The NO BS Guide To Becoming A Millionaire In 2024 (Build Wealth Starting From $0)

I knew I wanted to be rich when I was a kid not because I was some greedy money-hungry child but because I just wanted to buy my dad's time back my parents are immigrants from a state in India called Punjab and the way it works is when your parents come from a different country a poorer country and then to come to a place like America now not only do you have to work to feed your own family here in a new country where you don't speak the language you don't know the culture you don't know the people you don't even know how the system works but you also have to work to send money back home to the poorer country to feed your siblings and your family out there so now my Dad is working six if not seven days a week long days morning tonight so I don't get to spend time with him and at the same time I wasn't allowed to say I wanted to be rich because if I said I wanted to get money well that was almost like a sin in my house because the way I was raised talking about money is taboo money is bad money is evil you shouldn't worry about money or talk about money yet at the same time I'm seeing my parents work pretty much every single day like if my dad got a Saturday and a Sunday off that was considered a long weekend so I'm not allowed to talk about money I shouldn't worry about money I shouldn't think about money I shouldn't be stressing about money yet here at the same time I am seeing my parents work their butt off to get a paycheck it didn't make sense to me and as I started to get a little bit older I started to learn a little bit more about money I started to learn a little bit more about success I started to realize that there are some big money lies that most of us are taught number one is that it takes money to make money that is not true it does not take money to make money it takes money to grow your money but if you want to make money you need hustle you need drive you need the work ethic because you can make money without money but if you want to grow your wealth then you need money and the second thing is if you want to get rich you need a big salary see the second thing that happens when your parents come from a country like India is they want their kids to become successful now my parents like a lot of immigrants from Asia didn't grow up with financial education and so when you come from India and you want your kids to become successful what does that mean that means they got to become a doctor and so I was the same thing where I was told I need to go and become successful fine I agreed with you there I wanted to become successful but the path to success was where my parents and I differed because I was always told that if I wanted to become successful I got to be at the top of the food chain fine I agree with you there and if you look at any of the career pamphlets that you get when you go to school what does it say the top earners are doctors maybe attorneys maybe accountants maybe Engineers but that's it these are your top income earners so if you want to be at the top of the food chain the top of the top what do you got to do go out and become a physician this is why you see so many brown kids go out and become doctors because their parents beat it in them literally beat it in them since the day they can start to speak and so now you of kids that are working to go out and become successful AKA become a doctor but there's a difference and this is one of those things that was very painful for me to learn there's a difference between going out and becoming a high income earner like a doctor an accountant an engineer and becoming financially rich they are two completely separate things because you can earn a high income and still be broke your income doesn't guarantee any sort of financial wealth period And this is one of those things that when I learned this I was so upset because by this time I was halfway through my college career I was studying to go and take the Medical College admission test the test that you take to get into medical school and that was when I first started learning about money and I realized it's not how much money you make that matters it's what you do with the money you make now don't get me wrong having a bigger income can help you become faster sooner but even if you make a big six figure salary if you don't know what to do with that money it doesn't mean anything in terms of your wealth a big salary might let you buy nicer things a faster car or a bigger home and nicer vacations today but that doesn't mean anything for your future wealth because guess what a fast car is not going to give you any cash flow a big home is not going to pay for your kids college and you might be thinking but you can sell the home for a profit your home is one of the worst kinds of Investments that you can make and that's why when you hear about wealthy people becoming wealthy no wealthy person talks about oh I became wealthy because I bought my home and then I sold it for a big profit no wealthy people become wealthy because they're built a multi-million dollar business wealthy people become wealthy because they built a real estate portfolio wealthy people became wealthy because they bought stocks that appreciated over time and this is where now if you want to become wealthy you have to re-shift and reframe your mind and stop following what everybody else does because if you keep doing and following that conventional wisdom of trying to become successful you're going to end up like everybody else and guess what the majority of people in America are broke that is the way that our system works now this is where you have to if you want to become successful be willing to think a little bit different and then do something a little bit different and it starts with the way you think because well that's what I call myself and this brand the minority mindset because all success starts with their mindset and if you're not willing to do something different you're never going to achieve anything different and the reality is the reason why the majority of people are broke is because we followed the system where you work to make an income and maybe if you do it the right way you're going to work to get a big income you go out and you get a high paying job now again there's nothing wrong with being a doctor there's nothing wrong with being an attorney nothing wrong with being accountant nothing wrong with being an engineer we need these professions in fact we need good people in these professions we need more good people in these professions but what we need less of is people going out to become a doctor just because you get a big salary because you want to get rich and this is where if people understood money well now doctors could be a lot more financially free because now when you make a big salary you know what to do with the salary that way you can actually be wealthy you know how you can use a tax system to your advantage as a doctor because now what every doctor will tell you is when you start making that three four five hundred thousand