The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty

Every day you save

money

in the bank, you slowly become

poor

er and most of us never see this happen. This doesn't mean you shouldn't save

money

, it just means you have to understand how to save. your money strategically because rich people don't want to save all their money. Hello everyone, welcome back to the world's number one health podcast. Thank you to each and every one of you who come back each week to listen, learn, and grow now. The fun I've had with this show recently is what we've done from the beginning: we've talked about mental health and wellness much more broadly than just the mind.

We often think of mental health and living a positive life. and living a healthy life is just about the mind for a long time we thought it was just the body, then we get better but what we haven't realized is that every part of our life informs our well-being, how we make money. how we spend money how we use money and even more deeply how we think about money impacts our well-being we have a relationship with every form of energy in this world and money or our financial well-being is an integral part of it and So today I feel very honored and very grateful that I reached out to someone who I think is really talking about this in a way that I can align with someone who I feel has incredible values ​​around their own mission.

And only Jaspreet Singh, who is a serial entrepreneur and a licensed lawyer, although he did not receive any formal financial education, is on a mission to make financial education fun and accessible, and is winning at it.

jaspreet

is the money nerd CEO of minority minded companies and the host of the minority minded youtube channel, which i highly recommend you subscribe to while listening or watching this, welcome to the show,

jaspreet

sings, i just read, thanks for doing this, wow jay, what a presentation man, I appreciate you, I appreciate being here and thanks for the opportunity. No, I'm very grateful to be able to have this conversation with you.

I was just telling you offline that one of the things I really appreciated about the way you talk about

wealth

when I was watching your channel and listening to your work was that I realized that money wasn't an obsession or that it didn't seem like the goal, but you had created these really healthy habits around how all of us, no matter what our financial situation, can create a really deep and meaningful relationship. connection to our

wealth

and finances, would you say that's fair? How does that sound? You can totally disagree with me 100, I mean the things I grew up learning just didn't make sense because growing up my parents were immigrants from a state in India called Punjab and I watched my parents work hard.

My parents came to this country with very little and growing up, if my father had a Saturday and Sunday off, it was considered a long weekend, so he worked long hours every day on the weekends. time and at the same time they would tell you that you need to study hard to be able to get a good job and be successful and at the same time they would also tell you not to worry about money, don't stress about money, don't talk about money because money is bad, money taboo, money is bad and some of it didn't make sense because even as a kid I had this business bug where I thought I wanted to do something different.

I started mowing my neighbor's lawn and my parents were like, "no." Don't do that, don't worry about trying to make money doing that, just study hard to become a doctor and I was like, well, some of it doesn't make sense because on one hand you're working hard to get paid and on the other hand. you're talking about how money is bad and you shouldn't talk about money. As I went through this very emotional and difficult financial education journey, I realized that the reason why so many people create the smokescreen taboo culture around money is because we are insecure about our money and the reason is because we don't understand how money plays a role in our lives.

Money is just a part of our lives. You're right, money won't make you happier. Money is not going to help you. to become a better person, money will not make you a good person, however, if you do not have money and you do not understand money well, that lack of money can affect your mental health, it can make you stressed, anxious, depressed. It is one of the main causes of divorce if you don't have money you can start eating

poor

ly you can't afford to eat healthier foods you can't have the right gym membership you don't have time to take care of your family if you don't You don't have money you can't buy for them give your spouse a nice vacation that they

keep

asking you about.

You can't take care of your children the way you would have wanted. You can't give your children the vacations you can't give them. your children the opportunities that you may want, you may not even be able to afford the health care that you want because the reality, and this is what you know, is it unfortunate or fortunate, the reality of what the system is is that money talks and If you don't understand money then you will be at the mercy of people who have money and this is where I had to understand how money plays a role in my life because I came to do something I called quadrafit theory and the way I put it.

There are four aspects of life, if you want to live a happy and fulfilled life, you have to be healthy in these four aspects, first you have to be physically fit, second, you have to be mentally fit, third, you have to be fit spiritual and the fourth is. financially fit and the way I put it in this order is because physically if you are not physically fit if you are morbidly obese you are on your death bed it doesn't matter if you have 10 million dollars the only thing that matters to you is getting healthy again, in Secondly, being mentally fit, if you are depressed, if you are anxious, if you are not surrounded by people you love, if you are not happy, having more money will only make you more miserable and this is a big misconception that exists.

Where I know people in my personal life, I'm sure you do too. Where people are like they made a million dollars. You know I'm going to find the love of my life. I'm going to please people. I'm going to want to talk to me. You start to imagine this world where money will solve the mental aspect of your life, but that is not the case, it is its own aspect, so more money will not make you happy mentally, so it is spiritual. aspect and this doesn't have to be religious this is your purpose to me is what is the reason you are on this earth why do you wake up every day if you don't have a purpose you don't have one You will have a reason to get out of bed without No matter how much money you have after you have the physical fitness, the mental fitness, the spiritual fitness, that's where financial fitness has the biggest impact and the most power to help you live a fuller life. because now money is just the icing on the cake man, it allows you to live a fuller and happier life because now you can do more things that make you happy, you can give more, you can buy more food for the homeless, you can do more things that give you happiness maybe it's writing books maybe it's traveling maybe it's giving maybe it's starting businesses whatever it is for you you have the resources and the ability to do it, but that requires you to have that financial education and be I'm willing to try my best to talk about money and learn about money and understand that, hey, money is something that I need to understand.

Money is something I need. I must be willing to talk about money. It's something I need to be willing to do. learn about because most of us are never taught to think about money, myself included, yeah, I mean, I love that thesis and I would agree with you because I had similar rhetoric in my language growing up, so when we talked about money we always had just enough so I grew up when I had zero in my bank accounts many days and that was just we had enough or we often talked about money like we were going to a place where someone had a nice house or someone had a nice car.

The conversation would be well, that person does something sketchy exactly or must have done something which was stab someone in the back or cause pain to someone by being in that position and then you start creating this very negative toxic view towards money, yeah, and like you said. at the same time, you need access to it, have you ever figured out what it was for your parents that you think created that disparity in their relationship with money? Have you ever investigated if you have ever understood that because it comes from somewhere? Yeah, I think it's a cultural thing, you know, I think in the whole Indian culture, my parents are from a state in India called Punjab, yeah, culturally, you know, money is just one of those things, even in my culture. and my religion there is this concept called girth, which means earning and living honestly now, many people have interpreted you know in many different ways: oh, don't worry about money, don't talk about money, and in the Sikh religion there is also this great concept of seva, which means selfless service, giving back, so there's this kind of really giving aspect, which is great and I agree, but a lot of times we overlook the idea of ​​how about the profit aspect, how We win, how we take care of ourselves, because the way I look at it is if you want to be able to fill someone else's cup you want to feed someone else first you have to be able to feed yourself and this is a lesson that my grandfather taught me my grandparents are immigrants or they were refugees before they came and lived with me they were refugees Because the state of Punjab used to be much bigger, in 1947 the state was divided and if you were sick and were on the west side of Punjab, you had to migrate to the this, otherwise they were going to kill you and it was a very brutal situation, very hard, very Like in bad times and my grandparents were on the west side, so they immediately had to leave their homes, leave their lands, leave the members of family, leave their friends behind and migrate and run east.

