"I GOT RICH When I Understood This!" (MONEY MYTHS THAT KEEP YOU POOR) | Jaspreet Singh

because I thought that if you go to school get a good degree you can make a lot of money and if you work harder in school get better grades you'll make even more money so I thought it was just directly correlated your grades your income and that's when I started questioning things and I realized oh maybe this isn't right and as you start to go down deeper and deeper down the rabbit hole you start to realize oh my God everything that I've been told is a lie your channel is really inspiring and you've interviewed and also just done your own research individually on a lot of these different topics about money you've interviewed the top people on bitcoin and cryptocurrency uh investing in gold and stock trading and real estate and starting your own business and all these different things with all the information that you've brought into your life all the mistakes around money the successes around money the wisdom you've learned the things you've tried maybe the things you haven't tried yeah if you could share five things you wish we all taught when we were younger about money yeah with all this information that seems a little overwhelming and confusing especially today with the nft world and the crypto and all these different things and yeah what do you wish we taught everyone from the ages of 10 to 20 sure five different things around money first thing would be what is money because money as we know it is fake or dollars or just pieces of paper I grew up thinking that our paper dollars are like the Holy Grail you want to save this money because it is the most valuable thing there is as I became older I started to realize that that's not the case our paper dollars are just pieces of paper it's fiat currency which means it's issued by the government and the value is backed through the strength of the government now we're lucky here that the United States is the world's superpower we have the world's strongest military we have the world's strongest economy but we can't stay on top forever and you know inflation is when the value of a dollar goes down so these dollars which many of us think that if we hoard this we'll become wealthy saving money to wealth is actually keeping you poor and it's making it poorer each and every day so the first thing you have to understand is what is money second thing you got to understand is what do wealthy people work for and most of us the majority of us are taught to work to get a job and climb that corporate ladder but wealthy people are doing something completely different they're working to own the corporate ladder they're working for something called equity and this thing really blew my mind because wealthy people are now working for that paycheck they're working to own a piece of the company that way they can get a piece of the profits so the best way to understand this is you know a lot of times people complain about how much money I'm making I wish my boss paid me more and this is where if you start to understand the system you'll start to ask the right questions see a big company you have to ask the question who are they working for are they working to take care of their employees are they working to take care of their customers neither they're working to take care of one person they're shareholders is this concept called fiduciary duty right I learned this in law school the executives of a company have a fiduciary duty not towards the employees not towards the customers but towards the shareholders the owners of the company now what that means an easy example of this is you're going out to dinner with your girlfriend or your wife and uh you're on a date and you get a text from one of your good friends say hey let's go play fortnite right now you're fiduciate a duty at the moment is to be the girlfriend to be with the wife to be with a partner to spend time with him or her if you go out and leave you're going to get in trouble right so it's who is your alliance to and the shareholders the the executives CEO and the executives company their fiduciary duty is to the shareholders the owners of the company so what are they trying to do they're working to drive up the valuation of the company so once you start to understand that you'll realize why this this big discrepancy between what people are paid and what people want to be paid and when you start to understand that you're going to change what you do with the money that's why I said a minute ago or a little bit ago wealthy people are working to climb not climb the corporate ladder but own the corporate ladder so how do you get the equity the ownership you have to own a piece of the corporate ladder now if you work for a public company that means that you can take some of your income and you can buy stock in the company maybe to pay you with Equity maybe they give you some sort of Revenue share that's what we do with my companies or if your company doesn't do that then you have to start taking this money that you're earning and you have to start investing it into a place where you're getting Equity maybe that means stocks maybe that means real estate it could be you know there's a number of different Investments but you have to work towards that Equity yeah the third thing is that you have to think bigger I know I grew up thinking that somebody who looks like me somebody who's Brown somebody who wears a turban somebody who didn't have entrepreneur investor parents could go out and do this because you think that somebody like me can't do this my parents also told me that I couldn't do it I didn't know anybody I didn't know any investors but you have to be the one to take that first step and once you start to take that first step you're going to learn and see the Second Step then you take the second step and you're like oh I can start a hundred dollar investment here you don't have to start with you know hundreds of thousands or millions of dollars start with a hundred dollars apps on the internet make it so much more accessible right anything is possible if you live in America you speak English you have more opportunities than really anybody else in the world people will literally risk their lives risk their lives to come to this country because there's opportunity here and so if you're here you have the ability to understand what you and I are saying and you have that technology to do it you're blessed yeah what do you do with this right you have to go out and start learning you have to go out and start doing and then the next thing that you have to do number four number four is you have to understand the concept of debt because we live in this consumer culture and it's interesting where you know we want to live this Flex lifestyle right I want to show off on Instagram I want to show up on your car my new Chanel Gucci purse and we we kind of get caught up where I need to live a certain lifestyle that way people can think that I'm rich but what you're doing now is you're living broke right making everybody else Rich so people think you're rich you're product Rich you have a lot of nice stuff but you're you're broke and so when you live that type of Lifestyle you are the reason why Gucci Louis Vuitton Chanel are making so much money but it's keeping you broke the richest person in the world sometimes he's the second sometimes he's the third is the CEO of Louis Vuitton not what really yeah Bernard Arnold and why how did he get there because everybody wants to look rich everybody wants the Louis Vuitton and you know you I saw this in this the pandemic especially we were in a recession in 2021 but luxury sale products were breaking news really they're breaking records in 2020 why is that stimulus checks went out people had cash and some people use that money to save some people use that money to pay down debt some people invested that money but a big chunk of people took that money to places like Gucci Louis Vuitton and now you go and spend it you would think when the economy is well I guess when people are losing their jobs and there's Financial uncertainty of the future you'd think people will be saving or investing not spending on luxury goods especially if you can't even go outside to flex it you know I do it on social media the company you don't need to go outside anymore you can just do it on social media yeah and so if you don't have the cash do it people are going into debt to buy it and it's becoming easier and easier because of now things like buy now pay later right it is one of the fastest growing Industries in fintech I love Financial technology but it breaks my hard I mean it just it rips my heartstrings when I see the growth of this buy now pay later because what does that mean I can go out and buy anything I want not pay for it today pay it off over three months and then if I don't I get slapped with 25 interest and if you are 18 or let's just say 21 I give you 6 500 you never invested another Penny but you invested those 6 500 and you could get an 18 return on that money and you retire at 65 and you look at this Investment Portfolio you would have over 11 million dollars wow now everyone watching this thing where the heck am I going to get 18 on my money exactly but your credit card company is doing it every single day 6 500 is what the average American household has in credit card debt right now and you're turning around paying these companies 18 20 25 a year and they're the ones that are getting rich not you so what's happening you're going into debt to buy liabilities which are things that lose your money and then you're paying interest on top of that which is making everybody else Rich which leaves no money in your pocket to make yourself rich and you have to break out of that mindset so what do we need to know about debt then how do people get comfortable understanding about debt either using it in the right ways and eliminating the debts that don't support our financial growth yeah so the first thing is never Finance anything that isn't going to pay you okay so give me an example Gucci your vacations your car stop financing these things aren't paying you and people are going to get upset when I say your car because they're going to say wait how am I supposed to buy a car without a car payment don't buy a hundred thousand dollars unless you've got the money in the bank to buy it Go plus more buy a used car exactly for six grand exactly go buy a used car good working condition car with cash write it for 10 years exactly the first time I made a million dollars in a year my car was 500 bucks dude my employees had better cars than I did I had a four thousand dollar car for the first five years living in Los Angeles four thousand dollar car used car 1997. I love it was the car yeah when it's when it was made and uh that thing was great and it was comfortable got me from A to B yeah it didn't break down exactly I didn't need to be flashy exactly I still have my 500 that's great you know and it's one of those things where you know because I fell into this trap where the first time I started making money uh you know in my culture cars are a big thing and the Punjabi culture people really want to put money in the cars they want to look cool right so when I was 17 16 17 I started making a little bit of money because I was doing my side hustles the first thing I did was I put new rims in my car then I put tints on my cars in my trunk right I put the tints on I put a new sound system in there lights around glow in the dirt yeah I had a Toyota right and and uh then the next thing I was going to do is I called up a cousin I said guess what I got three grand in the bank I'm about to put Lamborghini doors on my Toyota and he caught he's like trust me you're stupid don't do that and so he sat on the phone with me for like 20 minutes convincing me not to do it luckily I didn't I'm really glad I didn't but that's where all my money was going I looked cool my car was cool and that's where all my money was going I had a thousand dollars to my bank and I went out and I bought a thousand dollar watch I was like 18 years old right because it was like I was in that industry the entertainment industry I wanted to look cool and then you know I started to read these money books and my mindset starts to shift and now all of a sudden it's the comp like I went from one polar extreme to the other polar extreme I don't want to spend a penny on anything on anything unless it's making me money exactly I don't want to spend anything unless it's making money so now I'm saving as much money as I can I'm investing my money as much as I can I'm trying to build my business and and I mean I'm talking like I'm running my shoes into the ground they have holes in them I put a piece of tape wrap it up I'm going to school I got rental properties but I got my shoes that are taped up right and it's like I I realize that I'm gonna go like I'm not gonna make the same mistakes again and you have to break out of that mindset the first time I made 100 Grand a year I was in school and I was living in a apartment paying 400 a month including my my um my water my electricity my cable my gas my internet everything wow and the reason was is because I I didn't have a room I slept on the living room floor I had a little mattress I used to pull that into the living room put that down go to sleep at night wake up fold up the sheets put them away drive that mattress back into the hallway because I'm like you know I realized that the power of compounding your money I realize the power of putting your money into the right assets and I'm like this is my time to build I've been blowing this money that I'm earning on things that are making everybody else Rich right I'll spend money on that stuff a little bit later right now I want to make myself Rich yeah and so you know you have to just first understand what it is that's worth spending money on and what's not and then you know if you do have that debt you've got to come up with a strategy to pay it down as fast as possible first thing you can do if you have a lot of credit card debt call up the companies see if they're going to be willing to just give you a lower amount see if they're willing to work with you say look I got ten thousand dollars for the debt I'm never going to pay this off it's not going to happen how about you work with me and give me five thousand dollars and I will work to pay that off right you start to work with them see if you can do something then you can consider moving some of that money to a zero percent APR uh card if you have 12 to 18 months to do that that way now you can aggressively you got to do the SMART because if you're just going to keep doing the same things you were before don't do it but you have to start aggressively paying it down you stop spending money that way now you can pay down this debt as fast as possible and then you work to earn more money and the money has to go somewhere as you earning more money you live the same lifestyle if not smaller and you take all this extra money and you use it to pay down your debt that way now you can start building right you got to lay that Foundation you got to start working to grow upwards but you have to get aggressive is there a number of time where people should go into debt the right type of debt we get the credit card debt student loan debt you know buying a car and going in debt on that those things I'm understanding is not helping your financial future yeah when is it the right time or is there a right time in your mind to take money out and spend interest on that money depends right if it's something that's going to make you income and you can manage the debt then yes but it's not for everybody right some people don't have it in them to manage the debt some people don't have it in them to manage Investments some people don't have it in them to run a business if you're not the entrepreneurial investor type and you don't like looking at numbers you don't like managing money you don't like trying to grow this stay away from it now you go up maybe you can get debt to buy a home but that's it but if you are more the entrepreneurial type you you have it in you that you want to grow now if you're using debt you should only be using debt to buy something that's paying you with income something that's going to make you more money do you have any debt out right now right now I do not I have people paying me loans but I personally don't have any debt right now and and uh I I kind of went through this phase where I have all this real estate but I have no debt on it and the reason is is because I'm waiting for the right opportunity I will I will have more debt really yeah I'm just waiting for the right opportunity because right now all my real estate is paid off you paid off all the reals how many properties do you have uh units in the dozens a number of units but now I'm just waiting for the right opportunity and it's all paid off so now there's just cash coming up it's cash coming in and you know if you still have that that's rendered for 850 a month that eight thousand dollar Place eight thousand dollar place that's just bringing in 800 bucks a month 850 a month clear and free just yeah you got to pay your expenses your property taxes Insurance your maintenance and management fees uh but right now I have no debt on it and so now what I'm waiting for is and how much could you sell it for now uh probably a hundred thousand hundred twenty I don't know the exact person it's not bad yeah I mean it's it's crazy because I never I when I buy real estate I never look at what can I sell this property for I'm looking for one thing cash flow cash flow yeah and so this is a big mistake that leads people into a lot of problems in real estate because when you start buying real estate hoping that you'll be able to sell it for a higher price in the future and things don't go as planned are you screwed so you know for me I look at uh one thing cash flow and will I be able to see more growth in this area so look where businesses are moving where's money moving to and then that's where I want to invest because I know if property prices go up it's I think property prices go down it's okay that's like I'm a rent which is which is covering my costs so what's your goal right with the the dozens of units for the opportunity for something bigger or what's the plan something yeah it can be anything something bigger in real estate and I'm looking for the right opportunity but again my focus Now isn't in real estate like it was before a few years ago I was Heavy in real estate now I was doing everything that I can there and a lot more opportunities were there I bought a property in 2021 I haven't bought anything in 2022 yet but my focus now is building my business because I I see a bigger opportunity there for me uh than real estate that's why I've been kind of I'm still involved in real estate right but not the way that I was a few years ago because you can earn more with your business if you put the attention and the energy and the money into building the team and the resources and technology and those things and it's more it's more fun because it's a lot more active for me yeah and then you know once this gets