Do You Have What It Takes To Get RICH In 1 YEAR?

we live in a world now where we talk about balance and everything's got to be in harmony and sure i got to do things the right way and i got to get my eight hours of sleep and everything has to be perfect people think that i work for money i don't work for money you're crazy dave ramsey and susie orman are going to tell you that if you're drinking starbucks you're dumb other people are going to say if you're drinking starbucks that's fine because that's what you work for the reality is that that's asking the wrong question what's up everybody i am just praying from the minoritymindset.com and i'm sitting down with nate from minority mindset news and we're going to be talking about money more specifically what are we talking about today we're going to be talking about if you have what it takes to get rich in one year oh all right all right okay so what what what do you mean what what is rich mean so that's exact i was going to ask that exact thing to you what do you think it means to be rich well our slogan here is where money minds we think rich the whole idea behind rethinking rich is you gotta figure out what rich means to you because what rich means to you is not what rich means to me right and to somebody being rich might mean having a million dollars in the bank account that's not what being rich means to me obviously you need to be financially successful being rich to me is more than just financial success it means living a rich life so when we talk about being rich in one year because i think that's everyone's question how can i get rich asap that's why we have so many get rich kick schemes out there everyone's trying to figure out how do i get rich quack how do i get rich fast right so when you talk about how do i get rich in one year i think you're asking correct me if i'm wrong how do you get financially rich exactly how exactly do you take the money that you have now and the mindset that you have and actually build that into something sustainable so how do you do it in one year or is it how do i get richer do you have the do you have what it takes well how do i we're going to kind of break this down into two-fold because i'm really really interested to see what your thoughts are on do you have what it takes to get rich and do you have the current financial situation to build something and to be rich because a lot of people a lot of people have the education a lot of people have the background to actually start making money but becoming rich is something completely different so i want to break down first how do you get the mindset to become rich yeah uh the mindset to becoming rich breaks down first and we can we can interchange rich wealthy financially free whatever you want the whole mindset starts first first with making the decision that okay i want to become financially successful and then second it's it's no longer having that victim mentality of i can't do it it's hard for someone like me it's impossible someone like me you gotta believe you can do it and then you gotta build that mindset where no matter what happens you're gonna find a way so where does that start where does this what is this mindset of saying that i can do it start because there's a lot of people out there that have that kind of mindset but never seem to really get anywhere do you think it's something that they're doing or do you think it's it's more of a money thing it's definitely not a money thing i mean it starts really from whatever it is here it's it's education thing and a lot of us grow up with limiting beliefs i did i'm sure you did everybody grows up with some sort of limiting beliefs where you believe that because of how i was raised the household that i was raised and who my parents are my education whatever because of x y and z i can only achieve so much everybody has some sort of limiting beliefs i never thought that i could be an entrepreneur nobody told me that it was possible when i told my parents my family that i wanted to start a business every single person told me i was stupid no one in my business is an entrepreneur sorry no one in my family is an entrepreneur no one in my family is an investor like that and so i didn't get that type of education or that type of like okayness it wasn't okay for me to be an entrepreneur when i told my parents that i wanted to start a business told me i was stupid that i was throwing everything away because i was supposed to be a doctor right i did the whole pre-med route i had taken pre-med classes i was doing pre-med clubs in school i was going to these pre-med conferences i was doing volunteering at hospitals i was shadowing different doctors i was doing so many different things to get me ready to become a doctor but then when i realized that this wasn't for me i was throwing everything away and so the first thing you got to do is you got to make that decision for yourself and that's hard because becoming successful isn't a like do x y and z you can become successful there's so many routes to that especially if you talk about building your own wealth and doing it in a quicker time span talking about one year you got to be more innovative so you're going to have to take on risks so you're going to have to make that decision for yourself because a lot of people are not ready to take risks right if they were you'd have more people investing their money you'd have more people starting businesses you'd had more people doing a lot of things but a lot of people hold themselves back so you have to be able to make that decision for yourself that okay i want to become successful right yeah and i absolutely love that because when i was growing up my parents just taught me to work super super hard and i know a ton of people that i graduated with even in high school that worked super super hard and got a really good job went to school did the whole deal but they weren't able to actually become rich in their minds right so they actually started to make a decent amount of money but they're always telling me about how they're having these struggles constantly what do you say to people that go to school that actually do become doctors and go through the whole the whole medical school experience and then get all this money and then still struggle well i mean that goes into the second part right so we talk about the mindset you got to make that decision for yourself before we get there let me let me finish the part about the mindset sure because the second part is you got to be willing to work your butt off and uh that is a concept that isn't always very easy because we live in a world now where we talk about balance and everything's got to be in harmony and sure i got to do things the right way and i got to get my eight hours of sleep and everything has to be perfect right we live in a world where people don't want to [Music] feel that sort of pain and it's not even just people i mean you see it everywhere look at the 2020 crash why did the federal reserve bank start stimulating so much why did we start stimulating the economy so much because we are trying to desensitize ourselves from risk and pain economic cycles are part of the market yet now we're paying the price with all this inflation because of all the stimulating that we did but going back to the i'm getting sidetracked going back to the concept of being willing to work when i was starting off and i'm not saying that anybody should do this when i was starting off speaking for myself here i was sleeping four hours a night on a good night man i was