The 6-Step Formula To Become A MILLIONAIRE In 2023 (How To Build Wealth) | Jaspreet Singh

So this is where you want to create a financial system and start investing your money because your savings will never do you any good. You can't save your way to

wealth

. You have to do it. I think you must have a dream: the school of greatness. Yes please, welcome. want to be financially free so you can retire in 15 years yes, I want to talk about that, of course, I want to talk about it at different stages of life if you are in your 20s and 30s if you are in your 30s and 40s I want to talk about what would be a

step

by

step

approach from a mindset point of view, which is your thing, yes, thinking about the mindset, okay, I want to retire in 15 years, how to think and then the actual actions that people need to make sure to get there and What retirement is really like.

Oh, that's a good question, so let me, I'll give you a quick

formula

and then I'll break it down because I've created that's not the case. very complex, but I created this

wealth

formula

that breaks it down into something very simple, almost mathematical, where you take your income, subtract your expenses and that equals your investments plus your savings, income plus income minus expenses is equal to your investments plus your savings, so if you want to get rich Ultimately it all comes down to having more investments, your savings are not there to make you rich, they are there to protect you against an emergency, your investments will make you rich, so if you want to get rich sooner or if you want to get richer you need more investments they need more investments how do you do it right if it's your income minus your expenses?

It's basic math, increase your income decrease your expenses or do both well, so that is the definitive formula, so now if we talk about how to do it step by step, six steps and this does not matter how old you are, these are the six steps that you need to follow before you get into the six steps, yeah, what's the mindset that you have? someone needs to think about step number one so step number one is having the right mindset that's why I call myself minority mindset and you know brand minority mindset because it's about thinking differently than the majority of people. because if you follow what most people do in 80 or 90 situations you are probably doing something wrong and you will be in debt and paying debts and loans for the rest of your life most people are bankrupt most people live Patriot for pay most people are drowning in debt most people have zero or no investments most people are unhappy most people are miserable and most people don't like their jobs this It's not I'm exaggerating, these are all statistical numbers that more than 50 percent of people feel this way and if now you keep doing what everyone else does you will end up like everyone else so this is where you now need to think a bit. a little bit different and try to find what is right for you and start educating yourself because when it comes to mindset the first thing you have to understand is that it is possible because if you are sitting there saying it is not possible for someone like me Someone that has my background, my parents, whatever.

I can't succeed. I guarantee you 100 that you will not be able to succeed. You can't change your outcome without changing your way of thinking. Oh, that's big and in the previous interview we had we talked about mindset. Compared to the tools that were, most of the time we assume that the reason we can't be successful is because we lack the toolset when in reality for 90 of the people we lack the right mindset because when you have the right mindset Properly you will find that this set of rules is all around you so first is believing that you can do it because once you know and believe that you can do it, that belief will affect your decisions because now you just say you know what, yeah maybe I can have success.

What are you going to do? You are going to enter YouTube. Watch videos. How can I be successful? Thanks for watching videos. Maybe you start binge-watching videos and now you're starting to realize it. Oh, it's fine. I can start doing this. I can change this in my life. I need to change the way I think I need to change my actions I need to do more things in my day I need to stop watching so much Netflix I need to do this and then maybe start reading books and they start reading business books because I've read There are a lot of books business and there is so much wealth in a world of 20 businesses.

Just go to some of the best business books and start reading them. You will learn a lot now. Start reading now, maybe you'll start doing a little. A little bit, maybe you don't have much success, but you start to take some steps and you start to learn even more because your experiences are some of the best teachers in the world, even if you make mistakes. I have learned from my mistakes. I don't. I have a mentor I didn't have guidance I didn't have family investors I don't have people to tell me how entrepreneurship works I made a lot of mistakes just like you, we made a lot of mistakes and that's how we learned and then maybe you go and take a class now you're like okay I want to learn how to do this I'm trying to

build

this business I'm doing something wrong and I'm trying to get a better job or I'm trying to get a raise I'm still doing something wrong you've read books now maybe you'll find a class you invest some money in this class and now you have more education now you try more and now you start to see over time oh my god 12 months ago I had no idea I didn't even believe I can do it now that I think I can do it I started watching YouTube videos I started reading books I started taking classes I started taking action and then you keep doing it maybe you hire a coach, maybe you hire a consultant.

I mean, the list goes on and on and on about what you can do, but it all starts with the mindset because if you tell yourself you can't, your mind shuts down and you'll never find it. an opportunity, you're never going to look for it, so that's where that mindset is the most important thing and if you don't have the right mindset, this is where the first thing you want to do is start learning how I

build

myself. -esteem, how can I develop my confidence? How can I believe in myself? I don't have many videos on this.

I know you have a ton of videos on this. Look at Lewis' style, so it starts there and then we move forward a little bit. deeper now to focus on his finances, mine says mentality number one is number one. The second thing now, once you have developed the right mindset, is that you want to create your financial foundation and the best way to understand this is to simply think about if you want to build a house, what do you do first? Well, you have a foundation, you have to build a foundation if you want to make a bigger house, if you want to build a bigger house, you want to dig a deeper foundation, you want to build a tall building, you need an even foundation. a deeper foundation, so you have to start by building your financial foundation and what that means financially is that first you want to save two thousand dollars, at the very least you want to put some cash aside to save as quickly as possible because right now they are something like that about 40 to 70 percent of Americans are unwell, forty percent of Americans don't have a thousand dollars to save and something close to 70 Americans don't even have four hundred percent four hundred dollars, but aside to protect them against an emergency , so You know most Americans don't have a thousand dollars saved, get a two thousand dollar bill and two grand as quickly as possible, yeah, and then you need to stop the financial hemorrhage that means your high interest debts, your credit card, debts with your hard money. lend your zero percent APR loans that are now charging you between 20 and 25, they need to be paid off as quickly as possible because they are loans that are skinning you financially, so I mean, it seems like credit cards are one of the most important that they sustain. people look back, credit cards, right, credit cards are a tool, they are a tool, if you are not educated with them, you can get stuck, if you have this tool without the education, it will burn you out, I only spend with a credit card, spending, you know? how to use my tool because I know how to use a tool and now because I know how to use my credit card what happens well I don't spend more than I would otherwise because I use my credit card only as a medium of exchange.

I'm going to spend this money anyway. I could also use my credit card with my credit card benefits. It gives me advantages. He gives me cash back. It provides me protection against fraud. It gives me free insurance. It gives me hotel upgrades. It gives me all these things. because I use my credit card instead of paying cash and now again it's financial literacy because now some people will say, oh my gosh, these credit card companies are scams, well the reason they're considered scams is because no I don't have the proper education and how to use it correctly, it's a tool without the education and how to use it and this is where now you have to build that financial education and a lot of times you're going to have to go out and do it yourself because your credit card company is not there. incentivized to provide them with financial education because they are going to make less money, right?

It is profitable to keep people poor. It's profitable to keep people uneducated financially because now if you keep spending money on your credit card because I have no idea what you're doing now your credit card company is going to get rich the average household in America is sixty two hundred dollars with credit card debt, so if you have credit card debt in the United States you probably have an average of sixty-two hundred dollars now let's talk about that because yes and what is the interest on that pot, that's 15 at 25 28 and every month, every month, you're paying, you're getting paid every month, so it's not six thousand a month, really you know.

Over the years, if you never pay it off, you are simply paying more and more and your credit card interest rate is not a fixed rate, it is a variable interest rate, so as As the Federal Reserve Bank increases interest rates, your credit card interest rate also increases, so if you are 21 years old right now and invested 6,200, that is the average credit card debt of a home right now, if you invested sixty two hundred dollars right now and you got a 20 return on your money and he did. that over the next 45 46 years you were going to retire with 20 million dollars 20 million dollars and you never invest another penny again you save more time if you invest 6,200 today and you never invest another penny again and you are 21 years old. at 21 and you get a 20 return on your money you're going to retire with 20 million wow and you're just going to say please where in the world am I going to get a 20 return on my money year after year you're right but your company credit card number does it every day.

Heck, they're charging you, so when you have that kind of credit card debt, you're the one enriching your credit card company. Now you know whether or not you think it's a scam. Look, let's move on. past and understand what is happening that way now, you can use it to your advantage because every year I receive tens of thousands of dollars in cash back from my credit card company because I use it as a tool and I understand how to use it and Here is Where look, if you don't want to use a credit card, it doesn't matter, but don't do it, if you have credit card debt, you have to pay it because that's skinning you alive.