bigger then I'll go back to real estate but right now like for the last few years I've been kind of phasing slowly away from Real Estate as I can transition more into the business because you know it's just it's just more fun for me yeah okay so understanding that was the fourth thing what was the fifth thing you wish people learned uh from 10 to 20 years old about money you have to be willing to make mistakes take risks and start and this one is hard and it sounds simple but a lot of people that I know a lot of people they are so hesitant to making that first investment because what if I do something wrong what if I make a mistake what if my investment goes down and so the simple things that's happened to me multiple times yeah but you learn every time right it's your your tuition it's your real tuition uh and you have to be willing to try things because if you don't you're going to get stuck in the game a what if what if I lose money what if it doesn't work out well what if it goes up what if you learn I have made a lot of mistakes I made a video on my YouTube channel where I went through my worst real estate deal ever it was my third property that I ever bought it was a home in the city Detroit and I made every mistake possible now I'm still in college right I don't know what's going on exactly with real estate investing and I mean I bought the property and I bought it because my contractor at the time told me that we can make a lot of money on this deal we'll be able to rent it out we could flip it if I wanted to and he was like don't even worry about getting a home inspection now when I buy a property now the first thing I do is I get a property inspection where somebody walks through the deal make sure a third party an independent person and they tell me anything wrong with the property and the foundation in the plumbing and really anything with the property so I know what I'm getting myself into and so he told me don't do that he said don't worry I already walked to raise a contractor so I figured he knows what he's talking about uh all you have to do is spend fifty five hundred dollars and I will make sure this property is ready to go wow so I said okay let's do it so I bought the home I gave him a check for half or maybe 2500 or three something around there three thousand and a week goes by nothing starts two weeks ago by nothing starts and I call him and said hey man what's going on like I thought we were going to have this done in two weeks here we are two weeks later and you haven't even brought your materials here so I got caught up with something something's going wrong and so now two more weeks go by he brought some materials there he started painting one wall and that was it and so you know I'm getting upset because now it's like you know every day that this property is now leased out it's it's costing money yeah and still nothing's getting done another two weeks go by and now I'm like okay look what's good what's going on we got to get this taken care of because now we're six weeks into this deal you haven't done a single thing you keep putting me off you you took my money and nothing's happened and so long story short on that he ran away he was having financial difficulties that's why he wanted me to close on this deal because he needed some cash and now he's gone so now I have another property that uh somebody was working on a manager and he was having some issues at my property he was causing some problems so I figured he's causing problems there how about you come work at this property and you need a home you can live in this home for free Fix It Up just fix it up yeah and so he he said okay so now I thought all right you know I I found a good deal here I've got somebody who'll fix it up he'll live there take care of it and it's going to cost me less money and so now he's living in this property and he's like how about this how about you just open up a charge account at Home Depot and I'll just go buy stuff and take care of it at the home I said okay so I go open up the charge account he starts buying materials not to work in my home but to work on other people's properties oh my gosh so now I'm like dude like you're spending my money to go work on other people's properties so you can make double profits over there you haven't started any work on my home you're not paying me rent you have a dog that you're not taking care of who's pooping everywhere the property and you it's not being taken care of and so now how do I get somebody out of this home I got a victim out of my own property there's no lease in place so now as regarding to all these legal issues of how do we get this person out of the home we get him out of the home it took me months to get him out the property now is destroyed oh man there's crap little crap all over the home he damaged the place did not take care of it and now it's like we have to start all over from negative to start fixing this property up so now we start fixing I get a licensed and insured contract there were months into the deal and he wants I don't know like a lot more money at least 10 grand if not more to start doing the renovations and we started digging deep and we start to see problem after problem after problem so now it you know every cost keeps adding up now the home is ready to go and uh I'm like all right fine and everybody told me just please don't license this home with the city of Detroit as a rental because nobody does it and this is you know again after the 2008 crash the Detroit went there was bankruptcy they were having their own issues but I don't like to play games I want to play by the rules so I said I'm going to get it rented I'm going to get a license for rental when you get a license for rental they're going to send their own property inspectors out to the property and they're going to inspect it and make sure that it's okay so now the property inspectors come out and they say I need to lift up the home so what do you mean lift up the home they're like oh yeah we need to raise the home I don't even know that you could do that apparently you can and it's very expensive wow so I lift up the home and then we start running the water in the property and it turns out that the water is not draining to the main City Line apparently somebody previously living in this property had poured cement down the main drain now in order to get this property working we have to bust out the cement in the basement take out this pipe put in a new pipe re-pour the cement and then these property inspectors start disagreeing with one another one person says that you need a 10 foot electrical Riser so we make it 10 feet the next one comes says why is it 10 feet it needs to be 13 feet I think your first person said 10 and now they start fighting with each other and we have to keep paying for these inspectors to come back they keep charging me permit fees for everything if I want to paint the window sills it's a hundred dollar payment fee change the smoke detectors 75 permanent fee so this goes on and on and on and on for months finally now who approved for rental I was like oh my God like this is the biggest headache of my life we get a tenant in the property we get licensed tenants in the property and now we have the license and the property inspectors just decides to go back to the property they don't tell us they just go back there even though we're fully licensed they had no reason to go there they knock on the door and apparently we didn't know this the tenant was uh having a babysitting operation in a property so now the inspector sees this that the tenant is running in illegal babysitting operation he tells us he finds US tells us we need to evict the tenant and now we have to start this process all over again so after that point I was like you know what just sell this property wow because this is the biggest headache and that was the only deal I ever lost money on but I learned a lot it was my tuition so you have to learn people did make mistakes and then be willing to grow from those mistakes go on and you know keep willing to go because the thing that I kept telling myself is you know uh there's a lot of Real Estate Investors out there that have thousands of units there's no way they're dealing with this with every single one they have a team I just got to figure out how to do it so that's the only way that I could get through that I think people I certainly think people understand that investing can feel like a full contact sport at times it can feel like you get punched in the gut in the face and the ribs over and over again like you did for almost a year it sounds like with this one property what if that was your first property you might have said screw this real estate investing thing I'm never doing this again I lost all my money I'm just gonna go back into doing something that is safe and secure that I know is not going to punch me in the mouth every day with another fine fee and penalty or whatever it might be so I think people also need to understand this is a risky thing absolutely no I've lost a lot of money I've made a lot of money lost a lot of money it never feels good to lose money it does it emotionally charging it's psychologically can can mess with you if you're not mentally and spiritually prepared yeah to understand okay it doesn't feel good to go from a few hundred thousand dollars to zero you know in in weeks like some people did with the stock market or something in the last year or real estate whatever it might be or crypto going up and coming down it's a big psychological high and low if you're not prepared for it and so what have you done psychologically mentally and emotionally to prepare for the big swings when you see oh my monies just went up 10x in the last three months oh I'm negative hundreds of thousands in a few weeks or Millions what have you done to prepare for that mentally and spiritually and psychology brought that up because one of the things that I say is that the psychology of investing is just as if not more important than the actual how to's and domestic and that's especially true when it comes to something like the stock market in real estate it's tough but the difference between real estate and the stock market is if you buy a say 200 000 home it's not going to go to zero next week next month or really ever because you have some land you have a physical property and the stock market it can happen and so there's a couple things that you're investing stocks too and that's my money in five places real estate stocks startups cryptocurrency and physical gold so that descending order of like value from the most to the least yeah I would say so uh and then you know if you want to put my business in there then that would be number one that's number one your business and startups yeah number one yeah but I also invest in other startups as well but it kind of I would say in that order yes but in the stock market particularly it is a liquid investment meaning you can easily buy you can easily sell and that's what becomes a big psychological game because every day people are watching that ticker I just made money I just lost money ah what's Tesla doing today Tesla's up two dollars that's us down four dollars and it can really drain you and I think most people who start off investing their money they get sucked into that rat race I did too because when I first started investing my money in the stock market I was like wow this is fun this is exciting oh my God it becomes like a drug you become addicted to it because I I was waking up every morning I was like I'm gonna become a day trader I got it and so you know I took a summer of when I was in college and that's all I did I would wake up before the market and I would read these stock charts and I would trade these penny stocks and some days I would I would make a thousand dollars other days I would lose a thousand dollars and by the end of the summer I don't think I made any money you just spent all this time I spent all my time and I realized this is not for me like I became so addicted to it all you're doing is watching the numbers go up and down and ticker symbols and you're reading these forms so the first thing is you have to understand that your psychology is important what I do is I understand I'm not a Trader I don't trade I don't flip even when it comes to real estate really any of my investments you invest I invest long-term so what does that mean so I have two strategies when it comes to investing my money I have an active strategy and have a passive strategy we'll start with the passive strategy because that's easy to understand every month I passively invest my money into stocks physical gold and cryptocurrency really and so what that means is it's automatic product payment consistent in each one yeah all the time so we're doing index funds with stocks stocks that do ETFs low cost ETFs and I have ETFs to give me exposure to the S P 500 that's kind of your safe your value S P 500 are the biggest 500 companies in the stock market so that's the kind of the safe value play I have some uh ETFs to give me exposure to Innovation startups growth because I like that space much more risky but you can see more potential upside risk means you can also see more downside and then I also have ETFs to give me exposure to Emerging Markets these are countries that are overseas countries like China India Korea Brazil countries that are are up and coming to give you some diversification not just in companies but also in dollars right diversifying out of the dollar so it kind of gives me that protection so every week I have money that's leaving my account and being invested into these different ETFs I don't care whether the Market's up or down it happens every week in physical gold every month I use an app for this there's a lot apps that allow you to do this I have money that's withdrawn out of my bank account that buys me physical gold really now people are going to say why gold for me it's it's real money it's another way of saving real money because now if I have 50 Grand of cash would I rather save and bury that 50 Grand cash in my backyard or bury 50 Grand of gold in my backyard I'd rather bury the gold because I know that 50 Grand of cash is guaranteed to lose value every single day gold is a store of value because it takes time effort and labor to mine physical gold and that time effort and labor is represented through the physical piece of gold so that's why I own it it's not a huge piece of my portfolio but it's kind of that insurance that's the way I look at it it's protection in case everything else goes wrong that I have some physical gold so I have that and then I have my cryptocurrencies now I I'm mainly in Bitcoin I have some ethereum a couple other coins but mainly Bitcoin and every day I buy a little bit of cryptocurrency again I know it's volatile I know you can see big swings up big swings down I don't care I'm buying it every single day so that's my passive strategy where it doesn't matter what's going on in the market I'm just gonna keep buying no matter what's going on then my active strategy is now where I do more of the fundamental analysis where I understand where am I actually investing my money so this requires much more time and more effort on my end so on the real estate side I'm looking for deals that are paying me that seven percent cash on cash return and so I'm going to be analyzing the numbers looking for properties walk through a lot of deals and when I find something I will go out and buy it in the stock market rather similar I'm looking for companies that I believe in that I believe are good fundamentally fundamentally means looking at the numbers right what do the revenues look like have the revenues been growing how fast are they growing 10 a year 20 a year what about the profits but you also have to look a little bit deeper than just the profits because you want to see what's going on with the expenses where are they investing are there expenses going up because the cost of business is becoming more expensive or are the expenses Rising because they're investing more in their company so you got to do a little bit of digging in there and then in startups obviously invest in my own companies but I also invest in startup companies I I love entrepreneurship we're going to jump back into the video in just a second but before we do if you are interested in learning more about how you can start generating passive income our team put together an amazing guide that will walk you through how you can start generating passive income today you don't need a ton of money to start generating passive income what you need is the right Financial education I mean there are some passive income strategies that don't cost you a lot and there are other passive income strategies that are completely passive that will cost you more money and this guide will walk you through the different passive income strategies that way you can understand what are the best ways to start generating passive income and what's the best strategy for you you can download our guide to start generating passive income for free when you sign up for our daily newsletter so if you want to learn more and see how you can start generating passive income I'll put the link to how you can download our free guide in the description below now let's jump back to the video alright so I have a sincere belief that there are habits that keep people poor and that anybody regardless of where they're born what their circumstance is if they do the right things over a long enough time period they can get out of it we are living in horrendously uncertain times yeah what are the things the habits that keep people poor well well the first one really has to do with understanding money because unless you understand what money is none of the other habits really matter because at its core what is money and when you ask people that you might say it was a hundred dollar bill fifty dollar bill that's what money is but what is that money because that money that we have today is different than what money was 60 years ago the money that we call money today is currency it's really just pieces of paper and when you understand that it's going to change what you do with the money and the reason why I'm saying that is because uh I'm from my family's from India stayed in India called Punjab and over there it's a very traditional thing that when you earn this paper dollars many people will convert this cash into gold because they understand that these paper dollars lose value and it's just paper so they want to convert it to something real something tangible so they will go out and buy gold with it all right really fast explain to people why paper money loses value over time so our paper dollars can be manipulated and controlled by other entities such as such as the Federal Reserve Bank yeah and the government now the interesting thing about the Federal Reserve Bank is it's called the Federal Reserve Bank however it's not federal it says so on their website they're not a reserve they don't keep cash reserves anywhere they're not a bank you and I can't go there to deposit money so what happens is should I hear wolves howling in the background like is there