5 STEPS To Invest In Your 30s To Be WEALTHY In Your 40s

when you're a consumer you're just eating the product or using the products when you're the producer you're the one that's making money off of the product your money can work hard 24 hours a day seven days a week and it is scalable you can put more money towards your investments into things that are going to pay you for owning them what's up everybody i am dustin perez singh from the minoritymindset.com where money minds rethink rich the things that you do with your money today are going to set you up either for success or failure in the future and if you're wondering what you should be doing with your money right now in your 30s that way you can set yourself up for financial success in your 40s you're in the right place because i put together some of the best clips that will walk you through what you should be doing with your money right now so let's get into it there's a difference between wanting to become wealthy and actually wanting to become wealthy everybody says they want to be wealthy i mean who doesn't who doesn't want to have an extra million dollars but if you want to actually be wealthy then you gotta actually want to become wealthy and do the five things that i'm gonna be talking about in this video that we can actually become wealthy you can really see the difference between somebody who wants to become wealthy and somebody who actually becomes wealthy by your actions like if you get a raise and you make an extra thousand dollars a month now what do you do well if you just want to become wealthy and you're making this extra money you're going to say oh well let me celebrate a little bit right now and let me start investing later because i got to enjoy my life right now so you got this extra thousand dollars a month and you have this plan where you want to start investing and you want to start building your wealth but you kind of want to enjoy this money right now because you only live once right and you're only young once so what do you do you buy yourself a nice car you go on a nice vacation with your family and you go to chipotle and celebrate with some extra guac but if you actually want to become wealthy then what are you going to do they're going to take all of this thousand dollars that you're making extra and they're going to put it towards your investments right now that way you can achieve this wealth sooner because you understand that this is a short-term pain that you're going through that way you can achieve that long-term financial freedom the thing that everybody gets confused here is they assume that if you want to become wealthy you have to have a hundred thousand dollar year job or quarter million dollar a year job or a million dollar a year job but it doesn't really work like that there's a lot more to becoming wealthy than just having a big salary i mean it can help but if you don't know how to use your money or if you don't have the right mindset or if you don't know how to pay yourself or if you don't have the right patience then it doesn't really mean anything it's all about what's in here before you make the money if you actually want to become wealthy there are five things you need to do now what you got to understand is that these five things are not easy so if you're not willing to go through short-term pain then it's not going to work for you and if you are going to get caught up in your feelings and get triggered anytime something is hard or something goes wrong then it's not going to work but if you're willing to go through the short term pain and if you're willing to put in the sacrifice and you follow these five things then you will be able to become wealthy the first thing you got to do is have the right mindset about money i bet you thought i was gonna say smash that thumbs up button below didn't you having the right mindset is fitting because you know we are the minority mindset which is all about having the mindset of thinking different than the majority of people but when it comes to having the right mindset about money and building wealth the first thing you got to get right is understand the difference between becoming wealthy and being rich now i know some of this is just syntax but when people talk about being rich a lot of times what they talk about is your appearance the way you look having the nice cars having the nice watches having a nice home that's looking rich being wealthy is more about being free having the time to do whatever you want because you have the financial freedom you can look rich and be broke i mean you can have a nice car nice clothes a nice home going nice vacations but still be living paycheck to paycheck and have really no free time for yourself because you have to work your butt off in order to make the payments on all the things you have being wealthy is being able to live your life financially free without having to worry about the payments because you understand how to use your money you understand how to invest your money you understand how to grow your money so you're able to live your life the way you want and have the time to do the things you want because you have that wealth my goal is for you not just to have all the nice things i mean i want you to have the nice things that you want but i want you to be able to afford the nice things without having to worry about the payments that's why i want you to understand how to become wealthy that way you can make those sacrifices today that way you can buy all the nice things you want without worrying about the price if you do want to learn more about the difference between being rich and being wealthy i already made a video talking about that so if you want to watch that i will link it for you in the description below the second thing when it comes to your mindset is if you want to become wealthy you got to stop hating the idea of becoming wealthy i mean we are living in this culture nowadays where it is just commonplace to hate people because they are wealthy why because they're wealthy but if you really want to become wealthy yourself instead of hating the person that has become wealthy you need to be one of the people that is learning how they became wealthy that way you can apply those strategies and techniques to your life hate it or love it the reality is we live in a society where the producers are the ones who are awarded and the consumers are the ones that pay the price so if you really want to become wealthy you got to understand this shift and you got to start being a producer that way you're the one that's making money when everybody else is spending money so if you really want to become wealthy you got to understand that and you got to stop hating people from becoming wealthy and understand the game and win at the game now if you don't like the system then what you should do is become wealthy and then use your wealth to give back and help other people that's a good thing and now you can inspire other people to do that okay but if you really want to become wealthy you got to have the right mindset because if you hate the idea of becoming wealthy you are never going to become wealthy the reality of the game is the more money you have the more you can do if you're broke you can sacrifice your time and you can help people but if you have a million dollars now you can help a whole lot of people you can feed a lot of hungry people and you can shelter a lot of people who need shelter if you're broke you can't do that yes you can sacrifice your time and you can serve people and you can help people and you should we should all have the mindset of wanting to give back and taking care of our community that's very important that's important to me too but the more you have the more you can do so if you want to be able to help more people you got to understand how wealth plays a part in that because if you have the money and you have the resources you can do a whole lot more good for yourself your family your community and your surroundings the third thing you got to understand about your mindset when it comes to money is that money is just a tool having money doesn't make you a good person and it doesn't inherently make you a bad person having money just gives you money having money gives you the opportunity to send your kids to a better school having money gives you the opportunity to go on better vacations having money gives you the opportunity to buy better gifts for your spouse having money gives you the opportunity to feed more hungry people having money gives you the opportunity to drive a better car okay having money is a tool it does not make you a better person it does not make you a good person it's just a tool and you as the owner and the holder of your money get to decide how you get to spend that money so you gotta understand that money it does not make you a good person it doesn't make you a bad person it just gives you money that you can use as a tool and the last thing you gotta understand about your mindset of money and wealth is you gotta stop blaming luck for the reason why people become successful because that's one big lie everybody says that oh this person became wealthy just because they had rich parents or because they got lucky or whatever but the reality is that's just not true i mean fidelity did a study where they looked at millionaires across the board and what they found is that there was a portion of millionaires out there that inherited a big chunk of their wealth but it wasn't everyone i mean it was only 12 of millionaires out there that inherited 10 or more of their wealth so yeah there is a factor of luck involved but for 88 of millionaires out there these are people that did not get this wealth inherited to them or do not have rich parents they did not grow up going to country clubs they did not have a trust fund these are people that created their millions themselves now this is not to say that there's no luck involved in becoming successful or wealthy there is some luck involved but what you have to understand is that the majority of people who became wealthy these are not people who were just given their money these are people who worked hard and found a way to become wealthy and what you find out is the harder you work the luckier you become because luck happens when hard work means opportunity and so the harder you work the more prepared you will be and the more ready you will be when the opportunities come your way are there some people who have the money just fall onto the lap yes some people just win the genetic lottery or some people just win the actual lottery and some people just have the money given to them but that's the exception to the rule that's not the rule the majority of people who become wealthy are people who created themselves by understanding the mindset and the four other things that i'm about to talk about when you see somebody who has become wealthy all you see is the tip of the iceberg you see where they are now you see the car that they're driving and you see where they live and it looks nice and it's easy to say that they became lucky but what you don't see is all the sleepless nights all the hard work that they went through and all the kind of pain that they went through to get to where they are today and so if you want to become lucky you got to look a little bit deeper and look beyond just the tip of the iceberg and see what it really takes to get there and you gotta stop blaming other people for becoming wealthy and understand how you can do it yourself the second thing you gotta do is work on your income so this is where things get a little bit tricky because first we developed the mindset and now once you've got the mindset you got to start earning money now there's a couple things you got to understand about your income the first thing i understand is it's not just how much money you make it's what you do with the money you make but having more money can accelerate your path to becoming wealthy and this is where you got to make some hard decisions about yourself if you're not happy with the amount of money that you're making then you got to do something about it look at yourself in the mirror and ask yourself why are you not making the money that you deserve is it because you don't have enough skills not enough degrees or are you working a job where you're just getting underpaid if you're not happy with the amount of money that you're making you got to stop complaining about it and you got to start doing something about it if you don't have the skills and you don't want to go back to school or if you don't want to learn a new skill then maybe you got to take on a new job maybe you got to learn a new side hustle maybe you got to start a side business and do something to supplement your income if you're just complaining about it and you're saying man i wish i made more money i wish they would just raise my wages for doing nothing more except what you're doing right now and then just playing the emotional game and hoping that luck is gonna come through the door and put a million dollars on your lap if you're not happy with how much money you're making ask yourself why and then do something about it depending on where you are and who you are that might mean adding a second part-time job to your routine and i know that's hard and it takes a lot of work but i've been there i went to law school full time and i was running my business full time and i went to acting school in the evenings it is long it is hard but it's a sacrifice that you got to be willing to put in today if you want to achieve more income so you got to know what you want and if you're not getting what you want ask yourself why and then figure out what you got to do to get the income that you want the second thing that you got to understand when it comes to your income is that there's a lot more to becoming wealthy than just how much money you make i'm going to talk about this in the third point but having more income only does good if you know how to use the money that you're making if we're just making more money to drive a better car to live in a bigger home you're just spreading yourself thinner and now you have to work even harder to keep making all of your payments so what you got to understand about your income is there's a lot more to becoming wealthy than just making a lot of money it's what you do with the money you make there's a reason why so many high income people so many high income doctors so many high-paid athletes so many people who won the lottery still live broke because they're living paycheck to paycheck they're making a lot of money but they're spending all the money that they make so you gotta understand how an income plays a part in your life yes having a big income can