1 00:00:00,240 --> 00:00:02,120 Speaker 1: Every day that you're saving money in the bank, you 2 00:00:02,160 --> 00:00:05,520 Speaker 1: are slowly becoming poorer each and every day, and most 3 00:00:05,519 --> 00:00:07,520 Speaker 1: of us never see it happen. Now, this doesn't mean 4 00:00:07,520 --> 00:00:09,680 Speaker 1: you shouldn't save any money, just just means you have 5 00:00:09,680 --> 00:00:11,920 Speaker 1: to understand how to save your money is strategically because 6 00:00:11,960 --> 00:00:14,680 Speaker 1: wealthy people do not want to save all their money. 7 00:00:19,880 --> 00:00:22,960 Speaker 1: Hey everyone, welcome back to On Purpose, the number one 8 00:00:23,040 --> 00:00:25,439 Speaker 1: health podcast in the world. Thanks to each and every 9 00:00:25,440 --> 00:00:28,560 Speaker 1: single one of you that come back every week to listen, 10 00:00:28,840 --> 00:00:31,360 Speaker 1: learn and grow. And I am so excited to be 11 00:00:31,400 --> 00:00:34,760 Speaker 1: talking to you today. I can't believe it. My new book, 12 00:00:34,920 --> 00:00:38,800 Speaker 1: Eight Rules of Love is out and I cannot wait 13 00:00:38,840 --> 00:00:41,960 Speaker 1: to share it with you. I am so excited for 14 00:00:41,960 --> 00:00:43,960 Speaker 1: you to read this book, for you to listen to 15 00:00:44,000 --> 00:00:46,480 Speaker 1: this book. I read the audiobook. If you haven't got 16 00:00:46,479 --> 00:00:49,320 Speaker 1: it already, make sure you go to eight Rules of 17 00:00:49,440 --> 00:00:54,400 Speaker 1: Love dot com. It's dedicated to anyone who's trying to find, keep, 18 00:00:54,640 --> 00:00:56,960 Speaker 1: or let go of love. So if you've got friends 19 00:00:57,000 --> 00:01:00,320 Speaker 1: that are dating, broken up, or struggling with love, make 20 00:01:00,360 --> 00:01:02,920 Speaker 1: sure you grab this book. And I'd love to invite 21 00:01:02,960 --> 00:01:05,520 Speaker 1: you to come and see me for my global tour. 22 00:01:05,959 --> 00:01:09,800 Speaker 1: Love Rules. Go to jsdytour dot com to learn more 23 00:01:09,840 --> 00:01:14,720 Speaker 1: information about tickets, VIP experiences, and more. I can't wait 24 00:01:14,720 --> 00:01:16,880 Speaker 1: to see you this year. Now. The fun that I've 25 00:01:16,920 --> 00:01:20,920 Speaker 1: been having with this show recently is what we've done 26 00:01:20,959 --> 00:01:24,040 Speaker 1: since the beginning is we've talked about mental health and 27 00:01:24,160 --> 00:01:27,440 Speaker 1: wellbeing much more broadly than just the mind. Often we 28 00:01:27,520 --> 00:01:30,720 Speaker 1: think that mental health and living a positive life and 29 00:01:30,760 --> 00:01:33,520 Speaker 1: living a healthy life is all about just the mind. 30 00:01:33,600 --> 00:01:35,880 Speaker 1: For a long time, we thought it was just the body. 31 00:01:36,000 --> 00:01:38,720 Speaker 1: Then we kind of upgraded. But what we haven't realized 32 00:01:38,840 --> 00:01:42,680 Speaker 1: is that every part of our life informs our wellbeing. 33 00:01:43,600 --> 00:01:46,880 Speaker 1: How we make money, how we spend money, how we 34 00:01:47,000 --> 00:01:49,840 Speaker 1: use money, and even deeper than that, how we think 35 00:01:49,880 --> 00:01:53,880 Speaker 1: about money impacts our wellbeing. We have a relationship with 36 00:01:54,040 --> 00:01:58,800 Speaker 1: every form of energy in this world, and money or 37 00:01:58,840 --> 00:02:02,520 Speaker 1: our financial world, is an integral part of it. And 38 00:02:02,600 --> 00:02:05,080 Speaker 1: so today I'm really honored and really grateful because I 39 00:02:05,120 --> 00:02:08,320 Speaker 1: reached out to someone who I believe is truly talking 40 00:02:08,360 --> 00:02:10,760 Speaker 1: about this in a way that I can align with 41 00:02:11,120 --> 00:02:14,400 Speaker 1: someone that I feel as incredible values around his own mission. 42 00:02:14,720 --> 00:02:17,360 Speaker 1: I'm talking about the one and only Jess Bret Singh, 43 00:02:17,400 --> 00:02:21,360 Speaker 1: who's a serial entrepreneur and licensed attorney. Although he didn't 44 00:02:21,400 --> 00:02:24,840 Speaker 1: receive any formal financial education, He's on a mission to 45 00:02:24,880 --> 00:02:28,920 Speaker 1: make financial education fun and accessible and he's winning at it. 46 00:02:29,240 --> 00:02:32,080 Speaker 1: Jess Breath is the chief executive money nerd at the 47 00:02:32,120 --> 00:02:35,960 Speaker 1: Minority Mindset Companies and the host of the Minority Mindset 48 00:02:36,000 --> 00:02:38,920 Speaker 1: YouTube channel, which I highly recommend you go and subscribe 49 00:02:38,919 --> 00:02:42,720 Speaker 1: to while you're listening or watching this. Welcome to the show, Jess, 50 00:02:42,720 --> 00:02:45,000 Speaker 1: Bret Sing, Jesper, thank you for doing this. Wow, Jay, 51 00:02:45,040 --> 00:02:47,960 Speaker 1: what an introduction man. I appreciate you. I appreciate being here, 52 00:02:48,000 --> 00:02:50,280 Speaker 1: and thank you for the opportunity. Now. I'm so grateful 53 00:02:50,280 --> 00:02:51,799 Speaker 1: I get to have this conversation with you. I was 54 00:02:51,840 --> 00:02:55,320 Speaker 1: just saying to offline that one of the things I 55 00:02:55,360 --> 00:02:58,760 Speaker 1: really appreciate about the way you talk about wealth when 56 00:02:58,800 --> 00:03:02,640 Speaker 1: I was watching your channel and hearing your work, was 57 00:03:02,680 --> 00:03:06,840 Speaker 1: that I realized that money wasn't an obsession or it 58 00:03:06,840 --> 00:03:10,760 Speaker 1: didn't sound like the goal, but you'd created these really 59 00:03:10,800 --> 00:03:13,640 Speaker 1: healthy habits around how all of us, no matter what 60 00:03:13,680 --> 00:03:18,519 Speaker 1: our financial situation is, can create really a deep, meaningful 61 00:03:18,600 --> 00:03:21,360 Speaker 1: connection to our wealth and finances. Would you say that's fair? 62 00:03:21,560 --> 00:03:23,760 Speaker 1: How does that sound? You can totally disagree with the 63 00:03:23,960 --> 00:03:26,720 Speaker 1: one I mean, the things that I grew up learning 64 00:03:26,760 --> 00:03:28,840 Speaker 1: just didn't make sense because growing up, my parents are 65 00:03:28,840 --> 00:03:32,240 Speaker 1: immigrants from a Sadan India cultpin job and I saw 66 00:03:32,240 --> 00:03:34,440 Speaker 1: my parents work their butt off. My parents came to 67 00:03:34,520 --> 00:03:38,480 Speaker 1: this country with very little and grown up. If my 68 00:03:38,560 --> 00:03:41,000 Speaker 1: dad had a Saturday and a Sunday off, it was 69 00:03:41,040 --> 00:03:44,640 Speaker 1: considered a long weekend. So he was working long hours 70 00:03:44,640 --> 00:03:48,440 Speaker 1: every day on weekends all the time. And at the 71 00:03:48,520 --> 00:03:51,000 Speaker 1: same time, they would say, you need to study hard 72 00:03:51,120 --> 00:03:52,960 Speaker 1: so you can get a good job and become successful. 73 00:03:53,080 --> 00:03:55,200 Speaker 1: And at the same time they would also say, don't 74 00:03:55,240 --> 00:03:57,520 Speaker 1: worry about money, don't stress about money, don't talk about 75 00:03:57,560 --> 00:03:59,920 Speaker 1: money because money is bad when he's taboo, money's evil. 76 00:04:00,240 --> 00:04:02,480 Speaker 1: And something didn't make sense because even as a kid, 77 00:04:02,680 --> 00:04:05,120 Speaker 1: I had this entrepreneurial bug where I was like, I 78 00:04:05,160 --> 00:04:07,360 Speaker 1: want to do something different. I started by mowing my 79 00:04:07,400 --> 00:04:09,760 Speaker 1: neighbor's LANs, and my parents were like, don't do that. 80 00:04:10,160 --> 00:04:12,440 Speaker 1: Don't worry about trying to get money by doing that. 81 00:04:12,560 --> 00:04:15,880 Speaker 1: Just study hard to become a doctor. And I was like, Oh, 82 00:04:15,920 --> 00:04:18,200 Speaker 1: something's not making sense because on one hand, you're working 83 00:04:18,200 --> 00:04:22,159 Speaker 1: your butt off to get paid and on the other hand, 84 00:04:22,560 --> 00:04:25,239 Speaker 1: you're talking about how money is bad, how you shouldn't 85 00:04:25,279 --> 00:04:28,520 Speaker 1: talk about money. As I went through this like emotional 86 00:04:29,160 --> 00:04:32,960 Speaker 1: and kind of a tough financial education journey, I realized 87 00:04:33,800 --> 00:04:37,400 Speaker 1: that the reason why so many people create the smokescreen 88 00:04:38,040 --> 00:04:42,160 Speaker 1: taboo culture around money is because we're insecure about our money. 89 00:04:42,279 --> 00:04:44,520 Speaker 1: And the reason why it's because we don't understand how 90 00:04:44,560 --> 00:04:47,280 Speaker 1: money plays a part in our lives. Money is just 91 00:04:47,400 --> 00:04:49,680 Speaker 1: one part of our lives. You're right. Money is not 92 00:04:49,720 --> 00:04:51,280 Speaker 1: going to make you happier. Money is not going to 93 00:04:51,360 --> 00:04:52,880 Speaker 1: make you a better person. Money is not going to 94 00:04:52,920 --> 00:04:56,159 Speaker 1: make you a good person. However, if you don't have money, 95 00:04:56,160 --> 00:04:59,120 Speaker 1: and if you don't understand money well, that lack of 96 00:04:59,160 --> 00:05:03,719 Speaker 1: money can impact your mental health. It can make you stressed, anxious, depressed. 97 00:05:03,760 --> 00:05:06,360 Speaker 1: It is one of the leading causes of divorce. If 98 00:05:06,360 --> 00:05:08,839 Speaker 1: you don't have money, you can start eating bad. You 99 00:05:08,839 --> 00:05:11,359 Speaker 1: can't afford healthier food, You can't have the right gym membership. 100 00:05:11,400 --> 00:05:13,159 Speaker 1: You don't have time to take care of your family. 101 00:05:13,200 --> 00:05:15,000 Speaker 1: If you don't have money, you can't buy your spouse 102 00:05:15,040 --> 00:05:17,320 Speaker 1: that nice vocation that they keep asking about. You can't 103 00:05:17,360 --> 00:05:19,599 Speaker 1: take care of your kids the way that you might 104 00:05:19,640 --> 00:05:21,800 Speaker 1: have wanted. You can't give your kids the vocations. You 105 00:05:21,839 --> 00:05:23,960 Speaker 1: can't give your kids the opportunities that maybe you want. 106 00:05:23,960 --> 00:05:25,760 Speaker 1: Maybe you can't even buy the healthcare that you want, 107 00:05:25,920 --> 00:05:29,200 Speaker 1: because the reality, and this is unfortunate or fortune, that 108 00:05:29,200 --> 00:05:32,040 Speaker 1: the reality of the way the system is is money talks, 109 00:05:32,560 --> 00:05:34,600 Speaker 1: and if you don't understand money, then you're going to 110 00:05:34,640 --> 00:05:36,600 Speaker 1: be at the mercy of people who have money. And 111 00:05:36,640 --> 00:05:39,799 Speaker 1: this is where I had to understand how money plays 112 00:05:39,839 --> 00:05:43,760 Speaker 1: a part in my life because I came to something 113 00:05:43,800 --> 00:05:46,479 Speaker 1: that I call the quadrfit theory, and the way that 114 00:05:46,760 --> 00:05:49,440 Speaker 1: I put it is, there's four aspects of life. If 115 00:05:49,440 --> 00:05:51,200 Speaker 1: you want to live a happy and fulfilled life, you 116 00:05:51,200 --> 00:05:54,200 Speaker 1: have to be healthy in these four aspects. First, you 117 00:05:54,240 --> 00:05:57,320 Speaker 1: have to be physically fit. Second, you have to be 118 00:05:57,440 --> 00:06:00,720 Speaker 1: mentally fit. Third, you have to be spiritual fit. And 119 00:06:00,760 --> 00:06:03,680 Speaker 1: fourth is financially fit. And the way I put it 120 00:06:03,720 --> 00:06:06,680 Speaker 1: in this order is because physically, if you're not physically fit, 121 00:06:06,720 --> 00:06:08,599 Speaker 1: if you're more billy a beast, you're on your deathbed. 122 00:06:08,600 --> 00:06:10,320 Speaker 1: It doesn't matter if you have ten million dollars. The 123 00:06:10,360 --> 00:06:13,440 Speaker 1: only thing you care about is being healthy. Again, Second, 124 00:06:13,760 --> 00:06:17,800 Speaker 1: mentally fit, if you are depressed, if you're anxious, if 125 00:06:17,800 --> 00:06:19,599 Speaker 1: you are not surrounded by people that you love. If 126 00:06:19,640 --> 00:06:21,600 Speaker 1: you're not happy, having more money is just going to 127 00:06:21,680 --> 00:06:26,400 Speaker 1: make you more miserable. And this is a big misconception 128 00:06:26,400 --> 00:06:28,800 Speaker 1: out there where I know people in my own person's life. 129 00:06:28,839 --> 00:06:30,640 Speaker 1: I'm sure you do too, where people are like, if 130 00:06:30,640 --> 00:06:33,000 Speaker 1: i just make a million dollars, you know, I'm going 131 00:06:33,040 --> 00:06:35,600 Speaker 1: to have find the love of my life. I'm gonna 132 00:06:35,680 --> 00:06:37,320 Speaker 1: be liked, people are gonna want to talk to me. 133 00:06:37,360 --> 00:06:40,839 Speaker 1: And when you start to imagine this world where money 134 00:06:40,920 --> 00:06:42,800 Speaker 1: is going to solve the mental aspect of your life, 135 00:06:42,800 --> 00:06:46,400 Speaker 1: but that's not the case. It's its own aspect. So 136 00:06:46,600 --> 00:06:49,360 Speaker 1: more money will not make you mentally happy. Then it's 137 00:06:49,360 --> 00:06:51,960 Speaker 1: a spiritual aspect. And this doesn't have to be religious. 138 00:06:51,960 --> 00:06:54,440 Speaker 1: This is your purpose for me. It's what is the 139 00:06:54,480 --> 00:06:56,839 Speaker 1: reason why you're on this earth? What are you waking 140 00:06:56,920 --> 00:06:59,040 Speaker 1: up for every single day? If you don't have a purpose, 141 00:06:59,080 --> 00:07:00,560 Speaker 1: you're not going to have a reason to get out 142 00:07:00,560 --> 00:07:02,800 Speaker 1: of bed, no matter how much money you have. After 143 00:07:02,839 --> 00:07:06,320 Speaker 1: you have the physical fitness, the mental fitness, the spiritual fitness, 144 00:07:06,760 --> 00:07:09,640 Speaker 1: that's where the financial fitness has the biggest impact and 145 00:07:09,720 --> 00:07:12,840 Speaker 1: the most power to help you live the most fulfilled life. 146 00:07:12,840 --> 00:07:15,640 Speaker 1: Because now money is just the icing on the cake Man. 147 00:07:15,720 --> 00:07:18,200 Speaker 1: It allows you to live a more fulfilled and a 148 00:07:18,240 --> 00:07:20,520 Speaker 1: happy life because now you can do more of the 149 00:07:20,560 --> 00:07:22,920 Speaker 1: things that make you happy. You can give more, you 150 00:07:22,960 --> 00:07:25,240 Speaker 1: can buy more food for homeless people. You can do 151 00:07:25,360 --> 00:07:29,000 Speaker 1: more things that give you happiness. Maybe it is writing books, 152 00:07:29,080 --> 00:07:31,920 Speaker 1: maybe it is traveling, maybe it is giving, maybe it 153 00:07:32,000 --> 00:07:34,640 Speaker 1: is starting businesses. Whatever it is for you, you have 154 00:07:34,720 --> 00:07:36,600 Speaker 1: the resources and the ability to do that, but that 155 00:07:36,720 --> 00:07:40,280 Speaker 1: requires you to have that financial education and be willing 156 00:07:40,320 --> 00:07:44,120 Speaker 1: to now go out of the way to talk about 157 00:07:44,120 --> 00:07:47,800 Speaker 1: money and learn about money and understand, Hey, money is 158 00:07:48,280 --> 00:07:50,840 Speaker 1: something that I need to understand. Money is something that 159 00:07:50,920 --> 00:07:52,680 Speaker 1: I need to be willing to talk about. Money is 160 00:07:52,680 --> 00:07:54,320 Speaker 1: something that I need to be willing to learn about 161 00:07:55,040 --> 00:07:58,480 Speaker 1: because most of us are never taught to think about money, 162 00:07:58,520 --> 00:08:02,840 Speaker 1: myself included. Yeah, I mean, I loved that thesis, and 163 00:08:02,920 --> 00:08:07,640 Speaker 1: I would agree with you because I had similar rhetoric 164 00:08:07,960 --> 00:08:11,239 Speaker 1: in my language growing up. So when we talked about money, 165 00:08:11,400 --> 00:08:15,240 Speaker 1: it was we always had just enough. So I grew 166 00:08:15,320 --> 00:08:19,080 Speaker 1: up when I had zero in my bank accounts on 167 00:08:19,120 --> 00:08:21,840 Speaker 1: plenty days, and that was just we had just enough. 168 00:08:22,560 --> 00:08:25,400 Speaker 1: Or we often talked about money as if we went 169 00:08:25,440 --> 00:08:28,040 Speaker 1: to a place where someone had a nice home or 170 00:08:28,760 --> 00:08:31,480 Speaker 1: someone had a nice car, the conversation would be, or 171 00:08:31,520 --> 00:08:34,520 Speaker 1: what that person does some sketchy stuck or they must 172 00:08:34,520 --> 00:08:38,000 Speaker 1: have done something that was stabbing someone in the back 173 00:08:38,200 --> 00:08:41,080 Speaker 1: or causing someone pain to be in that position. And 174 00:08:41,120 --> 00:08:45,840 Speaker 1: so you start creating this very negative, toxic view towards money, 175 00:08:46,040 --> 00:08:48,520 Speaker 1: and like you said, at the same time, you need 176 00:08:48,520 --> 00:08:51,520 Speaker 1: access to it. Have you ever figured out what it 177 00:08:51,679 --> 00:08:55,479 Speaker 1: was for your parents that you think created that disparity 178 00:08:55,480 --> 00:08:58,280 Speaker 1: in their relationship with money. Have you ever probed that? 179 00:08:58,320 --> 00:09:01,319 Speaker 1: Have you ever understood that somewhere? Yeah, I think it's 180 00:09:01,320 --> 00:09:04,800 Speaker 1: a cultural thing, you know, I think across the Indian culture. 181 00:09:04,840 --> 00:09:08,199 Speaker 1: My parents are from a Sadian India called Punjab. Culturally, 182 00:09:08,760 --> 00:09:11,480 Speaker 1: you know, money is just one of those things. Like 183 00:09:11,559 --> 00:09:13,640 Speaker 1: even in my culture and my religion, like there's this 184 00:09:13,720 --> 00:09:16,640 Speaker 1: concept called get girl, which means earn an honest living. 185 00:09:16,960 --> 00:09:19,560 Speaker 1: Now many people have interpreted that, you know, in many 186 00:09:19,600 --> 00:09:22,120 Speaker 1: different ways of oh, don't worry about money, don't talk 187 00:09:22,160 --> 00:09:25,400 Speaker 1: about money. And in the Sick religion, there's also this 188 00:09:25,400 --> 00:09:29,679 Speaker 1: big concept of sava which means selfless service, giving back, 189 00:09:29,960 --> 00:09:32,960 Speaker 1: and so there's this kind of like real giving aspect 190 00:09:33,080 --> 00:09:36,520 Speaker 1: which is great and I agree with but many times 191 00:09:36,559 --> 00:09:39,920 Speaker 1: we overlook the idea of how about the earning aspect, 192 00:09:40,040 --> 00:09:42,080 Speaker 1: how do we earn? How do we take care of ourselves? 