working a lot i was going to school full-time and if i wasn't in school i was working on my business and this wasn't a monday through friday thing this was a seven days a week holidays weekends i didn't take days off i worked my butt off monday through friday i was in school after school i was running on my business i had an event planning company so i'd be planning things in the morning i'd be planning events in the evening on thursdays fridays i'd be hosting events so that means i'd be in class until afternoon early evening time and then if i'm hosting an event that means i got to be at the event from 8 p.m until 2am because we're talking about college club parties venues right right party ends at 2 a.m i'm not done now i got to make sure everything is set i got to count the money got to make sure the dj's paid got to make sure you know there's no fights there's no other problems so now i'm at the venue until 2 3 maybe 3 30 go and get some food with the djs because that's what we do get home by 4 30 in the morning and now it's saturday morning 4 30 in the morning and guess what happens on saturdays people get married i worked in the wedding business indian weddings last all day if not all week and so now saturday morning i gotta get up early i gotta be at a wedding by seven eight am to start working to start playing to start setting up and so you work all day saturday at a wedding come home late saturday night after the wedding's done after you're done setting up sunday you start studying and you get ready to start it all over again man yeah so you were hustling from the very beginning it sounds like you got to be willing to work and i got that that hustle mindset from my family you know i talk about this a lot my dad came to this country with less than a hundred dollars for him it was either you work or you don't eat right and my grandparents were refugees when they lost their homes they lost everything they lost their friends they lost their family members they lost their land they lost their money my grandfather when he lost his home so my family is from a state in india called punjab when they lost everything because our state was severed all he had was a sword in his hand and now he had to literally run across the border because if you didn't and you were sick my religion and you're on the west side you were going to be killed so he ran and his family got attacked he saw his uncle get his head cut open right in front of him after his uncle got his head chopped open they tied him up on a horse and that was it so he came to this new side of india didn't even have shoes on he lost his shoes along the way but he had to find a way to make work and for him he didn't have the opportunity to take days off because if he took a day off he would have been killed so you know working hard is hard and yeah you know once you get to a certain point i look i sleep a whole lot more now i have more balance in my life now but when i was really trying to build there was no balance i was working because i wanted to build i wanted to be an entrepreneur so i put everything that i had into us that went all in so are you so are you saying that more americans could be successful and more importantly they could be rich if they just work harder working harder is the first spot first part if you are not willing to work hard it is going to be very hard for you to be successful and it's just a reality now obviously you want to work smart because you want to make your hard work the most beneficial because there are some people that work very hard that are not financially successful right and there's a couple of reasons one is just because they're working hard and not smart second reason is they're working hard and then they don't know what to do with their money right yeah that's a good point and i think that goes into this whole working smart idea i think that goes into kind of the whole basis of this question in general so we talked about kind of working and trying to work really hard but now working smart so say somebody is making really good money but they're not at least in their mind they're not rich they're not getting the things that they want what can somebody do or what's your thoughts on people you know working smarter with the money that they have well the first thing i do is you got to get educated you got to know what is it that you're working for right because what does it mean to work smart what does working smart mean i mean to me that would be to kind of use your the the world around you to your advantage right so using what you know and trying to um kind of take you use the systems that are in place to actually make things work for you yeah and for me what working smart meant was being able to build the business build a business that's scalable without me physically always working there to do everything and then using my money as a tool right when i was doing my original businesses the reason why i shut some of them down i built a lot of businesses because i had no i've heard about a few of them i had no business experience my business experience was not through the classroom it was through doing things i started wholesaling real estate which is which is a a whole business where now that's the you you have a home that's worth 150 000 you can't sell it i come when i come into a contract to buy your home for let's just say 135 000 because you can't sell it you want to sell it quickly you come to me i take this contract to sell it for 135 000 and i'm going to try to flip this contract to somebody else i'm going to find somebody who's willing to pay 145 000 for your home because i'm a good marketer they pay you 135 they give me the other 10 and then you're happy you get to sell your home i walk away with some money and the homeowner is happy the new homeowner because now they got a home below market value sure i started doing that again a lot of hard work took me months to get my first deal but it wasn't scalable for me because if i wasn't constantly on the phone trying to find clients i wasn't trying to find buyers i wasn't closing deals and if i wasn't closing deals i wasn't getting paid exactly so for me the first like realization of what is working smart mean was being able to build something that's scalable without necessarily you physically working because if you're doing this just me physically working you're just a a sole proprietor right you're not a business owner can't build a business like that the second thing is using my money because i never grew up learning about investing i don't think you grew up learning about investing no my soul my pretty much money experience was my parents told me to save everything my parents told me save everything and again just work hard for every dollar that you earned that was all i was taught about money growing up work hard for money and save exactly save everything to broke exactly save everything that you can and then hopefully one day you've saved enough in order to be successful so my parents told me you know it taught me at least it doesn't matter what job you have but as long as you can save and work with your money you'll be good kind of figured out later though as i started to go through school i was an english major and a lot of people told me there's no money in that and that didn't really ever matter to me at first until i started to learn more about money so kind of getting off of that you know kind of the perspective of working smarter you know i love that you know you want your you want to have your time to do things that you can