How To Save Your FIRST $10K CHALLENGE (Step By Step Formula) | Jaspreet Singh

in this video I'm gonna show you how you can save your first ten thousand dollars even if you've never had anything close to ten thousand dollars in your bank account with a step-by-step plan on how you can do it now does this mean it's gonna be easy no does this mean it's gonna happen tomorrow no all the things that I'm gonna talk about will require work it will require time and it's going to take effort and sacrifice on your part if you're not willing to put in the work well you might as well just leave this video right now but if you're willing to put in the work and you're willing to put in the effort and the sacrifice I'm gonna walk you through seven things that you need to do in this order that way you can save your first ten thousand dollars so let's start by talking about number one you have to stop spending money on things that you don't need we live in a society where it's very easy to have what I call Net Zero thinking that zero thinking is I got a zero out my bank account if I have a thousand dollars in my bank account I should go out and spend a thousand dollars if I have two thousand dollars in my bank account I can go out and afford a two thousand dollar vacation but that's not how it works if you really want to to become wealthy and one step that you can start doing to help you break away from this dead zero thinking that we can actually have some extra cash in your bank account is to separate and understand the difference between your needs and your wants because many times we're gonna try to justify our wants as needs so we spend money on things that we don't actually need like my wife hates when I say this but she might say something like I need a new cell phone that's when I always respond with do you need a new cell phone or do you want a new cell phone I need a new jacket do you need a new jacket or do you want a new jacket and this is where now you got to start differentiating the needs from your wants and you also want to make sure that you're making enough money that way you can buy your spouse all the things that they want not just the things that they need but that's a topic for a different video this might require you to change the definition of what a need is because the first time I started making a hundred thousand dollars a year I was in school and at that point I realized that I did not really want anything I needed to invest in myself I needed to invest in my business and I needed to accumulate my assets and I wanted to buy as little liabilities as possible so I had shoes that had holes in them and I taped up my shoes I literally took masking tape and I wrapped up both of my shoes and that's how I walked to school even though I was making a lot of money as a kid going to school did I need new shoes well most people would say yeah but in my mind I just wanted new shoes so I was walking to class with my taped up shoes making more money than everybody else around me because I changed my definition of what I needed you have to find the right balance for you because when you make that decision a what's most important to you you're going to do whatever it takes to achieve that thing if you really really really want that Gucci handbag you're gonna do whatever it takes even if that means going into debt to getting the handbag if you really want to build wealth if you really want to save up some cash you're going to make whatever sacrifices you need to save that cash and you just got to make that decision of what's the most important thing for you right now if it is saving that money then you're gonna stop eating out you're gonna stop spending money you're gonna live smaller you're gonna stop spending so much money on food out and you're going to live off rice and beans until you can save the ten thousand dollars because you know that every dollar you spend is pushing you one step away from your goal now obviously you don't want to live this extreme poor poverty lifestyle forever but you got to be willing to make these sacrifices that way you can accelerate your path to whatever that Financial goal is and this is where you got to find the right balance for you maybe it's ten thousand dollars then you start easing up on the gas pedal maybe it's a hundred grand maybe it's a million but this is where you got to start figuring out what's most important to you right now and how much are you willing to sacrifice to get there and the first thing which is the simplest thing not the easiest thing but the simplest thing that you can do is just stop having money leave your account you're already working so hard to get the money now what do you want to do with the money that way you can actually get to your goals if your goal is to save that money then stop spending the money second once you stop the money leaving your account now you want to put more money in your account and before you go out and get a second job which you can start doing is just by selling some of the stuff that you have around you do you have old clothes that you can go and sell do you have furniture that you don't need do you really need a sofa right now that you're financing if not go out and sell it when I was in my early and mid-20s and I was going to law school and I will admit that this is much easier to do when you're in your 20s and you're not married and you don't have kids but when I was in my 20s early 20s mid-20s and law school I didn't buy any furniture I had a mattress that I kept in the hallway because I didn't have a bedroom to sleep in and I would drag my mattress down into the hallway put it down on the hallway and go to sleep at night and in the mornings pick up the mattress and put it back out there again this goes back to that level of sacrifice and we don't need a coffee table maybe you don't need that TV sell the stuff that you don't need and if you have stuff that's just collecting dust sell that too because right now you got to get rid of the things that are just sitting there not doing anything turn those things into cash and if you have furniture and electronics that you have financed around you whether it's laptops cell phones sofas all that stuff if you have financed any of that or kitchenware I need you to sell that turn it into Cash pay off the debt and buy buy something cheap that way now you don't have money constantly leaving your account for something that is just losing your money a fridge a sofa a TV all these things are liabilities and if you have debt on any one of these things I need you to sell those things ASAP turn those things into Cash pay off the debt and buy something that's cheap buy a cheap fridge that's working by a cheap sofa that lets you sit there buy a cheaper TV or just don't buy a TV that way now you have some actual cash in your hands and you don't have to keep paying money for all the stuff that looks nice and now if you're saying but just breathe what are people gonna say when they come over and they don't see my stainless steel fridge anymore and they see an ugly white fridge well the ugly white fridge is Gonna Keep Your rice and beans just as cool as the stainless steel fridge so suck it up for a little while until you can save that cash and afford the things that you really want because if you keep living your life based off of what other people will think well you're going to have a very tough time becoming wealthy and as soon as you can break out of that mindset of stop worrying about what the majority people think and you start worrying about what's in your bank account well you're going to live a much Freer life mentally and also financially because now you're not going to have that emotional stress of constantly trying to impress other people and as soon as you can break out of that which I know is easier said than done but as soon as you can break out of this idea of trying to live for other people trying to impress other people it's going to make it a lot easier for you to live your life and not worry about what other people think and if you want some practice on how to do that well next time you go out to dinner don't put it on social media don't post your life on social media because many times not everybody but many times we use social media as a way to satisfy and impress other people and even if you say but just please I don't do that I just like posting it well what would happen if nobody saw the post that you posted what would happen if nobody likes the post that you posted would that affect you if so give yourself a seven day break that's not that long just give yourself a little seven day break where now when you do something cool you don't to put it on social media you can take a picture for yourself but don't put it on social media that way now you can start understanding this idea of living for yourself and not doing it for other people and even if you don't know if you're doing it for other people try it anyways that way now you know that you're doing this just for yourself and if you can conquer that you will be able to get rid of that stainless steel fridge and put in an ugly white fridge because this will keep your food just as cold but it will save you a whole lot more green third I want you to inspect your finances I'm from Michigan and in Michigan after winter ends and spring begins you have a ton of potholes on the road and what happens when you have all these potholes is your tires pop I have busted a ton of tires in the last number of years and when you pop a tire sometimes you got to stop driving on the tire pull over and take a look at the pop Tire to see if your tires actually popped or to see how bad the pop is that we can actually take care of the tire if you don't stop and inspect it you're just going to keep making it worse and worse and worse now you got to do the same thing here with your finances where you got to stop and then respect your finances we already talked about stopping the financial bleeding we already talked about not selling some of the stuff but let's look at the already bills that you have and inspect some of those the first part to this is I need you to write down on a piece of paper or use a Google sheet or Excel sheet but I need you to write down on the top how much money you made and your different sources of income if you have different sources of income that we know exactly how much money you made and then below that I want you to write your expenses how much money did you spend everywhere line by line by line I want you to look at your credit card statement look at your debit card statement look at your bank account and look at every single place where you spent money in the last 30 days or in the last month and now what you're going to do is you have your income from the last month and you have your expenses from the last month and now you need to see every single place where your money went you have to account for every penny because if you don't know where money is going you're not going to be able to optimize it so now once you write down all your money is going you'll then also write your Investments and you're going to write your charity and you're gonna write how much money but towards your savings as soon as they look at this there's a couple things that's going to happen one you you're going to realize that you're way overspending on some places as opposed to others second you're gonna find some bills that you didn't even realize that you still had because you forgot to cancel your subscription now you're going to call up those companies and start canceling your subscriptions then after you've gotten rid of all the bad subscriptions that you don't have anymore the next thing that I want you to do is I want