My grandfather I heard the story a lot and actually he just moved to America, but when he started the migration process, the process of moving east, all he had was a sword in his hand and the clothes on his back. , nothing else was left, all the money, all the land, he left everything behind, he even left his parents behind and started running and during that process he was attacked by a and had to defend himself and saw how his uncle was killed right in front of the. His uncle took a knife, a sword straight to his head, she cut his head in half and that was the last time he saw her.

He now comes to the new east within punjab, the new india lost his shoes on the way he has no home he has no family he has no friends he is here alone trying to figure it out himself and now he has to figure out how to make life work and What it tells me from that moment is that poverty is the worst disease and the reason is that when you are in that level of poverty, that level of poverty you can't even think. about feeding another person you can't think about helping another person because the only thing on your mind is how can I feed myself how can you feed your family when that's the only thing you're trying to do and you can't worry about feeding other people and that's where you know for me it was.

I want to be successful so I can give back to my family, my parents, give back to my community and be able to do more things, money in essence is just an enabling tool. You can do more of the things you want, if you give money to a good person, they have a tool to do more good, if you have a bad person, more money, they have a tool to do more evil, so, at the same time End of the day, money is Just like gasoline, it amplifies whoever you are, which is why we need more good people with money.

Now, going back to your question of why I really think it's just a lot of insecurity, you know, if we feel like we did everything right, we're working. difficult but we don't have what someone else has something must be wrong they must have done something wrong they must have done something you know we didn't see so we create excuses we create smoke screens but what we don't see What I understand is the financial literacy aspect because that's what can make or break your finances, it doesn't matter how much money you make, what degree you have, who your parents are, where you went to school, none of that matters, it's what you do with the money you earn and this is one of those things that can be very difficult to understand unless you really see it.

In fact, I was reading a study last week that said seven in 10 Americans across the board live paycheck to paycheck. and then he said that 50 percent of Americans or about 50 of Americans who make six figures or more also live paycheck to paycheck most Americans in general no matter the income are broke they have little or no savings they have little to no investment regardless of how much money you are making and the reason is not just because of what salary or job or what title you have or who your parents are, but because of the financial education you have and none of us are taught to do that. think about money, it's the craziest thing,yeah, I really appreciate you going in that direction because I think everyone thinks that when we have a conversation about money because of our conditioning, it has to be this obsession or it has to be this goal and you "Well, it's really just about education." , yeah, it's just that you have to do this and you're going to do something right with it.

We better learn how it comes in and out and where it goes, and even for me." I am reflecting on my own experience. I interviewed my mom recently, not on the podcast and I want to do that, but I interviewed my mom recently at a dinner party. We were at dinner for my sister's birthday and I thought, you know what? I'm going to interview my mom as a podcast guest, yes, at dinner, so I started asking her questions. like mom, like how did you get your first job? and especially, I find South Asian Indian parents who don't really talk about, yeah, I don't know, at least mine, right?, they don't talk about the struggles that they went through. or the difficulties, you never talk about the problem, you never talk about the problem, so I asked my mom, she told me she was from Yemen, so my mom was born and raised in Yemen, she speaks Arabic, unfortunately she didn't teach me, but from Indian ancestry in Indian origin and in Yemen there was a war between the people of Yemen and the British because the British were in control at the time, so my mom said she was studying for her exams while there were Yemeni soldiers on her roof.

Wow, trying to protect Yemen and they are just studying for their school exams and that's what she was going through and then when she moved to London she kept her British passport by moving to London at that time because Yemen got its independence . they moved on like eight pounds, which is like ten dollars, as you know, and at the time that's not bad, but I mean, it's practically nothing and, of course, they were built from the ground up and, you know, they did very well , but the idea still arises. We're not financially literate, yeah, what would it be if you could start and we'll dive deeper into each of these.

If you could tell me what are the three habits that

keep

us in that poverty or poverty mentality like you said and what are the healthy habits. Habits that lead us to the rich mentality, so I think the three biggest bad habits when it comes to money first, probably the most obvious, I would say, is that people follow the two is where you are spending or saving all your money. money, you never will. getting rich if you do that number two would be blindly following the system without questioning the way the system works and number three is you don't understand how money works so if we start with number one, two is saving and spending.

Now, it's interesting. If you look at the financial statements of most people in America or even around the world, what it looks like is that you make money, you pay taxes, you spend money and then you wonder where literally all your money went, so most people don't have any plan for their money and that's why most people have little or no savings and most Americans have little or no investments right now about half of the United States United States has no investments, I'm talking 0 401k zero iras zero stocks market account zero real estate investment zero gold investments nothing and then of the next half of Americans who have an investment, only half of them have an investment outside of your 401 care ira, so you have a very small percentage, about a quarter of the United States who work in the United States. that's any investment alone when we go back to saving and spending we are in a culture of spending America has a culture of consumerism and I joke about this but the way I like to say it is traditionally Indians earn a dollar to spend. 20 cents Americans earn a dollar to spend two dollars, yes thanks for the help of credit, this is just the culture we are in where it is totally fine and normalized to spend money even if you can't afford something you don't have. you have it and what are you doing right you are spending all your money making everyone around you rich but you yourself may look rich but in reality you are broke there is a reason why the owner and CEO of louis vuitton is the richest person in the world versus most people who wear louis vuitton are broke people who wear louis vuitton are trying to look rich and how are you doing it right?

You are making the owner of Louis Vuitton rich by doing that and this is where I have to understand that there is nothing wrong with wearing designer things. There is nothing wrong with having nice things. There's nothing wrong with wanting nice things, but you have to be able to afford them first. I used to be a guest teacher in Detroit public schools and when I used to teach there in a tough school district, I would talk to kids about life, you know, motivation, entrepreneurship, money and success, and one of the things I would ask you is how many of you have a job, almost everyone raised their hand saying they have a job, my next follow up question was how many of you have a bank account, no one raised their hand so I asked you what do you do with their paycheck and they said, well, we get a physical check and then we go to the liquor store and cash it.

The liquor store owner takes one to ten percent, then you buy candy, a bunch of junk on the way out, and when you leave the store you've already given away half your salary, I call it net zero thinking. where we think in terms of spending if I have a thousand dollars I can go out and buy this bag this nice thing if I have 10 grand I can go on this nice vacation if I have 50 grand I can go ahead and buy this nice car We think in terms of spending because We think that if I have this money, how can I spend it now?