do to scale more and make more money in order to be successful and for be rich is that what you're saying yeah i mean it's using money as a tool right right because people think that i work for money i don't work for money you're crazy why would you want to work for money i i work to buy assets i work to buy investments then i let my investments pay for my lifestyle right i'm not working to get a paycheck just so i have money to spend right that's what the majority of people i think that's that's the route that we're taught right it's either the the smart route for the majority of people is work hard earn a big paycheck and save as much money as possible the not smart route is work hard or not work hard earn money and spend as much money as possible exactly exactly because my i remember my parents always told me one thing i always remember in my childhood was they said you never get ahead sure you get a raise sure you make more money here but then something happens or someone takes it away from you and that's how my parents kind of grew up with money too as they would get better jobs but every time they got more jobs like you're saying they spent more money expenses go up this i mean it's it's crazy because if you ask the majority of people what would fix your financial situation everyone almost everyone would say earn more money and then when those same people earn more money you get a raise you get a bonus your expenses suddenly go up with it because now when you got a raise you got to celebrate with a new car you get a bonus you got to celebrate by going to a vacation in the bahamas right and so if you don't have that first mental discipline of being able to live below your means so i guess this goes back to that mindset side of things right so you got to be willing to work hard you got to know what you want then you need to have the right mindset of knowing all right you know what i i'm going to be willing to go all in right and whatever that is you know not everybody's meant to be a business owner not everybody is meant to be an entrepreneur it is not for everybody okay if you are not an entrepreneur don't go out and start to start a business because you were gonna end up losing way more money and you were gonna hurt yourself emotionally mentally spiritually if you're not willing to have the discipline don't start a business but that doesn't mean that you shouldn't be using your money the right way that means now okay you decide i want to become wealthy you're working hard you're attracting money now it's what are you working hard towards and this is that debate that we have about saving all the time and living below your means because nobody likes living poor nobody likes living broke whatever you want to call right nobody wants to live below their means but it has to be for a purpose every financial expert is arguing over starbucks is starbucks a good uh purchase or not dave ramsey and suzy orman are going to tell you that if you're drinking starbucks you're dumb other people are going to say if you're drinking starbucks that's fine because that's what you work for the reality is that that's asking the wrong question it's why are you not spending money at starbrox or why are you spending money at starbucks because if you're not spending money on things because you want to invest every single penny that you have in your business in real estate in stocks and crypto whatever it is then you're doing it for a purpose but if you're doing it just because oh it's gonna make me wealthy by not spending three dollars you're not you're in the wrong mindset like it that's not what it is it's not an extra three dollars that matters it's what are you doing and there there's like three phases that are talking about to becoming wealthy financially the first phase is the saving phase you need to know how to live below your means because if you don't know how to live below your means you are never going to become wealthy it's the first stepping stone what does it mean to actually live below your means man if you're making a thousand dollars you don't spend a thousand dollars and how much do you keep it's gonna depend on you when i was starting off you know i'm a little bit crazy okay i'm money then i'm a little bit crazy i already know that uh the first time i started making a hundred thousand dollars a year i was living on the living room floor of an apartment with my two friends because uh i didn't want to spend money i was i was uh i think my rent was right around 400 a month and that included my water bill my gas bill my electric bill my parking fees so total 400 i could afford a much nicer apartment right but i had the living room floor which was doing just fine because i wanted to put every penny that i had back into me back into my business and back into buying real estate so i own rental properties but i was living on the living room floor i had a business producing good money but i was staying on the living room floor because i was trying to really invest into myself right so what does it mean to live below it means it means you make a thousand dollars you don't spend a thousand dollars now where is that right amount for you you got to figure that out some people they're going to be able to live off 200. you're going to say 200 what do you do with 200 some people are going to find a way they're going to sleep on someone's couch they're going to sleep in their car they're going to find a way i mean elon musk when he was building his business he i mean he's crazy talk about crazy i'm just gonna say he's crazy i mean he's even crazier than i am man he he's he got an office and he slept in his office him and his brother they didn't have an apartment they would they would sleep in the office and go shower in the ymca right so there's levels of crazy i'm not saying you gotta you know save every single penny but you you got to figure out you know where is it that you can make sacrifices that way you can have some extra cash step one step two is the growth phase now you finally got some extra cash what do you do with it now this is where you got to figure out how do you grow your money what do you do are you building a business are you buying businesses are you investing in real estate are you investing in stocks are you investing in cryptocurrency or investing in gold right what are you doing with your money what are you going to do to grow because at the end of the day your labor is is not going to make you wealthy because as soon as you stop working you stop getting paid right and the whole idea of becoming wealthy is you get paid no matter what no matter what and you can afford your lifestyle that's what wealth is but if you want to become wealthy you need to know how to grow your money so that's phase two phase three is now the spending phase now you start to achieve some wealth now you need to know how do you actually spend money because people get caught up in the system where they say okay i want to become wealthy so you start living below your means you live below your means you live below your means you live below you means you start to make good money and then you never start to enjoy because you're always trying to be a penny pincher right but there there has to be a goal a purpose when do you stop i mean the purpose of becoming wealthy isn't so you can be a couponer your whole life and be a penny pincher i mean a penny saved it's just a penny but there has to be a purpose and so you need to understand that okay as you become wealthy how do you now start to spend money and enjoy