193 00:09:42,120 --> 00:09:43,720 Speaker 1: Because the way I look at it is, if you 194 00:09:43,760 --> 00:09:45,559 Speaker 1: want to be able to fill somebody else's cup, you 195 00:09:45,600 --> 00:09:47,079 Speaker 1: want to feed somebody else, you have to be able 196 00:09:47,120 --> 00:09:49,360 Speaker 1: to feed yourself first. And this is a lesson that 197 00:09:49,400 --> 00:09:53,840 Speaker 1: my grandfather taught me. My grandparents are immigrants, or they 198 00:09:53,880 --> 00:09:56,360 Speaker 1: were refugees before they came and lived with me. They 199 00:09:56,400 --> 00:10:00,240 Speaker 1: were refugees because the state of Punjab you to be 200 00:10:00,320 --> 00:10:04,720 Speaker 1: much larger. Nineteen forty seven, the state was severed and 201 00:10:04,800 --> 00:10:06,520 Speaker 1: if you were a sick and you were on the 202 00:10:06,520 --> 00:10:08,840 Speaker 1: west side up a job, you had to migrate east 203 00:10:08,960 --> 00:10:11,400 Speaker 1: otherwise you were going to be killed. And it was 204 00:10:11,400 --> 00:10:16,280 Speaker 1: a very brutal, very rough, very like bad time. And 205 00:10:16,400 --> 00:10:19,559 Speaker 1: my grandparents were on the west side, and so immediately 206 00:10:19,760 --> 00:10:22,520 Speaker 1: they had to leave their homes, leave their lands, leave 207 00:10:22,720 --> 00:10:27,400 Speaker 1: family members, leave their friends behind, and migrate and run east. 208 00:10:27,800 --> 00:10:29,880 Speaker 1: And my grandfather I heard this story a lot, and 209 00:10:30,559 --> 00:10:33,240 Speaker 1: he'd actually just moved back to America. But when he 210 00:10:33,360 --> 00:10:36,600 Speaker 1: started the migration process, the process moving east, all he 211 00:10:36,640 --> 00:10:39,040 Speaker 1: had was a sword in his hand and the clothes 212 00:10:39,040 --> 00:10:42,120 Speaker 1: on his back, nothing else left, all the money left, 213 00:10:42,120 --> 00:10:44,080 Speaker 1: all the land, left everything behind him, and left his 214 00:10:44,080 --> 00:10:47,880 Speaker 1: parents behind and started running. And during that process he 215 00:10:48,000 --> 00:10:51,079 Speaker 1: got attacked by a mob and he had to defend 216 00:10:51,160 --> 00:10:53,160 Speaker 1: himself and he saw his uncle get killed right in 217 00:10:53,240 --> 00:10:56,000 Speaker 1: front of him. His uncle got a knife, a sword 218 00:10:56,120 --> 00:10:58,520 Speaker 1: right to his head, cut his head open in half, 219 00:10:58,720 --> 00:11:00,719 Speaker 1: and that was the last time he saw him. Now 220 00:11:00,760 --> 00:11:03,319 Speaker 1: he comes over to the New East inside of Banjab, 221 00:11:03,400 --> 00:11:05,960 Speaker 1: the New India. He lost his shoes along the way, 222 00:11:06,160 --> 00:11:08,679 Speaker 1: doesn't have a home, doesn't have any family, doesn't have 223 00:11:08,679 --> 00:11:10,760 Speaker 1: any friends. He's here just trying to figure it out 224 00:11:10,840 --> 00:11:14,120 Speaker 1: himself and now has to figure out how do you 225 00:11:14,880 --> 00:11:17,720 Speaker 1: make life work? And what he tells me from that 226 00:11:17,760 --> 00:11:23,000 Speaker 1: time is poorness is the worst disease. And the reason 227 00:11:23,000 --> 00:11:25,280 Speaker 1: why is because when you're at that level of poverty, 228 00:11:25,360 --> 00:11:28,520 Speaker 1: that level of poorness, you can't even think about feeding 229 00:11:28,520 --> 00:11:31,440 Speaker 1: somebody else. You can't think about helping another person because 230 00:11:31,440 --> 00:11:32,920 Speaker 1: the only thing on your mind is how can I 231 00:11:33,000 --> 00:11:36,640 Speaker 1: feed myself? How can you feed your family? When that's 232 00:11:36,679 --> 00:11:38,280 Speaker 1: the only thing that you're trying to do, you can't 233 00:11:38,320 --> 00:11:41,120 Speaker 1: worry about feeding other people. And that's where you know, 234 00:11:41,160 --> 00:11:43,320 Speaker 1: for me, it was I want to become successful so 235 00:11:43,320 --> 00:11:45,800 Speaker 1: I can give back to my family, to my parents, 236 00:11:46,080 --> 00:11:48,520 Speaker 1: give back to my community, and be able to do 237 00:11:48,640 --> 00:11:52,240 Speaker 1: more things. Money at its core, it's just a tool. 238 00:11:53,040 --> 00:11:55,280 Speaker 1: It allows you to do more of the things that 239 00:11:55,280 --> 00:11:57,000 Speaker 1: you want. If you give a good person money, they 240 00:11:57,000 --> 00:11:58,640 Speaker 1: have a tool to do more good. If they have 241 00:11:58,679 --> 00:12:00,560 Speaker 1: a bad person more money, that would tool to do 242 00:12:00,640 --> 00:12:02,440 Speaker 1: more bad. So money at the end of the day, 243 00:12:02,480 --> 00:12:05,440 Speaker 1: it's just like gasoline. It amplifies whoever you are, which 244 00:12:05,480 --> 00:12:07,600 Speaker 1: is why we need more good people with money. So 245 00:12:07,679 --> 00:12:11,040 Speaker 1: now going back to your question of why, I really think, 246 00:12:11,040 --> 00:12:13,640 Speaker 1: it's just a lot of insecurity. You know, if we 247 00:12:13,720 --> 00:12:16,560 Speaker 1: feel like we did everything right, we're working hard, but 248 00:12:16,679 --> 00:12:19,720 Speaker 1: we don't have what somebody else has, something must be wrong. 249 00:12:20,080 --> 00:12:22,080 Speaker 1: They must have done something bad, They must have done 250 00:12:22,120 --> 00:12:26,320 Speaker 1: something that you know, we didn't see. So we create excuses, 251 00:12:26,360 --> 00:12:29,160 Speaker 1: we create smokescreens. But the thing that we don't understand 252 00:12:29,440 --> 00:12:33,560 Speaker 1: is the financial education aspect, because that is the thing 253 00:12:33,679 --> 00:12:36,280 Speaker 1: that can make or break your finances. It does not 254 00:12:36,360 --> 00:12:38,200 Speaker 1: matter how much money you make, what degree you have, 255 00:12:38,280 --> 00:12:40,719 Speaker 1: who your parents are, where you went to school, none 256 00:12:40,760 --> 00:12:43,000 Speaker 1: of that matters. It's what you do with the money. 257 00:12:43,040 --> 00:12:44,560 Speaker 1: You make. And this is one of those things that 258 00:12:45,080 --> 00:12:47,600 Speaker 1: it can be very hard for you to understand unless 259 00:12:47,600 --> 00:12:49,360 Speaker 1: you actually see it. I was actually just reading a 260 00:12:49,360 --> 00:12:52,200 Speaker 1: study last week. It said that seven out of ten 261 00:12:52,240 --> 00:12:55,679 Speaker 1: Americans across the board are living paycheck to paycheck, and 262 00:12:55,720 --> 00:12:58,679 Speaker 1: then it said that fifty percent of Americans are just 263 00:12:58,720 --> 00:13:01,920 Speaker 1: about fifty percent of Americans making six figures or more 264 00:13:02,480 --> 00:13:06,679 Speaker 1: are also living paycheck to paycheck. The majority of Americans 265 00:13:07,000 --> 00:13:10,880 Speaker 1: across the board, doesn't matter the income, are broke. They 266 00:13:10,920 --> 00:13:13,640 Speaker 1: have little to no savings, they have little to no investments, 267 00:13:13,720 --> 00:13:16,200 Speaker 1: regardless of how much money you're making. And the reason 268 00:13:16,320 --> 00:13:18,439 Speaker 1: is not just because of what salary your job, or 269 00:13:18,840 --> 00:13:20,400 Speaker 1: what degree you have or who your parents are, but 270 00:13:20,480 --> 00:13:23,120 Speaker 1: because of what financial education you have. And none of 271 00:13:23,160 --> 00:13:25,600 Speaker 1: us are taught to think about money. But just the 272 00:13:25,640 --> 00:13:29,679 Speaker 1: craziest thing, Yeah, I really appreciate you going in that direction, 273 00:13:29,720 --> 00:13:32,680 Speaker 1: because I think everyone thinks that when we do have 274 00:13:32,720 --> 00:13:35,560 Speaker 1: a conversation about money, because of our conditioning, it has 275 00:13:35,559 --> 00:13:37,920 Speaker 1: to be this obsession or asking me this goal. And 276 00:13:37,960 --> 00:13:40,800 Speaker 1: you're like, well, actually, it's just about education. It's just 277 00:13:40,840 --> 00:13:43,199 Speaker 1: about you have to make this thing and you're going 278 00:13:43,240 --> 00:13:45,640 Speaker 1: to do something with it. We better learn how it 279 00:13:45,679 --> 00:13:47,560 Speaker 1: goes in and goes out and where it goes and 280 00:13:47,640 --> 00:13:49,839 Speaker 1: even for me, I'm reflecting on my own experience. I 281 00:13:50,160 --> 00:13:52,600 Speaker 1: interviewed my mom recently, not on the podcast and I 282 00:13:52,640 --> 00:13:54,800 Speaker 1: want to do that, but I interviewed my mom recently 283 00:13:54,880 --> 00:13:56,400 Speaker 1: at a dinner. We were at a dinner for my 284 00:13:56,400 --> 00:13:58,720 Speaker 1: sister's birthday, and I thought, you know what, I'm going 285 00:13:58,760 --> 00:14:01,640 Speaker 1: to interview my mom like a podcast guests at dinner, 286 00:14:01,679 --> 00:14:03,720 Speaker 1: and so I started asking her questions. I was like, Mom, 287 00:14:03,760 --> 00:14:05,600 Speaker 1: like how did you get your first job? And like, 288 00:14:05,960 --> 00:14:08,240 Speaker 1: especially I find like Indian South Asian parents, they don't 289 00:14:08,240 --> 00:14:10,560 Speaker 1: really talk about I don't at least mind don't. They 290 00:14:10,600 --> 00:14:13,960 Speaker 1: don't talk about the struggles they went through or the hardships, 291 00:14:14,040 --> 00:14:15,720 Speaker 1: or they never talk about the problem. You never talk 292 00:14:15,760 --> 00:14:17,840 Speaker 1: about the problems. And so I was asking my mom. 293 00:14:18,400 --> 00:14:21,000 Speaker 1: She told me that she was from Yemen. So my 294 00:14:21,080 --> 00:14:23,360 Speaker 1: mom was born and raised in Yemen. She speaks Arabic. 295 00:14:23,440 --> 00:14:26,080 Speaker 1: Unfortunately she did not teach me. But she's of Indian 296 00:14:26,080 --> 00:14:29,520 Speaker 1: descent and Indian origin. And in Yemen, there was a 297 00:14:29,520 --> 00:14:33,160 Speaker 1: war going on between the people of Yemen and the 298 00:14:33,200 --> 00:14:35,560 Speaker 1: Brits because the Brits were in control at the time. 299 00:14:35,840 --> 00:14:38,360 Speaker 1: So my mom said she was studying for her exams 300 00:14:38,800 --> 00:14:41,960 Speaker 1: while there were Yemeni soldiers on her roof trying to 301 00:14:41,960 --> 00:14:44,520 Speaker 1: protect Yemen, and they're just study for their school exams 302 00:14:44,680 --> 00:14:46,600 Speaker 1: and like that's what she was going through and so 303 00:14:47,240 --> 00:14:49,720 Speaker 1: and then when she moved to London, she kept her 304 00:14:49,760 --> 00:14:52,280 Speaker 1: British passport by moving to London. At the time, because 305 00:14:52,360 --> 00:14:56,120 Speaker 1: Yemen got its independence, they moved with like eight pounds, 306 00:14:56,120 --> 00:14:58,400 Speaker 1: which is like ten dollars, like you know, and at 307 00:14:58,400 --> 00:15:01,480 Speaker 1: that time that's not bad, but I mean that's practically nothing. 308 00:15:01,480 --> 00:15:04,760 Speaker 1: And of course they built up from scratch and you know, 309 00:15:05,040 --> 00:15:09,560 Speaker 1: for themselves did really well. But the idea still comes 310 00:15:09,600 --> 00:15:14,240 Speaker 1: to we have no financial education. Yeah, what are if 311 00:15:14,280 --> 00:15:16,480 Speaker 1: you could start with them, We'll dive into each of 312 00:15:16,480 --> 00:15:19,000 Speaker 1: these deeper. If you could tell me what are the 313 00:15:19,040 --> 00:15:24,640 Speaker 1: three habits that keep us in that poor or poverty mindset, 314 00:15:24,640 --> 00:15:28,080 Speaker 1: as you said, and what are the healthy habits that 315 00:15:28,200 --> 00:15:31,120 Speaker 1: bring us into the wealthy mindset? Sure? So, the three 316 00:15:31,200 --> 00:15:34,560 Speaker 1: I think biggest bad habits when it comes to money first, 317 00:15:34,720 --> 00:15:38,000 Speaker 1: probably the most obvious, I will say, it's people following 318 00:15:38,040 --> 00:15:41,680 Speaker 1: the two ses where you're spending or saving all of 319 00:15:41,680 --> 00:15:43,840 Speaker 1: your money, you'll never become wealthy if you do that. 320 00:15:44,280 --> 00:15:49,080 Speaker 1: Number two would be you blindly follow the system without 321 00:15:49,160 --> 00:15:52,120 Speaker 1: questioning the way the system works. And number three is 322 00:15:52,120 --> 00:15:54,880 Speaker 1: you don't understand how money works. So if you start 323 00:15:54,880 --> 00:15:59,320 Speaker 1: with number one, the two s save and spend. And 324 00:15:59,360 --> 00:16:02,080 Speaker 1: I was interested if you look at the financial statements 325 00:16:02,160 --> 00:16:04,960 Speaker 1: for the majority of people in America or even across 326 00:16:05,000 --> 00:16:07,240 Speaker 1: the world, the way it looks is you make money, 327 00:16:07,720 --> 00:16:10,840 Speaker 1: you pay taxes, you spend money, and then you wonder 328 00:16:10,840 --> 00:16:14,200 Speaker 1: where all your money went. Literally, and so people, the 329 00:16:14,280 --> 00:16:17,080 Speaker 1: majority people don't have any plan for their money. And 330 00:16:17,400 --> 00:16:21,560 Speaker 1: that's why the majority people have little to no savings. 331 00:16:21,600 --> 00:16:25,000 Speaker 1: And the majority of Americans have little to no investments 332 00:16:25,120 --> 00:16:29,120 Speaker 1: right now, but half of America has zero investments. And 333 00:16:29,200 --> 00:16:32,200 Speaker 1: I'm talking about zero four oh one k zero IRA, 334 00:16:32,480 --> 00:16:36,840 Speaker 1: zero stock market accounts, zero real estate investments, zero gold investments, nothing. 335 00:16:37,280 --> 00:16:39,720 Speaker 1: And then out of the next half of Americans that 336 00:16:39,800 --> 00:16:44,040 Speaker 1: have an investment, only half of those have an investment 337 00:16:44,200 --> 00:16:46,880 Speaker 1: outside of their four oh one care ira. So you 338 00:16:46,920 --> 00:16:49,760 Speaker 1: have a very small percent about a quarter of America 339 00:16:50,000 --> 00:16:54,760 Speaker 1: working in America that's any investments on their own. This 340 00:16:54,840 --> 00:16:58,120 Speaker 1: is it the part to win the tournament. If you 341 00:16:58,160 --> 00:17:02,880 Speaker 1: sing it the championship is yours, but on your backswing, 342 00:17:03,400 --> 00:17:06,679 Speaker 1: your hat falls over your eyes. Is this how you're 343 00:17:06,760 --> 00:17:10,640 Speaker 1: running your business? Poor visibility because you're still relying on 344 00:17:10,720 --> 00:17:15,120 Speaker 1: spreadsheets and outdated finance software. To see the full picture, 345 00:17:15,440 --> 00:17:19,240 Speaker 1: you need to upgrade to NetSuite by Oracle. 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And I love their new audio mode 384 00:19:47,119 --> 00:19:49,720 Speaker 1: that lets you listen while you're driving, doing chores, or 385 00:19:49,760 --> 00:19:52,600 Speaker 1: working out. I highly recommend you check it out. Get 386 00:19:52,720 --> 00:19:56,399 Speaker 1: unlimited access to every master Class, and as an on 387 00:19:56,560 --> 00:20:00,320 Speaker 1: purpose listener, you get fifteen percent off an annual member ship. 388 00:20:00,520 --> 00:20:03,199 Speaker 1: Go to master Class dot com forward slash on purpose. 389 00:20:03,320 --> 00:20:07,359 Speaker 1: Now that's masterclass dot com. Forward slash on Purpose for 390 00:20:07,480 --> 00:20:12,359 Speaker 1: fifteen percent off master Class. When you go back to 391 00:20:12,400 --> 00:20:17,080 Speaker 1: the saving and spending, we're in a spending culture. America 392 00:20:17,200 --> 00:20:19,760 Speaker 1: has a consumerism culture. And I joke about this, but 393 00:20:20,520 --> 00:20:22,600 Speaker 1: the way I like to say it is Traditionally, Indian 394 00:20:22,640 --> 00:20:25,640 Speaker 1: people make a dollar to spend twenty cents. American people 395 00:20:25,680 --> 00:20:28,080 Speaker 1: make a dollar to spend two dollars thanks to the 396 00:20:28,080 --> 00:20:31,160 Speaker 1: help of credit. This is just the culture that we're 397 00:20:31,160 --> 00:20:34,760 Speaker 1: in where it's very okay and normalized to spend money 398 00:20:34,800 --> 00:20:38,040 Speaker 1: even if you can't afford something. And what are you doing, well, 399 00:20:38,240 --> 00:20:41,120 Speaker 1: you're spending all your money making everybody else around you rich, 400 00:20:41,640 --> 00:20:45,000 Speaker 1: but you yourself. You might look rich, but you're actually broke. 401 00:20:45,320 --> 00:20:48,640 Speaker 1: There's a reason why the owner and CEO of Louis 402 00:20:48,720 --> 00:20:51,520 Speaker 1: Vatan is the richest person in the world versus the 403 00:20:51,560 --> 00:20:54,560 Speaker 1: majority people who wear Louis Vatan are broke. The people 404 00:20:54,560 --> 00:20:57,000 Speaker 1: who are wearing Louis Vatan are trying to look rich, 405 00:20:57,040 --> 00:20:58,600 Speaker 1: and how are you doing that while you're making the 406 00:20:58,600 --> 00:21:01,680 Speaker 1: owner of Louis Vatan rich by doing that? And so 407 00:21:01,800 --> 00:21:04,160 Speaker 1: this is where you got to understand. There's nothing wrong 408 00:21:04,160 --> 00:21:06,879 Speaker 1: with wearing designer stuff. There's nothing wrong with having nice stuff. 