Now you understand financial education. So the first thing you have to do is build your financial foundation, so you have to save some cash and then you have to pay off the credit card debt. Stop the financial hemorrhage. What is the strategy if you have three credit cards? What is the strategy to obtain? around that debt, so Dave Rams will tell you to do something called the snowball method, the smallest first, all of this first, and then the largest, because it's building momentum. A financial advisor might tell you the opposite: do debt Avalanche, which is Now you pay the highest interest rate first and then lower because now you'll pay the most interest first, so it will cost you the most money in the long run. .

The reason Dave Ramsey recommends the snowball method is because psychologically when you get those small wins from paying for something, you feel like you're winning and you can pay it off faster. An advisor will look at the math and say, "Hey, look, these numbers tell me to pay the highest interest rate first because it's going to save you the most money in the long run, which one is right again. I'm not going to say which one does the best for you because I know if I was in a situation where I'm not, I like the idea of ​​paying the heavy interest rate because that's how my brain works I don't need little wins like that. .I can work long term.

I think you know the business mentality, where you know how my mind works, so I understand myself and this is it.just Honestly be open and honest with yourself, if you can't be true to it then snowball, yeah it doesn't matter, the screw comes out a few months before, just take it out and pay it off as quickly as possible, cut, cut the financial hemorrhage. and have a base of two thousand dollars, that's step two, okay, except that's step two. Now the next thing you want to do is what I call leading your money, so this is where you want to create a financial system and start investing your money because your savings will never make you rich you can't save to achieve wealth you have to invest your money your savings will not make you rich because of what we have talked about in previous interviews inflation you are losing money in savings if inflation is higher than the interest rate you get in the bank then your savings are making you poorer every day because now your Savings are losing value due to inflation.

Does this mean you shouldn't save money? No, it means you need to save your money strategically, so you want to save money for three reasons and three reasons only. Save your money for an emergency. Save money for a major purchase. If you want to buy a car, you want to buy a house. You want to buy a good watch, whatever you want to buy, you need cash to do it and then save your money for an investment, if you are not saving your money for one of these three reasons, you are saving your money in the wrong way. and it is making you poorer by saving that money, so now we are focusing on the first aspect of saving your money for an emergency.

How much do you save? This will again depend on your risk tolerance and whether you want to stay somewhere in the middle. Three to 12 months of expenses and the amount of money you save will depend on where you are in life and how much risk you are willing to take if you say: Hey friend, I'm 25. I don't have any financial responsibility I don't need that much savings okay , save a few months of savings and that's it, invest more aggressively if you say, "Hey, I have a family, I have kids, I have a spouse." If you don't want to take on all this risk, save six months, nine months a year, which is equivalent to a year of savings, because now you will have the peace of mind of knowing that you have some extra money set aside, so it will depend on your risk tolerance and what you want, but in this Legion money step, this is where you want to understand that there are more things to do than just your money and just save it, you also want to put your money to work and the best way to do that is to create a system in which no matter how much money you earn, you will continually invest and save proportionally based on your income.

So what does that mean? One of the simplest things you can do is follow something like my 75 15 10 percentage plan, which means for every dollar you earn 75 cents is the maximum you can spend, 15 cents is the minimum you invest and 10 cents is the minimum you save and this never changes with your income the only thing you would change is after you reached that savings goal for your emergency savings, you don't continue saving your money for the emergency because you created that, whatever once you want, you put it in your investments, yeah, and now, whether you're making 40 grand times 100 grand, 4 million 40 million, you just keep doing the same thing and you're living below your means and now you're constantly putting money away for your investments.

Now again we talk about this before this investment money can be invested passively in full or you can put it. This money is reserved for investment so that it can be put into a bank account. You are looking for a rental property. You are looking for a business to buy. You are looking for cheap stocks to buy. This now depends on you knowing your investment. goals exactly where you want it to be invested how you want to invest your money and this is that Financial education now you know what you want to do and your personal goals if you don't want to get involved with your money I don't want to invest every day or pay attention to the markets.

You hate that idea, just invest passively, put it in low cost ETF index funds and don't even worry about it and let it do its job. What doesn't change is whether the market is up or down, so this is where you are now putting your money to work, guiding it because real wealth is built through your investments, not through your savings because it doesn't. you want to spend all your money because if you're spending all your money on Gucci, Louis Vuitton, Beamers and extra guacamole, guess what Gucci is making money. Louis Vuitton is making money. Chipotle is making money.

Beemers. BMW. He's making money, but you're the one. that makes them all rich, yes if you say I want to be rich but you have no savings and yet you have all these nice things you will look rich but the things that look rich ruin you Megan you are ruined yes so I know that you're paying the price to look rich, which there's nothing wrong with that, but you just have to understand what your goals are if you say, "Hey, I don't really care about building wealth, I just want to have my stuff, it's a free country." It's your choice, but if you say I want to have wealth, you have no investments and you're spending money on all these things.

This is where you need to rethink what you're doing and understand what it is you want and make sure your actions align with your goals and your lifestyle aligns with what you want to do. I mean, you can't keep lying to yourself, that's why you should invest your money not in buying a stock market, but I buy stocks every month exactly. Exactly, you own the company, you own the places where you spend your money and you know again that there is nothing wrong with having good things. What I'm trying to say is you can just afford it, yeah you know what you get as credit. card you don't want your credit card if you want you want a nice watch you want a nice house you want a nice car well just make sure you can afford it first well and this brings me now to the next step which I call interest free living and now this is where we go to dig a little deeper into how you actually spend your money because in American culture it's very normal to be in debt, it's very normal to buy things that you can't afford and before it was with credit cards now it's with this new thing called buy now pay later I'm an entrepreneur I'm very involved in the financial space I'm very involved in the fintech space buy now Pay later over the last few years is possibly the fastest growing sector in fintech, they're crushing it, right, they're crushing it.

I have not invested money in purchasing pay later apps because I do not believe in it, however, I support more. The way people in debt work is that they can buy something and worry about the price later. Now the discourse directed at consumers and people is good, they do not have to pay any interest. It's kind of like the real estate market in the past. the right day comes, rhyme story Rhymes well, but the idea they say is that you don't have to pay any interest, just pay it over, say, 12 months or six months, which doesn't seem like a bad idea, why would you?

I want to pay a thousand dollars for a laptop today if I could pay it in installments and not pay any interest for the next 12 months. Yeah, well, if that's the case, why is it such a fast-growing industry? I mean, no one is going to do it. invest billions of dollars into something if they're not going to see any kind of financial return, I mean, they have the most expensive kind of money, it's free money, so if they give you free money, how are they going to win? money from him, well that's where we go a little deeper if you don't get over your if you don't pay in your 12 months, then what, so that's the first part, if you don't pay it, now they slap you in the face. a very, very hefty fine, a very, very hefty fee where now you're paying a huge interest rate, essentially like a credit card, you're just acting like your credit card, it's the same concept where you get a small grace period, but The second aspect is that if you want to buy a laptop for a thousand dollars and you need a thousand dollars to buy it, then you must have a thousand dollars, but if you don't have to pay for it now, last month, yes, you still have. the thousand dollars in your bank account maybe 900 and now what happens?

I can go buy more things for 100 dollars a month, that's a thousand dollars and more and more, allowing people to spend even more to lock and all that stuff so you have a lot of things and all your money goes to pay for the things you bought yesterday, a year ago, now a year ago and then if you can't pay it on time, because that's ultimately, oh man, you know their goal if I can't pay it in a moment, now you They slap you with all those interests, all these fees and now you're the one who has to pay it, so this is where you have to understand the spending aspect of how you spend your money. because again, these things are tools.

I wonder how many people you know. This goes to our previous interview. I wonder how many people signed up for more credit cards since 2020 and also signed up for more. They bought more things with this. Buy now and pay later. I wonder. If there is data on this, I don't know it, which will give us more indication. Hey, within 12 to 24 months, people need to make twice as much money or they will go into a lot more debt, so in terms of the number of credit cards I don't have an answer in my head, but what I do know is the amount of money spent on credit cards because in 2020, when the pandemic hit, we saw the fastest payment of credit card debt.