If you separate yourself from that and now you start creating a cushion and you don't spend all your money, the next problem is that we save our money because for me the only financial education that I was given was to save money because if you don't spend it now you are

build

ing a big bank account and if you have a big bank account you will be rich, but the reality is you will never be able to get rich through your savings your savings will never make you rich and if you don't believe me I will just give you a mathematical term your savings right now are growing essentially in nothing more than let's say one percent and I'm being very, very generous here if your savings grow by one percent and inflation is over one percent and now we can see that inflation is extremely high, but even before the 2020 pandemic, inflation was still above one percent, there were two or three of us.

Inflation percentage means the value of your savings is falling, so if inflation is higher than your savings, that means your savings are losing value every day, every day you save money in the bank, slowly He is getting poorer every day. and most of us never see this happen now, this doesn't mean you shouldn't save money, it just means you need to understand how to save your money strategically because rich people don't want to save all their money, they want to save their money. money for an emergency save your money for an investment or save your money for a large purchase if it doesn't fall into one of those three things you don't want to save your money because now you are saving money your savings are making you poorer every day, this takes me to the second aspect which is blindly following and trusting the system and this was the hardest for me because growing up most of us including myself were always told that if you want to be successful go to school get good grades get a good job moving up the corporate ladder for me was going to school getting good grades getting into medical school becoming a doctor i know you've heard similar stories before yeah that was all they told me since i was like a baby, my parents told everyone that Jaspreet was going to be a doctor, that he was going to go out and do medicine, this and that, and that's what they always told me and I really wasn't against it because I wanted to be successful.

I saw how hard my parents worked since I was a child. I always wanted to give back and it was assumed that if I get good grades I will get into a good medical school and if I do well in medical school I will be able to get a good job as a doctor and if I get a good job as a doctor I'll be able to make more money I thought everything was linearly correlated your grades your income your grades your success that was one of the reasons why growing up anything that wasn't medical or academic was completely discouraged and sometimes I think it's very hard for anyone to understand what it means that, you know, your parents really wanted you to be a doctor because it wasn't like an option like this was the only option and I think the best example I can give of that was when I was in eighth grade, I had 12 years old, my parents got me a tutor, not for the English class I was in.

I was about to fail not because of the other things I was studying for in eighth grade, but because of the medical school entrance exam, the exam you take in college to get into medical school. My parents got me a tutor for when I was in grade 12. I didn't spend money on many things, the only thing parents were willing to spend money on were academic related things to get me through medical school, so here I am in grade 12. I have a mt mcat tutor who comes to my house and he waits, this is the kid I'm teaching about med school to get into med school and that's how strict he was in my house, so I was checking all the boxes, I was doing well in school, I was studying hard, I was getting good grades but then along the way I realized something didn't add up when I was in high school I was working weddings Indians played a drum called a dol and I met a lot of the local Indian DJs who work Indian weddings and we became friends and they were like, you know you have a lot of friends in high school.

How about we start throwing parties for teenagers in high school? I couldn't tell my parents this because again, anything not related to medicine is going to put me in medical school, I can't tell them, so I would do all this on the side, even working on weddings, I had to keeping it all a secret and I thought, okay, let's do it, you know it was fun for me. So I was 16 and I started throwing these parties for teenagers at a local restaurant that had just opened and they wanted some exposure so they let us do it there for free and it was fun, but then I thought, "You know, I know what this is." a hobby I'm going to go to university and I'm going to be a doctor and all this is going to become history well, I'm going to university I'm 17 years old I don't know what to expect because my parents didn't do it they go to university here and I think everyone They go to college they spend Friday nights in the chemistry lab everyone wants to become something great and they want to spend all their time studying at college and I get there and everyone is partying drinking blowing money they don't have for all these things Like I don't party, I don't drink, I never drink, I don't smoke, so for me it was like a big shock and I thought this is strange, this is not what I expected, but I still need something to do on Fridays. night, so the entrepreneurial side of my brain kicked in again and it was like, oh, let's bring this party business back to college because that's all I knew, so I was like, oh, okay, so I have 17.

I start knocking on the doors of all the clubs, bars, restaurants, asking if I can organize a party. Here it is again and again, I'm not a party person, I don't drink, I don't smoke, but this was the only business I knew and uh. You know, I just didn't know much else, so I finally found a club that would work with me and they didn't want to charge me anything. They let me work on it essentially on a commission basis from which they will take a percentage. the income I make and I said, okay, it doesn't cost me money because I don't have a lot of money, I started throwing these parties, but I still knew this was just a hobby, something I'm doing because I got bored on the weekends, then I started to study to get into medical school and this is where things really changed because I had some money saved in the bank and now this is like the bottom of the 2008 crisis because I was in high school when the 2008 crisis hit. accident happened around 2012 it was when I was studying for the mcat so real estate prices are through the floor and the markets are still very unstable and I'm starting to study for the mcat and I'm very bored trying to study for this . because I just wasn't very passionate about it and during my breaks I would read business books, go on Yahoo Finance and study what was going on in the markets just for fun and keep hearing about what real estate is like.

Deep down in the news and business books I read they always said that rich people invested in real estate. I had no idea what they meant. NoI knew no real estate investors. She didn't know what real estate investing was. I didn't have investors in my family, so I didn't know what that meant, so I thought, well, if rich people invest in real estate, maybe I should invest in real estate, so I mentioned the idea to my dad. I was like dad. I want to invest in real estate. He says: Shut up, you're stupid. Go study and become a doctor.

You can worry about all these other things after you become a doctor. I said, "Okay, now I just want to say that you know I love my dad." To death, my parents this was all they knew, they didn't have that financial education, but in the back of my mind, you know, I always say, you know, okay, what can I do? Maybe I don't have to tell my parents. I'll just do something else. I had a little money saved in the bank from the party business I ran, so I started looking at rental properties to buy and found this little condo for sale for $8,400, that was the price. of the condo, that's incredible, and that same condo a few years before had sold for 150 thousand dollars, so the crisis of 2008 really decimated the real estate market in Michigan because Ford GM Chrysler was hit very hard, so I thought Well this is not a bad price I can afford this I made an offer for four thousand dollars and it was in foreclosure the bank responded with seven thousand and then I said how about we settle at six thousand dollars and we were trying to back and forth and then they said, well, do we have another offer on the table?

I didn't want to lose this deal because I already looked at a few, so I thought okay, I'll make an offer for eight thousand dollars, so it was a bidding war, the other person offered less than eight thousand dollars, so I got the condo, so I bought it for eight thousand dollars, but with a little work it was possible. It was pretty good and I rented it for 600 a month. Now I'm 19 years old and I had no idea what I was doing, but suddenly, once I understood it a little, I thought: wait, this condo is it. paying me every month and I don't have to go and organize a party.

