Speaker 1: Every day that you're saving money in the bank, you
Speaker 1: are slowly becoming poorer each and every day, and most
Speaker 1: of us never see it happen. Now, this doesn't mean
Speaker 1: you shouldn't save any money, just just means you have
Speaker 1: to understand how to save your money is strategically because
Speaker 1: wealthy people do not want to save all their money.
Speaker 1: Hey everyone, welcome back to On Purpose, the number one
Speaker 1: health podcast in the world. Thanks to each and every
Speaker 1: single one of you that come back every week to listen,
Speaker 1: learn and grow. And I am so excited to be
Speaker 1: talking to you today. I can't believe it. My new book,
Speaker 1: Eight Rules of Love is out and I cannot wait
Speaker 1: to share it with you. I am so excited for
Speaker 1: you to read this book, for you to listen to
Speaker 1: this book. I read the audiobook. If you haven't got
Speaker 1: it already, make sure you go to eight Rules of
Speaker 1: Love dot com. It's dedicated to anyone who's trying to find, keep,
Speaker 1: or let go of love. So if you've got friends
Speaker 1: that are dating, broken up, or struggling with love, make
Speaker 1: sure you grab this book. And I'd love to invite
Speaker 1: you to come and see me for my global tour.
Speaker 1: Love Rules. Go to jsdytour dot com to learn more
Speaker 1: information about tickets, VIP experiences, and more. I can't wait
Speaker 1: to see you this year. Now. The fun that I've
Speaker 1: been having with this show recently is what we've done
Speaker 1: since the beginning is we've talked about mental health and
Speaker 1: wellbeing much more broadly than just the mind. Often we
Speaker 1: think that mental health and living a positive life and
Speaker 1: living a healthy life is all about just the mind.
Speaker 1: For a long time, we thought it was just the body.
Speaker 1: Then we kind of upgraded. But what we haven't realized
Speaker 1: is that every part of our life informs our wellbeing.
Speaker 1: How we make money, how we spend money, how we
Speaker 1: use money, and even deeper than that, how we think
Speaker 1: about money impacts our wellbeing. We have a relationship with
Speaker 1: every form of energy in this world, and money or
Speaker 1: our financial world, is an integral part of it. And
Speaker 1: so today I'm really honored and really grateful because I
Speaker 1: reached out to someone who I believe is truly talking
Speaker 1: about this in a way that I can align with
Speaker 1: someone that I feel as incredible values around his own mission.
Speaker 1: I'm talking about the one and only Jess Bret Singh,
Speaker 1: who's a serial entrepreneur and licensed attorney. Although he didn't
Speaker 1: receive any formal financial education, He's on a mission to
Speaker 1: make financial education fun and accessible and he's winning at it.
Speaker 1: Jess Breath is the chief executive money nerd at the
Speaker 1: Minority Mindset Companies and the host of the Minority Mindset
Speaker 1: YouTube channel, which I highly recommend you go and subscribe
Speaker 1: to while you're listening or watching this. Welcome to the show, Jess,
Speaker 1: Bret Sing, Jesper, thank you for doing this. Wow, Jay,
Speaker 1: what an introduction man. I appreciate you. I appreciate being here,
Speaker 1: and thank you for the opportunity. Now. I'm so grateful
Speaker 1: I get to have this conversation with you. I was
Speaker 1: just saying to offline that one of the things I
Speaker 1: really appreciate about the way you talk about wealth when
Speaker 1: I was watching your channel and hearing your work, was
Speaker 1: that I realized that money wasn't an obsession or it
Speaker 1: didn't sound like the goal, but you'd created these really
Speaker 1: healthy habits around how all of us, no matter what
Speaker 1: our financial situation is, can create really a deep, meaningful
Speaker 1: connection to our wealth and finances. Would you say that's fair?
Speaker 1: How does that sound? You can totally disagree with the
Speaker 1: one I mean, the things that I grew up learning
Speaker 1: just didn't make sense because growing up, my parents are
Speaker 1: immigrants from a Sadan India cultpin job and I saw
Speaker 1: my parents work their butt off. My parents came to
Speaker 1: this country with very little and grown up. If my
Speaker 1: dad had a Saturday and a Sunday off, it was
Speaker 1: considered a long weekend. So he was working long hours
Speaker 1: every day on weekends all the time. And at the
Speaker 1: same time, they would say, you need to study hard
Speaker 1: so you can get a good job and become successful.
Speaker 1: And at the same time they would also say, don't
Speaker 1: worry about money, don't stress about money, don't talk about
Speaker 1: money because money is bad when he's taboo, money's evil.
Speaker 1: And something didn't make sense because even as a kid,
Speaker 1: I had this entrepreneurial bug where I was like, I
Speaker 1: want to do something different. I started by mowing my
Speaker 1: neighbor's LANs, and my parents were like, don't do that.
Speaker 1: Don't worry about trying to get money by doing that.
Speaker 1: Just study hard to become a doctor. And I was like, Oh,
Speaker 1: something's not making sense because on one hand, you're working
Speaker 1: your butt off to get paid and on the other hand,
Speaker 1: you're talking about how money is bad, how you shouldn't
Speaker 1: talk about money. As I went through this like emotional
Speaker 1: and kind of a tough financial education journey, I realized
Speaker 1: that the reason why so many people create the smokescreen
Speaker 1: taboo culture around money is because we're insecure about our money.
Speaker 1: And the reason why it's because we don't understand how
Speaker 1: money plays a part in our lives. Money is just
Speaker 1: one part of our lives. You're right. Money is not
Speaker 1: going to make you happier. Money is not going to
Speaker 1: make you a better person. Money is not going to
Speaker 1: make you a good person. However, if you don't have money,
Speaker 1: and if you don't understand money well, that lack of
Speaker 1: money can impact your mental health. It can make you stressed, anxious, depressed.
Speaker 1: It is one of the leading causes of divorce. If
Speaker 1: you don't have money, you can start eating bad. You
Speaker 1: can't afford healthier food, You can't have the right gym membership.
Speaker 1: You don't have time to take care of your family.
Speaker 1: If you don't have money, you can't buy your spouse
Speaker 1: that nice vocation that they keep asking about. You can't
Speaker 1: take care of your kids the way that you might
Speaker 1: have wanted. You can't give your kids the vocations. You
Speaker 1: can't give your kids the opportunities that maybe you want.
Speaker 1: Maybe you can't even buy the healthcare that you want,
Speaker 1: because the reality, and this is unfortunate or fortune, that
Speaker 1: the reality of the way the system is is money talks,
Speaker 1: and if you don't understand money, then you're going to
Speaker 1: be at the mercy of people who have money. And
Speaker 1: this is where I had to understand how money plays
Speaker 1: a part in my life because I came to something
Speaker 1: that I call the quadrfit theory, and the way that
Speaker 1: I put it is, there's four aspects of life. If
Speaker 1: you want to live a happy and fulfilled life, you
Speaker 1: have to be healthy in these four aspects. First, you
Speaker 1: have to be physically fit. Second, you have to be
Speaker 1: mentally fit. Third, you have to be spiritual fit. And
Speaker 1: fourth is financially fit. And the way I put it
Speaker 1: in this order is because physically, if you're not physically fit,
Speaker 1: if you're more billy a beast, you're on your deathbed.
Speaker 1: It doesn't matter if you have ten million dollars. The
Speaker 1: only thing you care about is being healthy. Again, Second,
Speaker 1: mentally fit, if you are depressed, if you're anxious, if
Speaker 1: you are not surrounded by people that you love. If
Speaker 1: you're not happy, having more money is just going to
Speaker 1: make you more miserable. And this is a big misconception
Speaker 1: out there where I know people in my own person's life.
Speaker 1: I'm sure you do too, where people are like, if
Speaker 1: i just make a million dollars, you know, I'm going
Speaker 1: to have find the love of my life. I'm gonna
Speaker 1: be liked, people are gonna want to talk to me.
Speaker 1: And when you start to imagine this world where money
Speaker 1: is going to solve the mental aspect of your life,
Speaker 1: but that's not the case. It's its own aspect. So
Speaker 1: more money will not make you mentally happy. Then it's
Speaker 1: a spiritual aspect. And this doesn't have to be religious.
Speaker 1: This is your purpose for me. It's what is the
Speaker 1: reason why you're on this earth? What are you waking
Speaker 1: up for every single day? If you don't have a purpose,
Speaker 1: you're not going to have a reason to get out
Speaker 1: of bed, no matter how much money you have. After
Speaker 1: you have the physical fitness, the mental fitness, the spiritual fitness,
Speaker 1: that's where the financial fitness has the biggest impact and
Speaker 1: the most power to help you live the most fulfilled life.
Speaker 1: Because now money is just the icing on the cake Man.
Speaker 1: It allows you to live a more fulfilled and a
Speaker 1: happy life because now you can do more of the
Speaker 1: things that make you happy. You can give more, you
Speaker 1: can buy more food for homeless people. You can do
Speaker 1: more things that give you happiness. Maybe it is writing books,
Speaker 1: maybe it is traveling, maybe it is giving, maybe it
Speaker 1: is starting businesses. Whatever it is for you, you have
Speaker 1: the resources and the ability to do that, but that
Speaker 1: requires you to have that financial education and be willing
Speaker 1: to now go out of the way to talk about
Speaker 1: money and learn about money and understand, Hey, money is
Speaker 1: something that I need to understand. Money is something that
Speaker 1: I need to be willing to talk about. Money is
Speaker 1: something that I need to be willing to learn about
Speaker 1: because most of us are never taught to think about money,
Speaker 1: myself included. Yeah, I mean, I loved that thesis, and
Speaker 1: I would agree with you because I had similar rhetoric
Speaker 1: in my language growing up. So when we talked about money,
Speaker 1: it was we always had just enough. So I grew
Speaker 1: up when I had zero in my bank accounts on
Speaker 1: plenty days, and that was just we had just enough.
Speaker 1: Or we often talked about money as if we went
Speaker 1: to a place where someone had a nice home or
Speaker 1: someone had a nice car, the conversation would be, or
Speaker 1: what that person does some sketchy stuck or they must
Speaker 1: have done something that was stabbing someone in the back
Speaker 1: or causing someone pain to be in that position. And
Speaker 1: so you start creating this very negative, toxic view towards money,
Speaker 1: and like you said, at the same time, you need
Speaker 1: access to it. Have you ever figured out what it
Speaker 1: was for your parents that you think created that disparity
Speaker 1: in their relationship with money. Have you ever probed that?
Speaker 1: Have you ever understood that somewhere? Yeah, I think it's
Speaker 1: a cultural thing, you know, I think across the Indian culture.
Speaker 1: My parents are from a Sadian India called Punjab. Culturally,
Speaker 1: you know, money is just one of those things. Like
Speaker 1: even in my culture and my religion, like there's this
Speaker 1: concept called get girl, which means earn an honest living.