money when is it okay for you to now start to enjoy the money that you had and start to live a little bit better live a little bit bigger because you need to enjoy that wealth too so that's what the spending phase is you gotta know how to save you gotta know how to grow then you need to know how to spend so do you think managing your money is probably the most important thing out of all of that so say you have all that money and then you know obviously you need to manage it kind of like you were saying with spending and saving do you think that money management is going to be the most important piece of that once you've grown your money i mean it's hard to say just money management because it's a mindset if you have the right mindset nothing will stop you and if you have the right mindset you will find a way to manage your money if you have the right mindset you will find a way to work hard if you have the right mindset you will find something to do you'll find a way to invest because you have the right mindset if you don't have the right mindset everything's going to stop you i mean you could be a great money manager but a lazy person and not willing to do anything not willing to take risks not willing to try anything and you're going to go nowhere so your first thing i mean the reason why we're called the minority mindset is because all success starts with their mindset exactly right and there's a reason why the majority of people don't have the minority mindset because it's not easy but all success starts with your mindset so if you do not have the right mindset it is going to be impossible for you to become wealthy it just it's physically emotionally impossible you have to have the right mindset now the question you're going to ask me already know is how do you get that right mindset right and i don't there's no secret sauce right i mean there has to be a reason for why you do what you do there's a reason for why you bust your butt right there's a reason for why you work so hard there's a reason why i work so hard there's a reason why you're watching this video and now you got to have that be your driving factor what is the reason for why you're doing what you do when i was in college i used to listen to a guy named eric thomas e.t he was a motivational speaker my friend gave me a cd because i used to listen to audiobooks and he gave me a cd by eric thomas called the blueprint to success and this was like a mixtape of motivational tracks that he created it was like it was really cool because you know he instead of creating like songs and raps he created a motivational mixtape and man i listen to that every single day and what he talks about is what is your why find your why why do you do what you do i love that and you need a reason if you don't have a reason for what you why you do what you do you're gonna have no reason to do it what is the reason for working hard what is your reason for waking up in the morning what is the reason for hustling like why do you work so hard for me i work so hard so that way i can have enough you know things and i can have enough time to do all the things that i want to do so i work so hard so i can give myself an advantage for the rest of you know my life obviously that wealth and we talk about wealth kind of inside and outside i love that idea of having a purpose for what you do because it doesn't matter how much money you're gonna make if you don't have a purpose and there you could be given the most money in the world you could have jeff bezos level of money but if you don't have a purpose it's not gonna matter and for me that's exactly it my purpose is because i love what i do i work hard because i love it i love making things i love creating things and then for the rest of my life i want to be able to kind of enjoy all of the things that i made good yeah i like that and and that's that's not easy for someone to figure out because it you know it is the dumbest thing when people say okay when you come up with a business idea find your passion once you know your passion just follow your passion and create something dude do you realize that your passion is going to change every five years exactly what i was passionate about 10 years ago what was i passionate about 10 years ago i was passionate about throwing parties okay i was never into partying i never drank i never did that but i was passionate about it because hey i was i was in college right about 10 years ago i was still in college or so i was about in college but i was like yo i'm the cool kid in college because i'm you know that promoter and this and that so right you got to get smart with whatever you do it's just a reality and you know the harder you work the luckier you get the harder you work the more you're going to be willing to educate yourself it honestly comes back to that mindset when you know what you want okay i want to become successful you you make that decision for yourself the next thing is putting in the work and you know you can be very hard-working you work your butt off at your job you're putting in that overtime every single day you're not taking weekends off which fine that's that's one thing but now you got to work smart right work is smart and it starts with the education like you know learning what is financial education learning how to invest learning other ways that you can potentially earn money if that's something that you're interested in it's getting educated because once you start to do that now you're not just working hard at your job you're not just working hard in your labor you're working hard for yourself to learn what it is that you need to do that way you can become successful and that's that's all a part of working hard yeah you might be working a little bit less at your job but you're still working hard because you're trying to figure things out like work changes over time like even with minority mindset my work has changed over time in the beginning when i started as this was a hobby i was doing everything because minority mindset was just something i was doing for fun i was doing other businesses i was doing other things and then as we started to grow i was still doing everything i was making my videos i was editing my videos i mean i was doing everything now my work is a lot more on the thinking side i make videos and i spend a lot of time thinking because my work has changed what i can do has changed and so you got to understand that working hard doesn't necessarily just mean grinding away lifting things doing things working hard means thinking and and you know there's a lot of people out there that say work smart don't work hard work smart don't work hard but the people that are actually really successful that are saying that are working really really really hard they just don't tell you that they're working hard because they're working hard it's not what you would consider working hard we were in austin you remember uh not too long ago and we were in the hot tub working yeah we weren't talking about business ideas that was crazy it's working isn't it yeah i mean it's just not your traditional idea what work is we were hanging out in the hot tub in an awesome hotel looking at the city skyline talking about business right it's work but your your type of work changes as you grow in the beginning it's very labor some when i used to work at weddings i was lifting speakers doing hard things like sweating my butt off now it's different and so what working hard means changes and you got to be willing to work hard you got to be willing to do that