409 00:21:06,880 --> 00:21:09,320 Speaker 1: There's nothing wrong with wanting nice things, but you have 410 00:21:09,440 --> 00:21:11,720 Speaker 1: to be able to afford it. First, I used to 411 00:21:11,720 --> 00:21:14,600 Speaker 1: guest teach in Detroit public schools and when I used 412 00:21:14,640 --> 00:21:16,640 Speaker 1: to teach there, it's a rough school district. I would 413 00:21:16,640 --> 00:21:19,000 Speaker 1: talk to the kids about life, you know, motivation and 414 00:21:19,200 --> 00:21:22,720 Speaker 1: entrepreneurship and money and success. And one of the things 415 00:21:22,760 --> 00:21:23,960 Speaker 1: that I would ask is how many of you have 416 00:21:24,000 --> 00:21:27,320 Speaker 1: a job. Almost all of them raise their hands saying 417 00:21:27,320 --> 00:21:29,480 Speaker 1: that they had a job. My next follow up question 418 00:21:29,640 --> 00:21:32,800 Speaker 1: was how many of you have a bank account? Nobody 419 00:21:33,280 --> 00:21:35,639 Speaker 1: raised their hand, So I asked, you know, what do 420 00:21:35,640 --> 00:21:37,560 Speaker 1: you do with your paycheck. They said, well, we get 421 00:21:37,560 --> 00:21:39,359 Speaker 1: a physical check, then we go to the liquor store 422 00:21:39,560 --> 00:21:41,880 Speaker 1: where you get it cashed. The liquor store owner takes 423 00:21:41,880 --> 00:21:45,200 Speaker 1: one to ten percent. Then you buy pop candy, a 424 00:21:45,280 --> 00:21:47,000 Speaker 1: bunch of junk on the way out, and by the 425 00:21:47,040 --> 00:21:49,200 Speaker 1: time you're out of the store, you've already given away 426 00:21:49,280 --> 00:21:52,240 Speaker 1: half of your paycheck. I call it a net zero thinking, 427 00:21:52,280 --> 00:21:54,960 Speaker 1: where we think in terms of spending. If I have 428 00:21:55,040 --> 00:21:58,200 Speaker 1: a thousand dollars, I can go out and buy this handbag, 429 00:21:58,280 --> 00:22:00,359 Speaker 1: this nice thing. If I have ten grand, I can 430 00:22:00,400 --> 00:22:02,400 Speaker 1: go on this nice vocation. If I have fifty grand, 431 00:22:02,440 --> 00:22:04,199 Speaker 1: I can go on and buy this nice car. We 432 00:22:04,320 --> 00:22:06,399 Speaker 1: think in terms of spending because we think, if I 433 00:22:06,480 --> 00:22:09,040 Speaker 1: have this money, how can I spend it now? If 434 00:22:09,080 --> 00:22:11,359 Speaker 1: you break away from that and now you start creating 435 00:22:11,359 --> 00:22:12,960 Speaker 1: a buffer and you don't spend all of your money, 436 00:22:13,000 --> 00:22:16,320 Speaker 1: the next problem is we save our money. Because for me, 437 00:22:16,440 --> 00:22:19,480 Speaker 1: the only financial education that I was given was save 438 00:22:19,520 --> 00:22:22,520 Speaker 1: your money. Because if you're not spending it now, you 439 00:22:22,600 --> 00:22:24,320 Speaker 1: are building up a big bank account. And if you 440 00:22:24,359 --> 00:22:26,000 Speaker 1: have a big bank account, you'll be wealthy. But the 441 00:22:26,080 --> 00:22:29,000 Speaker 1: reality is you will never be able to become wealthy 442 00:22:29,040 --> 00:22:32,280 Speaker 1: through your savings. Your savings will never make you wealthy. 443 00:22:32,480 --> 00:22:33,919 Speaker 1: And if you don't believe me, I'll give you just 444 00:22:33,960 --> 00:22:37,840 Speaker 1: a mathematical term. Your savings right now are growing by 445 00:22:38,320 --> 00:22:41,400 Speaker 1: essentially nothing. Well, let's just say one percent, and I'm 446 00:22:41,400 --> 00:22:44,120 Speaker 1: being very very generous here. If your savings grow by 447 00:22:44,119 --> 00:22:48,080 Speaker 1: one percent and inflation is higher than one percent, and 448 00:22:48,119 --> 00:22:51,080 Speaker 1: we can see now inflation is extremely high. But even 449 00:22:51,119 --> 00:22:54,920 Speaker 1: before the twenty twenty pandemic, inflation was still higher than 450 00:22:54,960 --> 00:22:58,080 Speaker 1: one percent. We were two or three percent. Inflation means 451 00:22:58,080 --> 00:23:00,760 Speaker 1: that the value of your savings are dropped. So if 452 00:23:00,800 --> 00:23:03,719 Speaker 1: inflation is higher than your savings, that means that your 453 00:23:03,760 --> 00:23:06,680 Speaker 1: savings are losing value each and every day. Every day 454 00:23:06,680 --> 00:23:08,240 Speaker 1: that you save your money in the bank, you are 455 00:23:08,240 --> 00:23:11,520 Speaker 1: slowly becoming poorer each and every day, and most of 456 00:23:11,600 --> 00:23:13,520 Speaker 1: us never see it happen. Now, this doesn't mean you 457 00:23:13,520 --> 00:23:15,639 Speaker 1: shouldn't save any money. This just means you have to 458 00:23:15,720 --> 00:23:18,520 Speaker 1: understand how to save your money strategically. Because wealthy people 459 00:23:18,520 --> 00:23:20,560 Speaker 1: do not want to save all their money. They wanted 460 00:23:20,520 --> 00:23:22,879 Speaker 1: to save their money for an emergency. They save their 461 00:23:22,880 --> 00:23:25,080 Speaker 1: money for an investment, or they save their money for 462 00:23:25,080 --> 00:23:27,200 Speaker 1: a big purchase. If it doesn't fall into one of 463 00:23:27,240 --> 00:23:28,960 Speaker 1: those three things. You don't want to save your money 464 00:23:29,000 --> 00:23:31,680 Speaker 1: because now you're saving money, your savings are just making 465 00:23:31,720 --> 00:23:34,600 Speaker 1: your poorer each and every day. This brings me to 466 00:23:34,640 --> 00:23:39,320 Speaker 1: then the second aspect, which is blindly following and trusting 467 00:23:39,359 --> 00:23:42,920 Speaker 1: the system. And this one was the most difficult one 468 00:23:43,000 --> 00:23:47,280 Speaker 1: for me because growing up, most of us, myself included, 469 00:23:47,359 --> 00:23:49,719 Speaker 1: always told that if you want to become successful, go 470 00:23:49,760 --> 00:23:53,119 Speaker 1: to school, get good grades, get a good job, climb 471 00:23:53,119 --> 00:23:56,000 Speaker 1: the corporate ladder. For me, it was go to school, 472 00:23:56,040 --> 00:23:59,560 Speaker 1: get good grades, get into medical school, become a doctor. 473 00:24:00,200 --> 00:24:03,359 Speaker 1: You've heard several stories before. That was all that I 474 00:24:03,400 --> 00:24:05,600 Speaker 1: was told. Since I was like a little baby. My 475 00:24:05,640 --> 00:24:07,639 Speaker 1: parents would tell everybody just poyth, this is going to 476 00:24:07,680 --> 00:24:10,040 Speaker 1: become a doctor. He's going to go out and do medicine, 477 00:24:10,080 --> 00:24:12,480 Speaker 1: this and that, and that's what I was always told, 478 00:24:12,520 --> 00:24:14,720 Speaker 1: and I was not really against it because I wanted 479 00:24:14,760 --> 00:24:16,920 Speaker 1: to be successful. I saw how hard my parents worked. 480 00:24:16,960 --> 00:24:18,760 Speaker 1: Since I was a kid, I always wanted to give back, 481 00:24:19,280 --> 00:24:22,560 Speaker 1: and I was assumed that, Okay, if I got good grades, 482 00:24:22,680 --> 00:24:24,320 Speaker 1: I'll get into a good medical school. And if I 483 00:24:24,359 --> 00:24:25,800 Speaker 1: do a good in medical school, I'll be able to 484 00:24:25,800 --> 00:24:27,720 Speaker 1: get a good job as a doctor, and if I 485 00:24:27,760 --> 00:24:29,120 Speaker 1: get a good job as a doctor, I'll be able 486 00:24:29,160 --> 00:24:30,840 Speaker 1: to make more money. I thought it was all just 487 00:24:30,960 --> 00:24:34,680 Speaker 1: linearly quarreling your grades, your income, your grades, your success. 488 00:24:35,119 --> 00:24:37,639 Speaker 1: That was one of the reasons why growing up, anything 489 00:24:37,640 --> 00:24:41,800 Speaker 1: that was not medical or academic related, it was completely discouraged. 490 00:24:42,359 --> 00:24:45,240 Speaker 1: And sometimes I think it's very difficult for someone to 491 00:24:45,320 --> 00:24:47,120 Speaker 1: understand what does it mean that, like, you know, your 492 00:24:47,160 --> 00:24:49,119 Speaker 1: parents really wanted you to be a doctor, because it 493 00:24:49,200 --> 00:24:52,040 Speaker 1: wasn't like an option, like this was the option. And 494 00:24:52,119 --> 00:24:53,800 Speaker 1: I think the best example that I can give of 495 00:24:53,880 --> 00:24:56,040 Speaker 1: that was when I was in eighth grade, I was, like, 496 00:24:56,119 --> 00:24:58,919 Speaker 1: you know, twelve years old. My parents got me a tutor, 497 00:24:59,200 --> 00:25:00,800 Speaker 1: not for the English class that I was on the 498 00:25:00,840 --> 00:25:03,520 Speaker 1: verge of failing, not for the other stuff that I 499 00:25:03,600 --> 00:25:05,280 Speaker 1: was studying for in eighth grade, but for the medical 500 00:25:05,320 --> 00:25:08,639 Speaker 1: college admission test, the test you take in college to 501 00:25:08,640 --> 00:25:10,760 Speaker 1: get into medical school. My parents got me a tutor 502 00:25:10,800 --> 00:25:12,520 Speaker 1: for when I was in twelfth grade. We did to 503 00:25:12,640 --> 00:25:15,080 Speaker 1: spend money on a lot of things. The only thing 504 00:25:15,119 --> 00:25:17,359 Speaker 1: that parents were willing to spend money on were things 505 00:25:17,359 --> 00:25:20,240 Speaker 1: related to academics to give me into medical school. And 506 00:25:20,320 --> 00:25:22,720 Speaker 1: so here I'm in twelfth grade, I have an MCAT 507 00:25:22,760 --> 00:25:24,800 Speaker 1: tutor coming to my house and he was like, wait, 508 00:25:25,320 --> 00:25:27,600 Speaker 1: this is the kid that I'm teaching about medical school 509 00:25:27,600 --> 00:25:30,440 Speaker 1: to get him into medical school, and like, that's how 510 00:25:30,440 --> 00:25:32,720 Speaker 1: strict it was in my house. So I was checking 511 00:25:32,720 --> 00:25:34,720 Speaker 1: all the boxes. I was doing good in school, I 512 00:25:34,800 --> 00:25:37,760 Speaker 1: was studying hard, I was getting good grades. But then 513 00:25:37,840 --> 00:25:42,320 Speaker 1: along the way, I realized that something wasn't adding up. 514 00:25:42,480 --> 00:25:44,600 Speaker 1: When I was in high school, I was working at 515 00:25:44,640 --> 00:25:46,640 Speaker 1: Indian weddings. I was playing a drum called a doll 516 00:25:47,119 --> 00:25:49,080 Speaker 1: and I got to meet a lot of the local 517 00:25:49,119 --> 00:25:52,080 Speaker 1: Indian DJs that work at Indian weddings and they became friends. 518 00:25:52,760 --> 00:25:55,399 Speaker 1: And they would say, you know, you have a lot 519 00:25:55,440 --> 00:25:57,240 Speaker 1: of friends in high school, how about we start hosting 520 00:25:57,280 --> 00:25:59,359 Speaker 1: teen parties in high school. Now I couldn't tell my 521 00:25:59,400 --> 00:26:03,359 Speaker 1: parents this because again, anything that's not you know, medicine related, 522 00:26:03,440 --> 00:26:05,040 Speaker 1: gonna give me in a medical school, I can't tell them. 523 00:26:05,080 --> 00:26:06,720 Speaker 1: So I would do this all on the side, even 524 00:26:06,800 --> 00:26:08,480 Speaker 1: going to work at weddings. I had to kind of 525 00:26:08,560 --> 00:26:11,560 Speaker 1: keep it all secret. And I was like, okay, let's 526 00:26:11,560 --> 00:26:13,879 Speaker 1: do it. You know, it was fun for me. So 527 00:26:14,240 --> 00:26:16,960 Speaker 1: I was sixteen years old and I started hosting these 528 00:26:17,000 --> 00:26:20,040 Speaker 1: teen parties at a local restaurant that just opened up 529 00:26:20,040 --> 00:26:21,919 Speaker 1: and they wanted some exposure, so they let us do 530 00:26:21,920 --> 00:26:25,320 Speaker 1: it there for free, and it was fun. But then 531 00:26:25,359 --> 00:26:26,640 Speaker 1: I was like, you know, I know this is a hobby. 532 00:26:26,640 --> 00:26:27,879 Speaker 1: I'm going to go to college and I'm going to 533 00:26:27,960 --> 00:26:30,840 Speaker 1: become a doctor and this is all going to become history. Well, 534 00:26:30,840 --> 00:26:33,119 Speaker 1: I go to college, I'm seventeen. I don't know what 535 00:26:33,200 --> 00:26:35,840 Speaker 1: to expect because my parents didn't go to university here, 536 00:26:36,080 --> 00:26:38,320 Speaker 1: and I think that everybody goes to college, they spend 537 00:26:38,320 --> 00:26:40,280 Speaker 1: their Friday nights in the chemistry lab. They all want 538 00:26:40,280 --> 00:26:41,960 Speaker 1: to become this big thing and they want to spend 539 00:26:42,000 --> 00:26:44,360 Speaker 1: all their time studying in college. And I get there 540 00:26:44,400 --> 00:26:50,360 Speaker 1: and everybody is partying, drinking, blowing money they don't have 541 00:26:51,000 --> 00:26:53,840 Speaker 1: on all this stuff. Like I don't party, I don't drink, 542 00:26:54,240 --> 00:26:57,159 Speaker 1: I never drink, I didn't smoke. So for me, it 543 00:26:57,240 --> 00:27:00,400 Speaker 1: was like a big shock and I was like, this 544 00:27:00,480 --> 00:27:02,520 Speaker 1: is weird, Like this is not what I expected. But 545 00:27:02,560 --> 00:27:04,800 Speaker 1: I still need something to do on Friday nights. So 546 00:27:04,960 --> 00:27:07,080 Speaker 1: that entrepreneur side of my brain kicked in again. I 547 00:27:07,119 --> 00:27:09,680 Speaker 1: was like, Oh, let's bring this party business back to college, 548 00:27:09,920 --> 00:27:11,719 Speaker 1: because that's all I knew, so I was like, okay, 549 00:27:11,800 --> 00:27:13,800 Speaker 1: so I'm seventeen. I started knocking on the doors of 550 00:27:13,920 --> 00:27:17,399 Speaker 1: all the clubs, venues, bars, restaurants, asking them if I 551 00:27:17,440 --> 00:27:19,480 Speaker 1: can host party heres. And again, I'm not a party person. 552 00:27:19,520 --> 00:27:21,600 Speaker 1: I don't drink, I don't smoke. But this was the 553 00:27:21,640 --> 00:27:24,200 Speaker 1: only hustle that I knew, and you know, I just 554 00:27:24,480 --> 00:27:28,320 Speaker 1: didn't know much else. So eventually I found a club 555 00:27:28,600 --> 00:27:31,040 Speaker 1: that would work with me, and they didn't want to 556 00:27:31,119 --> 00:27:32,639 Speaker 1: charge me anything. That will let me work on a 557 00:27:32,760 --> 00:27:35,040 Speaker 1: essentially a commission basis that they'll take a percentage of 558 00:27:35,040 --> 00:27:37,200 Speaker 1: the revenue that I bring in, and I said, okay, 559 00:27:37,240 --> 00:27:38,720 Speaker 1: it doesn't cost me any money. Because I didn't have 560 00:27:38,760 --> 00:27:41,280 Speaker 1: a lot of money. I started hosting these parties, but 561 00:27:41,320 --> 00:27:44,080 Speaker 1: I still knew that this was just a hobby, something 562 00:27:44,119 --> 00:27:47,280 Speaker 1: I'm doing because I was bored on weekends. Then I 563 00:27:47,320 --> 00:27:49,520 Speaker 1: started studying to go into medical school, and this is 564 00:27:49,560 --> 00:27:51,960 Speaker 1: where things really shifted because I had some cash saved 565 00:27:52,000 --> 00:27:54,400 Speaker 1: up in the bank. And now this is like the 566 00:27:54,440 --> 00:27:56,919 Speaker 1: bottom of the two thousand and eight crash because I 567 00:27:56,960 --> 00:27:58,359 Speaker 1: was in high school when the two thousand and eight 568 00:27:58,400 --> 00:28:02,040 Speaker 1: crash happened. Around twenty twelve, was when I was studying 569 00:28:02,040 --> 00:28:04,240 Speaker 1: for the MCAT. So real estate prices are at rock 570 00:28:04,280 --> 00:28:08,480 Speaker 1: bottom and the markets are still really shaggy, and I'm 571 00:28:08,480 --> 00:28:10,120 Speaker 1: starting to study for the m CAT and I am 572 00:28:10,119 --> 00:28:12,359 Speaker 1: bored out of my mind trying to study for this 573 00:28:12,440 --> 00:28:15,720 Speaker 1: because I just wasn't very passionate about it. And so 574 00:28:15,880 --> 00:28:17,800 Speaker 1: during my breaks, I would read business books, and I 575 00:28:17,840 --> 00:28:20,200 Speaker 1: would go on the Yahoo Finance and I would study 576 00:28:20,240 --> 00:28:22,719 Speaker 1: what's going on in the markets just for fun. And 577 00:28:22,800 --> 00:28:25,520 Speaker 1: I kept hearing about how real estate is at rock 578 00:28:25,560 --> 00:28:27,960 Speaker 1: bottom on the news, and the business books that I 579 00:28:28,080 --> 00:28:31,440 Speaker 1: read always said that wealthy people invested in real estate. 580 00:28:32,200 --> 00:28:34,800 Speaker 1: I had no idea what they meant. I didn't know 581 00:28:34,840 --> 00:28:37,040 Speaker 1: any real estate investors. I didn't even know what real 582 00:28:37,119 --> 00:28:40,040 Speaker 1: estate investing was. I didn't have investor people in my family, 583 00:28:40,120 --> 00:28:43,040 Speaker 1: so I didn't know what that meant. So I was like, well, 584 00:28:43,080 --> 00:28:45,280 Speaker 1: if wealthy people invest in real estate, maybe I should 585 00:28:45,320 --> 00:28:46,960 Speaker 1: invest in real estate. So I brought up the idea 586 00:28:47,000 --> 00:28:48,160 Speaker 1: to my dad. I was like, Dad, I want to 587 00:28:48,160 --> 00:28:51,400 Speaker 1: invest in real estate. He's like, shut up, you're stupid. 588 00:28:51,560 --> 00:28:53,560 Speaker 1: Go study and become a doctor. You can worry about 589 00:28:53,600 --> 00:28:55,760 Speaker 1: all this other stuff after you become a doctor. And 590 00:28:55,880 --> 00:28:58,000 Speaker 1: I was like Okay. Now I just want to say, 591 00:28:58,000 --> 00:28:59,920 Speaker 1: you know, I love my dad to death. My parents 592 00:29:00,320 --> 00:29:01,840 Speaker 1: this was just all they knew. They didn't have that 593 00:29:01,920 --> 00:29:04,640 Speaker 1: financial education. But in the back of my mind you 594 00:29:04,680 --> 00:29:06,160 Speaker 1: and I'm always like, yo, okay, what can I do? 595 00:29:06,200 --> 00:29:07,600 Speaker 1: Maybe I don't got to tell my parents. I'll just 596 00:29:07,600 --> 00:29:09,560 Speaker 1: say something else. I had a little bit of cash 597 00:29:09,560 --> 00:29:11,240 Speaker 1: saved up in the bank from the party business that 598 00:29:11,280 --> 00:29:14,040 Speaker 1: I was running, So I started looking at rental properties 599 00:29:14,200 --> 00:29:18,719 Speaker 1: to buy, and I found this small condo on sale 600 00:29:18,720 --> 00:29:21,560 Speaker 1: for eighty four hundred dollars. That was the price of 601 00:29:21,600 --> 00:29:24,720 Speaker 1: the condos, and that same condo a few years prior 602 00:29:24,800 --> 00:29:27,320 Speaker 1: had sold for one hundred and fifty grand. So the 603 00:29:27,360 --> 00:29:30,120 Speaker 1: two thousand and eight crash really decimated the real estate 604 00:29:30,160 --> 00:29:33,600 Speaker 1: market in Michigan because four Jim Chrysler were just hit 605 00:29:33,720 --> 00:29:36,720 Speaker 1: so hard. And so I was like, okay, well, this 606 00:29:36,760 --> 00:29:38,360 Speaker 1: is not a bad price. I can afford this. I 607 00:29:38,480 --> 00:29:40,360 Speaker 1: made an offer for four thousand dollars and it was 608 00:29:40,400 --> 00:29:45,320 Speaker 1: in foreclosure. The bank countered with seven thousand, and then 609 00:29:45,360 --> 00:29:48,160 Speaker 1: I said, m how about we settle at sixth grand. 610 00:29:48,480 --> 00:29:50,200 Speaker 1: And we were trying to go back and forth, and 611 00:29:50,240 --> 00:29:52,720 Speaker 1: then they said, well, we have another offer on the table. 612 00:29:53,040 --> 00:29:54,800 Speaker 1: I didn't want to lose this deal because I already 613 00:29:54,800 --> 00:29:56,560 Speaker 1: looked at a few, so I was like, okay, well 614 00:29:56,600 --> 00:29:58,400 Speaker 1: I'll make an offer for eight grand. So it was 615 00:29:58,400 --> 00:30:01,200 Speaker 1: a bidding war. The other person offered less than eight grand, 616 00:30:01,280 --> 00:30:03,440 Speaker 1: so I got the condo. So I bought the condo 617 00:30:03,520 --> 00:30:05,400 Speaker 1: for eight thousand dollars but a little bit of work 618 00:30:05,400 --> 00:30:07,360 Speaker 1: into it. It was in pretty good shape and I 619 00:30:07,360 --> 00:30:09,320 Speaker 1: got it rented out for six hundred dollars a month. 