were probably having the time of your life it.

Was a yeah it was a thrill i mean there's ups and downs there's.

Ups and downs but it's it's when i was first getting started when i started my party promotion business i knew nothing about anything i was a naive seventeen year old kid i mean i was really i mean financially dumb but i knew i wanted to start building some income and start doing more things in my money and i had two other guy friends that were doing this with me that we were kind of like partners that we worked hard with and we were working around the clock but we were having the time of our lives it was tough i mean we were working hard but we were having so much fun people were laughing so much because we were just having fun and it's it's really like can.

Be exciting too all this new adventure.

Yeah and it's really that might again.

People mindset people also need perspective i think you gain a mindset when you experience a perspective that wakes you up we're just talking about you know indian culture i've been to india i've been to guatemala five times i go to mexico all the time even in you know wealthy areas of mexico you know the thing that breaks my heart the most and gives me a lot of perspective and a lot of appreciation for my life is when i see seven year old girls walking in the street nine year old boys four year old girls walking by themselves with little candies working all day and all night to survive that day because their parents don't have money and their parents are out working as well selling whatever they can sell and you see a girl trying to get twenty pesos for a little piece of gum or something or a little candy and that is her life every day she's walking the streets in mexico or guatemala or india or whatever it might be to survive that day and it puts your mindset in perspective yeah when you're eating at a nice restaurant you're getting your cup of coffee and you're spending dollar eight for coffee and you see a child working twelve hours a day because she needs to support the parents to live that day it puts your life in perspective it makes you realize oh okay maybe i can be more fulfilled with what i have maybe i can make some different choices maybe i can appreciate where i'm working right now or i can appreciate you know what i've created for myself far maybe i don't have to be so jealous of everyone else around me of what they're buying and consuming or where they're going on their trips i can value my life in a different way and i think perspective like that wakes you up in a big way.

It'S a cultural shift too i mean it's it's when you grow up in a country like america where resources are plentiful it's hard to sometimes see them because in other countries they're not always there and people you know unfortunately a lot of people don't realize that when you're in a country like america like if you can understand the words that i'm saying you have the opportunities to build wealth you have the opportunities to do whatever you want where you might not get those opportunities in other parts of the world and when you have so much we'll call it privilege of being able to speak english of being able to be in a first world country you start to then create victimizations of yourself and you start to create these like it's difficult for me because of x y and z versus other parts of the world you might not have that privilege and i have seen that you know and it's the same in in other parts of the world my family's from a state in india called punjab and it can be difficult if the government doesn't allow you to do certain things or if they're going to stop you from doing or it's.

Corrupt you know certain companies are you know cultures or economies or countries are very corrupt you know where the police are involved the government are involved all these different things again i'm sure you've seen in you know part of the country your family is from kids in a similar state where they have a point zero zero zero one percent chance.

Of building wealth it's much more difficult over there and just really i mean you know i talked about this i think with you but you know my grandparents when they were born in punjab punjab used to be a larger state in nineteen forty seven the state of punjab was severed and so my my grandparents who were sikhs the religion that i was sikh sikh if you're on the west side of punjab which is where my grandparents were you had to migrate east or you'd be killed and so you know they lost everything land family possessions possessions everything my grandfather didn't even have shoes on his feet when he made it to the other side and now you're starting i mean when we talk poverty i mean not even the reason why i say this is because i had a discussion with somebody in los angeles on a podcast recently where he says well i don't think you need money to find any fulfillment in life and i said no the only person that says i don't need money is people that have problems or people who have money because the reality is when you really don't have money then you start to really see how important money is tough man because when my grandfather was there now no shoes no place to sleep no money to eat what do you do and here's the other tricky part right your culture plays a big part in this because in the sikh religion there's a couple things i want to talk about which i don't know i was going to talk about this but we'll do it anyways let's do it there's a tenant called seva which translates to selfless service you want to help others and he would tell me that he would see hungry kids i want to feed this person because that's you know what the religion says but i don't even have money to feed myself i don't have food to give myself how am i supposed to give to somebody else if i can't even take care of me now the other part to this is there's another core tenet in our religion called which means a honest living in the sikh religion it is against the religion to ask for a handout to accept welfare to to just to ask for money that you didn't work hard to earn so now what do you do i mean you you you work and you have to find whatever opportunities you can and it is difficult for you in that situation and then you know you start to grow and look for new opportunities in new ways and then it again in different parts of the world it can be very difficult especially you know where you are my my parents right i remember my dad would tell me the story that in the nineteen eighties in punjab there was a lot of political turmoil people who were part of the sikh religion were facing a lot of difficulties and there was a lot of there was killings there was attacks it was a very tough time and trying to do anything in those types of political environments where sometimes you're worried is this car going to be blown up on my way.