grind stuff to get to the other kind of working hard but that working hard never goes away it's just that work starts to change absolutely and do you think that working hard is something that can be that somebody has to innately have or do you think working hard can be taught almost yeah sort of the mentality of it right you can definitely learn to work hard my brother was lazy you know he used to play video games all the time uh i've seen that and now man he busts his butt he works hard i mean he's doing a lot of different things it again it goes back to why what are you doing it for and so if you have a reason for why you do what you do you're going to find a way i mean you know i'm going to go back to e.t for a second because he was a motivational speaker and he he got me to work hard and i remember one of the things that he said this was i don't think this was in the mix tape but he's like imagine one day that you come home and you see your mom or your wife or your spouse or somebody who's very important to you very close to you in the kitchen and somebody with a ski mask comes on they put a gun to their head they grab them they throw them in the back of the trunk of their car they tell you don't come closer to me and they drive off what are you gonna do you're gonna do whatever it takes to get your mom your wife your husband your child whatever it is back you're gonna you're gonna do whatever it takes you're not gonna sleep you're not gonna take a break if that you call the police and they say okay we're on it we're gonna do everything that we can you're not gonna be able to sleep you're gonna do everything that you possibly can to figure out where they are to get them back right so you can learn to work hard you just need a reason for why you're working hard you just need your goals in that trunk exactly you need to know what and without that it is impossible when i was studying for my law school exams and my bar exam i was sleeping more than ever i got the most sleep when i was studying for the bar exam and when i was studying for my law school finals interesting i mean why i i wasn't very motivated by it yeah i knew i had to get this done but for me i just needed to get it done it didn't serve a bigger purpose for me and so when i was studying for that hey i was always getting my full eight nine hours of sleep sometimes ten i was sleeping so good but you know when i when i'm passionate about something and my passion changes when i when i'm doing something that i love that i care about that i mean i care about minority mindset i care about the financial education message that's why i'm so passionate about everything that i say everything that i say comes from my heart everything that i say comes from things that i wish that somebody would have told me when i was growing up everything that i say i'm so passionate about which is why like i wake up so excited i wake up excited to work i wake up excited to spread the message i wake up excited to do what i want to do because this is something that's important to me and you got to figure out why do you want to succeed yeah you talk about getting rich in a year look you got the financial side we can talk about that in a second right things that you can do with your money but if you don't got that mindset man it doesn't matter you you it's impossible absolutely and you become wealthy in your mind way before you become wealthy anywhere else in your life 100 i mean for me kind of going back to the the attitude and working hard for something you know i love what i do too you know being able to do this and to be able to sit here right now is just awesome but at the end of the day you know people i i heard a quote once that's like if if you if if you have if you don't have money today then if you have money today rather then you need to know how to use it so that way you have money for tomorrow and i think that you know being wealthy and being wealthy in the mind if you're not that first it's going to go away yeah so i really want to get into the financial side of this and exactly what can people do because there's probably a lot of people out there that are just screaming right now that's great i have the mindset i know exactly i know exactly what i want to do yeah yeah how do i actually get it done though well okay good thing you got the mindset now now what do you do with your money exactly or what do you do with yourself so now if you want to get rich asap let's just say you want to get rich in a year you're going to have to take on a lot of risks there's a few different ways you can do that like you saw what happened with meme stocks and cryptocurrency blow ups people did get rich very fast people who didn't have a lot of money people who had a few thousand dollars to their name were able to 10x even 100x how much money they had very quickly right do i recommend that no but it is possible if you're willing to take on risk when you're younger take more risk than when you're older but again i'm not saying just throwing money into a random stock that everyone's talking about on reddit or people are talking about on cnbc do your research if you really want to become wealthy and sustainably wealthy because the majority people who try to follow like the hype are going to lose their money it's gambling if you really want to become wealthy you got to figure out what it is that you want to do right so if you want to start a business that's one route but it's not going to be fast building a business is hard work and it takes it takes time it takes years to really build a business and and what you've got to understand is there's a difference between your business making a million dollars and you making a million dollars right because just because your business made a million dollars doesn't mean that you're going to walk away with much money uh who was it the founder of nike phil knight wrote a book called shoe dog great book and one of the things he talks about was when he was building nike the first year nike made a million dollars he was broke right he he didn't have money to his name nike his company that he owned was a million dollar company but the money that the company made he was reinvesting back into the company to buy more shoes to create new products to endorse more people so he was reinvesting back into himself through the company and so you got to understand that you know if you're trying to build a business you should not do it to get rich because you're doing it for all the wrong reasons and you're not going to be able to build a successful business if you're doing it just to get rich because then you're not going to be investing in your business and if you're not investing in your business your business will not grow so if you're not doing it for the money why are you building a business for the purpose for for the the mission the product you i mean an entrepreneur every successful entrepreneur is on a bigger purpose right jeff bezos wasn't just trying to get rich he was really trying to revolutionize the way that we shop and he did elon musk listen to him talk he didn't do it for the money if he did it for the money when he sold paypal and his other companies for 25 million dollars he would have gone out and he would have started enjoying his life he took all that money and reinvested it into himself started new companies because he was passionate about changing the world entrepreneurs are crazy because they're trying to change the world and i mean you think about this now it's not something that a rational minded person would