I do not have to go to work. I was working on Auntie Anne's Pretzels a little earlier because I don't have to flip pretzels. I don't have to throw this party I don't have to work a wedding and they're paying me something doesn't make sense How come they never told me about this? I was doing well in school as I thought. It was smart, I thought I knew what I was doing. Turns out there's a whole world of financial literacy that was never taught, so now the traditional system is go to school, study hard, get good grades, get a good job, move up the corporate ladder and now me.

I'm starting to realize, wait, there's a different system here than any of us were taught, where the goal isn't just to get a job and move up the corporate ladder, what rich people do is work to own from the corporate ladder and I thought I didn't even know you could do that because now if you can own investments, if you can own assets, you own things that will pay you without you having to physically work and this is what rich people work on. because, however, none of us have been taught this, none of us have been taught in school how to manage money.

None of us have been taught how to invest money. None of us have been taught how to generate wealth. None of us have ever taught. how to make passive income however rich people are teaching this to their children and they are able to figure it out because they have that education but most of us are not taught this unless you are willing to go in any direction now youtube It's made it a lot more accessible thank God, yes, but before YouTube you had to go ahead and wait to read books and take classes and it's hard, I mean, it's a lot harder to read a 300 page book than it is to look at a 300 page book. 10. minute youtube video, yeah, definitely, that was a big turning factor for me because that's when I started to realize that there's something different that you can do, so the second habit that we talked about, you know, is to break with that traditional system of asking why and then the third thing is to understand what money is and this is a very difficult concept to understand and I think the best example I can give with this is to go back to traditional Indian culture because In India it is a very common thing that when someone has extra money, extra rupees, they want to convert these rupees into gold, that is why in India a lot of gold is traded during weddings because they want to give money and the way they do it is through gold because inherently people understand that the rupee loses value and I don't think people understand why or the ins and outs, it's just normal, that's the culture, so people take the cash and buy gold and the reason why Now we need to understand this here in our culture is because when we think about money, there are two different aspects: a currency, which means something that we use to buy and sell things in exchange, and then there is the store of value and many of us assume that our money is supposed to be a reserve of value, but now, because of the pandemic of 2020 and the inflation of 2021 and the inflation of 2022, we are seeing that, oh my God, my savings are not they buy from me so much, my profits don't spread as much and that's why I'm starting to really realize that maybe my dollars don't have the same value and now I'm understanding what money is, there are two aspects: the monetary aspect to buying and selling things and then there is a store of value that rich people understand. is that money doesn't act as a very good store of value today, so you want to take your money and turn it into something that is a store of value or maybe something that will actually produce income for you. something that is very important for everyone to understand and the interesting thing is that my first video that went viral was in 2016 and in that video on my minority mentality channel, the reason why I think it went viral was because I talked about all this idea of ​​when you keep all your money in the bank, you're getting poorer every day because back then inflation was between two and three percent, while your bank paid you half a percent, so I said, look , you are losing between two and three percent of your money.

The value of cash every day, so you have to do something with this money because your money is losing value in 10 years, it will be worth less than it is worth today. Well, I didn't expect this 2020 pandemic to happen. I didn't expect all of this craziness to happen, but now we're with inflation significantly above two or three percent and now people are really starting to understand what my money is and you have to be able to understand this because this is the main reason why we are rich. People don't want to save all their extra money, you want to put your money to work, which brings us now to the second side, what do rich people do well?

The first thing you need to understand is how money plays a role in your life. We discussed correctly how money impacts your life that way, you don't go out and just start chasing money because one of the things I realized was that I started making a lot more money when I stopped chasing money because when you're chasing money you're chasing something that is illusory, it's just false, it's just that you don't even feel good and you're not going to be able to put your whole being into it, but then the second thing on the more financial side is what do you do with that money and one of the things that I realized is that what rich people want is something called equity and this is where you have a lot of benefits in America because you can't do this in many countries, so if you think about the traditional American dream that It's changing now, but the traditional American dream was that you can work hard, buy a house, have a car, but the idea of ​​buying a house, the reason this was the American dream was because if you can buy a house, you can work. over the years to pay it off and now you have equity in your home and now you have the kind of generational wealth that you can pass on, you have an asset, well the traditional American dream is now an American nightmare with the high cost of ownership of a home. with wages that don't keep up with the cost of living, however, that doesn't mean the American dream is dead, it's just changed, so what is this new idea of ​​the American dream?

Well, if we go back to the root of equity, this is the real Dream of wealth and something that you can

build

for yourself and your family and for generations. If you have capital now, how can I explain this well? If you think about any company, especially a larger company, it's easy to understand, there are two people, two types. of the people who are involved you have the workers and you have the owners the workers are working for a salary you go to work every day you receive a paycheck you are receiving a salary the owners of the company do not receive a salary they are paid in profits, they want the company to make higher profits so they can make more money.

Now there is some overlap between workers and owners. If you're a founder, you're probably also an owner. The CEO might be on to something. property and some newer companies, you will also give capital to workers, but when you have capital you get the profits of a company. In this system, everyone in America must own a business if you want to be successful now. What I want to warn is that most people should not try to start a business and most people should not try to run a business now, you could say just breathe, you just said everyone should be a business owner, did you? how do you do that?

In any sense, you can own a business without working for it and now here's the question: what are you doing with your salary? What are you doing with your income? You can accumulate capital by starting a business yourself or building a house. or you can buy the capital now, how do you do it? You have to understand the wealth formula. The wealth formula I came up with is that you take your income minus your expenses and that equals your investments plus your savings. So, if you take your income, the amount of money you earn and subtract all the things you buy, your rent, your mortgage, your car payment, your groceries, your gas, you take away all your expenses and if you have a margin , well now you have extra money now you can save all or part of this money but if you don't save some then that money can be put to work in your investments, these investments as I have been hinting are what makes rich people rich and this will keep rich people rich, these investments can be made in the stock market because every time you buy a share of any company, if you go out and buy a share of, for example, Amazon, you become one of the owners from the Amazon corporation and you can share in the profits.

If Amazon's valuation goes up, its stock price goes up. The second way would be through real estate, not through your house, but through a real estate investment, purchasing a rental property that you are purchasing for the sole purpose of making money. This is something you can do. pay yourself every week or every year every month, then it can be through your own business or if you don't want to build your own business you can invest in startups, it's much more accessible now you can own physical gold, you can invest in cryptocurrencies if that's something what one believes in, so there are many different ways to build this capital, but this is where you now need to put your money to work to buy, own and build this capital.

Yeah, those are, I mean, first of all. I just want to say that I love how structured your thinking is and it's great to break things down, so anyone who's been listening or watching so far make sure to go back and ask yourself which of those habits you're struggling with is someone who in the choice between the two between spending or saving, are you someone who is being held back by systems thinking and likes to be controlled about where you go? Really take a moment to reflect on this episode as you listen to what part you want to work on because I know at this point some of you may be tempted to just turn this off and walk away.