something sinister going on do you think for real or is it just the system and it's just how it works well it depends if you understand the system you can use it to your advantage if you don't understand the system it is going to screw you over many many many times yeah this is my obsession so as you and I were talking about before we started rolling camera two years ago I considered myself very good at making money very bad at investing money right and then the pandemic hit and I really started to panic for other people that look I'm gonna make it out of the pandemic fine but I don't know that that will be true for people that don't understand money right and so getting educated like for me to try to help other people I've had to educate myself about what money is right getting freaked out by inflation and I've heard you talk about this so I know you know this well but that the government when you say manipulate the money they literally just make more of it right magically literally and and this is where the rich will become richer the poor will become poorer and the middle class will get wiped out and the reason why is because some people rich people will understand money and they will continue teaching the kids and everybody else the majority of people who have no idea what's happening will continue to become poorer because they don't even see it happening and so what happens is so you have the government and the fed the government spends money now where do they get their money well they get their money from taxpayers people like you me people watching this video through tax dollars now can we Hammer that for a second sure the government does not make money the government takes money from people who are making money right now that's not necessarily bad because they provide a lot of amazing things they're not necessarily efficient with their dollars So yeah so we can dab into that for a second so you know you have to understand what someone's role is if you are a company right you you have a company your job is to make a profit because if you don't have a profit you're not going to be in business unless you have some other stream of you know Venture Capital debt or something but if you don't have a profit you can't continue operating and so your job is to be as efficient as possible as a company the government can actually be benefited by being inefficient because what is the government's job you have to understand what is the role if their goal is to create jobs well then you can be as inefficient as you want and you can achieve that goal because if my goal if I'm the government I just want to create as many jobs as possible I can pay people to pick up this mug and put it from the left hand to right hand I just created a job you're employed you have an income but you're not producing anything of value and this is where you have to understand okay what is that purpose and so now you know if we get away from the politics for a second the government now spends money they get money from taxpayers because the government is not a for-profit entity they don't create a product and sell it for or create something and sell it for a profit instead people make money and then the government taxes your income now just like anybody else there's checks and balances if the government has a million dollars they can only spend a million dollars you would think but that's not how it works so the government has a million dollars and what's happening now is they're going to spend significantly more than a million dollars now if you have a certain amount of income and you spend more than that what do you do well you're going to have to subsidize or find that extra cash somewhere and in the government's case what they can do is they can go out and look for a loan it's called a treasury bond for as long as anyone can remember have been considered the safest investment anybody can make well what it is is you're literally loaning money to the government but what happens now if there's not enough people out there to loan money to the government if the government wants trillions and trillions of dollars if there's not enough people out there to loan that money to the government and they keep wanting to spend more money you still got to make up this cost so what do they do they call up their friends at the Federal Reserve Bank and they say hey we need a two trillion dollar loan and then the fed's gonna say okay we got you now remember what I said they're not a reserve they don't have a cash pile anywhere so what do they do they go to the money printer and now they can print out two trillion dollars they loan this cash to the government and now the government got the two trillion dollars the federals are printed it out of nothing the government can now take this two trillion dollars and spend it in whatever way that they want it can be inefficient they can try to create efficient products but their goal is to hopefully help people now whether they're inefficient or not is a political debate however you know that that is what they do now really fast before we move on so this is the part that people need to understand about why the rich get richer because I'm super as a rich guy I'm like oh I'm gonna get richer like what great so what happened I never understood how so now what happens you just printed this money right and then which you don't actually print by the way you just increase the database somewhere it's a bunch of digits yep and now this money enters our economic circulation but what happens now when more dollars enter without actual wealth being created because we saw this happen in textbook form of 2020 and 2021 where nothing was being produced except money well when more money gets produced it effectively reduces the value of each individual dollar this is what inflation is the word inflation comes from the word inflate what are you inflating the monetary Supply so you're increasing the monetary Supply causing the value of each individual dollar to go down which effectively causes the price of things to go up and so in 2020 2021 no one's producing however the government is spending money like crazy where are they getting this money the Fed so the fed's printing money giving it to the government the government's spending it like crazy now people are getting money it's people it's businesses it's corporations and this money is being spent and now everybody is like wow I'm sitting at home and I'm rich you have some people who are getting big unemployment checks you have some businesses getting millions of dollars and everything is running smooth but and people are spending money like crazy buying things but nothing is being produced so then what happens well now you have a supply chain mess because everyone's buying all the stuff in stores however no business is able to produce anything because the economy shut down so the supply chain issue then you start to see is a byproduct of the inflation because everyone's trying to blame oh the inflation is happening because of supply chain issues but you have to look at what is the real root cause the inflation is what causes the supply chain issues and now we're trying to go backwards but this is where rich get rich and the poor get poorer because as the value of the dollars drop what happens for regular people your salary doesn't stretch as far your savings don't buy you as much and so you're effectively becoming poorer each and every day because for most of us we're taught to save our money that's what I was told to do growing up uh you know the traditional Indian houses save save and so I was told to save my money and your savings are becoming less valuable each and every day well what wealthy people do is they're not storing cash they're buying assets and so when when we have this sort of economic system can you explain what an asset is and as this we're now getting to the root of how the rich actually get rich right this was the part it took me a very long time to understand but now that I get it one it doesn't need to be the rich that are getting richer anybody can own assets yeah but they have to understand what assets are and then actually buy set assets right because this is how the government pumps the money into the system and this was a part like I'm grateful sometimes that I'm kinda dumb for real but and and this really I had a breakthrough moment back at Quest we were dealing with nutritional science and I didn't always understand it and so I would have to keep asking keep asking keep asking keep asking but what I found was if I just totally got rid of my embarrassment over not knowing yeah and I kept asking until I understood it so well that I could explain it to other people sure that ended up propelling me forward because I was no longer just nodding and smiling and going along I was like no no I don't get that I don't understand I don't understand yeah and so by pushing into that then I actually began to understand the biology I began to understand what ingredients made sense and all that right so but I had to be willing to look stupid yeah and so now because I've been willing to look stupid for so long in the world of Finance right I finally asked the magic question which is when people because I actually thought they were printing money I thought that hundred dollar bills were coming off of a printing machine that's not how it's done at least not to the vast majority of it it's zeros and ones in a database and when they create that money I was like whose database entry is it like are they actually going into rich people's like accounts and giving them money no what they do is they buy oftentimes government assets I don't want to introduce the word bonds and stuff sure but like they're buying assets from the government right but the question is where did those assets get purchased in the first place and they got purchased by people right who are effectively trying to park their money as they call it yeah so I for years was parking my money in government bonds because the government guarantees it yeah and so the way that the government raises money without having to raise your tax is they put bonds out into the world that then people buy so when they're pumping money into the system they just go buy those bonds so now they're buying them from rich people because rich people were the ones that were educated enough and had the capital to buy said bonds that's correct and it goes actually a little bit deeper because in the pandemic we saw something that we've never seen happen before so the Fed has the ability to work with interest rates I'll talk about that in just a second and then they can print money and give it to the government and then when you have an emergency time we saw this happen in 2008 it's not happened in 2020 they can do weird things so what they did in 2020 this is the first time it's ever happened in history is they directly gave money to corporations in the form of purchasing corporate bond ETFs so think of it this way the biggest corporations in America can go out and raise money from a bank they can go out and raise investment dollars or they can put out this loan say if you are a regular person you want to loan money to US you can do that and so there's ETFs which is a group of corporations that are looking to raise money it's a way to kind of track those debt Investments well in 2020 because a lot of Corporations had no cash and now all of a sudden they're like oh we can't sell products we're going to go under the FED did something that has never been done and they started buying corporate bond ETFs in the first time in history and this is where things got really dicey because now how do you decide who gets that money or not I mean they're printing money somebody's got to pay for that who pay who's paying for it regular people average people because now it's a hidden tax because the government can't just spend money without somebody paying for it they have to generate the tax dollars if they don't pay it through tax dollars somebody's still going to have to pay a tax and inflation now is a hidden tax it's a silent tax it affects the people who don't understand money and it disproportionately affects the poor and the financially uneducated and this is why Financial education is so important is because if you don't understand this you are going to get screwed over by the system because now guess what your guess is going to be more expensive your groceries are going to be more expensive your home cost is going to be more expensive the cost to do anything is going to cost you so much more today next year the year after that well your salary hey you got a raise but you're actually broker now than you were before the race because your raise isn't keeping up with inflation and so what's happening now does money gets printed and it enters our economic circulation and out you can own the assets or what happens unless you own stocks you own real estate well the FED can also manipulate interest rates so when interest rates go down it makes borrowing money cheaper well when you make borrowing money cheaper more people and institutions are going to go out and borrow money this also creates more inflation because now when you go to the bank and you borrow a million dollars or a hundred thousand dollars the bank is going to work with the FED to print this money and that's how it gets injected at the economy so lower interest rates create more inflation and if you are somebody who's financially educated you own assets and we didn't explicitly answer what is an asset it is something that gives you equity and at the broadest form an asset is something that puts money in your pocket liability is something that takes money away from pocket what's an example of an asset this could be owning a business investing in stocks investing in real estate anything that you buy for the purpose of making money right and so when interest rates go down because now the FED working with the government want to create more inflation more dollars are going to enter economic circulation more people are going to want to buy a home well if you have more demand to buy a home where the home prices go up who owns homes well yeah if you're a homeowner but if you are a real estate investor now the value of your assets have just because now you own multiple real estate Investments your rents have gone up your stock Investments have gone up because now businesses can borrow money for effectively nothing you borrow money for three four five percent and now you can borrow hundreds of millions of dollars to grow the company and if you can grow your company by six percent well he just made a profit off of the free debt and so now corporations become wealthier because of asset prices go up and what does this do the reason why it makes rich people richer and poor people poorer is because not only is your cost of living higher but now if you want to go and invest your money well asset prices are more difficult to attain it's harder to buy the same level of stocks it's harder to buy the same level of real estate because now the people who own these have already seen that appreciation and now if you're wealthy and you understand this and you're buying these assets and you've been buying them now you're seeing the real gains and you start to see this divide between the rich and the poor and this is where inflation disproportionately hurts the financially uneducated and the poor and disproportionately benefits the wealthy and that's why the middle class gets wiped out and the crazy thing is none of us are taught this I didn't grow up learning about money I didn't grow up learning about financial education I didn't grow up learning about investing I didn't grow up learning about any sort of wealth my parents are immigrants from a state in India called Punjab like I was saying before and in my household success meant go to school get good grades get a good job and and for me uh that good job was I had to become a doctor I was actually given two options become a doctor become a failure I could choose they let you choose let me choose right and uh so I saw how hard they worked uh for my dad if he had a Saturday and a Sunday off that was considered a long weekend and so you know I wanted to give back to my parents I knew I wanted to become successful they wanted me to become successful and uh so I kind of followed that path like doing what everybody says following the system trusting the system right and it just didn't make sense to me because on one hand in my house money was a taboo topic you don't talk about money you don't worry about money you don't it's it's a bad thing but at the same time I see how hard my parents are working to get paid you know to to pay for our Our Lives now we were fortunate I never had to worry about my next meal and we were never poor or anything like that but I saw how hard they worked and it wasn't until I got to college until I realized something isn't adding up because I was actually starting to become a doctor I was taking the Medical College admission test the MCAT and as I'm studying for this test I started doing a couple things first I started reading business books because I was just interested by this that was the first English is my second language so I never grew up reading books in um you know my grade school years even English class I almost failed my English class and I think it was middle school because I just didn't understand how to write papers or do all that but as soon as I started reading business books I started reading them for fun because I was interested by it and then I started going on to Google and I started researching just random things from things like the richest people in America and you know you see like Warren Buffett Steve Jobs Mark Zuckerberg I don't even know he was on it back then but he had a bunch of people who none of them were doctors none of them went down that traditional path and I was like wait I thought that grades correlated linearly with income like if I got better grades my income would directly correlate with that so that was like my first like wait is something wrong here was was something like it just wasn't adding up and that's when I started to dig a little bit deeper and it's talked about wealthy people investing in real estate now I had no idea what that meant because I didn't know any Real Estate Investors I don't even know what really investing was I didn't grow up around investors and it said however the wealthy people invest in real estate and this was right after the 2008 crash I didn't know what was normal in real estate to me this is all in you because now this is the first time I'm looking at realistic prices and I said oh I've been running this event planning company kind of as a side hustle because you know I wanted to become successful however my parents didn't want me to do anything except to study because to them if it's not related to biology or math it's a distraction even like playing football was a distraction doing all these things that were not uh related to becoming a doctor is just a distraction so I always had this entrepreneurial bug but I always kind of did it in secret because it was never like allowed so in high school I worked