620 00:30:09,600 --> 00:30:12,400 Speaker 1: Now I'm nineteen years old, and I had no idea 621 00:30:12,440 --> 00:30:14,000 Speaker 1: what I was doing. But all of a sudden, once 622 00:30:14,000 --> 00:30:15,800 Speaker 1: I got it a little bit figured out, I was like, wait, 623 00:30:16,520 --> 00:30:21,120 Speaker 1: this condo is paying me every single month, and I 624 00:30:21,120 --> 00:30:23,120 Speaker 1: don't have to go and host a party. I don't 625 00:30:23,120 --> 00:30:24,760 Speaker 1: got to go to work. I was working at Auntie 626 00:30:24,840 --> 00:30:27,560 Speaker 1: N's Pretzels a little bit before that, as I don't 627 00:30:27,560 --> 00:30:29,240 Speaker 1: got to flip pretzels, I don't got to host this party. 628 00:30:29,240 --> 00:30:30,800 Speaker 1: I don't got to work at a wedding and it's 629 00:30:30,840 --> 00:30:33,600 Speaker 1: paying me. Something doesn't make sense, Like how come I 630 00:30:33,640 --> 00:30:35,520 Speaker 1: was never told about this? Like I was doing good 631 00:30:35,520 --> 00:30:37,800 Speaker 1: in school, like I'm I would thought I was like smart, 632 00:30:37,920 --> 00:30:40,560 Speaker 1: I thought I knew what I was doing. Turns out 633 00:30:40,600 --> 00:30:42,760 Speaker 1: that there's a whole world of financial education that were 634 00:30:42,760 --> 00:30:48,440 Speaker 1: never taught. So now the traditional system is go to school, 635 00:30:49,320 --> 00:30:51,640 Speaker 1: study hard, get good grades, get a good job, climb 636 00:30:51,680 --> 00:30:54,200 Speaker 1: the corporate ladder. And now I'm starting to realize, wait, 637 00:30:54,800 --> 00:30:57,200 Speaker 1: there's a different system here than none of us are 638 00:30:57,240 --> 00:31:00,640 Speaker 1: ever taught, where the goal isn't to just get a 639 00:31:00,680 --> 00:31:03,320 Speaker 1: job and climb the corporate ladder. What wealthy people are 640 00:31:03,320 --> 00:31:06,760 Speaker 1: doing is they're working to own the corporate ladder. And 641 00:31:06,800 --> 00:31:08,400 Speaker 1: I was like, I didn't even know that you could 642 00:31:08,440 --> 00:31:12,800 Speaker 1: do that. Because now, if you can own investments, if 643 00:31:12,840 --> 00:31:15,920 Speaker 1: you can own assets, you own things that are going 644 00:31:15,960 --> 00:31:18,280 Speaker 1: to be paying you without you having to physically work. 645 00:31:18,600 --> 00:31:21,240 Speaker 1: And this is what wealthy people are working for. Yet 646 00:31:21,280 --> 00:31:23,560 Speaker 1: none of us are ever taught this. None of us 647 00:31:23,560 --> 00:31:25,640 Speaker 1: are ever taught in school. How do you manage money? 648 00:31:25,640 --> 00:31:27,360 Speaker 1: None of us are ever taught how do you invest 649 00:31:27,360 --> 00:31:29,160 Speaker 1: your money? None of us are ever taught how do 650 00:31:29,200 --> 00:31:30,760 Speaker 1: you build wealth? None of us ever taught how do 651 00:31:30,800 --> 00:31:34,160 Speaker 1: you generate passive income? Yet wealthy people are teaching their 652 00:31:34,240 --> 00:31:37,560 Speaker 1: kids this and they're able to figure it out because 653 00:31:37,600 --> 00:31:40,640 Speaker 1: they have that education. But for the majority of us, 654 00:31:40,800 --> 00:31:43,160 Speaker 1: we're not taught this unless you're willing to go out 655 00:31:43,200 --> 00:31:45,240 Speaker 1: your way. Now YouTube has made it a lot more accessible, 656 00:31:45,320 --> 00:31:47,600 Speaker 1: thank god. But before YouTube, you had to go how 657 00:31:47,640 --> 00:31:49,680 Speaker 1: do your way? To read books and take classes, and 658 00:31:50,760 --> 00:31:52,760 Speaker 1: it's tough. I mean, it's much harder to read a 659 00:31:52,760 --> 00:31:54,280 Speaker 1: three hundred page book than it is to watch a 660 00:31:54,320 --> 00:31:57,320 Speaker 1: ten minute YouTube video. Yeah, definitely. So that was a 661 00:31:57,400 --> 00:31:59,600 Speaker 1: big turning factor for me because that's when I started 662 00:31:59,640 --> 00:32:02,120 Speaker 1: to realize is that there's something different that you can do. 663 00:32:02,280 --> 00:32:04,200 Speaker 1: So the second habit that we talk about, you know, 664 00:32:04,240 --> 00:32:07,640 Speaker 1: breaking away from that traditional system, asking the question why. 665 00:32:07,680 --> 00:32:09,640 Speaker 1: And then the third thing is understanding what money is. 666 00:32:10,400 --> 00:32:15,320 Speaker 1: And this is a very tough concept to understand. And 667 00:32:16,120 --> 00:32:17,800 Speaker 1: I guess the best example that I can give with 668 00:32:17,840 --> 00:32:19,760 Speaker 1: this is kind of going back to the traditional Indian 669 00:32:19,800 --> 00:32:22,920 Speaker 1: culture because in India, it's a very common thing that 670 00:32:22,960 --> 00:32:26,360 Speaker 1: when somebody has extra cash, extra rupees, they want to 671 00:32:26,400 --> 00:32:30,760 Speaker 1: convert these rupees to gold. It's why in India a 672 00:32:30,760 --> 00:32:33,440 Speaker 1: lot of gold is transacted during weddings because they want 673 00:32:33,640 --> 00:32:36,520 Speaker 1: they want to give money, and the way that they 674 00:32:36,520 --> 00:32:40,040 Speaker 1: do that is through gold. Because inherently people understand that 675 00:32:40,040 --> 00:32:43,840 Speaker 1: the rupee loses value and I don't think that people 676 00:32:43,960 --> 00:32:46,480 Speaker 1: understand the why or the ins and out. It's just normal, 677 00:32:46,560 --> 00:32:48,360 Speaker 1: that's just the culture. So people take the cash and 678 00:32:48,400 --> 00:32:51,120 Speaker 1: they buy gold. And the reason why now we need 679 00:32:51,120 --> 00:32:54,040 Speaker 1: to understand this here in our culture is because when 680 00:32:54,040 --> 00:32:57,640 Speaker 1: we think of money, there's two different aspects to it. 681 00:32:58,200 --> 00:33:01,120 Speaker 1: There's a currency, which means something that we used to 682 00:33:01,120 --> 00:33:03,200 Speaker 1: buy and sell things in exchange, and then there is 683 00:33:03,240 --> 00:33:07,600 Speaker 1: the store of value. And many of us assume that 684 00:33:07,640 --> 00:33:10,440 Speaker 1: our money is supposed to be a store of value, 685 00:33:10,520 --> 00:33:14,080 Speaker 1: is supposed to keep its worth. But now because of 686 00:33:14,080 --> 00:33:17,040 Speaker 1: the twenty twenty pandemic and the twenty twenty one inflation 687 00:33:17,080 --> 00:33:19,880 Speaker 1: and the twenty twenty two inflation, we're seeing that, oh 688 00:33:19,920 --> 00:33:22,680 Speaker 1: my god, my savings don't buy me as much. My 689 00:33:22,800 --> 00:33:25,000 Speaker 1: earnings are not stretching us far. And so we're starting 690 00:33:25,000 --> 00:33:29,240 Speaker 1: to really realize here that maybe my dollars don't hold 691 00:33:29,320 --> 00:33:32,480 Speaker 1: the same value. And so now it's understanding what is money. Well, 692 00:33:32,520 --> 00:33:35,560 Speaker 1: there's two aspects. You have the currency aspect to buy 693 00:33:35,560 --> 00:33:37,400 Speaker 1: and sell things, and then there's a store of value. 694 00:33:38,080 --> 00:33:42,320 Speaker 1: What wealthy people understand is that money doesn't act as 695 00:33:42,360 --> 00:33:44,800 Speaker 1: a very good store of value in today's day and age. 696 00:33:45,120 --> 00:33:47,880 Speaker 1: So you want to take your money and convert it 697 00:33:47,920 --> 00:33:49,920 Speaker 1: to something that is a store of value or maybe 698 00:33:50,040 --> 00:33:53,400 Speaker 1: something that's actually going to produce you income. This is 699 00:33:53,440 --> 00:33:57,280 Speaker 1: like something that's so important for everyone to understand. And 700 00:33:57,320 --> 00:34:00,280 Speaker 1: what's interesting is my first video to go viral was 701 00:34:00,280 --> 00:34:03,440 Speaker 1: back in twenty sixteen, and in that video on my 702 00:34:03,480 --> 00:34:06,400 Speaker 1: Minority Mindset channel. The reason why I think it when 703 00:34:06,480 --> 00:34:08,960 Speaker 1: viral was because I talked about this whole idea of 704 00:34:09,000 --> 00:34:11,160 Speaker 1: when you save all your cash in the bank, you're 705 00:34:11,160 --> 00:34:14,560 Speaker 1: becoming poorer each and every day because back then inflation 706 00:34:14,960 --> 00:34:17,799 Speaker 1: was between two and three percent, while your bank was 707 00:34:17,800 --> 00:34:21,200 Speaker 1: paying you half a percent. So I said was, look, 708 00:34:21,239 --> 00:34:24,279 Speaker 1: you're losing two to three percent of your cash as 709 00:34:24,440 --> 00:34:27,320 Speaker 1: value every single day, So you need to do something 710 00:34:27,320 --> 00:34:29,759 Speaker 1: with this money because your money is losing value. In 711 00:34:29,800 --> 00:34:31,680 Speaker 1: ten years, it's going to be worth less than it 712 00:34:31,760 --> 00:34:34,800 Speaker 1: is today. Well, I didn't expect this twenty twenty pandemic 713 00:34:34,840 --> 00:34:37,040 Speaker 1: to happen. I didn't expect all this craziness to happen. 714 00:34:37,400 --> 00:34:40,960 Speaker 1: But now here we are where the inflation is significantly 715 00:34:41,040 --> 00:34:43,440 Speaker 1: higher than two to three percent, and now people are 716 00:34:43,440 --> 00:34:47,000 Speaker 1: really starting to understand that WHOA, what is my money? 717 00:34:47,040 --> 00:34:49,120 Speaker 1: And you have to be able to understand this because 718 00:34:49,120 --> 00:34:52,040 Speaker 1: this is the driving reason for why wealthy people don't 719 00:34:52,120 --> 00:34:54,960 Speaker 1: want to save all their extra cash. You want to 720 00:34:54,960 --> 00:34:57,520 Speaker 1: put your cash to work, which brings us now to 721 00:34:57,560 --> 00:35:00,440 Speaker 1: the second side, Right, what do wealthy people do? Well? 722 00:35:00,480 --> 00:35:02,200 Speaker 1: The first thing you have to understand how money plays 723 00:35:02,200 --> 00:35:04,000 Speaker 1: a part in your life. Like we discussed, right, how 724 00:35:04,080 --> 00:35:06,719 Speaker 1: does money impact your life? That way, you don't go 725 00:35:06,760 --> 00:35:09,279 Speaker 1: out and just start chasing money, because one of the 726 00:35:09,320 --> 00:35:12,640 Speaker 1: things that I realized was I started making way more 727 00:35:12,640 --> 00:35:15,600 Speaker 1: money when I stopped chasing money. Because when you're chasing money, 728 00:35:15,640 --> 00:35:20,440 Speaker 1: you're chasing something that's illusory, is just fake. It's it 729 00:35:20,480 --> 00:35:23,080 Speaker 1: doesn't even feel good, and you're not going to be 730 00:35:23,120 --> 00:35:25,600 Speaker 1: able to put your full self into it. But then 731 00:35:25,640 --> 00:35:29,440 Speaker 1: the second thing, on the more financial side is what 732 00:35:29,480 --> 00:35:32,560 Speaker 1: do you do with that money? And one of the 733 00:35:32,600 --> 00:35:36,960 Speaker 1: things that I realized is what wealthy people want is 734 00:35:37,160 --> 00:35:40,759 Speaker 1: this thing called equity. And this is where you have 735 00:35:40,800 --> 00:35:43,680 Speaker 1: a lot of benefits in America because you can't do 736 00:35:43,760 --> 00:35:45,719 Speaker 1: this in a lot of countries. So if you think 737 00:35:45,760 --> 00:35:48,440 Speaker 1: about the traditional American dream, which is changing now, but 738 00:35:48,440 --> 00:35:52,520 Speaker 1: the traditional American dream was you can work hard, buy 739 00:35:52,520 --> 00:35:55,360 Speaker 1: a home, have a car. But the whole idea of 740 00:35:55,360 --> 00:35:57,640 Speaker 1: buying a home. The reason why this was the American 741 00:35:57,760 --> 00:36:00,440 Speaker 1: dream was because if you can buy a home, you 742 00:36:00,440 --> 00:36:03,000 Speaker 1: can work over the years to pay it off, and 743 00:36:03,040 --> 00:36:05,799 Speaker 1: now you have equity in your home, and now you 744 00:36:05,800 --> 00:36:08,000 Speaker 1: have the sort of generational wealth that you can pass 745 00:36:08,040 --> 00:36:11,759 Speaker 1: down you have an asset. Well, the traditional American dream 746 00:36:11,840 --> 00:36:15,240 Speaker 1: is now an American nightmare with the high cost of homeownership, 747 00:36:15,239 --> 00:36:18,200 Speaker 1: with wages not keeping up with the cost of living. However, 748 00:36:18,600 --> 00:36:21,120 Speaker 1: that doesn't mean that the American dream is dead. It's 749 00:36:21,160 --> 00:36:24,680 Speaker 1: just changed. So what is this new idea of the 750 00:36:24,719 --> 00:36:26,520 Speaker 1: American dream. Well, if you go back to the root 751 00:36:26,640 --> 00:36:32,800 Speaker 1: core of equity, this is the real dream of wealth 752 00:36:32,840 --> 00:36:35,440 Speaker 1: and something that you can build for yourself and for 753 00:36:35,480 --> 00:36:39,640 Speaker 1: your family and for generations is if you have equity. Now, 754 00:36:39,800 --> 00:36:43,160 Speaker 1: how do I explain this, Well, if you think about 755 00:36:43,200 --> 00:36:45,640 Speaker 1: any company, especially in a bigger company, it's easy to 756 00:36:45,719 --> 00:36:48,520 Speaker 1: understand there's two people, two types of people that are involved. 757 00:36:48,560 --> 00:36:51,480 Speaker 1: You have the workers and you have the owners. The 758 00:36:51,560 --> 00:36:54,120 Speaker 1: workers are working for a salary. You go to work 759 00:36:54,160 --> 00:36:57,000 Speaker 1: every single day, you get a paycheck. You're getting a salary. 760 00:36:57,640 --> 00:37:01,240 Speaker 1: The owners of the company are not getting paid a salary. 761 00:37:01,400 --> 00:37:06,120 Speaker 1: They're getting paid in profits. They want the company to 762 00:37:06,200 --> 00:37:08,480 Speaker 1: make bigger profits so that they can make more money. Now, 763 00:37:08,480 --> 00:37:10,520 Speaker 1: there is some overlap between the workers and the owners. 764 00:37:10,840 --> 00:37:13,200 Speaker 1: If you are a founder, you're probably an owner as well. 765 00:37:13,239 --> 00:37:16,080 Speaker 1: The CEO might have some ownership, and some newer companies 766 00:37:16,400 --> 00:37:19,040 Speaker 1: you'll give equity to the workers as well. But when 767 00:37:19,040 --> 00:37:21,640 Speaker 1: you have equity, you're getting the profits of a company. 768 00:37:22,160 --> 00:37:27,239 Speaker 1: Everybody in America in this system needs to be a 769 00:37:27,280 --> 00:37:31,080 Speaker 1: business owner if you want to become successful. Now, the 770 00:37:31,120 --> 00:37:33,040 Speaker 1: one thing that I want to caveat that with is 771 00:37:33,400 --> 00:37:36,160 Speaker 1: the majority of people should not try to start a business, 772 00:37:36,400 --> 00:37:39,000 Speaker 1: and the majority people should not try to operate a business. 773 00:37:39,320 --> 00:37:41,280 Speaker 1: Now you might say, just pleased, you just said everybody 774 00:37:41,360 --> 00:37:44,200 Speaker 1: should be a business owner. How does that make any sense? Well, 775 00:37:44,560 --> 00:37:47,120 Speaker 1: you can own a business without working for the business. 776 00:37:47,120 --> 00:37:48,799 Speaker 1: And now this is the question of what are you 777 00:37:48,880 --> 00:37:51,240 Speaker 1: doing with your salary? What are you doing with your income? 778 00:37:51,680 --> 00:37:54,880 Speaker 1: You can either build the equity by starting a company 779 00:37:54,880 --> 00:37:57,919 Speaker 1: yourself or by building a home, or you can buy 780 00:37:57,960 --> 00:38:01,560 Speaker 1: the equity. Now how do you do that? Well, you 781 00:38:01,560 --> 00:38:04,920 Speaker 1: have to understand the wealth formula. The wealth formula that 782 00:38:05,000 --> 00:38:07,440 Speaker 1: I come up that I've come up with is you 783 00:38:07,520 --> 00:38:11,879 Speaker 1: take your income minus your expenses, and that equals your 784 00:38:11,920 --> 00:38:16,560 Speaker 1: investments plus your savings. So if you take your income 785 00:38:16,600 --> 00:38:17,840 Speaker 1: the amount of money that you make, and I you 786 00:38:17,880 --> 00:38:20,240 Speaker 1: subtract all the things that you buy, your rent, your mortget, 787 00:38:20,280 --> 00:38:23,120 Speaker 1: your car payment, your groceries, your gas, you take away 788 00:38:23,160 --> 00:38:24,880 Speaker 1: all of your expenses, and if you have a margin, 789 00:38:25,200 --> 00:38:28,600 Speaker 1: when I have extra cash. Now you can save all 790 00:38:28,680 --> 00:38:30,719 Speaker 1: or some of this money. But if you don't save, 791 00:38:30,760 --> 00:38:32,239 Speaker 1: if some of it, then that money can be put 792 00:38:32,280 --> 00:38:35,440 Speaker 1: to work in your investments. These investments, like I've been 793 00:38:35,520 --> 00:38:38,960 Speaker 1: hinting at, is what makes wealthy people wealthy, and it's 794 00:38:39,000 --> 00:38:42,120 Speaker 1: will keep wealthy people wealthy. These investments can be in 795 00:38:42,160 --> 00:38:44,759 Speaker 1: the stock market because anytime you buy a share of 796 00:38:44,800 --> 00:38:46,359 Speaker 1: any company. If you go out and buy a share 797 00:38:46,360 --> 00:38:49,400 Speaker 1: of say Amazon, you become one of the owners of 798 00:38:49,440 --> 00:38:52,600 Speaker 1: the Amazon Corporation. You get to share in the profits. 799 00:38:52,920 --> 00:38:56,359 Speaker 1: If the Amazon valuation goes up, your stock price goes up. 800 00:38:57,120 --> 00:38:59,399 Speaker 1: The second way would be through real estate, not through 801 00:38:59,400 --> 00:39:02,160 Speaker 1: your home, but through a real estate investment, buying your 802 00:39:02,200 --> 00:39:04,239 Speaker 1: rental property that you're buying for the sole purpose of 803 00:39:04,360 --> 00:39:06,760 Speaker 1: making money. This is something they can pay you every 804 00:39:06,960 --> 00:39:10,480 Speaker 1: week or every year, every month. Then it can be 805 00:39:10,560 --> 00:39:13,600 Speaker 1: through your own business, or if you don't want to 806 00:39:13,600 --> 00:39:15,759 Speaker 1: build your own business, you can invest in startups. It's 807 00:39:15,880 --> 00:39:19,360 Speaker 1: much more accessible now. You can own physical gold, you 808 00:39:19,400 --> 00:39:21,880 Speaker 1: can invest in cryptocurrency if that's something that you believe in. 809 00:39:22,040 --> 00:39:24,040 Speaker 1: So there's a lot of different ways to build this equity. 