It was really great because now you're sitting at home you have very few expenses you don't have to pay a mortgage mortgages and patience a lot of people don't pay rent you don't have a couple of student loans We're not going to turn out well yeah very few expenses and a lot of people now They get unemployment checks, they get stimulus checks, so more money comes in and a lot of people got richer because of the situation, so yeah, it's extra money that some people spent. some people invested it, some people paid off their debt and we saw the largest credit card debt paid off in the history of time in 2020, all with free money, although hey at the end of the day at least you're using it for the right person , so that was great, that's great, people paid off their debt, well, then what happened towards the end of 2021 in 2020 2 was the economy opened up again, people started spending, you wanted to get out and you know this demand repressed. you want to start traveling you want to go out to eat again you want to have fun again good, but then we also got hit with inflation everything is very expensive now you've been waiting to travel you've been waiting to eat out you've been waiting to do all these things and it costs a lot more expensive, so what are you doing right?

I don't have any credit card debt. Let me go put it on my credit card and over the last few months we've seen the fastest growth in credit card debt in the trauma of time and this is the situation where we paid it off and now we're doing it again, such once because you feel that I have room to spend and secondly because everything is very expensive. I can't afford to buy food, I can't afford gas, and it's all of this, it all comes back to point number one, mindset, mentality, education, it's so, so, so crucial and this is where now, in this step, you can make that decision.

First you have to understand how to spend your money and then you can now understand what you do with the rest. Do you want to pay the mortgage well? Do you want to pay it? Do you know something like that? Do you want to invest your money? and this is really an individualized question because the simple math is that if your mortgage is costing you, say, five percent a year and you can get an eight percent return on your investment, you can invest your money, get a better return, pay your mortgage and have some money. Having money in your pocket is a no-brainer, so if you can invest your money you will get a better return, why wouldn't you do just as well?

Because investing carries risks, versus paying your mortgage does not, because when you pay your mortgage you get a guarantee. five percent return on your money because now if you pay it a year in advance you get a guaranteed five percent return compared to when you invest your money, this carries a risk, oh my gosh, it could go down like a whoop it could. go down and now the question again is what kind of life do you want to live? You mean you know what I just don't want to have to worry about paying my mortgage? I just want to be financially free, never have to stress about money and be okay and then pay. pay off the mortgage because now you want to pay the mortgage your biggest expense is gone you own your home free and clear you still have to pay property taxes but at least now the biggest expense is gone and you will breathe a lot easier when I don't have a mortgage to pay, but if you say you know, I just got separated.

I want to live large. I want to have nice things. I want to have big things. I want to be striking. There's nothing wrong with that, like you, I want If everything is fine, it's fine, then you won't wanttry to get a five percent return. You want to invest this money in the markets. You want to invest it in your business. You want to invest this in your education. You want to invest. on yourself because now you can get a much better return, it's absolutely riskier, but your mindset is somewhere else, right? You want to get a different type of return and that's why you're investing in things that can give you a better return because that's what you want, but you just have to understand that it carries risks and if you're not comfortable with that, then do the first thing. , so this is where you have to understand yourself and understand what kind of life you want to live, but the key here is that you don't want to put yourself back in the situation that brought you here in the first place, where if you have credit card debt, You should know how to spend your money that way so you don't end up there again.

One of the simplest things we can do now is understand the difference between being able to buy something and being able to afford something and one of the things I like to say is just follow my rule of five if you can't buy five of them you can't afford one of them. them, the houses are expensive, although well, the house is no exception, the difference, well, our liabilities, you want to buy a Gucci belt, do you want to buy? 200 Gucci belt well I can't buy five don't buy one you can't buy five don't buy one the house is different how the house goes is an exception that's the only five five ounces is the only exception here where Know that when it comes to your liabilities, that's the only liability that I would say is okay to fund it, uh, because everything else you know, your Gucci belts, yeah, the clothes, your vacations, you shouldn't fund that because it's not putting money in your pocket and that's a clear. responsibility, you don't want to fund those things properly, so that's where now you want to understand how to spend your money and then where to put it to work, living interest-free, yeah, and this brings me to the next part. which is what I call income multiplier where you know go back to the wealth formula where income minus expenses equals your investments plus your savings we talked about how to save your money we talked about how to invest your money we talked about how to manage your expenses now let's talk of income because if you now understand how to live below your means, you understand how to put your money to work, if you want to add fuel to the fire, you just have to make more money now if you make a hundred thousand dollars. you make a million dollars you make whatever you make more money now you know how to put this money through your system through your funnel whether it's 75 15 10 or anything else you know how to take this extra money but that's how it works you have more money to invest more money save more money to live your life but the key is that you don't want to increase your lifestyle by 100 to equal your income you want to increase your income with your investments are the same ideally now you can know how to marginally increase your expenses, but the key is You want to increase your income and your investments much more.

Yes, so the question is how do you do it well? Here's where I get it again: If you're an employee, you don't want to start a business. I don't want to start a side business, there's nothing wrong with that, there's nothing wrong with being an employee, you just have to understand yourself, but that means now, how can you make more money if you like your job? Look for ways to get a raise. get a promotion see how you get a bonus just be open with your boss say hi look I want to be able to contribute more I want to make more money what can I do most people are going to be very open and honest say hi I would I like that you tag this , this and this, do this and we will help you increase your salary.

Yes, maybe if you don't like your job you'll get a certificate. You're going to do something else. You have to find out how. you can earn your increased income, maybe you can bring the business to generate more money for the business or save more time or create some systems exactly so that the business can say okay, great, let's give you more growth opportunities, exactly I mean. if you can bring in an extra ten thousand dollars a year to the profit business they will have no problem paying you five thousand dollars or whatever it might be right and this is where you just want to be open because everyone's business is different maybe you take a second job and you know it's just about figuring out how you can make more money there now if you say well I want to do something outside of my job.

Well, the first thing you can do is start a job. hustle much more accessible now than ever I mean, you can go online, you can

become

a virtual assistant, you can

become

a copywriter, you can become a designer, you can become a video editor. I paid, so I don't get paid. It's a platform that I use to hire freelancers and I made a video about it, so I've been looking for this in the last two or three years. I've spent over a quarter of a million dollars on extra work alone. Wow, paying different people, different people just hiring. people in different areas that don't work for me, they work on their own schedule because now this independent business has grown a lot and there are a lot of opportunities there where now you can, if you can present a service, you can make money doing it.

Yes, they may work an extra 5, 10, or 20 hours a week or just freelance full-time, yes, yes, and you can set your hours for the most part. You can really do something that you like and enjoy. what you're good at, so there's a lot of opportunities there where you can now be a freelancer or start your own degrees if you have an idea that you want. One of my friends, her mom is very good at making cakes and she started this. What's the name of the carrot cake business? They're doing good. I don't know how much. Maybe I think it's like 700 or a thousand dollars a month selling carrot cakes from Instagram.

He markets on Instagram. People say hey, can you make me a cake because mom makes the cake. and he delivers it, you know what I mean, it's just the amount of opportunity now, of course, as a lawyer, I have to say there are obligations for selling food, getting insurance and all that, but this is where there are so many opportunities. true, just be a scammer, just go out and find out and there are an unlimited amount of possibilities and opportunities available now, if you want to take it a step further you can try to build your own business, your side hustle can become yours. business if you have a business idea invest in it first invest in your mind invest in education and then try to do it you want to invest the least amount of money possible until you start generating income as again mindset vs toolset we assume we need all these tools to start doing it, but the reality is the first thing you need is your mind because there are many alternatives on how to do it, like when I started, I started a sock company several years ago when I was trying to figure out things and it was a waterproof sock, yes, yes, and the interesting thing is that I didn't know anything about socks, how socks are made, how they are made waterproof, and so I was working with textile engineers.

I was working in many additional companies. I was working with a lot of different people. I don't have a lot of money and they wanted and now we're talking about a real product so I learned to talk and essentially didn't do it. I think my total cost to build my first round. of socks were 3,500, it's not a lot of money, but compared to what if you want to manufacture products and create a product to go from prototype to prototype, it normally costs one hundred thousand dollars and I did it for less than four thousand dollars. because I was able to talk to them, I used to talk about the potential that I and I worked with them to complete these special agreements where they work with me here and you know exactly and we were able to put it in motion, so it's the ability to hustle, be willing to find one way and that is that mentality that sometimes too much money can be a disease especially if you want to be a side hustler or a business because now you start spending money and I have been a victim of that too. uh, I'll just give examples like the minority mentality blog.

I didn't know how to create a blog and my time was so consumed by things like market reports that talked about building this tax business, although that's much newer, uh, but building my companies. my YouTube channel doing all these other things investing in real estate that I didn't really care about creating a blog like I cared but I didn't have the brain power or the time to sit here and come up with a strategy to do it so I outsourced it . I literally hired some of the best blog managers in the world and they charged me a ton of money like six figures plus a hundred thousand dollars more to run the blog and they promised me all this.