at weddings and I got to meet a lot of the Indian DJs and one of them um or a couple of them had this idea to host teen parties for kids in my high school well I was like yeah why not we got to meet one of these uh little local Indian restaurant owners and they were like yeah why don't you throw parties here for free you can charge cover do whatever you want we want the exposure so I kind of did this in secret now I'm in high school hosting these little teen parties became this little event prom order didn't make that much money but it was a little hobby that I started and then I go to college I'm 17. I don't know what college is like we're supposed to be like in America um and I go there thinking everybody's going to be spending Friday nights in the chemistry lab studying I get there and everybody is partying drinking I'm like none of you guys have any money how do you afford all these like this this lifestyle and I was like I need something to do on Friday nights so that's when I brought this event planning company to college again in secret my parents didn't know I was doing this and I'm 17 and I was like well let's try this so I started knocking on the doors of clubs venues bars restaurants trying to find a place that will let me do it that's not going to charge me a lot of money or really any money because I don't have the the money to put a deposit down for a fancy venue and I found a venue that was like yeah you can do it here we're not going to charge you a penny just give us half of your cover charge I was like all right cool it's not going to cost me a penny and I talked to my DJ friends and they were willing to do it they split the revenue with me so I only made 25 of the revenue 50 went to the club 25 into the DJ 25 but to me to put everything together but it was a start and I started doing that in college and already I want people to think about how you're thinking differently about money because bringing this back to the idea that there are habits that keep people poor so one of them is living and thinking in cash and so if you're storing your money in cash you're not buying assets like you were talking about earlier things that you purchase that give you money the company that you're talking about building now the company that I built those are assets apartment complex and asset potentially there's actually some complexities there um but buying into the stock market right assets right so if you're thinking in cash and the cash Supply is being inflated then your buying power is going down so going back to your point about the poor getting poorer so we're pulling down their buying power um and then also just the way that you start thinking like an entrepreneur about like I don't have the upfront Capital this is another mistake people make oh that's okay for people that are already rich they can do things that I can't do but you weren't thinking that right so you I'm sure went to people and they said okay cool give us up from money you didn't have it so you go on to the next person but because you keep going until you find the person that's like okay word like come in throw your party I'll take half up front you even find Partners again paying them in equity you're paying them with future money that you don't currently have right like that one thing alone is a huge habit difference between people who think I trade time for money right I go and I work I give you my time you give me that money nothing wrong with that and it's it's the path that most people will take right but for people that really want to understand what we're about to go through because this this could be nothing in a year from now we look back on this video and we think whew thank God that it didn't get as bad as it could right but we could also be headed into a recession like a deep Global recession that could last a year or two years or more sure uh so getting people to think more entrepreneurially like you're laying out in the story I just want to to orient people to the fact there's nothing necessarily different about you anybody can think like that and get the kind of results that you end up getting I think it kind of goes back to what you were saying uh it was maybe before we started rolling where you said you were dumb and so you asked a lot of questions for me I said I was dumb because I don't really care about risk I never even looked at risk for me it was opportunity that's all I saw and it was just a way for me to get started and you know I was called stupid and dumb all the time and nowadays if I'm not called stupid it's probably not a crazy enough idea and so that's kind of exactly what you're saying I started making this a little bit of money and started to grow and it has some cash in the bank and now I'm started reading these books to talk about investing in real estate I was like all right let's try this so I was uh 19 at the time and I started looking at real estate investment properties and again I didn't know what was normal and I took my MCAT on August 22nd on August 23rd I closed on my first real estate investment property it was a small 1 000 square foot condo water foreclosure and I bought it for eight grand it was a total price of the condo and that's insane that same condo sold for 150 Grand just a few years prior and that condo then started paying me 600 a month and now you talk about staying your time for money see in the beginning I didn't understand that concept because when I was working in this event planning company it was just me if I didn't do everything nothing was going to happen but then this real estate investment property changed the way I thought about it because now all of a sudden this asset I bought this condo it's paying me money and I don't got to physically go host a party I don't got to go full of pretzels I used to work at Auntie Anne's pretzels as well I don't have to go and do something it was just there I owned it and now this condo is paying me for just owning the asset and now all of a sudden I start thinking different I started to get a little bit upset because I was like well why was I never taught about this we're not taught about investing we're not taught about financial education we're not taught about wealth and and that's you know talking about now money habits well how the next habit you got to understand is is you got to be able to ask questions because if you don't understand the way the system works they're never going to be able to answer or ask the right questions because the way that the system works in across the board is you know in a company you have the workers then you have the owners it's kind of like a overlap and sometimes the workers are the owners some of them kind of in the center but the workers are the ones that are now working every single day you get your salary the owners aren't working for a salary they're working for Equity profits so they're hoping that now the workers will be able to drive up the profit so now the valuation of this asset is higher now when you have the sort of inflation who Hurts the Most the workers your incomes don't grow to keep up with inflation however the asset to Value which is not the value of the company the disproportionately gets benefited because now this money gets printed it gets created out of thin air it flows into assets and that makes the valuation of companies for example to go up so now you have these two things right you have the workers and you have the owners this is how the customer works so it it it depends on what companies get that money how did they decide so this is the first time ever that they decide to buy uh Company stock how did they pick Bundy teeth Bond sorry uh so who how does the FED decide I have no idea how they decide however let's think of it this way so stimulus checks went up right people get cash you feel wealthier in the short term your bank account goes up some people took this cash maybe they paid off some debt maybe you go and invested this money but a big chunk of people took this cash and then they went out and they spent it well if you need this money well yeah and you had this whole range right some people really needed it some people went to uh Walmart they went to Kroger they went somewhere and they bought groceries but still the money where do they go they went to Walmart Kroger and those those companies have bigger profits because as money was printed it goes into the hands of people and then it flows to the corporation other people went to Louis Vuitton they went to Gucci they went to the Apple Store they went to Lululemon again who does it benefit so the money was printed out of thin air somebody has to pay a price for that the regular person average people they have to pay now higher taxes which is inflation in this case yeah the invisible it's not a true tax they'll be confused by that but invisible tax right it lowers your buying power lowers your buying power the tax and then where does all the money flow it flows now to whatever you buy the wealthy the rich and so now what do you want to do you know go back to that system you know the workers and the owners everybody in America should be a business owner however not everybody should be in the business of starting a company and not everybody should be in the business of operating a company so what does that mean well you can be a worker and an owner right you this concept of equity you have to understand this because wealthy people are working for Equity they're not just working for a salary and so what you want to do now is you want to understand okay I'm working every day to get paid now what are you doing with the salary either you can take the salary and go out and spend all of it or you can take some of the salary now and work to build equity maybe that's in stocks maybe that's in real estate maybe that's in your own company so if I buy stocks I'm buying Equity You're Building Equity you're literally buying ownership in companies if you go out and buy a share of say McDonald's you become one of the owners of the McDonald's company and now when the McDonald's valuation goes up you get to share in that because the price of your stock the value of your stock goes up the big thing that you wish everyone knew about money before they started making it oh man well it goes back to I guess just the basics because most of us myself included are never taught a thing a thing about money we're told go to school get a degree get a job and now you figure it out right and then what happens for the majority of people is you end up broke you end up struggling financially and you you can never figure out why so the first thing is what is it that you want to achieve in your life financially and then you have to go out and figure it out yourself because unfortunately school will never teach you this stuff so you didn't learn this in high school or University of Michigan or no law school that didn't teach any of this stuff I went through uh high school I went through college I went through one year grad school and then I went through law school and I never once learned a thing about money never once learned to think about budgeting never wants to know to think about Building Wealth never once learn to think about investing my money and never once learned to think about passive income yeah here I am today with a law degree and I haven't worked a single day as an attorney why not well it doesn't make sense for me financially and and it's not my my purpose so you know I grew up in a traditional Indian house right doctor lawyer well for me I had two options doctor or failure those are the two options that I had my parents are immigrants from a state uh in India called Punjab and my parents came to the country with very little and so you know I saw my parents work their butt off every single day if my dad got a Saturday and a Sunday off it was considered a long weekend and so I didn't get to spend a lot of time with my parents growing up and they would always tell me that you know you have to go out and become successful and I completely agree because I wanted to give back to my parents I wanted to help support them and I figured okay if I want to become successful I should follow the steps that we're told to become successful what are those steps go to school get a good degree get a good job for me in my case it was become a doctor and along that way it was in college I realized that something's wrong something's not adding up and it actually happened I was studying to get into medical school and as I was studying I started reading other business books and financial books and I remember this I was in the library studying and I went on to Google and I searched the richest people in America you know you see people like Steve Jobs Warren Buffett Bill Gates Mark Zuckerberg and I was like huh none of these people are doctors none of these people went down that traditional route of you know getting a degree doing a good job am I missing something because I thought that if you go to school get a good degree you can make a lot of money and if you work harder in school get better grades you'll make even more money so I thought it was just directly correlated your grades your income and that's when I started questioning things and I realized oh maybe this isn't right and as you start to go down deeper and deeper down the rabbit hole you start to realize oh my God everything that I've been told is a lie and so that that kind of pushed me into this whole painful emotional journey of learning about money learning about entrepreneurship learning about what does it mean to become wealthy and how do you actually do it right so that was that was kind of the the initial phase for me and then I had to go out and actually start learning it yeah and the first real experience of that for me was I I had this event planning company that I started in college and the reason why I started it was because when I was in high school I worked at Indian weddings so I got to know a lot of the DJs right and when I was in high school these DJs were like hey man you know a lot of people in high school how about we host a teen party for your friends in high school I was like all right that's fine you know why not started this little teen party party business in high school and I go to college don't know what to expect because my parents didn't go to university here I think everybody goes to college to study hard and and become this big thing in college I get to college and everybody is partying yeah they're blowing their money that they don't have on alcohol they're drinking I don't drink I don't smoke I'm not I'm not into that party scene but I need something to do on Friday nights so I was like why don't I just take this teen party business that I had in high school bring it to college and that's what I did my freshman year I was 17 years old just had a knocking on the door of every club venue bar restaurant asking if I could host a party here some would say yeah it's going to cost you ten thousand dollars someone said yes and cost you 20 grand I don't have that money right but then one or two said you can do it here we're not going to charge you a penny just give us half of the cover charge half of the money that you bring in I said okay now I'm in business so I started making a little bit of money doing this and it had some cash saved up and I'm starting to read these business books and every Business book said wealthy people invest in real estate I don't know what that means I don't know any Real Estate Investors my parents aren't investors and so I was like okay if wealthy people invest in real estate maybe I should invest in real estate and this was right after the 2008 crash and I'm in Michigan where real estate was hit extremely hard so I was like all right you know I would like to invest in real estate I'm studying for my Medical College admission test I start going to Google because I'm bored while I'm studying for this exam I'm reading about the the Forbes richest people none of them are doctors none of them are people that work the traditional path and you know I have this idea to start investing in real estate so I started looking at real estate in between my study sessions and on August 22nd I took the Medical College admission test the MCAT on August 23rd I closed on my closed on my first real estate investment property wow how old were you I was 19. holy cow it was eight thousand dollars for the investment was the price of the condo the condo was eight grand eight grand how did you get a condo for a grant this is right after the 2008 crash is that a foreclosure that same condo was selling for about 150 Grand just a few years prior come on yeah and so I came in it was actually listed on sale for 8 400. I made an offer for four thousand they came down to seven thousand dollars and I was still trying to push them lower but then they said they had another offer on the table I don't want to lose it so I said I'll give you eight grand right wow so I bought it for eight grand put in a few thousand dollars worth of work and at least it for 600 a month and now all of a sudden my mind was blown because I kind of had this idea of what entrepreneurship was I had never heard that term until I came to college but I was running this event planning company and I'm starting to learn about this thing called entrepreneurship and now I had this condo that's generating me this like almost passive income I say almost because I was making a lot of mistakes in the beginning but now I'm like wow this investing thing is very unique because I never learned this in school my teachers never taught me this but why am I working so hard in school I mean I want to become a doctor so I can ultimately make money now I start having this you know talk to you about an emotional dilemma why am I becoming a doctor okay I want to make my parents happy check I want to be successful check do I really want to be a doctor maybe and now I'm starting to question my like my actual beliefs because if I become a doctor how do you make money you treat people I kind of had this entrepreneurial mind I want to become successful how do you make more money you treat more people so it's like this kind of runs into a dilemma because if I'm trying to maximize my income as a doctor I gotta maximize how many patients I see maybe that means I don't get to give the best value to each individual patient but as a human I want to provide the most value possible so I start to kind of face this dilemma where maybe I'm becoming a doctor for the wrong reasons interesting and then I run this idea by my parents I don't want to be a doctor and they're like absolutely not my my dad was angry my mom was Furious it took my mom about a year and a half to believe that her son was not going to be a doctor oh man and I had I mean when I say it was it was it was tough like my parents would tell all their friends Justice oh wow you're not becoming one I'm not going to become one now I'm getting calls from my family my family across what are you doing you're disgrace to your face exactly I hear that again and again and again but I was like this is not for me and I started to realize that there's more to this thing so now I'm starting to go down this financial education