help you accelerate your path to wealth but they can only do that if you're using your income the right way and that's what i'm gonna talk about right now number three you gotta pay yourself and stop spending all of your money so americans have an issue where when they make money they feel like they deserve to spend this money and they deserve to have these nice things because it's very hard for americans to go through the short-term pain for the long-term freedom that you can get from not spending all your money i mean it's just a strange culture that we live in where everybody feels like they need to have the newest iphone they feel like they need to have the newest laptop they feel like they need to drive a brand new car they feel like they need to live in a big home they feel like they need to have all the newest things and all these things keep costing you money and now you look really good on instagram and you have all these nice things but you have no money left to pay yourself because you're playing in this game living off your feelings where you spend money based off of what you think will feel good right now instead of what's good for your wallet long term the vast majority of americans are living paycheck to paycheck now if you ask these people why everybody will say it's because they're not making enough money we say it's an income problem but that's like the government talking the government always says they're not making enough money but we never look at how much money we're spending there's also a spending issue there's two sides of the coin it's how much money you make and it's what you do with the money make we can keep blaming us how much money you make and sure that might play a part in it but that goes back to what i just said before if you're not making enough money why is it can you work a second job can you do something else can you learn a new skill can you make more money sure that might play a factor but on the second side of the coin is how are you spending your money if you're living paycheck to paycheck and you drive a brand new car and you have air pods and you have a brand new iphone then chances are there's more to this problem than just how much money you're making you got to look at what you're doing with the money you make if you've been watching my videos chances are you've heard me talk about guacamole a million times on our channel now the reason i talk about it so much is because i love guac and i have the money to afford an extra side of guac no problem but when i go to chipotle i never order an extra side of guac because it makes no sense for me to pay three dollars for a small little extra side of guac when i can go to kroger and pay a dollar to get a whole avocado and now i got four sides of guac for a fraction of the price yeah people keep going to chipotle and buying the extra guac now i know what you're thinking oh just breathe a three dollar side of guac is not the reason why people are living paycheck to paycheck yeah i get that a three dollar side of guac is not the reason why it broke and spending four dollars on a coffee is not the reason why it broke but it's not having the right mindset because you're spending money on things that you should not be spending your money on right now because right now what you need to be doing is paying yourself because if you're complaining about living paycheck to paycheck and not having enough money yes we can look at how much money you're making and you should you should work on how much money you're making to work to increase that but you also got to look at how you're spending your money are you spending your money on things that you don't need because that's the easiest way for you to have some more money left over to start paying yourself right now is just by not spending all your money if you look at things strictly financially do you know how rich people get rich and how wealthy people stay wealthy it's pretty simple they spend less money than they have they live like they're broke they don't spend every dollar that they make on nice cars and clothes and shoes they spend some money on themselves and when i say pay yourself what i mean by that is you're saving some of your money for an emergency and you're investing some of your money that way your money can grow and make you more money if you are not paying yourself if you're not spending some of your paycheck every month to go directly into your savings account and if you're not having some of your paycheck go directly into your investments every single month then you are not paying yourself and you are doing yourself a disservice because all your money is going on making everybody else around you rich but it is leaving you broke the issue is we live in this culture where we all live in our feelings like we feel like we work really hard so we deserve to reward ourselves by going on this really nice vacation and we deserve to reward ourselves by buying this really nice car buying this watch now these things are nice i want you to have a nice vacation i want you to have a nice car i want you to have a nice watch but i don't want you to sacrifice yourself from paying yourself because then you're going to pay the price in the future i want you to have these nice things but i also want you to be able to afford it first let me let you in on a little secret nobody who's worth a million dollars is flying on a private jet unless you're one of those people on social media that's uh taking pictures on a private jet that way you can sell more of your course on how to be rich by living your life and doing whatever it is you do but nobody who's actually worth a million dollars is flying in a private jet because people who are actual millionaires understand what it took to become a millionaire and they're not going to just blow all their money on something that's not going to help them keep their wealth and grow their wealth you got to stop living this instagram flex life where you're living life just to show off your income what you got to do right now is live below your means and pay yourself first that way you can use your money to build your wealth use your money to build your savings that way you can be free and once you pay yourself then you can live your life the way you want without worrying about the price i probably should have put a trigger warning in the beginning of this video where if you're easily triggered don't watch this video but i did tell you that you gotta step away from your feelings in order to really do these things so let's move on to number four you gotta stop the payments if you wanna become wealthy now look there's two types of perspectives when it comes to your payments and the way you live your life on one side you have the dave ramsey approach which is the no debt no financing anything approach whenever you want to buy anything you got to buy with cash whether it's your investments or your liabilities no matter what you want to buy you got to buy cash on the other hand you have robert kiyosaki who is essentially like finance everything never pay for cash for anything and then use your money to buy investments and have your investments pay for all of your stuff both of these options can work obviously one is less risky than the other and one is harder to achieve than the other because now you have to afford everything in cash but what you really got to understand now is the difference between an asset and a liability and when are you stretching yourself thin by financing something because when it comes to things that are not making you any money you should not be financing it because when you're financing your clothes now you're paying interest on something that is not making any money and something that is depreciating in value so not only are you paying top dollar you're paying interest on that and this thing is just losing you money kind of like what i mentioned a minute ago one of the easiest ways to keep more money for yourself is to stop having money leave your wallet and one of the ways that you can do that is stop financing things and pay off the debts that you do have that way you don't have money constantly leaving i mean you can think of it kind of like a cup and at the bottom of a cup you have a hole this hole is your payments now the more debts that you have and the more payments that you have you have a car payment you have your mortgage payment you have the financing payments for your clothes you have your furniture payments you have your credit card payments the more payments that you have the more holes that you have and now when you take your income which in this case would be like a glass of water and you pour it into the cup the more holes that you have the harder it is for the water your money to actually stay in this cup so if you want to keep the money in the cup what you got to do is you got to seal the bottom and you got to stop having those payments that way water can stay in your cup and it can start blowing upwards that way now you have the money to create more income coming into your cup so when i say stop the payments that means one on all the reliabilities the things that are not making you any money your credit card payments your car payments these are things that you got to pay off quickly that way you have less money leaving your account second when it comes to buying more things no more financing anything that does not pay you and number five is you got to have patience because you got to understand that building wealth is a marathon it's not a sprint this is not something that's going to happen overnight and when you want it to happen overnight and you want it to happen quickly you're more easily to get caught into one of those get-rich-quick schemes and falling into risky investments where now you're spending a whole bunch of money on things that are not making you any money because when you jump into those get rich quick schemes the only person you're making rich is the person selling that get rich quick system now if you do want to accelerate your wealth there's nothing wrong with that but you just got to know how to do it the right way on one hand you got to work on earning more money and now as you're earning more money you got to use more of your money to actually pay yourself that means saving your money for in emergencies and putting more money towards your investments that way you have more money working to actually build your wealth so if you want to do that hey great work and earn more money but understand that takes patience too building a business building a side hustle get in the races doing all you got to do to earn more money does take time i mean think of it like building a youtube channel you don't build a youtube channel overnight these are things that take time to build you want to build a business it takes time to build these are things that take years and so if you really want to become wealthy you got to have the patience in your mind and you got to understand that this is not something that's going to happen tomorrow this is something that you're working on for your lifetime that way you can live wealthy and live free it's not something that's going to happen next week next month next year this is something that we're building for the long term so you gotta have the patience the patience in order to build the wealth before i get into the next clip if you are interested in learning more about how you can use your money as a tool to start generating your passive income our team has put together an amazing guide on passive income that'll walk you through different passive income strategies that way you can start generating some passive income today this guide is completely free when you sign up for daily newsletter so if you want to read a free guide on how to start generating passive income i'll put the link to where you can download this guide for free in the description below first things first in case you're wondering i was replacing the light bulb in my bathroom and somehow as i was unscrewing the light bulb the light bulb shattered and i slipped my finger which is why i have abandoned on but everything's okay we're back on youtube no delays there i talked about the things that you need to do with your money as soon as you get paid that way you have a proper financial system if you haven't seen that video i'll link that video for you in the description below but in this video i want to talk about the seven things that you need to be using your money to buy that way you can actually build wealth this goes way beyond just having a budget and knowing how to spend your money this is what you need to be buying and using your money for that way you have the financial planning tools that you need that way you can actually become wealthy money can't buy you happiness but money can buy you a nice car and money can buy you a nice home for your family and money can buy your spouse a nice vacation and money can buy you some extra guac but before you can get the freedom the money can buy you you need to know where your money needs to go before you put your money towards all of your wants and we all know that guacamole is definitely a need that's why in this video i'm going to be going over the seven places that your money needs to go not including guacamole that way you can build your wealth but before we get into that i need you to do me a quick favor and smash that thumbs up button below without cutting your finger the first place your money needs to go is obviously your basic needs this is your car your house your food your water your basic necessities that you need in order to survive the thing that you really got to do here is you got to really draw a line to understand where your real needs are and where your wants start my cousin's friend just graduated college and he got this new position in phoenix so he flew out to phoenix got his new job the only problem was he needed a car to get to him from work and he didn't have a lot of money to buy a new car so he talks to my cousin about what he should do and they talked about getting a used car that way you don't have to blow all of his money to get a new car or blow his future money on a new car anyways so he's looking at used cars and he ends up going to the bmw dealership calling up my cousin and he says guess what i'm buying a new four series so now this guy let's call him bunty 2.0 needed a car but instead of buying a car with cash that he could afford that we didn't have to worry about payments he ended up going to the bmw dealership and he bought himself a 4 series but now he's going to be paying five to 600 a month for at least the next three years to lease out this car so let's take a look at this you need a car and i think he put down four thousand