Okay, do it, so a hundred thousand dollars for the blog admin, at least another hundred thousand dollars worth of Vlog content over the course of 12 months and guess what, no results, zero, nothing, the worst, what did I do ?, too much money problem. I just said I don't have time, I'm just going to spend money on it, hopefully that will solve the problem because if you can get the top blog manager, you can hire people to write, it's easy, long after those 12 months, the contract finished, fired them and this is where I said, "Okay, you know what, let me figure this out because I want to start a blog, so we created a whole new strategy.

It costs us a fraction, like a small fraction, of what we were playing." before. Yes, we are bigger. results our blog is growing, we're generating income now, I mean it's a complete change, but it's that mindset versus toolset, yeah, and these are real stories, real things that I've been through, so now you need to know how you multiply your income. and understand that you don't need thousands of dollars. My first business. I started with essentially nothing when I started my event planning company. I started with a minority mindset with less than a few hundred dollars. Yeah, I mean, I was making videos on my cell phone.

You just need some hustle some cool activities some actions some consistency some relationships some communication and just making things happen The Hustle Man and that's why I always say keep pushing yeah at the end of my videos because that mentality of Hustle is so crucial and you can't teach that. You can't read that in books, you really have to live it, yeah, and this is right now, if you really want to do that, you have to understand the hustle mentality and this brings me now to the aspect of being great, the last part. I speak my language exactly well exactly greatness so you've built the foundation you're putting some money to work you're leading your money you're paying off your house or you're understanding how to use your extra money the right way "You're increasing income that way, you can build your wealth even faster.

Now it's about being great and there are two aspects of this. The first aspect I want to talk about is protecting yourself because the reality is that when people realize that you have money, they" I'm going to try to take his hand, put it in your pocket, and stay with someone who you know will pause there. I remember hearing Oprah talk about this once years ago. I heard her on some podcast or somewhere where she said something like she started to rise to fame with her talk show and started making a lot more money. What do you think that happened?

Everyone is reaching out with alms. Oh, you already have money. Can you help me with a thousand dollars? Can you help me with this? Good. You have won the money, can you help me? Yeah, she said I'm paraphrasing this, but after I don't know a decade of this or something, I felt like everyone was using her, yeah, instead of just being in a relationship with her and having a real friendship or relationship and she She said she decided after a period of time that she was tired of just giving, giving, giving, giving, giving to people who had a handout, so she said, "I'm going to make a big dinner and I." I'm going to invite everyone, friends, family, everyone you know, third cousins ​​you know, I twice eliminated everyone who was asked for a flyer when I invited everyone and she said she gave, she had this huge dinner for everyone, like all you could eat.

And she started handing out envelopes and gifts and cars and cash, and just like she handed out gifts based on what she wanted to give to each person, yeah, everyone got something and she said she gave a speech at the end and said this is it. . I'm going to tell you, don't order anything else after this and she said people were still complaining. Oh, you gave this person 10 grand. I only got 5,000. It's like you have to learn to protect yourself. Yes, mentally, psychologically, financially. It could just be giving and giving and giving can never end one hundred percent well and so how do you do this?

That's a huge aspect of the relationship. I'm going to step a little bit deeper into the legal side because you're You're absolutely right, you know I struggle with that side of the relationship too because I'm not saying don't be generous, yeah, but it's also like when you feel like they'retaking advantage of you, then it becomes a challenge, so my family is from a state in India called Punjab and, uh, what happens with a lot of people is you come here to the United States or somewhere like Canada, my family came to America and your family is in India and they think, Oh my God, you're rich in America.

So you are working hard here while sending money to India. So you know my parents did this. My dad did this a lot. Especially when we were young, he didn't make much money, but he always sent money. Going back to siblings or people just to help take care of them because that's our culture, to help take care of people and it becomes difficult because you know that's, at least for me, that cultural aspect of giving that I like to take care of. family, but then also not make them dependent on you because now once you start giving them this, yeah, it's a very difficult balance and I don't have a good answer for you here because you know I like to take care of people.

I like helping people. You especially know that within my family you know that I want to make sure that I can take care of everyone, that's why I work hard, because I want to make sure that I can give you, and that's why when I've given money to the people around me, my family. and my friends, the way I look at it is that I don't want that money back. I know that when I give you money I will never ask for it and I don't want it if you give it back to me, maybe. I'll take it but I'll never ask him back and I'll give him based on what I can but I know in my mind that's money I'll never get back and I have to be okay with that for myself and if I'm okay with it that's okay and I think It's one of those things where don't do it because I don't want to ruin the relationship with my family which is more important to me so see if I'm okay giving you a thousand dollars here you go a thousand never talk to me about that again right and really that's and If I see you wasting that money in silly ways, guess what when you ask for another thousand you won't get it, yeah, you know, it's as simple as that.

I'll forget it. I don't like to argue about that. money, I think that's very dirty and evil, so you know I'm generous in that sense, but I'm also very direct and if I feel like I'm not going to give it to you, I'm not going to do it. Yes, but I also don't sit here and ask you: are you talking about protecting yourself legally? Legally, which means now having the right advisors, accountants and insurance to protect you, so when you start making money, people will try to get into your pockets and get it legally too I had a tenant in one of my Sumo Realistic Company properties because they said the bathtub got too slippery when the water was in it and because it was so slippery when the water was in it made them slip and fall which then bathtub is a bathtub with water in it and that's why they wanted injury damages but you just have to defend yourself even if it's not your problem and this is where you protect yourself so I had a couple of things I had an LLC, secondly, I had renter's insurance or yes, and thirdly, I had a property management company, a property management, so I'm going to go through the different layers, you can see all the different levels of images and how they worked, because now the first thing that happens is my property management company documented everything because before they slipped, they filed a complaint that there was about a quarter inch by a quarter inch chip in the tub and they said, "Oh, there's a small paint chip, we want to fix this, so my contractor is coming in." Out there he says, "Okay, yeah, we can fix this," and my contractor said, "You know the tenants here are a little old.

We're going to put in a handicapped pool for them just to be nice. We weren't obligated to do this. We were fully licensed by the city, but the contractor offered to do this, so now they are doing the work again. The tenants say we don't want you to do it again. you do it the tenant slipped and fell on a barbecue they came back and said no he's still hurt from the barbecue so we have notes of all this for sure and then they go and say they slipped and fell in the bathtub we have records of all this where they said they slipped and fell on a barbecue and now they say they fell in a bathtub, why are they doing so well?

Maybe they can try to get some money in quotes. I was a very young kid in. at that time. I was still in college, trying to dig into those pockets thinking that, oh, if he's a real estate investor he must have a lot of money and that's why they use one of those free lawyers to look for my insurance, so now I have insurance, so now my insurance. The company gave me a lawyer to protect me during this process and the judge laughed at the case, even the lawyer laughed at the case, it was like, look man, this is just them trying to grab the money, there's nothing here, it's a frivolous lawsuit, so we.

I just have to do it and the insurance company wants to settle because it's cheaper to settle than paying 350-400 an hour to the lawyer to fight and win the case, and that's where the insurance came in and protected me, They fought with me. for me and defended me and then paid the settlement now if it had escalated even further, that's where the LLC protects me, where you want to have a good attorney there to recommend what's best for you because that LLC then creates a shield where you can only take what the LLC owns and you can't go after my personal assets, so if the LLC only owns that property, you can't go after anything I own because the LLC owns the real estate, so what you want to do Make sure that you protect yourself there correctly, so this is where having those right shields to protect you is so important because especially in the United States we are the most litigious country in the world and you want to make sure that you protect yourself against that right, um, and there is a way More fun.

The thing about real estate is that if you haven't been sued as a real estate investor you haven't been in business long enough, so it's one of those things where you want to protect yourself. I think people also need to understand that this is a full contact sport, you know, learning to follow these six set steps that you've laid out that I think are great, but learning how to be an investor is not easy for everyone right away. . some mistakes there will be some challenges to face and the longer you are in this you will just have to deal with things that are not fun right this is something you have to deal with there will probably be months of back and forth and you are there is some stress there is some concern there is a conversation it is time for it to be energy with insurance with lawyers just to deal with something that is not even your fault 100 and you know that this is one of the realities of being an investor and entrepreneur, you know how to understand the aspects and There will be some things that won't be fun, as I talked about in our previous podcast, the topic of taxes.