Journey and the more I I learned the more I realized I was lied to like we're taught to go to school to get a degree to get a job so we can then get a job and climb the corporate ladder but wealthy people don't do that wealthy people are not working to climb the corporate ladder they're working to own the corporate ladder I didn't even realize that you could do that now you can climb the corporate letter and work to own the corporate ladder at the same time but it's a different mindset right right most of us are taught to get that degree so we can do one thing climb the corporaletic earn a bigger salary but if you only rely on your salary you're just one step away from being broke because if you lose your job something happens to you you can't work or your company goes down you lost your salary and now you have no income coming in and now what you're scrambling for a job maybe you have some savings to help take care of you or if you haven't been saving and you just spend on on things all the time and you have no savings then you're really screwed yeah you go into credit card debt right and now you're trying to figure out how do you make things work and by then it's too late this is where you got to be proactive and now I'm just like this is crazy why was I never taught this I was never taught about wealth I was never taught about investing I was never taught about this sort of financial education but why aren't we taught this and that's when I realized it's very profitable to keep people financially uneducated it's profitable to keep people poor interesting what is that what would you say is the main system that keeps people poor then it goes down to so many different things the banks profit when you're financially uneducated because they'll keep you saving money in the bank they'll keep you in Consumer Debt if the banks lived by their own advice would just save money the banks would be losing money when you go and deposit a thousand dollars in the bank that cash that you deposited is a liability for the bank an asset is something that puts money in your pocket a liability is something that takes money away from your pocket so when the bank has your cash it's a liability for them they want to get rid of it as fast as possible and the way they do that is by lending it out because it's an investment for the bank they don't want to hold on to cash but they want you to save their money you want you to give them cash right and just leave it there leave it there and what's happening to your cash while it's there it's losing value to inflation each and every day every day that you keep your cash in the bank you're becoming poorer each and every day now it's funny I made a video on this in 2016. it was my first video to go walk viral it was called you guaranteed to go broke if you do this and I was talking about inflation at two to three percent if you keep your cash in the bank you're going broke every single day now here we are eight and a half eight and a half percent and now people are starting to realize wow this inflation is a real problem and so now when you keep your cash in the bank the bank is paying you 0.01 percent 80.5 if you're lucky and they're turning around lending it for five percent six percent and so the bank does not want to keep the cash and savings because it's a liability for them they want to keep you spending money on their credit card because now they'll get to earn 18 to 25 in interest every time you spend a dollar wow governments want you to be financially uneducated because when you're financially uneducated guess what you are an employee and you're a consumer who pays the highest taxes employees and consumers everybody knows that rich people don't pay taxes it makes people angry but a lot of times we don't understand why right and we get angry at the wrong things at the wrong reasons yeah and the more you make as a business owner until you're like uber rich I feel like you're spending a lot of taxes you are man and you know what and there's a lot of things that you can do right legally to pay less money in taxes and there's different ways that you can invest your money that pay less money in taxes so I'll give you a couple examples let's start with this tax avoidance and tax evading are two similar words with two very different outcomes this is one of the first things that you learn in law school tax evading is illegal yes you go to jail yes tax avoiding is legal and then you get hated for doing that but this is the way it works you're playing within a system the rules of the system and if you learn the IRS code it's a rule book and the people who understand the rule book are the people who have the money to hire the good accountants and the Good attorneys but you're not an accountant but have you studied the I have studied a lot of tax law really yeah and so what happens is wealthy people will understand how this works play Within that system and pay little to no money in taxes what are three things that people who are making half a million and above should be doing to avoid taxes better so let's start with let me assume that you have either some sort of your own income your side Hustler or you are a business owner yes so if you make half a million dollars let's assume that's profit you are taxed on income so if you take out a salary that's going to be taxed now the question is what is a tax deduction or the better question is how can you make something a tax deduction because anything can be a tax deduction if you know how to make it a deduction so that's the question that you have to ask yourself because if you don't have an income you don't have any tax right so this is what wealthy people are doing so I'll give you an example of it being done then I'll show you how people can do it on a potentially smaller scale Elon Musk is probably the biggest example of this he never got paid a salary running and owning Tesla he got paid in stock options so these stock options even before it was public this is I think it was around the time that I was public or maybe a little bit before okay but he's been getting stock options for a long time sure but the stock options that he gets were originally got were at six dollars a share so when the stock went up to a thousand dollars a share and he was given millions of these stock prices now he has on paper a lot of money but that money isn't in his bank account so what he does is instead of selling it and having an income he goes to the bank and says hey I have these stock options which are worth billions of dollars how about you give me a loan at three four five percent interest no bank is going to say no to that because the value of this is so much that billions of dollars I mean you can make the number smaller but no bank is going to say no he takes that loan pays three to four to five percent interest on it and if this company grows his stock value Grows by six percent he just made a profit on it he didn't have to take any money out never took an income doesn't pay any taxes and is able to now spend his money live free buy whatever he wants live rich and not pay at Penny and tax so he didn't have to sell any of the stock because if he sold it he'd pay an income tax wherever you sell it instead you get a loan out from the bank you don't have to pay tax on that loan when you go and get a mortgage you're getting the debt it's debt it's not taxable it's not income if you go into refinance your home it's not income it's cash that you have in your pocket but it's not income your tax on income so now your job now as it as a business owner is strategically how do you not have an income now you might say well I need money to spend sure of course you do but how can you now strategically use your income to pay for your lifestyle now again it's got to be within the rules so talk to a Tax Advisor but right now after the pandemic one of the things that the presidential Administration wants to do is encourage people to eat out eat at restaurants because restaurants were hit so hard by the pandemic right so what do they do they created a 100 deduction on food through 2022. so if you go out to eat with your team so write off I'm here in San Diego well we're in LA right now but I'm here on a two-month business trip to San Diego with my business partner I have to rent a car actually got a Ford Mustang because I always wanted to find Mustang when I was a kid that was like my dream car so I got on here with a convertible nice uh and you know we have to go to business meetings we have to go out and explore San Diego do these things my business partner is my wife we're staying in Airbnb in beautiful San Diego guess what these things are tax deductions against my business I'm here working when you're an entrepreneur everything is work yeah now the question is how do you spend your money in a way that is going to give you a tax write-off but you have to be smart here because you don't want to just blow 500 000 so you don't have to pay 150 Grand a taxes right like my accountant uh called me up last year and said Just Breathe you need to go out and buy G-Wagon I don't want to buy g-wag why he said you know there's this tax deduction going on saying if you go out and buy a heavy car it's still going on right now if you're going to buy a heavy car you can deduct up to a hundred percent of that value of that vehicle right now really and because you're an influencer you can potentially claim that as an influencer you need a G wagon to help you support your lifestyle the tax code allows this and I was like well I don't want to go on to spend 150 grand for a car that I don't necessarily need just so I can save let's just say 50 Grand on those taxes so you have to be smart here and know what's right for you and not just spend your money uh to you know spend a dollar to save 25 cents right so you know you just need to know the right strategies that can work for you and these things change over time which is why the best thing that you can do is go ahead and hire a tax accountant a Tax Advisor somebody that isn't just going to file your taxes but someone that's going to help guide you and say all right you know here's some things that you could potentially spend your money on here are where there are more benefits coming this year next year things that you want to do and so there's going to be times where it's going to be more beneficial for you to spend money there's going to be times where it's going to be more beneficial for you to take in money and you know it's all a game yeah and this is what wealthy people understand it's all a game and a lot of people hate that oh this person's not paying taxes that person's not paying taxes but at the end of the day what you have to remember is somebody else wrote the tax code yeah all that people are doing is they're trying to learn okay this is what the tax code is what do I do and you know and then you kind of get into the other philosophical questions who's going to do better with 100 Grand the government or me if I have 100 in my pocket I can go hire an employee or two the government is going to you know spend that money wherever they spend it and pennies will end up actually going to help people I'm all for helping people I think that's very important as soon as we hit a million subscribers on YouTube what we did was I took my team we went out to a teacher store and essentially asked them hey can we buy everything in your store wow because you know the the whole after during the pandemic people weren't going to class in person and so a lot of these businesses were hurt I said can I buy everything and she said well we need some of this stuff for our teachers I said what can we buy so then we went out and bought a big chunk of the store just get Mr B style Mr B style yeah it was a fun video I took the team out kind of as a celebration we bought a big chunk took it out to a school in Detroit gave it to them for free and then I asked the principal there's a friend of mine I said how many teachers do you have okay and I gave every one of his teachers a 500 check to help them help support their students giving is important but you know it goes back to the tax question of who does a better job with their money right entrepreneurs who are working to create more jobs we're working to produce more value or the government which you know may not be so good with their money absolutely yeah so you started doing the real estate thing early are you still a massive investor in real estate what's your approach on it now yeah yeah so this is an interesting question that you asked especially right after the tax question so real estate is one of the the best tax games for investors that's one of the reasons why wealthy people that love investing in real estate because not only can you get cash flow but you also get tax benefits I started investing in real estate when I was 19 on accident I went through a lot of pain I remember when I told my dad first Hey Dad I want to go invest in real estate he was like you're stupid go study go become a doctor so I started investing in real estate then and I continued to buy homes and I remember because remember this is right after the 2008 crash I was buying homes for like 30 Grand in good areas I remember home prices went up to 50 000 and I was like that's a lot of money for a home I didn't know anything else right that's all I saw and so to me I was like that's expensive but I continued buying um and I still am buying but not as much as I was before because now I've been working on a couple other businesses and so what I'm realizing is okay when I invest my money in real estate my goal is to get a seven percent cash on cash return on my money meaning for every dollar I invest I want to get seven cents back in cash flow positive cash flow every year if I invest a hundred grand I want seven thousand dollars of profit every single year well I I'm an entrepreneur race I'm working on a couple of different companies one of which is Market briefs and so now I'm in this position where what do I do with this cash I can take this money put it in real estate git is seven eight percent return on my money or I can put it in Market briefs which would be a a bigger tax deduction because now you know if I spend money in advertising I spend money on marketing I hire more employees we have a smaller profit but then I can grow the company significantly faster than seven percent a year so what I've been doing now is investing more of my money into Market briefs because it's something that I'm super passionate about like I love real estate I love revitalizing homes and buildings and really helping to build the neighborhoods through that but Market proves had such a different value in the sense that we're making financial news accessible because you know I didn't grow up learning about money right and CNBC looked cool but I never understood anything that was happening there they have all these confusing terms that are going on so is the way to make Financial education and what's going on with money more accessible to people because I'm realizing how important that is to me because the more and more I talk to people the more that people listen to what I say the more I hear oh my God I wish I would have learned this when I was younger like yeah I know me too and so it's like it's important for me to help get that message out there because it's so needed you know we talk about especially in Detroit food deserts where there's areas people can't get access to healthy food but this money desert this financial education desert is it's so widespread happy think about money and it makes me angry because if I didn't accidentally start reading these business books if I didn't accidentally start investing in real estate I would be somewhere completely different you know I have a lot of friends who are doctors now they're working their butt off they're also paying the highest taxes they're also trying to figure out how to afford my lifestyle because when you go and become a doctor you make a good salary but guess what now you have big student loans you got to pay back yeah and now a lot of times you want to live that doctor lifestyle you want to have the G-Wagon you want to have the ranger over you want to have the nice car you want to have the nice home so now you graduate you're 28 29 years old you have half a million dollars of student loans you got to pay back you're making a few hundred grand a year but you're working your butt off it's very stressful and now you have all these new expenses your homes your cars and how much was that 500 000 in student loan actually become after 30 years of paying it off oh man yeah over a million really yeah so it's really it's not a half a million dollars on loans it's a million dollars on loans that you're paying off for 30 years yeah right exactly with the interest and let me I want to add on that point because the thing about student loans you know we talk about who do you trust where do you get your information from right everybody the system says go to school get a degree if we don't have money to get the degree what do you do get student loans I started looking deeper right you start asking the question why the number one liability for young people nowadays are student loans and the government always talks about how we have this huge student loan epidemic this huge student loan problem but the number one asset on the United States balance sheet are student loans really you I mean this blew my mind you go to Google search this the assets on the United States balance sheet number one asset you'll see student loans are their number one asset so on one hand we have people talking about the importance of higher education the importance of going into debt to get your degree and then at the same time that's your number one asset it's holding so many people back from buying a home from living their lives and doing things investing their money yet at the same time as keeping the government Rich wow this is where you know that mindset you have to start thinking a little bit differently and start asking questions to the status quo to the system to the way things are done and you know if you're like me you're gonna you're gonna get a little angry you're gonna get frustrated because you're going to realize what the heck why are people not taught this why are we not taught how to use our money because nowadays people are paying 50 Grand a year to get a good college degree but at the same time now YouTube is decentralizing education free for free and you can learn from anybody you want if you don't like the way that I sound hit the x button go to somebody else right exactly and it doesn't cost you a penny you can learn from anybody people who are actually doing what they teach and you can learn the comfort of your home we've got a few really important ideas so one there's a saying the hidden taxes you call it which I love that idea so you've got inflation now the government is trying to help you I'm not even going to say that there's anything Sinister they really were just doing their best sure we got hit by the pandemic who the hell knew what the way out was going to be they work with the FED they pump just a lot of money into the system so we