you to look at the bills that you're paying and see which ones you can cut your expenses on because I can pretty much guarantee you that ninety percent of people have at least one bill that they can lower their expenses on whether it's your internet bill your cable bill your phone bill some other utility bill there's a lot of bills or companies and providers out there that will be willing to negotiate your bill lower if you just ask and now there's apps that do this for you as well earlier today before I recorded this video I came across an app called billshark they're not paying me to say this I just found this app I've never used them before so I can't vouch whether they're good or not but what they do is they literally work to lower your bills for you and if they do lower your bills then they're just going to take a percentage of how much they lowered your bill so something that you may want to check out it's billshark.com Fourth if you don't like me now you're really not gonna like me after this but that's okay because I'm not here to make friends I'm here to help you be better with your money but this is where now you need to start downsizing and there's two main places where you can downsize downsize on where you live and downsize on what you drive an asset is something that puts money in your pocket a liability is something that takes money away from your pocket an asset is something like an investment a stock market investment a real estate investment not a home that you are living in but a home that you're renting out to somebody else this could potentially be cryptocurrency an asset could be your business it could be a business that you buy or business that you run assets are things that you're buying for the sole purpose of making money liabilities are all the nice stuff that we have that we use these are things that make us look rich liabilities are our clothes our vacations our liabilities eating out is liabilities and our home is also a liability now this is a big art argument but the reality that you need to understand is every dollar that you're putting towards your home your upgrades is a dollar that you can't actually invest and this is where people say but my home if I own my home is an investment right because I'll be able to sell the home for a profit one day but the question is that's a big maybe you're not buying your home that you live in for the purposes of making money you bought the home that you live in for the purposes of creating memories for the purposes of having an experience can you sell it for a profit maybe will you sell for a profit I don't know and this is where you have to understand it's a completely different mindset of debt versus buying a home for the purposes of renting it out and making money when you buy a home an investment property with the purposes of making money you're going to make a lot more money than when you buy a home just to live there and make memories can you make a profit sure but it's also not guaranteed because now you have to go through this 30 years your 30-year mortgage you keep paying money every single year you keep paying for property taxes you keep paying for insurance you keep paying for your upgrades you keep paying for your maintenance and then one day you're hoping that you can sell it for a profit as opposed to about a property I'm renting it out my tenant is paying for all my expenses it's putting some profit in my pocket every single month and then when it comes time for me to sell it well whether or not I sell it for a profit I still have some cash in my pocket because I made money the whole time that I own the property I'm a licensed realtor and I used to work as a realtor and I used to help people buy and sell homes and when you tried to sell somebody at home it is the best interest of the realtor to sell a bigger home because then the realtor is going to make a bigger commission check now does this mean that all Realtors are bad and greedy and all that no this is just how the game works Realtors are paid on commission and same with leasing you get a bigger commission check when you lease a bigger unit now again not all Realtors are bad some Realtors are going to help you find something that you can actually afford but this is where you have to understand that you want to make sure that you can afford where you're living if you're overpaying on your lease if you're overpaying on your mortgage and you can't afford to invest your money you can't afford to put money aside then you really need to think about downsizing because if you can downsize and save yourself a hundred dollars a month or four hundred dollars a month or potentially even a thousand dollars a month depending on how much you're paying right now well that's an additional thousand dollars a month that you can put towards your savings your Investments your future and that is going to require a sacrifice on your part because yeah now you're gonna have to move into a smaller home and everybody's gonna think that you lost your mind or that something really bad is happening but what's actually happening is you're moving one step closer to becoming wealthy so while it looks like you're becoming poorer you're actually becoming richer and that's one of the weird things about becoming wealthy is that most people who try to just look rich are actually broke but the people who are trying to actually become rich look broke the second thing that you can downsize on is your car especially if you're financing your car because you can't afford to buy it outright now there are some some exceptions to financing if it is a tax break for you but for the most people if you're financing your car because you can't afford the whole payment or if you're leasing your car because you can't afford to buy the whole car this car is costing you a lot of future wealth because now if you're paying an extra 500 a month to finance own and pay for this car well that's 500 a month could be invested and if you invested this 500 a month and you could get say a average 10 return on your money well over six years which might be how long you own the car this 500 a month could grow to fifty thousand dollars worth of cash in your account but when you own a car where you're paying 500 a month after six years this car is going to be well not worth fifty thousand dollars it's gonna be worth ten thousand dollars if that but if you can keep going and you don't have a car payment for 30 years well now that's 500 a month will be worth one million dollars your car in 30 years is going to be worth 0 role nothing now you might be saying spirit I still need a car what do you want me to do well I want you to now go out and sell this car take whatever cash you can and go out and buy a used beat up but good working condition car with cash that way you don't have to worry about the payments anymore and you can get a good working condition car for under ten thousand dollars and yeah this is going to make it harder for you to get to your ten thousand dollar goal initially but now this additional 500 a month that you don't have to pay towards a car is going to help you blow past that ten thousand dollar goal in the near future so now you stop buying things that you don't need you sold some of your stuff you renegotiated your bills your downsized I told you this was not going to be easy but this also brings me to number five which is now you work more this is where things start to become fun because now we're working on how do you earn more money and if you're stuck in a job and you're saying how am I supposed to work more I'm already putting in all these hours at my job well this right now you can work more not just at your job but work more here that way you can earn more money not just at your job so now you're working more that way you can work more effectively work smarter like what people like to say that way now you can actually earn more money and scale your income because now the whole thing is you've been working to make these sacrifices you've been working to stop spending money you've been working to accumulate some extra cash now let's make your efforts even more scalable where now you're working smarter to earn more money that way now you can accumulate the cash that you want you can invest your money quicker and you can live a better life because now you know how to earn more money now the question is where do you earn this money now for some of you if you hate the idea of trying to start something on your own you hate the idea of not doing something that's very secure like a job then maybe you just have to work more hours at your job you get a promotion a raise maybe you get a certification that way you can get a different job if that's you that's fine you got to know yourself but if you are willing to take on more risks that way you can earn more money but then this is where you want to start watching more YouTube videos on how do you earn more money watch more YouTube videos about how to start a side business watch more YouTube videos about how to start a business watch more YouTube videos but I can earn money online and this is where now you can start learning about internet marketing you can start learning about digital marketing you can start learning about selling things online you can start learning about e-commerce and then you can find something that's right for you and now you're gonna start putting in work that way you can earn more money this is not going to be easy this is something that you're going to be working on for years before you really start to see the success that a lot of people talk about because seeing success online making your first dollar online or making the first dollar in general from something that you create is very difficult it takes time it takes effort but once you make your first dollar that means you can make a hundred if you can make a hundred dollar that means they can make a thousand if you can make a thousand dollars that means they can make ten thousand and if you can make ten thousand dollars you can definitely make a hundred thousand dollars but it starts by making that first dollar and the first dollar is going to require a whole lot of work for you learning the process building things trying things failing but if you are willing to put in that work well now you can start earning more money and if you stick with the Smart Financial Planning that you've built this doesn't require you to live like a peasant forever but if you are smart with the money that you start earning well now you're going to have more money to fuel your Investments to fuel your savings and even live a little bit better now if you already are an entrepreneur and you have a business and you want to see how you can be better in your business well I created a free resource called business briefs which is a free daily business newsletter that covers things that you need to know as the business owner as the entrepreneur and as the founder this covers things like Innovation and Entrepreneurship and business Trends what's going on in the funding world and what's going on in the business economy that way now you can focus on running your business and we can help keep you informed and it's completely free so if you haven't joined business briefs yet I got the link to hike and join business briefs down in the description below six if you have a lot of outstanding debt this is where now you can start considering doing some sort of debt restructuring because if you have a ton of different types of credit card debt out there and now you're finally starting to get your finances in order well one of the things that you can consider doing is moving some of these different credit card balances to a zero