want to do that's not the easy thing to do but entrepreneurs are in the business of trying to change something they have to have that passion it's more than just the money it's it's the purpose if you don't have the purpose you're not going to be a successful entrepreneur and we keep saying you know kind of we started with rich and now you've kind of switched to wealthy so i want to talk about what the difference is between if there is a difference between rich and what the difference is i just like the word wealthy english was my second language you could put whatever definition on whatever word you want okay when i think of rich in traditional terms i think of flashy i got the ferrari i got the nice clothes i got the nice vacation which is cool nothing wrong with that when i think of wealthy what i'm talking about is wealth it's not what you show it's what you have and to me that's how wealthy is when we talk about the minority mindset slogan where money minds rethink rich it's the whole idea of rethinking their traditional definition of rich right and so for me wealth is is building that freedom to do whatever you want is having freedom there's a definition of of wealth versus rich being rich is what you can buy so rich is measured in things wealth is measured in time rich is whatever you can buy with all this stuff you can go buy it the nice car the nice clothes wealth is how much time you have that you can do whatever you want without physically working because now you have your assets paying you and if your assets are paying more than your expenses if your expenses are 3 000 a month and your assets are paying you 3 500 a month you have unlimited time because you have that question right you're making more money from your assets than your expenses are now you got the time so that's what wealthy is right so wealth is having so wealth is basically being able to have things that pay you instead of actually having to work for your money 24 7. wealth is freedom right well there's freedom now how do you do it we talked about building a business which isn't for everyone the next thing i mean if you want to get into the nitty-gritty of investing it it is about putting your money to work and it's it's crazy when people say you know do it in one year because at first off every overnight success that you've heard about was years in the making it takes years not just of of trying but failure and doing new things and learning like before i built minority mindset i tried a whole bunch of different companies some of them did really well some of them failed and and those are the things that you know you don't see those are the things that like you had to learn i had to learn how to go through i had to experience i had to try and that's what taught me all the things that i know today and so you have to be willing to put in that work and and that's something that takes time you you cannot just go around it yeah you can learn which will save you time you can take classes which will save you time but at the end of the day you need to try things yourself you got to do it and if you're not willing to put in that work it's not possible right and so you know you got to understand that all right you know if you're not willing to build a business then maybe do a side hustle to make some more money that we have more money to invest we could talk about that later but then now where do you invest your money right i love real estate i love stocks i love startups those are the things that can give you huge returns and then you have uh you know your cryptocurrency and then your commodities like gold we'll start with real estate i am not a real estate flipper i'm a real estate investor that means when i buy real estate i'm not trying to buy a property to flip it for twice the price next year can you do that sure you know you can you can flip properties and try to make a lot of money doing that but flipping is not for me i'm trying to buy the asset so it pays me consistently so i have a new stream of income i invest in stocks in a couple different ways i invest every single week into etfs because i believe in the american economy it just puts money into the stock market every week whether the stock market is up or down that way i can just keep acquiring more shares in the stock market then i also invest in individual companies again my goal with investing in these companies is not to see a massive return in 12 months is to own a company that i believe is undervalued that i want to own for the long term right then startups now we're talking about more risky stuff i invest in startups it is risky because there's a much bigger chance that these companies can fail but they also come with much higher potential returns much higher potential ability to double triple quadruple 5x your money but again very risky for me i like it because i want to love entrepreneurship as you can tell i love entrepreneurs i love the idea of creating something i love the idea of building something i love the idea of changing the world for the better and i also have experience now and i have a platform to help give exposure to the companies right so i like working with startups because that's who i am then you have cryptocurrency this is a new way that a lot of people are trying to build wealth again very quickly anything from a financial perspective you're talking about financial assets securities anything where you can get a 100 return in a year is going to be risky higher risk higher potential return in general like sometimes you're going to see exceptions to that when you see a market crash happen your risk actually goes down and your potential returns can go up if you know what you're doing um like when the for example the 2008 real estate crash happened property prices went down by 95 in some places if you knew what you were doing you could buy properties with extremely low risk and extremely high reward but in general higher the risk higher the potential return and so when we talk about now people trying to 10x or or even just double their money in a very short period of time it's going to come with this fair share of risk and if you're not willing to put in that work to learn and if you don't learn there's a much higher chance that you're going to lose your money so i is investing so what you're basically saying is if becoming rich in one year is risky or is bet or is it better to be a long-term kind of have a long-term mindset when it comes to becoming rich in order to get rich in one year you're gonna have to put in years of hustle learning hard work trying failures and then all of a sudden one year you're gonna be like holy moly i made five times more than i did five years ago or i made 10 times more than i did five years ago because what happens is when you go through all these like lessons and failures and and and whatever the education that you go through your income is like this it's kind of just like aligned and then as you start to grow it's like this and then it just starts to shoot up exponential yeah because now you have the right education right right and the education compounds it compounds along with your efforts and your skills and everything is just it builds on top of one another so you know what does it take to get rich in one year hard work hard work you had to put it you had the right mindset and it takes those years of doing it now when we talk about just on the financial side hey i mean you can play the lottery tomorrow and win 10 million dollars luck you can you know maybe hit the right stock hit the