I'm overwhelmed, I don't want to hear about this. I'm already afraid of my money. I don't want to talk about it, but I hope this is creating a space for you to really sit introspective and reflect on it. I think one of the biggest problems people have when they hear this and I know I had it a long time ago when I first heard this. I don't have enough to do anything with, so I remember when I started hearing about cryptocurrencies specifically very early, I probably heard about them like 13 years ago, probably the first time, yeah, I heard about cryptocurrencies very early about 12. 13 ago years and had just left the monastery, so I had no money, since I didn't have any, I had nothing to invest and probably in about a yearI would have had like a thousand to invest.

In my head I think that's nothing, what's it going to do well and I think a lot of people have that mentality, they say I only have five hundred dollars, I only have a thousand dollars, what can I do with that? Might as well spend them. in whatever because oh I'm going to save it because I need it for a rainy day, what does someone do when they have that mentality when they say I don't have enough, how do you approach that when I was in high school I really wanted a Ford Mustang , but my dad said no, we can't buy a Ford Mustang.

I wasn't going to buy that car, but this was again when stock prices had plummeted and the best option was not being able to. I bought a Ford Mustang and started reading business books. Then I wondered how I would buy back some Ford stock. He didn't have much money, but his first investment in Ford stock was two dollars because that was the value of the stock. trading for now is much higher but what I am trying to say is that you can start with a very small amount of money, I mean nowadays with the new era of brokerage houses if you have ten dollars you can start to buy this type of equity, you can start to build this type of equity, but the key now is consistency and how often you do it all the time, because when I say consistency, people say, oh, any time, I have a hundred dollars, well, okay, what you want to do, but consistency is doing.

It's automatic every time you get paid, take a portion of that money and automatically invest it now. The next question is probably where do I put this money. Should I throw it at Tesla or Amazon? Well, if you're not willing to do that level of research. where you don't want to try to find the best companies that you don't want to invest in real estate that you don't want to get into, the more you know, let's say the more advanced type of things that you just want to put your money into. The simplest thing you can do is look at something called an ETF, which is an exchange-traded fund that gives you exposure not to one company, but to many companies, maybe hundreds of companies.

For example, there is something called the S P 500, which is a group of the 500 largest companies in the stock market, essentially the 500 largest companies in the United States. You can invest in the s p 500 by investing in a single symbol, so you invest in this one thing and Now you are exposed to 500 different companies, you don't have to worry about what each of these 500 companies is doing, you are just essentially investing in the United States. United, the future of the American economy, if that's something you believe in now, every time you get paid, put in a hundred dollars and now just do this for the long term, whether the market is up or down, It doesn't matter, you shouldn't change a strategy, just keep investing your money passively, make it automatic, make it passive that way.

You don't even have to worry about it and now you keep accumulating it because now it's about the idea of ​​compounding, you don't want to just throw your money away all at once, you want to put some money in and let it grow. more money for them to grow, put more money in and let it grow. I made a couple of videos where I talked about two people, one was a janitor, another worked at a school, they both earned very little income, but they both retired very rich and the reason why. and I'm talking millions of dollars and the reason they were able to retire with over a million dollars was because they needed a little bit of money every time they got paid and they just invested that money, they didn't.

It matters, you know what else was going on in the world, they always paid themselves first, they always invested in assets before they started going out and buying things that made them look rich every time and when you put that little money to work, Whether we're starting with 25 or 250 or a thousand dollars, when you put that money to work and do it consistently over time, you can build real wealth, meaning if you look at a compounding calculator, a few hundred dollars a month compounded From the age of 21 to 65 years old obtaining an average rate of return, we are talking about millions, but it all starts with making a small investment first, being consistent with it and always being willing to learn.

I love it and I'm glad you mentioned that because I think about the other option, so like I was saying, the problem is that I don't have enough, it's not going to matter since that's one mentality and the other one is almost the opposite, it's the idea of ​​but I want to make money. quick yeah right and I feel like I don't know but I want it now and I think there's this mentality especially what you keep saying about how the lifestyle has been portrayed yeah we almost feel like people just change their lives overnight and suddenly they have a portfolio of rental properties or suddenly they have a nice house with a nice car or whatever and suddenly we're like, how can it happen to me so quickly? and then we get caught up in a get-rich-quick scheme or we get caught up in some kind of quick profit.

How does it seem to me that one of the most important trainings is the discipline of being able to postpone pleasure? Yes, because what I'm saying on any brand is that it's going to take time, since you had to save between four and eight thousand for your first condo that you bought, first of all, you had to work for that money, you had to save that money, yeah, to be able to invest it and then you were able to buy this 8,000 condo that obviously had a lot of growth, I'm sure, but it took a lot of things to get to that, whereas I think right now people are saying, "well , I would".

Instead of spending 100 on this right, it's a real decade of sacrifice and there's really no way around it if you want to speed up your path now. The best investment you can make if you want better returns and higher returns is to invest your money in yourself. and the hard part is that you have to be willing to put yourself through that time and effort because you're right, it takes time. You would know, unless you already have that experience, you have the mentors that you have, you know the parents, people that can guide you through it, maybe you can shorten it, but I didn't have that, so it took me a whole decade to figure it out. , going from one business idea to another, to a business idea, and going through failure or failure to achieve it. scammed after scammed that's what they teach you and when you're going through it it sucks you don't realize you're going through a lesson you just feel like I just got screwed yeah what I mean sure but it's So.

You have to keep in mind the goal that you know and that is to understand what is most important to you right now because you are right. The last thing you want to do is also get into this idea of ​​just saving a few pennies because at the end of the day, a penny saved is just a penny and the best thing I can do to illustrate that is if you make 40,000 a year and you say, " Okay, I'm going to save a quarter of my income." Set aside ten thousand dollars to save and invest and then you start putting your money to work and you say, "Oh my God, I love this, I want to do more, I want to get better results, so now you say, well, I'm going to try this." I put aside 30 of my income, 35 of my income and you keep trying to squeeze this limited pie, but this is where it's now about developing that growth mindset and this is what rich people can do when they say okay I'm sure I can try. squeeze more pennies out of the pie, but the other thing I could do is try to grow the pie, how do I go from 40,000 to 400 thousand dollars?

And you know, you might listen to that thinking how the hell I am. I'm going to go from 40 to 400. It seems like it sounds impossible and very far away, and at that point yes, it might seem like the way, but the first step, as you said, is that mentality, that's why I call it a minority mentality, because every success begins with your mindset you have to be rich here before you can be rich in your bank account and you have to understand how your mindset plays a role in it because now, if you tell yourself you can't do it, you can't, yes, but if you tell yourself you can, then the next thing you will do is say: how do I go from 40 to 50?