percent epr card that way now you get maybe 12 months or 18 months where now you don't got to pay any interest but you can aggressively pay down these credit cards because that credit card debt these credit card payments can really skin you alive with all the interest but they can also hold you back from building any sort of financial wealth now before you go out and make any drastic decisions on your credit card debt and do a debt restructuring talk to an expert whether it's a legal expert an attorney or some sort of financial expert a debt expert because there's a lot of legalities that are involved and you want to make sure that you understand all the risks of moving this debt around and understand all the possibilities out there because there's so many different things that you can do if you have a lot of debt some of them can be as Extreme as declaring bankruptcy others could be as simple as consolidating some of your debts and so if you have a lot of debt out there I want you to consider doing some sort of debt restructuring but just make sure you talk to an expert that's not just trying to sell you something but an expert that can insult you about the risks and the pros of doing some sort of restructuring because if you do it the right way you could get the option to pay down some of this debt aggressively without paying much interest or you could potentially even lower some of your debt or if you have a lot of debt and you're facing a lot of financial issues well then you could even potentially consider a bankruptcy where now you can relieve some of those debts but again that is not for everybody so you want to make sure you're talking to an expert that way you know what your options are and you know what the risks and the possibilities are with the restructuring and number seven you want to make sure you're also putting your money to work now if you are working to build up your emergency fund your first couple thousand dollars to save you don't want to invest this money because you want to make sure this money is safe but at the very least you can at least open up a high interest savings account which is something like an online bank it's still a bank it's still FDIC insured it's still going to be no fees there's a number of them out there make sure you're using a reputable bank and now you can earn a lot more interest on your savings than you would at a normal bank now what does it take to open up an online bank well not much it's just like opening a regular Bank except it's on the internet you can keep your physical Bank leave a little bit of money in your physical bank but transfer some of it to an online bank that way now at least your savings are earning you some interest some online banks will pay you two percent some will pay you two and a half percent some might even pay you close to three percent in interest a year now of course two to three percent interest is not a ton it's not going to make you rich but it's still better than the 0.1 percent that you're getting at your physical bank right now once you build a little bit of a savings cushion and you have cash to fall back on in case an emergency happens well that's when you also want to put your money to work outside of your savings but also be investing your money again these are the assets that I was talking about earlier things like stocks things like real estate things like investing in businesses and yes you can start investing your money into all three of these things with as little as a hundred dollars thanks to the internet there's a lot of different funds and things out there but now it just requires you to one start learning I have a ton of videos on my channel that go over Financial education and how to invest but then also take an action investing in money sometimes you will lose money I'm sorry but that's a part of the process and that's how you learn failure is the best teacher and if you're not willing to go through that pain you're never going to be able to see the upside so you have to understand that the downside is your tuition it's a part of the process to actually get the bigger returns then third you have to be willing to invest in your own education be willing to hire the right coaches be willing to invest in classes being willing to invest in books being willing to invest into the things that can actually teach you and grow you because now you are trying to be better with your money and unfortunately most of us never learn this stuff in school and a lot of us have spent a ton of money in school so you got to understand if you really want to advance on your financial education sometimes you're going to have to invest not just your time but also your money to get the right education when it comes to your financial education one good thing that came out of the 2020 pandemic was the realization that you could earn money from the comfort of your home even if your job doesn't give you the flexibility to be able to to work from home there are other ways that you can earn money from the comfort of your home even if you don't have a lot of money so what I want to do today is go over nine and a half different ways that you can earn money from the comfort of your home or from wherever you are without spending another Penny number one is by becoming a digital freelancer not just so we're on the same page I'm going to be talking about a lot of different companies and resources in this video this video is not sponsored none of these companies pay me the companies that I talk about are real resources that you can use and I'm not being influenced or paid by any of the companies that I talk about so a couple freelancing sites on the internet are fiverr.com freelancer.com upwork.com and these are places where now you can offer some sort of service maybe you can be a writer or a graphic designer or you can offer some sort of financial services or if you really don't have that many you don't think technical skills you can become a virtual assistant so no matter what level of expertise or skill you have anybody can provide some sort of skill or value and and the person that you're providing this value to are typically small business owners so I for minority mindset and our companies have used upwork quite a bit that is my personal favorite from the business side and I actually just checked right before I recorded this how much money we've spent on upwork over the past few years and we have spent about a quarter million dollars on upwork paying Freelancers over the last few years and the things that we pay are Freelancers for are pretty much anything you can imagine anything from video editing to being an actual writer for us to being a graphic designer for us to being an actual virtual assistant for me so I had a couple virtual assistants that have worked with me on upwork and these are people that will manage my email that might manage my social media that might manage other things for me to make my life easier and so depending on what your interests are and what your skill level is you can offer your services to businesses to regular people who just want some of the time back in exchange for a fee the one caveat that I do want to mention regarding freelancing and pretty much everything else is that it does take time and effort to start getting your name and reputation out there because you need to start building reviews and as you are just starting off you're not going to have any reviews you're not going to have any experience so it's going to be harder for you to land your first client but after you can start Landing your first client after you can get a few five star reviews it's going to be significantly easier for you to get more clients and now you can become pickier and choosier of who you want to work with and then you can also bump up your rates but in the beginning you just got to get your first couple clients you got to get a few five star reviews you've got to demonstrate your value and once you can do that then you can start charging more money and you can start picking the better clients and picking the more type of work that you want to do the second thing that you can do is try to find a company that allows you to work from home so like here at the minority mindset companies if you work for minority mindset or Market briefs which is my financial newsletter you have this flexible option to work from home pretty much whenever you want what we do is we have a one day a week team day where people come into the office but generally you have the ability to work from home pretty much whenever you want and so we have some team members that travel some team members and live out of an RV some team members that are currently touring the country however you have the flexibility to be able to work from home because we are a digital based company now if your company does not allow that they don't allow you to work from home because most companies even the fully remote ones do have some sort of hybrid capacity where you have to go in once in a while but there are some companies that are fully remote so if you want to completely work from home or if you want to be able to travel you want to be able to work from somewhere else you can do that but you have to be able to find a company that allows you to do that there's a couple sites on the internet now I haven't used these myself so I haven't verified them but from the blogs and the reviews that I saw they seemed like good legitimate companies one of them is flexjobs.com and the second is remote.co both of these two are job sites which are tailored to helping you find a work from home job jobs that allow you to work from the comfort of wherever you want so they're remote jobs if if you're concerned now is you don't have the skills or the knowledge or the ability to work from home because of whatever your degree is then what you can consider doing is getting some sort of certificate maybe it's a data science certificate maybe you learn some sort of coding language it's a few thousand dollars typically you can get a certificate online on your own schedule but once you have the certificate then you'll be qualified to be able to work many different types of work from home jobs because if you can do the job on the internet there are some companies that will allow you to work fully remotely so you need to know what type of job that you can do what type of thing that you qualify for and if you can qualify for that then you just need to find a company that's hiring for that position third if you don't mind being on the phone and you don't mind being on commission you can also consider being an online sales person now there's a lot of value here on the education side because if you know how to sell that can translate to whatever industry that you go to because you know how to talk to people you know how to get people to listen to you and you know how to sell your product so when I talk about online sales this is typically going to be something like Financial Services maybe you're selling mortgages Maybe you're selling insurance and there's so much that you can learn here in terms of how to sell and how to work and how to do the follow-up and how to cold call people the nice thing about being a salesperson especially in these Financial Services spaces is that you have the ability to make an unlimited amount of money like you can make a ton of money when I say a ton of money I'm talking about six figures maybe even potentially seven figures a year depending on how good you are depending on how well you have worked your way up at the company because if you're working for a big financial services company a big brokerage that's selling Insurance big Brokers to selling mortgages if you're