810 00:39:24,080 --> 00:39:25,480 Speaker 1: But this is where now you need to be putting 811 00:39:25,480 --> 00:39:28,680 Speaker 1: your money to work to actually buy and own and 812 00:39:28,800 --> 00:39:32,239 Speaker 1: build this equity. Yeah, those are I mean I first 813 00:39:32,239 --> 00:39:33,600 Speaker 1: of all, I just want to say I love how 814 00:39:33,640 --> 00:39:37,640 Speaker 1: structured you're thinking is, and it's so great to break 815 00:39:37,680 --> 00:39:39,680 Speaker 1: things down. And so anyone who's been listening or watching 816 00:39:39,719 --> 00:39:42,960 Speaker 1: so far, make sure you go back and ask yourself 817 00:39:42,960 --> 00:39:45,359 Speaker 1: which of those habits you're struggling where use someone who's 818 00:39:45,360 --> 00:39:48,480 Speaker 1: in the two sas choosing to spend or save. Are 819 00:39:48,520 --> 00:39:52,399 Speaker 1: use someone who's being slowed down by systemic thinking and 820 00:39:52,440 --> 00:39:55,600 Speaker 1: like being controlled about where that goes. Like, really, take 821 00:39:55,600 --> 00:39:58,120 Speaker 1: a moment to reflect in this episode while you're listening 822 00:39:58,200 --> 00:40:00,319 Speaker 1: which part you want to work on, because I know 823 00:40:00,480 --> 00:40:02,160 Speaker 1: right now some of you may be tempted to just 824 00:40:02,239 --> 00:40:04,160 Speaker 1: turn this off and go I'm overwhelmed. I don't want 825 00:40:04,160 --> 00:40:06,320 Speaker 1: to hear about this. I'm scared about my money already 826 00:40:06,320 --> 00:40:08,520 Speaker 1: I don't want to talk about it, but I'm hoping 827 00:40:08,520 --> 00:40:11,839 Speaker 1: that this is creating space for you to really sit down, 828 00:40:12,000 --> 00:40:14,880 Speaker 1: introspect and reflect going into that. I think one of 829 00:40:14,880 --> 00:40:18,279 Speaker 1: the biggest issues that people have when they hear this, 830 00:40:18,480 --> 00:40:20,239 Speaker 1: and I know that I had a long time ago 831 00:40:20,280 --> 00:40:23,600 Speaker 1: when I first heard this was I don't have enough 832 00:40:23,680 --> 00:40:26,480 Speaker 1: to do anything with. And so I remember when I 833 00:40:26,520 --> 00:40:31,000 Speaker 1: started hearing about crypto specifically, like very early on, like 834 00:40:31,040 --> 00:40:34,759 Speaker 1: I probably heard about it like maybe like thirteen years ago, 835 00:40:34,840 --> 00:40:37,799 Speaker 1: probably the first time. Yeah, I was very early heard 836 00:40:37,840 --> 00:40:42,719 Speaker 1: about cryptocurrencies, about twelve thirteen years ago, and I had 837 00:40:42,840 --> 00:40:44,920 Speaker 1: just come out of the monastery, so I didn't have 838 00:40:44,960 --> 00:40:48,000 Speaker 1: any money, Like I didn't have anything to invest, and 839 00:40:48,200 --> 00:40:50,880 Speaker 1: probably in about a year I probably would have had 840 00:40:50,920 --> 00:40:52,600 Speaker 1: like a thousand to invest. In my head, I go, 841 00:40:53,239 --> 00:40:55,560 Speaker 1: that's not anything. What's that going to do? Right? And 842 00:40:55,600 --> 00:40:56,920 Speaker 1: I think a lot of people have that mindset was 843 00:40:57,120 --> 00:40:59,279 Speaker 1: like I only have five hundred dollars, I only have 844 00:40:59,280 --> 00:41:01,319 Speaker 1: a thousand dollars. What can I do it that I 845 00:41:01,400 --> 00:41:04,080 Speaker 1: might as well spend it on whatever it is, because oh, 846 00:41:04,120 --> 00:41:05,600 Speaker 1: I'm going to save it because I need it for 847 00:41:05,600 --> 00:41:08,319 Speaker 1: a rainy day. What does someone do when they have 848 00:41:08,360 --> 00:41:10,080 Speaker 1: that mindset when they're like, I don't have enough. How 849 00:41:10,360 --> 00:41:13,960 Speaker 1: do you approach that? So when I was in high school, 850 00:41:14,080 --> 00:41:16,839 Speaker 1: I really wanted a Ford Mustang, but my dad was like, no, 851 00:41:16,880 --> 00:41:18,600 Speaker 1: we can't buy a Ford Mustang. I wasn't going to 852 00:41:18,680 --> 00:41:22,320 Speaker 1: get that car. But this is again when stock prices 853 00:41:22,320 --> 00:41:25,560 Speaker 1: had crashed and the next best thing if I couldn't 854 00:41:25,560 --> 00:41:28,240 Speaker 1: buy a Ford Mustang, and I started reading the business books, 855 00:41:28,239 --> 00:41:31,359 Speaker 1: then was how about to buy some of the Ford stock. Again, 856 00:41:31,360 --> 00:41:33,640 Speaker 1: I didn't have a lot of money, but first investment 857 00:41:33,760 --> 00:41:36,239 Speaker 1: in the Ford stock was two dollars because that's how 858 00:41:36,320 --> 00:41:39,360 Speaker 1: much the stock was trading for. Now it's much higher. 859 00:41:39,760 --> 00:41:42,600 Speaker 1: But what I'm trying to get at is, you know, 860 00:41:42,880 --> 00:41:46,600 Speaker 1: you can start with very little amount of money. I mean, nowadays, 861 00:41:46,600 --> 00:41:49,359 Speaker 1: with the new age of stock brokerages, if you have 862 00:41:49,920 --> 00:41:54,320 Speaker 1: ten dollars, you can start buying this type of equity. 863 00:41:54,320 --> 00:41:56,080 Speaker 1: You can start building this type of equity. But the 864 00:41:56,160 --> 00:42:02,879 Speaker 1: key now is the consistency and how often like doing 865 00:42:02,960 --> 00:42:05,799 Speaker 1: it all the time. Because when I say consistency, people say, oh, 866 00:42:05,800 --> 00:42:07,719 Speaker 1: anytime I have one hundred dollars, Well, okay, what you 867 00:42:07,719 --> 00:42:11,360 Speaker 1: want to do. But consistency is make it automatic. Any 868 00:42:11,400 --> 00:42:14,760 Speaker 1: time you get paid, take a portion of that money 869 00:42:14,800 --> 00:42:18,720 Speaker 1: and automatically invest it. Now, the next question is probably 870 00:42:18,719 --> 00:42:20,360 Speaker 1: where do uput this money? Do it? Just throw it 871 00:42:20,400 --> 00:42:23,960 Speaker 1: into Tesla or Amazon. Well, if you're not willing to 872 00:42:24,000 --> 00:42:26,319 Speaker 1: do that level of research where you don't want to 873 00:42:26,320 --> 00:42:28,080 Speaker 1: try to find the best companies, you don't want to 874 00:42:28,120 --> 00:42:29,719 Speaker 1: invest in real estate, you don't want to get into 875 00:42:29,760 --> 00:42:32,160 Speaker 1: the more you know, let's say, the more advanced type 876 00:42:32,160 --> 00:42:34,680 Speaker 1: of stuff. You want to just put your money to work. Well, 877 00:42:34,719 --> 00:42:36,759 Speaker 1: the simplest thing you can do is look at something 878 00:42:36,760 --> 00:42:40,200 Speaker 1: called an ETF, which is an exchange traded fund which 879 00:42:40,239 --> 00:42:43,280 Speaker 1: gives you exposure not to one company, but many companies, 880 00:42:43,320 --> 00:42:47,680 Speaker 1: maybe hundreds of companies. For example, there's something called the 881 00:42:47,880 --> 00:42:50,200 Speaker 1: S and P five hundred, which is a group of 882 00:42:50,200 --> 00:42:53,600 Speaker 1: the five hundred biggest companies on the stock market, essentially 883 00:42:53,640 --> 00:42:57,160 Speaker 1: the five hundred biggest companies in America. You can invest 884 00:42:57,239 --> 00:42:59,279 Speaker 1: in the S and P five hundred by investing in 885 00:42:59,320 --> 00:43:01,520 Speaker 1: just one S. So you invest in this one thing, 886 00:43:01,560 --> 00:43:04,399 Speaker 1: and you're getting exposure to five hundred different companies. Now 887 00:43:04,440 --> 00:43:06,359 Speaker 1: you don't have to worry about what each of these 888 00:43:06,360 --> 00:43:10,080 Speaker 1: five hundred companies are doing. You're just investing essentially in America, 889 00:43:10,200 --> 00:43:12,239 Speaker 1: the future of the American economy. If that's something you 890 00:43:12,280 --> 00:43:14,239 Speaker 1: believe in, well, now every time you get paid, but 891 00:43:14,360 --> 00:43:16,200 Speaker 1: in one hundred dollars, and now you just do this 892 00:43:16,239 --> 00:43:18,120 Speaker 1: for the long term. Whether the market is up or 893 00:43:18,200 --> 00:43:20,440 Speaker 1: down does not matter. Should not change the strategy to 894 00:43:20,560 --> 00:43:24,279 Speaker 1: just keep passively investing your money, make it automatic, make 895 00:43:24,320 --> 00:43:27,000 Speaker 1: it passive that we don't have to even worry about it. 896 00:43:27,000 --> 00:43:28,919 Speaker 1: And now you just keep building it up because now 897 00:43:29,239 --> 00:43:32,360 Speaker 1: it's the whole idea of compounding. You don't want to 898 00:43:32,360 --> 00:43:33,640 Speaker 1: just throw your money in at once. Do you want 899 00:43:33,680 --> 00:43:34,880 Speaker 1: to put a little bit of money and let they 900 00:43:34,920 --> 00:43:36,319 Speaker 1: grow up with more money, and let they grow up 901 00:43:36,360 --> 00:43:38,200 Speaker 1: with more money, and let that grow. I made a 902 00:43:38,239 --> 00:43:41,120 Speaker 1: couple of videos where I talked about two people. One 903 00:43:41,200 --> 00:43:44,400 Speaker 1: was a janitor, one worked in a school. Both of 904 00:43:44,440 --> 00:43:48,360 Speaker 1: them made very little income. Yet both of them retired 905 00:43:49,160 --> 00:43:52,400 Speaker 1: very wealthy. And the reason, and I'm talking about in 906 00:43:52,400 --> 00:43:54,239 Speaker 1: the millions of dollars, and the reason why they've been 907 00:43:54,239 --> 00:43:57,640 Speaker 1: able to retire with a million dollars plus was because 908 00:43:57,640 --> 00:43:59,880 Speaker 1: it took a little bit of money every time they 909 00:44:00,160 --> 00:44:02,440 Speaker 1: paid and they just invested that money. It did not matter, 910 00:44:02,880 --> 00:44:04,560 Speaker 1: you know, what else was going on the world. They 911 00:44:04,600 --> 00:44:09,240 Speaker 1: always paid themselves first. They always invested in assets before 912 00:44:09,520 --> 00:44:11,399 Speaker 1: they started going on and buying things that made them 913 00:44:11,440 --> 00:44:14,359 Speaker 1: look rich every single time. And when you put that 914 00:44:15,120 --> 00:44:16,880 Speaker 1: little bit of money to work, whether you're starting with 915 00:44:16,920 --> 00:44:19,080 Speaker 1: twenty five dollars or two hundred and fifty dollars or 916 00:44:19,120 --> 00:44:21,160 Speaker 1: a thousand dollars, when you put that money to work 917 00:44:21,160 --> 00:44:24,600 Speaker 1: and you do that consistently over time, you can build 918 00:44:24,960 --> 00:44:28,160 Speaker 1: real wealth. I mean, if you look at a compound calculator, 919 00:44:28,480 --> 00:44:32,759 Speaker 1: a few hundred dollars a month compounded from the age 920 00:44:32,800 --> 00:44:36,040 Speaker 1: of twenty one to sixty five, getting an average way 921 00:44:36,080 --> 00:44:38,920 Speaker 1: to return. I mean we're talking about millions. But it 922 00:44:38,960 --> 00:44:42,160 Speaker 1: just starts with making a small investment first and being 923 00:44:42,160 --> 00:44:44,600 Speaker 1: consistent with it and always being willing to learn. I 924 00:44:44,680 --> 00:44:46,279 Speaker 1: love that. I'm glad you brought that up because I 925 00:44:46,280 --> 00:44:48,040 Speaker 1: think the other option, so as I was saying, there 926 00:44:48,120 --> 00:44:50,160 Speaker 1: is the issue is I don't have enough. It's not 927 00:44:50,200 --> 00:44:53,319 Speaker 1: going to matter, right, Like that's one mindset. The other 928 00:44:53,360 --> 00:44:56,000 Speaker 1: mindset is and it's almost the opposite. It's the idea 929 00:44:56,040 --> 00:44:58,279 Speaker 1: of like, but I want to make money quick, yeah, right, 930 00:44:58,280 --> 00:45:00,680 Speaker 1: and I feel like it's like I want it now, 931 00:45:00,719 --> 00:45:03,120 Speaker 1: and I think there's this mindset, especially what you keep 932 00:45:03,120 --> 00:45:06,120 Speaker 1: saying about how the lifestyle has been portrayed, that we 933 00:45:06,160 --> 00:45:09,680 Speaker 1: almost feel like people just change their lives overnight, and 934 00:45:09,800 --> 00:45:12,080 Speaker 1: that they all of a sudden have like a portfolio 935 00:45:12,080 --> 00:45:14,200 Speaker 1: of rental properties, or they all of a sudden have 936 00:45:14,760 --> 00:45:16,520 Speaker 1: the nice house or the nice car or whatever it 937 00:45:16,560 --> 00:45:18,520 Speaker 1: may be, and all of a sudden, we're wondering, well, 938 00:45:18,520 --> 00:45:19,839 Speaker 1: how does it happen that quick for me? And then 939 00:45:19,880 --> 00:45:21,640 Speaker 1: we get stuck in a get rich quick scheme or 940 00:45:21,719 --> 00:45:25,120 Speaker 1: we get stuck in like some quick win. How it 941 00:45:25,320 --> 00:45:27,880 Speaker 1: sounds like to me that one of the biggest trainings 942 00:45:28,200 --> 00:45:32,120 Speaker 1: is in the discipline of being able to postpone pleasure, 943 00:45:32,920 --> 00:45:35,799 Speaker 1: because what you're saying in any mark is it's going 944 00:45:35,840 --> 00:45:38,960 Speaker 1: to take time. Like you had to save up four 945 00:45:39,040 --> 00:45:42,279 Speaker 1: to eight thousand for your first condo that you're bought. 946 00:45:42,520 --> 00:45:43,880 Speaker 1: First of all, you had to work for that money. 947 00:45:44,080 --> 00:45:46,279 Speaker 1: You had to save that money so that you could 948 00:45:46,360 --> 00:45:48,520 Speaker 1: invest it. Then you were able to buy this eight 949 00:45:48,520 --> 00:45:52,800 Speaker 1: thousand condo, which which obviously had has had great you know, growth, 950 00:45:52,840 --> 00:45:55,719 Speaker 1: I'm sure, but there was a lot that took to 951 00:45:55,760 --> 00:45:59,000 Speaker 1: get to that. Whereas the thing right now people are like, oh, well, 952 00:45:59,040 --> 00:46:01,800 Speaker 1: I'd rather spend one hundre dollars on this, right, it's 953 00:46:02,040 --> 00:46:05,239 Speaker 1: a real decade of sacrifice and there's really no way 954 00:46:05,280 --> 00:46:07,640 Speaker 1: around it if you want to fast track your way now, 955 00:46:07,680 --> 00:46:09,360 Speaker 1: the best investment you can make, if you want the 956 00:46:09,360 --> 00:46:12,200 Speaker 1: better returns, the bigger returns, is by investing your money 957 00:46:12,200 --> 00:46:15,640 Speaker 1: in yourself. And the tough part is you've got to 958 00:46:15,680 --> 00:46:19,080 Speaker 1: be willing to go through that time and the effort, 959 00:46:19,160 --> 00:46:22,319 Speaker 1: because you're right, it takes time, you know, unless you 960 00:46:22,360 --> 00:46:25,080 Speaker 1: have that experience already there. You have the mentors, you 961 00:46:25,080 --> 00:46:27,400 Speaker 1: have you know, peer brands, people who can guide you 962 00:46:27,400 --> 00:46:30,239 Speaker 1: through it. Maybe you can shorten it, but I didn't 963 00:46:30,239 --> 00:46:32,360 Speaker 1: have that, So for me, it took me a solid 964 00:46:32,440 --> 00:46:35,400 Speaker 1: decade to figure it out. To go from business idea 965 00:46:35,440 --> 00:46:38,080 Speaker 1: to business idea to business idea, to get go through 966 00:46:38,120 --> 00:46:41,760 Speaker 1: failure or failure, to get scammed after scammed. Those things 967 00:46:41,800 --> 00:46:43,440 Speaker 1: are what teach you. And when you're going through it, it 968 00:46:43,320 --> 00:46:45,839 Speaker 1: it sucks. You don't realize that you're going through a lesson. 969 00:46:45,880 --> 00:46:47,440 Speaker 1: You just feel like, dang, I just got screwed over. 970 00:46:47,600 --> 00:46:51,239 Speaker 1: Yeah you know what I mean. But it's it's you've 971 00:46:51,239 --> 00:46:54,000 Speaker 1: got to keep the goal, you know, in mind, and 972 00:46:54,880 --> 00:46:57,440 Speaker 1: it's understanding what is more important to you right now 973 00:46:57,480 --> 00:46:59,120 Speaker 1: because you write the last thing that you want to 974 00:46:59,120 --> 00:47:03,440 Speaker 1: do also is get into this idea of just pinching pennies, 975 00:47:03,520 --> 00:47:05,200 Speaker 1: because at the end of the day, a penny saved 976 00:47:05,320 --> 00:47:08,759 Speaker 1: is just a penny. And the thing that I can 977 00:47:08,880 --> 00:47:11,360 Speaker 1: best do to illustrate that is if you make forty 978 00:47:11,360 --> 00:47:14,040 Speaker 1: thousand dollars a year and you're like, Okay, I'm going 979 00:47:14,080 --> 00:47:16,359 Speaker 1: to put aside a quarter of my income. I'm gonna 980 00:47:16,360 --> 00:47:19,160 Speaker 1: put aside ten thousand dollars to save and invest, and 981 00:47:19,160 --> 00:47:20,799 Speaker 1: then you start putting your money to work and you're like, 982 00:47:20,800 --> 00:47:23,040 Speaker 1: oh my god, I love this. I want to do more. 983 00:47:23,120 --> 00:47:26,200 Speaker 1: I want to get better results. So now you're like, well, 984 00:47:26,200 --> 00:47:27,960 Speaker 1: I'm going to try to put aside thirty percent of 985 00:47:28,040 --> 00:47:29,880 Speaker 1: mind come, thirty five percent of mind come, and you 986 00:47:29,960 --> 00:47:33,680 Speaker 1: keep trying to squeeze this limited pie. But this is 987 00:47:33,680 --> 00:47:36,440 Speaker 1: where now it's about building that growth mindset. And this 988 00:47:36,480 --> 00:47:39,600 Speaker 1: is a wealthy people are able to do where they say, Okay, sure, 989 00:47:39,760 --> 00:47:42,040 Speaker 1: I can try to squeeze more pennies out of the pie. 990 00:47:42,120 --> 00:47:43,319 Speaker 1: But the other thing that I could do is I'm 991 00:47:43,320 --> 00:47:45,080 Speaker 1: going to try to grow the pie. How do I 992 00:47:45,120 --> 00:47:48,560 Speaker 1: go from forty thousand to four hundred thousand dollars and 993 00:47:49,000 --> 00:47:50,759 Speaker 1: you know, you might hear that they can. How in 994 00:47:50,800 --> 00:47:52,600 Speaker 1: the world am I going to go from forty to 995 00:47:52,640 --> 00:47:56,160 Speaker 1: four hundred? Like it just sounds impossible and so far away. 996 00:47:56,160 --> 00:47:59,160 Speaker 1: And at that point, yeah, it might seem the way. 997 00:47:59,200 --> 00:48:02,160 Speaker 1: But the first, like you said, it's that mindset. That's 998 00:48:02,160 --> 00:48:05,400 Speaker 1: why I call minority mindse minority mindset, because all success 999 00:48:06,000 --> 00:48:08,359 Speaker 1: starts with your mindset. You have to be wealthy here 1000 00:48:08,400 --> 00:48:10,040 Speaker 1: before you can be wealthy in your bank account, and 1001 00:48:10,080 --> 00:48:11,960 Speaker 1: you have to understand how your mindset plays a part 1002 00:48:12,000 --> 00:48:13,839 Speaker 1: in it. Because now, if you tell yourself you can't 1003 00:48:13,880 --> 00:48:16,480 Speaker 1: do it, you can't. Yeah, But if you tell yourself 1004 00:48:16,520 --> 00:48:17,920 Speaker 1: you can, then the next day you're gonna do is. 1005 00:48:17,920 --> 00:48:20,040 Speaker 1: You're gonna say, how do I go from forty to fifty, 1006 00:48:20,320 --> 00:48:23,320 Speaker 1: fifty to one hundred. You're gonna start watching YouTube videos, 1007 00:48:23,600 --> 00:48:27,439 Speaker 1: You're gonna start putting in work, and as you start 1008 00:48:27,440 --> 00:48:29,200 Speaker 1: to make more money, now you're going to be able 1009 00:48:29,239 --> 00:48:31,279 Speaker 1: to answer that question of what do I want to 1010 00:48:31,280 --> 00:48:32,560 Speaker 1: do with this money? Do I want to go out 1011 00:48:32,600 --> 00:48:34,440 Speaker 1: and buy a new Beamer or do I want to 1012 00:48:34,440 --> 00:48:36,279 Speaker 1: go out and invest in my business? Do I want 1013 00:48:36,320 --> 00:48:37,960 Speaker 1: to go out and buy a rental property. Do you 1014 00:48:37,960 --> 00:48:39,759 Speaker 1: want to go and invest in stocks? Do I want 1015 00:48:39,760 --> 00:48:41,680 Speaker 1: to go out and invest in a startup? And now 1016 00:48:41,719 --> 00:48:44,360 Speaker 1: you can make these decisions because you have that financial education. 