Speaker 1: Now many people have interpreted that, you know, in many
Speaker 1: different ways of oh, don't worry about money, don't talk
Speaker 1: about money. And in the Sick religion, there's also this
Speaker 1: big concept of sava which means selfless service, giving back,
Speaker 1: and so there's this kind of like real giving aspect
Speaker 1: which is great and I agree with but many times
Speaker 1: we overlook the idea of how about the earning aspect,
Speaker 1: how do we earn? How do we take care of ourselves?
Speaker 1: Because the way I look at it is, if you
Speaker 1: want to be able to fill somebody else's cup, you
Speaker 1: want to feed somebody else, you have to be able
Speaker 1: to feed yourself first. And this is a lesson that
Speaker 1: my grandfather taught me. My grandparents are immigrants, or they
Speaker 1: were refugees before they came and lived with me. They
Speaker 1: were refugees because the state of Punjab you to be
Speaker 1: much larger. Nineteen forty seven, the state was severed and
Speaker 1: if you were a sick and you were on the
Speaker 1: west side up a job, you had to migrate east
Speaker 1: otherwise you were going to be killed. And it was
Speaker 1: a very brutal, very rough, very like bad time. And
Speaker 1: my grandparents were on the west side, and so immediately
Speaker 1: they had to leave their homes, leave their lands, leave
Speaker 1: family members, leave their friends behind, and migrate and run east.
Speaker 1: And my grandfather I heard this story a lot, and
Speaker 1: he'd actually just moved back to America. But when he
Speaker 1: started the migration process, the process moving east, all he
Speaker 1: had was a sword in his hand and the clothes
Speaker 1: on his back, nothing else left, all the money left,
Speaker 1: all the land, left everything behind him, and left his
Speaker 1: parents behind and started running. And during that process he
Speaker 1: got attacked by a mob and he had to defend
Speaker 1: himself and he saw his uncle get killed right in
Speaker 1: front of him. His uncle got a knife, a sword
Speaker 1: right to his head, cut his head open in half,
Speaker 1: and that was the last time he saw him. Now
Speaker 1: he comes over to the New East inside of Banjab,
Speaker 1: the New India. He lost his shoes along the way,
Speaker 1: doesn't have a home, doesn't have any family, doesn't have
Speaker 1: any friends. He's here just trying to figure it out
Speaker 1: himself and now has to figure out how do you
Speaker 1: make life work? And what he tells me from that
Speaker 1: time is poorness is the worst disease. And the reason
Speaker 1: why is because when you're at that level of poverty,
Speaker 1: that level of poorness, you can't even think about feeding
Speaker 1: somebody else. You can't think about helping another person because
Speaker 1: the only thing on your mind is how can I
Speaker 1: feed myself? How can you feed your family? When that's
Speaker 1: the only thing that you're trying to do, you can't
Speaker 1: worry about feeding other people. And that's where you know,
Speaker 1: for me, it was I want to become successful so
Speaker 1: I can give back to my family, to my parents,
Speaker 1: give back to my community, and be able to do
Speaker 1: more things. Money at its core, it's just a tool.
Speaker 1: It allows you to do more of the things that
Speaker 1: you want. If you give a good person money, they
Speaker 1: have a tool to do more good. If they have
Speaker 1: a bad person more money, that would tool to do
Speaker 1: more bad. So money at the end of the day,
Speaker 1: it's just like gasoline. It amplifies whoever you are, which
Speaker 1: is why we need more good people with money. So
Speaker 1: now going back to your question of why, I really think,
Speaker 1: it's just a lot of insecurity. You know, if we
Speaker 1: feel like we did everything right, we're working hard, but
Speaker 1: we don't have what somebody else has, something must be wrong.
Speaker 1: They must have done something bad, They must have done
Speaker 1: something that you know, we didn't see. So we create excuses,
Speaker 1: we create smokescreens. But the thing that we don't understand
Speaker 1: is the financial education aspect, because that is the thing
Speaker 1: that can make or break your finances. It does not
Speaker 1: matter how much money you make, what degree you have,
Speaker 1: who your parents are, where you went to school, none
Speaker 1: of that matters. It's what you do with the money.
Speaker 1: You make. And this is one of those things that
Speaker 1: it can be very hard for you to understand unless
Speaker 1: you actually see it. I was actually just reading a
Speaker 1: study last week. It said that seven out of ten
Speaker 1: Americans across the board are living paycheck to paycheck, and
Speaker 1: then it said that fifty percent of Americans are just
Speaker 1: about fifty percent of Americans making six figures or more
Speaker 1: are also living paycheck to paycheck. The majority of Americans
Speaker 1: across the board, doesn't matter the income, are broke. They
Speaker 1: have little to no savings, they have little to no investments,
Speaker 1: regardless of how much money you're making. And the reason
Speaker 1: is not just because of what salary your job, or
Speaker 1: what degree you have or who your parents are, but
Speaker 1: because of what financial education you have. And none of
Speaker 1: us are taught to think about money. But just the
Speaker 1: craziest thing, Yeah, I really appreciate you going in that direction,
Speaker 1: because I think everyone thinks that when we do have
Speaker 1: a conversation about money, because of our conditioning, it has
Speaker 1: to be this obsession or asking me this goal. And
Speaker 1: you're like, well, actually, it's just about education. It's just
Speaker 1: about you have to make this thing and you're going
Speaker 1: to do something with it. We better learn how it
Speaker 1: goes in and goes out and where it goes and
Speaker 1: even for me, I'm reflecting on my own experience. I
Speaker 1: interviewed my mom recently, not on the podcast and I
Speaker 1: want to do that, but I interviewed my mom recently
Speaker 1: at a dinner. We were at a dinner for my
Speaker 1: sister's birthday, and I thought, you know what, I'm going
Speaker 1: to interview my mom like a podcast guests at dinner,
Speaker 1: and so I started asking her questions. I was like, Mom,
Speaker 1: like how did you get your first job? And like,
Speaker 1: especially I find like Indian South Asian parents, they don't
Speaker 1: really talk about I don't at least mind don't. They
Speaker 1: don't talk about the struggles they went through or the hardships,
Speaker 1: or they never talk about the problem. You never talk
Speaker 1: about the problems. And so I was asking my mom.
Speaker 1: She told me that she was from Yemen. So my
Speaker 1: mom was born and raised in Yemen. She speaks Arabic.
Speaker 1: Unfortunately she did not teach me. But she's of Indian
Speaker 1: descent and Indian origin. And in Yemen, there was a
Speaker 1: war going on between the people of Yemen and the
Speaker 1: Brits because the Brits were in control at the time.
Speaker 1: So my mom said she was studying for her exams
Speaker 1: while there were Yemeni soldiers on her roof trying to
Speaker 1: protect Yemen, and they're just study for their school exams
Speaker 1: and like that's what she was going through and so
Speaker 1: and then when she moved to London, she kept her
Speaker 1: British passport by moving to London. At the time, because
Speaker 1: Yemen got its independence, they moved with like eight pounds,
Speaker 1: which is like ten dollars, like you know, and at
Speaker 1: that time that's not bad, but I mean that's practically nothing.
Speaker 1: And of course they built up from scratch and you know,
Speaker 1: for themselves did really well. But the idea still comes
Speaker 1: to we have no financial education. Yeah, what are if
Speaker 1: you could start with them, We'll dive into each of
Speaker 1: these deeper. If you could tell me what are the
Speaker 1: three habits that keep us in that poor or poverty mindset,
Speaker 1: as you said, and what are the healthy habits that
Speaker 1: bring us into the wealthy mindset? Sure? So, the three
Speaker 1: I think biggest bad habits when it comes to money first,
Speaker 1: probably the most obvious, I will say, it's people following
Speaker 1: the two ses where you're spending or saving all of
Speaker 1: your money, you'll never become wealthy if you do that.
Speaker 1: Number two would be you blindly follow the system without
Speaker 1: questioning the way the system works. And number three is
Speaker 1: you don't understand how money works. So if you start
Speaker 1: with number one, the two s save and spend. And
Speaker 1: I was interested if you look at the financial statements
Speaker 1: for the majority of people in America or even across
Speaker 1: the world, the way it looks is you make money,
Speaker 1: you pay taxes, you spend money, and then you wonder
Speaker 1: where all your money went. Literally, and so people, the
Speaker 1: majority people don't have any plan for their money. And
Speaker 1: that's why the majority people have little to no savings.
Speaker 1: And the majority of Americans have little to no investments
Speaker 1: right now, but half of America has zero investments. And
Speaker 1: I'm talking about zero four oh one k zero IRA,
Speaker 1: zero stock market accounts, zero real estate investments, zero gold investments, nothing.
Speaker 1: And then out of the next half of Americans that
Speaker 1: have an investment, only half of those have an investment
Speaker 1: outside of their four oh one care ira. So you
Speaker 1: have a very small percent about a quarter of America
Speaker 1: working in America that's any investments on their own. This
Speaker 1: is it the part to win the tournament. If you
Speaker 1: sing it the championship is yours, but on your backswing,
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Speaker 1: the saving and spending, we're in a spending culture. America
Speaker 1: has a consumerism culture. And I joke about this, but
Speaker 1: the way I like to say it is Traditionally, Indian
Speaker 1: people make a dollar to spend twenty cents. American people
Speaker 1: make a dollar to spend two dollars thanks to the
Speaker 1: help of credit. This is just the culture that we're
Speaker 1: in where it's very okay and normalized to spend money
Speaker 1: even if you can't afford something. And what are you doing, well,
Speaker 1: you're spending all your money making everybody else around you rich,
Speaker 1: but you yourself. You might look rich, but you're actually broke.
Speaker 1: There's a reason why the owner and CEO of Louis
Speaker 1: Vatan is the richest person in the world versus the
Speaker 1: majority people who wear Louis Vatan are broke. The people
Speaker 1: who are wearing Louis Vatan are trying to look rich,
Speaker 1: and how are you doing that while you're making the
Speaker 1: owner of Louis Vatan rich by doing that? And so
Speaker 1: this is where you got to understand. There's nothing wrong
Speaker 1: with wearing designer stuff. There's nothing wrong with having nice stuff.
Speaker 1: There's nothing wrong with wanting nice things, but you have
Speaker 1: to be able to afford it. First, I used to
Speaker 1: guest teach in Detroit public schools and when I used
Speaker 1: to teach there, it's a rough school district. I would
Speaker 1: talk to the kids about life, you know, motivation and
Speaker 1: entrepreneurship and money and success. And one of the things
Speaker 1: that I would ask is how many of you have
Speaker 1: a job. Almost all of them raise their hands saying
Speaker 1: that they had a job. My next follow up question
Speaker 1: was how many of you have a bank account? Nobody
Speaker 1: raised their hand, So I asked, you know, what do
Speaker 1: you do with your paycheck. They said, well, we get
Speaker 1: a physical check, then we go to the liquor store
Speaker 1: where you get it cashed. The liquor store owner takes
Speaker 1: one to ten percent. Then you buy pop candy, a
Speaker 1: bunch of junk on the way out, and by the
Speaker 1: time you're out of the store, you've already given away
Speaker 1: half of your paycheck. I call it a net zero thinking,
Speaker 1: where we think in terms of spending. If I have
Speaker 1: a thousand dollars, I can go out and buy this handbag,
Speaker 1: this nice thing. If I have ten grand, I can
Speaker 1: go on this nice vocation. If I have fifty grand,
Speaker 1: I can go on and buy this nice car. We
Speaker 1: think in terms of spending because we think, if I
Speaker 1: have this money, how can I spend it now? If
Speaker 1: you break away from that and now you start creating
Speaker 1: a buffer and you don't spend all of your money,
Speaker 1: the next problem is we save our money. Because for me,
Speaker 1: the only financial education that I was given was save
Speaker 1: your money. Because if you're not spending it now, you
Speaker 1: are building up a big bank account. And if you
Speaker 1: have a big bank account, you'll be wealthy. But the
Speaker 1: reality is you will never be able to become wealthy
Speaker 1: through your savings. Your savings will never make you wealthy.