working for a big company and you can really prove yourself well then you can work your way up and you really have no income limit just depending on how many hours you're willing to work so if you're willing to put in the work if you like learning how to sell you can make a ton of money and learn a lot by being an online sales person and if you don't want to go down the financial services route there's also a lot of digital companies that are selling things called high ticket offers these are products that are a thousand dollars or more some of them might be educational the products some of them might be software some of them might be other things white labeling things that you can sell on the internet where now you're on the phone with other business owners or potentially consumers trying to sell your product to the leads that come into these companies and the way that you find that is really just through networking look at other entrepreneurs on the internet you'll see this quite a bit where entrepreneurs the social media entrepreneurs they'll post on their story where they're looking for a high ticket sales person and this is where now you can present yourself now if you have no experience with sales it's going to be harder to sell yourself here but one of the things that you can do is really just offer whatever Services you have at a discounted price because you need to learn how to do it first once you know how to sell well then your income potential really just shoots up because now you can show the value that you have because if you can help a business sell their product they'll be willing to pay you more money the fourth way that you can make money from home even if you don't have a lot of money is by creating your own blog and the next six that I talk about are going to be things where now you're creating something yourself so you're starting your own side Hustle but they're all things that I have done myself so I'm going to talk about these from my own personal experience now if you do want to start your own blog it's going to take you a little bit more than zero dollars you don't need a ton of money but a few hundred dollars to go and start your own blog and all you have to do is you got to buy your own domain and then you got to register with one of the blog Services out there so something like maybe Weebly or WordPress or Wix I mean there's a ton of different sites out there you can find whatever you like the best but the whole idea here is you're going to be writing articles that people want to read and these might be things that people are searching on Google and so if you can write an article the answers a question that somebody is searching on Google for example if you write an article on how to make money from home and people on Google are searching how to make money from home if your article can show up on the first page of Google and people click on your article well now they'll read your article and then you have many different ways that you can make money one way that you can make money through a Blog is through something called affiliate blogging this is what we do on the minority mindset website we have a Blog on the minoritymindset.com where we talk about a whole bunch of different Financial things what's happening in the stock market real estate crypto and wealth and one of the ways that we make money is through affiliate blogging meaning we mentioned some of our partners or Affiliates or sponsors within our blog now we disclose everything we make it very apparent and we don't change our decisions based off of who's paying us or who's not paying us we give our opinion and if one of the companies that we talk about is an affiliate of ours we will link them so if you read an article on how to invest your money in the stock market we will recommend some stock Brokers and if you click on one of the ones that pay us money one of our Affiliates and you open up an account then we will get paid now not every company that we mentioned is an affiliate of ours because we want to make sure we provide the most value possible to our readers but one of the things that you can do now is make these types of affiliate arrangements with companies that you like and if you're already using a company if you find ways to make money from home and you like some of the companies that you use well then you can link those companies in your blog and some of those companies will pay you an affiliate Commission Now not every company needs to be an affiliate partner I mean you want to make sure you provide the most value to your readers because Google can track this Google is very smart and they know when you are providing value to your readers and when you're not and if you can provide more value to your readers you're more likely to show up on the first page of Google and then if you're on the first page of Google you will have more people clicking on your site and the four people are clicking on your site you have more options and more opportunities to make more money so you write articles about things that you want to talk about and if it shows up on the first page of Google one of the things that you can do is mention companies that are your partners your Affiliates that pay you commission for recommending them the fifth thing that you can do is create an e-commerce store this is creating a store on the internet and this doesn't have to cost you a lot of money either I mean you can do this again with just a few hundred dollars you have to create a site and you don't have to create or build on the products because you can do something called Drop Shipping Drop Shipping is where your store syncs with the manufacturer so anytime somebody buys a product on your website that order will go automatically to your menu factor and then your manufacturer will then ship the product out to the customer and then the manufacturer will then bill you for their product after it gets sold so you never have to buy any inventory up front you only buy the inventory after somebody buys it off of your website now to give an example of this on Market briefs which is my financial newsletter company if you haven't heard of Market briefs it is my company where every day we're selling out a daily newsletter what's happening in the top Finance of business news so that's my company one of the things that we have in Market briefs is a store you can look at it at store.markipreves.com and in the store we sell different types of apparel for Market briefs some of which are actual briefs for our Market brief readers now with these briefs one of the things that we do is we give them away tour readers if you refer readers to our newsletter but you can also purchase these briefs now as of today we don't own a stockpile of underwear Market briefs we are doing this type of Drop Shipping that I talked about so if you go to our store and purchase a pair of briefs well then the order is going to go directly to our manufacturer and then a manufacturer is going to create the briefs and then send it out to you now the advantage with this type of e-commerce or Drop Shipping is that extremely low cost to start because I don't got to go out and buy a whole bunch of inventory I don't got to buy a whole bunch of things I just work with the manufacturer and you can put up as many products that you want on your site and then when people buy it that's when you purchase the product after somebody buys it off of your site the disadvantage of it is well your margins are very low like our margins on our site are extremely low for us the benefit of the e-commerce store isn't to generate Revenue it's for more brand awareness and to give away products in our Market briefs newsletter like we do fun giveaways where if you refer certain people then we will give you other products so it's a way for us to do more marketing but I know many people that have built full businesses around their own e-commerce store Drop Shipping is an easy way for you to start your margins are low but it's an easy way for you to start and then once you start generating Revenue if you like it that's when you can Advanced and upgrade yourself to buying your own inventory you're making an investment in your products because you already know how many people are buying your products and when you do that now you can see your margins significantly increase so you can make bigger profit margins and you don't have to invest a ton of money to start because now you're starting with Drop Shipping now at this point you might be wondering how do you actually get customers to your store well this brings me to number six is to build a social media brand something on Tick Tock or Instagram or another social media account where now you can build a larger presence because if you can do that and this doesn't have to be around your life this could be a general motivational brand or a financial brand or a health brand or whatever type of brand that you want if you can build a social media page where you're publishing content that people want to see and your posts start to go viral well then one of the things that you can do is you can direct your traffic from your social media back to your eCommerce store so the whole idea here is now you're going to build a brand you're going to build a presence on the internet that doesn't have to be around your face or your lifestyle but a certain product or a certain Niche that you believe in that you can educate people on and then as you start to build this traffic you can send people to your store or if you don't want to create your own store you can go back to the affiliate method that I talked about with blogging where now you can build Partnerships with different companies but one common one is in the fitness space if you like Fitness if you like talking about losing weight or building muscle you can build a page a social media page around Fitness and then you can try to build a relationship with a supplement company maybe you like some supplements some protein supplements or whatever supplements that you use well then you can recommend these supplements to your social media audience and anytime somebody purchases the supplements using your link you get paid a commission it's called an affiliate commission now you don't have to worry about building the business and building the website and finding the inventory all you have to do is send the traffic to the company and then you're getting your commission anytime somebody makes an order now of course the person who's getting the biggest benefit is the company who's building the business but now you don't have to do all the work of managing the inventory and managing the returns and managing the customer service so you don't have to do as much work which is why you're not getting all the profits but you do get your affiliate commission by just recommending it to your social media audience but the tough part now is building the social media audience and I can tell you from experience that is possible but it takes a lot of work and it takes a lot of consistency in the social media game if you want to be successful you have to publish content consistently because the reality is there is so much content on the internet so you need to get your content seen and people forget about you very fast so you want to be posting content consistently every single day ideally multiple times a day especially if you're talking about Instagram and Tick Tock and all that so you need to be posting as many times as possible and you want to make sure your content is different you want to be able to stick out look at anybody who has gone viral they say something that really resonates with you if you're just copying and pasting what everybody