I know it was a time when my accountant called me and said, "Hey, please, it's nine in the morning, you owe a hundred thousand." dollars at the end of the day sucks, sending it to the IRS, that sucks and now I have to figure out how to do it, send it and then they tell me I have to pay a penalty for this too because they did something wrong. So it's one of those things that's not fun, it's a problem, but then as an entrepreneur, how do you find the opportunity? Well, first I fired the accountant.

I'm going to look for a new accountant, a new tax advisor. I started working with this new tax advisor and I see the difference between a bad accountant and a good accountant. I started to learn wow, you are telling me that every month we can meet and you can advise me on what I can do with my money, that way I can legally limit my tax liability and you are going to do all this work in advance and I don't have to worry about this never. I love that now with my entrepreneurial brain I think let's start working together because there are a lot of small businesses that need this, it's a real problem because there are a lot of bad accountants out there and we need more good accountants.

We need more good tax advisors helping people, especially in this new era where we have more IRS agents joining the workforce. We have many things changing. We will probably see a change in tax laws, so you want to make sure you take care of yourself. This is one of the things I'm working on with him to fix what we don't have. a website or anything so if you want to learn more DM me on Instagram at minority mindset or email me at the team at minority mindset.com but this is just one of those things you want to make sure of having adequate resources.

First, be excellent at protecting yourself and your family from him and I'm going to go one step further because as an attorney, you also want to make sure that you have proper estate planning because this is one of those things that is really important. it's not fun but it's very crucial if you build some kind of wealth that you want to tell the world and when you die or where it's going to go where it's going to go because if you don't your family is going to fight over it oh man and it's not fun because no one wants to. think about what will happen after I die, but it's very important because when you die you don't want your family to fight at your funeral, so you create a will, you create a trust, you have an estate planning attorney who can guide you there because you never you will have to worry about that and the second aspect of being raped is being great for the world where the more you have, the more you can do, you cannot give back nor can you do more things whether it is your money, whether it is your time, whether it is your education , because when you can light a candle well, you can light a candle, but that candle can also light a million other candidates and this is where right now, as you're on this journey to building wealth. you have lit your own candle now you can help light someone else you can help give someone a hand whether you help someone financially whether you help them with your time whether you help them through your experience because now you have learned the process because the information is intended to be shared.

I talk about things on YouTube not because I wanted to get rich but because I was so frustrated by the system. I never knew I could make money on YouTube. I started making videos without even turning on ads. I didn't know you could do that until someone showed me, hey, you can make money from these videos, so the idea is to help spread it because you know, as we've talked about in this video, in this podcast, there's a lot of misinformation out there. There is a lot of lack of information and financially, if you don't understand money, if you don't have money, it can ruin many other aspects of your life, because if you don't have money, if you are stressed. money now you can't take your spouse on the vacation he wants you can't pay for your children's education you can't fund your retirement you can't buy that gift you want you can't do anything and now You're stressed, it makes your mental health worth the trouble. grief, it can put you into depression, it can make you start eating poorly, it can make your physical health worse, it can make you feel so unsatisfied, it can make you feel so spiritually defeated, so this is where you have to understand, hey.

More money is not going to fix every aspect of your life, but if you don't have money, it can affect every aspect of your life and this is financial education now, okay. I'm starting to learn. This helps spread the message. You can help people over and over again through your money, through your time, through your education. There are many ways you can do this because the more you have, the more you can do and now you have built this wealth and this is where you now want. be great for the world not just yourself yeah man if you want more of this info check out youtube on minority mentality.

Also the market summaries from minormindset.com, which is their newsletter, which teaches more about this financial education, which I think is a lot. of people should subscribe and if you want more from me and Jasperith be sure to leave a yes. Next in this video, please subscribe, subscribe to both channels and let us know what you want to hear more of. We have done some. amazing interviews so far credible content I want to keep doing more with you so do it man just read this is inspiring teaching people how the wealth formula works. I love teaching people how to get into the mindset of being able to retire at some point. point in their life if they want um you mentioned what the concept of fire is for a minute but if they want more subscribe to both channels check it out please thank you for helping spread the word man I appreciate it , I appreciate it if you enjoyed that interview, so I know you'll love what we have ahead of us right now.

What do you recommend someone do, whether they're an employee or maybe have some extra money? So I would say you know this is happening a lot. Depending on you because I will be very personal with what I am doing because I am an entrepreneur so I look for different types of opportunities and someone else could do it so if you are an employee there will be different opportunities for you if you are a business owner these they can be differentthis guy, right? And I'm like, man, this is amazing, I love this because I don't have time.

I don't want to waste time thinking about taxes and all the cash flow. I want to build my business, so I met him and was able to build, see how we work. I really liked it and after several months of work. with him and seeing him in action I was like, hey man, like you don't have anything on social media, can we work together?, like he's really good at what he does, but I was like, let me work with you, like I think we can. create a There are a lot of things here because there are a lot of small businesses that need them and you have to offer them because there are a lot of small businesses that have bad accountants so all they do is file their taxes and you need a tax advisor, especially now that come on. to see a big change, you kind of need a device that guides you on what to do with your money, how to document what you do to make it completely seamless, that way you don't have to stress about it, right? and he was like, I'm depressed, so for the last few months we've been working on building this together, it hasn't launched yet, we were just talking about it because a conversation came up, but that's something I've really been working on.

I know if you're listening to this and you want a good tax advisor, send me an email and there you have the minoritymindset.com team or DM me on Instagram Minority Mindset and I'll connect you, but these are, I mean, this is where What am I? doing? I like entrepreneurship. I like these things because they excite me. It's the way my brain works. It's the way you can speak well of my purpose and that's why I do that. I like investing in real estate. I like investing. In stocks, I'm doing it passively in stocks, but right now I see more opportunities for me to invest in things like Market Briefs to invest in things like this tax firm because I see the opportunity, it's fun, I have a great time doing it. meet interesting people so you know it's a matter of now what is that lifestyle now if I didn't do it if I wasn't an entrepreneur what would I be doing yes I would be accumulating money to find something good Investments either in the stock market or in the real estate market or to buy a startup because it's very accessible now thanks to the Internet thanks to all the crowdfunding sites that exist and I would be investing passively as if that didn't change, so I mean. everyone thinks it should be that you can invest 100 dollars a month in stocks or in an automated account that is Investing for Did you know that if you are 21 years old you start investing a hundred dollars a month and you never change it and you only get a 10 return on your money , which is the average return of the stock market and you do it until you're 65, you're going to retire a

millionaire

, come on, we're talking less than four dollars a day, in your opinion, would you buy a house? interest rates are over or I mean yeah when interest rates are over 10 or you feel like even though you're getting a big discount you're paying more every month would you consider it or would you just wait until interest rates come down, so i look? at home shop very differently than most people I view buying a house the same way I buy a shirt for myself a house is not an asset it's a liability so what does that mean?

I want to buy a house because I want to create memories. I want to buy an investment property or an investment because I want to make money, so if you're buying a house because you think, "I want to get rich from my house," I think you're looking at it the wrong way because you should be looking at your house because I want to. create memories here. I want to live here and I want to grow my family here and I want to spend time here. If that's the reason you want to buy a house, what you should pay attention to.

It's not what's happening in the markets or what's happening with interest rates, but what you should do is say: can I afford it correctly? and what does that mean. Can I pay the down payment? Can I pay the monthly payment? property tax property tax settlement UPS, repairs, moving costs and then you know you move like I mean furniture so if you can afford it then you buy it if you can't afford it then if you You're trying too hard, you don't. Don't buy because what happens to a lot of people is they get caught up in trying to time the market, but again, if interest rates go down and you own a home, you can refinance it successfully, so remember it's Understandably, it's almost a good idea to buy it when interest rates are high. if you can get the house at a discount and then if in a year or two the interest rates go down by half you can refinance it and make sure you can afford it properly, that's the most important thing you want to be able to afford because if you put in the effort to then go and pay check to check that you live in a house, you are hurting yourself because now what you are doing you don't have the ability to invest in other places, you can't invest your money and do you think people will?

Being able to buy a house in five to seven years depends on what the FED does. If the Fed cuts interest rates and we go into recession, if so, our economy slows down, the FED starts cutting interest rates, mortgage rates go back down. We will see a greater rush of cash into the housing market and that will create a larger wealth gap and make it much more difficult for the average person to buy a home. Homeownership will become a true American nightmare because it won't be. It's very difficult for the average person, we will essentially become a nation of renters.