Speaker 1: And if you don't believe me, I'll give you just
Speaker 1: a mathematical term. Your savings right now are growing by
Speaker 1: essentially nothing. Well, let's just say one percent, and I'm
Speaker 1: being very very generous here. If your savings grow by
Speaker 1: one percent and inflation is higher than one percent, and
Speaker 1: we can see now inflation is extremely high. But even
Speaker 1: before the twenty twenty pandemic, inflation was still higher than
Speaker 1: one percent. We were two or three percent. Inflation means
Speaker 1: that the value of your savings are dropped. So if
Speaker 1: inflation is higher than your savings, that means that your
Speaker 1: savings are losing value each and every day. Every day
Speaker 1: that you save your money in the bank, you are
Speaker 1: slowly becoming poorer each and every day, and most of
Speaker 1: us never see it happen. Now, this doesn't mean you
Speaker 1: shouldn't save any money. This just means you have to
Speaker 1: understand how to save your money strategically. Because wealthy people
Speaker 1: do not want to save all their money. They wanted
Speaker 1: to save their money for an emergency. They save their
Speaker 1: money for an investment, or they save their money for
Speaker 1: a big purchase. If it doesn't fall into one of
Speaker 1: those three things. You don't want to save your money
Speaker 1: because now you're saving money, your savings are just making
Speaker 1: your poorer each and every day. This brings me to
Speaker 1: then the second aspect, which is blindly following and trusting
Speaker 1: the system. And this one was the most difficult one
Speaker 1: for me because growing up, most of us, myself included,
Speaker 1: always told that if you want to become successful, go
Speaker 1: to school, get good grades, get a good job, climb
Speaker 1: the corporate ladder. For me, it was go to school,
Speaker 1: get good grades, get into medical school, become a doctor.
Speaker 1: You've heard several stories before. That was all that I
Speaker 1: was told. Since I was like a little baby. My
Speaker 1: parents would tell everybody just poyth, this is going to
Speaker 1: become a doctor. He's going to go out and do medicine,
Speaker 1: this and that, and that's what I was always told,
Speaker 1: and I was not really against it because I wanted
Speaker 1: to be successful. I saw how hard my parents worked.
Speaker 1: Since I was a kid, I always wanted to give back,
Speaker 1: and I was assumed that, Okay, if I got good grades,
Speaker 1: I'll get into a good medical school. And if I
Speaker 1: do a good in medical school, I'll be able to
Speaker 1: get a good job as a doctor, and if I
Speaker 1: get a good job as a doctor, I'll be able
Speaker 1: to make more money. I thought it was all just
Speaker 1: linearly quarreling your grades, your income, your grades, your success.
Speaker 1: That was one of the reasons why growing up, anything
Speaker 1: that was not medical or academic related, it was completely discouraged.
Speaker 1: And sometimes I think it's very difficult for someone to
Speaker 1: understand what does it mean that, like, you know, your
Speaker 1: parents really wanted you to be a doctor, because it
Speaker 1: wasn't like an option, like this was the option. And
Speaker 1: I think the best example that I can give of
Speaker 1: that was when I was in eighth grade, I was, like,
Speaker 1: you know, twelve years old. My parents got me a tutor,
Speaker 1: not for the English class that I was on the
Speaker 1: verge of failing, not for the other stuff that I
Speaker 1: was studying for in eighth grade, but for the medical
Speaker 1: college admission test, the test you take in college to
Speaker 1: get into medical school. My parents got me a tutor
Speaker 1: for when I was in twelfth grade. We did to
Speaker 1: spend money on a lot of things. The only thing
Speaker 1: that parents were willing to spend money on were things
Speaker 1: related to academics to give me into medical school. And
Speaker 1: so here I'm in twelfth grade, I have an MCAT
Speaker 1: tutor coming to my house and he was like, wait,
Speaker 1: this is the kid that I'm teaching about medical school
Speaker 1: to get him into medical school, and like, that's how
Speaker 1: strict it was in my house. So I was checking
Speaker 1: all the boxes. I was doing good in school, I
Speaker 1: was studying hard, I was getting good grades. But then
Speaker 1: along the way, I realized that something wasn't adding up.
Speaker 1: When I was in high school, I was working at
Speaker 1: Indian weddings. I was playing a drum called a doll
Speaker 1: and I got to meet a lot of the local
Speaker 1: Indian DJs that work at Indian weddings and they became friends.
Speaker 1: And they would say, you know, you have a lot
Speaker 1: of friends in high school, how about we start hosting
Speaker 1: teen parties in high school. Now I couldn't tell my
Speaker 1: parents this because again, anything that's not you know, medicine related,
Speaker 1: gonna give me in a medical school, I can't tell them.
Speaker 1: So I would do this all on the side, even
Speaker 1: going to work at weddings. I had to kind of
Speaker 1: keep it all secret. And I was like, okay, let's
Speaker 1: do it. You know, it was fun for me. So
Speaker 1: I was sixteen years old and I started hosting these
Speaker 1: teen parties at a local restaurant that just opened up
Speaker 1: and they wanted some exposure, so they let us do
Speaker 1: it there for free, and it was fun. But then
Speaker 1: I was like, you know, I know this is a hobby.
Speaker 1: I'm going to go to college and I'm going to
Speaker 1: become a doctor and this is all going to become history. Well,
Speaker 1: I go to college, I'm seventeen. I don't know what
Speaker 1: to expect because my parents didn't go to university here,
Speaker 1: and I think that everybody goes to college, they spend
Speaker 1: their Friday nights in the chemistry lab. They all want
Speaker 1: to become this big thing and they want to spend
Speaker 1: all their time studying in college. And I get there
Speaker 1: and everybody is partying, drinking, blowing money they don't have
Speaker 1: on all this stuff. Like I don't party, I don't drink,
Speaker 1: I never drink, I didn't smoke. So for me, it
Speaker 1: was like a big shock and I was like, this
Speaker 1: is weird, Like this is not what I expected. But
Speaker 1: I still need something to do on Friday nights. So
Speaker 1: that entrepreneur side of my brain kicked in again. I
Speaker 1: was like, Oh, let's bring this party business back to college,
Speaker 1: because that's all I knew, so I was like, okay,
Speaker 1: so I'm seventeen. I started knocking on the doors of
Speaker 1: all the clubs, venues, bars, restaurants, asking them if I
Speaker 1: can host party heres. And again, I'm not a party person.
Speaker 1: I don't drink, I don't smoke. But this was the
Speaker 1: only hustle that I knew, and you know, I just
Speaker 1: didn't know much else. So eventually I found a club
Speaker 1: that would work with me, and they didn't want to
Speaker 1: charge me anything. That will let me work on a
Speaker 1: essentially a commission basis that they'll take a percentage of
Speaker 1: the revenue that I bring in, and I said, okay,
Speaker 1: it doesn't cost me any money. Because I didn't have
Speaker 1: a lot of money. I started hosting these parties, but
Speaker 1: I still knew that this was just a hobby, something
Speaker 1: I'm doing because I was bored on weekends. Then I
Speaker 1: started studying to go into medical school, and this is
Speaker 1: where things really shifted because I had some cash saved
Speaker 1: up in the bank. And now this is like the
Speaker 1: bottom of the two thousand and eight crash because I
Speaker 1: was in high school when the two thousand and eight
Speaker 1: crash happened. Around twenty twelve, was when I was studying
Speaker 1: for the MCAT. So real estate prices are at rock
Speaker 1: bottom and the markets are still really shaggy, and I'm
Speaker 1: starting to study for the m CAT and I am
Speaker 1: bored out of my mind trying to study for this
Speaker 1: because I just wasn't very passionate about it. And so
Speaker 1: during my breaks, I would read business books, and I
Speaker 1: would go on the Yahoo Finance and I would study
Speaker 1: what's going on in the markets just for fun. And
Speaker 1: I kept hearing about how real estate is at rock
Speaker 1: bottom on the news, and the business books that I
Speaker 1: read always said that wealthy people invested in real estate.
Speaker 1: I had no idea what they meant. I didn't know
Speaker 1: any real estate investors. I didn't even know what real
Speaker 1: estate investing was. I didn't have investor people in my family,
Speaker 1: so I didn't know what that meant. So I was like, well,
Speaker 1: if wealthy people invest in real estate, maybe I should
Speaker 1: invest in real estate. So I brought up the idea
Speaker 1: to my dad. I was like, Dad, I want to
Speaker 1: invest in real estate. He's like, shut up, you're stupid.
Speaker 1: Go study and become a doctor. You can worry about
Speaker 1: all this other stuff after you become a doctor. And
Speaker 1: I was like Okay. Now I just want to say,
Speaker 1: you know, I love my dad to death. My parents
Speaker 1: this was just all they knew. They didn't have that
Speaker 1: financial education. But in the back of my mind you
Speaker 1: and I'm always like, yo, okay, what can I do?
Speaker 1: Maybe I don't got to tell my parents. I'll just
Speaker 1: say something else. I had a little bit of cash
Speaker 1: saved up in the bank from the party business that
Speaker 1: I was running, So I started looking at rental properties
Speaker 1: to buy, and I found this small condo on sale
Speaker 1: for eighty four hundred dollars. That was the price of
Speaker 1: the condos, and that same condo a few years prior
Speaker 1: had sold for one hundred and fifty grand. So the
Speaker 1: two thousand and eight crash really decimated the real estate
Speaker 1: market in Michigan because four Jim Chrysler were just hit
Speaker 1: so hard. And so I was like, okay, well, this
Speaker 1: is not a bad price. I can afford this. I
Speaker 1: made an offer for four thousand dollars and it was
Speaker 1: in foreclosure. The bank countered with seven thousand, and then
Speaker 1: I said, m how about we settle at sixth grand.
Speaker 1: And we were trying to go back and forth, and
Speaker 1: then they said, well, we have another offer on the table.
Speaker 1: I didn't want to lose this deal because I already
Speaker 1: looked at a few, so I was like, okay, well
Speaker 1: I'll make an offer for eight grand. So it was
Speaker 1: a bidding war. The other person offered less than eight grand,
Speaker 1: so I got the condo. So I bought the condo
Speaker 1: for eight thousand dollars but a little bit of work
Speaker 1: into it. It was in pretty good shape and I
Speaker 1: got it rented out for six hundred dollars a month.