To work yeah there's war there's you.

Know what do you do and then you leave or come to a new country where now you don't know the language you don't know the culture you don't know the people and now you.

Start you looked at differently your judge.

Yeah you've already made the big risk right and so this is where one of the things i like to talk about is think like an immigrant in the sense that when an immigrant comes to a new country they've already given taken the risk right where risk is i have they've left home i've left everything and now i have opportunity right you you do that for an opportunity and this is where again it's the opportunity which is understanding number one that opportunity is there it's not there's a difference between being hard and being impossible it might be hard it might be hard because of the cards you're dealt it might be difficult because of the circumstances you've had it might be difficult because of certain things that have happened in your life but that doesn't necessarily mean it's impossible and if you are in a first world country it is possible but number one you got to believe you got to believe and there's a lot of negative people out there misery loves company it is very easy to find especially when you've been punched in the face especially when you've been scammed especially when you've been screwed over but if you look at any successful person they've gone through a lot of crap yes and there's a saying that says successful people have failed more times than most people have even tried and it puts things in perspective and so now we talk about what does that actually mean well that might mean you try to get a job and you get rejected a lot of times that might mean you try to start a business and you get screwed over it may mean you lose money it might mean you invest your money in the stock market and the company you buy goes bankrupt that might mean you put your money somewhere and you lose it i mean i have had a lot of business screw ups i have lost a lot of money didn't you lose.

A lot of money on your first housing investment too like you lost money and you lost the home but you didn't stop trying to invest in real.

Estate i i've made a lot of mistakes in real estate see i think i'm i'm definitely not the smartest person right the reason why i say that is because a smart person will make a mistake and learn that mistake it.

Takes me three tries it takes me.

Years it takes me a lot of tries and so that means it costs a lot of money yeah but you know i've had bad tenants bad property managers bad contractors i've had a lot of tough things happen i'm curious with.

Your with your religion it's called the sikh religion correct what is the number one tenet or philosophy that you believe if everyone lived by they could start creating more financial freedom and wealth from if they lived by that tenet within the religious philosophy well the sikh religion.

Essentially has three major pillars let's call it namjapo wanashako and kirtikaro which means number one remember god means serve others before you serve yourself and kirit karo means earn an honest living now i'm not here to preach and tell people you got to follow you know our religious principles or anything along those lines but at the end of the day i made a post about this recently but a lot of times people assume that making money means you got to be greedy hoard money and be this evil bad person but that's not what being wealth should be about the whole purpose of becoming wealthy is number one so you can take care of yourself but also number two take care of people around you give back help others help other people that can't help themselves that's really the power now of you going out becoming financially educated because if you are struggling to eat how are you going to pay to feed a hungry person and it's really again it goes back to a mindset shift as to why you're doing things and not have to be so selfish now this doesn't mean you have to go out and give away all your money but also understanding that you can be a good human in fact you don't have to change what type of person you are right you can be whatever type of person you are just have to.

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You okay and also when you see an opportunity to be nice try to and you don't have to be i'm not saying i'm a perfect person i am absolutely not okay everybody has bad days rough days but you know what if you see an opportunity where you can help somebody you have the time you have the resources you have the ability you can take advantage of that too and ultimately it goes back to now what does that mean for you and what are your morals when i say when i look for financial opportunities i look for three things is it legal is it financial and is it moral for me because you know when when cannabis weed was becoming very popular like in michigan i was given a lot of opportunities to invest into this new industry before it really started booming i could have made a lot of money doing that it was legal financial huge upside just not moral for me and that was my decision and you got to decide what's right for you what's right for you might not be right for me but this is why i never try to tell people you got to invest in stocks you got to invest in real estate you got to do this because what's right for you may or may not be right for me you have a different risk tolerance you have a different goals you have a different perspective you have different things you got to find what's right for you which comes back to now you said what are the three investments right yes now let me lay out three assets that have built more wealth than anything else over the last century which is number one building a business number two stocks number three real estate in really no particular order these three things have built more wealth than anything else in the last century they've also.