1017 00:48:44,400 --> 00:48:47,000 Speaker 1: And this is why you know, anytime I talk about 1018 00:48:47,040 --> 00:48:49,800 Speaker 1: the house of you know, things that I say you 1019 00:48:49,840 --> 00:48:52,080 Speaker 1: should do to become wealthy, I always talk about how 1020 00:48:52,160 --> 00:48:56,759 Speaker 1: you invest and grow your money last, because if you 1021 00:48:56,800 --> 00:48:59,000 Speaker 1: don't know how to save the money, if you don't 1022 00:48:59,000 --> 00:49:01,800 Speaker 1: know how to invest that money, earning more money doesn't 1023 00:49:01,800 --> 00:49:03,440 Speaker 1: do you any good until you know how to do that. 1024 00:49:03,480 --> 00:49:07,840 Speaker 1: Because now earning more money has the most impact because 1025 00:49:07,880 --> 00:49:09,399 Speaker 1: now you know how to put that money to work. 1026 00:49:09,400 --> 00:49:11,279 Speaker 1: You have the system. Yeah, And I'll give you a 1027 00:49:11,360 --> 00:49:14,480 Speaker 1: quick example, like the first time I made a million 1028 00:49:14,480 --> 00:49:17,360 Speaker 1: dollars in a year, my car was worth five hundred 1029 00:49:17,360 --> 00:49:19,680 Speaker 1: dollars that I was driving. I still drive today that 1030 00:49:19,719 --> 00:49:22,400 Speaker 1: five hundred dollars car. Just last week, before I came 1031 00:49:22,440 --> 00:49:26,319 Speaker 1: out here to California, my homeowner association called me and 1032 00:49:26,360 --> 00:49:29,640 Speaker 1: they said, hey, Jpery, we have a number of complaints 1033 00:49:29,640 --> 00:49:31,920 Speaker 1: about a junk car sitting in a driver and this 1034 00:49:32,000 --> 00:49:33,960 Speaker 1: is a true story. They said, it's been sitting there 1035 00:49:34,000 --> 00:49:35,680 Speaker 1: because I was in California for a long time. They said, 1036 00:49:35,680 --> 00:49:39,320 Speaker 1: it's been sitting there, and people say that you should 1037 00:49:39,320 --> 00:49:41,880 Speaker 1: take these junk cars and put them in storage. And 1038 00:49:41,920 --> 00:49:44,480 Speaker 1: I was like, well, for your information, it's not a 1039 00:49:44,600 --> 00:49:46,480 Speaker 1: junk car. That is my car that I take two 1040 00:49:46,480 --> 00:49:48,560 Speaker 1: and from work every single day, doesn't have a bumper 1041 00:49:48,600 --> 00:49:52,359 Speaker 1: on it, but it works. And they were like, well, 1042 00:49:52,400 --> 00:49:54,880 Speaker 1: you have to put it higher furtheran the driveway so 1043 00:49:54,920 --> 00:49:56,839 Speaker 1: people don't see it. And I was just like, oh 1044 00:49:56,880 --> 00:49:59,000 Speaker 1: my god, you don't get it, like you know. And 1045 00:49:59,080 --> 00:50:00,919 Speaker 1: it's not that I can't go out and buy another car. 1046 00:50:02,080 --> 00:50:03,560 Speaker 1: The way I look at it as well, if I 1047 00:50:03,560 --> 00:50:04,919 Speaker 1: want to go out and buy one hundred and fifty 1048 00:50:04,960 --> 00:50:07,160 Speaker 1: thousand dollars car, which I can, I can go out 1049 00:50:07,200 --> 00:50:09,160 Speaker 1: and take this cash and buy a car, or I 1050 00:50:09,160 --> 00:50:10,840 Speaker 1: can take this one hundred and fifty thousand dollars and 1051 00:50:10,920 --> 00:50:13,280 Speaker 1: put it back either into real estate or into stocks, 1052 00:50:13,320 --> 00:50:15,239 Speaker 1: or into my business, because that's something that I've been 1053 00:50:15,280 --> 00:50:18,800 Speaker 1: investing heavily in. Now. I started a company called Market Briefs, 1054 00:50:19,000 --> 00:50:20,919 Speaker 1: which is a financial news at a company, and we're 1055 00:50:20,960 --> 00:50:24,480 Speaker 1: trying to grow aggressively because I want to make financial 1056 00:50:24,560 --> 00:50:27,440 Speaker 1: news more accessible, because this is something like I look 1057 00:50:27,480 --> 00:50:29,560 Speaker 1: at the things that were very hard for me to understand, 1058 00:50:30,320 --> 00:50:33,520 Speaker 1: like CNBC us to be something I used to like watching, 1059 00:50:33,760 --> 00:50:35,959 Speaker 1: but it was just so complex. None of the things 1060 00:50:35,960 --> 00:50:38,400 Speaker 1: made sense. It's just so many things happening. And so 1061 00:50:38,440 --> 00:50:41,080 Speaker 1: now you might watch and say I want to be 1062 00:50:41,080 --> 00:50:42,719 Speaker 1: better with my money. And so now you start watching 1063 00:50:42,760 --> 00:50:45,080 Speaker 1: the financial news because where do you go next? And 1064 00:50:45,080 --> 00:50:46,400 Speaker 1: then all of a sudden you get hit with all 1065 00:50:46,400 --> 00:50:48,520 Speaker 1: these complex terms and things that don't make any sense. 1066 00:50:48,800 --> 00:50:51,799 Speaker 1: He turned off, And so I created Market Briefs as 1067 00:50:51,800 --> 00:50:54,800 Speaker 1: a way to make financial news more accessible and easy 1068 00:50:54,840 --> 00:50:58,719 Speaker 1: to understand. And twenty twenty two was the real first 1069 00:50:58,760 --> 00:51:01,080 Speaker 1: year that we became mark It Briefs an actual company. 1070 00:51:01,200 --> 00:51:02,960 Speaker 1: So I'm like, well, I can take this cash and 1071 00:51:03,040 --> 00:51:05,960 Speaker 1: want to buy a car, or I can hire more employees. 1072 00:51:06,080 --> 00:51:09,000 Speaker 1: We can buy better software, we can buy better infrastructure. 1073 00:51:09,000 --> 00:51:11,040 Speaker 1: My employees have a better car than I do. But 1074 00:51:11,160 --> 00:51:14,279 Speaker 1: I'm focused on, you know that that long term, I 1075 00:51:14,360 --> 00:51:16,600 Speaker 1: want to build this into something bigger. I'm want to 1076 00:51:16,640 --> 00:51:18,359 Speaker 1: make it something better. Now I'm gonna buy a nice car. 1077 00:51:18,400 --> 00:51:19,840 Speaker 1: One day, I'm gonna buy a better car. I'm not 1078 00:51:19,880 --> 00:51:22,719 Speaker 1: saying that I won't, but it's that level of you know, 1079 00:51:23,440 --> 00:51:26,520 Speaker 1: how much are you willing to sacrifice today for something 1080 00:51:26,600 --> 00:51:29,960 Speaker 1: bigger tomorrow. I am not driven by materialistic things. I 1081 00:51:29,960 --> 00:51:33,000 Speaker 1: don't really care about name brand stuff. It doesn't really 1082 00:51:33,040 --> 00:51:35,680 Speaker 1: bother me. I mean, I think it's it's cool if 1083 00:51:35,680 --> 00:51:37,120 Speaker 1: you like it, but it's just not for me. I 1084 00:51:37,400 --> 00:51:39,240 Speaker 1: buy a lot of my clothes, my suits from India, 1085 00:51:39,239 --> 00:51:41,399 Speaker 1: I get them made for one hundred dollars to get 1086 00:51:41,400 --> 00:51:44,960 Speaker 1: them custom made. A lot of my clothes are relatively inexpensive, 1087 00:51:45,800 --> 00:51:48,840 Speaker 1: but for me, it's it's I enjoy what I do, 1088 00:51:48,880 --> 00:51:51,520 Speaker 1: and I'm driven more by the purpose of I want 1089 00:51:51,520 --> 00:51:55,640 Speaker 1: to help people with the things that I wish I 1090 00:51:55,640 --> 00:51:57,560 Speaker 1: would have had help with, because the more and word 1091 00:51:57,600 --> 00:52:00,759 Speaker 1: that I have seen growth, the more and more that 1092 00:52:00,800 --> 00:52:02,759 Speaker 1: I talk to people, I keep hearing I wish I 1093 00:52:02,760 --> 00:52:04,279 Speaker 1: would have learned this sooner. I wish I would have 1094 00:52:04,320 --> 00:52:07,080 Speaker 1: learned this younger. And that's where you know minority mindset. 1095 00:52:07,239 --> 00:52:09,400 Speaker 1: I'm trying to help provide the financial education with my 1096 00:52:09,480 --> 00:52:11,239 Speaker 1: channel and the market briefs, trying to make that news 1097 00:52:11,280 --> 00:52:13,480 Speaker 1: more accessible for anybody who wants to be aware of 1098 00:52:13,640 --> 00:52:15,840 Speaker 1: was happening in the real estate market. The stock market, 1099 00:52:15,840 --> 00:52:19,760 Speaker 1: the crypto market, inflation, without being overwhelmed with that sensationalism 1100 00:52:19,760 --> 00:52:23,800 Speaker 1: and the craziness of what happens at the traditional financial news. Yeah. Absolutely, 1101 00:52:23,840 --> 00:52:26,600 Speaker 1: And I love how you said that ultimately the best 1102 00:52:26,640 --> 00:52:29,279 Speaker 1: investment is an investment in yourself, which you know we've 1103 00:52:29,280 --> 00:52:32,759 Speaker 1: heard time and time again, but what you're ultimately saying 1104 00:52:32,760 --> 00:52:34,239 Speaker 1: and that was for me too, Like for me, the 1105 00:52:34,280 --> 00:52:37,000 Speaker 1: first things I started investing in my health and so 1106 00:52:37,040 --> 00:52:40,120 Speaker 1: I remember reading that there was that article where Connor 1107 00:52:40,239 --> 00:52:44,440 Speaker 1: McGregor was talking about Lebron James and Connor McGregor was 1108 00:52:44,480 --> 00:52:47,600 Speaker 1: saying that he didn't realize until he saw an interview 1109 00:52:47,600 --> 00:52:50,160 Speaker 1: with Lebron James where Lebron said that his health bill 1110 00:52:50,320 --> 00:52:52,840 Speaker 1: is like a million dollars or something a year to 1111 00:52:52,960 --> 00:52:56,640 Speaker 1: maintain his health to be a high performing athlete. And 1112 00:52:56,719 --> 00:53:00,160 Speaker 1: I saw Connor McGregor's interview that he's talking about, I 1113 00:53:00,160 --> 00:53:01,960 Speaker 1: was like, I want to be high performing, like you know, 1114 00:53:01,960 --> 00:53:03,760 Speaker 1: what do I need to do? And so I started 1115 00:53:03,800 --> 00:53:06,279 Speaker 1: researching and then I remember I've always been a big 1116 00:53:06,320 --> 00:53:09,800 Speaker 1: soccer fan, football fan because of coming from England, and 1117 00:53:10,160 --> 00:53:12,239 Speaker 1: there was this interview again with two soccer stars and 1118 00:53:12,280 --> 00:53:14,880 Speaker 1: they were talking about how they went to Christiano Ronaldo's 1119 00:53:14,920 --> 00:53:18,360 Speaker 1: home when he just moved to Manchester, so he was 1120 00:53:18,400 --> 00:53:22,120 Speaker 1: bought by Manchester United when he was like seventeen years old, 1121 00:53:22,840 --> 00:53:25,560 Speaker 1: young talent, and when they went to his house, he 1122 00:53:25,640 --> 00:53:28,400 Speaker 1: had his trainer, he had his chef, he had his coach, 1123 00:53:28,760 --> 00:53:31,000 Speaker 1: and all the other players were like what is this 1124 00:53:31,040 --> 00:53:32,560 Speaker 1: and he was like, that's my chef, that's my trainer, 1125 00:53:32,560 --> 00:53:33,880 Speaker 1: and that's my coach. And they were like what are 1126 00:53:33,880 --> 00:53:35,399 Speaker 1: you doing? And He's like, I'm gonna be the number 1127 00:53:35,400 --> 00:53:37,839 Speaker 1: one player in the world. Like that was his mentality, 1128 00:53:38,160 --> 00:53:40,440 Speaker 1: and so he knew what to invest in. While all 1129 00:53:40,480 --> 00:53:43,080 Speaker 1: the other players were buying cars or going out for parties, 1130 00:53:43,320 --> 00:53:45,759 Speaker 1: he was building that and so I remember for me 1131 00:53:45,840 --> 00:53:47,719 Speaker 1: what started to happen was like, Okay, well, what do 1132 00:53:47,760 --> 00:53:51,200 Speaker 1: I need to invest in to create a mindset from 1133 00:53:51,239 --> 00:53:54,400 Speaker 1: which I can fully serve and give myself to others 1134 00:53:54,840 --> 00:53:57,560 Speaker 1: and take care of myself and my family. Because if 1135 00:53:57,560 --> 00:54:00,400 Speaker 1: I'm not investing in those things, then all of this 1136 00:54:00,480 --> 00:54:02,520 Speaker 1: is going to fo which is why when you walk 1137 00:54:02,600 --> 00:54:04,879 Speaker 1: through the four things at the beginning, when you talked 1138 00:54:04,880 --> 00:54:09,200 Speaker 1: about physical wellbeing, mental wellbeing, spiritual wellbeing, and financial wellbeing, 1139 00:54:09,920 --> 00:54:13,479 Speaker 1: like that recipe makes a lot of sense to me. Yeah, 1140 00:54:13,800 --> 00:54:16,080 Speaker 1: And I guess what you're trying to do is trying 1141 00:54:16,080 --> 00:54:20,879 Speaker 1: to give people financial confidence rather than financial survival. Yeah, 1142 00:54:20,920 --> 00:54:25,239 Speaker 1: it's the basics of the education, right. And one of 1143 00:54:25,239 --> 00:54:27,640 Speaker 1: the things that I try to do is I never 1144 00:54:27,719 --> 00:54:29,800 Speaker 1: or that I don't try to do, is I don't 1145 00:54:29,800 --> 00:54:31,160 Speaker 1: want to say this is what you need to do. 1146 00:54:32,440 --> 00:54:34,279 Speaker 1: And that's why I'm not asking you that. Yeah, but 1147 00:54:34,320 --> 00:54:37,800 Speaker 1: the reason why is because I did listen to those people. 1148 00:54:38,480 --> 00:54:40,400 Speaker 1: But you know, you talk about the good rich quick schemes. 1149 00:54:40,800 --> 00:54:43,240 Speaker 1: I've bought a lot of classes trying to learn about 1150 00:54:43,640 --> 00:54:46,080 Speaker 1: entrepreneurship and money, and some of them are very good, 1151 00:54:46,360 --> 00:54:49,600 Speaker 1: some of them are really bad. And the issue that 1152 00:54:49,640 --> 00:54:51,200 Speaker 1: I had was, you know, the people that are like, 1153 00:54:51,239 --> 00:54:52,600 Speaker 1: this is the only thing you have to do, whether 1154 00:54:52,600 --> 00:54:55,480 Speaker 1: it's by this type of ETFs, but this type of 1155 00:54:55,480 --> 00:54:59,000 Speaker 1: real estate, invest in this type of business. It worked 1156 00:54:59,120 --> 00:55:02,360 Speaker 1: for them. But I have a different goal than them. 1157 00:55:02,400 --> 00:55:04,120 Speaker 1: I have a different background than them, I have a 1158 00:55:04,120 --> 00:55:07,000 Speaker 1: different experience than them, I have a different risk tolerance 1159 00:55:07,040 --> 00:55:11,120 Speaker 1: in them, and everybody that watches this is again going 1160 00:55:11,120 --> 00:55:13,400 Speaker 1: to be different. And so my whole goal is to 1161 00:55:13,400 --> 00:55:15,359 Speaker 1: give you the education. So you can make a better 1162 00:55:15,360 --> 00:55:17,279 Speaker 1: decision for yourself rather than to tell you what to do. 1163 00:55:17,400 --> 00:55:19,560 Speaker 1: Is teaching you to learn rather than telling you what 1164 00:55:19,600 --> 00:55:22,520 Speaker 1: to do. Yes, yes, And I'm really glad that that's 1165 00:55:22,520 --> 00:55:24,520 Speaker 1: the conversation we're having because and that's why I'm not 1166 00:55:24,560 --> 00:55:27,399 Speaker 1: asking you, oh, we do this, you know, because you're 1167 00:55:27,440 --> 00:55:30,759 Speaker 1: absolutely right. Times are different, years are different. I guess 1168 00:55:30,800 --> 00:55:32,400 Speaker 1: one of the biggest things that I know is on 1169 00:55:32,400 --> 00:55:34,720 Speaker 1: people's minds right now is people are scared of this crash. 1170 00:55:34,800 --> 00:55:37,080 Speaker 1: They keep shooking about, right. So there's a lot of fear, 1171 00:55:37,440 --> 00:55:39,239 Speaker 1: and there's a lot of insecurity and a lot of 1172 00:55:39,280 --> 00:55:41,960 Speaker 1: anxiety and the challenges that forces us to shut down 1173 00:55:42,000 --> 00:55:45,040 Speaker 1: even more about money because now we're all scared, and 1174 00:55:45,120 --> 00:55:47,440 Speaker 1: no one wants to admit saying, yeah, I've wasted all 1175 00:55:47,440 --> 00:55:51,359 Speaker 1: my savings or I've done how again not to do? 1176 00:55:51,440 --> 00:55:54,520 Speaker 1: But how should people think about this? I'm very gradual 1177 00:55:54,520 --> 00:55:56,279 Speaker 1: about that up because this is something that we need 1178 00:55:56,360 --> 00:55:59,480 Speaker 1: to talk about, because you have to again ask the 1179 00:55:59,600 --> 00:56:03,000 Speaker 1: question of why and start questioning things. Because I'm just 1180 00:56:03,000 --> 00:56:04,600 Speaker 1: going to give a little bit of a timeline because 1181 00:56:04,600 --> 00:56:06,680 Speaker 1: it helps me understand where we are, and I think 1182 00:56:06,680 --> 00:56:09,719 Speaker 1: I'll help the listeners understand where we're going if you 1183 00:56:09,760 --> 00:56:12,279 Speaker 1: want to know where to find the most opportunity, because 1184 00:56:12,280 --> 00:56:16,000 Speaker 1: the reality is more millionaires are made during recessions and 1185 00:56:16,080 --> 00:56:19,600 Speaker 1: crashes than any other time. And the reason why is 1186 00:56:19,640 --> 00:56:22,400 Speaker 1: because we need to have these types of recessions and crashes. 