Speaker 1: Now I'm nineteen years old, and I had no idea
Speaker 1: what I was doing. But all of a sudden, once
Speaker 1: I got it a little bit figured out, I was like, wait,
Speaker 1: this condo is paying me every single month, and I
Speaker 1: don't have to go and host a party. I don't
Speaker 1: got to go to work. I was working at Auntie
Speaker 1: N's Pretzels a little bit before that, as I don't
Speaker 1: got to flip pretzels, I don't got to host this party.
Speaker 1: I don't got to work at a wedding and it's
Speaker 1: paying me. Something doesn't make sense, Like how come I
Speaker 1: was never told about this? Like I was doing good
Speaker 1: in school, like I'm I would thought I was like smart,
Speaker 1: I thought I knew what I was doing. Turns out
Speaker 1: that there's a whole world of financial education that were
Speaker 1: never taught. So now the traditional system is go to school,
Speaker 1: study hard, get good grades, get a good job, climb
Speaker 1: the corporate ladder. And now I'm starting to realize, wait,
Speaker 1: there's a different system here than none of us are
Speaker 1: ever taught, where the goal isn't to just get a
Speaker 1: job and climb the corporate ladder. What wealthy people are
Speaker 1: doing is they're working to own the corporate ladder. And
Speaker 1: I was like, I didn't even know that you could
Speaker 1: do that. Because now, if you can own investments, if
Speaker 1: you can own assets, you own things that are going
Speaker 1: to be paying you without you having to physically work.
Speaker 1: And this is what wealthy people are working for. Yet
Speaker 1: none of us are ever taught this. None of us
Speaker 1: are ever taught in school. How do you manage money?
Speaker 1: None of us are ever taught how do you invest
Speaker 1: your money? None of us are ever taught how do
Speaker 1: you build wealth? None of us ever taught how do
Speaker 1: you generate passive income? Yet wealthy people are teaching their
Speaker 1: kids this and they're able to figure it out because
Speaker 1: they have that education. But for the majority of us,
Speaker 1: we're not taught this unless you're willing to go out
Speaker 1: your way. Now YouTube has made it a lot more accessible,
Speaker 1: thank god. But before YouTube, you had to go how
Speaker 1: do your way? To read books and take classes, and
Speaker 1: it's tough. I mean, it's much harder to read a
Speaker 1: three hundred page book than it is to watch a
Speaker 1: ten minute YouTube video. Yeah, definitely. So that was a
Speaker 1: big turning factor for me because that's when I started
Speaker 1: to realize is that there's something different that you can do.
Speaker 1: So the second habit that we talk about, you know,
Speaker 1: breaking away from that traditional system, asking the question why.
Speaker 1: And then the third thing is understanding what money is.
Speaker 1: And this is a very tough concept to understand. And
Speaker 1: I guess the best example that I can give with
Speaker 1: this is kind of going back to the traditional Indian
Speaker 1: culture because in India, it's a very common thing that
Speaker 1: when somebody has extra cash, extra rupees, they want to
Speaker 1: convert these rupees to gold. It's why in India a
Speaker 1: lot of gold is transacted during weddings because they want
Speaker 1: they want to give money, and the way that they
Speaker 1: do that is through gold. Because inherently people understand that
Speaker 1: the rupee loses value and I don't think that people
Speaker 1: understand the why or the ins and out. It's just normal,
Speaker 1: that's just the culture. So people take the cash and
Speaker 1: they buy gold. And the reason why now we need
Speaker 1: to understand this here in our culture is because when
Speaker 1: we think of money, there's two different aspects to it.
Speaker 1: There's a currency, which means something that we used to
Speaker 1: buy and sell things in exchange, and then there is
Speaker 1: the store of value. And many of us assume that
Speaker 1: our money is supposed to be a store of value,
Speaker 1: is supposed to keep its worth. But now because of
Speaker 1: the twenty twenty pandemic and the twenty twenty one inflation
Speaker 1: and the twenty twenty two inflation, we're seeing that, oh
Speaker 1: my god, my savings don't buy me as much. My
Speaker 1: earnings are not stretching us far. And so we're starting
Speaker 1: to really realize here that maybe my dollars don't hold
Speaker 1: the same value. And so now it's understanding what is money. Well,
Speaker 1: there's two aspects. You have the currency aspect to buy
Speaker 1: and sell things, and then there's a store of value.
Speaker 1: What wealthy people understand is that money doesn't act as
Speaker 1: a very good store of value in today's day and age.
Speaker 1: So you want to take your money and convert it
Speaker 1: to something that is a store of value or maybe
Speaker 1: something that's actually going to produce you income. This is
Speaker 1: like something that's so important for everyone to understand. And
Speaker 1: what's interesting is my first video to go viral was
Speaker 1: back in twenty sixteen, and in that video on my
Speaker 1: Minority Mindset channel. The reason why I think it when
Speaker 1: viral was because I talked about this whole idea of
Speaker 1: when you save all your cash in the bank, you're
Speaker 1: becoming poorer each and every day because back then inflation
Speaker 1: was between two and three percent, while your bank was
Speaker 1: paying you half a percent. So I said was, look,
Speaker 1: you're losing two to three percent of your cash as
Speaker 1: value every single day, So you need to do something
Speaker 1: with this money because your money is losing value. In
Speaker 1: ten years, it's going to be worth less than it
Speaker 1: is today. Well, I didn't expect this twenty twenty pandemic
Speaker 1: to happen. I didn't expect all this craziness to happen.
Speaker 1: But now here we are where the inflation is significantly
Speaker 1: higher than two to three percent, and now people are
Speaker 1: really starting to understand that WHOA, what is my money?
Speaker 1: And you have to be able to understand this because
Speaker 1: this is the driving reason for why wealthy people don't
Speaker 1: want to save all their extra cash. You want to
Speaker 1: put your cash to work, which brings us now to
Speaker 1: the second side, Right, what do wealthy people do? Well?
Speaker 1: The first thing you have to understand how money plays
Speaker 1: a part in your life. Like we discussed, right, how
Speaker 1: does money impact your life? That way, you don't go
Speaker 1: out and just start chasing money, because one of the
Speaker 1: things that I realized was I started making way more
Speaker 1: money when I stopped chasing money. Because when you're chasing money,
Speaker 1: you're chasing something that's illusory, is just fake. It's it
Speaker 1: doesn't even feel good, and you're not going to be
Speaker 1: able to put your full self into it. But then
Speaker 1: the second thing, on the more financial side is what
Speaker 1: do you do with that money? And one of the
Speaker 1: things that I realized is what wealthy people want is
Speaker 1: this thing called equity. And this is where you have
Speaker 1: a lot of benefits in America because you can't do
Speaker 1: this in a lot of countries. So if you think
Speaker 1: about the traditional American dream, which is changing now, but
Speaker 1: the traditional American dream was you can work hard, buy
Speaker 1: a home, have a car. But the whole idea of
Speaker 1: buying a home. The reason why this was the American
Speaker 1: dream was because if you can buy a home, you
Speaker 1: can work over the years to pay it off, and
Speaker 1: now you have equity in your home, and now you
Speaker 1: have the sort of generational wealth that you can pass
Speaker 1: down you have an asset. Well, the traditional American dream
Speaker 1: is now an American nightmare with the high cost of homeownership,
Speaker 1: with wages not keeping up with the cost of living. However,
Speaker 1: that doesn't mean that the American dream is dead. It's
Speaker 1: just changed. So what is this new idea of the
Speaker 1: American dream. Well, if you go back to the root
Speaker 1: core of equity, this is the real dream of wealth
Speaker 1: and something that you can build for yourself and for
Speaker 1: your family and for generations is if you have equity. Now,
Speaker 1: how do I explain this, Well, if you think about
Speaker 1: any company, especially in a bigger company, it's easy to
Speaker 1: understand there's two people, two types of people that are involved.
Speaker 1: You have the workers and you have the owners. The
Speaker 1: workers are working for a salary. You go to work
Speaker 1: every single day, you get a paycheck. You're getting a salary.
Speaker 1: The owners of the company are not getting paid a salary.
Speaker 1: They're getting paid in profits. They want the company to
Speaker 1: make bigger profits so that they can make more money. Now,
Speaker 1: there is some overlap between the workers and the owners.
Speaker 1: If you are a founder, you're probably an owner as well.
Speaker 1: The CEO might have some ownership, and some newer companies
Speaker 1: you'll give equity to the workers as well. But when
Speaker 1: you have equity, you're getting the profits of a company.
Speaker 1: Everybody in America in this system needs to be a
Speaker 1: business owner if you want to become successful. Now, the
Speaker 1: one thing that I want to caveat that with is
Speaker 1: the majority of people should not try to start a business,
Speaker 1: and the majority people should not try to operate a business.
Speaker 1: Now you might say, just pleased, you just said everybody
Speaker 1: should be a business owner. How does that make any sense? Well,
Speaker 1: you can own a business without working for the business.
Speaker 1: And now this is the question of what are you
Speaker 1: doing with your salary? What are you doing with your income?
Speaker 1: You can either build the equity by starting a company
Speaker 1: yourself or by building a home, or you can buy
Speaker 1: the equity. Now how do you do that? Well, you
Speaker 1: have to understand the wealth formula. The wealth formula that
Speaker 1: I come up that I've come up with is you
Speaker 1: take your income minus your expenses, and that equals your
Speaker 1: investments plus your savings. So if you take your income
Speaker 1: the amount of money that you make, and I you
Speaker 1: subtract all the things that you buy, your rent, your mortget,
Speaker 1: your car payment, your groceries, your gas, you take away
Speaker 1: all of your expenses, and if you have a margin,
Speaker 1: when I have extra cash. Now you can save all
Speaker 1: or some of this money. But if you don't save,
Speaker 1: if some of it, then that money can be put
Speaker 1: to work in your investments. These investments, like I've been
Speaker 1: hinting at, is what makes wealthy people wealthy, and it's
Speaker 1: will keep wealthy people wealthy. These investments can be in
Speaker 1: the stock market because anytime you buy a share of
Speaker 1: any company. If you go out and buy a share
Speaker 1: of say Amazon, you become one of the owners of
Speaker 1: the Amazon Corporation. You get to share in the profits.
Speaker 1: If the Amazon valuation goes up, your stock price goes up.
Speaker 1: The second way would be through real estate, not through
Speaker 1: your home, but through a real estate investment, buying your
Speaker 1: rental property that you're buying for the sole purpose of
Speaker 1: making money. This is something they can pay you every
Speaker 1: week or every year, every month. Then it can be
Speaker 1: through your own business, or if you don't want to
Speaker 1: build your own business, you can invest in startups. It's
Speaker 1: much more accessible now. You can own physical gold, you
Speaker 1: can invest in cryptocurrency if that's something that you believe in.
Speaker 1: So there's a lot of different ways to build this equity.