dollars when he leaves the bmw and so you have a couple options you can go out put down four thousand dollars and lease a car and now you're gonna be paying right around five to six hundred dollars a month let's just say five hundred dollars a month and this is now a payments game that you're starting once at least a car at the end of the lease what are you going to do well you're going to want to lease another car or buy another car because at the end of the lease all these car companies are going to tackle a whole bunch of fines and fees if you don't take another car from this company so it's very unattractive to go out and buy a different car somewhere else or buy something that you can afford with cash so when people start this payments game they stay on this payment scheme forever so now let's assume that now you're going to be paying this 500 a month every month for the next 30 years after 30 years what's going to happen you're going to be left with nothing even if you own your car after 30 years you're going to own a car that's really worth nothing because your cars aren't worth anything but if you took this 4 000 and you bought yourself a used car with cash a good working condition car now you have this four thousand dollar car you have no monthly payments what you can do is instead take this 500 a month and invest it and if you took this 500 a month and you invested it and you could get a reasonable seven percent and no return on your money so you're just throwing your money in the stock market and you're hoping to get a little bit below average return so we're not even talking about beating the market we're even trying to meet the market we're talking about a little bit below average you just get a seven percent return and you do this for the next 30 years you're gonna have something like six hundred thousand dollars in your account on the side just because they used this money to pay yourself instead of using this money to pay your car company and so this is where you got to decide what's your need versus what's your want you need a car you just want a bmw now don't get me wrong here i want you to drive a nice car i love nice cars i really like bmws but you got to decide what your goal is right now are you trying to flex on instagram or are you trying to become wealthy because these two things are going to give you two financially different results if you just kind of flex on instagram then sure blow your money on a car but if your goal is to become wealthy then screw the car right now go invest this money into yourself and buy something beat up that is working that way you have this money every single month that you can invest into yourself that way you can build your wealth once you are ready then go out and buy yourself whatever car you want because you can afford it without worrying about the price because now you're building that wealth or you've already built that wealth this is where you got to really dig deep and figure out what do you really need and what do you just want because every dollar you're spending on things that you don't need is a dollar that you cannot invest back in yourself now you gotta understand here also the goal is not to live small for the rest of your life i don't want you to be the super frugal person who's just pinching pennies because at the end of the day a pen you saved is just a penny i just want you to understand that right now the easiest way to have some extra cash is just by not spending all your cash and so if you can understand how to live below your means that way you have some extra cash now you can put this money to work to help build you wealth now again i don't want you to just live small i want you to work to grow the pie because there's a limit to how many pennies you can pinch and how small you can live but there's no limit to how much money you can earn but the first step to being able to build this wealth is you got to stop blowing all their money on things that you don't need that way you have money to buy things that will actually build you wealth the second place your money needs to go is towards your savings but you got to make sure you're doing this the right way growing up i was always told that if i wanted to become wealthy the way you do that is by making a big salary and then you save as much money as possible turns out that's a big lie you will never become wealthy by just saving your money when you save your money your money is just sitting flat it's not growing while at the same time the value of your savings and your dollars are losing value and being diluted because of inflation that's why when we talk about saving money you want to make sure you're saving your money the right way in the smart way not the majority mindset way for the majority of people saving money is the path to freedom because when you save your money now you have this big bank account hopefully that you can now use to go and buy things with the only problem with that is if you could go out and save a hundred thousand dollars you might feel rich but a hundred thousand dollars today is not gonna buy you what a hundred thousand dollars could 50 years ago and a hundred thousand dollars and fifty years will not be able to buy you what a hundred thousand dollars can today fifty years ago if you had a hundred thousand dollars you would be able to buy what six hundred thousand dollars can buy you today and in 50 years from now 100 000 depending on what inflation is might only be able to buy you half or a quarter of what a hundred thousand dollars can buy you today when i save my money i'm only saving money for three things i'm saving money for emergencies i'm saving money for a big purchase or i'm saving money for an investment you gotta have a savings account with some cash in there because when an emergency happens because that's life you wanna make sure you have cash to fall back on that way when your car breaks down or your ac breaks you don't gotta go into debt to fix the problem a good savings fund should have something like three to 12 months worth of expenses so depending on what your risk tolerance is that's where you kind of want to have the savings fund be second you want to save for big purchases if you want to buy a brand new car or you want to buy yourself a new home when you need a down payment or you want to buy a big tv these days cost money and you got to save money in order to do that you have to treat these two savings accounts differently because the last thing you want to do is use your emergency money to go out and buy a tv do not mix these accounts together because these need to be separate and third you should save your money for investments i have a separate account where i have cash that i'm waiting to invest i'm always looking for investment deals whether it's on the stock market or whether it's real estate i want to find a good opportunity this is the cash that i use to go and buy it i'm not using my emergency money i want to use my investment money for that which is why you want to keep this separate and this brings me to number three the third place you need to invest your money is in your investments your investments are things that are going to pay you for owning them because now when you have some extra cash there's a couple things you can do you can go out and go shopping buy yourself a brand new wardrobe which isn't going to make you any money or you can take this extra cash and you can invest it into a company or invest it into a property that is going to pay you for owning it at the very bare minimum you have to own some stocks or real estate if you want to invest other places like crypto and forex and commodities gold and silver fine but make sure you at least own some stocks and real estate the whole idea behind investing your money in stocks is instead of you taking your money and going out shopping in the mall and spending all your money in stores you're taking your money and you're buying a piece of the store company that way as stores make more money so do you it's essentially a way for you to stop being just a consumer and spending all your money to make everybody else rich and for you to start being a producer that way now when companies make money you're one of the people that's benefiting because if the company makes more money so do you but real estate is a little bit different with real estate you own something physical and tangible because when you invest your money in the stock you just get a paper certificate saying that you own shares of a company but if the company goes bust then you own nothing real estate on the other hand when you buy a property you own land you own a building you own bricks you own windows so you own something that you can see feel and touch and it creates income because if you buy a property you can have a family live in there and they'll pay you rent every single month for living in your property so now you own something real that you can see and feel and you're creating income and the whole hope is if you're buying a property in a good area the property value is going to go up and so will your rents so you're creating income and you own something physical and tangible stocks and real estate are both good investments i have my money in both i prefer real estate just because i like the income that i can create and i like the idea of owning something real but i also have money in the stock market and so you got to really just figure out what your goals are and what helps you do that the fourth place your money needs to go is asset protection because as soon as people realize you have money they're going to try to take their hands and put it in your pocket and take some of your money and keep it for themselves you don't want to let that happen which is why you want to put up a shield asset protection to protect yourself and your family now while i am an attorney i'm not your attorney so if you have specific legal questions make sure you talk to a professional in your area first thing you got to do is you got to have some estate planning the whole idea behind this is if you're building wealth you're going to have money and when you die you got to know where this money is going to go because if you do not tell this money where to go then your family is going to be fighting for who gets the money if you want to avoid those fights plan ahead do some estate planning there's a couple things you can do you can get a will you can get a trust it's going to depend on what your financial situation is as to what is better for you but the whole idea behind a willian trust is you get to tell your money after you die where your money is going to go if you don't do this type of estate planning when you're live then the government's gonna come in and they're gonna decide where your money should go you never want the government to decide where your money should go so do this type of estate planning that way your family is not fighting for your money in the future you also got to protect your assets by having insurance nobody likes paying for insurance but insurance is a small price you pay today to protect you against a big headache in the future is it going to be things like car insurance health insurance home insurance life insurance i know it's not fun to pay for all these things but if something bad were to happen to your car your home your health your life then your insurance company would come in and they would pay you or your family a big check that your family is at least financially okay things like car insurance health insurance home insurance are pretty obvious because if your car burns down or if your house lights on fire then the insurance company is going to come in and they're going to give you a check to go out and buy a new home or a new car but life insurance isn't always straightforward the whole idea behind life insurance is if you die within your life insurance period then your life insurance company will give your family a big check that way at least your family will be able to survive financially even if you're not there because the last thing you want is for you to be the breadwinner for your family and then you're no longer there and your family cannot survive anymore without you so they have to put up a gofundme page to raise money to pay for your funeral costs and to pay for your basic living costs the good news about life insurance is it doesn't have to cost you a whole lot of money like if you're a healthy 30 year old guy you can get a million dollar life insurance policy for less than a dollar a day i'm not going to go too deep into life insurance in this video because i've already talked about it on a youtube channel but if you do want to see how you can get a free life insurance quote i've got the link to how you can do it with our sponsor policy genius in the description below the fifth place your money needs to go is in your education even if you think you're done with school growing up i always thought the education meant school nowadays for me education means everything outside of the classroom one of the easiest ways to fast track your financial success is just to keep learning because the more you know the more you can do my education comes from five different places books classes experts experience and mistakes i'm not a big fan of actually reading books but i go on a five mile walk or try to go on a five mile walk every morning and this takes me about an hour and a half and during my walk i like to listen to audio books i buy quite a few online classes some of them help me personally and some of them help our business grow you can learn from experts on youtube or podcasts you can hire consultants when it comes to learning from experience one of the core values at minority mindset is fast is better than slow and the whole idea behind that is instead of spending all your time just thinking about what to do go out and implement it and learn from whatever you're doing and even if you make a mistake which is the fifth way i learned you can learn way more from your mistakes than you do your successes i made a video on youtube where i talked about my worst real estate deal ever that was the only property i ever lost money on but that money that i lost was really just like tuition into real estate investing because i learned so much about investing in real estate from that one deal learn as much as you can by reading books watching youtube videos and taking classes that's good but it's never going to replace experiential learning you have to go out and you got to just put yourself out there because you're always going to run over hurdles that other people have not and you got to figure out how to overcome them the sixth place your money has got to go is your health and this isn't what