Probably created a lot of loss than everything else in the last century absolutely for people that if they don't work out starting a business most businesses fail after what five years or something oh yeah real estate you can get in the wrong deal lose your money remember.

Two thousand eight exactly a lot of.

People lost everything and stocks you could lose it all yeah absolutely the three things were the biggest wealth generators could also be the the things that hurt people the most financially as well if they're not educated if they don't stick with it if they give up on.

It exactly and that's where you gotta be willing to go through the crap the reason why starting a business is so hard is because you're going to go through a lot of emotional hardships you're going to go through a lot of psychological hardships you're going to go through a lot of i mean letting go of a bad employee is tough let seeing your financial bank accounts go down or figuring out how you're going to make your next payroll can be tough but you got to be willing to go through the down times if you want to see the uptimes and the way that you invest in these assets again there are ways to lower your risk let's avoid the business because that's much more involved but you know stocks and real estate there are ways to invest your money and lower your risk in stocks that could mean instead of investing in a company invest in an index fund or an etf or a mutual fund with real estate instead of you going out and doing your own deals you can invest in a syndicate deal you can invest in a crowdfunded deal you can invest in somebody else's deal it doesn't mitigate all the risk but you can lower some of the risk and then you keep investing your money and the second way that you can really lower your risk is invest your money for a long time the longer you invest your money your risk levels start to go down and if you can change your like investment horizon it can completely change the way you see returns but it starts with you number one again stop spending all of your money i know it's hard but then do something with the money which is not just let it sit in a bank account but actually put that money to work that way you can build true wealth for yourself and.

If you could predict in a magic ball what you believe is going to happen within the next six to twelve months with the election coming up with the uncertainty of these wars in the world ending or new wars being created with inflation rising with debt increasing and with all this financial uncertainty happening if you could predict or make a good assumption of what you think might happen in the next six to twenty four months what would you say would likely.

Happen well the first thing that's going to happen is you're going to see a lot of crazy news stories which is going to make people extremely emotional which is going to make some people a lot of money which is going to lose some people a lot of money and so now what does that mean well let let's start we'll go big and then go narrow it's kind of the way i like to explain things which is there's a lot of uncertainty and uncertainty from a macroeconomic level means that generally that leads to more government spending the government is spending more already a lot more money than they're bringing in the reason why that matters is now our fastest growing expense is not something that's benefiting the citizens it is interest payments the reason why that matters is because taxes and inflation are two of the biggest costs for americans now why does that matter because now we're also looking at potentially higher taxes higher taxes will affect people in many different angles higher taxes affect you because if you make money and well you got to pay taxes they get taken out of your paycheck now you might say well the new tax proposals only affect rich people well no that's not necessarily true because that also means that some tax cuts get expired which means even people that are making less money could be paying more money in taxes now i don't say this to come from a political angle that's not why i talk about any of this i talk about this just from a financial perspective so you understand how to best take care of yourself now obviously taxes are there to fund things right public libraries and schools roads roads and police and whatever but at the end of the day you also want to build your own wealth i mean it's important but you also want to take care of your own wealth so you want to understand this and the second thing is if we're entering a time where the economy is slowing because our economy runs on spending we know that when somebody has money and they spend money the economic system grows right if you have money to spend a chipotle chipotle benefits but if you have money to buy the extra guac they benefit even more that's how our economic system works well because of inflation year after year after year we're finally now in twenty twenty four starting to see americans starting to cut back for the first time we haven't seen this really we didn't see this in twenty twenty three it's happening now right it's starting to happen.

I think i i think i saw recently in the headlines like people are starting to go to less concerts like there's concert fatigue they can't go to every concert all the time or just spend all this money they're starting to spend a little bit less right a little bit but there's also it seems like the buy now pay later services are increasing exactly rapid rate as well.