end up having what was looking to be the greatest Global depression since the Great Depression in 1929 but it only lasts for two months because we end up injecting all this money into the system right so cool the catch is that the way to get that into the system it can be give people money directly which they did but the people that really need it they're going to buy groceries so it doesn't they're they're still trading time for money in essence right because they haven't broken that cycle if the government's not giving them money they don't have anything then you've got people I'm talking averages here you've got the middle class they're going to Louis Vuitton oh word like I've already got my groceries taken care of so now I can go buy that handbag that I want to do a little Instagram flexing whatever right so they didn't help themselves out but then you've got the wealthy or the the educated that's probably a better way to think about it you've got the financially educated because they're educated they owned assets already which is the easiest way the traditional way right for the fed and the government to pump money into the system is to buy assets right so they're going to buy these bonds just to keep it really simple this is overly simplified but they're buying these bonds so now you've got people like me who was not a good investor but I can afford a money manager and so the money manager is like yo you need bonds not now this was before sure so I buy the bond so hey now I'm back by the government because they know that they can print money out of thin air so now I'm getting this return on my money my money's protected instead of being deflated they're buying my assets so now now I want people to know the wealthy some of them myself because I'm I was not financially educated as of two years ago I'm only just now getting that way so I've been a good entrepreneur a bad investor but because of that like the system is I'm learning about it by asking all these dumb questions and I'm really seeing how it works so it's not like I I was doing something nefarious for me to get richer during this time it was just like oh I need assets break the time for money equation I've got all this risky money in building my business I wanted a more sure thing so then the bad thing happens my sure thing gets taken care of by the government and now it's like oh it looks like you know the rich are getting richer it's just education so now getting into money habits the other thing that you talked about is while your friends were spending their money at a party you're spending money on building a business right like that fundamental difference of spending it on fun that goes away yeah or equity in this case your own company is a world of difference yeah so I just want to Anchor everybody background to those like money habits you've got what all my mom would have called pissing money away right literally an alcohol you're just pissing that money away yeah um or putting it into something that's going to go to work for you in your case it was a business it was real estate yeah and if people can just grab that fundamental difference like of hey start thinking about the world in this different way they're going to be a huge step forward and it's all a learning process because I don't drink I don't smoke I never drink but for me it was the only it was it was a hustle right it was the only way that I knew to kind of start making some money um and so it's how you start and you learn and each one of the things that you kind of do you're going to learn something new and you're going to be able to apply that to the next thing and it really is that shift you know I call it the minority mindset thinking differently than the majority of people because it's it's doing something different most of us are taught just to be consumers yeah we're trying time for money to go buy cool things to flex exactly and that's it we're never taught to do anything else and I mean think about the last time your teachers taught you about the importance of investing your money they don't know how to do it either exactly they couldn't hope to teach me and and so that's where you have to be willing to go out of your way to learn how some of these things work because if you don't you're just going to be a pawn in the system and it's very unfortunate it sucks and you know this is where I'm trying to help provide that education because these are things I never grew up learning these are things that I wish somebody would have told me uh you know I've seen it I see it as so many people I used to guest teach in Detroit public schools whoa and you know these are good kids from rough areas a lot of times don't have two parents in the home sometimes don't even have a parent in the home there were some kids he didn't have or his mom's not around he was raised by a gang just because there's no parents and so they provided him shelter and it's crazy because you get stuck into a system a cycle because you don't have any way of learning or seeing anything else and you know like one of the first times I was there I asked the kids how many guys have a job most of them raise their hand most of them have an income and they're in high school right they're going to school and they're working and next question is how many of you have a bank account nobody not a single person had a bank account Jesus man so I was like what so how do you guys what do you do with your money so we get a check we go to the liquor store we cash the check now the liquor store owner is going to take you know one to ten percent of that check oh God and then what are you gonna do you're gonna buy candy you're going to buy pop you're going to buy a bunch of dumb stuff on your way up and now you're left with only half of your check and now what do you do is it's just I like to call it Net Zero thinking where if I have cash I need to spend it I have 500 on a bank account I got to make that zero if I have a thousand dollars I gotta spend it because we think oh my God if I had 10 grand I would go on this nice vacation if I had 50 Grand I would buy this car we think in terms of it's the consumer mindset of if I have this money I need to spend it but this is where we have to break out of that and understand what can we do differently and instead of just spending all of this money and it's much more difficult now because of the higher cost of living but it's so much more important now than ever where you got to create this margin I call it like an equation where you know your wealth is really you you take your income minus your expenses and that's equal to your Investments plus your savings so you take your income whatever money you make you subtract your expenses your houses your home your clothes your car whatever your expenses are and if you have some money left either this money is going to be saved or it's going to be invested well if you have some money left you're already you know doing something that a lot of people are not doing you're more than the majority of people right now I just read a study yesterday seven out of 10 Americans across the border living paycheck to paycheck 50 of Americans that are making 250 000 a year are living paycheck their paycheck that's crazy it's not how much money you make it's what you do with the money you make that is so important and so now if you have a buffer you're already better than the majority of people now the question is what you do with it well we're taught save it save all of it so your Investments are zero and your savings you're trying to grow that thinking that you're trying to you're going to become wealthy but you're never going to be able to out save inflation you're gonna your savings are literally making you poorer each and every day however you don't want to just not save any money you got to be strategic with it what I like to say is there are three reasons why you should be saving money you save money for an emergency have somewhere between three to twelve months worth of expenses depending on your risk tolerance save money for a big purchase you want to buy a car you want to buy a house you need some cash to do that save money for an investment if you're not saving money for one of these three reasons you are saving your money the wrong way and it's making you poorer each and every day now you didn't say save for retirement you invest for retirement you know you talk about retirement the time we're about to face a big retirement crisis because traditionally retirement was what people like to call a three-legged stool you had your Social Security you had your pension and then you had your own Investments or your savings well a lot of people like to do well pensions are something only written in history books anymore they're a thing of the past so those don't exist anymore Social Security is running into a very very very big dilemma because right now if you are you know under the age of 45 the Social Security money that you're paying isn't going to go to fund your social security income it's going to fund somebody else to retire because the Social Security program has much bigger expenses than income and so it is on the path of being completely dried up of just running out of money is this because the younger demographics are just a smaller cohort than the older or there's a lot of reasons for it it's how the Social Security money is spent it's it's how many people are requiring Social Security money how long people are living for how long these Social Security checks have to go out for a lot of bad calculations bad investing and so in the Social Security fund is now drying up and so now everyone says well I'm not worried about it because the government can just print more money and do bigger Social Security checks that's what we're seeing this year we saw between 2021 and now the biggest Social Security raised errors between five and six percent something in their range which one is already not keeping up with inflation so yeah you got a bigger social security check but oh no it's not buying you as much as you could have last year but then the second issue is just think about that for a second if the government is going to print more money which means the FED is going to print money give that to the government to give you bigger Social Security checks what does that mean you got a bigger check great but now the cost of things have grown even faster than the growth of a check you cannot out print inflation it just creates more inflation and so you know so you had the pension that's that's essentially gone for the vast majority people Social Security is not going to be able to fund your retirement which leaves people with the third stool which is your own Investments now traditionally users oh I'll save some money save 10 of your income that's not going to do it your savings are gonna make you poor each and every day and the second thing is your 401k and you know it's a great start for the average investor because now it is like automatic putting a little bit of money into some Investments however your 401k was never ever ever intended to be your sole investment plan the founder of the 401K even came out and said that the 401K has gone awry it is a monster because now so many people are hoping that they're going to be able to rely on their 401k to retire and that's not what it's intended for and it will never be able to be enough for you and so a lot of people have this false hope that okay yeah whatever Social Security will give me a little bit extra but my 401k will take care of me but that was never the plan and so now what does that mean your 401k just think of that like as if you invest in your 401k your IRA that is the absolute base your savings are not going to do it this is where you have to go out and invest yourself and that's where oh my God how do I do that we're never taught how to do this we're never told how to do this we're never given Direction on how to do this so you have to be the one now to go out of your way to start learning this and thank God for YouTube because I'll be decentralized education but the question is now you have to be willing to do it and you have to understand who your teachers are because there's there's crap on YouTube there's also good stuff on YouTube and we're never taught how to learn we're usually just taught what to learn so now we have to be willing and go other way to become smarter to one start learning and understand how do we learn the right things and then apply it because the the downfall with investing is it's risky you got to be willing to get punched in the face you have to be willing to lose money because it's a part of the process and it sucks it sucks losing money I made a video on uh my YouTube channel minority mindset where I went over my worst real estate deal ever and the reason why I made it is so you can see look every real estate investor has got at least one bad deal and to date that's the only deal that I've ever lost money on and I'll walk you through every single bad thing that I mean because everything that could have gone wrong went wrong plus a whole lot more and it is one of the biggest headaches of my life but my goal is you know yeah you can laugh at me make fun of me but you're gonna see like holy cow things can and will go wrong so just anticipate it because that's it's a real life tuition you got to be willing to learn um and and you know it's a price to pay and it's one of those things where you know just like with entrepreneurship everybody wants to be successful as an entrepreneur everybody wants to be rich how many people are going to be willing to get punched in the throat and keep going keep getting back up and keep doing it it's very difficult which is why you know what not everybody should be an entrepreneur try it but it's not for everybody but everybody can work to own this Equity right this ownership these assets and everybody needs to how much did you pay for your first share of Ford Motor Company two dollars so this is what I want people to hear and I'm glad it's coming from you I was very honored to have Wall Street Trapper on as well because I want people that are I know minority um in the name of your your program isn't about being a literal or ethnic minority but it's about thinking in a new way but having people that are minorities at least in this country um say like hey if you do the right things you're going to be able to change your circumstance what do you say to people that either think well it's okay for other people but for me either because I'm poor or I'm a minority it's never going to work for me so I'll kind of give you the story of my family in that sense because the reason why people come to America is because of opportunity you have the opportunity to own something own a home potentially own equity in companies build your own company you have the opportunity to build something which is something that you can't do in a lot of other places in the world my grandparents were refugees they had some land and in 1947 the state of Punjab was severed and when that happened if you were sick which is the religion that I am and you're on the west side either you migrate East or you're going to be killed whoa so now my grandparents literally all they had were the clothes on their back and a sword in their hand and they ran during the process my grandfather was attacked and he had to literally fight for his life he saw his uncle get his head chopped open in front of him Jesus put him on a horse that was the last time he saw him he got to the new east side of Punjab in India and didn't even have shoes on his feet didn't have a place to sleep had literally nothing now from there you got to start right you gotta you gotta start now all over from scratch and there's a lot of political issues you know unfortunately over there and so that's when my parents my dad you know my mom were like we want to get out of this country we want to go somewhere we have better opportunity to come to America where you know don't speak the language don't know the culture don't know the people don't know how life is I mean India is a very different world it's a beautiful place but it's very different than here and you start over why as a minority as a minority just for the opportunity because that's all you know you there's risk but you see the opportunity there and do you think looking back now do you think that because it I often think that what we refer to as being an ethnic problem is actually just there is an element of what I call school of fish like you're just you're going to group up with people that look like you it's just so embedded in the the subconscious but I think a bigger thing is just it's either majority or minority right because globally the Indian um ethnicity is massive billions but when you come to the U.S now you're a minority do you think that the trade-off of going from being the majority ethnicity I mean everybody in India basically is shares the ethnicity I know there's religious differences sure but then coming here and being a minority does the opportunity that America provide outweigh whatever detriment there is to being a minority you know again if you're willing to work you have to be willing to work and kind of just break out of whatever anytime you see a majority kind of just group think you have to be willing to question that but you know the opportunity you have here in America is it more difficult now than before absolutely is it more difficult for some people to know there's absolutely however it's the best opportunity you have in the world and you know that's why literally even until today yeah people that are willing to risk their lives to come to this country and I mean actually risk their lives and so you know you have that aspect and I can speak for me where six the religion that I am they are a minority in India and you know there's a lot of issues that come with being a minority anywhere but again where do you know here you have more opportunity than anywhere else and so the way I look at you know for me personally is my parents came to this country with next to nothing so I got nothing to lose and everything to gain right and so this is the place where that opportunity exists but now you have to be willing to work hard but you also have to be willing to work smart I I can't stand what people say work smart don't work hard but to me that's all complete because you have to do both you have to do both because if you're not willing to work hard you're smart working is effectively worthless you have to be willing to apply both together and I had none of this you know Financial education right for me it was dad I want to go invest in real estate you're stupid go become a doctor you know it's it's I had to do all my entrepreneurial stuff in secret the first my parents didn't even know that I was doing this business stuff until I was on the news I was running a different sock company and this is now you know a couple years after and um we were doing well and we got featured on the local news now my parents got a call from a family friend and they said oh we saw your son on the news and my parents were like oh God what did he do now and they're like no no he has this company