1187 00:56:23,200 --> 00:56:26,240 Speaker 1: Assets go on discount, they go on sale. It's almost 1188 00:56:26,239 --> 00:56:29,080 Speaker 1: like Black Friday shopping for investors, and so you need 1189 00:56:29,120 --> 00:56:31,280 Speaker 1: to know how to find these opportunities. But this also 1190 00:56:31,360 --> 00:56:34,360 Speaker 1: acquires you to not just blindly trust or listen to 1191 00:56:34,400 --> 00:56:37,399 Speaker 1: what anyone else says. So I started asking the question 1192 00:56:37,440 --> 00:56:38,960 Speaker 1: of why and started losing a lot of trust in 1193 00:56:38,960 --> 00:56:41,040 Speaker 1: the system. When I started realizing, oh my god, like 1194 00:56:41,120 --> 00:56:43,560 Speaker 1: I was lied to about the school system and this 1195 00:56:43,680 --> 00:56:45,520 Speaker 1: and that and this and that. It was very painful 1196 00:56:45,520 --> 00:56:49,040 Speaker 1: for me. But if we go back a little bit 1197 00:56:49,040 --> 00:56:52,560 Speaker 1: and understand where we are in the economy and what 1198 00:56:52,640 --> 00:56:54,480 Speaker 1: might be coming, that will help you understand where to 1199 00:56:54,520 --> 00:56:57,920 Speaker 1: find the most opportunity. And I think that we are 1200 00:56:58,239 --> 00:57:01,960 Speaker 1: in store for a correction. The FED is going to 1201 00:57:02,000 --> 00:57:04,040 Speaker 1: determine how bad it is. And there's a lot of 1202 00:57:04,040 --> 00:57:05,799 Speaker 1: factors that you want to pay attention to because there 1203 00:57:05,840 --> 00:57:09,799 Speaker 1: are real concerns and real issues in our economy and 1204 00:57:09,920 --> 00:57:13,200 Speaker 1: with inflation that we cannot ignore. The way that I 1205 00:57:13,239 --> 00:57:15,680 Speaker 1: can best explain that becasem econic, just like beating on 1206 00:57:15,719 --> 00:57:18,360 Speaker 1: the brush on this right now. Is before the two 1207 00:57:18,400 --> 00:57:21,880 Speaker 1: thousand and eight crash happened, the government and the Federal 1208 00:57:21,920 --> 00:57:26,720 Speaker 1: Reserve Bank kept saying that there's no realistic crash. The 1209 00:57:26,800 --> 00:57:30,480 Speaker 1: real estate market is very strong. And then once a 1210 00:57:30,560 --> 00:57:32,320 Speaker 1: real estate markets started to go down in two thousand 1211 00:57:32,360 --> 00:57:35,240 Speaker 1: and seven, the better Reserve Bank, I'll explain what they 1212 00:57:35,240 --> 00:57:38,400 Speaker 1: are in just a second. They said that real estate 1213 00:57:38,480 --> 00:57:40,680 Speaker 1: is going down a little bit, but there's going to 1214 00:57:40,760 --> 00:57:43,240 Speaker 1: be no realistic crash and it's not going to affect 1215 00:57:43,280 --> 00:57:46,120 Speaker 1: any other aspect of our economy. And they made that 1216 00:57:46,120 --> 00:57:48,240 Speaker 1: statement publicly and said it again and again and again, 1217 00:57:48,720 --> 00:57:50,960 Speaker 1: and then what we saw happen was the entire real 1218 00:57:51,040 --> 00:57:54,840 Speaker 1: estate market imploded. Wall Street was on the bank of collapse, 1219 00:57:54,920 --> 00:57:58,160 Speaker 1: the entire financial system was on the verge of coming down. 1220 00:57:58,600 --> 00:58:01,800 Speaker 1: And after all of that, the Federal Reserve Chairman then 1221 00:58:01,840 --> 00:58:03,480 Speaker 1: came out and said I had to say what I 1222 00:58:03,560 --> 00:58:06,720 Speaker 1: said because I did not want to incite panic, and 1223 00:58:06,840 --> 00:58:09,640 Speaker 1: because of the political issues where I was told not 1224 00:58:09,760 --> 00:58:15,240 Speaker 1: to say certain things, so that was then now before 1225 00:58:15,240 --> 00:58:17,280 Speaker 1: I got twenty twenty. And now let me just explain 1226 00:58:17,320 --> 00:58:20,000 Speaker 1: what the Federal Reserve Bank is. The Federal Reserve Bank 1227 00:58:20,240 --> 00:58:23,000 Speaker 1: is known as the central bank in the United States. 1228 00:58:23,000 --> 00:58:25,800 Speaker 1: They control the monetary policy, meaning that they have the 1229 00:58:25,840 --> 00:58:28,720 Speaker 1: ability to print money give this money to the government, 1230 00:58:29,160 --> 00:58:32,560 Speaker 1: and they also have the ability to influence and control 1231 00:58:32,680 --> 00:58:36,640 Speaker 1: interest rates. So they are the entity that can increase 1232 00:58:36,680 --> 00:58:39,480 Speaker 1: interest rates. That's the reason why we're seeing mortgage rates 1233 00:58:39,480 --> 00:58:41,240 Speaker 1: school up right now. They are the entity that can 1234 00:58:41,280 --> 00:58:44,280 Speaker 1: cut interest rates. And although they're called the Federal Reserve Bank, 1235 00:58:44,480 --> 00:58:47,320 Speaker 1: they're not federal they say so on their website. They're 1236 00:58:47,360 --> 00:58:49,840 Speaker 1: not a reserve. They don't keep cash reserves anywhere. They're 1237 00:58:49,880 --> 00:58:52,200 Speaker 1: not a bank. You and I can't go their deposit money. 1238 00:58:52,520 --> 00:58:54,680 Speaker 1: So now that we have that, that's kind of fast 1239 00:58:54,680 --> 00:59:00,680 Speaker 1: forward where we are now. In twenty twenty, the economy 1240 00:59:00,680 --> 00:59:06,800 Speaker 1: shutdown due to the pandemic. But the government started spending 1241 00:59:06,880 --> 00:59:09,440 Speaker 1: money like crazy, and they were spending money that they 1242 00:59:09,440 --> 00:59:12,120 Speaker 1: didn't have. Where were they spending money, Well, they were 1243 00:59:12,160 --> 00:59:14,360 Speaker 1: giving up money in the form of unemployment checks. They 1244 00:59:14,360 --> 00:59:16,840 Speaker 1: were giving out stimulus checks. They were given out big 1245 00:59:16,840 --> 00:59:19,480 Speaker 1: money to corporations. They were given out big loans to 1246 00:59:19,520 --> 00:59:22,200 Speaker 1: corporations and money was just being printed that free will. 1247 00:59:22,400 --> 00:59:24,960 Speaker 1: So the government was spending trillions of dollars that they 1248 00:59:25,000 --> 00:59:28,960 Speaker 1: didn't have, and this gave money to people and businesses, 1249 00:59:29,000 --> 00:59:32,000 Speaker 1: so people and businesses could buy things. You can spend 1250 00:59:32,080 --> 00:59:34,200 Speaker 1: money and buy whatever you wanted. Because some people were 1251 00:59:34,240 --> 00:59:37,040 Speaker 1: making more money and unemployment than they were while they 1252 00:59:37,080 --> 00:59:39,360 Speaker 1: were working a job. And some businesses had so much 1253 00:59:39,400 --> 00:59:41,960 Speaker 1: cash in the bank because they got this huge check 1254 00:59:42,040 --> 00:59:43,800 Speaker 1: from the government from these business loans that they were 1255 00:59:43,800 --> 00:59:45,880 Speaker 1: giving that they were just able to spend money like crazy. 1256 00:59:46,280 --> 00:59:50,760 Speaker 1: So people and businesses were buying things although nothing was 1257 00:59:50,800 --> 00:59:54,600 Speaker 1: being produced. But the thing that was being produced was money. 1258 00:59:55,320 --> 00:59:58,680 Speaker 1: So this started to create supply chain issues because now 1259 00:59:58,720 --> 01:00:00,200 Speaker 1: you go to the store and you keep buying all 1260 01:00:00,240 --> 01:00:02,600 Speaker 1: the clothes, You keep buying all the stuff that's there. However, 1261 01:00:02,800 --> 01:00:05,360 Speaker 1: no clothes are being produced, no items are being produced 1262 01:00:05,360 --> 01:00:07,840 Speaker 1: because the manufacturing plants are closed. People are not going 1263 01:00:07,880 --> 01:00:09,000 Speaker 1: to work, so what is that going to do. It 1264 01:00:09,040 --> 01:00:12,960 Speaker 1: creates a supply chain shortage because now people are buying 1265 01:00:12,960 --> 01:00:16,840 Speaker 1: things but nothing's being made. How is this possible? What 1266 01:00:17,080 --> 01:00:22,120 Speaker 1: happens if you can print money without creating wealth? Because 1267 01:00:22,200 --> 01:00:24,600 Speaker 1: that's what was happening. We were printing money, trillions of 1268 01:00:24,640 --> 01:00:28,439 Speaker 1: dollars without actually increasing the amount of wealth. Well, this 1269 01:00:28,520 --> 01:00:31,440 Speaker 1: is what the definition of inflation is. You're inflating the 1270 01:00:31,520 --> 01:00:34,000 Speaker 1: monetary supply, You're increasing the monet of dollars out there, 1271 01:00:34,280 --> 01:00:36,920 Speaker 1: and the cost of that is you make the value 1272 01:00:37,000 --> 01:00:39,360 Speaker 1: of each individual dollar go down because now you're just 1273 01:00:39,400 --> 01:00:42,400 Speaker 1: printing money without increasing wealth, and so in turn, the 1274 01:00:42,480 --> 01:00:45,120 Speaker 1: value of each individual dollar has to go down. And 1275 01:00:45,160 --> 01:00:47,760 Speaker 1: as soon as I started happening, I started making videos 1276 01:00:47,760 --> 01:00:50,920 Speaker 1: in twenty twenty talking about how the concern right now 1277 01:00:51,000 --> 01:00:54,080 Speaker 1: is deflation, meaning the value of the dollar is dropping. 1278 01:00:54,080 --> 01:00:56,680 Speaker 1: Your savings are becoming more valuable, your earnings have become 1279 01:00:56,720 --> 01:01:01,840 Speaker 1: more valuable. However, be wary of inflation coming in the future, 1280 01:01:02,240 --> 01:01:05,680 Speaker 1: because that's the definition of inflation. You're printing more money, 1281 01:01:05,880 --> 01:01:08,520 Speaker 1: the value of dollar will go down. It's just I mean, 1282 01:01:08,560 --> 01:01:11,880 Speaker 1: it's almost like simple math. However, when this was happening, 1283 01:01:12,600 --> 01:01:14,360 Speaker 1: the veterans are a bank was printing the money, and 1284 01:01:14,360 --> 01:01:16,560 Speaker 1: they kept saying, we're not worried about inflation. There's no 1285 01:01:16,600 --> 01:01:19,080 Speaker 1: concerns of inflation. There's no reason we would have inflation 1286 01:01:19,160 --> 01:01:22,600 Speaker 1: because we can do that Now, just think about that 1287 01:01:22,640 --> 01:01:25,000 Speaker 1: for a second. If the government and the FED can 1288 01:01:25,080 --> 01:01:27,880 Speaker 1: print money on command, why do we have to pay 1289 01:01:27,880 --> 01:01:29,840 Speaker 1: for a mortgage? Can't they just pay that? Why why 1290 01:01:29,840 --> 01:01:31,520 Speaker 1: do we even have to pay for taxes? They can 1291 01:01:31,560 --> 01:01:33,200 Speaker 1: just print that money out of the air. The reason 1292 01:01:33,280 --> 01:01:35,240 Speaker 1: why they can't do that, there's the same reason why 1293 01:01:35,280 --> 01:01:37,680 Speaker 1: they can't give everybody a million dollars and expect everybody 1294 01:01:37,680 --> 01:01:40,600 Speaker 1: to have a Lamborghini, is because when you print this money, 1295 01:01:40,880 --> 01:01:43,760 Speaker 1: the value of the dollar drops so fast. Forward to 1296 01:01:43,760 --> 01:01:46,720 Speaker 1: twenty twenty one. The early part of twenty twenty one, 1297 01:01:47,160 --> 01:01:50,960 Speaker 1: that was when the first glimpses of high inflation were 1298 01:01:50,960 --> 01:01:54,120 Speaker 1: being seen. And in the early part of twenty twenty one, 1299 01:01:54,600 --> 01:01:56,360 Speaker 1: the veterans are a bank who's in charge of the 1300 01:01:56,360 --> 01:02:00,360 Speaker 1: monetary system said there's no real inflation, nothing to be 1301 01:02:00,400 --> 01:02:03,400 Speaker 1: worried about. This is just a little blimp. And then 1302 01:02:03,480 --> 01:02:07,560 Speaker 1: came March April, and that's when inflation didn't go away. 1303 01:02:07,920 --> 01:02:10,560 Speaker 1: It grew a little bit and the inflation. The FED 1304 01:02:10,680 --> 01:02:14,120 Speaker 1: came out and they said, okay, inflation is getting a 1305 01:02:14,200 --> 01:02:17,600 Speaker 1: little bit worse. However, it's temporary. They said, it was transitory, 1306 01:02:17,840 --> 01:02:19,480 Speaker 1: nothing to worry about. It will be gone by the 1307 01:02:19,560 --> 01:02:23,280 Speaker 1: end of twenty twenty one. Well, fast forward to the 1308 01:02:23,360 --> 01:02:27,120 Speaker 1: end of twenty twenty one, inflation got worse, and that's 1309 01:02:27,120 --> 01:02:30,760 Speaker 1: when they admitted inflation is not transitory. This is going 1310 01:02:30,840 --> 01:02:33,480 Speaker 1: to be around for a while. And during the whole period, 1311 01:02:33,480 --> 01:02:36,320 Speaker 1: I kept saying, don't expect this to be transitory. It 1312 01:02:36,360 --> 01:02:40,240 Speaker 1: doesn't just magically go away. Then comes twenty twenty two, 1313 01:02:41,040 --> 01:02:45,200 Speaker 1: and that's when some of the stimulus started to go 1314 01:02:45,240 --> 01:02:49,560 Speaker 1: away and inflation did not slow down, and then came 1315 01:02:49,600 --> 01:02:52,840 Speaker 1: the fears of a recession. And I was talking about 1316 01:02:52,880 --> 01:02:56,560 Speaker 1: this about how the high inflation is causing is slowed 1317 01:02:56,600 --> 01:02:59,480 Speaker 1: down in the economy because when you have the prices 1318 01:02:59,520 --> 01:03:02,920 Speaker 1: of things go up so much, more of your income 1319 01:03:02,960 --> 01:03:04,600 Speaker 1: is being used to pay for your rent and your 1320 01:03:04,640 --> 01:03:06,760 Speaker 1: gas and your groceries, so you have less money to 1321 01:03:06,800 --> 01:03:09,000 Speaker 1: go out and buy other things. And if you have 1322 01:03:09,080 --> 01:03:11,760 Speaker 1: less money to buy anything else, if you have less 1323 01:03:11,760 --> 01:03:14,320 Speaker 1: money to go to Chipotle, then Chipotle is making less money. 1324 01:03:14,400 --> 01:03:16,360 Speaker 1: If Chipotle is making less money, they don't have money 1325 01:03:16,400 --> 01:03:18,560 Speaker 1: to hire more employees, they don't have money to open 1326 01:03:18,600 --> 01:03:22,480 Speaker 1: more stores. That's what contributes to an economic slowdown. And 1327 01:03:22,680 --> 01:03:27,040 Speaker 1: that's what was going on and from January February March. 1328 01:03:27,200 --> 01:03:29,400 Speaker 1: All you kept hearing from the government and the FED 1329 01:03:29,560 --> 01:03:33,120 Speaker 1: is the economy is so strong, there's no possible way 1330 01:03:33,120 --> 01:03:36,960 Speaker 1: we could see an economic slowdown that continued April May June. 1331 01:03:37,240 --> 01:03:39,000 Speaker 1: Even at the time of us recording this video. I 1332 01:03:39,080 --> 01:03:42,120 Speaker 1: read an article this morning the Better Reserve Banks said 1333 01:03:42,520 --> 01:03:45,200 Speaker 1: we're not going to enter recessions. There's no reason why 1334 01:03:45,200 --> 01:03:48,040 Speaker 1: we should. The government even said our economy is so strong, 1335 01:03:48,960 --> 01:03:52,240 Speaker 1: We're not seeing any signs of a slowdown. Everybody is 1336 01:03:52,280 --> 01:03:54,960 Speaker 1: doing very well. And it doesn't make any sense because, 1337 01:03:55,600 --> 01:03:57,680 Speaker 1: I mean, depending on when this areas, maybe things will change. 1338 01:03:57,680 --> 01:04:01,560 Speaker 1: But if people are struggling their rent, paying their gas, 1339 01:04:01,560 --> 01:04:04,760 Speaker 1: buying their groceries, yeah, people are spending money, but the 1340 01:04:04,760 --> 01:04:06,480 Speaker 1: reason why they're spending money is because you have to 1341 01:04:06,480 --> 01:04:09,120 Speaker 1: pay more money for your groceries. And now, I mean, 1342 01:04:09,120 --> 01:04:11,160 Speaker 1: if you just think about this from a practical level, 1343 01:04:11,280 --> 01:04:14,720 Speaker 1: people are having less ability to not go out and 1344 01:04:15,200 --> 01:04:17,800 Speaker 1: shop and be able to just buy things, which means 1345 01:04:17,840 --> 01:04:22,960 Speaker 1: businesses are hurting. So my thoughts are, unless inflation magically 1346 01:04:23,000 --> 01:04:25,560 Speaker 1: goes away like the FED says it will, it is 1347 01:04:25,560 --> 01:04:30,439 Speaker 1: going to contribute to an economic slowdown. And now how 1348 01:04:30,520 --> 01:04:32,520 Speaker 1: bad will it be will It depends on what the 1349 01:04:32,520 --> 01:04:35,320 Speaker 1: Federal Reserve Bank does, because the Fed now is trying 1350 01:04:35,360 --> 01:04:39,320 Speaker 1: to reverse what they did in twenty twenty one, where 1351 01:04:39,360 --> 01:04:43,440 Speaker 1: these trillions of dollars were printed and enter the economic circulation, 1352 01:04:43,520 --> 01:04:46,160 Speaker 1: which caused the value of our savings and earnings to drop. 1353 01:04:46,160 --> 01:04:48,800 Speaker 1: It created more inflation. So if you want to reverse inflation, 1354 01:04:48,800 --> 01:04:50,400 Speaker 1: you have to do the opposite. You have to literally 1355 01:04:50,520 --> 01:04:52,600 Speaker 1: burn cash, you have to take it out of the system. 1356 01:04:53,120 --> 01:04:56,680 Speaker 1: So that's why they're working to increase interest rates. If 1357 01:04:56,720 --> 01:04:59,760 Speaker 1: they keep increasing interest rates to fight inflation, we are 1358 01:04:59,800 --> 01:05:03,680 Speaker 1: going to enter a recession. And that means the economy 1359 01:05:03,720 --> 01:05:06,360 Speaker 1: will slow down. It means people will lose their jobs. 1360 01:05:06,600 --> 01:05:11,320 Speaker 1: It means that businesses will go under. And the question 1361 01:05:11,440 --> 01:05:14,320 Speaker 1: then is what will the Federals are Bank do next. 1362 01:05:14,760 --> 01:05:19,160 Speaker 1: Will they then say, Okay, inflation is under control, even 1363 01:05:19,160 --> 01:05:22,040 Speaker 1: though it's maybe it's not, but the economy needs help, 1364 01:05:22,200 --> 01:05:24,520 Speaker 1: so we're going to start inflating because that's what happened 1365 01:05:24,760 --> 01:05:28,400 Speaker 1: every previous crash. You cut interest rates and you print 1366 01:05:28,440 --> 01:05:31,680 Speaker 1: money to help the economy boost. Well, if they do 1367 01:05:31,760 --> 01:05:35,520 Speaker 1: that now, when we entered the recession because of inflation, 1368 01:05:35,960 --> 01:05:38,440 Speaker 1: you make the root cause of the recession even worse. 