most people think about when they think of health if you've ever heard me talk about my quadrafit triangle i believe that there are four fitnesses in life four places that you need to be fit if you want to live a happy and successful life the bottom is physical fitness then mental fitness then spiritual fitness and at the very top it is financial fitness if you want to invest in your health you need to be investing in your physical health your mental health and your spiritual health everything else is about your financial health starting at the bottom with your physical health invest in good food and a gym membership or some workout equipment look i'm not a doctor sorry mom and dad but the best medicine is being proactive and taking care of your health i know you're working hard to get that bonus and feed your family and go on that vacation but you gotta take care of your body too because this is the only one you got second is your mental health if you are not happy it does not matter how much money you have it does not matter how successful you are you will never be able to appreciate the things you accomplished and so if you have this anxiety or depression and you are not happy get it taken care of go into therapy get some counseling go into rehab whatever the cost is pay it because if you are not happy and you're not able to live with yourself then it does not matter how successful you are because your mind is going to be holding you back so take care of your mental health because that is going to be a pillar for the success of your whole life and the third part of this is your spiritual health when i say spiritual health i don't just mean religion i mean it could mean that but it's really what is your purpose do you really feel like you're on this earth to help underserved people if it is go out and give some of your money to charity or go give summer money to your purpose figure out what it is that's driving passion that wakes you up every single morning and puts some money into that because if you do not feel fulfilled if you do not feel like you have a purpose then you're gonna have no reason to get out of bed every single day and the seventh place your money needs to go is to your family now when i say your family i don't mean that when your cousin bunty goes and blows his money at gucci that he goes and asks you for another two thousand dollars and you just give them this money i mean taking care of your family you know when you're on your journey to build wealth you're going to do whatever you can to invest every single penny you can because you understand that this money invested is going to be able to make you a whole lot more money in the future and as you do that you're going to have to make sacrifices as a family maybe you don't get a nice car maybe don't get that new home maybe don't go on a vacation right now but as you really start to build this financial foundation and this financial wealth reward your family take your family and your kids on a nice vacation buy your spouse something nice because of what they put up with i know it is hard building wealth you got to make sacrifices but as you start to see the success don't just live frugal in the sense that you never enjoy your money for the rest of your life money only has value if you spend it and support the people that supported you so as you start to build your wealth make sure you take care of your family too [Music] most of us are not taught about financial education and money when we're young what happens is most of us go to school for the first 17 or 18 years of our lives and then when we're 17 or 18 we say we want to become successful and the way that you become successful is by going to college like everybody else and so now you go to college except college is expensive and so now when you're 17 or 18 years old you sign a piece of paper saying that you're signing yourself up for an unlimited amount of student loans and you don't really know what that means because you don't know how to manage debt you don't know what debt is you don't know how to really value a dollar because you haven't earned a dollar and so now you go to college you're having a lot of fun and now you're 21 years old you graduate college you got 50 000 with the student loans and now it's time for you to get a job now you got your first job so you can finally start making money to pay off your education to get your job but in order for you to get to and from work you need a car and so you go to the car dealership and they say that you can buy this three thousand dollar car which you might be able to afford with cash assuming that you have a little bit of money left over but if you don't want to buy this three thousand dollar beat up car you can go over to the bmw dealership because now you got a brand new job and now you can finance a brand new four series you worked really hard to get this job but now it's time to finally start enjoying your life so now you start working and now you're using a lot of your paycheck to pay off your student loans and to pay off your car and that's when you meet somebody at work and you start to like him or her and now you decide to get married now you got to pay for your wedding you kept telling yourself that you were going to save more money and start investing your money but things keep coming up you got your car payment you got your student loan payment you got to pay a rent payment and now you got to start paying for this wedding and every time you got a little bit of cash your friends want to go on a vacation and so your money keeps disappearing and you keep trying to save some money you keep trying to invest some money but every time you got some cash something comes up well now you get married and now you and your spouse want to settle down and you got to go out and buy a home but in order for you to buy a home you need to save up for a down payment so now you take the rest of your savings and use it to finally buy a home which you think is an investment so now you finally own a home and now you can finally settle down now you can finally start saving money and you can finally start investing money well i guess not just yet because now that you're married you and your spouse want to go on a honeymoon you want to go on a few trips with your friends you want to go out on nice dinners and so now you thought you'd finally have some more money because you have two incomes working in the same household but you have more expenses you're going to go out to more dinners you got to go on more vacations you got to go on more trips now a couple years go by and you finally are starting to settle down and really get into the swing of married life and now you really want to start saving money and you want to start investing money that way you can build your wealth and stop working so hard at your job because you feel like you're just kind of like running around in this wheel you keep making money and spending money and making money and spending money and now you got a little bit of credit card that piled up too because you keep going on all these trips and your friends keep getting married and you have to keep buying everybody these gifts and they didn't have the cash to do that so you just put it on your credit card and a few other nice things that you wanted for yourself and your spouse so now you got a little bit of credit card debt you got your car loans you got your student loans you got your mortgage payment but now you're finally ready to buckle down save some money invest some money and build your wealth oops you just had a baby now your expenses have shot back up and you have no idea how you can escape this rat race where you're constantly working to pay all your bills you're working to pay off your expenses and you feel like you have nothing left for yourself that's why in this video i'm gonna be going over three things that you need to do if you want to escape this rat race but before i get into that i need you to do me a quick favor and smash that thumbs up button but no the first thing you want to do if you want to break out of the system is you got to stop living poor and when i say poor i don't mean physically like i don't have any money poor i mean mentally like i have a poor mindset poor this one might not seem that important but if you do not have the right mindset it will be impossible it will be impossible for you to ever build wealth because you don't believe it's possible for you i mean if you don't believe that you can do something you are not going to be able to do it it is going to be very hard for you to break out of this rat race if you are lazy and if you keep complaining instead of finding the opportunities in the world there are so many opportunities around us especially if you live in a first world country and if you have the means and the ability to understand what i'm saying if you have a screen a computer a phone and you can understand what i'm saying you are blessed you have everything that you need in order to become successful and you got to stop complaining about what you don't have if you keep complaining and you keep finding negativity and the problems with everything around you you are never going to find the opportunity that's around you the biggest disability that you can have is a poor mindset because a poor mindset will stop you from achieving anything look my grandparents were refugees in a state in india called punjab when our home state punjab was severed by the government my grandparents literally lost everything they lost their homes they lost their family they lost their friends they lost their money and they had to literally run to a brand new home with nothing except the clothes on their back and a sword in their hand by the time my grandfather made it across the border he didn't even have shoes he lost his shoes along the way and he did not have the opportunity to take days off because if you took a day off you would be killed my parents are immigrants they came to this country with next to nothing my dad had less than a hundred dollars in his pocket they didn't speak english they didn't know the people they didn't know the culture they didn't know how the system worked in america but they made it work my dad used to always tell me that there was no such thing as sick days because if you take a sick day you're not working if you're not working you don't get paid if you don't get paid you don't have money to eat america is a land of opportunity people will literally risk their lives to come to this country and yet you have people in this country that are complacent that are just comfortable and then they have the opportunity to complain about what they have because they don't realize how good they have it this is one of the reasons why i call their channel minority mindset because all success starts with their mindset if you do not have a good mindset if you don't have a positive and a forward-thinking mindset you will never have the opportunity or a chance to become successful because your mind has already shut down your success so if you have a poor mindset that's the very first thing you got to work on if you do not have a good mindset you will never have the opportunity to build wealth or escape the rat race the second thing you got to do is you got to stop living a fake rich lifestyle here's the thing your cars your shoes your clothes your purses your vacations your dinners out none of these things make you rich none of these things are putting money in your pocket they look cool they make all of your friends jealous of you and they look nice on social media but none of these things are making you rich all of these things are making everybody around you rich but none of these things are putting money in your pocket so before you start making everybody else rich i want you to make yourself rich first look i'm not saying you shouldn't go out to eat and i'm not saying that you shouldn't go on vacation but if you don't have any savings and if you don't have any investments to your name is it really worth it for you to go out and spend three thousand dollars to go on a four-day vacation in the bahamas this is the time where you really got to figure out what's important to you and what sacrifices you're willing to make i used to tell all of my friends that i'm not going to go on a vacation unless i get paid to go on vacation because i used to work with a bunch of different djs and i don't want to spend money traveling because i was so focused on using every penny that i could into my investments and into my savings so i can build my own wealth but i did get to travel because sometimes we would get booked to fly out to a different city or a different state and go perform over there i think it was dave ramsey that first came up with this phrase but you got to act your wage if you cannot afford it if you don't have the money to do it stop blowing your money and then complaining about why you're not wealthy how many people do you know that are going on nice vacations that have a nice home that drive nice cars they have apple airpods they wear lululemon leggings that buy extra guac when they go to chipotle that also complain about how they don't have any money a lot all this stuff and all these things make you look rich but they keep you broke what i want you to do is i first want you to be actually rich and that once you're actually rich then you can afford all these things not worry about the price because you're actually rich i want you to live in a nice home and drive a nice car and have nice things and go on nice vacations i just want you to be able to afford it first and one of the easiest ways to understand if you can afford something or not is just to follow our rule of five which says if you cannot buy five of them you cannot afford one of them what that means now is if you want to buy something that you do not need to survive you got to make sure you can afford it and how do you know if you can afford it well just check the rule of five this brings me to the third thing that you got to do if you want to escape the rat race but before i get into what this is i want to let you know that if you are interested in learning more about money management and investing our team has put together an amazing pdf that walks you through how to manage your money the right way financial education and how to invest your money to build your wealth if you want to read this guide it is completely free when you sign up for daily newsletter and i got the link to how you can download our guide and read it for free in the description below now the third thing that you got to do if you want to escape the rat race is you got to start living like wealthy people the thing that wealthy people understand is that you cannot