else says you're just vanilla nobody even notices you because there's nothing interesting about you you need to be able to pull on people's heartstrings so you need to be able to get people to actually listen to you so you have to have an opinion about whatever it is that you talk about and you need people to listen to you and share your content which will make you go viral now if you can do that that will build you your social media presence which then you can leverage to build any other product that I just talked about the seventh way that you can make money from home is by building your personal brand and now I'll give you my personal experience here because I started minority mindset this YouTube channel with less than a hundred dollars I started by making videos off of my cell phone in front of a white wall I don't have any fancy camera equipment no fancy audio equipment I don't have hundreds of dollars of Lights I mean all I had was really a tripod with a camera with my phone hookup and that was it I mean it was like 30 dollars maybe 40 or 50 worth of equipment and I just made videos for fun it was a hobby for me now I never wanted to be the face of minority mindset because this was just something I was doing as a hobby then minority mindset started to grow when I was like holy moly uh people are starting to realize who I am and I never wanted to be famous I never wanted to be a celebrity I just wanted to put out content and help educate the things that I wish that I knew when I was getting started in finance because because the whole reason I started this brand was because I was an entrepreneur against everyone's will nobody wanted me to be an entrepreneur nobody wanted me to be an investor in my house I was told to be a doctor go to school get good grades and follow the traditional path now I love my parents they just didn't have that sort of financial education and so for me I wanted to do something different never really had any mentorship never really had any guidance which was why I created minority mindset to provide that but I just never really liked the idea of being a celebrity or a social media celebrity or an influencer or any of that I never really wanted to do that so I tried multiple times through the minority mindset brand to bring on other people to bring on other hosts onto the minority mindset Channel and I never really kept my face as the logo I mean it was the minority mindset logo for the longest time until after we had a million subscribers but at around 1.1 million subscribers or so that was when I had to make the tough realization where I was holding back minority mindset and our education because I was trying to make minority mindset a company as opposed to just it being my personal brand because everybody Associated minority mindset as me but I was trying to keep minority mindset distant from me and around the end of 2021 or the beginning part of 2022 I was hovering around 1.1 million subscribers on YouTube and that was when I made the decision that Minority mindset needs to be me and I need to separate my companies from Minority mindset and so minority mindset became a personal brand now again I started the minority mindset with less than a hundred dollars and now it has grown into a full YouTube channel and I have built other companies through this brand that I have built like I talked about Market briefs which is my financial news center company I've also built Market insiders which is an investing education app and the whole idea here is I have people that watch my videos and then I can help the people that watch my videos by giving them some sort of product maybe as an affiliate maybe it's a sponsor or my own companies like Market briefs is that free financial newsletter that I talked about I never grew up being able to understand what's happening in the financial news and when the whole pandemic hit that's when I asked my team to start breaking down what's happening in the financial news for an easy summary for me because I was trying to make videos during the pandemic was when I first started making videos five times a week because before that it was three times a week because I was busy with a whole lot of other things and with the pandemic hit it was like craziness in the financial markets so I wanted to make more videos to help people stay up to date and I asked my team to help me out by giving me a daily summary of what's happening in the markets and this daily summary then I asked our audience here on YouTube I said if you want a daily summary you can just join this minority mindset newsletter that I created just so now the email this news edit that the team was making for me now our readers could access it too and slowly this just kind of went on and eventually people really started to like it and I was like wow we can turn this newsletter into its own thing so I separated minority mindset from Market briefs and Market briefs became its own company now today Market briefs is one of the fastest growing Financial newsletters on the internet we offer a great product but it all started because I had this personal brand now the reason and way that I've been able to build this personal brand I believe is because I try to be as authentic and genuine as possible I mean I am me in these videos right like I really don't care if people don't like the way I talk if people don't like that I say guacamole if people don't like the way I say hello I mean that's okay if you don't like what I say you don't like what I do that's fine there's a bunch of other Financial YouTubers you can watch you can always click the X that's the freedom of YouTube where you're decentralizing education but for me I like this because I can talk about the things that I wish I knew and I come from a very genuine place where these are the things that I wish I knew everything I talk about is from my own experiences and so this has allowed me to build my own personal brand so minority mindset makes revenue and then I reinvest this Revenue back into my own companies now most creators don't do that most creators build their personal brand and that's it they live off of the revenue that their personal brand brings them this is not what I do because I'm more of an entrepreneur this is my hobby minority mindset is literally my hobby and I use the money that I make for minority mindset to help fund my businesses and that's what I do now if you want to build your personal brand if that's something that you're interested in you can use YouTube you can use podcasts there's so many different tools out there but the whole idea and the way that you can become successful with this is we're providing value the more value that you provide the more that people are going to want to listen to or view your content and so you know you can try to hack the algorithm and do all these things but at the very core you cannot get away from the core reason why people watch or pay attention to or listen to a certain person or influencer or whatever on the internet and that's because of some sort of value that they provide so you can try all the algorithms to hack the system to hack the algorithm but at the end of the day you have to be able to provide value and the more value that you provide the better results that you're going to get number eight you can get into the service business on the internet now interestingly a long time ago many years ago I actually did this for a little period of time and it made me some decent money and the whole idea here in the service business is you can sell your services and now if you're selling your services your fees are significantly less because you don't have a cost to produce something because you're selling your own Services now the question is how do you do that on the the internet what I did was a long time ago I had built some social media pages on how to help people build a website or something along those lines and I was actually working through upwork I believe maybe it was a different freelancing site but it was one of those freelancing sites and I had hired a web developer overseas on this freelancing platform and when I got a client or a lead for my social media platform of somebody that wanted me to build a website for them I would construct it and I would come up with an idea I'd come up with a proposal with the help of my freelancer and then I would charge the person who wanted the website like 50 more so if it would cost me 200 to build a website I would might sell it for 300 or 350 to the end user now this doesn't mean you got to do the exact same thing but you can find different ways to sell Services if you know how to build a website if you know how to code if you know how to do graphic design if you know how to do video editing these are Services now that you can directly offer to people that are doing it that are doing these things that are paying money for these things and the question is now how do you get in into the business of somebody who's already having a video editor who already has some of these Services already contracted out well this is where you have to present your value and the easiest thing to do to get your foot in the door is by offering your services for free now for free you might hear that and say how am I going to make any money well it doesn't have to be free forever but you want to make it enticing that way you can get the conversation started if you know how to build a website or if you know how to do video editing find somebody a business owner or influencer or somebody in this Niche who's using your types of services right now then offer to do it for free for a certain period of time that way you can just show your services and if you can demonstrate how good you are how valuable you are how great responding you are and they can start to like you and they want to work with you but then after the two weeks or whatever of you offering your services for free that's when you can say I would love to continue working with you I really enjoy this these are my prices would you like to continue working together now you got your in the door it's much easier to do that than Say Hey I want to do videos for you or I want to do your website it's going to cost two grand most people are going to hear that and say well I know nothing about you especially if you don't have a portfolio you don't have a name to back you don't have the experience you don't have the referrals it's going to be very hard for you to build that unless you do it and the way that you can get it now is by offering your services for free to begin with number nine you can finally start your own business so if you have a business idea you want to create something you want to do something well then this is your time because the internet has made things so much more accessible and the nice thing is even if you don't have a lot of money to create your product you don't need that anymore because you can use something like Kickstarter to launch your product get pre-orders before you even have a product and then you take the revenue that you got from your Kickstarter campaign to go out and actually build your product so thanks to the internet you don't need a ton of money to start a company anymore because there are so many alternative ways for you to either generate Revenue now through a Kickstarter campaign or if you wanted to raise money for your company you want to get investment dollars you can do some sort of investment crowdfunding something like Republic or start engine or refunder these are investment crowdfunding places now I am an investor in refunder I have to disclose that but these are places where now you can sell equity in your companies to raise money to continue growing