Speaker 1: But this is where now you need to be putting
Speaker 1: your money to work to actually buy and own and
Speaker 1: build this equity. Yeah, those are I mean I first
Speaker 1: of all, I just want to say I love how
Speaker 1: structured you're thinking is, and it's so great to break
Speaker 1: things down. And so anyone who's been listening or watching
Speaker 1: so far, make sure you go back and ask yourself
Speaker 1: which of those habits you're struggling where use someone who's
Speaker 1: in the two sas choosing to spend or save. Are
Speaker 1: use someone who's being slowed down by systemic thinking and
Speaker 1: like being controlled about where that goes. Like, really, take
Speaker 1: a moment to reflect in this episode while you're listening
Speaker 1: which part you want to work on, because I know
Speaker 1: right now some of you may be tempted to just
Speaker 1: turn this off and go I'm overwhelmed. I don't want
Speaker 1: to hear about this. I'm scared about my money already
Speaker 1: I don't want to talk about it, but I'm hoping
Speaker 1: that this is creating space for you to really sit down,
Speaker 1: introspect and reflect going into that. I think one of
Speaker 1: the biggest issues that people have when they hear this,
Speaker 1: and I know that I had a long time ago
Speaker 1: when I first heard this was I don't have enough
Speaker 1: to do anything with. And so I remember when I
Speaker 1: started hearing about crypto specifically, like very early on, like
Speaker 1: I probably heard about it like maybe like thirteen years ago,
Speaker 1: probably the first time. Yeah, I was very early heard
Speaker 1: about cryptocurrencies, about twelve thirteen years ago, and I had
Speaker 1: just come out of the monastery, so I didn't have
Speaker 1: any money, Like I didn't have anything to invest, and
Speaker 1: probably in about a year I probably would have had
Speaker 1: like a thousand to invest. In my head, I go,
Speaker 1: that's not anything. What's that going to do? Right? And
Speaker 1: I think a lot of people have that mindset was
Speaker 1: like I only have five hundred dollars, I only have
Speaker 1: a thousand dollars. What can I do it that I
Speaker 1: might as well spend it on whatever it is, because oh,
Speaker 1: I'm going to save it because I need it for
Speaker 1: a rainy day. What does someone do when they have
Speaker 1: that mindset when they're like, I don't have enough. How
Speaker 1: do you approach that? So when I was in high school,
Speaker 1: I really wanted a Ford Mustang, but my dad was like, no,
Speaker 1: we can't buy a Ford Mustang. I wasn't going to
Speaker 1: get that car. But this is again when stock prices
Speaker 1: had crashed and the next best thing if I couldn't
Speaker 1: buy a Ford Mustang, and I started reading the business books,
Speaker 1: then was how about to buy some of the Ford stock. Again,
Speaker 1: I didn't have a lot of money, but first investment
Speaker 1: in the Ford stock was two dollars because that's how
Speaker 1: much the stock was trading for. Now it's much higher.
Speaker 1: But what I'm trying to get at is, you know,
Speaker 1: you can start with very little amount of money. I mean, nowadays,
Speaker 1: with the new age of stock brokerages, if you have
Speaker 1: ten dollars, you can start buying this type of equity.
Speaker 1: You can start building this type of equity. But the
Speaker 1: key now is the consistency and how often like doing
Speaker 1: it all the time. Because when I say consistency, people say, oh,
Speaker 1: anytime I have one hundred dollars, Well, okay, what you
Speaker 1: want to do. But consistency is make it automatic. Any
Speaker 1: time you get paid, take a portion of that money
Speaker 1: and automatically invest it. Now, the next question is probably
Speaker 1: where do uput this money? Do it? Just throw it
Speaker 1: into Tesla or Amazon. Well, if you're not willing to
Speaker 1: do that level of research where you don't want to
Speaker 1: try to find the best companies, you don't want to
Speaker 1: invest in real estate, you don't want to get into
Speaker 1: the more you know, let's say, the more advanced type
Speaker 1: of stuff. You want to just put your money to work. Well,
Speaker 1: the simplest thing you can do is look at something
Speaker 1: called an ETF, which is an exchange traded fund which
Speaker 1: gives you exposure not to one company, but many companies,
Speaker 1: maybe hundreds of companies. For example, there's something called the
Speaker 1: S and P five hundred, which is a group of
Speaker 1: the five hundred biggest companies on the stock market, essentially
Speaker 1: the five hundred biggest companies in America. You can invest
Speaker 1: in the S and P five hundred by investing in
Speaker 1: just one S. So you invest in this one thing,
Speaker 1: and you're getting exposure to five hundred different companies. Now
Speaker 1: you don't have to worry about what each of these
Speaker 1: five hundred companies are doing. You're just investing essentially in America,
Speaker 1: the future of the American economy. If that's something you
Speaker 1: believe in, well, now every time you get paid, but
Speaker 1: in one hundred dollars, and now you just do this
Speaker 1: for the long term. Whether the market is up or
Speaker 1: down does not matter. Should not change the strategy to
Speaker 1: just keep passively investing your money, make it automatic, make
Speaker 1: it passive that we don't have to even worry about it.
Speaker 1: And now you just keep building it up because now
Speaker 1: it's the whole idea of compounding. You don't want to
Speaker 1: just throw your money in at once. Do you want
Speaker 1: to put a little bit of money and let they
Speaker 1: grow up with more money, and let they grow up
Speaker 1: with more money, and let that grow. I made a
Speaker 1: couple of videos where I talked about two people. One
Speaker 1: was a janitor, one worked in a school. Both of
Speaker 1: them made very little income. Yet both of them retired
Speaker 1: very wealthy. And the reason, and I'm talking about in
Speaker 1: the millions of dollars, and the reason why they've been
Speaker 1: able to retire with a million dollars plus was because
Speaker 1: it took a little bit of money every time they
Speaker 1: paid and they just invested that money. It did not matter,
Speaker 1: you know, what else was going on the world. They
Speaker 1: always paid themselves first. They always invested in assets before
Speaker 1: they started going on and buying things that made them
Speaker 1: look rich every single time. And when you put that
Speaker 1: little bit of money to work, whether you're starting with
Speaker 1: twenty five dollars or two hundred and fifty dollars or
Speaker 1: a thousand dollars, when you put that money to work
Speaker 1: and you do that consistently over time, you can build
Speaker 1: real wealth. I mean, if you look at a compound calculator,
Speaker 1: a few hundred dollars a month compounded from the age
Speaker 1: of twenty one to sixty five, getting an average way
Speaker 1: to return. I mean we're talking about millions. But it
Speaker 1: just starts with making a small investment first and being
Speaker 1: consistent with it and always being willing to learn. I
Speaker 1: love that. I'm glad you brought that up because I
Speaker 1: think the other option, so as I was saying, there
Speaker 1: is the issue is I don't have enough. It's not
Speaker 1: going to matter, right, Like that's one mindset. The other
Speaker 1: mindset is and it's almost the opposite. It's the idea
Speaker 1: of like, but I want to make money quick, yeah, right,
Speaker 1: and I feel like it's like I want it now,
Speaker 1: and I think there's this mindset, especially what you keep
Speaker 1: saying about how the lifestyle has been portrayed, that we
Speaker 1: almost feel like people just change their lives overnight, and
Speaker 1: that they all of a sudden have like a portfolio
Speaker 1: of rental properties, or they all of a sudden have
Speaker 1: the nice house or the nice car or whatever it
Speaker 1: may be, and all of a sudden, we're wondering, well,
Speaker 1: how does it happen that quick for me? And then
Speaker 1: we get stuck in a get rich quick scheme or
Speaker 1: we get stuck in like some quick win. How it
Speaker 1: sounds like to me that one of the biggest trainings
Speaker 1: is in the discipline of being able to postpone pleasure,
Speaker 1: because what you're saying in any mark is it's going
Speaker 1: to take time. Like you had to save up four
Speaker 1: to eight thousand for your first condo that you're bought.
Speaker 1: First of all, you had to work for that money.
Speaker 1: You had to save that money so that you could
Speaker 1: invest it. Then you were able to buy this eight
Speaker 1: thousand condo, which which obviously had has had great you know, growth,
Speaker 1: I'm sure, but there was a lot that took to
Speaker 1: get to that. Whereas the thing right now people are like, oh, well,
Speaker 1: I'd rather spend one hundre dollars on this, right, it's
Speaker 1: a real decade of sacrifice and there's really no way
Speaker 1: around it if you want to fast track your way now,
Speaker 1: the best investment you can make, if you want the
Speaker 1: better returns, the bigger returns, is by investing your money
Speaker 1: in yourself. And the tough part is you've got to
Speaker 1: be willing to go through that time and the effort,
Speaker 1: because you're right, it takes time, you know, unless you
Speaker 1: have that experience already there. You have the mentors, you
Speaker 1: have you know, peer brands, people who can guide you
Speaker 1: through it. Maybe you can shorten it, but I didn't
Speaker 1: have that, So for me, it took me a solid
Speaker 1: decade to figure it out. To go from business idea
Speaker 1: to business idea to business idea, to get go through
Speaker 1: failure or failure, to get scammed after scammed. Those things
Speaker 1: are what teach you. And when you're going through it, it
Speaker 1: it sucks. You don't realize that you're going through a lesson.
Speaker 1: You just feel like, dang, I just got screwed over.
Speaker 1: Yeah you know what I mean. But it's it's you've
Speaker 1: got to keep the goal, you know, in mind, and
Speaker 1: it's understanding what is more important to you right now
Speaker 1: because you write the last thing that you want to
Speaker 1: do also is get into this idea of just pinching pennies,
Speaker 1: because at the end of the day, a penny saved
Speaker 1: is just a penny. And the thing that I can
Speaker 1: best do to illustrate that is if you make forty
Speaker 1: thousand dollars a year and you're like, Okay, I'm going
Speaker 1: to put aside a quarter of my income. I'm gonna
Speaker 1: put aside ten thousand dollars to save and invest, and
Speaker 1: then you start putting your money to work and you're like,
Speaker 1: oh my god, I love this. I want to do more.
Speaker 1: I want to get better results. So now you're like, well,
Speaker 1: I'm going to try to put aside thirty percent of
Speaker 1: mind come, thirty five percent of mind come, and you
Speaker 1: keep trying to squeeze this limited pie. But this is
Speaker 1: where now it's about building that growth mindset. And this
Speaker 1: is a wealthy people are able to do where they say, Okay, sure,
Speaker 1: I can try to squeeze more pennies out of the pie.
Speaker 1: But the other thing that I could do is I'm
Speaker 1: going to try to grow the pie. How do I
Speaker 1: go from forty thousand to four hundred thousand dollars and
Speaker 1: you know, you might hear that they can. How in
Speaker 1: the world am I going to go from forty to
Speaker 1: four hundred? Like it just sounds impossible and so far away.
Speaker 1: And at that point, yeah, it might seem the way.