become wealthy just through your hard work hard work is important but you have to understand how to use your hard work to also work smart you me and everybody else in the world only have 24 hours in a day and none of us can work all 24 hours and so we have to be smart if we all are given 24 hours how can you get the most value out of your 24 hours and how can you start extracting more value even without you physically working this is what wealthy people have worked to master and this is what you need to be figuring out yourself too see what all wealthy people understand is that there's two different kinds of money you have active money and then you have passive money active money is the money that you earn from going to a job or from running your business this is the money that you have to physically work to earn passive money is the money that you do not have to work to earn this is the money that your money is working to earn and so what wealthy people do is they work hard here they work hard to generate this active money and anytime they generate this active money from their job or their business or whatever they want to take as much of this active money and put it here that way they have more money working to earn that money passively that way now you have time on your side because the thing that wealthy people have is time you have the ability to live your life the way you want because your money is working hard to pay all their bills and buy the things that you want this is what differentiates a broke person from a wealthy person because a broke person lives here they make money from their job or their business and this is what they use to spend and enjoy their life and as soon as they stop working they stop making money and now they don't have money to afford their lifestyle what wealthy people do is they make money here and they take as much money here and put it here and then they live off of whatever money their money generates and so they can put as much money here into here and now they can enjoy the life because they are going to continue getting paid even if they stop working this is what it means to be wealthy and escape the rat race because now you don't have to be physically working to pay your bills your money is working to pay your bills and to fund your lifestyle and now you can do what you want and you can do something that you enjoy but the only way that you can make this happen is if you remember the first two things that i talk about first you got to stop living like you're poor you have to have the right mindset and you have to believe that this is possible for you because the first thing that everybody says is oh that's easy for you to say or oh that's not possible for somebody like me if you tell yourself it's not possible yeah you're right it is going to be impossible for you but if you believe that it's possible for you you're going to figure out how you can do it and you're going to put the steps into action to actually make it happen the second thing you gotta do is you gotta stop living the fake rich lifestyle because if you have no money to put here you're not gonna be able to create any income here so the next thing you gotta do after you have the right mindset is you gotta stop blowing all of your money on things that you don't need you might have to downsize for a little bit you might have to say goodbye to your bmw for a little bit you might have to put your vocations on pause for a little bit that we have more money here to put here because if all of your money that you're working to earn is going out to pay your bills and to fund this extravagant lifestyle or even if it's not extravagant to fund your lifestyle then you're going to have no money here so the first thing you had to do is you got to cut your expenses that way you have more money to put here the second thing that you want to do is now that you understand how to use your money is you want to start attracting more money so you have more money to put here now the ways that you earn more money is maybe by asking for a raise working to earn a promotion trying to start a side hustle starting a side business these things might take more work but now as you're attracting more money you can get the most benefit from your money because now you know how to put your money to work they can put more money towards your investments into things that are going to pay you for owning them so now it's not just you working to fund your lifestyle and pay all their bills now is your money working to pay your bills and you're working just to keep funding more investments so now the question is where do you actually put your money in say money's growing well one place that you want to put your money is into your own education because you got to understand how to actually use your money and this might mean reading books buying courses taking seminars learning how to use the money the right way that we can start generating more income second place might be in stocks or real estate both stocks and real estate i want to talk about real estate i mean rental properties both stocks and real estate you're buying for the sole purpose of making money when you're spending money here to buy shoes to buy clothes to buy vacations none of these things you're buying to make money because as soon as you buy a new pair of shoes or as soon as you go on a vacation you don't expect to get any money back you're buying these things to use and consume now there's not a problem if you can afford it but if you can't afford it because you have no money coming in here that's a problem and so when we talk about buying things here stocks real estate education now the reason why you're buying these things is to make you more money so it's a different mindset and you have to put more money here if you want to be able to live a bigger lifestyle because now you have more money working hard to earn you more money we have tons of videos on the channel where i go over in more depth on how to actually invest your money and grow your money which is why if you haven't subscribed to our channel yet make sure you do that [Music] it's no surprise that the majority people are not very good with their money i mean right now something like 6 out of 10 americans are living paycheck to paycheck which means if you did not get your next paycheck you wouldn't have money to keep your lights on now i know there's a lot of different issues that are causing these financial problems some people may not be making enough money you have a higher cost of living you have a higher standard of living but we also have the factors that we create ourselves which is causing a lot of people to be broke the thing that separates a wealthy person from a broke person is not just what job you have or how much money you make or what degree you have or where your mom your daddy are is what you do with the money that you earn that's why in this video i'm gonna be going over the five secrets that you need to understand to never be broke again but before we get into that i need you to do me a quick favor and smash that thumbs up button below the first secret to never be broke again is you gotta stop playing the flex game back in the day this used to be called keeping up with the joneses but now with the whole social media age people call it flexing on social media the whole idea behind the social media flex is you're buying things out of your pay range that way you can look cool and you can look rich to all of your other friends who are also broke some of the most fun but also the most expensive places to put your money right now are in homes cars vacations and watches these things are very nice they can be a lot of fun they can give you a lot of status and a lot of street cred but they're also very expensive because these things are not putting money in your pocket unless you're buying them as an investment but i'll save that topic for a later video here's what happens to a lot of people you graduate college with a whole bunch of student loans now you got your first big boy or big girl job and now you entered the workforce and the first thing you need to get to and from work is a nice car and then you need a place to live and now as you start working you want to go out and travel with your friends because you want to go on vacations and as soon as you get your first big promotion you want to celebrate with a nice watch now when you go out and buy these things you kind of compare yourself to your friends right you want to size yourself up what kind of house did my friends get did they buy a 1 000 square foot condo or did they buy a 2 500 square foot home did they buy a nice toyota camry or did my friends buy a nice 4 series beamer do my friends want to go on a nice day trip somewhere or do you want to take a week vacation to europe and what type of watch every buying are we talking about a nice 100 fossil or we're talking about a 15 000 rolly one of the easiest ways to have more money is just to not spend your money so one deal that i kind of made with myself was i was not going to spend any money or as little money as possible and all of these things until i could settle myself financially so when it comes to homes the first home that i bought was not a home for myself it was a rental property so i lived small during my entire time in law school i slept on the living room floor of an apartment i was making pretty decent money i was making more than six figures a year but i was paying less than 400 a month in rent because i slept on the living room floor i had a mattress in the hallway and anytime it was time for me to sleep i would drag my mattress out into the hallway into the living room put it on the ground and then i would put my sheets on and go to sleep wake up the next morning fold my sheets and put the mattress back why because i don't want to blow any money here i wanted to keep that money in my pocket when it came to cars i drove my used beat up toyota solara into the ground because i didn't want to blow any money here i know a car is not putting any money in my pocket i wanted to put all this money that i wasn't putting towards my car payment into my investments because my investments are things that are going to make me wealthy my cars are things that just make me look rich but they don't actually make me rich so you got to understand the discrepancy here i like nice cars i love luxury cars i love sports cars but i didn't want to put any money here until i knew that i was settled financially and so i knew that i don't want to put money here here until i was ready to same with vocations i had this running joke for probably five to seven years where i would tell all my friends i don't go on vacation unless i get paid to go on vacation the reason i used to say that is back when i was in college i used to work in the wedding business and in the wedding business i played an instrument called the doll it's a punjabi instrument and so i played this drama i would work with a lot of djs and sometimes we would get paid to go to different states and sometimes even different countries and so i didn't go on vacation unless i was getting paid to go on vacation and so i would try to cut this out because i didn't want to have this cost right now because this was more money that i could put towards my investments when it came to watches this was kind of funny i also really like nice watches but the interesting thing about watches was back when i was in high school it was my senior year in high school i was finally starting to make some money a little bit of money i finally had a few thousand dollars in my own bank account and i was like oh i got a lot of money let me go celebrate so when i had a few thousand dollars in my account i went out and i bought myself a brand new 1 000 watch i don't even know what brand it was but it was this really flashy looking watch i gotta show it on youtube one day i still have it and it has these crystals everywhere and it just looks so blingy so flashy and i spent a thousand dollars on this watch this is before i created my rule of five which says if you can't buy five of them you can't afford one of them but i spent all this money on this watch and after i did that i started to ask myself what is this watch doing for me i mean yeah it's a kind of a luxury piece it's a time piece more than it tells time but it really didn't do much for me it didn't really create much value for me and this is where i had to start thinking a little bit differently these things are not putting money in my pocket so if you want to buy these nice things that's fine you want to buy a nice home fine you want to buy a luxury car fine you want to buy a nice vacation fine you want to buy a rolex fine just make sure you can afford it first understand that these are things that are not putting money in your pocket if you're going to buy these things understand that they are liabilities make sure you can afford them first the way you can afford them is settle yourself financially make sure you're financially secure build your wealth and then buy whatever you want once you're wealthy then spend as much money you want here because now you can afford to the reason why this is so hard for so many people is because when other people know that you're making money and then they see you driving around in a beat up car or they see you not traveling as much as they think you should be traveling or they see that you don't have the nice watch or they see you kind of living small for some time they're going to start wondering what is wrong with you because you're not spending money like everybody else but this is where you got to really have the inner confidence and remember hey i don't got the majority mindset that's why i follow the minority mindset the second secret to never being broke again is you do not want to fall into the penny trap we've all heard the saying a penny saved is a penny earned right but the issue with that saying is we're just talking about pennies because at the end of the day a penny saved is just a penny here's a news flash you are not going to become rich by pinching pennies now i know this might seem like i'm contradicting what i said just a minute ago because a minute ago i was talking about how one of the easiest and best ways to have our money in your pocket is just by not spending any money and now i'm talking about the kind of issues with pinching pennies well there's a difference between the two i don't want you to spend money on things that you don't need if you can keep more money in your pocket do it but i also don't want you to be a penny pincher because penny pinchers tend to just not spend any money because they just want to keep this money in their pocket without understanding the value