Yes, 50 to 100. You will start watching YouTube videos. It will start to lay. work and as you start making more money you will be able to answer the question of what do I want to do with this money, do I want to go out and buy a new projector or do I want to go out and invest in my business do I want to go out and buy a rental property do you want to go out and invest in stocks I want to go out and invest in a new company and now you can make these decisions because you have that financial education and this? that's why you know every time I talk about the house you know things I say you should do to become rich, I always talk about how you invest and grow your money in the end because if you don't know how to save the money if you don't I don't know how to invest that money, making more money is of no use to you until you know how to do it because now making more money has the biggest impact because now you know how to put that money to work, you have the system, yeah.

And I'll give you a quick example, like the first time I made a million dollars in a year. The car I was driving was worth 500. I still drive today. That 500 car last week before coming to California. My homeowners association. They called me and said Hi Joseph, we have several complaints about a junk car parked in a driveway and it's a true story. They said I had been there because I was in California for a long time. They said he had been there and uh people. You said you should take these junk cars and put them away and I said, well, FYI, it's not a junk car, it's my car that I drive to work and I drive it every day, it doesn't have a bumper, um. but it works and they say, well, you have to put it higher up in the driveway so people don't see it and I was like, "Oh my God, you don't understand it like you know and it's not like I can." I'm not going out to buy another car.

The way I see it, okay, if I want to go and buy a 150,000 car, I can go and take this cash and buy a car, or I can take this 150,000 and put it. I put it back into real estate or stocks or my business because that's something I've been investing a lot in. I started a company called Market Briefs, which is a financial newsletter company and we're trying to grow aggressively because I want to make financial news more accessible because this is kind of like I look at things that were very difficult for me to understand, like cnbc It used to be something I liked to watch but it was so complex that none of the things made sense, there's just so many things happening and now you can look and say I want to be better with my money and then you start looking at the financial news because where are you going? after and suddenly you're hit with all these complex terms and things that don't make any sense, it went out, so I created market reports as a way to make financial news more accessible and easier to understand, and 2022 was the first real year in which we became market reports a real company, so I say, well, I can take this money I want to buy a car or I can hire more employees we can buy better software we can buy better infrastructure my employees have a better car than me but I'm focused on you know in the long run I want to turn this into something bigger I want to do something better now I'm going to buy a good car one day I'm going to buy a better car I'm not saying I won't do it, but it's that level, already Do you know how much are you willing to sacrifice today for something bigger tomorrow?

They don't let me wear materialistic things. I don't really care about branded stuff. It doesn't really bother me. I mean, I think it's cool if you like it, but it's just. not for me, I buy a lot of my clothes, my suits from India, I make them for a hundred dollars, I have them custom made, a lot of my clothes are relatively cheap, but for me, I enjoy what I do and I'm driven more by purpose of I want to help people with the things I wish I had been helped with because the more I've seen growth, the more I talk to people that I keep listening to.

I wish I had learned. this earlier, I wish I learned this younger, yeah, and that's where you know the minority mentality. I'm trying to help provide financial education with my channel and the market, trying to make that news more accessible to anyone who wants to be aware of what's going on. in the real estate market, the stock market, the cryptocurrency market, inflation without feeling overwhelmed by that sensationalism and the craziness of what is happening in traditional financial news, yes, absolutely, and I love how you said that, ultimately , the best investment is an investment in yourself, which you know.

We've heard it over and over again, but what you're saying ultimately and that was for me also the first things that I started investing in with my health, so I remember reading that there was that article where Conor McGregor was talking about Lebron . james and conor mcgregor said that he didn't realize until he saw an interview with lebron james where lebron said that his health bill is like a million dollars or something like that a year, yeah, to maintain his health and be a top athlete performance and I saw the conor mcgregor interview he was talking about and I thought he wanted to be a high performer, like you knowwhat should I do so I started researching and then I remember I've always been a big football fan because coming from England and there was another interview with two football stars and they were talking about how they went to Cristiano Ronaldo's house when he finished from moving to Manchester and he was bought by Manchester United when he was like 17 18 as a young talent and when they went to his house he had his coach he had a chef he had his coach and all the other players were saying what is this and he I said that's my chef that's my coach and that's my coach and they say what are they? you're doing it and he says I'm going to be the number one player in the world, that was his mentality and that's why he knew what to invest in while all the other players were buying cars or going out to parties, he was building that and so on.

I remember for me what started happening was like well, what do I need to invest in to create a mindset from which I can fully serve and give of myself to others and take care of myself and my family? Because if I'm not investing in those things, yeah, then this whole thing is going to drop 100, so when you look at the four things at the beginning, yeah, when you talked about physical well-being, mental well-being, spiritual well-being, and well-being financial, like that recipe. It makes a lot of sense to me, yeah, and I guess what you're trying to do is try to give people financial confidence instead of financial survival, yeah, it's the basics of education and one of the things I try to do. is never What I'm not trying to do is I don't want to say this is what you should do and that's why I'm not asking you that, yeah, but the reason is because I heard those people when you talk. about get-rich-quick schemes, I bought a lot of classes trying to learn about entrepreneurship and money, and some of them were really good, some of them were really bad, and the problem I had was that you know, people who are like that are the only thing that What you have to do is buy this type of ETF, buy this type of real estate, invest in this type of business, it worked for them, but I have a different goal than them.

I have a different experience than them. I have a different experience. They have a different risk tolerance in them and in everyone who sees this will be different again, so my goal is to provide you with education so you can make a better decision for yourself instead of telling you what to do, teaching you how to learn in instead of telling you. you what to do yeah yeah and I and I'm so glad that that's the conversation that we're having because and that's what I'm not asking oh, should we do this? you know because you are at the absolutely right times they are different years they are different, I guess one of the most important things that I know that is on people's minds right now is that people are afraid of this accident and they continue to share the right thing, so there is a lot of fear, a lot of insecurity and a lot of anxiety. and the challenges that force us to close down even more about money, yes, because now we are all afraid and no one wants to admit that they say yes, I have wasted all my savings or I have done this, how, how, again, not what to do.

How should people think about this? I'm so glad you brought that up because it's something we have to talk about because you have to ask yourself why again and start questioning things because I'm just going to give you a little bit. It's a bit of a timeline because it helps me understand where we are and I think it will help listeners understand where we're going if they want to know where to find the biggest opportunity because the reality is that during recessions and crises more millionaires become anything else. On other occasions, the reason is that when there are these types of recessions and crises, assets are discounted and go on sale, it is almost like Black Friday shopping for investors, so it is necessary to know how to find these opportunities, but this also requires us to not just blindly trust or listen to what others say, so I started to wonder why I started to lose a lot of trust in the system when I started realizing, oh my god, like I've been lied to about the school system. and this and that.