Speaker 1: But the first, like you said, it's that mindset. That's
Speaker 1: why I call minority mindse minority mindset, because all success
Speaker 1: starts with your mindset. You have to be wealthy here
Speaker 1: before you can be wealthy in your bank account, and
Speaker 1: you have to understand how your mindset plays a part
Speaker 1: in it. Because now, if you tell yourself you can't
Speaker 1: do it, you can't. Yeah, But if you tell yourself
Speaker 1: you can, then the next day you're gonna do is.
Speaker 1: You're gonna say, how do I go from forty to fifty,
Speaker 1: fifty to one hundred. You're gonna start watching YouTube videos,
Speaker 1: You're gonna start putting in work, and as you start
Speaker 1: to make more money, now you're going to be able
Speaker 1: to answer that question of what do I want to
Speaker 1: do with this money? Do I want to go out
Speaker 1: and buy a new Beamer or do I want to
Speaker 1: go out and invest in my business? Do I want
Speaker 1: to go out and buy a rental property. Do you
Speaker 1: want to go and invest in stocks? Do I want
Speaker 1: to go out and invest in a startup? And now
Speaker 1: you can make these decisions because you have that financial education.
Speaker 1: And this is why you know, anytime I talk about
Speaker 1: the house of you know, things that I say you
Speaker 1: should do to become wealthy, I always talk about how
Speaker 1: you invest and grow your money last, because if you
Speaker 1: don't know how to save the money, if you don't
Speaker 1: know how to invest that money, earning more money doesn't
Speaker 1: do you any good until you know how to do that.
Speaker 1: Because now earning more money has the most impact because
Speaker 1: now you know how to put that money to work.
Speaker 1: You have the system. Yeah, And I'll give you a
Speaker 1: quick example, like the first time I made a million
Speaker 1: dollars in a year, my car was worth five hundred
Speaker 1: dollars that I was driving. I still drive today that
Speaker 1: five hundred dollars car. Just last week, before I came
Speaker 1: out here to California, my homeowner association called me and
Speaker 1: they said, hey, Jpery, we have a number of complaints
Speaker 1: about a junk car sitting in a driver and this
Speaker 1: is a true story. They said, it's been sitting there
Speaker 1: because I was in California for a long time. They said,
Speaker 1: it's been sitting there, and people say that you should
Speaker 1: take these junk cars and put them in storage. And
Speaker 1: I was like, well, for your information, it's not a
Speaker 1: junk car. That is my car that I take two
Speaker 1: and from work every single day, doesn't have a bumper
Speaker 1: on it, but it works. And they were like, well,
Speaker 1: you have to put it higher furtheran the driveway so
Speaker 1: people don't see it. And I was just like, oh
Speaker 1: my god, you don't get it, like you know. And
Speaker 1: it's not that I can't go out and buy another car.
Speaker 1: The way I look at it as well, if I
Speaker 1: want to go out and buy one hundred and fifty
Speaker 1: thousand dollars car, which I can, I can go out
Speaker 1: and take this cash and buy a car, or I
Speaker 1: can take this one hundred and fifty thousand dollars and
Speaker 1: put it back either into real estate or into stocks,
Speaker 1: or into my business, because that's something that I've been
Speaker 1: investing heavily in. Now. I started a company called Market Briefs,
Speaker 1: which is a financial news at a company, and we're
Speaker 1: trying to grow aggressively because I want to make financial
Speaker 1: news more accessible, because this is something like I look
Speaker 1: at the things that were very hard for me to understand,
Speaker 1: like CNBC us to be something I used to like watching,
Speaker 1: but it was just so complex. None of the things
Speaker 1: made sense. It's just so many things happening. And so
Speaker 1: now you might watch and say I want to be
Speaker 1: better with my money. And so now you start watching
Speaker 1: the financial news because where do you go next? And
Speaker 1: then all of a sudden you get hit with all
Speaker 1: these complex terms and things that don't make any sense.
Speaker 1: He turned off, And so I created Market Briefs as
Speaker 1: a way to make financial news more accessible and easy
Speaker 1: to understand. And twenty twenty two was the real first
Speaker 1: year that we became mark It Briefs an actual company.
Speaker 1: So I'm like, well, I can take this cash and
Speaker 1: want to buy a car, or I can hire more employees.
Speaker 1: We can buy better software, we can buy better infrastructure.
Speaker 1: My employees have a better car than I do. But
Speaker 1: I'm focused on, you know that that long term, I
Speaker 1: want to build this into something bigger. I'm want to
Speaker 1: make it something better. Now I'm gonna buy a nice car.
Speaker 1: One day, I'm gonna buy a better car. I'm not
Speaker 1: saying that I won't, but it's that level of you know,
Speaker 1: how much are you willing to sacrifice today for something
Speaker 1: bigger tomorrow. I am not driven by materialistic things. I
Speaker 1: don't really care about name brand stuff. It doesn't really
Speaker 1: bother me. I mean, I think it's it's cool if
Speaker 1: you like it, but it's just not for me. I
Speaker 1: buy a lot of my clothes, my suits from India,
Speaker 1: I get them made for one hundred dollars to get
Speaker 1: them custom made. A lot of my clothes are relatively inexpensive,
Speaker 1: but for me, it's it's I enjoy what I do,
Speaker 1: and I'm driven more by the purpose of I want
Speaker 1: to help people with the things that I wish I
Speaker 1: would have had help with, because the more and word
Speaker 1: that I have seen growth, the more and more that
Speaker 1: I talk to people, I keep hearing I wish I
Speaker 1: would have learned this sooner. I wish I would have
Speaker 1: learned this younger. And that's where you know minority mindset.
Speaker 1: I'm trying to help provide the financial education with my
Speaker 1: channel and the market briefs, trying to make that news
Speaker 1: more accessible for anybody who wants to be aware of
Speaker 1: was happening in the real estate market. The stock market,
Speaker 1: the crypto market, inflation, without being overwhelmed with that sensationalism
Speaker 1: and the craziness of what happens at the traditional financial news. Yeah. Absolutely,
Speaker 1: And I love how you said that ultimately the best
Speaker 1: investment is an investment in yourself, which you know we've
Speaker 1: heard time and time again, but what you're ultimately saying
Speaker 1: and that was for me too, Like for me, the
Speaker 1: first things I started investing in my health and so
Speaker 1: I remember reading that there was that article where Connor
Speaker 1: McGregor was talking about Lebron James and Connor McGregor was
Speaker 1: saying that he didn't realize until he saw an interview
Speaker 1: with Lebron James where Lebron said that his health bill
Speaker 1: is like a million dollars or something a year to
Speaker 1: maintain his health to be a high performing athlete. And
Speaker 1: I saw Connor McGregor's interview that he's talking about, I
Speaker 1: was like, I want to be high performing, like you know,
Speaker 1: what do I need to do? And so I started
Speaker 1: researching and then I remember I've always been a big
Speaker 1: soccer fan, football fan because of coming from England, and
Speaker 1: there was this interview again with two soccer stars and
Speaker 1: they were talking about how they went to Christiano Ronaldo's
Speaker 1: home when he just moved to Manchester, so he was
Speaker 1: bought by Manchester United when he was like seventeen years old,
Speaker 1: young talent, and when they went to his house, he
Speaker 1: had his trainer, he had his chef, he had his coach,
Speaker 1: and all the other players were like what is this
Speaker 1: and he was like, that's my chef, that's my trainer,
Speaker 1: and that's my coach. And they were like what are
Speaker 1: you doing? And He's like, I'm gonna be the number
Speaker 1: one player in the world. Like that was his mentality,
Speaker 1: and so he knew what to invest in. While all
Speaker 1: the other players were buying cars or going out for parties,
Speaker 1: he was building that and so I remember for me
Speaker 1: what started to happen was like, Okay, well, what do
Speaker 1: I need to invest in to create a mindset from
Speaker 1: which I can fully serve and give myself to others
Speaker 1: and take care of myself and my family. Because if
Speaker 1: I'm not investing in those things, then all of this
Speaker 1: is going to fo which is why when you walk
Speaker 1: through the four things at the beginning, when you talked
Speaker 1: about physical wellbeing, mental wellbeing, spiritual wellbeing, and financial wellbeing,
Speaker 1: like that recipe makes a lot of sense to me. Yeah,
Speaker 1: And I guess what you're trying to do is trying
Speaker 1: to give people financial confidence rather than financial survival. Yeah,
Speaker 1: it's the basics of the education, right. And one of
Speaker 1: the things that I try to do is I never
Speaker 1: or that I don't try to do, is I don't
Speaker 1: want to say this is what you need to do.
Speaker 1: And that's why I'm not asking you that. Yeah, but
Speaker 1: the reason why is because I did listen to those people.
Speaker 1: But you know, you talk about the good rich quick schemes.
Speaker 1: I've bought a lot of classes trying to learn about
Speaker 1: entrepreneurship and money, and some of them are very good,
Speaker 1: some of them are really bad. And the issue that
Speaker 1: I had was, you know, the people that are like,
Speaker 1: this is the only thing you have to do, whether
Speaker 1: it's by this type of ETFs, but this type of
Speaker 1: real estate, invest in this type of business. It worked
Speaker 1: for them. But I have a different goal than them.
Speaker 1: I have a different background than them, I have a
Speaker 1: different experience than them, I have a different risk tolerance
Speaker 1: in them, and everybody that watches this is again going
Speaker 1: to be different. And so my whole goal is to
Speaker 1: give you the education. So you can make a better
Speaker 1: decision for yourself rather than to tell you what to do.
Speaker 1: Is teaching you to learn rather than telling you what
Speaker 1: to do. Yes, yes, And I'm really glad that that's
Speaker 1: the conversation we're having because and that's why I'm not
Speaker 1: asking you, oh, we do this, you know, because you're
Speaker 1: absolutely right. Times are different, years are different. I guess
Speaker 1: one of the biggest things that I know is on
Speaker 1: people's minds right now is people are scared of this crash.
Speaker 1: They keep shooking about, right. So there's a lot of fear,
Speaker 1: and there's a lot of insecurity and a lot of
Speaker 1: anxiety and the challenges that forces us to shut down
Speaker 1: even more about money because now we're all scared, and
Speaker 1: no one wants to admit saying, yeah, I've wasted all
Speaker 1: my savings or I've done how again not to do?
Speaker 1: But how should people think about this? I'm very gradual
Speaker 1: about that up because this is something that we need
Speaker 1: to talk about, because you have to again ask the
Speaker 1: question of why and start questioning things. Because I'm just
Speaker 1: going to give a little bit of a timeline because
Speaker 1: it helps me understand where we are, and I think
Speaker 1: I'll help the listeners understand where we're going if you
Speaker 1: want to know where to find the most opportunity, because
Speaker 1: the reality is more millionaires are made during recessions and
Speaker 1: crashes than any other time. And the reason why is
Speaker 1: because we need to have these types of recessions and crashes.