1369 01:05:39,400 --> 01:05:41,560 Speaker 1: So this is where I don't know what the FED 1370 01:05:41,680 --> 01:05:43,520 Speaker 1: is going to do, and it's it is a tough situation, 1371 01:05:43,560 --> 01:05:45,000 Speaker 1: and this is where you want to be aware because 1372 01:05:45,000 --> 01:05:46,880 Speaker 1: there are ways for you to take advantage of this. 1373 01:05:46,920 --> 01:05:50,960 Speaker 1: But what you want to understand is the lesser of 1374 01:05:51,000 --> 01:05:55,000 Speaker 1: two evils is to cause a recession, because then means 1375 01:05:55,000 --> 01:05:59,440 Speaker 1: you're raising interest rates, markets go down, and some businesses 1376 01:05:59,680 --> 01:06:03,280 Speaker 1: will go under. However, this will cause a refresh and 1377 01:06:03,360 --> 01:06:06,000 Speaker 1: things will be able to get better. This creates opportunity 1378 01:06:06,000 --> 01:06:07,880 Speaker 1: for you to go and buy some assets. You can 1379 01:06:07,920 --> 01:06:11,200 Speaker 1: find stocks that are on sale, you can potentially find 1380 01:06:11,200 --> 01:06:16,960 Speaker 1: some cryptocurrencies on sale, maybe real estate. You'll find better opportunities. However, 1381 01:06:17,280 --> 01:06:22,080 Speaker 1: if the feder Reserve Bank changes course and they say, okay, 1382 01:06:22,280 --> 01:06:24,400 Speaker 1: inflation is a little bit better than where it was, 1383 01:06:24,760 --> 01:06:27,120 Speaker 1: and it's stabilizing, even though it's much higher than what 1384 01:06:27,160 --> 01:06:31,280 Speaker 1: it was before. But we're worried about this recession, and 1385 01:06:31,320 --> 01:06:33,960 Speaker 1: they start inflating, meaning they start printing money, they start 1386 01:06:34,040 --> 01:06:38,040 Speaker 1: cutting interest rates. Well, that means now the inflation gets worse, 1387 01:06:38,160 --> 01:06:42,000 Speaker 1: and now you risk something like a currency crisis. And 1388 01:06:42,200 --> 01:06:46,880 Speaker 1: this is significantly worse because now the trust and the 1389 01:06:46,960 --> 01:06:49,440 Speaker 1: value the dollar goes down, and that's where you know 1390 01:06:49,520 --> 01:06:51,560 Speaker 1: the type of assets that you want are different. That's 1391 01:06:51,560 --> 01:06:55,120 Speaker 1: where things like physical gold become more valuable because that 1392 01:06:55,160 --> 01:06:59,040 Speaker 1: can protect you from those types of things. So now 1393 01:06:59,080 --> 01:07:01,280 Speaker 1: what do you do right? The real question is, yeah, 1394 01:07:01,440 --> 01:07:06,160 Speaker 1: first thing is calm yourself, because nobody makes rational decisions 1395 01:07:06,160 --> 01:07:08,800 Speaker 1: out of panic. Nobody makes smart decisions out of fear. 1396 01:07:09,720 --> 01:07:13,480 Speaker 1: Understand that these things happen and that things will be okay. 1397 01:07:13,680 --> 01:07:15,360 Speaker 1: So first you get to do is just calm yourself, 1398 01:07:15,440 --> 01:07:17,080 Speaker 1: take a deep breath. Now. The second thing is you 1399 01:07:17,080 --> 01:07:19,440 Speaker 1: have to start taking that financial education. You want to 1400 01:07:19,440 --> 01:07:22,440 Speaker 1: create that buffer now because even now, while things look bad, 1401 01:07:22,520 --> 01:07:24,880 Speaker 1: you have gas prices are high, prices of high, but 1402 01:07:24,920 --> 01:07:28,360 Speaker 1: they are they could be worse. So you want to 1403 01:07:28,440 --> 01:07:30,800 Speaker 1: use this time to now put aside some cash that 1404 01:07:30,880 --> 01:07:34,080 Speaker 1: when you have some money, to take advantage of opportunities 1405 01:07:34,080 --> 01:07:36,840 Speaker 1: that might come your way. Now, the next thing is 1406 01:07:37,160 --> 01:07:39,560 Speaker 1: looking for what type of opportunities do you want? Do 1407 01:07:39,600 --> 01:07:41,160 Speaker 1: you want to invest in stocks, to want to invest 1408 01:07:41,160 --> 01:07:42,959 Speaker 1: in real estate? Do you want to invest in cryptocurrency 1409 01:07:43,080 --> 01:07:46,600 Speaker 1: or multiple of things. Once you know what you want 1410 01:07:46,600 --> 01:07:48,760 Speaker 1: to invest in, you make a list. You make a 1411 01:07:48,760 --> 01:07:49,920 Speaker 1: list of the things that you want to own, and 1412 01:07:49,960 --> 01:07:52,400 Speaker 1: now you're just waiting for a good buying opportunity. And 1413 01:07:52,440 --> 01:07:54,320 Speaker 1: when you're waiting for a good buying opportunity, you do 1414 01:07:54,360 --> 01:07:57,360 Speaker 1: not want to try to perfectly time the market. Buy 1415 01:07:57,480 --> 01:08:00,240 Speaker 1: things in phases. You can buy on the way down. 1416 01:08:00,280 --> 01:08:01,840 Speaker 1: You don't have to buy all at once. This is 1417 01:08:01,840 --> 01:08:03,760 Speaker 1: what I talked about in twenty twenty when the market 1418 01:08:03,800 --> 01:08:06,840 Speaker 1: was collapsing. I said, look, I'm buying in phases. I 1419 01:08:06,920 --> 01:08:08,520 Speaker 1: know what I want to buy, I'm buying it on 1420 01:08:08,560 --> 01:08:10,440 Speaker 1: the way down. Every time it drops another ten to 1421 01:08:10,480 --> 01:08:12,880 Speaker 1: fifteen percent, I buy more, and I buy more aggressively. 1422 01:08:13,560 --> 01:08:16,000 Speaker 1: When it happens, people will think you lost your mind 1423 01:08:16,439 --> 01:08:18,200 Speaker 1: because they're gonna say, why would you buy now? The 1424 01:08:18,240 --> 01:08:20,800 Speaker 1: markets collapsing, the world's gonna end. You don't buy now, 1425 01:08:21,520 --> 01:08:24,599 Speaker 1: Look you gotta again, calm. There's gonna be a lot 1426 01:08:24,640 --> 01:08:26,920 Speaker 1: of emotion. There's gonna be a lot of panic, a 1427 01:08:26,920 --> 01:08:29,840 Speaker 1: lot of fear. But the smartest investors are not the 1428 01:08:29,880 --> 01:08:32,559 Speaker 1: ones that invest on emotion. It's the ones that invest 1429 01:08:32,960 --> 01:08:36,839 Speaker 1: on finances, and so cut through that noise, just understand 1430 01:08:36,840 --> 01:08:38,280 Speaker 1: what you want to buy. Look real good buying. Our 1431 01:08:38,280 --> 01:08:41,760 Speaker 1: opportunity and then understand that if we go the other way, 1432 01:08:41,840 --> 01:08:45,200 Speaker 1: where we start inflating, well then you could see the 1433 01:08:45,200 --> 01:08:49,719 Speaker 1: opposite happen. You could see asset prices crash upwards because 1434 01:08:49,720 --> 01:08:52,680 Speaker 1: now we're inflating, we're printing more money, and that can 1435 01:08:52,720 --> 01:08:55,200 Speaker 1: mean more money flows into the markets, and that can 1436 01:08:55,240 --> 01:08:58,080 Speaker 1: put asset prices upwards. So it's knowing what you want 1437 01:08:58,080 --> 01:09:00,439 Speaker 1: to buy and in those situations as of things like 1438 01:09:00,520 --> 01:09:02,560 Speaker 1: gold can also be valuable. Now, the one thing that 1439 01:09:02,600 --> 01:09:04,720 Speaker 1: I want to mention about gold is I don't look 1440 01:09:04,720 --> 01:09:06,840 Speaker 1: a goal like an investment for me. It's just an 1441 01:09:06,880 --> 01:09:10,600 Speaker 1: alternative form of savings. It's just hard money. It's just 1442 01:09:10,640 --> 01:09:12,840 Speaker 1: holding something like that. It's another way to save money. 1443 01:09:12,920 --> 01:09:15,600 Speaker 1: So it's just finding the wrapper opportunity. But at the 1444 01:09:15,680 --> 01:09:17,680 Speaker 1: end of the day, the number one best investment that 1445 01:09:17,720 --> 01:09:20,200 Speaker 1: you can make in any situation is investing in yourself 1446 01:09:20,960 --> 01:09:23,400 Speaker 1: and understanding what is the most important thing right now 1447 01:09:23,520 --> 01:09:26,360 Speaker 1: your physical health, your mental health, your spiritual health, your 1448 01:09:26,720 --> 01:09:29,599 Speaker 1: financial health, and understanding that you know there's always going 1449 01:09:29,640 --> 01:09:32,120 Speaker 1: to be opportunities to take care of yourself in all 1450 01:09:32,120 --> 01:09:35,120 Speaker 1: of these places, but you need to be prepared and 1451 01:09:35,400 --> 01:09:37,120 Speaker 1: you know you put in that work now that way 1452 01:09:37,120 --> 01:09:38,840 Speaker 1: you can find the best opportunities. That way you can 1453 01:09:38,840 --> 01:09:41,960 Speaker 1: take advantage of them, because like I said earlier, the 1454 01:09:42,040 --> 01:09:45,960 Speaker 1: most millionaires are made during recessions and crashes than any 1455 01:09:46,000 --> 01:09:48,120 Speaker 1: other time. But this means you have to think differently 1456 01:09:48,120 --> 01:09:49,880 Speaker 1: than the majority of people. Going back to why I 1457 01:09:49,920 --> 01:09:51,840 Speaker 1: call it the minority Mindset's not about the way you 1458 01:09:51,880 --> 01:09:53,840 Speaker 1: look or you have missity your skin color. It's the 1459 01:09:53,880 --> 01:09:57,120 Speaker 1: mindset of thinking differently than the majority of people. And 1460 01:09:57,600 --> 01:09:59,040 Speaker 1: this is where a lot of people get upset. You 1461 01:09:59,080 --> 01:10:03,120 Speaker 1: get angry, kick and cry and scream. But this is 1462 01:10:03,120 --> 01:10:06,520 Speaker 1: where you want to think different look for the opportunity 1463 01:10:06,600 --> 01:10:08,120 Speaker 1: because it is there. And the last thing that I 1464 01:10:08,160 --> 01:10:11,840 Speaker 1: want to mention, which is kind of sad and scary, 1465 01:10:11,840 --> 01:10:13,240 Speaker 1: but something you want to be aware of. This When 1466 01:10:13,280 --> 01:10:17,320 Speaker 1: that twenty twenty the money printing happened, there was it 1467 01:10:17,400 --> 01:10:20,280 Speaker 1: was known as the biggest financial fraud in the history 1468 01:10:20,320 --> 01:10:24,080 Speaker 1: of America. And this has just come to light in 1469 01:10:24,120 --> 01:10:26,719 Speaker 1: the middle part of twenty twenty two, where there said 1470 01:10:26,720 --> 01:10:29,439 Speaker 1: that so many business owners and people who are not 1471 01:10:29,520 --> 01:10:32,920 Speaker 1: business owners took advantage of the government because there was 1472 01:10:33,000 --> 01:10:36,479 Speaker 1: such little oversight where the government was just giving money 1473 01:10:36,479 --> 01:10:40,840 Speaker 1: to corporations and businesses and people where it was the 1474 01:10:40,960 --> 01:10:44,040 Speaker 1: biggest fraud in the history of time and even people 1475 01:10:44,360 --> 01:10:46,479 Speaker 1: because so many people were taking this unemployment money that 1476 01:10:46,479 --> 01:10:48,280 Speaker 1: they shouldn't. And I remember, and I'll tell you from 1477 01:10:48,280 --> 01:10:51,080 Speaker 1: my personal experience, because I have a business. I kept 1478 01:10:51,080 --> 01:10:53,479 Speaker 1: being told just but you have to take this. It 1479 01:10:53,560 --> 01:10:57,080 Speaker 1: was called PPP. This PPP money. It's free, you don't 1480 01:10:57,120 --> 01:10:58,840 Speaker 1: have to pay it back. The government is giving you 1481 01:10:58,880 --> 01:11:01,519 Speaker 1: this money, you should take it. And they were giving 1482 01:11:01,560 --> 01:11:03,320 Speaker 1: a lot of money. I don't remember the exact number, 1483 01:11:03,360 --> 01:11:06,080 Speaker 1: but it was quite I mean tens of thousands of dollars. 1484 01:11:06,640 --> 01:11:09,720 Speaker 1: And you know, we had expenses, like my rent from 1485 01:11:09,720 --> 01:11:12,200 Speaker 1: our office was like forty three hundred dollars a month. 1486 01:11:12,320 --> 01:11:14,160 Speaker 1: We have employees, we had a lot of issues going 1487 01:11:14,200 --> 01:11:15,760 Speaker 1: on because we don't know where the economy was going 1488 01:11:15,840 --> 01:11:19,200 Speaker 1: to go. But I told everyone, we're not taking that money. 1489 01:11:19,439 --> 01:11:21,320 Speaker 1: Told my banker told me. I counted, and they all 1490 01:11:21,320 --> 01:11:23,720 Speaker 1: thought that I was dumb because it's free money. But 1491 01:11:23,800 --> 01:11:26,959 Speaker 1: I was like, you don't get it. The most expensive 1492 01:11:27,000 --> 01:11:29,120 Speaker 1: type of money in the world is free money. I 1493 01:11:29,200 --> 01:11:32,280 Speaker 1: know who's paying for it, because when the government spends money, 1494 01:11:32,360 --> 01:11:35,240 Speaker 1: somebody has to pay for it either they raise your 1495 01:11:35,280 --> 01:11:38,439 Speaker 1: taxes to pay for it because you know they need 1496 01:11:38,439 --> 01:11:41,720 Speaker 1: more income, or they cut their expenses, meaning they cut 1497 01:11:41,720 --> 01:11:44,519 Speaker 1: your Social Security, they cut their wealthfare, the welfare, they 1498 01:11:44,560 --> 01:11:47,960 Speaker 1: cut their things that they're doing, or they do the 1499 01:11:48,040 --> 01:11:52,280 Speaker 1: hidden tax, which is inflation, which means now people are 1500 01:11:52,320 --> 01:11:54,440 Speaker 1: going to pay for it in the form of higher prices. 1501 01:11:55,160 --> 01:11:59,520 Speaker 1: And who pays the price the poor and the financially uneducated. 1502 01:12:00,120 --> 01:12:01,360 Speaker 1: And I was like, I don't want to be a 1503 01:12:01,400 --> 01:12:03,519 Speaker 1: part of that. I'm not contributing to this because I 1504 01:12:03,640 --> 01:12:06,479 Speaker 1: know myself, I know my values, and I don't want 1505 01:12:06,479 --> 01:12:08,120 Speaker 1: to be a part of that. And so everyone thought 1506 01:12:08,160 --> 01:12:09,639 Speaker 1: that I was a dumb one, but here I am. Look, 1507 01:12:09,640 --> 01:12:11,760 Speaker 1: I'm not. I don't want to contribute to this, and 1508 01:12:11,840 --> 01:12:15,680 Speaker 1: I know who's going to pay the price. And I 1509 01:12:15,720 --> 01:12:17,880 Speaker 1: said the poor and the financially and educated on a 1510 01:12:17,920 --> 01:12:20,080 Speaker 1: purposely to not say the middle class, because when you 1511 01:12:20,120 --> 01:12:23,639 Speaker 1: have this type of high inflation, the middle class gets 1512 01:12:23,680 --> 01:12:26,679 Speaker 1: wiped out. Ye And it's the people who understand money 1513 01:12:26,680 --> 01:12:29,120 Speaker 1: that become more wealthy, the people that don't understand money 1514 01:12:29,240 --> 01:12:32,799 Speaker 1: that don't become wealthy. And it's very unfortunate. The reality 1515 01:12:33,200 --> 01:12:35,640 Speaker 1: it's this is the way the system works. And you 1516 01:12:35,680 --> 01:12:38,519 Speaker 1: have to understand it because it is profitable to keep 1517 01:12:38,560 --> 01:12:42,040 Speaker 1: people poor and it's very sad, but this is why 1518 01:12:42,080 --> 01:12:45,920 Speaker 1: you have to get financially and financially educated, absolutely, and 1519 01:12:45,960 --> 01:12:48,280 Speaker 1: I think everyone who's listening. The way to do that 1520 01:12:49,080 --> 01:12:52,479 Speaker 1: is make sure you subscribe to market Briefs and make 1521 01:12:52,520 --> 01:12:55,679 Speaker 1: sure you subscribe to the Minority Mindset YouTube channel as well, 1522 01:12:56,520 --> 01:12:59,600 Speaker 1: really really important and powerful ways to make sure that 1523 01:13:00,040 --> 01:13:02,880 Speaker 1: you have the education and insight you need to make 1524 01:13:02,920 --> 01:13:05,760 Speaker 1: those important decisions. I think so many of us are 1525 01:13:05,800 --> 01:13:08,680 Speaker 1: making decisions, as Just Spree rightly said, based on emotion 1526 01:13:09,200 --> 01:13:12,559 Speaker 1: or feeling or playing catch up or fomo or someone 1527 01:13:12,600 --> 01:13:14,240 Speaker 1: else is doing it, so I need to do it, 1528 01:13:14,360 --> 01:13:17,400 Speaker 1: you know, And those are not great decision making tactics. 1529 01:13:17,800 --> 01:13:21,560 Speaker 1: Focus on getting the right insights, getting the right information, 1530 01:13:21,920 --> 01:13:25,559 Speaker 1: and make wise, calm decisions. As Just Spretz said, just 1531 01:13:25,880 --> 01:13:28,759 Speaker 1: we end every on Purpose episode with the final five. 1532 01:13:29,200 --> 01:13:31,519 Speaker 1: These are five questions that have to be answered in 1533 01:13:31,560 --> 01:13:35,880 Speaker 1: one word or one sentence maximum, So Just Spree saying 1534 01:13:35,960 --> 01:13:38,920 Speaker 1: these are your final five, You're ready, let's do it. Okay. 1535 01:13:38,960 --> 01:13:41,680 Speaker 1: So the first question is what is the best financial 1536 01:13:41,720 --> 01:13:47,519 Speaker 1: advice you've ever received? Invest in assets, not liabilities. Second question, 1537 01:13:47,600 --> 01:13:50,760 Speaker 1: what is the worst financial advice you've ever received? The 1538 01:13:50,840 --> 01:13:54,240 Speaker 1: way to build wealth is saving your money? So true? 1539 01:13:54,520 --> 01:13:58,920 Speaker 1: Third question, these are very fiery. Is it's fantastic? Third question? 1540 01:13:59,280 --> 01:14:02,479 Speaker 1: What is something you used to value that you don't anymore? 1541 01:14:03,160 --> 01:14:07,080 Speaker 1: Material things? Question number four, what is something that you 1542 01:14:07,200 --> 01:14:10,360 Speaker 1: think people think is important when it comes to money, 1543 01:14:10,720 --> 01:14:14,200 Speaker 1: but you realize that's not really the right focus? Net worth? 1544 01:14:14,760 --> 01:14:20,639 Speaker 1: Net Worth is a crap indicator of real success. Nice. 1545 01:14:20,720 --> 01:14:24,000 Speaker 1: That's a great answer, all right? And question five, If 1546 01:14:24,040 --> 01:14:26,599 Speaker 1: you could create one law that everyone in the world 1547 01:14:26,640 --> 01:14:29,880 Speaker 1: had to follow, what would it be? Everybody has to 1548 01:14:29,960 --> 01:14:33,639 Speaker 1: learn about the quadrofit theory about physical health, mental health, 1549 01:14:33,800 --> 01:14:37,439 Speaker 1: spiritual health, and financial health before they leave school. I 1550 01:14:37,520 --> 01:14:40,200 Speaker 1: love that just for its seeing everyone. Definitely a guest. 1551 01:14:40,400 --> 01:14:43,120 Speaker 1: We're going to have back on purpose many many times. 1552 01:14:43,320 --> 01:14:44,519 Speaker 1: What I'd love for you to do, if you've been 1553 01:14:44,560 --> 01:14:46,960 Speaker 1: listening and watching is make sure you tag just Free 1554 01:14:47,040 --> 01:14:51,200 Speaker 1: and I on Instagram, on Twitter, on Facebook in the 1555 01:14:51,240 --> 01:14:54,320 Speaker 1: YouTube comments. Let us know what you gain, what insight 1556 01:14:54,360 --> 01:14:56,639 Speaker 1: you take away, What are you going to put into practice, 1557 01:14:57,000 --> 01:14:58,599 Speaker 1: what are you going to apply, what are you going 1558 01:14:58,640 --> 01:15:02,360 Speaker 1: to actually implement into your day today? And let us 1559 01:15:02,360 --> 01:15:04,080 Speaker 1: know if you have any questions as well, so go 1560 01:15:04,080 --> 01:15:05,800 Speaker 1: ahead and send them away. I know we want to 1561 01:15:05,800 --> 01:15:08,400 Speaker 1: see what resonated with you, what connected with you. Just 1562 01:15:08,520 --> 01:15:12,080 Speaker 1: pre thank you so much for doing this episode today. 1563 01:15:12,520 --> 01:15:14,800 Speaker 1: Thank you for having me. No, you were incredible. This 1564 01:15:14,840 --> 01:15:16,720 Speaker 1: is going to help so many people, and I know 1565 01:15:16,760 --> 01:15:18,400 Speaker 1: this is gonna be the first of many. So we 1566 01:15:18,439 --> 01:15:20,240 Speaker 1: already have an invite for you, ready to have you back. 1567 01:15:21,400 --> 01:15:23,760 Speaker 1: And this this was awesome. This was exactly what we 1568 01:15:23,800 --> 01:15:25,519 Speaker 1: needed right now. Thank thanks so much, man, I really 1569 01:15:25,520 --> 01:15:26,679 Speaker 1: appreciate it. Thank you man.