of what they're buying there's a lot more that goes into becoming wealthy than just not spending their money in starbucks see the reason why pinching pennies is so popular is because a lot of people have a scarcity and limited mindset where they're always trying to see how they can squeeze the most pennies out of a limited sized pie so let me give an example let's assume that you make 40 000 a year and you want to save and invest let's just say 10 for the sake of this example so in this case 10 is four thousand dollars a year and now a penny picture the majority people are gonna see how can i squeeze the most out of this how can i take this from ten percent to maybe twenty percent how can i save instead of four thousand eight thousand dollars now if you do that you're gonna double the amount of money that you're saving and investing the downfall with that is you're gonna have less money here that you can use to go and have fun with to buy nice things with but you're gonna have a little bit more money to save and invest now it's always good to save and invest more money but the thing is you're also having a limited mindset because you're not trying to grow the pie at all this is where i want you to not just be a penny pincher but to think a little bit bigger i want you to have a growth mindset because the first thing i want you to do is understand yes you have to know how to live below your means this is what we just talked about number one you have to know what it means to afford something you got to be putting money aside towards your savings and your investments that is something that you have to do if you do not know how to do that it doesn't matter how much money you make you were always going to be broke but then the next thing that i want you to do with this growth mindset is i want you to understand okay how do i take this pie and make it bigger because now if instead of making forty thousand dollars a year you made four hundred thousand dollars a year and i know a lot of you might be thinking how in the world do i go from forty thousand dollars a year to four hundred thousand dollars a year well it is possible if you can start developing the growth mindset because if you don't have the mindset where you believe that you can do it you're never going to be able to do it but if you believe you can do it and you're going to put steps in place to understand how to do it so now if you go from 40 000 to 400 000 a year and now you're saving and investing 10 well now you're saving the same amount as before but instead of four thousand dollars you're saving and investing forty thousand dollars because you're still only saving and investing ten percent if we did twenty percent it's eighty thousand dollars but now you can understand the difference with the growth mindset you have the ability to save and invest a whole lot more because now you're thinking bigger you don't have this kind of limiting beliefs telling you that you cannot earn more or grow the size of the pie you're trying to grow the size of the pie with the understanding that you need to live below your means and when you do that you were able to live much bigger and have more money towards your savings and have more money towards your investments now here's the secret sauce the way you get from here to here is not just by avoiding starbucks and avoid paying for extra guac just by being smart sure you need to live below your means that we have some extra cash but you also need to work to grow your income that might mean getting a second job that might mean starting a side so that might be in starting a side business that might mean asking for a raise asking for a promotion doing things that we can grow your income and now maybe even supplementing your income that way you can create more than one income stream and using your money as a tool to grow your income this is what growing the pie is all about because what you need to understand is now how can i use my money here to make my pie bigger because if you're spending all of your money on just clothes cars shoes vacations then your money is just going out it's not making you richer it might make you look richer but it's not actually making you richer but if now you're using your money to buy classes you're using money to buy investments you're using your money to start businesses you're using your money to invest in businesses now you're using money as a tool to grow your pie and make your pie bigger that way you have more money coming into your pocket the third secret to never being broke again is to prepare for the worst i'm a real estate investor and so one of the things of a real estate that i'd like to talk about on a channel is that the thing about investing in real estate is that things break and so in order to protect yourself from this you want to make sure you always have some cash in reserves to protect you from that and you also want to make sure you have insurance against your rental properties because if something big goes wrong you want to make sure you have insurance to protect you from that you want to do the same thing for your own personal finances that we're protected from worst case scenario type of situations on the front side that means you got to make sure you have a savings cushion the minimum you got to have in your savings account is 2 000 and the max you want to have in your savings account is something like 12 months worth of expenses in your savings account in cash liquid that you can access whenever you want that way in case something goes wrong in case your kid's arm breaks in case your ac goes out you have cash that you can dip into that we don't got to go into debt to fund these costs the thing that you have to understand about your savings that many of us were taught wrong for our entire lives is that your savings are not there to make you wealthy we are in a new day and age where right now our savings are not growing so when we talk about your savings you have to understand that your cash in your bank account is not there to make you wealthy that cash is there just to protect you from an emergency so you want to make sure you have some cash aside not to make you wealthy but to protect you from an emergency the second way that you want to protect yourself from a worst case scenario situation is about having life insurance because life insurance is a way for you to protect your family from a worst case scenario tragedy the way life insurance works is you can go out and buy a 1 million life insurance policy and if you were to die during this life insurance term then the life insurance company would come and they would give your family a one million dollar check the reason why this is so important is because if you are a breadwinner for your family and you were to tragically die unexpectedly and now your family would lose your income stream already it'd be hard enough because they lost you but if they lose your income stream now if they do not have other investments or other assets to fall back on then they're going to have a really tough time being able to maintain their lifestyle so the whole idea behind life insurance is it is a way for you to protect your family from a worst-case scenario type of situation because if something were to happen to you your life insurance would kick in they would give your family a big check and now at least it'd be okay financially now as a financially educated person your goal should not be to rely on life insurance to take care of your family your goal should be to build your wealth build investments build assets that way your family has assets and investments to fall back on but until you get to the point life insurance is kind of like a bridge that way if something were to happen to you your family would at least have your life insurance policy to fall back on that way they would have cash in order to survive if you are interested in learning more about life insurance what the different options are and see how much life insurance will cost you you can get a free quote thanks to our sponsor policy genius using our link in the description below all you have to do is go onto their website and enter in a few pieces of information which just takes a few minutes and the policy genius will present you with different quotes for the same policy from different insurers that way you can make sure you're getting the lowest price possible the reason why i like policy genius is because they don't charge you any additional fees and they stand by what they do if you can go and find a cheaper life insurance quote anywhere else they will pay you 100 for wasting your time remember the whole idea behind life insurance is you want to use this as a bridge that way this is a protection that you have for your family as you're building your wealth and the good news is life insurance doesn't have to cost you an arm and a leg like if you are a healthy 30 year old guy you can go and buy a million dollar life insurance policy for less than 30 a month and if you do have specific questions about your own life insurance needs they have unbiased questions that you can talk to that are not incentivized to upsell you anything so if you want to learn more and get a free life insurance quote i've got the link to how you can do that with our sponsor policy genius in the description below the fourth secret to never being broke again is to stop complaining you know sometimes the best way to understand something is just to see it happen and this was something that i really saw firsthand because my parents are immigrants from merced in india called punjab and my dad came to this country not knowing the language he didn't know anybody he didn't know the culture he didn't know the people he didn't know how to get from one place to the other but he came here and he hustled with less than a hundred dollars and made it work my parents are some of the hardest working people that i know and when i go and ask my dad how in the world were you able to come to a new country where you don't know the people the culture the language with less than a hundred dollars and then go out and raise a family like how was that possible my dad's answer is simple you just gotta work your butt off and he usually substitutes the word but for a different word but i'll let you guess what that word is yourself if my dad had two days off in a row like a saturday and a sunday that was considered a long vacation and my dad used to have this thing where he would tell me that there's no such thing as sick days because if you take a sick day you're not working if you're not working you're not getting paid if you're not getting paid you don't have money to eat so you got to work and so you got to start kind of building this mentality where you got to do whatever it takes if you're comfortable if you've got this kind of cushion behind you then you don't got that fire on you because you don't have that kind of motivation the fire to succeed but if you have no other option except working your butt off to succeed you're going to find a way to succeed right now a lot of people in america are comfortable a lot of people in america are complacent a lot of people in america have the ability to complain because they're comfortable the reason why you have people literally risking their lives to come to this country is because people understand that america is the land of opportunity and so now if you are already in a country a first world country if you can already understand what i'm saying if you have the resources to watch what i'm saying you're blessed now you got to stop complaining and do something about it i'm just going to keep it very honest with you if you are not where you want to be financially if you are not happy with the way your finances look right now and at the same time you're spending every evening playing fortnight with your friends and you're spending your weekends watching netflix with your other friends while you're doing something wrong here the first step to any sort of success is having the right mindset because if your mind is your limiting factor you're not going to be able to do anything because all you're going to see is negativity and the lack of opportunity but if you open your mind and you start to see this growth mindset and you start to see this positivity now all of a sudden the same world is full of opportunity and possibility the whole world is yours for the taking and you just got to decide what is it worth to you if something is important to you you will find a way if it's not you're not going to do it it was very important for me to become financially successful that way i could take care of my family my parents and give back to my community these things were important to me and that's why i do everything that i do because i know what's important to me when i was in law school not only did i go to law school and study and take all of my exams but at the same time i was also working on a separate business and at the same time i was also making youtube videos i was starting minority mindset and because i never knew how to make videos at night i went to night school for acting i did all of these things because this was what was important to me and i was willing to make sacrifices to do that and so this is where again you got to stop complaining and just understand that your success your financial success is in your hands it's not controlled by the government it's not controlled by somebody else it's controlled by you and if you believe is controlled by somebody else you're always going to be kind of in that state where you're stuck and this is where you got to break away and understand that it is you that's in control and if you really want to be the one that's in control you got to understand what does it take for you to take control and make your life the way you want it to be financially and the fifth secret to never being broke again is now you got to put your money to work listen anytime you get paid from now on you need to create a system for your money where some of your money is being saved until you hit your savings goal some of your money is going to be invested every time you get paid and the rest of your money is spent the thing that differentiates the majority of people from wealthy people is the majority people make money they spend it and then they wonder where all that money went the minority of people people who are wealthy what they do is they make money they save their money they invest their money and then they spend whatever is left it's a difference in thinking it's a difference in way of how you use your money and this is what financial education is all about because when you put your money to work and you invest your money now your money is going out and it's