your company so now if you have a business idea you can start doing it on the internet you don't need a ton of money to start and then if you need money to continue growing it you can use something like Kickstarter then you can use one of the investment crowdfunding platforms to raise Equity to help you grow even further and this brings me to number nine and a half which is more of the miscellaneous these are not things that I have done to make money however I know people personally who have made money doing these things so let's just jump right into it number one is now selling some sort of baked goods from your home one of my friends his mom makes this amazing carrot cake so what did he do he told his mom to make a couple carrot cakes he took a bunch of pictures and videos of it he started putting it on social media he told all of his friends about it and then he started selling this carrot cake for like 30 to 50 depending on how big you wanted it and now they have not a ton of money coming in from this carrot cake but they have a few orders coming in every week for their carrot cake you can do pet sitting if you're working from home and you're already home and you know some friends that have dogs or they have pets that are sitting at home all day well now you can offer your home to your friend's dog that way you can sit and take care of the dog while they're gone at work or while they're on vacation now you're getting paid to take care of the dogs and hopefully you like dogs because now it's more fun for you to take care of their dog and third if you're artistic you can create and sell your own crafts Etsy has made this so much more accessible where now you can build whatever types of arts and crafts that you want and I bet you that there is a market for it and Etsy lets you now Market your products to people and I bought a bunch of random things off of etsy things for our office things from my home so if you like arts and crafts you like creating things well they can make some money off of that too unlike what the majority of people say it is possible to get out of your financial situation it is possible to get out of poverty even if you've never seen anything else but it requires the right Financial education and you have to go through the right steps to get into a better financial situation you don't know what you don't know and if you grew up seeing your parents struggle with me many if you grew up seeing your parents go paycheck to paycheck if you grew up never learning about money or investing or how to become wealthy chances are you'll never learn to think about it because no one taught you how to be good with your money and if now you're in a situation where you're trying to figure out how can I become wealthy how can I achieve some sort of financial success how can I get out of the financial situation that I'm in right now it is possible even if you've never seen it before even if you think that somebody like you somebody who looks like you somebody from your situation somebody with your parents somebody with your background can never do it the reality is it is possible after you believe it's possible now if you're watching this video chances are you believe that something is possible for you otherwise you wouldn't be watching this video but then the next step is what do you do and I broke it down into five steps of the things that you need to do right now to get out of your financial situation that way you can build real wealth for yourself because it is possible and by the end of this video you'll know the steps that you need to do in order to do that the first thing that you got to do is MM and no I'm not talking about the minority mindset although you do have to have the right mindset before you can do anything but this mm I'm referring to is monitoring your money because what happens to the majority of people is you make money so you have an income then you pay your taxes you spend and then you wonder where all your money went this is what the financial statement looks like for the vast majority of people but you have to break this if you want any chance at becoming wealthy so the first thing that I want you to do is pull out a piece of paper use an Excel sheet use Google Sheets doesn't matter what you use but you need to understand where your money is going so at the very top write down how much money you're making every month just look at your last month's statement write down how much money you made and then I want you to write where every penny went so write all their expenses how much is your rent how much is your mortgage how much your property taxes how much was your car payment if you had one how much did you spend on gas how much did you spend on groceries how much did you spend on flights how much money did you give away how much did you buy on other random stuff restaurants you write all this down and then you should see where all your money went write down how much money you invested if any right then how much money you put towards savings if any and then you'll see where all your money went and now we can work towards actually changing the way that your money he works because the first thing that's going to happen is you're going to realize oh my God I spent so much money on subscriptions that I don't even use I spent so much money on this thing that I don't even use now you can immediately cut the things out because if you're spending money on something that you're not using get rid of it because right now in this first stage you have to create margin meaning you need a difference you need a spread between how much money you're making and how much money you're spending if you are spending every dollar that you bring in it is going to be impossible for you to build any sort of wealth because anytime you make money you're spending this money meaning you're working to make everybody else around you rich anytime you get paid in making your landlord richer you're making the bank origin you're making a car company richer you're making Gucci richer you're making Lululemon richer you're making these other companies richer however you have no money left to make yourself richer which means the very first thing that you got to do is cut out the unnecessary expenses second once you cut out the unnecessary expenses that's when you start downsizing on the necessary expenses yes you need a car but do you really need that BMW that you have right now you can start downsizing on the expenses that you have right now and there's a two-part plan to do that first is selling the things that you don't need if you have a fancy car if you have a big home if you have things that you don't need or can't afford right now start selling them because you need this cash in order to be able to actually build this wealth so just look around you look around you in your apartment in your home see what things are just collecting dust that you're not using that are just sitting there taking up space put it on Facebook Marketplace put it on Craigslist put it on eBay put on Amazon sell it get the cash turn that dust into cash and now you no longer have this item that you don't need but you have some cash now look at your car if you are financing a car that you cannot afford you got to get rid of it financing a car means that you're paying interest on something that's losing value if you buy a car for twenty thousand dollars well guess what the brand new car for 20 grand is going to be worth 6 16 Grand as soon as you drive it off the lot and then you're going to be paying interest each and every year that the car is losing value so if you have a car payment that you're financing well you might want to consider selling that car and then buying a car that you can afford with cash in good working condition that doesn't need a lot of Maintenance the reason why this is so important is because if you could take 500 a month and instead of using this money to make somebody else richer instead of making your car company richer you invested this money and invested this money let's just say in the stock market and you could do a general seven percent average return on your money so we're not talking about a great return we're talking about a below average return on your money and you do this for 45 years I know that's a long time but if you do this consistently you take this 500 you don't pay the car company you're not pay the banker you're putting this money to work for yourself well guess what by the time you retire you're gonna have almost 2 million dollars sitting there if you spend this 500 a month on your car instead guess what by the time you retire you're gonna have a piece of junk that still needs maintenance that needs more work and you're just going to be flipping car after car after car versus now if you sacrifice the car you drive a beat up car that drives in good working condition well guess what now you take this payment the monthly payment that you paint to the car company but it to work for yourself that way you can build real wealth for yourself so the first thing you want to do now you want to monitor your money sell off things that you don't need and then start downsizing hey if you have a big apartment you have a big home this could be an opportunity for you to move a little bit smaller and I know this can be hard to do when you're in this weird economic time that we're in right now however this is where you really want to consider what sacrifices that you're willing to make because the sacrifice that you're willing to make today can help you live a more comfortable life tomorrow right the whole idea is right now you want to live uncomfortable so you can be more comfortable tomorrow it's that sacrifice for the delayed gratification for a bigger and Freer lifestyle in the few future they're kind of funny and ironic thing is the people that are going out of their way to buy nice things like name brand cars name brand clothes the Gucci the Louis Vuitton these aren't the wealthy Millionaires and billionaires that are going out of their way to buy these name brand things it's the people that want to look rich it's the people that don't have any money that are not going out of their way that are struggling that are going thin that are going into debt that are financing the name brand cars the name brand clothes that way they can look rich but these things that make you look rich are the things that are actually keeping you broke when you're successful you don't really care about the name brand because you know you're successful you already have the confidence you already know you made it you don't have to go out and buy a name brand thing just to show off that you made it if you want something nice a name brand you can buy it but you're buying it because you like it not because you want to show off because when you're a millionaire when you become successful when you become wealthy you want to live quieter you don't want to attract that attention the people that are doing it are the people that want to act and look like like they rated after you do mm it's time for II which in this case is increasing your income and this is more important to do this after you cut your expenses because what happens to the majority of people is if you ask the majority people right now what is causing you your financial problems every single person will say it's the amount of money that I'm making I'm not making enough money if I just made more money than all my financial problems would get better but if that was really the case why is it that so many lottery winners end up broke or bankrupt within just the first five years of winning the lottery why do so many high income NFL players end up broke or bankrupt after just five