This and that was very painful for me, but if we step back a little bit and understand where we are in the economy and what could be coming, that will help us understand where to find the most opportunities and I think we are prepared for a correction, the Reserve Federal will determine how serious the situation is and there are many factors to pay attention to because there are real concerns and real problems in our economy and with inflation that we cannot ignore in the way that I can best explain. that's because like being aware of this right now is before the 2008 crisis happened, the government and the federal reserve bank kept saying there's no housing crisis, the housing market is very strong and then, once the housing market started to decline in 2007, the federal reserve bank, I'll explain what they are in just a second, they said the housing sector is going down a little bit, but there won't be a housing crisis and it won't affect any other aspect of our economy. and they made that statement publicly and they said it over and over again and then what we saw happen was that the entire housing market imploded, Wall Street was on the brink of collapse, the entire financial system was about to collapse and after all that the Fed chair then came out and said I had to say what I said because I didn't want to incite panic and because of political issues where I was told not to say certain things, so that was now before we got into 2020. and now let me explain to you what the federal reserve bank is.

The Federal Reserve Bank is known as the central bank in the United States. They control monetary policy, which means they have the ability to print money, give this money to the government and they also have the ability to influence and control interest rates, so they are the entity that can increase interest rates, that It is the reason we are seeing mortgage rates increase right now, they are the entity that can reduce interest rates and although they are called the federal reserve bank they are not federal they say so on their website they are not a reserve they don't keep cash reserves anywhere they are not a bank you and I can't go there to deposit money so now that we have that Let's fast forward a little bit to where we are now in 2020 the economy was shut down due to the pandemic but the government started spending money like crazy and they were spending money they didn't have, where were they spending the money?

Well, they were giving up money. in the form of unemployment checks, they were giving stimulus checks, they were giving a lot of money to corporations, they were giving big loans to corporations and the money was just being printed at will, so the government was spending trillions of dollars that They didn't have it and this gave money to people and companies so that people and companies could buy things. You can spend money and buy whatever you want because some people made more money on unemployment than they did while working and some companies had a lot of cash. in the bank because they got this huge check from the government for these business loans that they were making and they were able to spend money like crazy, so people and companies were buying things, even though nothing was being produced, but what was being produced was money, so this started to create problems in the supply chain because now you go to the store and you keep buying all the clothes, you keep buying all the things that are there, yet no clothes are produced, no items are produced because the manufacturing plants manufacturing are closed, people are not going to work, so what is that going to do?

It creates a shortage in the supply chain because now people are buying things but nothing is being manufactured, how is this possible? What if you can print money without creating wealth? Because that's what was happening, we were printing. money trillions of dollars without actually increasing the amount of wealth, well, this is the definition of inflation: you are inflating the money supply, you are increasing the number of dollars that there are and the cost of that is that you generate the value of each individual. The dollar goes down because now you're just printing money without increasing wealth and in turn the value of each individual dollar has to go down and as soon as that started happening I started making videos in 2020 talking about how the concern in this moment is deflation. which means the value of the dollar is falling your savings are becoming more valuable your earnings are becoming more valuable however be careful of inflation coming in the future because that is the definition of inflation it is printing more money the value of a dollar will go down it's like that I just want to say it's almost like simple math, however, when this was happening, the federal reserve bank was printing the money and they kept saying we're not worried about inflation, there are no worries about inflation, There is no reason for us to have inflation because we can do it now. just think about that for a second if the government and the fed can print money when they are told why do we have to pay a mortgage?

Can't they just pay that? Why do we have to pay taxes? They can simply print that money. out of nowhere, the reason they can't do that is the same reason they can't give everyone a million dollars and expect everyone to have a lamborghini, is because when you print this money, the value of the dollar drops so much fast forward to 2021, the first part of 2021 was when the first flashes of high inflation were seen and at the beginning of 2021, the federal reserve bank that is in charge of the monetary system said that there is no real inflation, there is nothing to worry this is a little blimp and then March came April and that's when inflation didn't go away it grew a little bit and inflation came out the Fed and they said okay inflation is getting a little worse however it's temporary they said It was temporary, there is nothing to worry about. it will disappear at the end of 2021.

Well, fast forward to the end of 2021, inflation got worse and that's when they admitted that inflation is not temporary, this will last for a while and throughout the entire period I kept saying no. I don't expect this to be temporary, this doesn't magically go away, then 2022 comes and that's when some of the stimulus started to go away and inflation didn't go down and then fears of a recession came and I was talking about It's about how high inflation is causing a slowdown in the economy because when the prices of things go up, more of your income is used to pay for rent, gas, and food, so you have less money to go around. go out and buy other things and if you have less money to buy anything else if you have less money to go to chipotle then chipotle is making less money if chipotle is making less money they don't have money to hire more employees they don't have money to open more stores that is what contributes to an economic slowdown and that is what was happening and since January February March all that was heard from the government and the Federal Reserve is that the economy is so strong that there is no possible way that we could see a slowdown economical. that continued april may june even at the time i was recording this video i read an article this morning the federal reserve bank said we're not going to go into a recession we're not, there's no reason why we should, the government even said our economy is so strong, we are not seeing any signs of slowing down, everyone is doing very well and it doesn't make any sense because I mean, depending on these areas, maybe things will change, but if people have difficulties paying the rent, paying for gasoline, buying food, yes. people are spending money, but the reason they're spending money is because you have to pay more money for your purchases and now I mean, if you think about this from a practical level, people now have less ability to go out and shop and being able to just buy things which means businesses are hurting so I think unless this inflation magically goes away like the Fed says it will contribute to an economic slowdown and now how bad it will be depends on what you do the federal government.

The reserve bank does it because the Federal Reserve is now trying to reverse what they did in 2020 2021, when these trillions of dollars were printed and entered our economic circulation, causing the value of our savings and earnings to fall, created more inflation, so if you want to reverse inflation, you have to do the opposite, you literally have to burn cash, you have to get it out of the system, that's why they are working to increase interest rates, if they continue to increase interest rates to combat the inflation, we are going to enter a recession and that means the economy will slow down it means people will lose their jobs it means businesses will go under and the question then is what will the federal reserve bank do next?

Will you then say that you areWell, inflation is under control although maybe it isn't but the The economy needs help, so let's start inflating because that's what happened in every previous crisis: interest rates are reduced and money is printed to help for the economy to be boosted well, if they do it now, when we enter a recession due to inflation, the root is created. The cause of the recession is even worse, so this is where I don't know what the Fed is going to do and it's a difficult situation and this is where you have to be aware because there are ways to take advantage of this, but what you have to understand is that The lesser of two evils is to cause a recession because that means you're raising interest rates, markets go down, and some businesses will go under; however, this will prompt an update and things may improve.

This creates opportunity for you to go and buy some assets, you can find stocks that are for sale, you can potentially find some cryptocurrencies for sale, maybe real estate, you will find better opportunities, however, if the federal reserve bank changes course and it says okay, inflation is a little bit better than it was and it's stabilizing even though it's a lot higher than before, but we're worried about this recession and they start to inflate, which means they start to print money, they start cutting interest rates well, that means now inflation gets worse and now you risk something like a currency crisis and this is significantly worse because now confidence, yes, the value of the dollar goes down and there it is where you know the type of assets you want are different, that's where things like physical gold become more valuable because that can protect you from those types of things, so what do you do right?