Yeah we just did a whole deep dive of this in our market briefs which is that buy now pay later is one of the fastest growing industries in the financial space and the reason why is because people are now it used to be credit cards right if i wanted to go and buy something i don't have the money i'm going to put it on my credit card but the interest rate is very high the buy now pay later industry says well now how about instead of worrying about the big purchases like a tv and a sofa you can finance your groceries in three easy installments of dollar eighteen a month wow and you market it with the zero percent apr and it sounds interesting because now the buy now pay later companies they charge a fee to the seller so if you go buy something off of walmart online with buy now pay later walmart is going to pay buy now pay later a small percentage of the purchase price which is why they can offer you zero percent apr however the majority of purchases on buy now pay later end up with interest because most purchases do not end up getting paid off within that period so now instead of paying the dollar fifty upfront you paid off installments but but then you also buy a mug you go in to buy a nice new shirt you go out and buy a vacation you do it all on buy now pay later and then oh no i have to pay my rent so i'll just ignore the buy now pay later right now and then you get sapped with a twenty five percent interest where you get slapped with late fees and other fines which is why now that that it keeps stimulating spending and so when we talk about you know spending cooling or what does that mean well inflation makes things more expensive and what we've seen is that the cost of living has grown faster than wages for the average person which means that you have less spending ability but how do you keep spending well what we saw is number one credit card debt rose at the fastest rates really ever credit card debt is at a new all time high and then we had banks like wells fargo come out and say well this is a great time for you to pull equity out of your home because now you can use this equity to continue living your lifestyles so people were pulling out a lot of cash especially when interest rates were low and then we saw some new interesting things happen which were number one they'll call this less interesting people were saving less money and digging into the savings but we also saw a record number of four hundred one k hardship withdrawals earlier in twenty twenty four that report came out wow so what does that mean that people are now digging into their investments why for some sort of hardship again what does all this mean well people are now looking for unique ways to continue spending maybe it's credit cards maybe it's buying i'll pay later maybe it's no longer saving or investing money maybe it's digging into my savings or investments to keep spending now what we're starting to see happen again we are not at the end of this but in the beginning we're starting to see a little bit of less spending like we saw recent reports saying that the beginning of twenty twenty four economy grew slower than what was originally expected originally it was considered low and then they just found out that it was lower than what was originally thought inflation is still hotter than what a lot of people would like so you know this is where now is the job market starting to cool is the economy also starting to cool what do all these things mean ultimately look this is what's happening there's going to be a lot of news okay crazy news crazy news is the first thing that always happens because the media companies got to make money that's.

Going to instill fear into the world.

Exactly and that's where number two is you got to distill the news from the trends and understand that this is going to create opportunities and opportunities are there for people that are financially educated prepared and understand the trends and it really comes down to that i mean are there going to be changes yeah i mean the government might need to raise taxes in order to keep funding their bigger and bigger spending if we see more economic slowdown what does that mean well that could mean maybe something happens to the stock market or maybe we see more stimulus maybe that means more inflation you know i can't predict what's going to happen tomorrow nobody can but what i can do is prepare for whatever will happen that way you know i'm ready like i don't know if it's going to rain tomorrow it might say it's going to be sunny in los angeles but it might rain you can keep an umbrella right all you can do is be prepared sure versus what ends up happening in the financial markets i'll give it in the real world is people see rain and then they start crying versus okay but if you have an umbrella you don't got to cry right i mean it's it's this is where being prepared for the rain during the sunny days is what you got to do in the financial markets is you got to prepare when times are good that when when times are not so good you're already.

Prepared and what do you think are the three biggest mistakes that someone can make over the next six months that will drastically hurt them financially well he's.

Trying to play the instagram game instagram flex which is wait they just went on this vacation how come i can't go to the bahamas how come i can't go to cabo how come i can't go to cancun i want to do that too that's number one because that instagram instagram has contributed so much to our economy that i don't think people really realize because before if you bought a nice thing you bought a nice bmw how would you show it off you got to call them but you still can't really see it you know you got to drive to somebody's house and show it off versus now i can take a buy a bmw take a picture of it and show it off instagram and show it to thousands of people and get a whole lot of likes which can then create the same ooh ah like you know they're keeping up with joneses on steroids so number one would be definitely distance yourself from social media and i i do if i add on that just a little bit there's going to be winners and losers with everything with money there's going to be winners and losers when the markets go down there's going to be winners and losers when markets go up there's going to be winners and losers losers are people that are not in the winners are people that are seeing their investments go up when markets go down the losers are people that are selling the winners are people that are now buying good assets at a discounted price it's the same thing with social media you got winners and you got losers and this is where a lot of people hate it but it exists some people are going to win people that are using social media as a tool to learn as a tool to improve or as a tool to build something you're winning versus the majority of people are using it to make themselves broker and stupid yeah there's going to be winners and losers i'm.