years while do so many NBA players end up broke or bankrupt after just a few years why do so many trust fund kids lose all their money after getting this big sum of cash that's because if you make more money without knowing how to use that money the majority people will end up losing that money this is why you have to understand how to use your money before earning more money has more value so we talked about how to use your money and the first thing now we're talking about how to earn more money money because now if you earn more money you're going to understand what you want to do with that money and the whole goal here going back to what I said earlier is building that margin you want to have that margin between how much money you make and how much money you spend that way you have the extra cash to put to work to make you wealthy because wealthy people become wealthy and stay wealthy not by spending all the money not by saving all their money but by investing their money they buy assets they buy Investments they buy businesses they buy stocks they buy real estate they buy cryptocurrency they buy gold they buy assets and Investments which help them keep their wealth and help them grow their wealth because they invest in these things for the long term now while that part is pretty simple to understand the second thing you got to understand is how do you actually buy it well you can't buy it unless you have cash that requires you to have this margin between how much money you make and how much money you spend well if we're now cutting down your expenses the next thing you can do is increase your income because so many people they get this wrong they say all right your income is this pie right here and right now here's what your financial statement looks like you're earning this money you're making let's just say forty thousand dollars a year I'm gonna give my other Market you're earning forty thousand dollars a year and right now you're putting aside 25 meaning you're putting aside ten thousand dollars into your savings and your Investments which is great and once you start doing that you're going to realize holy moly I love this whole idea of investing I love this idea of Financial Freedom I love this idea of financial education and now you're like I want to do even more I want to get a more aggressive I want to put more money aside so what do you do well now you're going to work to put even more money aside to your savings and Investments you're pinching more pennies you're trying to squeeze more dollars out of this pie that way have more money to put to work and this can be great if you know what to do with this money however I want you to think a little bit bigger this is not building that growth mindset this is what wealthy people have where you don't see the world with this limited pie instead what you're saying is okay yeah I'm putting aside 25 and maybe I can put aside a little bit more if that aligns with the lifestyle but also what I'm thinking is how do I grow the pie from forty thousand dollars a year to four hundred thousand dollars a year because now if you can grow the pie to for a hundred thousand dollars a year and you do the same thing you're putting aside 25 percent well guess what you're not putting aside ten thousand dollars anymore you're putting aside a hundred thousand dollars a year that's a whole lot more than ten thousand dollars but it's the same percentage the same proportion based off of your income now I already know those of you watching this are saying but just please how in the world am I going to go from forty thousand dollars a year to four hundred thousand dollars a year that's a pretty big jump and you're right but this requires back to what I said in the beginning you first have to have the right mindset you have to believe it's possible because if you believe it's possible your mind is then going to dictate your actions because if you believe that you can make 400 thousand dollars a year then the next thing you're gonna do is you're gonna start watching YouTube videos how do I increase my income what can I do to start a side hustle how can I start a business and then you're gonna start reading books and then you're going to start trying different things and then you might actually fail and try again maybe buy some classes maybe invest in more of your education that way now you can start earning more money because until you believe it you're not going to do anything because your mind dictates your actions and so now first thing that you got to do is understand hey if I can increase the size of the pie I don't even have to change the percentage of the money that I'm putting aside I can just grow the pie build that growth mindset and now my percentage that I'm putting aside becomes so much more valuable because there's a lot more dollars that I can put to work for me because now you have a hundred thousand dollars that you're putting to work to invest to your savings to help build you wealth now the question you're asking is how do I make this additional income right now and this is now going to depend on you if you don't like the idea of starting a side hustle if you don't like the idea of starting a business you hate that idea then work at your your job how can you get a promotion how can you get a raise how can you work your way up at your company there's nothing wrong with working your job the majority of people should not be in the business of trying to start a company or operate a company now if you like your job and you want to see how you can work up if that's fine but if you don't like your position if you're not happy with the income that you're getting if you don't see any growth potential then maybe look for a certificate on how you can get a different position or maybe you look for a different company or maybe you look for some other sort of career that can help you actually earn more money again you might feel scared it might feel weird because well I'm already secure and safe here but when you're secure and you're safe you have no growth that's why when you invest your money you see no return unless you take risk and generally the more risk can also bring on the bigger returns and so same thing here with your income if you're comfortable if you're safe if you're calm nothing's wrong well yeah you got a comfortable salary but if you really want to get something bigger you got to be willing to take on more risk if on the other hand you have a business idea or you like the idea of being an entrepreneur or you want to create something on your own or You Want To Be Your Own Boss then you can consider starting your own side hustle you can consider starting your own business and you can do this while you're working a job full time and I know this is more work it's harder because you go to work all day you got to manage the family you got to take care of your spouse you got to do all these other things but this is where now you got to figure out what's most important to you because when somebody really wants something you'll always find a way when somebody wants something they will find a way and this is where now you got to figure out what's most important to you because now if you want to start a side hustle hey it's so much easier now thanks to the internet you can watch YouTube videos you can read books you can take classes there are so many things that you can do to learn and to get started and it doesn't take a whole lot of cash either there's a lot of people make a mistake and please don't be one of those people that makes this mistake that where you assume that if you want to start a business you want to start a side hustle you need thousands and thousands of dollars or you need tens of thousands of dollars you really don't need that anymore you can start a lot of different business ideas for less than a thousand dollars for less than five hundred dollars all you need is the right mindset and the hustle and when you have these two things the willingness to learn the right mindset and the hustle nothing can stop you I started all this the minority mindset brand the minority Master companies the minority Master Channel with less than 500 it was less than a hundred dollars I started making videos off my phone with a tripod that I bought off of Amazon for like 35 I don't have any fancy lights I don't have a fancy camera I don't have any fancy audio equipment it was a basic cell phone on a tripod with no lights in front of a white wall that was it slowly we started to grow then I started to reinvest back into the company as we started to make more money then I helped build our Blog then I helped fund our Market briefs company and helped build the market insiders app we started investing in more things but I didn't do any of that until I started making more money from this brand because I started minority mindset as a hobby I was working on other things that were actually making money but I didn't want to throw money here because I was busy doing other other things this is where you have to be willing to understand that it is possible and that you don't need all these resources and all these things to get started just get started once you start to grow once you start making some money that's when you can start reinvesting back into yourself back into your company back into your side hustle and then you can just grow sustainably that way third you got to get to work and I'm not just talking about you physically here of course you got to work hard you got to be willing to work hard to continue to save on your expenses you got to continue to work hard to increase your income you got to continue to work hard to do all these things but I'm also talking about here putting your money to work because now as you create this margin that I've been talking about this whole video where now you're earning more money that you're spending you want to do something with this extra cash you want to put some cash aside for your savings you want to have somewhere between three to six months to 12 months worth of expenses put aside in a savings account that you don't touch unless you run into an emergency and by emergency I mean your kid breaks their arm your car breaks down your AC stops working and actual emergency not that Best Buy is having a sale but a real emergency so you put this cash aside and the money cash you put aside is going to depend on your risk tolerance if you don't really have any financial responsibilities if you don't mind taking on more risks then maybe you only have a few months of cash put aside in your emergency account but if you have more financial responsibilities you don't like taking on a lot of risk then you should put aside more cash for your emergencies once you start doing that then you also want to think about now how do you actually put your money to work to make you more money this is what I've been hinting at this whole video this is what wealthy people do they use their cash their extra money to buy Investments to buy assets that make them money now there's two different ways that you can go by doing this one way is to pay down some of your debt the other way is to actually go out and buy assets if you have anything that's a high interest debt something like credit card debt something like a payday loan something like a hard money lender something like a buy now pay later thing that you purchased but didn't pay off in time so now you're paying 18 to 25 epr on the this loan if you have any type of high interest debt before you think about investing your money anywhere else you got to pay this down as fast as possible because these debts are skinning you alive financially here's why this is so important if you have six thousand dollars