Speaker 1: Assets go on discount, they go on sale. It's almost
Speaker 1: like Black Friday shopping for investors, and so you need
Speaker 1: to know how to find these opportunities. But this also
Speaker 1: acquires you to not just blindly trust or listen to
Speaker 1: what anyone else says. So I started asking the question
Speaker 1: of why and started losing a lot of trust in
Speaker 1: the system. When I started realizing, oh my god, like
Speaker 1: I was lied to about the school system and this
Speaker 1: and that and this and that. It was very painful
Speaker 1: for me. But if we go back a little bit
Speaker 1: and understand where we are in the economy and what
Speaker 1: might be coming, that will help you understand where to
Speaker 1: find the most opportunity. And I think that we are
Speaker 1: in store for a correction. The FED is going to
Speaker 1: determine how bad it is. And there's a lot of
Speaker 1: factors that you want to pay attention to because there
Speaker 1: are real concerns and real issues in our economy and
Speaker 1: with inflation that we cannot ignore. The way that I
Speaker 1: can best explain that becasem econic, just like beating on
Speaker 1: the brush on this right now. Is before the two
Speaker 1: thousand and eight crash happened, the government and the Federal
Speaker 1: Reserve Bank kept saying that there's no realistic crash. The
Speaker 1: real estate market is very strong. And then once a
Speaker 1: real estate markets started to go down in two thousand
Speaker 1: and seven, the better Reserve Bank, I'll explain what they
Speaker 1: are in just a second. They said that real estate
Speaker 1: is going down a little bit, but there's going to
Speaker 1: be no realistic crash and it's not going to affect
Speaker 1: any other aspect of our economy. And they made that
Speaker 1: statement publicly and said it again and again and again,
Speaker 1: and then what we saw happen was the entire real
Speaker 1: estate market imploded. Wall Street was on the bank of collapse,
Speaker 1: the entire financial system was on the verge of coming down.
Speaker 1: And after all of that, the Federal Reserve Chairman then
Speaker 1: came out and said I had to say what I
Speaker 1: said because I did not want to incite panic, and
Speaker 1: because of the political issues where I was told not
Speaker 1: to say certain things, so that was then now before
Speaker 1: I got twenty twenty. And now let me just explain
Speaker 1: what the Federal Reserve Bank is. The Federal Reserve Bank
Speaker 1: is known as the central bank in the United States.
Speaker 1: They control the monetary policy, meaning that they have the
Speaker 1: ability to print money give this money to the government,
Speaker 1: and they also have the ability to influence and control
Speaker 1: interest rates. So they are the entity that can increase
Speaker 1: interest rates. That's the reason why we're seeing mortgage rates
Speaker 1: school up right now. They are the entity that can
Speaker 1: cut interest rates. And although they're called the Federal Reserve Bank,
Speaker 1: they're not federal they say so on their website. They're
Speaker 1: not a reserve. They don't keep cash reserves anywhere. They're
Speaker 1: not a bank. You and I can't go their deposit money.
Speaker 1: So now that we have that, that's kind of fast
Speaker 1: forward where we are now. In twenty twenty, the economy
Speaker 1: shutdown due to the pandemic. But the government started spending
Speaker 1: money like crazy, and they were spending money that they
Speaker 1: didn't have. Where were they spending money, Well, they were
Speaker 1: giving up money in the form of unemployment checks. They
Speaker 1: were giving out stimulus checks. They were given out big
Speaker 1: money to corporations. They were given out big loans to
Speaker 1: corporations and money was just being printed that free will.
Speaker 1: So the government was spending trillions of dollars that they
Speaker 1: didn't have, and this gave money to people and businesses,
Speaker 1: so people and businesses could buy things. You can spend
Speaker 1: money and buy whatever you wanted. Because some people were
Speaker 1: making more money and unemployment than they were while they
Speaker 1: were working a job. And some businesses had so much
Speaker 1: cash in the bank because they got this huge check
Speaker 1: from the government from these business loans that they were
Speaker 1: giving that they were just able to spend money like crazy.
Speaker 1: So people and businesses were buying things although nothing was
Speaker 1: being produced. But the thing that was being produced was money.
Speaker 1: So this started to create supply chain issues because now
Speaker 1: you go to the store and you keep buying all
Speaker 1: the clothes, You keep buying all the stuff that's there. However,
Speaker 1: no clothes are being produced, no items are being produced
Speaker 1: because the manufacturing plants are closed. People are not going
Speaker 1: to work, so what is that going to do. It
Speaker 1: creates a supply chain shortage because now people are buying
Speaker 1: things but nothing's being made. How is this possible? What
Speaker 1: happens if you can print money without creating wealth? Because
Speaker 1: that's what was happening. We were printing money, trillions of
Speaker 1: dollars without actually increasing the amount of wealth. Well, this
Speaker 1: is what the definition of inflation is. You're inflating the
Speaker 1: monetary supply, You're increasing the monet of dollars out there,
Speaker 1: and the cost of that is you make the value
Speaker 1: of each individual dollar go down because now you're just
Speaker 1: printing money without increasing wealth, and so in turn, the
Speaker 1: value of each individual dollar has to go down. And
Speaker 1: as soon as I started happening, I started making videos
Speaker 1: in twenty twenty talking about how the concern right now
Speaker 1: is deflation, meaning the value of the dollar is dropping.
Speaker 1: Your savings are becoming more valuable, your earnings have become
Speaker 1: more valuable. However, be wary of inflation coming in the future,
Speaker 1: because that's the definition of inflation. You're printing more money,
Speaker 1: the value of dollar will go down. It's just I mean,
Speaker 1: it's almost like simple math. However, when this was happening,
Speaker 1: the veterans are a bank was printing the money, and
Speaker 1: they kept saying, we're not worried about inflation. There's no
Speaker 1: concerns of inflation. There's no reason we would have inflation
Speaker 1: because we can do that Now, just think about that
Speaker 1: for a second. If the government and the FED can
Speaker 1: print money on command, why do we have to pay
Speaker 1: for a mortgage? Can't they just pay that? Why why
Speaker 1: do we even have to pay for taxes? They can
Speaker 1: just print that money out of the air. The reason
Speaker 1: why they can't do that, there's the same reason why
Speaker 1: they can't give everybody a million dollars and expect everybody
Speaker 1: to have a Lamborghini, is because when you print this money,
Speaker 1: the value of the dollar drops so fast. Forward to
Speaker 1: twenty twenty one. The early part of twenty twenty one,
Speaker 1: that was when the first glimpses of high inflation were
Speaker 1: being seen. And in the early part of twenty twenty one,
Speaker 1: the veterans are a bank who's in charge of the
Speaker 1: monetary system said there's no real inflation, nothing to be
Speaker 1: worried about. This is just a little blimp. And then
Speaker 1: came March April, and that's when inflation didn't go away.
Speaker 1: It grew a little bit and the inflation. The FED
Speaker 1: came out and they said, okay, inflation is getting a
Speaker 1: little bit worse. However, it's temporary. They said, it was transitory,
Speaker 1: nothing to worry about. It will be gone by the
Speaker 1: end of twenty twenty one. Well, fast forward to the
Speaker 1: end of twenty twenty one, inflation got worse, and that's
Speaker 1: when they admitted inflation is not transitory. This is going
Speaker 1: to be around for a while. And during the whole period,
Speaker 1: I kept saying, don't expect this to be transitory. It
Speaker 1: doesn't just magically go away. Then comes twenty twenty two,
Speaker 1: and that's when some of the stimulus started to go
Speaker 1: away and inflation did not slow down, and then came
Speaker 1: the fears of a recession. And I was talking about
Speaker 1: this about how the high inflation is causing is slowed
Speaker 1: down in the economy because when you have the prices
Speaker 1: of things go up so much, more of your income
Speaker 1: is being used to pay for your rent and your
Speaker 1: gas and your groceries, so you have less money to
Speaker 1: go out and buy other things. And if you have
Speaker 1: less money to buy anything else, if you have less
Speaker 1: money to go to Chipotle, then Chipotle is making less money.
Speaker 1: If Chipotle is making less money, they don't have money
Speaker 1: to hire more employees, they don't have money to open
Speaker 1: more stores. That's what contributes to an economic slowdown. And
Speaker 1: that's what was going on and from January February March.
Speaker 1: All you kept hearing from the government and the FED
Speaker 1: is the economy is so strong, there's no possible way
Speaker 1: we could see an economic slowdown that continued April May June.
Speaker 1: Even at the time of us recording this video. I
Speaker 1: read an article this morning the Better Reserve Banks said
Speaker 1: we're not going to enter recessions. There's no reason why
Speaker 1: we should. The government even said our economy is so strong,
Speaker 1: We're not seeing any signs of a slowdown. Everybody is
Speaker 1: doing very well. And it doesn't make any sense because,
Speaker 1: I mean, depending on when this areas, maybe things will change.
Speaker 1: But if people are struggling their rent, paying their gas,
Speaker 1: buying their groceries, yeah, people are spending money, but the
Speaker 1: reason why they're spending money is because you have to
Speaker 1: pay more money for your groceries. And now, I mean,
Speaker 1: if you just think about this from a practical level,
Speaker 1: people are having less ability to not go out and
Speaker 1: shop and be able to just buy things, which means
Speaker 1: businesses are hurting. So my thoughts are, unless inflation magically
Speaker 1: goes away like the FED says it will, it is
Speaker 1: going to contribute to an economic slowdown. And now how
Speaker 1: bad will it be will It depends on what the
Speaker 1: Federal Reserve Bank does, because the Fed now is trying
Speaker 1: to reverse what they did in twenty twenty one, where
Speaker 1: these trillions of dollars were printed and enter the economic circulation,
Speaker 1: which caused the value of our savings and earnings to drop.
Speaker 1: It created more inflation. So if you want to reverse inflation,
Speaker 1: you have to do the opposite. You have to literally
Speaker 1: burn cash, you have to take it out of the system.
Speaker 1: So that's why they're working to increase interest rates. If
Speaker 1: they keep increasing interest rates to fight inflation, we are
Speaker 1: going to enter a recession. And that means the economy
Speaker 1: will slow down. It means people will lose their jobs.
Speaker 1: It means that businesses will go under. And the question
Speaker 1: then is what will the Federals are Bank do next.
Speaker 1: Will they then say, Okay, inflation is under control, even
Speaker 1: though it's maybe it's not, but the economy needs help,
Speaker 1: so we're going to start inflating because that's what happened
Speaker 1: every previous crash. You cut interest rates and you print
Speaker 1: money to help the economy boost. Well, if they do
Speaker 1: that now, when we entered the recession because of inflation,
Speaker 1: you make the root cause of the recession even worse.
Speaker 1: So this is where I don't know what the FED
Speaker 1: is going to do, and it's it is a tough situation,
Speaker 1: and this is where you want to be aware because
Speaker 1: there are ways for you to take advantage of this.