Curious i want people to you know if you're watching this on youtube i want you to leave a comment about the the best decision you've made in your financial situation and also the worst mistake you've made in your money situation in the past so best and worst mistake feel free to leave that in the comments and like this video if you're getting value from what jesper eats is sharing with us today so those are some of the mistakes some of the things that we're going to see crazy news stories distill the news from the trends and is there one other thing that you can predict that you think will happen in the next six to twelve months well what will happen.

Is people are going to be scared and they're going to continue being scared and that fear drives emotions now i think what you're asking is is the market going to crash are we going to see a housing market crash are we going to see an economic crash and you know we know that the economy is going to eventually see a recession we don't know when and there are people that say by the end of twenty twenty four we might be in a recession you have other people that are saying that by the end.

Of the year they said that a.

Year ago too right i mean it's always a thing there's always a recession coming but at the end of the day that doesn't benefit you unless you're prepared and you just got to be prepared that way you can win when markets are up and when markets are down and and this is where your financial education and investing in your education goes into that because you were asking what are the biggest mistakes that people will make well the second mistake that i wanted to say was essentially you do nothing you learn something like okay i got to build wealth and then you do nothing which really inaction is one of the is a big mistake.

If you look at avoiding looking at your debt and at your statements and avoiding money conversations that's a mistake if.

You look at you know ask one of the wealthiest people what is the biggest financial mistake you make what ends up being for a lot of people is the investments that they didn't make right it's the inaction now it's tough because you know hindsight is twenty twenty it's easy to look back and say that was a good investment but you got to really understand it and you got to be willing to look back and make the decision that's right for you like you mentioned what i was doing with bitcoin you know i sold a big chunk of it not because i don't believe in bitcoin but because financially just it was i've been buying bitcoin since twenty seventeen when it was three thousand dollars a coin so now when you see a two thousand percent increase in your portfolio you know well that's a great opportunity for me to take some of it off of the table because for me right my portfolio is real estate followed by stocks followed by speculative investments what are these speculative investments well some are startups that invest in some of that is cryptocurrency and i know that this could go up really high it could also go down to zero now i was fortunate to see a huge run up in price i know bitcoin can go up a whole lot higher i hope it does i hope blockchain continues to dominate i also understand it can go lower and it was just a strategic financial decision for me to now move that money which is it's not producing any income in my bank account right it's a it's a it's no cash flow it's no cash flow to take that money buy more rental properties yeah and get cash flow and get more cash flow out of it and if bitcoin goes up even more great i mean that's that's great for the people that own it if it goes down okay i'll buy something right you know it's but you got to under i'm not saying go out and buy bitcoin i'm gonna say don't buy bitco them so you got to understand if it fits within.

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Your speculative assets are speculative real estate stocks and business have built more wealth than anything else in the last century speculative assets can make you a lot of money quickly they can also lose you a lot of money just as fast and so you got to understand how certain things play a part in your investment portfolio and not just go out and start chasing the shiny things because guess what there are some speculative investments that i made like i've invested in startups where i never hear from them again oh yeah right and so there there's that's the name of the game and you got to know your you got to know your education you got to know your strategy.

Yeah and it kind of goes back to the first thing you talked about which is your your money beliefs and learning how to understand those money beliefs that you currently have and see do these work for me in creating wealth or are they hurting me and creating more fear scarcity limits on my financial opportunities then start taking the actions that you talked about in terms of educating yourself in terms of you know learning investing in yourself first to start shifting the beliefs and it's not going to happen overnight if you had a belief for twenty thirty years it might take a few years of moving that belief and seeing some action consistently to start becoming a new self shedding the old self developing a new identity around money for yourself by seeing it in a new way over and over again and to go back to what you said like getting off social media at least getting on you know unfollowing the stuff that creates fear and insecurity or jealousy or greed or whatever it might be stop watching those things i just got back from seven days of turning my phone off yes on it no social media and it was powerful you know it gives you space it gives you time to think it gives you perspective all these things that can help you try to make better decisions and i'm not saying you got to be off social media all the time but you know i'm only following inspiring accounts or accounts that like give me knowledge i don't follow news accounts to create fear and anxiety and stress i still get informed by reading a newsletter about what's happening in the world but i'm not consuming you know fires and bombs and all these different videos that are going to stress me out but if you could with everything that you shared today if you could distill it down to three action steps that if people are saying man jaspreet then maybe this is the first time they've been exposed to you they're just trying to figure out and navigate their financial you know world they're living in a lot of uncertainty still but if you could give people three things that would encapsulate what you shared on how to take the next steps based on what you shared today what would those three steps be for someone who watched or listened to this.