right now and you put this into an investment account that's paying you say 20 a year and you do this for 45 years well at the end of the 45 years or six thousand dollar investment assuming you've never put another Penny into this investment you just put six grand into here you let it grow by 20 a year for 45 years your sixth Grant is going to grow to over 21 million dollars now you might think just breathe that's great and all but where am I supposed to get a 20 return on my money and that's the reality credit card company is charging you 18 19 20 21 22 23 24 25 a year in in interest and so if your credit card company is earning this money from you that means your credit card company is getting rich from you because you have this High interest rate debt so this is where you want to be the one not making your credit card company rich not making all these companies Rich you want to pay down this High interest debt as fast as possible so you take the margin that I was just talking about this extra cash you use it to pay down this debt as fast as possible because it's money just making your Banker rich is making your credit card company rich and you want to put this money to work to make you rich but you shouldn't do that until you pay down all these high interest debts now if you have lower interest rate debts things like a car payment things like a mortgage now you have a little bit more flexibility on whether you want to invest this money into something like the stock market or use this cash to pay down the debt and the questions that you want to ask yourself or what is your risk tolerance what are your goals and what type of lifestyle that you want to live because if you say I want to live a big lifestyle and I don't mind taking on a lot a risk and I want to do something really big I want to have a lot of wealth then you want to be taking on more risk and more risk in this instance would be taking your cash putting it to work in something like the stock market and it's riskier because the stock market can go down the goal is to see your investment go up faster than how much money you're paying on your mortgage however there's a chance that your stock market investment can go down but you're taking that risk because you want the upside you're willing to take that risk for the potential to see that growth in your money in the next number of years however if you say I just want to live financially free I just want to never have to worry about money again I want to just be able to live my life and not have to worry about my payments then you want to consider paying down your debts as fast as possible because now if you can pay out your home if you can pay out your car and never have to worry about another payment again well now you're financially free and you don't got to worry about that and then you can worry about taking your extra cash and putting it to work for your Investments now I think every single person needs to have their own Investments because you want to create an income stream you want to have multiple streams of income you want to have assets that pay you but when you're initially starting to put your money to work you want to know where the bulk of your cash should go and this is where you have to make the decision of paying down your debt versus investing your money and they both can have a place but you got to understand these questions and know what type of Lifestyle what type of risk you want to take and what type of goals you have financially because that's going to help dictate where you put your money whether it's investing your money or paying down your debt if you're wondering where you can learn how to invest your money into assets which are investments things like stocks and real estate and cryptocurrency you can check on Market insiders it's an investing education app that I created where every week you get access to live coaching sessions on stock market investing real estate investing and cryptocurrency investing so if you want to try out Market insiders for free you have access to a free 10-day trial where you can get all the previous coaching sessions and attend the live coaching sessions that way you can try everything out and not have to pay a penny Until you realize if you love it or if you don't love it if you don't love it then you don't have to continue it doesn't cost you a penny if you love it well then you can continue you so if you want to try out Market insiders for free I'll put the link to how you can do it down in the description below fourth you have to constantly be willing to learn if you remember the three things that I talked about where nothing can stop you from becoming successful you have to have the right mindset you have to have the right education and you have to have the right work ethic well I already talked about the work ethic I already talked about the mindset this is the first thing that I talked about but now let's talk about the actual education because education is the backbone for your success but the question is where do you get that education because the majority of us assume that our education ends at school I went to school I got a degree and now I got my education however if you really want to become successful your real education just begins with school and this is where now you have to have the real self education the Life Education the financial education which can take you to real wealth and that means one you can start watching YouTube videos I have a ton of videos on my channel which is why if you haven't subscribed yet make sure you do that but then you can start learning from other places you can start reading books you can start reading blogs maybe you start purchasing classes maybe you hire a consultant or a coach depending on where you are and what it is that you're working on now you can start actually learning more about the things that you want to do and you have to keep be willing to learn and the best education that you can get is through experience it's called that real life education that tuition I had to go through so many failures in entrepreneurship in order to learn how to build a business I went from failure to failure to failure until I could figure out how to actually build a business same thing with my investments I made a video on this YouTube channel where I went through my worst real estate deal ever I walked you through everything that happened it was a horrible nightmare property where everything that could have gone wrong did go wrong I lost a ton of money on that deal it's the only deal to date that I've ever lost money on but that was my real life tuition it sucked when it happened I didn't enjoy it when it happened but not looking back I learned so many things and that one real estate deal that it taught me years of real estate investing and just one deal and that set me up to be able to do much bigger deals like from profitable deals later on because I learned how to make the mistakes quickly it's kind of funny because I think a lot of people that go through this educational process realize this and what you see is the people that talk the loudest that feel like they know everything are typically the people that know the least and as you start to learn more that's when you realize that you really don't know anything so the more you learn the more you realize you don't know when in reality you're becoming smarter you're becoming more educated but you just feel like you don't know anything because you've now started to invest in your own education and you realize how uneducated you actually are this is why you need to be investing in your own education and if you're not start listening to audiobooks or read books I don't like reading English is my second language I'm not a very good reader I'm a very slow reader it's hard for me to sit on and actually read but once I discovered audiobooks I loved it I discovered this during the pandemic where when gyms were closed I started going on walks and I started going on these really long walks where I needed something to do I didn't really like listening to music I wanted to do something more productive and this is where I found out about audible they're not a sponsor I just listened to audible books and I started listening to audiobooks there and now I'm listening to audiobooks almost every single day I'm on morning walks and so this is another way for you to start learning just start listening to audiobooks or read books because you can tap into the minds of some of the most successful people and see what they did because if you live in this bubble where you don't have successful people around you you don't know investors around you you don't know entrepreneurs well what you can do is start tapping into the minds of other Successful People by reading their books that's how I got started because no one in my family is an investor I didn't know any Real Estate Investors I wasn't exposed to financial education I didn't know what the word entrepreneurship was but I started reading books and that started teaching me about things that I had never even heard of I never knew what investing was I didn't realize what passive income was let's tell I started reading books about it and that changed my mindset about things which changed the way that I acted you have to change your mindset which changes your thoughts which will then change your actions and number five you just gotta keep repeating the process because the mistake then that a lot of people make is they assume that they can change everything in just one year that you can go from zero to millionaire in one year because you saw this YouTube video of somebody talking about how you can follow the six step system to go from zero to seven figures a year in just 12 months now the reality is get rich quick does not work for 99.9 of people maybe you hit the lottery maybe you find some random way to make money very quickly but that is the outlier it is the exception it is not the rule and so what you have to understand now is if you really want to build true sustainable wealth it takes time and a lot of times we overestimate what we can do in one year but we underestimate what we can do in 10 years and this requires you to now really build that disciplined mindset build that long-term mindset because you'll surprise yourself if you start noting and journaling how far you've come if you look back in three months you'll be surprised at how much you change your financial situation in your life you look back in 12 months you'll be even more surprised and then if you look back in five years it's gonna be a a complete night and day difference where you won't even remember how your life was before how you lived your life where you didn't understand how to use money and when you do that you're going to feel so much more fulfilled because you're going to see how far you have come but this requires you to stay disciplined and understand that we're running a marathon here it's not just a Sprint you're doing this for the long haul that way you can build real wealth for yourself for your family and for your community what if you're looking for some passive income some cash flow where you can get paid without having to sell your investment then you can look at investing your money into dividend paying ETFs or high dividend paying ETFs a couple examples of this would be vym and schd I have my own money invested into these funds as a disclaimer but now what you're doing by investing in these ETFs is

Channel: Minority Mindset

Views: 100,806

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, real estate, real estate 101, real estate investing

Id: rYDcv7_qhaY

Length: 76min 27sec (4587 seconds)

Published: Wed Nov 02 2022