Wow, where the home runs. The houses are not owned even by regular investors. Corporations. Yes, they have been shopping. I was reading. Pakistan has been buying a lot of houses. Yes, Black Rock. I've been like, uh, a black rocker, block someone, yeah, they're buying one in four houses in certain neighborhoods, it's crazy, right, yeah, and that, because what it means is that they think people will be able to afford them and They will have to rent them. they, yeah, so it's, uh, it's crazy to understand that, which is why again I see the house as a liability.

Can you afford it? Yes then buy, if not then don't start yourself too. So I used to be a real estate agent. seller and the reason why this is so important is because when I was a seller, you know what they say is that you want to tell people that this is the biggest investment of your life, it is a biohouse that you love, now again the Real estate agents are not. Banks are not bad people. Bankers are not necessarily bad people, however, you have to understand the message. If I tell you that this is the biggest investment of your life, what are you going to say?

I want something bigger. I'm willing to try a little harder. I'm willing to go a little further because I want that house and so what does that do? It makes the banker richer, gives the real estate agent a bigger commission check and they leave, now you have to deal with it if you can. Afford it great, but if you start struggling with it, you're the one who has to deal with the problem yourself and what happens for so many people is that your house is a money pit until you sell it and then you have to hope. that you sell it for a profit because there is no guarantee, we don't know where home prices will be in five or ten years.

I can't predict that, I don't know what the FED is going to do and So the main thing you need to understand if you're thinking about buying a house is to ignore the markets. Ignore what is happening in the world. Can you afford it today? Please do me a favor. Good. I rarely try to tell people what to do. I do it because I feel like you know I try. I want you to be educated so you can make smart decisions for yourself, but the only time I really tried to give people what I say don't do this is when it comes to the adjustable rate. mortgages because they have been coming back enormously because now interest rates are five and a half percent, people say I missed the opportunity to get a low mortgage and now I have been seeing a huge growth of adjustable rate mortgages because now the banks will say don't pay five and a half percent for a house, pay 3.7 today and it's five in one arm, which means that after five years it will be readjusted and then your mortgage payments will be readjusted and if it goes up, don't worry, can do it. just refinance and it's very risky because we don't know where the interest rates are going to be if they go up and up significantly and now you're like, "Oh my gosh, let's say mortgage rates are 10." I want to pay three times more for my mortgage, from 800 a month to 2400 a month.

I can't afford that so let me refinance well if you do and home prices have gone down and you can't refinance because the bank says no You don't have enough equity in the house I'm not going to refinance you and then you won't be able to sell because you are underwater. Well now you're in a tough situation so pay a little more and get that fixed rate mortgage because if mortgage rates reduce the right to refinance and lock it in because you know other countries in the world don't even always have the option to do a 30-year fixed right, we do, but an adjustable rate mortgage is significantly riskier.

The time I said the arm is fine is if you are 100% sure that you will be able to pay for the house during that initial rate, because if you can't, then you are taking a big risk with the house that you live in and support your family, You know it's one thing if you do it with an investment, but with the house you live in, avoid that extra risk and just lock in the rate please, right. I'm curious. Here is a question. We have from people on YouTube if someone has between a thousand and ten thousand dollars today to invest, they can spend it on whatever they want, yeah, and they had to turn it into a hundred thousand in three years, oh, okay, what steps should they take and obviously this?

You know, it's not a guarantee, but if you think you have to turn this 1000 into a hundred thousand or ten thousand into a hundred thousand, what would you invest in now and how would you manage it in the years to come? I'm going to give you a longer answer than you might expect on this one. I'm going to start by telling you what not to do, okay? Because the first time I remember it, I had a thousand. extra dollars in my bank account I was in high school and what I did with it was I took the thousand dollars and I went out and bought a watch, don't do that, yeah, and this watch was very studded, it was all crystals and I thought, oh , it's a nice clean watch, so what happened to that watch?

Well, I made that watch company richer, I made the jewelry store owner richer, and now that thousand-dollar watch today has made it worth maybe 50 dollars, right? just a show, so the value of my investment dropped like a rock, but now these companies made money and now they could take that and invest in more products, more inventory, more marketing or whatever, so the first thing is you have to understand that you want to put into something that will help you make more money, so I will tell you my personal experience because I saw the highest returns by investing in myself, but it will be more of an active investment and then you have the opportunity for a passive investment, that's why it is a longer answer than you probably expected, but I'll try to get to all the answers there, so I feel like everyone, especially if you're entrepreneurially minded, goes through these phases where you're going through this for the first time. like I'm a scammer in the scammer phase and maybe you become a solopreneur and then you become an entrepreneur and then you become a small business owner and then you go to the owner of that business, so you go through these phases because initially when I started as Hustler, I don't know what entrepreneurship was, I was just trying to make some cash exactly, you just started for me, I started in the event planning space, so I was in college, I started as a host. teen parties for other kids in college and I didn't really have money to spend all the way through 17 or 17 when I started, so I was making deals that weren't very attractive to me, but it was the only way I could.

I started because what I did was go to places to host a party and I wanted a place that didn't charge me money up front and in exchange they would tell me to give us 50 of every dollar you make, so if I got a thousand dollars in revenue from the party fee cover, ten dollars to get in. I give the place, the club, 10 or 500 dollars and then I didn't have money for a DJ, so I said, look DJ, I need someone to play music. I made a deal, they took 50 of what I had left, oh man, so I would give them, you know, I left 500, they would take 250.

Now, fortunately, the business was able to grow to where you know we were making on the low end. a couple of grand a night and then what could I do? I was able to negotiate better deals and then I was able to start investing my money in marketing, so I started taking some money and I remember the first thing we did was start investing. money on flyers, at the time it cost a hundred dollars to print 5,000 small flyers, so I got creative and thought, look, before the event, we need to distribute the 5,000brochures, we can't have them in possession anymore and I can't do this myself, so I need sales people essentially, but I don't want to pay salespeople, street team interns, college students, yeah, yeah, so what do you do?

I'll give you a VIP ticket to the party that doesn't cost me. a penny, yes, and I'll give you a shout out at the party, did it cost me anything? It makes you feel good, it makes you feel uniquely good when you get through the line, you have this lanyard that says you're this, you know VIP, whatever, and now I have people at some of the biggest universities in my area handing out flyers trying to get you everyone come because now you want to be one of those people, so you know, I have these free sellers that are trying to promote it, you have to be. creative and that now starts to multiply that money and that's when I realized that I'm just a secondary scammer.

I will never be able to build a business with this. I don't want to build a business like this because it was a very dirty business. industry, that's why I left it. I didn't like the scene so I left it and started going more the entrepreneurship route, not innovation, so I started a sock company, so now I'm starting to invest money. I invested my own dollars into the sock company that way, now I can create a product, create inventory, build a website, create advertising, develop marketing and now I can grow much faster because now I have some skills that I learned directly from my mistakes because I screwed up a lot, my first event was a complete failure.

I had some very serious failures. I lost money on some occasions. Know? When you deal with club owners, you're dealing with very interesting people and you learn very quickly, right? I'm a 17 year old boy going to some of these club owners trying to figure out the game and take advantage, they're taking advantage of you and it's dangerous too. I remember one time I went to a club to talk to the manager because I had a party the next week and I said where's the manager? He said: Oh, we got stabbed last night. Oh man, you know, you learn very quickly to protect yourself to protect your own interests.

I mean, it's you, literally, I mean there was. A lot of physical things happened, I mean I had almost a gatekeeper, a lot of them, so you know, you learn to protect yourself physically, you learn to protect yourself mentally, you learn to protect yourself financially, so I had to learn very quickly and now I take things that I learn. in a much safer, much more fluid and much cleaner industry, the sock industry, but I start to learn and I start to apply some of the same marketing, how can I be creative in marketing, how can I make people learn and you?