he's doing really well they're they're growing my dad was like what and so that you know he sits me down he's like what the heck is going on and that was the first time they were like okay you can actually do something with this right and it was like you have to for me it was like I understood what I wanted I knew that I saw this like really I wanted to achieve success and I knew I was doing it for Good Intentions um I knew I didn't have like bad intentions with what I wanted to do but the question was you know how do I get there because it was like I if I know if I try to convince my parents it is like it's going to be extremely stressful for me I'm gonna stress them out it's just not gonna work so I'm just gonna try to figure it out myself and I'll fail well guess that I'm in school so I kind of had that back up but for me like I like I went to law school as well the problem was I wasn't the best student in school in law school particularly I did well in the bar exam I loved learning and so for me like you know I knew I needed to pass the bar and so I studied hard and I actually did really well but in the classes I was not very good except for the couple of the business ones because I really enjoyed that but for me it was just like I just need to get the degree that way I can like be done with this because I went to law school because my parents found out that I wasn't going to be a doctor they're like you got to at least become an attorney to keep pride in the family and so I was like all right well if I go to law school I can go to law school part time and if I go to law school part-time I can work on me my business full-time so that was my mindset with it and you know but I knew that yeah if I graduate law school and things don't work out I don't even know how I'm going to work as an attorney because I have no idea I don't know how to file a lawsuit I have no idea like what to do so if I graduate like I I'm gonna have to like start all over and figure it out after I'm done and it used to give me a lot of anxiety but I was like you know this is why I have to figure it out it was a mission because one I wanted to do to give back to my family and myself and second I wanted to do it because I wanted to prove a lot of people wrong and I remember when I used to talk about this everyone's like oh you shouldn't do it out of spite don't do things because you want to prove someone wrong I was like you don't understand you don't get some of the you know the the things that you hear the things that you see and sure you know maybe it can't drive you forever but it can take you I mean that pain of seeing the the things that people say to you because you know in between I started a sock company and when I was doing the sock business this is when you know people started to be aware that I was an entrepreneur and I wasn't like super successful I was doing okay uh and that's when I got on the news but you know just think about this I was supposed to be a doctor now here I am selling socks on the internet and everybody is like oh so you left you know this idea of becoming a a doctor now you're just selling socks and you know hearing that for years it is like one day I'm gonna have your kid want to work for me that was like in the background I never said that but I was in the back of my mind your kid's gonna want to work for me one day and uh it's like that driving force where I knew I'm gonna prove this person wrong I'm gonna make this person like really like see like hey I I am worthy I can do something but it takes a lot of work you know going back to that but it's it's be with anything being willing to try being willing to take risks being willing to make mistakes and being willing to learn from it because you know like I said you know for me I was willing to be dumb or stupid I never saw that risk until more recently because for me it was just like I know this is what I want and so the risk really was never even on my Horizon if I had a business idea I would start it like that same night because for me it was like I just gotta I want to do this I want to figure it out books weren't they were kind of giving me an idea my teachers weren't teaching me this I don't know who to turn to my experience was my teacher that's how I learned how to be an entrepreneurs how I learned to start investing that's when I started learning about money because you know the whole issue with the money stuff I mean this is something that we're never ever even remotely talk taught about and it's now becoming a real pressing issue you have to be willing to try learn risk failure you are going to fail I always try to get people to understand that failure is the most information Rich data stream that exists it sucks it hurts it can be costly but one in triggering the parts of the brain that have to do with pain you trigger the parts of the brain that have to do with memory and focus so you're more likely to really look at that thing that you don't want to happen again to figure out why that happened right memorize it and then you're going to get better the next time and to your point about um having a chip on your shoulder and people telling you that you can't do something and thinking one day you know your kid's gonna ask for it for me it probably is a primary driver over an extended period of time like you said it'd be a little caustic to the soul but it's so powerful in terms of so you've got light energy and dark energy right just to be like All Star Wars about it and if what I have found in my own life is that the hardest times the light energy will only get me so far and then I'll hit a brick wall and I'll want to stop and it's only when I tap into the dark energy of like I will not let this person be right about me I am not going to back down because I know they're just waiting for me to fail yeah that it actually does give me another boost now I try to split it call it 80 20 where I'm spending 80 percent of my time in the light the beautiful things I want to do the people I want to help yeah but dude let me tell you 20 of the time I'm thinking that the person that really wants to tap dance on my grades gets you going right yeah 100 and and you know I found the same way because for me in the beginning it was just figuring it out I went from business idea to business idea to business idea because for me I was just trying to figure it out hop it from one idea to the next but then you know you talk about the light energy for me it was my really driving my passion and my mission and my purpose and that became more of the light energy because now you know after a certain point you're like the money doesn't drive you it just is what it is right it's just like I'm fine like I I'm not a very materialistic person I don't really care you know about brand names designer names first time I made a million dollars I was driving a 500 car right it just doesn't matter uh like sure it provides some sort of benefit more comfort more value but after a certain point that money is not a driver it's now what is my purpose and for me you know that Minority mindset where rich and started making videos I wasn't doing it to make money I did this as a hobby because I got scammed in that sock company I'm just talking about things that you know I wish somebody would have told me when I was younger like having to do a business having to do with money so I did it as a hobby and people will say you can't just do that as a hobby I'm like dude you don't understand I didn't invest any money into it I was making videos off my phone about like a 30 or maybe 35 tripod off of Amazon and I was just making videos for fun and like my friend asked me and I think I was around 10 000 subscribers and he asked me it's like how much money are you making off of YouTube like what do you mean say how much money are you making from your ad Revenue off of YouTube I don't know what do you mean he goes into my YouTube back end with me and this is before YouTube had requirements of like you gotta have X number of videos X number of subscribers every time anybody could monetize any video you say dude you haven't even turned monetization on click one click and now you can start making money after videos I was like oh I didn't know that I really enjoyed it for me this was like really fun and something that I loved doing which is why I did it and then minority Minds started to grow started to make some money and I was like oh I can actually like do this like I can work on just spreading this this purpose what is it about what you guys publish that people respond to it's one email right it's a newsletter and you know when it's coming what time is coming you know where it's going to be every day and so people want to open it we don't need to have a the world is ending you know where it is and then we just break down what's happening in the stock market the real estate market the crypto Market what's happening with inflation what's happening in the global economy and then if there's anything else we'll add that in there as well and it's super fun and so you can avoid that headache avoid all that you know spending hours and now here it is in a fun way to read you know what should somebody that in this environment they want to pay attention they want to make the Right Moves they've listened they know that you bought your first stock for two dollars they know that no matter what they look like they need to be changing their behaviors that they need to find assets like in this uncertain time where should people be putting their money I know there's no one-size-fits all so so I'll tell you where I invest my money invest my money in five places my business Market briefs and other startups and that's my money in real estate invest my money in stocks invest someone in cryptocurrency and invest some money in physical gold now I don't recommend you go on it to start putting your money everywhere start with one place how did you pick those five and how do you allocate what percentage so I don't giving a percentage will be hard because valuations change all the time but I have been less and less actively before my active investment main one was real estate that was a thing that I loved and the thing that I really understood so anytime I had extra cash I would go out and buy rental properties but now I'm doing less and less of that so I can have more money to invest in my own company Market briefs um but now what I do is out of my company's minority mindset I pay myself a salary out of that salary pretty much all of that gets passively invested it gets invested into stocks crypto and physical gold so what does that mean right well in stocks I have a system where every Wednesday you can pick whatever day it doesn't really matter but for me it's Wednesday my money is automatically pulled out of my bank account and it's invested into a few different ETFs so an ETF is an exchange traded fund and you could think of it like a group of stocks so instead of going out and investing in Amazon one company and then hoping Amazon grows you invest in a group of companies like some will give you exposure to 30 some will give you exposure to 500 some will give you exposure to thousands there's a bunch of different ETFs out there and there's ETFs for a bunch of different things like one example that I invest in is the S P 500 ETF the S P 500 is a group of the biggest 500 companies on the stock market and so when you invest in this ETF you're literally or indirectly slash directly investing in the biggest 500 companies on the stock market without individually investing in all of them you invest in one ticker symbol and it gives the exposure to all of them so you're as in essence investing in the companies that make America America investing in America you can invest in specific sectors technology health care you can invest in uh companies around the world emerging markets and so you can find these ETFs you know again Google search YouTube you'll find kind of the things that you'll see what you're interested in buy what you're spending your money on uh and and so that's a one thing that I do I have a few ETFs every Wednesday I'm buying that and then I have my cryptocurrencies so for me you know I I think cryptocurrency is going to have a lot of value in the future but I also believe it's going to be very volatile I think we're going to see a lot of you know just like anything else there's there's a lot of dumb money in crypto and you know anytime you have all this money that was printed right money is going to want to go to dumb places and so I think that we're going to see some cryptocurrencies go under and uh again what is that going to do it's going to create Panic it's okay volatility is going to create fear so you know especially when the newer asset class you have to be willing to understand that and withstand that and so you know I understand that you know I'm not the most educated person in crypto but I understand the basics I believe in the value of the blockchain so I invest in Bitcoin ethereum and a couple of smaller coins uh the things that I believe in and that's happening every day and then I invest in physical gold every month I have some cash going to buy some physical gold every month and so this has happening on autopilot it's automatic it's passive and it's consistent and it's just a simple way for me to invest because what a lot of people try to do when they invest they say I'm going to invest in the stock market okay either you know when times are good I'm gonna try to find the next hot stock the thing that's been rallying like crazy everybody's been making a ton of money on it so I come in and buy investment it starts to go down and then they get scared they lose money and then they sell or when times are bad they say I'm going to buy at the bottom I'm going to wait for that perfect time to come in and buy and this happened again in 2020 in just textbook form because the market started collapsing and it was the fastest collapse that we've ever seen in the markets even faster than the Great Depression and so what I was saying was on YouTube I said look here's what I'm doing I'm buying I have the companies that I like because my ETF strategy is happening passively but actively I'm also picking and choosing what I want to buy I already knew which companies and stuff that I wanted to own I'm just waiting for a good entry point a good uh price to buy so what I said was look when Things fall but 10 to 15 I buy when it falls by another 10 to 15 I buy more and it falls by 10 to 15 I buy more aggressively I just buy the way down in phases because I can't perfectly time the market and anytime I said that I mean which is a flood of comments people saying why would you want to buy now the whole Market is going to implode it's going to go way lower just wait that we can get a better buying opportunity and I said I I can't predict the bottom that's not my game I'm not trying to time the market I don't got a crystal ball and then what happened the FED opened up the money printer and and it did something called unlimited quantitative easing which is something you know we've never really seen before and so they just flooded the economy and markets with money and now you had the market the fastest claps ever ever and then you had the fastest stock market rally in the history of time and it was like no I don't I mean I couldn't predict that I don't know who could have but if you were waiting to time the market you missed the opportunity and the people that weren't trying to and you just you know you wait for the good entry point you're buying even when everybody's scared they were the ones that were able to make a lot of money very quickly way faster than pretty much I could have anticipated or anybody could have anticipated just because you understood you know you're buying phases that's my disclaimer so don't sue me but I like these like ETFs right where you can buy like I'll just throw one out like spy yeah you're basically buying a little piece of like all of the top 500 companies yeah in the US yep spy gives the exposure to the S P 500 the biggest 500 companies in the stock market and it's it's is this your way to invest in the American economy if you believe in the American economy and you think that in 10 years or 20 years it's going to be stronger than where we are today then what you can do you just buy a little bit of it every week and now if the market goes up you keep buying if it goes down you keep buying you don't change your strategy and so it just gives you the opportunity to kind of buy more at a lower price it's just on sale so this is where you have to be able to control the psychology your emotions and know your strategy and they can become extremely difficult during downturns because everybody wants to pull out everybody but that's where the money is made for the people who who hold exactly and you have to be willing to now make the right because you don't want to buy into bankruptcy this is there was a great book called hundred Baggers I'm not familiar well basically like you could 100 x on there are some stocks that historically have offered 100x returns but you have to weather profound dips to get to that 100x and most people they just don't have the they just don't have the the courage to whether or whatever or the stomach to weather those dips Amazon went down more than 90 during the 2000 2001.com bubble bursting it takes a lot to see your Investment Portfolio go down 10 30 50 70 90 and keep holding or even potentially buy so it's not easy especially when competitors or similar companies in that space are going bankrupt left and right yeah so you know it's that's where you know if you're going to be investing in individual companies you have to be willing to put in the work you don't want to just keep be buying into bankruptcy but an ETF lowers some of that risk and then you could just own a piece of the and generally the economy and you just keep buying on the way down and then as it keeps going you just keep buying you just working to accumulate more shares and then if you have particular companies you want to buy your diamond phases buy it on the way down instead of trying to perfectly time the market you do not want to try to time the market instead just look for the opportunities I've always I've always heard uh tell me if this is true time in the market trumps timing of the market yeah I think one way to think about that oh is it I think Warren Buffett said that and I think yeah I agree I mean at the end of the day you just keep your money in there don't even think about it basically I mean you know people a lot of people ask you is this the time to sell if it's going to go lower should I sell now and again I'm not a financial advisor I'm not here to tell you what to do I'll just give you my advice I don't sell unless there's a reason and what is that reason even if I have a better place to put my money or if I think that this asset something's wrong with it maybe the company's gonna go Bust or something's wrong with the underlying asset or if I can get a better return somewhere else I find another opportunity if I'm not looking at retiring if I don't need this money in the next five to ten years then I'm just gonna sell because