right cryptocurrency maybe luck maybe it's some experience or education but again that education is going to take time right long-term investing is the key to sustainable wealth that is the most predictable way for you to become wealthy the most predictable way for someone to become wealthy in their lifetime and we'll even put a dollar figure on it the most predictable way for anybody to become a millionaire is through long-term investing doesn't matter if we're talking about stocks real estate i know people love arguing oh real estate's better or oh stocks are better doesn't matter yeah but when you tell people especially in this day and age that yes i'm investing i'm going to become a millionaire and they say well how are you doing and i say well i'm investing in etf for long-term wealth right they'll laugh at you they'll say that you're becoming a millionaire in 40 years when you could be using your money now what do you say to them yeah and not just that people are gonna say oh seven percent return a year put your money in xyz i'm gonna get 40 this month right and first off people are going to laugh at you no matter what you do again goes back to the mindset if you're not willing to do whatever it takes if you're not willing to get ridiculed if you're not willing to be called crazy if you're not willing to be called stupid it's going to be very hard so that's a fact and that's another issue that people are going to have to go through is because when you go through life and you're making money and you're showing it off you've got nice clothes you're going on nice vacations and all of a sudden you stop doing that because now you want to use your extra cash you want to save this cash you want to invest it in yourself it is going to look weird to your family and your friends they're going to wonder what the heck happened to my son is something wrong no i'm trying to build my wealth i am not broke i'm actually richer now than before even though i look poorer right so yeah you got to be willing to do that the second thing is what was the second thing if some people are laughing at you for making that much money oh yeah yeah because they're saying you can get a better return doing xyz exactly everybody's got their own opinion on what what's going on but and there's always a bigger way to make money what do you say to them well it is what it is and anything with that much potential return is going to come with its own fair share of risk risk is better when you're young but risk also needs to be managed if you want to focus on building wealth then you need to continue to invest in the things that consistently have been proven to build wealth now that doesn't mean you can't do riskier investments especially if you're younger right you need to have some money you should put some money towards the risky investments right like i invest in startups it's riskier you just got to know what is your risk tolerance if you are really trying to go all in and you want to be risky hey just understand the risk there is a potential for huge returns there's also a huge risk that comes with that and that's something you have to factor in for yourself some people are going to want to take all the risk and they're going to say hey i'm 25 years old i got ten thousand dollars to my name i want to go and i want to do everything i can to grow this money as fast as possible and i i did some research and i want to go yolo my money you know it's fine it's a free country you're free to do that it comes with this for unfair share risk there's a chance you could turn the 10 grand to 100 it's also a chance you can turn the 10 grand into nothing it's just you got to understand their risk so when you say investing and we're talking about being risky one of the safest investments investments that people think is out there is investing in a 401k and i want to get into 401k investing because it is super long term but a lot of people don't understand that when you hit the end of that 401k you might not get as much money as you think so what are your thoughts on kind of like investing in that way versus investing in the stock market or real estate and getting those type of returns well the 401k is a stock market investment the difference is you don't have control of your money so a 401ks is a tax deferred retirement account where you are investing your money into this account hopefully your employer is matching some of your money if not then you really need to rethink what you're doing with the 401k but a lot of rethinking well yeah let's assume that your employer has given you some money now you're putting your money in your 401k what happens is for a lot of people you have a limited number of options of things that you can invest in and so your employer is going to say you have xyz you can invest in these three things the majority people have no idea what they're investing in right they say okay this looks conservative or this looks like a good growth rate let me invest in here what they don't understand is first when you invest your money in a 401k you have to pay fees because when you have somebody managing your money there's a cost to doing that and so the majority people have no idea what their fees are when they're investing in the 401k which is the first issue uh and these are fees that you don't have to necessarily pay or you can pay a whole lot less of if you just know what you're investing in so if you have a 401k please take a minute or spend 15 minutes just reviewing what your 401k is investing in look at what your expense ratio is see what it's costing you if your expense ratio is more than one percent you really need to start doing some research even if it's more than half a percent you really need to do some research but look at your 401k then you got to understand taxes because there is a difference between two different types of 401ks if the roth 401k and you have the traditional 401k you have to pay taxes regardless the irs is not going to let you not pay taxes especially when you're putting your money into a government sponsored account which is the 401k so either you're going to pay taxes when you put your money in or you're going to pay taxes when you pull your money out a lot of people say well i don't want to pay taxes now so i'm going to put my money in fine but you just got to understand now a little bit of economics because you need to ask yourself do you think tax rates are going to go up or down i think tax rates are going to go up not only because president joe biden has said that he wants to raise taxes but because just looking at the national debt if the united states doesn't know how to control their spending if the united states keeps spending more money than they're earning through taxes i don't even know if we should call it earning but let's just say that they're earning this money then they're going to have to spend more of their tax dollars towards paying off their debt payments and if they have to pay more tax dollars to do that and they want to continue spending they're going to need this money to come from somewhere and so they're going to need more tax dollars so there is a chance now i can't guarantee this but there is a good chance that taxes are going to go up in the future and this everyone says well when when i'm older my income is going to be whole lot less so my tax rate is going to be lower and i say that this advice is not for you because my goal is to increase my income every single year by the time i'm 65 i'm hoping that i have a whole lot of income right a little bit of