I know you can't learn this from a textbook, you just have to try, be willing to fail and the same. Now I enter the path of entrepreneurship and now I am starting to learn and I start selling and then I realize that my passion is not socks. I like socks. I like the business idea, but my passion is not there. My passion is more in the financial aspect, so now I was also doing minority mentality as a hobby. The minority mentality begins to grow and then. I started creating things like Market Briefs, which is our financial newsletter, so now I'm creating Market Briefs and now I'm becoming more of something from the entrepreneurial side to the small business side because at Market Briefs I'm not the only worker. with a minority mentality. channel is my face, it's me talking and you know, we have video editors and all that, but it's mainly me, if I'm not working with a minority mentality, we won't create more content and it won't grow, which is fine, it's not for me like how my business for me is my way of helping pursue my passion and my mission of helping spread the type of financial education the things that I was never taught yes, but my business now Market summaries we have a whole team right, we have people who reads, who leads the creative side who writes the news that every day we have the business development team, we have the operations people, so you know we have a whole team that is doing it and if I didn't go to work tomorrow or if You I know that if something were to happen to me, the business will continue without right and then you know it's a matter of investing that money in the next thing and being willing to invest the time in the education, so for me it took a solid decade. so I don't have a better three years.

I couldn't figure out how to do it. You know, it took me a long time to figure it out and maybe you could do it now, it's 30,000 to 100. significantly faster than a year, I think one of the things is I hear you say, you know, invest that thousand in a skill, invest in a skill, you look at the quest return and put it, you know, that might be good. I'm going to buy a cameraman and over the next two years, Maestro becomes great at using the camera, whether it's video or photography, and then starts working with clients and makes some extra income and then uses that money to reinvest in more teams, exactly using that money to maybe have someone else.

Help me, yeah, scale my side business, yeah, and then have that money to invest in other things and then develop new skills, yeah, new skills and new skills, and it takes that mindset and the willingness to take risks because you know. . I would also caution that because you have to be willing to try, when I started out with a minority mindset, I didn't have a camera, I don't have any fancy equipment, I started taking videos from my phone, yeah, and I was like, you know? I'm not going to invest that much money in this when I try it, you know, it's a hobby for me, yeah, look where it goes, look where it goes and I, but I took an acting class, uh, I was in law school, so I was in law school part time, I was working on my business full time and then I took an acting class in night school because I was like I'd never spoken on camera before I was I'm not even a good public speaker.

I don't know how to introduce myself. I don't even know how to press the power button on the camera. How am I supposed to do this? So I took an acting class because I thought, "Well, me." I'm willing to learn I'm willing to try so you have to be willing to be uncomfortable and you have to be willing to take that risk and this I don't know if this is going to offend people or I'm going to say a bad word but the reason why I think I have been able to be successful because I have been stupid all my life.

I'm told you're both men. I've been told it's pretty. They are stupid. Just talk. they're stupid why would you want to do that and you know what the reason I'm where I am today is because I'm stupid because I'm willing to do it. I never looked at the risk and he called it stupidity, but for I just saw the opportunity because I know I want to achieve something bigger because I saw how hard my parents had it. I saw how hard my grandparents had it. My grandparents were refugees, yes, they lost their homes, they lost everything they had to fight for their lives. and then I saw the things that my family had to go through my grandparents raised me they lived with me so I lived with my grandparents and my parents so I heard their stories they talked about the struggles and that's where I started to get my foundation of financial education because my grandfather told me this and in fact he repeated this to me a couple of weeks ago when I was talking to him on the phone and he said: you know, the biggest and worst disease is poverty because he said: I grew up and I saw extreme poverty, so my family is from a state in India called Punjab and in 1947 our home, the state of Punjab was separated by the government and if you were sick, a member of the religion that I am and you are on the west side of Punjab, you had to migrate to the this one otherwise they were going to kill you so my grandparents were on the west side and you literally had to run like my grandfather all he had was a cloth on his back and a sword in his hand and as they passed each other they were attacked by a mob and he watched his uncle's head get cut off right in front of him, no way they fought so he put his uncle on a horse and that was the end, holy cow, he got to the new side of Now on India and he is there, he lost his shoes on the way, he has no house, no money, nothing, and that's why he says that I saw extreme poverty and when you are at that level of poverty, you forget to help other people, not even you can feed yourself.

Can you feed your family? If you can't feed your family. You can't feed another hungry person. What would you say? The three biggest myths about money that you've debunked during your time learning about money and maybe grew up thinking about it. In a way, it was like you were talking about loans and banks and all these different things. What are the three myths about money that you have discovered? We are not true. The first thing I would say, I don't know if it's a myth, but. I would say that the first thing that everyone has to understand is what money is and I don't mean in terms of wealth, but that money is just paper, it doesn't make you a good person, it doesn't make you a good person.

You're a bad person, it's just paper and we talk about all these insecurities that people have with money. I grew up and they told me don't talk about money, don't worry about money, don't stress about money, yeah, here I am looking at my parents. They go hard every day, so trying to make money, trying to make money and it doesn't make sense, how am I not supposed to worry about money? And you want me to become a doctor because you read those, uh, if you go to those, uh. Career fairs show you the different careers and doctor is always the number one highest earner so why am I doing this if it's for the income instead of because I love it or do something I love why not because I want to help people?

Yes, you exactly want to save lives and what's crazy is that if you understand money, become financially literate, are willing to speak well about it, now you can be financially stable doing whatever you want and you can pursue something you love and still be financially well. because we assume that you have to have this to be able to make money, you have to have this job to be able to make good money, you have to have this career if you want to be financially stable, but that's a complete lie, yes, but that comes down to we're not willing to talk about money and you know, I talked about this in our last interview, but you know money is a part of our lives and the reason people are afraid to talk about it is because we feel insecure about it and That's because we don't understand how money plays a role in our lives, it's one aspect.

I say there are four: you have to be physically healthy, mentally healthy, spiritually healthy and then financially healthy, if you are not financially healthy, that can make everything else so much more. More miserable because you can't pay your bills, but if you are financially healthy, you are rich but you have nothing else. More money simply makes you more miserable, so you need to live a holistic life and understand how money plays a role in your life. In life that way, finances can have the most power and then you understand that more money just amplifies who you are, it's like fire, it's like fuel, it fuels your fire, if you're a good person and you have more money, you have a tool to do it. more good if you are a bad person you have more money you have a tool to do more evil that is why we need more good people with money exactly why we did so well yes, educate yourself many people just say that money exposes who you really are exactly, amplify who you are so people can see.

You know if you're a good person or a bad person or whatever's in between, but first of all, understanding what money is, yeah, that's what you had to learn. something like this, what else is there about understanding it, what you say, maybe you thought it was one thing, but then you realized it was something exactly, so now that is money, the second thing is how money is used and money is valued, because I'm I'm going to say this in the best way possible, but traditionally Indian people can be very cheap and, you know, I grew up seeing this and what does that mean?

It means that the traditional Indian house is a heavy culture for sure and I can say that. because I've seen this and I grew up on it where you earn a dollar to spend 20 cents and in traditional American cultures you earn a dollar to spend two dollars correctly and therefore to save the heavy culture you spend so little money. It's possible to save it now, obviously we're talking about inflation, so I'm not going to mention what that means with savings, but what I'm talking about here is that you can use your money as a tool and this is what rich people do because no What do they do with the money?

You use your money to get your time back because what a lot of us do is trade our hours for dollars, you go to work every day and you get paid, but what do rich people do? They are not working just to use their money as a way to buy hours, they are using money to get their time back, yes, because now you can build things and processes and invest your money because now you can use your money as atool instead of being a sucker, that's what I like to say, but this is where it's about how you use your money now to improve your life, yeah, and you don't want to be now, just buy a bunch of Gucci. and Louis Vuitton is now improving your life and not to make your life look better but to improve it from the inside out, yeah, so the simplest example would be starting a YouTube channel.

We talked about buying a camera, well, something you could do. What you can do is hire a video editor. You know you are going to an independent place. Hire a freelance video editor. What are you doing now? You can spend more time creating more videos instead of spending all your time editing content so you can focus on your time you can hire someone to mow your lawn you bite your time you can hire someone to help you shop your food, you buy your time, it costs money, you have to spend money to do it, but you are getting something in an exchange and now you are buying your time so you can use your money as a tool and you can use your money as a tool to get back a time or you can use your money as a tool to make yourself and attract more money that's what rich people do and that's why you want to be able to use money that way.

The third thing would be now actually. I mean, I know I talk about this a lot, but you have to understand the difference between something that makes you money and something that loses your money, that's a liability, yes, a liability and one of the main liabilities that people spend on Nowadays, your appearance, man, we have this Instagram Flex culture, yeah, right, and uh, it's very toxic if you don't know. how to use it and unless you're investing your money wisely and you have money left over and you're like okay, I want to buy some things to flex, but it's not about investing your money, yeah, and you're just spending it. in clothes, watches and shoes, yes, if you look good, if you have brand name things but you have no savings, you have no investments, you are doing something wrong, your priority is in the wrong place, what are you doing?