I'm worried about the economy then I'm doing the wrong thing I'm just holding all I'm trying to do is accumulate more and I'll sell if I have a reason to sell up there's no reason to sell I'm just going to keep holding the accumulating more yeah and also you should probably have a great deal of uh understanding about the asset right like um don't don't invest in things that you don't understand yeah and the best example right now is cryptocurrency you know here's what look I I'll give you my opinion I I like crypto I invest in crypto but I think there's a lot of crap in crypto and what does that mean well people were hoping that everything could be a get rich quick type of system where if I can put my money in any of these coins I'm gonna be able to 10x my money essentially overnight and I you know I've talked about this many times where I'm like look I believe in crypto I think there's a lot of value in the blockchain technology but you have to believe in it and you have to be willing to withstand the storms because you're gonna see a bunch of booms a bunch of busts you're gonna see crashes and what happens with that well you're going to see the growth of scams against the growth of crappy coins and once the free money starts to go away that's when you know the tide goes out and you see who's been swimming naked and so you know that's when you're gonna start to see some of the coins go bust and as soon as you see those prices go down because it's going to hurt the whole sentiment of the market that's when you're gonna see people turn right the people who loved crypto hope they'll get rich will hate it and then you're gonna see this massive change and you have to again you got to understand what it is you gotta love it and you gotta believe in it and you know and of course it's risky I I understand that it's a very speculative investment and that's why it's you know it's a it's a part of my speculative part of my portfolio I invest my money if I place design that's my money into my own businesses that's my number one investment uh and startups that I invest in number two is real estate number three is stocks number four is in crypto and number five is in physical gold so crypto is my second smallest investment it's in the speculative side um but I'm not going in and investing in a bunch of random coins I'm investing my money into the coins that I understand that I believe in and I'm gonna hold on to them for the long term you invest in startups isn't that super high risk it's very high risk now why do we invest in startups well because I am an entrepreneur I feel like I never really had a lot of support as an entrepreneur so it's a way for me to support other entrepreneurs and I love working with entrepreneurs I love the whole idea of Entrepreneurship so startup investing extremely risky high potential return 9 out of 10 startups will fail that's what the numbers say but for me I enjoy it um it's something that I like to do and it's become much more accessible for people nowadays thanks to crowdfunding there's platforms out there that let you do it for a little with as little as like 100 books maybe even fifty dollars depending on the platform but you gotta again within you gotta understand the risk and if you're willing to accept that risk then it could be something for you but you have to understand the risk you have to understand the risk I feel very grateful that I get to uh invest in startups and I invest in startups that I believe in that I want to help further um you know like element it's an electrolyte company that I I use their product I invest in like a baby food company that like makes the baby food that if I had a baby yeah that's what I would be feeding exactly the baby you know yeah so uh so yeah purposeful investing purposeful investing yeah investing yeah with a purpose okay what does your daily routine look like to set yourself up for Success because you're obviously super successful you've got this huge social media platform you're smart as hell like you've got all this all this knowledge to drop I don't know about all that but I appreciate it yeah but tell me about your daily routine so my daily routine right now is a little bit different because I'm in California and I'm based out of Michigan so I'll kind of give you both but what I like to do is I start I like to start my days with some sort of like walk or some sort of like where mindful calming meditation exercise I love exercising when I I'm not a huge big like the meditating sitting down but for me walking this meditation so what I used to do in Michigan um and I don't do it as much here and I'll explain why but in Michigan I go on a hour and a half walk in the mornings about five miles and I listen to an audiobook and it is my way of just being alone and I just think and listen to my audiobooks and it's one of the most peaceful things ever and I started doing this during the pandemic because the gyms were closed and I just I just kept up with it because I mean it just I learned so much from my audiobooks and it just gives me that opportunity to just let my mind go it's the only time that I have all Finance related or like different topics anything um I really have been getting into biographies a lot I've been listening to just tons of biographies from entrepreneurs to investors to just anyone who's done something um it doesn't have to be an entrepreneur but I just like I like biographies um after that I'll get ready I'll go to work uh to the office and then I'm there depends but you know I could be there anywhere from six hours to 12 hours depending on the day um and I try to go to the gym in the evening and after the gym then I come home and uh I I might do a little bit more work later depending on what what is going on but I'll try to do less work then then spend just some time with the family how much time on in a given day do you dedicate to looking at tracking analyzing the markets oh man so I spend a lot of time doing that um I don't know how much time I dedicate every day but it's a big chunk of my day and that was actually the reason why I started Market briefs because I make these YouTube videos on minority mindset and I talk about money management investing and these are all things that I wish somebody would have told me when I was growing up so it was just I started it as a hobby and now it's grown into something so much bigger but you know as things started craziness started happening in the markets I started talking more about current events type of stuff just because people wanted that and it became very overwhelming for me to keep up with every single news source so I had some people on the team I said look start putting together like a daily email for me like what's happening in the markets that way I can get like a summary and I know what to look at so started doing that and I was like this is kind of cool I wonder what would happen if I just started like telling the audience about this and uh kind of like just a little promotion like hey we have this newsletter for under minority mindset that's what it was under the time and people really enjoyed it and after a while I was like this is like what we could actually turn this into like a business like people like our newsletter we're you know spending more time into it that's that's try to turn this into something so that's when we turned this newsletter under the minority mindset name into Market briefs into its own Financial newsletter so I mean I start with that but then I spend I mean I spend a lot of time um just kind of going deeper into what's going on because I enjoy it um and then it provides me analysis not only for what I do but then also with the things that I talk about so if it's not medium there's people on my team doesn't mean this is what we do right so we we I spend a lot of time on that yeah it's like financial markets also real estate is that but real estate stocks crypto what's happening in the global economy um inflation just general economic stuff so yeah I mean a lot of a lot of different sectors in that sense tell me about real estate is now a good time to to buy a house or so I'll give you my opinions on buying a home because I don't look at a home the way most people do I look at a home like buying a t-shirt or a shirt I will I will buy a shirt if I can afford it and if I like it if I'm gonna buy a home to live in I'm buying it for the Memories I'm not buying it for oh what can this home be worth in five years or ten years I think that's the wrong way to look at home because I used to be a real estate salesperson when I started investing in real estate when I was 19 I was like I don't want to keep working with an agent I want to do it myself so when I was 20 I got my real estate sales person's license and I started helping people buy and sell homes and the whole pitch is you're helping somebody buy the biggest investment of your life and I don't like to look at the home that I live in as an investment because when you look at it as an investment it's easier to get you to spend more buy bigger because it's an investment this investment for your kids it's an investment in your future so buy the biggest and best home that you can and and it works because then also you get the bigger home the real estate agent gets a bigger commission check the banker gets a bigger commission check because now they're going to give you a bigger mortgage again not every one of these people are is bad but I mean it is is what it is so if you're going to be buying a home the key factor is not what's happening in the market it should be can I afford the home affording means can I afford the down payment can I afford the monthly payment can I afford the moving cost and can I afford the new move in cost because when you move in you want to Upper get their bathrooms you want to upgrade the kitchen you want to get the new furniture if you can afford it forget what's going on in the economy go out and buy a dream home but if you can't afford it don't go out and buy it so I mean at the end of the day that's why I don't consider your home an asset because for the majority people your home is a money pit and then you hope that you can sell it for profit but home prices don't always go up we saw that happen in 2008 and I don't know where home prices are going to be in five years maybe they'll be higher maybe they'll be lower I don't try to predict that even when I invest in real estate I don't care what's happening in the market when I invest in real estate I'm looking for one thing cash flow I want to see what amount do I have to pay today how much cash is this going to generate every year from here on out so if home prices go down doesn't matter I'm still getting my cash flow the home prices go up great it's icing on the cake so I don't really care what's happening in those day-to-day swings and you know going back to the home buying question I don't look at it like an asset how do you get cash flow from a house like assuming you're renting it out to somebody exactly so you're buying a house as an investment now you're buying it to make money you're not buying it for the purpose of living in so in Michigan you can go out and buy a home for 150 Grand today you can rent it up for 1500 a month and uh so you know it's just a matter of now how can you find properties that will generate you solid cash flows cover your taxes your insurance your maintenance and management and any other fees that arise your mortgage and then put some money in your pocket so now you're uh you have the asset that's paying for by itself paid for it by itself and then it's also putting some money in your pocket love that yeah passive income that's a that's like a big important awesome thing to have yeah and you know it's it's an interesting topic because I would agree the real estate income real estate cash flow can be passive but it it takes a lot of work for it to become passive and I'll tell you from personal experience because like if you're gonna be a landlord I mean that no shade against landlords but like that doesn't sound like it's a job for everybody so when I first started investing in real estate uh I didn't know what I was doing I didn't have any reason to investor family members I didn't know any Real Estate Investors so I just kind of did it and what happened was I'd read these books and said it's it's passive you need a property management company the problem was I had a very bad property management company so I had its tenant in this property and I would get calls almost every day uh one day they were like oh uh we were cutting cucumbers on the countertop but we missed the Cucumber we scratched the countertop you need to give us a new countertop damn I was like oh I don't know what to do in that situation I got him a new countertop in one situation they were freaking out because they said that the property is about to be burned down something's wrong with the electrical system uh it's it's just some crazy stuff going on we sent out an electrician a bulb went out if used right I mean it was just it was a nightmare tenant uh they I mean anything that could have gone like I I wanted I hated the idea of being a slumlord like it just never was attracted to me I wanted to be a person that provided a nice unit above value unit where you're getting a bargain for your price so what did I do I found you know okay this area has certain type of appliances I'm gonna put in stainless steel appliances something better so I always wanted to you know make sure that if my tenants come here they like it that way they want to stay for longer so it's just like customer retention but I didn't know what I was doing and so it was anything but passive in the beginning so then I started working and I started developing my team started to meet more real estate agents more contractors more uh property managers people who were actually good and now it is essentially completely passive for me I just look at the reports that I get every month I don't know who the tenants are I'm not involved in the day-to-day decisions I have a team that does that so yes now it's much more passive back then to get started it was anything but passive oh man I once illegally Airbnb uh a place that I was renting but it was great it helped me make ends meet back at a time when I wasn't really making that much money um but every time I would get a text or a call from the person who was like Airbnb in my place with an issue it sent my life it was like it it instantly activated my fight or flight and it sent my blood pressure through the roof which is so stressful that I was just like this is not for me yeah it's it's it's difficult and you have to be willing to put in their work and that's why you know one of the things that I don't like doing is saying you have to do this with your money you have to invest in real estate or you have to invest in stocks you have to invest in ETFs there are so many like Warren Buffett became Rich by investing in individual uh companies you have other people that came extremely wealthy by investing in real estate there's no one way to do things I don't like to say this is how you have to do it this is what's going on like right my whole thing is learn pick what's right for you you got to try things you don't know what's gonna work for you what's not gonna work for you and as you learn you'll become smarter and you're gonna say either I hate this or I love this what's like an easy what are what are some like other uh means of developing passive income well if it's not real estate then the next one will probably be investing your money in dividend paying companies that's cool so on the stock market um when you invest in a company you're essentially getting your share of ownership and you get your share of profits now if a company is larger and they have a lot of cash at the end of the year big profits they can do three things with their cash they can take this cash and invest it back into the company open more stores hire more people invest in more Innovation they can save this money for emergencies in case we run into another pendant or they can give this cash away to investors shareholders so if you invest in a company you own shares of a company and they have this big cash portfolio at the end of the year one of the things they can do is just give it away in the forms of a dividend and this is public information you can just go on to any stock brokerage website stock market website and it will show you if a company is paying a dividend or not and so what does that mean if you invest in a company like just for an example McDonald's right now they pay out a dividend if you own one share at McDonald's every quarter meaning every three months they will send you a check for doing nothing except owning that investment it's your profit share you don't got to flip any Burgers you don't gotta run a restaurant but you get a little bit of money for owning a piece of the company so it's another kind of a it's a simpler way to get passive income without really having to do any of the work your work in the sense is mainly just to make sure your company is not about to go bankrupt yeah I love it I have I definitely will look to see if companies if before I invest um in the market to see if they if they are dividend paying stocks um Apple you know pays a dividend which is dope uh my grandma was a big stock investor and she believed in she was a big like at T oh yeah t yeah yeah I mean it was a different time um you know but ATT is still like one of these like Legacy companies that pays a pretty high percentage-wise right um dividend that's cool that's good advice yeah and if it's not that I mean then the next way to go would would require now a lot more work because then it's uh more of you can invest in businesses I think everybody here needs to own a business however the majority of people should not be in the business of operating a business and the majority of people should not be in the business of starting a company so what does that mean well now you can own a business without actually running it without actually operating it and one way to do this with the stock market where you can invest in startups where you can invest in companies that you know of that need capital and now what does that give you your piece of the profits of a company is making a million dollars a year and you own 10 of that well then you can get your share of that money right and it's just another way of you to kind of what we're talking about before you're not just working to climb the corporate ladder but you're also owning the corporate ladder because that's where the real wealth is built it's built through Equity not just through your salary wow I love that guy there's so many questions I want to ask you depression is when more jobs are lost and they're going to print more money it doesn't say to prevent uh when they when Fouche you know fascist Fouche shut down the U.S economy the whole world economy is shut down how can they pay people not to work America is now the largest generation in history

Channel: Minority Mindset

Views: 268,716

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: NtkXE38vd1w

Length: 140min 5sec (8405 seconds)

Published: Sun Sep 18 2022