working hard to earn you more money because at the end of the day there's a limit to how many hours each one of us can work i don't care how hard of a worker you are at the end of the day each one of us only got 24 hours we all have to sleep we all got to go to the shower we all gotta drive all these things are taking time away from us physically working none of us can work around the clock every single day and that's exhausting at the same time but what you can do is you can take your money put it to work now when your money is going to work your money can work hard 24 hours a day seven days a week and it is scalable because you can just keep adding more fuel to the fire you just keep adding more money into the fire and when you throw more money into the fire now you have more money working for you earning you more money a couple of the most common ways for you to invest your money are through stocks we're investing in actual companies and through real estate where now you're buying properties that are generating cash flow because now you can go out and buy a home not free to live in yourself but for you to rent out to somebody else and now this other person is living in your home they're paying you money to live there and this money that you're getting a rent should cover your mortgage your taxes insurance your fees and put some money in your pocket every single month now what you're doing is you're not using your money just to save because again your savings are not making you wealthy they're just there to protect you from an emergency and you're not using your money to go and buy a whole bunch of nice things nice cars not shoes next clothes you're using your money as a tool to buy things that are going to pay you more money the reason why this is hard for a lot of people is because when you go out and you buy stocks or you go and you buy an investment property you can't show it off the way you can a gucci belt and so now when you have these investment properties you're building real wealth you're building real richness but a gucci belt makes you look rich and so the reason why this is hard is because well you can't show off your investments the way you can a gucci belt and so if you really want to be wealthy you got to stop taking all your cash and buying nice things that you can show off and you got to start buying the nice things that are going to pay you with cash flow and income now i'm not going to go too deep into investing in this video but we do have a free guide on money management and investing that you can read for free when you subscribe for our daily newsletter if you do want to read this guide you'll learn more about investing in stocks and real estate and all kinds of investing and building wealth if you want to learn more about this guide and get it for free i got the link to how you can download our free guide in the description below before i get into the next clip if you are interested in learning more about how you can use your money as a tool to start generating your passive income our team has put together an amazing guide on passive income that'll walk you through different passive income strategies that way you can start generating some passive income today this guide is completely free when you sign up for daily newsletter so if you want to read a free guide on how to start generating passive income i'll put the link to where you can download this guide for free in the description below [Music] when you spend money most of the time you are a consumer like if you go out to mcdonald's and you buy a burger and you buy some fries and you eat it you are consuming their products when you invest your money you become a producer now instead of you being the person that's buying the burgers you're the one that's selling the burgers speaking of mcdonald's one way to do that is by actually investing in buying one of the mcdonald's franchises now you own a mcdonald's store so if people are buying mcdonald's sandwiches from you you're the one making money the other way you can do that is by investing in the mcdonald's corporation the actual stock if you go onto the stock market and you buy one share of mcdonald's you'll become one of the owners of mcdonald's now if you just own one share of mcdonald's you're not gonna get to tell them what to do and how to run their business but you do get to share in the profits when mcdonald's makes money now the difference between being a real investor and being a flipper or a trader is how long you plan on owning your investment for like if you stick with mcdonald's if you plan on just buying and selling their stock in three months to make a quick profit you're not an investor you're a trader if you plan on owning this investment for longer than a year now you're classified as an investor so if we draw this out when you invest your money you're using your money to be a producer not just a consumer remember when you're a consumer you're just eating the product or using the products when you're the producer you're the one that's making money off of the product so you're investing in being a producer and when you invest your money you have a time span of having your money invested for at least one year what i want to talk about in this video is not just your regular investments i want to talk about the investments you should be holding for your entire life because they're a little bit different than what you might think i'm going to be going over five different investment types in this video so make sure you watch this video until the end but before i get into that i need you to do me a quick favor and smash that thumbs up button below because the way the youtube algorithm works if you do not smash that thumbs up button then youtube is much less likely to show you and other people our financial news and education videos the first is real estate for residential purposes for reasons that you might not expect now when i say real estate for residential purposes i'm in real estate where people live in so this can be homes or apartments i'm not calling it residential real estate because when people say residential real estate that typically means we're talking about single-family homes or small multi-family units up to four different units when i say real estate for residential purposes this can mean single-family homes or this could mean big apartment complexes where people live in the way real estate investing works is like this let's say you find this house right here on sale for 100 000 and you go through the property and you think it's a good property in a good area so then you come in so i'm gonna draw you right here and i'm gonna draw you with a nice mustache of course you come in and you buy this property for a hundred thousand dollars now you own this home right here but you're not going to live in this home yourself instead what you do is you are going to lease this home out to this person right here and maybe their family and they are going to live in your property but in exchange of this person living in your property they they're going to pay you 1 000 a month in rent every single month for them living in your property now you can continue working your job like normal or you can go on vacation or do whatever you got to do and you will continue making this 1 000 a month every single month because this person needs a place to live and where they're living they're living in your home the reason i say you want to own real estate for residential purposes for life is because people will always need a place to stay no matter what happens in technology no matter what happens in the future people will always need a home you can compare that to the past where people used to look at shopping malls and strip plazas as the thing to own in real estate well as technology came and amazon came and the shopping dynamic of the world changed then shopping malls didn't become as attractive there were people who made a ton of money in the strip mall and the shopping mall business but now that industry is kind of dying because the whole shopping industry is changing same with office real estate real estate investors back in the day used to say that companies will always need a place to work but then came the 2020 pandemic and then people realized that they can work from home which made office real estate not so attractive residential real estate is a little bit different because people will always need a roof over the heads people will always need a bed to sleep on and people will always need a home to stay in that makes it a lot easier for you to own real estate for the rest of your life because the only reason people won't want a home to live in is if people decide that they're more comfortable living on the streets now let's talk about why or why you don't want to own real estate for the rest of your life so for the sake of this example let's say over here you have a single family home and here you have an apartment complex both of which you can buy for 1 million dollars and let's assume for the sake of this example that if you rented up both of these properties after paying all of your expenses you would be left with 70 000 at the end of a year so you buy each one of these and each one of these make you let's just say 200 000 a year in rental income and then you pay for all your expenses your property tax the insurance your maintenance management fees after paying all of your expenses you are left with 70 000 worth of profit and we're assuming that there's no debt you're buying these properties with cash only that means both of these properties are paying you a seven percent annual return because here you're buying this house for a million dollars and you're making seventy thousand dollars a year in rental income profits and here you're buying this apartment complex for a million dollars and you're making seventy thousand dollars a year in profits but you also have to remember that just because you made seventy thousand dollars doesn't mean you get to keep seventy thousand dollars because the irs wants to cut you got to pay taxes on this money however real estate does come with some legal tax loopholes when you own real estate as an investment meaning you're not the one living here you are renting out your property to somebody else then you get to tell the irs hey this property that i own is one year older so i deserve a tax break called the depreciation deduction on my taxes and so you get to take a tax break on both of this income right here because you own investment real estate but the size of your deduction is going to be different here and here because this single-family home is considered residential real estate and this apartment complex is considered commercial real estate residential real estate so single-family homes two families three families and four family units lets you depreciate your property for 27 and a half years while commercial real estate so anything over four units lets you depreciate this property over 39 years i'm gonna explain what this means so now what you're going to do is you are going to take the value of this building not the land the building itself and divide it by the number of years that you can depreciate it on your taxes so for the sake of these examples let's assume that when you buy this one million dollar property 200 000 of which is going towards the land value because you know these properties sit on some land and eight hundred thousand dollars is for the building so you're paying two hundred thousand dollars for the land that this property is on and eight hundred thousand dollars is for the actual building once you know that now you can do eight hundred thousand dollars divided by twenty seven and a half which is one second eight hundred thousand dollars divided by twenty seven and a half twenty nine thousand dollars so over here you get a twenty nine thousand dollar tax break every year for twenty seven and a half years and over here eight hundred thousand dollars divided by thirty nine this is about twenty thousand dollars so here you get a twenty thousand dollar tax break every single year for thirty nine years what this allows you to do now is you buy this property you make seventy thousand dollars a year but you only pay taxes on seventy nine thousand dollars minus twenty nine thousand dollars so right around forty one thousand dollars you're only paying taxes and forty one thousand dollars worth of income for the first twenty seven and a half years after twenty seven and a half years you don't get this deduction anymore same thing here here you make seventy thousand dollars but you only tell the irs that you made fifty thousand dollars and you get to do that for 39 years after 39 years you don't get that deduction anymore which is why a lot of people invest in real estate but they have the goal of never holding it longer than 27 and a half or longer than 39 years however you also get some benefits if you own real estate for your entire life so this is the reason why you wouldn't want to own real estate for your entire life because after 27 and a half years or after 39 years you no longer get this tax break and so now you have to pay more money in taxes and so if you don't want to pay more money in taxes you might want to sell your property after 27 and a half years or after 39 years that way you can take advantage of all these real estate tax breaks however let's go over why you might want to own real estate for your entire life so now same example you buy either one of these properties for one million dollars and you own it for some time and you're making rental money every single year but now a few years go by and you find out that your property is now worth five million dollars so you got a lot of equity in this property because you bought it for one million and now it's worth five million dollars and now you're thinking yeah i want to give this property or this money to my kids now one thing that you can do is you can sell this property and get five million dollars worth of cash but now you have millions of dollars with the profit because you bought this property for one million dollars and you're selling it for five million dollars so you're gonna have a pretty big tax bill where you're gonna have to give a big chunk of this money to the irs in taxes the alternative assuming you do not sell this property for cash when you're alive and you own these properties either one until you die now when you die your estate gives this property either one to your ears your kids now what happens is your kid is gonna get this property and the government is going to say that your kid got the property they bought it for five million dollars so if your kid went out and they sold this property today for five million dollars after you die they