Gucci Rich, you're making Louis Vuitton rich, you're making all these companies rich, but you stay broke when I talked about my watch, I spent a thousand dollars on a watch, I had no investments, I don't even know what investment. It was at that time that I didn't realize that I could have taken that huge amount and invested it in a watch company and shared the profits, but that's how rich people do and they understand it and there's nothing wrong with spending money. With having luxuries there is nothing wrong with having nice things, yes, but it is a question of when you can really afford it.

You have to know when is the right time to have them because you want to get rich first and then, hey, down, yeah. You can afford it, do what you want. Grant Cardone is always talking about how he doesn't spend money on the money he earns to buy watches or things; you only spend money on watches, clothes and things on the passive income that is great from your Investments: you take the income from the job that you work every day, you take this income and use as much as possible to invest in assets, the assets you they pay, you live off the assets because now those assets don't require you to go to work. every day to get paid, so if you break your leg and they can't pay you, you won't get the income from work, but the passive income from your assets will keep coming in and now that's the money you live on, You are free, your earned income only allows you to buy more assets, so how do you get started right?

This is where you have to build some kind of system for yourself and the rule I would always say is something like Marula 5 follows. If you can't buy five of them, you can't afford one of them, yeah, then you know you want to buy a phone from thousand dollars, you want to buy a thousand dollar watch, okay? Well, can you buy five of them? If you don't have the ability to buy five of them, if you can't afford to do that, then you can't afford one. If you can't afford five, you can't afford one. and then you want to create a system like a system that automates your finances where you now have something to do with your money that puts it to work no matter what, so one of the easiest things you can create is follow something like a 75 15 10 plan which means that for every dollar you earn from now on 75 cents is the maximum you can spend 15 cents is the minimum you are investing and 10 cents is the minimum you are saving now the savings Do you want to accumulate between three and twelve months of savings?

If you want to have that protection. Three months. If it doesn't have much reliability. A lot of responsabilities. It doesn't have all that. you have a high risk tolerance 12 months if you want to play it safe you figure out what's right for you after you fill up your savings you fill up the savings you don't want to put more money into it because I just got eaten up by inflation yeah right the savings They're not there to make you rich, they're just there to protect you against an emergency, so what you do is you take the money, you put it into your investments and now you keep investing money, what happens is that as you grow.

With your income you do not change this proportion, so if you go from forty thousand dollars a year to four hundred thousand dollars a year, you maintain the same proportion and you continue investing first and then you continue saving your money and then you know how. how much you can spend because now what you're doing, which is what the rich do, is investing before you spend, the way finances are going to look for most people is make money, pay taxes, spend your money and then you wonder where their money went a lot of people do the right thing rich people make money especially in California you know seven bucks yeah but rich people do it they make money and then depending on how they make it they pay taxes first or after, ideally after. because there are ways to do it legally but you make money and then you want to invest as much as possible and then you spend what's left so rich people invest and spend what's left while most people spend and invest what's left .

I think a lot of people do it and I think it hurts them a lot. How can someone not link their net worth to her self-esteem? That's good, you know, Minnie, how do they believe in themselves? They have confidence. Know? love for themselves when they don't earn as much maybe they're in a transition maybe they lost their job maybe they're just starting out and how do they also when they start earning some money so they don't link their bank account number to themselves? -It's worth it, so when you fail at something you don't become a failure as a person, you failed at a task and to succeed at something you have to fail at many tasks, so the first thing is to understand.

The thing about you is that just because something didn't work just because you feel like something doesn't mean you're a failure maybe you failed at your homework I failed at a lot of things I'm sure you have to do it, you have to fuck it increases a lot and that's it how you find the good, so now when it comes to net worth, if you want to be completely honest, your net worth is pretty useless, it's a worthless number, it doesn't mean anything, it means less than nothing because what net worth is is a paper number if I have a net worth of a million dollars in the stock market today, tomorrow I could be worth 400,000.

Not so, if you are valuing your life and, even worse, if you are spending based on your net worth , you're living a very dangerous life and some people do this because they say oh, I'm worth a million dollars so I'm going to go out and live a million dollar lifestyle. You don't have a million dollars, you're only worth a million dollars. you have no income, you're just worth this amount of money, so you go and borrow a bunch of money and start living this million dollar lifestyle and then things get bad and now you're the person who wants to lose your shirt, so what I want you to remember is first regarding failure, you're not a failure just because you feel like a task doesn't mean you're a failure, it's actually a good thing that you failed because that means you are one. one step closer to finding that success and then secondly, with regards to actual net worth, look, this is just temporary, everything is temporary and you have the opportunity to build something much bigger, you have to have the right mindset and if you're here In America, When you're in a first world country, you have the opportunity to do that, but you have to be willing to learn and give your time, so you have to be patient but also impatient at the same time, patient in the sense of that you have to understand.

That get rich quick is most of the time a big scam, it doesn't work, it makes people who sell get rich quick, rich people you broke, so the first thing you need to understand is that, but the second thing is that you want to be impatient where you have to be. I'm going to feed that drive, feed that work ethic, feel that discipline and you have to be willing to keep going, you know, I don't know, if you would have told me 15 or 10 years ago, hey man, you're going to interview Lewis. On this show, yeah, I never thought that was possible, as you know.

I grew up hearing that someone like me can't do this. Someone like You. I remember talking to members of my own family that you can never be the CEO of a company like someone like that. you can't do that you have no business experience you couldn't even get into business school and um it's funny and nowadays I think there's a lot more value in being a business owner than being the CEO of a company because the CEO executive is working for the owner, but anything is possible and you know, even if you just ignore the financial aspect, you can do whatever you want, but you want to be a singer, you want to be an actor, you want to be a businessman, you want to be a businessman.

To be a CEO you want to be what you want to do, it is possible, but you have to believe in it and you have to be willing to put in the effort. You know hard work beats talent, when talent doesn't work hard, that's the truest thing. Saying you can do it because I've done it so you know I'm working. I worked in the event planning space. I still know a lot of people in this space. I know a lot of people who manage Big Time singers, especially in India. space and some of these people are incredibly talented, with no drive or work ethic and where they are going with their careers.

They had this increase in testing. I know these other people who are average singers, but they release songs day in and day out. a day after them and if you heard them say like you know it's whatever but we can produce it before you can make the hooks and they keep posting content and they keep getting better every week and it's like you have millions and millions and millions of views, It's funny, man, I have a friend that I had on the show, uh, Andy Grammer, who was literally in Santa Monica busking for four years, five days a week, four years playing songs just for tips on the streets, they rush well, but I think he said he liked it, he wrote over a thousand songs or something crazy like this in this four year period, he would sing the covers to try to get people to come like Oh, I like that song.

Let me give you a dollar and then he would include one of his own original songs to try to get people to say, "Oh, he's got his own stuff," but he had it for four years before he got something on the radio and then toured it. and all this other stuff for four years. The years on the streets were incredible, working really hard, now he has drive, but now he has all these skills developing over those years to write his own songs and I don't think people realize what four years means because you share four years, oh you know, college.

It's four years High school is four years, but you have to remember that for those four years it's a long time, you go from February every day over and over again Steve Harvey I love historians because he went through the same thing, he was homeless because he was like Now I'm a janitor. I want to be a comedian. A friend I grew up with is now on TV. We both had the same dreams. I didn't want to say it. They laughed at him for his dreams and now he's the one. on TV living my dream and I'm working as a janitor he quit his job moved into his car and spent three years just trying to get me to watch him and he's on show after show after show crushing it, it's that discipline being willing to put in the work and just moving on is very difficult and that can help you with anything you know, forgetting the financial aspect, doing something you love, living a life of purpose because what is important to you is not necessarily what is important to me and what which is important for someone who listens to you. this is going to be different to me and we all have a different passion, a different purpose and a different mission, so someone is going to care about climate change, someone is going to change, care about world hunger, someone someone is going to care about cancer in children, someone is going to care about breast cancer, someone is going to care about financial literacy, so we all come into this world with different experiences, different colors and each ofThose colors will boost our motivations, but we must be willing to work to achieve it.

Because if you don't, who else will? Yes, and you have to be willing to do that if you want to have that impact, so you had inflation and at first it oscillated and then at the end they said inflation. It will never end up in everyone's position because it is endless and then of course what happens is that it is so bad that then the Central Bank goes to the opposite extreme and then they are surprised.