The first thing is take a deep breath and relax because it's very overwhelming especially if you've never really been exposed to financial education or you're realizing maybe you're lacking a certain place in your in your wealth or your finances you're in debt you're in a tough financial space it's okay that's the first thing you got to understand is you can get out and that's why i say take a deep breath and understand now there is a way out and there is a way to wealth because it can be very anxiety driving and that's not the purpose of any of this because that's never going to get you anywhere once you do that the second thing is now taking action now taking action is going to look like a lot of different things that might start with you now going out and consuming more financial education on youtube or podcast that might mean you go out and start reading some books that might mean you go out start taking some classes that might mean you go out and start investing your money and you can start by getting your toes dip your toes in the water start with a hundred dollars a thousand dollars whatever is right for you but just start taking some action now always you have to have some action being putting your money to work but you also want to couple that with learning so do that then number three is be ready for the mistake and keep going when things go wrong you know one of the disclaimers i always say is number one don't blindly listen to a random guy on youtube because that's what i am and number two is investing has risks you're never guaranteed to make money in fact you will probably lose money every single successful person in the world has lost money at some point every single successful investor has lost money at some point the goal is to make more than you lose but those losses are where the real education happened it's painful.

It is painful it's painful but you.

Sucks it sucks it sucks i don't know how else to say but it sucks but that's the time now where you got to really double down go back to the education make sure you were working on the financial preparedness and use this as an opportunity to learn more i mean i have talked so many times about the times i screwed up in my own business the times i screwed up in real estate like i have made a lot of mistakes and it is tough when you go through them but without those mistakes you're never going to be able to get to where you want to go exactly.

Yeah i can think back when i was living on my sister's couch for a year and a half in columbus ohio with i don't know close to thirty thousand dollars in student loan debt i was i was fortunate i was one of the fortunate ones not to have two hundred thousand in student loans debt or more and i remember i was injured i had a cast on from surgery for six months so i was unable to kind of physically do manual labor jobs i didn't have my college degree yet and this was in two thousand seven eight and nine when the economy crashed the mortgage you know industry crashed and they weren't hiring people with masters let alone people like me that didn't graduate college yet so i remember feeling very down and out very victimhood and a lot of shame on top of that because i wasn't contributing and earning any money and i was living off of my sister catherine now she was she had a job and she was able to at least provide housing for me and you know i was eating kind of the scraps of food that she would have left over and i remember feeling a lot of shame that i was thinking why am i now an adult man that is unable to make money this economy is really hard i'm struggling and i didn't have the right money beliefs also i think i had some decent money beliefs that i saw my dad do some things well but there was so much pain and suffering and conflict within their marriage that things were tied and muddy around money as well so i was confused about money and i didn't know how i was going to make it i didn't know how who would pay me am i capable of making money do i have any skills to make money who's going to hire me where can i work could i start my own thing i didn't have the belief around any of these things but what you're saying right now is something that i started to do i started to educate myself and i started to read a lot at that time i was reading blogs and i was reading like financial personal finance blogs right so i was learning i read a book by ramit sethi called i will teach youh to be rich great book that book over the next few years helped me pay off my student loans and start taking action it didn't happen overnight but it gave me a game plan to take action on paying it down from twenty bucks a month to hundreds of dollars a month then paying it all off and that created the snowball effect that you talked about i started to build momentum little by little it didn't happen overnight then i started to get creative and put myself out there and say how can i earn a couple extra hundred dollars a week you know let me try to help people with what i'm learning online let me try to create these events that i was starting to do and i started to generate a little bit of cash and from there i built confidence and i built competence then i reinvested that money back into myself what you talked about step one invest in you and i started getting coaches and mentors and going to events and all these things gave me more confidence and competence and i lost money along the way i spent time on things that didn't work out i had ups and downs physical health challenges relationship challenges all these different things were happening at the same time but as i look back now fifteen sixteen years later i see that by taking action and sticking with it like you just shared kind of the last point you shared sticking with it over time i have more than i've lost i've learned more i've experienced more and there have been some extremely painful times there has been betrayal sadness heartbreak all these different things but by being consistent and just doing a little bit better than you do worse and making smarter decisions every time you make dumb mistakes you will have more than you did before and you will become a different person in the process oh yeah and i think if people can it was really hard for me to see the future sixteen years ago seventeen years ago when i was on my sister's couch it was near impossible to see how am i going to make money how am i going to create wealth how am i going to have a financial freedom how am i going to create a feeling of abundance inside of me and also in you know in assets or in investments how is this possible it feels near impossible and i think when you stop thinking about the end result of okay how do i make a million dollars in the next couple years and you just start thinking about the next step today and being consistent with those actions and improving day after day year after year it'll eventually grow and i hope that's what people take away from this interview and this episode is that it doesn't happen overnight you will feel and experience pain financially physically emotionally psychologically in the process but you can also experience a lot of beauty fulfillment and joy in the process as well.