Speaker 1: But what you want to understand is the lesser of
Speaker 1: two evils is to cause a recession, because then means
Speaker 1: you're raising interest rates, markets go down, and some businesses
Speaker 1: will go under. However, this will cause a refresh and
Speaker 1: things will be able to get better. This creates opportunity
Speaker 1: for you to go and buy some assets. You can
Speaker 1: find stocks that are on sale, you can potentially find
Speaker 1: some cryptocurrencies on sale, maybe real estate. You'll find better opportunities. However,
Speaker 1: if the feder Reserve Bank changes course and they say, okay,
Speaker 1: inflation is a little bit better than where it was,
Speaker 1: and it's stabilizing, even though it's much higher than what
Speaker 1: it was before. But we're worried about this recession, and
Speaker 1: they start inflating, meaning they start printing money, they start
Speaker 1: cutting interest rates. Well, that means now the inflation gets worse,
Speaker 1: and now you risk something like a currency crisis. And
Speaker 1: this is significantly worse because now the trust and the
Speaker 1: value the dollar goes down, and that's where you know
Speaker 1: the type of assets that you want are different. That's
Speaker 1: where things like physical gold become more valuable because that
Speaker 1: can protect you from those types of things. So now
Speaker 1: what do you do right? The real question is, yeah,
Speaker 1: first thing is calm yourself, because nobody makes rational decisions
Speaker 1: out of panic. Nobody makes smart decisions out of fear.
Speaker 1: Understand that these things happen and that things will be okay.
Speaker 1: So first you get to do is just calm yourself,
Speaker 1: take a deep breath. Now. The second thing is you
Speaker 1: have to start taking that financial education. You want to
Speaker 1: create that buffer now because even now, while things look bad,
Speaker 1: you have gas prices are high, prices of high, but
Speaker 1: they are they could be worse. So you want to
Speaker 1: use this time to now put aside some cash that
Speaker 1: when you have some money, to take advantage of opportunities
Speaker 1: that might come your way. Now, the next thing is
Speaker 1: looking for what type of opportunities do you want? Do
Speaker 1: you want to invest in stocks, to want to invest
Speaker 1: in real estate? Do you want to invest in cryptocurrency
Speaker 1: or multiple of things. Once you know what you want
Speaker 1: to invest in, you make a list. You make a
Speaker 1: list of the things that you want to own, and
Speaker 1: now you're just waiting for a good buying opportunity. And
Speaker 1: when you're waiting for a good buying opportunity, you do
Speaker 1: not want to try to perfectly time the market. Buy
Speaker 1: things in phases. You can buy on the way down.
Speaker 1: You don't have to buy all at once. This is
Speaker 1: what I talked about in twenty twenty when the market
Speaker 1: was collapsing. I said, look, I'm buying in phases. I
Speaker 1: know what I want to buy, I'm buying it on
Speaker 1: the way down. Every time it drops another ten to
Speaker 1: fifteen percent, I buy more, and I buy more aggressively.
Speaker 1: When it happens, people will think you lost your mind
Speaker 1: because they're gonna say, why would you buy now? The
Speaker 1: markets collapsing, the world's gonna end. You don't buy now,
Speaker 1: Look you gotta again, calm. There's gonna be a lot
Speaker 1: of emotion. There's gonna be a lot of panic, a
Speaker 1: lot of fear. But the smartest investors are not the
Speaker 1: ones that invest on emotion. It's the ones that invest
Speaker 1: on finances, and so cut through that noise, just understand
Speaker 1: what you want to buy. Look real good buying. Our
Speaker 1: opportunity and then understand that if we go the other way,
Speaker 1: where we start inflating, well then you could see the
Speaker 1: opposite happen. You could see asset prices crash upwards because
Speaker 1: now we're inflating, we're printing more money, and that can
Speaker 1: mean more money flows into the markets, and that can
Speaker 1: put asset prices upwards. So it's knowing what you want
Speaker 1: to buy and in those situations as of things like
Speaker 1: gold can also be valuable. Now, the one thing that
Speaker 1: I want to mention about gold is I don't look
Speaker 1: a goal like an investment for me. It's just an
Speaker 1: alternative form of savings. It's just hard money. It's just
Speaker 1: holding something like that. It's another way to save money.
Speaker 1: So it's just finding the wrapper opportunity. But at the
Speaker 1: end of the day, the number one best investment that
Speaker 1: you can make in any situation is investing in yourself
Speaker 1: and understanding what is the most important thing right now
Speaker 1: your physical health, your mental health, your spiritual health, your
Speaker 1: financial health, and understanding that you know there's always going
Speaker 1: to be opportunities to take care of yourself in all
Speaker 1: of these places, but you need to be prepared and
Speaker 1: you know you put in that work now that way
Speaker 1: you can find the best opportunities. That way you can
Speaker 1: take advantage of them, because like I said earlier, the
Speaker 1: most millionaires are made during recessions and crashes than any
Speaker 1: other time. But this means you have to think differently
Speaker 1: than the majority of people. Going back to why I
Speaker 1: call it the minority Mindset's not about the way you
Speaker 1: look or you have missity your skin color. It's the
Speaker 1: mindset of thinking differently than the majority of people. And
Speaker 1: this is where a lot of people get upset. You
Speaker 1: get angry, kick and cry and scream. But this is
Speaker 1: where you want to think different look for the opportunity
Speaker 1: because it is there. And the last thing that I
Speaker 1: want to mention, which is kind of sad and scary,
Speaker 1: but something you want to be aware of. This When
Speaker 1: that twenty twenty the money printing happened, there was it
Speaker 1: was known as the biggest financial fraud in the history
Speaker 1: of America. And this has just come to light in
Speaker 1: the middle part of twenty twenty two, where there said
Speaker 1: that so many business owners and people who are not
Speaker 1: business owners took advantage of the government because there was
Speaker 1: such little oversight where the government was just giving money
Speaker 1: to corporations and businesses and people where it was the
Speaker 1: biggest fraud in the history of time and even people
Speaker 1: because so many people were taking this unemployment money that
Speaker 1: they shouldn't. And I remember, and I'll tell you from
Speaker 1: my personal experience, because I have a business. I kept
Speaker 1: being told just but you have to take this. It
Speaker 1: was called PPP. This PPP money. It's free, you don't
Speaker 1: have to pay it back. The government is giving you
Speaker 1: this money, you should take it. And they were giving
Speaker 1: a lot of money. I don't remember the exact number,
Speaker 1: but it was quite I mean tens of thousands of dollars.
Speaker 1: And you know, we had expenses, like my rent from
Speaker 1: our office was like forty three hundred dollars a month.
Speaker 1: We have employees, we had a lot of issues going
Speaker 1: on because we don't know where the economy was going
Speaker 1: to go. But I told everyone, we're not taking that money.
Speaker 1: Told my banker told me. I counted, and they all
Speaker 1: thought that I was dumb because it's free money. But
Speaker 1: I was like, you don't get it. The most expensive
Speaker 1: type of money in the world is free money. I
Speaker 1: know who's paying for it, because when the government spends money,
Speaker 1: somebody has to pay for it either they raise your
Speaker 1: taxes to pay for it because you know they need
Speaker 1: more income, or they cut their expenses, meaning they cut
Speaker 1: your Social Security, they cut their wealthfare, the welfare, they
Speaker 1: cut their things that they're doing, or they do the
Speaker 1: hidden tax, which is inflation, which means now people are
Speaker 1: going to pay for it in the form of higher prices.
Speaker 1: And who pays the price the poor and the financially uneducated.
Speaker 1: And I was like, I don't want to be a
Speaker 1: part of that. I'm not contributing to this because I
Speaker 1: know myself, I know my values, and I don't want
Speaker 1: to be a part of that. And so everyone thought
Speaker 1: that I was a dumb one, but here I am. Look,
Speaker 1: I'm not. I don't want to contribute to this, and
Speaker 1: I know who's going to pay the price. And I
Speaker 1: said the poor and the financially and educated on a
Speaker 1: purposely to not say the middle class, because when you
Speaker 1: have this type of high inflation, the middle class gets
Speaker 1: wiped out. Ye And it's the people who understand money
Speaker 1: that become more wealthy, the people that don't understand money
Speaker 1: that don't become wealthy. And it's very unfortunate. The reality
Speaker 1: it's this is the way the system works. And you
Speaker 1: have to understand it because it is profitable to keep
Speaker 1: people poor and it's very sad, but this is why
Speaker 1: you have to get financially and financially educated, absolutely, and
Speaker 1: I think everyone who's listening. The way to do that
Speaker 1: is make sure you subscribe to market Briefs and make
Speaker 1: sure you subscribe to the Minority Mindset YouTube channel as well,
Speaker 1: really really important and powerful ways to make sure that
Speaker 1: you have the education and insight you need to make
Speaker 1: those important decisions. I think so many of us are
Speaker 1: making decisions, as Just Spree rightly said, based on emotion
Speaker 1: or feeling or playing catch up or fomo or someone
Speaker 1: else is doing it, so I need to do it,
Speaker 1: you know, And those are not great decision making tactics.
Speaker 1: Focus on getting the right insights, getting the right information,
Speaker 1: and make wise, calm decisions. As Just Spretz said, just
Speaker 1: we end every on Purpose episode with the final five.
Speaker 1: These are five questions that have to be answered in
Speaker 1: one word or one sentence maximum, So Just Spree saying
Speaker 1: these are your final five, You're ready, let's do it. Okay.
Speaker 1: So the first question is what is the best financial
Speaker 1: advice you've ever received? Invest in assets, not liabilities. Second question,
Speaker 1: what is the worst financial advice you've ever received? The
Speaker 1: way to build wealth is saving your money? So true?
Speaker 1: Third question, these are very fiery. Is it's fantastic? Third question?
Speaker 1: What is something you used to value that you don't anymore?
Speaker 1: Material things? Question number four, what is something that you
Speaker 1: think people think is important when it comes to money,
Speaker 1: but you realize that's not really the right focus? Net worth?
Speaker 1: Net Worth is a crap indicator of real success. Nice.
Speaker 1: That's a great answer, all right? And question five, If
Speaker 1: you could create one law that everyone in the world
Speaker 1: had to follow, what would it be? Everybody has to
Speaker 1: learn about the quadrofit theory about physical health, mental health,
Speaker 1: spiritual health, and financial health before they leave school. I
Speaker 1: love that just for its seeing everyone. Definitely a guest.
Speaker 1: We're going to have back on purpose many many times.
Speaker 1: What I'd love for you to do, if you've been
Speaker 1: listening and watching is make sure you tag just Free
Speaker 1: and I on Instagram, on Twitter, on Facebook in the
Speaker 1: YouTube comments. Let us know what you gain, what insight
Speaker 1: you take away, What are you going to put into practice,
Speaker 1: what are you going to apply, what are you going
Speaker 1: to actually implement into your day today? And let us
Speaker 1: know if you have any questions as well, so go
Speaker 1: ahead and send them away. I know we want to
Speaker 1: see what resonated with you, what connected with you. Just
Speaker 1: pre thank you so much for doing this episode today.
Speaker 1: Thank you for having me. No, you were incredible. This
Speaker 1: is going to help so many people, and I know
Speaker 1: this is gonna be the first of many. So we
Speaker 1: already have an invite for you, ready to have you back.
Speaker 1: And this this was awesome. This was exactly what we
Speaker 1: needed right now. Thank thanks so much, man, I really
Speaker 1: appreciate it. Thank you man.