will get this five million dollars of cash and they don't have to pay any taxes on this money because to the government it looks like they bought the property for five million dollars this concept is called stepped up basis and essentially what it's saying is if you die with this property then the person you give this property to essentially can say that they bought the property for how much it's worth when you die so now if you get here you don't have to worry about selling your property for a profit and then paying taxes and then giving this cash to your kid what you can do is let this property live with you for the rest of your life and then when you die you give this property to your kid and now what you have to worry about is estate taxes but you get a much bigger kind of cushion with estate taxes because you have to be gifting millions of dollars before any estate taxes come into play now i do got to let you know although i am an attorney i am not your attorney so if you have specific tax questions or legal questions talk to a professional in your area the last reason why i say real estate is an investment that you want to own for your entire life is because with real estate you own something tangible that you can see feel and touch and this is something that can continue to provide you income and income growth for the rest of your life because if there's demand for this property wherever it is then what you're going to see happen is more people are going to want to live there which means the rent that you charge can go up to so now as things become more expensive because of inflation the amount of money you make every single year also increases because there's more demand to live in the property that you own second thing you want to own for life is the stock market in general and when i say the stock market in general i don't mean investing in stocks the way most people talk about investing in stocks i talk a lot about investing on a youtube channel from real estate investing to stock market investing which is why if you haven't subscribed to our channel yet you should do that but when most people talk about stock market investing they're trying to find the next hot stock how can you find the next tesla or the next amazon or the next apple before it makes it big now you can make a lot of money if you find the next hot stock but that might not be something you want to own for the rest of your life because well tesla could fail amazon could go bankrupt and people might stop liking iphones now i know what you're probably thinking oh just breathe amazon can't ever fail they're a powerhouse how could anything be bigger than amazon well that's exactly what people used to think about sears sears used to be the monster retailer and back in the day people used to think that there would never be a serious competitor because they were so huge well now times have changed technology has changed and sears is bankrupt companies will change technology will change people will change but one thing if you believe in the united states and if you believe in the american economy one thing that won't change is the economy so if you believe in the american economy what you want to be better on is the american economy because while companies like sears might come and fail and jcpenney might come and fail and circus city might come and feel and hurts my common feel and california pizza kitchen mccoma fail the american economy has continued to grow the closest way for you to get actual exposure to the american economy is to invest in the broader stock market as a whole and that would be through funds like v-o-o and s-p-y these are two different etfs exchange traded funds which allow you to invest in the broader stock market because both of these funds give you exposure to the top 500 companies in the united states so both of these funds give you exposure to the s p 500. now i want to give you a little caveat here because the united states economy and the stock market are similar but two different things the economy is the economy this is our companies and this is how many people have jobs and this is how well our economy is doing the stock market is where people bet their money based off of how well they think the economy is doing so while they're similar they are different because when people put their money in the stock market they're betting that the economy is going to do well in the future the way you invest in these funds is the same way you invest in any other company just go on to your stock brokerage and then buy these funds as opposed to buying something like tesla or amazon now i should also remind you that when you invest your money you are never guaranteed to make money you might even lose money when you invest which is why you should always always always do your own due diligence and never blindly listen to a random guy on youtube but when you invest in funds like these now what you're doing is you are essentially betting on the growth of the american economy you're not trying to get rich overnight you are just betting on the slow and steady growth of the economy if the economy is growing and our companies are growing and companies are making more money well then chances are these funds are going to continue to make you more money too by the way if you do want to learn more about how to actually invest your money in the stock market and grow your money and find a good stock brokerage to use our team put together a very comprehensive article that goes over all of that and you can read it on our website the minoritymonster.com and i'll also link it for you in the description below the advantage with owning something like this for the rest of your life is now you don't got to worry about changing trends because like i said before companies will change people will change and technology will change but the economy will continue to grow so as companies come and go these funds will kick out the companies that are not doing too good and they will add in the companies that are doing better so if a company is no longer one of the top 500 companies it will get kicked out of these funds and then these funds will add in a new company who is now one of the top 500 companies now the difference between owning something like this and owning real estate is with real estate typically you're investing in real estate for passive income so you're gonna make investing decisions based off of how much money you're making every single month here you do get some passive income from dividends but it's not going to be as much as the amount of passive income you're getting from real estate however you do get the stepped up basis here like you did in real estate so if you invest 1 million dollars here and over your lifetime this goes up to five million dollars well you could sell your investment and pay taxes and then give this money to whoever you want to give it to or you can own these investments for the rest of your life and if you don't have to use this money and you die with these assets well now they can go to your kids or whoever you wanted to go to and they will own these assets and when they sell it if they sell it for five million dollars which is how much it's worth when you die they won't have to pay any capital gains taxes on that the third thing you want to own for life is gold with an asterisk because this should be a small partner portfolio no more than five to ten percent of your entire portfolio because gold is not there to make you wealthy it is there to protect you against a worst case scenario type of situation your stocks and your real estate are what you own to fund your retirement to create more passive income and to build your wealth your gold is almost like financial insurance is there to protect you against something horrible happening in the economy there's a few different ways that you can invest in gold you can invest in companies that mine in gold now you're not actually investing in gold you're investing in companies that mine in gold and as gold prices go up these companies make more money because there's more of a demand for gold or the second thing you can do is invest in gold certificates so now you're investing almost like gold stocks you're investing in a fund that gives you exposure to actual gold so a company owns physical gold and now you're investing in a fund that this company created which gives the exposure to their actual gold so it's a little bit of a derivative but it gives you exposure to physical gold and the third thing that you can do is invest in physical gold bars so if we're talking about owning gold the ideal thing to do is own the physical gold bars because that gives you the most insurance because this is something you can see feel and touch and it's something that you can control again this should not be a huge part of your portfolio and this should not be something you're stressing about and if you don't have any other investments you should not be worried about buying gold right now the first thing you need to be worried about is buying the real estate buying the stocks buy the things that are actually going to make you money once you establish yourself and once you have some real financial assets that's when you can think about adding some gold remember asterisk adding some gold to your portfolio gold comes in handy in the worst case scenario type of situations so when we talked about investing in stocks we're betting on the american economy because if the economy continues to grow well then the stock market is going to grow but if the economy completely fails and our dollar becomes worthless and people have no money well this is where gold could have value gold is the original currency and a lot of people believe that if the dollar were to fail then people would revert back to gold if you remember back during the great depression there were countries in the world that saw hyperinflation where people would have to take literally a wheelbarrow full of cash in order to afford a loaf of bread because then gold became so expensive and so the thought is if the worst case scenario type of situation happened and the economy crashes and the dollar goes to nothing well then people will go back to things like gold because this is a tangible currency and this was the original currency you know people have been betting on a doomsday situation like that for decades and decades and decades and to date they've been wrong every single time which is why you want to make sure you're investing in your wealth first but you always want to protect yourself because yeah there's a chance that things could go really bad which is why you want to own some gold going along with that the fourth thing you want to consider owning for the rest of your life is some cryptocurrency so this is what's considered the new digital gold gold was the original currency and many people believe that cryptocurrency and blockchain will be involved in our future currency now look there's a lot of speculation around cryptocurrency and there's a lot of guessing around what cryptocurrency will be in the future and nobody can predict the future which is why again we got this asterisk here because this needs to be a small percentage of a portfolio okay this is not something you want to bet your entire life savings on this is something where you want to put some money because there's a lot of potential for cryptocurrency and there's a lot of potential of blockchain however there's a lot of uncertainty around it again this should not be your first investment get the things that are proven first out of the way own your stocks own your real estate all the things that are going to make you wealthy and pay you a passive income then once you do that you can put some money here and fifth the last investment we're talking about that you want to own for life are commodities that you need to survive so one way to kind of think about this is you might have heard examples of super wealthy people and rich people that have these bunkers in their homes that protect them against any nuclear blasts and inside of these bunkers they have food and rashes that will survive them for years now i'm not saying you need to spend a million dollars building an underground bunker below your home but you should consider investing in some commodities that people will need to survive so one example of this is water if you've ever seen the movie the big short great movie by the way which talks about the 2008 real estate collapse at the end of the movie they talked about how this guy was investing in water because we have a limited supply of water in the world and our demand and our needs for water keep going up we need water in order to survive it's a commodity to survive and so this is not something that's going to make you rich overnight but if the demand and the need for water go up and our supply of water is limited well this could create a real problem in the future and so you want to be kind of a proactive thinker and start thinking about things on how to take care of yourself and your finances in this case and one way that you can get exposure to that is by investing in again companies that clean or store water or investing in water etfs that give you exposure to the water commodity another thing that you can potentially consider is look at investing in a farm an actual farm for your family just in case because we never know what's going to happen in the future i mean we have a lot of tension in the world and let's say things go bad if you have a farm well now you can kind of be self-sufficient you can grow your own food and have things to take care of yourself and take care of your family again this is a commodity to survive is this something that's gonna make you rich overnight no but you're protecting yourself against anything thank you for watching if you enjoyed this video here's a video on building wealth that i think you'll love and while you're at it download a free money management pdf and as always keep hustling it's the same with real estate if you buy a home you can rent out this home for a thousand dollars a month and now every single month your tenants are gonna pay you a thousand dollars a month for living in your property

Channel: Minority Mindset

Views: 388,329

Keywords: minoritymindset, minority mindset, minority123, jaspreet singh, rethink rich, financial education, financial literacy, finances, stock market, stocks 101, how to invest, money management, investing 101, building wealth, how to manage money, financial advice, investing, buying stocks, keep hustling, hustling, housing market, inflation, money minds rethink rich, wealth, passive income, personal finance

Id: O5K4WNS0soo

Length: 93min 59sec (5639 seconds)

Published: Sun Aug 29 2021