income and so you know if you're of that mindset where you're trying to grow your income you're trying to grow your ass since you're trying to make more money every single year then you're not going to be thinking that hey i'm going to have a very low income when i'm 65. so uh my taxes are going to be lower right so you know if you're trying to make more money every year you're going to have higher tax rates you're going to be making more money and these are things that you have to really think about with your 401k right and that's the difference i think between your mindset and the minority mindset versus what a lot of people's mindset is a lot of people are working so that they can stop working one day so that way they have so that way they actually can build money and then they don't have to make any more money why the heck would you work a job for 45 years that you hate just so you can one day ultimately quit it makes no sense right especially in this day and age where now you know this pandemic was a blessing and a curse you know unfortunately people lost their lives you know people got sick that's not cool but it changed our economy it changed the world and it's crazy that it took a pandemic to do that but now people have started to rethink what's important to them right rethink again what what kind of lifestyle do they want to live what do they want to do what do they want to be yeah and the whole idea i hate the idea of traditional retirement i talk about retirement but for me you know retirement is all about becoming wealthy but the whole traditional idea of retirement thank god it is finally starting to go away people starting to open their eyes and say why should i work until 65 and then just quit why in the world would you want to be 66 years old with nothing to do i don't i mean maybe it's just me but i i if i'm not working like i'm going crazy like i need something to do i need something like i'm passionate about what i do i could never see the day where i'm not working right i love what i do maybe i won't be working as many hours as i do now but you know again right what does working mean it might be sitting in the hot tub talking to somebody about business ideas it might be going out to eat with somebody it might be you know networking with somebody but you know figuring out what's important to you right and retirement isn't it is a number retirement is a number but it's not the 65 number or 67 number that a lot of people think it is retirement is whenever you decide that you want to make a change retirement yeah exactly it's when your assets now are paying for your liability exactly you have enough money coming and now you're you know you're quote unquote retired but now you can live and do things that you want a little bit more free but right now a lot of people work just to make money that's why a lot of people work like we said at the very beginning or like you said at the very beginning people go to school for a long time to be doctors because that's where the money is that's where we're taught where the money is so people work they don't even necessarily know if they like it they just want to make money and they don't even know what to do with that money and they don't know how to handle that money once they have it yeah and that's unfortunate and i'm you know it's i went down the same route i was supposed to be a doctor and the reason why is because that's how you become successful and when people say successful they mean financially successful and you know for me it really pulled on my heart because i was starting to see a dichotomy where if i'm a doctor how do i make money i make money by treating patients how do i make more money treat more patients right and so some it just something didn't make sense to me where it's a business of how many patients can i see which means i might have to lower the quality of of things that i do with my patients and i didn't like that i was doing it for the wrong reasons and for me it's just like morally i did not feel right doing that so i didn't do it and i'm very thankful for that and we should not have people becoming doctors with the goal of becoming rich just like you shouldn't start a business with the goal of becoming rich yes financial success or a big salary is one of the rewards of all the work you put in to become a doctor but that is not the reason why you should become a doctor we need doctors who want to be good doctors right we need accountants who enjoy looking at numbers who want to be good accountants we need attorneys who want to be good attorneys because that's what they're passionate about right if you're doing it for the money you're doing it for the wrong reasons money is a byproduct of the value that you provide you can make a lot of money doing a lot of different things but you the value that you provide should be something you want to go back to the word passion it's not just passion it's something that you're proud of something that you care about right so when we talk about and you just kind of mentioned you can make a lot of money doing a lot of different things i want to kind of jump into kind of side hustles right now the side hustles i mean i think it's great i think especially in this day and age it is much more accessible to start a side hustle which is good uh that doesn't mean it's easy but i think it's great i mean there's so many different ways you can do it you can do it online you can do it physically you can go and drive for uber lyft you can go and deliver groceries you can go and deliver food there's so many things they can do in the real world right there's so many people doing that right now too i love it it's awesome i mean people are taking control of them themselves they can live their lives the way they want they can work control how much money they earn based on how hard they work it's great and you also have the digital versions right we have freelancers people doing things you have just people realizing that they want to start something of their own maybe you can't run your own business but it's something you can do to supplement your own income i love it and now it's just what are you doing with that extra money what are you doing with that what are you working harder for right it's the goal just making sure that you know that all right i'm working harder that way now i have more money to invest or put my money into this or build my business or or buy a business or whatever it is you just gotta know why you're doing what you do right you gotta have your priorities set so did we answer that question of uh what does it take to become rich in a year yeah i think so cool man well this was the first time that we've done something like this yeah podcast type video or talking video we'd love to hear your thoughts if you enjoyed this you want to see more of this let us know in the description and we'll see you next time as always keep hustling thank you for watching if you enjoyed this video here's a video on how to build wealth that i think you love and while you're at it download our free stock market investing guide and as always keep hustling you gotta stop hating people for 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

Channel: Minority Mindset

Views: 125,409

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, housing market, inflation, wealth, passive income, personal finance, stock market 101, real estate, entrepreneur, entrepreneurship, start a business, how to start a business

Id: IySiWB9Mm8M

Length: 57min 48sec (3468 seconds)

Published: Thu Oct 14 2021