And the purpose comes from pain yeah and it's you gotta go through the.

Process i tell you that man the most painful parts of my life have they're the reason why i'm here you know dealing with that financial heartache dealing with challenges as a kid that i dealt with has given me the reason to live in service which is one of the tenets of your religion to serve others from that place of pain to hopefully help others get out of that pain as well that's why i do what i do i know it's why you do what you do with market market briefs with minority mindset is that right the minority mindset on youtube and with your paid community of teaching people about the latest trends what's happening because you don't want people to suffer the way you suffered financially and the pains that you've had so you're now educating those to hopefully bypass a lot.

Of those mistakes to lower the learning curve we can't bypass you gotta go through the hardships i know man but you can you know minimize yeah you can lower some of the pain lower the learning curve that way you can get to where you want to go a little bit quicker and hopefully make less expensive mistakes not avoidable exactly just making less expensive mistakes because you got to make the mistakes you're going to.

You got to jaspreet this has been extremely informative you've got an amazing youtube channel where you're putting out content almost daily hundreds of i think over a thousand videos on there now so much content around all these different topics for free if people want to learn more they can watch it for free minority mindset on youtube you've also got market briefs which is your free newsletter with hundreds of thousands of people are part of that you send out incredible insights and information weekly for people daily daily there you go you have a whole team that is scouring the news the information what's happening trends to give people for free so make sure you sign up for that is that marketbriefs dot.

Com briefs co briefs co or just go to google and search market briefs.

Market briefs and you also have a paid community that's coming out soon well i guess it's out by the time of this launch of this video and this audio but if you sign up for briefs co you'll get information on the the premium version of that as well briefs pro briefs pro there you go dude this has been informative my audience loves when we come on together and share these things so thank you for for reviewing them again my biggest takeaways are that the system is rigged against you if you don't have the right mindset if you don't have the right beliefs and if you have money wounds you'll be stuck in a system that wants to keep you poor and fortunately there is a way out if you're willing to change your beliefs if you're willing to reinvest in yourself and become someone new in the process and start taking daily actions that are painful at first but will be extremely rewarding in the future so you need to think about your future self and what your future self wants you to do today and stop thinking about what your desires and your ego self wants today with the pleasures of life right minimize the financial pleasures and create more experiential pleasures that are free that cost nothing which is connecting with loved ones which is enjoying nature which is being and creating your own adventures in life as opposed to needing to always spend i'm not saying don't spend but make sure you spend less than you make start taking those daily actions and invest in your future and keep being of service with your talents and gifts so i'm so grateful for you jaspreet for always being of service for living the tenets of your religion which i believe the first one was remember god the second one is make sure to serve others and then earn an honest living so i appreciate you i acknowledge you and i'm grateful for all that you do for your community this community at the school of greatness and is there any final message that you'd like to share for people before we wrap up well.

Dude that was so nice very sweet you know again i make a lot of mistakes so i would definitely not want to put myself as you know a perfect person or anything even close i make a lot of mistakes in every which way but i think the goal is always just to buy to be a little bit better every day you can improve no matter where you are i think all of us myself included especially have a lot to improve but what you said was one hundred percent right that there is opportunity and availability for you to go out and live a life financially of more freedom but that requires you to number one breathe understand as possible take action and even when things get tough you keep going and you know beyond that right you got to make those financial sacrifices that way you can do more of the financial things travel spend money and not have to worry about the price because now you have the money right the goal is not to ever enjoy the nice things is to be able to afford the nice things without having to worry about the price because you've put in the work and now you.

Earned it that's beautiful man if you guys enjoyed this make sure to like the video leave a comment of your biggest takeaway or your biggest challenge or struggle that you're facing with around money or your biggest question around money and we'll bring jaspreet back on in the future to try to answer some of these questions and just preet thanks man lance so much for being here thank.

You for having me man i hope.

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