That's the real question: yes, yes, the first thing is to calm down because no one makes rational decisions out of panic, no one makes intelligent decisions out of fear, understand that these things happen and that things will be okay, so the first thing you have to do is calm down, take a deep breath now, the second thing is you have to start getting that financial education, you want to create that buffer now because even now, while things are looking bad, yes, gas prices are high. Prices are high, but they could be worse, so you want to use this time to save some cash, that way you'll have some money to take advantage of any opportunities that might come your way.

Now the next thing is to look for what kind of opportunities. do you want do you want to invest in stocks do you want to invest in real estate do you want the best of cryptocurrencies or various things once you know what you want to invest in you make a list you make a list of things that you want to own and now you're just waiting for a good opportunity to buy and when you are waiting for a good buying opportunity you don't want to try to time the market perfectly buy things in phases that you can buy on the way down, you don't have to buy everything at once, this is what I talked about in 2020, when the market was collapsing, I said look, I'm buying in phases, I know what I want to buy, I'm buying it at the low every time it drops another 10 to 15 I buy more and I buy more aggressively when that happens people will think you lost your mind because they will tell you why would you buy now the market is collapsing the world is going to end don't buy now look, you have to be calm again, there will be a lot of excitement, there will be a lot of panic, a lot of fear, but the smartest investors are not the ones who invest in a movement, but those who invest in finances and thus cut through that noise. just understand what you want to buy, look for a good buying opportunity and then understand that if we go the other way, where we start to inflate well, then you could see the opposite happen - you could see asset prices plummet upwards because now we are inflating.

We are printing more money and that can mean more money flowing into the markets and that can drive up asset prices, so it's knowing what you want to buy and those situations are where things like gold can also be valuable. Now the only thing I want to mention about gold is that for me I don't see gold as an investment, it's just an alternative way of saving, it's just hard money, it just has something to it, it's another way to save money, so it's just find the rapper opportunity, but in the end. of the day the number one best investment you can make in any situation is to invest in yourself and understand what is most important right now your physical health your mental health your spiritual health your financial health and understand that you know there is always something to do There may be opportunities to take care of yourself in all of these places, but you have to be prepared and know that you put in the effort now, that way you can find the best opportunities and we can take advantage of them because, like I said before, the most important thing.

Millionaires are made during recessions and crises than at any other time, but this means you have to think differently than most people, going back to why I call it minority mentality, it's not about your looks, your ethnicity or the color of your skin, it's the mentality. to think differently than most people and this is where a lot of people get upset, you get angry, you kick, you cry and you scream, but this is where you want to think differently, look for the opportunity because it's there and it's the last thing I want. I want to mention which is a little sad and scary, but something you should keep in mind is that when money printing happened there in 2020, it was known as the largest financial fraud in American history and this just came to light. light in the middle of 2022, where they said that many business owners and people who are not business owners took advantage of the government because there was very little oversight and the government was simply giving money to corporations, businesses and people, which was the biggest fraud in the history of time and even people because so many people were taking this unemployment money that they didn't owe and I remember it and I will tell you from my personal experience because I have a business and they told me that you have to take it.

It was called ppp, this ppp money is free, you don't have to pay it back, the government is giving you this money, you should accept it and they were giving a lot of money, I don't remember the exact number, but it was quite a lot, I mean. tens of thousands of dollars and, you know, we had expenses like the rent for our office, which was like 4,300 a month, we have employees, we had a lot of problems because we didn't know where the economy was going, but I told everyone I told them that we wouldn't accept that money, I told my banker, I told my accountant and everyone thought I was stupid because it's free money, but I said you don't understand, the most expensive kind of money in the world is free. money, I know who pays it because when the government spends money, someone has to pay it, either they raise your taxes to pay for it because you know they need more income or they cut their spending, which means they cut your social security, they cut their welfare because they cut the things that are doing or applying the hidden tax that is inflation, which means that now people are going to pay for it in the form of higher prices and who pays the price: the poor and the financially uneducated, yes and I thought that I don't want to be part of that.

I'm not contributing to this because I know myself, I know my values ​​and I don't want to be a part of that so everyone thought I was a fool but here I am look I'm not, I don't want to contribute to this and I know who's going to pay the price and I said the poor and the financially uneducated and I deliberately didn't say the middle class because when there is this kind of high inflation, the middle class disappears, yes, and it is the people who understand money who become richer , people who don't understand money, those who don't get rich, and it's very unfortunate that reality is like that.

The system works and you have to understand it because it is profitable to keep people poor, yes, and it is very sad, but that is why you have to educate yourself financially and absolutely financially, and I think everyone who is listening, the way to do it is be sure to subscribe. to market summaries and be sure to also subscribe to the minority minded youtube channel. uh, really very important and powerful ways to make sure that you have the education and the knowledge that you need to make those important decisions. I think a lot of us are making decisions like I just said quite rightly based on emotion or feeling or catching up or fomo or someone else is doing it, so I need to do it, you know, and those are not good coping tactics. decision making, focus on getting the right knowledge, getting the right information and making wise and calm decisions, as he sweetly said, uh, we just end each intended episode with the last five, these are five questions that need to be answered in a word or a sentence at most, uh, so just preach, these are your last five, ready, let's do it. okay, so the first question is what's the best financial advice you've ever received?

Invest in assets, not liabilities. Second question. What is the worst financial advice you have ever received? They are very fiery this is fantastic uh third question what is something that you used to value and that you no longer value? Material Things Question Number Four What is something that you think people think is important when it comes to money but you realize is actually not the right thing to do? Focus on Net Worth Net worth is a poor indicator of actual success. Well, that's a great answer, and question five, if you could create one law that everyone in the world had to follow, what would it be that everyone would have to learn about quadrafit theory? about physical health mental health spiritual health and financial health before you leave school I love just preaching to everyone definitely a guest that we will have back by the way many times what I would love for you to do if you have been listening and watching is make sure to tag us jaspreet and me on instagram on twitter on facebook uh in the youtube comments let us know what you gained what knowledge you take away what are you going to put into practice what are you going to apply what are you going to do implement in your day today and let us know if you have any questions too , so go ahead and submit them.

I know we want to see what resonated with you, what connected with you, just for free. Thank you so much for doing this episode today. It was an honor to be with you thank you for inviting me no you were amazing this will help a lot of people and I know it will be the first of many so we already have an invitation for you ready to have you back here uh. and this was amazing this is exactly what we needed right now thank you so much I really appreciate it thank you if you want more videos like this make sure to subscribe and click the boxes here.

Me too I'm excited to let you know that you can now get my book Think Like A Monk at think like a monkbook.com. Check out the description below to make sure you order today.