dollars a year the government's going to take a big chunk of that they might be taking half of that money so yeah you work to earn half a million dollars but two hundred thousand dollars is going straight to the IRS that's a lot of money going in taxes and then you got to figure out how do you live the doctor lifestyle while also putting money away to build wealth and when you talk about putting money away to build wealth where does that money go and this is where now you have to understand the difference between just working to earn a salary and working to build your wealth because guess what if you want to become wealthy you don't need to make half a million dollars a year to do that but you do have to have the right Financial education this is why I keep saying it's not how much money you make that matters it's what you do with the money you make because even small Investments if you start investing a hundred dollars a month the day you turn 21 and you keep investing the hundred dollars month after month after month from the age of 21 until 66 you just throw that money into the S P 500 and you've got a historical seven to ten percent return on the money guess what you're going to retire a millionaire on your 100 a month investment now if you don't know what that means don't worry I'll explain what that means in just a little bit but this is where even small Investments made consistently over a long enough period of time can make you rich and this is where many people say but just put it I don't want to wait until I'm 65 66 or 70 years old to start enjoying my money how can I have more money today that's fine you don't have to wait until you're 70. but that means you're going to have to invest more money today how can you invest more money today well you can do two things one you can live smaller you can live in a smaller home drive a smaller car go on less vacations spend less money that way you have more money to go out and invest today and you can also work to earn more money there's a limit to how much you can cut back on if you make fifty thousand dollars a year yeah maybe you could put aside 10 grand a year you live off of 40 you invest ten thousand dollars and then you get into this whole financial education thing and you're like you know what I want to do more of this I want to invest more money that way I can build more wealth and have more wealth sooner now maybe you work to put aside fifteen thousand dollars and you live off of thirty five thousand maybe you work to put aside twenty thousand and you live off of thirty thousand but there's going to be a limit to how much you can cut back on but there's no limit to how much you can earn because now if you can go from 50 000 to half a million dollars a year now you can invest 10 times more money and also live a 10 times bigger lifestyle and this is where now it's reframing the way you think because most of the time when people hear that they think what how in the world am I going to go from fifty thousand dollars to half a million dollars a year that's not even practical to a split and you're right maybe it's not going to happen this year maybe it won't happen next year maybe it won't happen the year after that and maybe it won't even happen the year after that but if you think you can and you start working towards that guess what maybe you go from 50 to 200 to 50 000 yeah maybe you didn't hit that goal but at least now you're making five times more than what you were before and how do you start doing that that's the next question right well you got to start learning about money you got to learn about how you can earn more money and you gotta then put in the work you got to be willing to take risks and you got to be willing to try things now YouTube has made this so much more accessible thank God for YouTube because 20 years ago even 10 years ago this was more difficult to learn about this because 10 years ago you would have to go out and you don't really have Audible back then but you'd have to go out and get audio CDs that's what I used to do because I didn't have I didn't like reading books so I used to go on to Amazon or go to Borders or Barnes Noble borders back when it was in business go out and find the actual audio CD of books that I wanted to read up them in my car and listen to them when I'm driving now you got YouTube you got podcasts you have blogs so much content on the internet and now the question is what are you doing with the time that you have are you spending your free time watching Netflix are you spending your free time going out and playing video games or are you spending your free time learning about how you can actually earn more money and invest your money this is why I say that the best Roi that you can get right now is by canceling your Netflix subscription not because you're gonna save 15 a month but because you're gonna save two hours every time every single day and then if you reallocate those two hours of time every single day towards not watching whatever's on Netflix and learning and building your financial education learning about how to start a business learning about how to increase your income working to get a certificate working to learn how to invest in real estate working to learn how to analyze stocks working to learn how to invest in startups we're going to learn how to buy businesses in five years you're going to be in a completely different situation because of the two hours that you're spending and you might be thinking but just breathe I work so hard I need a break I need a time off look if you're working all during the day and you have some free time in the evening you got to figure out what's more important for you right now is it sitting there in front of the TV and just letting yourself relax or is it sitting there and learning something and building upon the education that way you don't have to kill yourself at the job that you hate right now and if you hate the job that you're at and this is where now you got to start thinking practically what are your options can you get a different career can you get a different job can you do something that's going to pay you more money or if not what can you do right now to get out of that situation that you're in and this is really just looking at the facts of your life today and making a decision based off of where you are today because if you tell me just please I can't get out of this job I can't do something else but you got three hours at home in the evenings that you can do something else this is the time where you need to be learning and I call really that period of trying to build something the decade of sacrifice because everybody on the internet I'm going to be very honest with you right now everybody on the Internet is pitching this six months to wealth nine months to wealth 12 months to wealth but if you just follow this five-step system you do these five things you put your money into this thing you take this class you do this one thing in 12 months you're gonna transform your life the only way you can transform your life is if you change your life that means it's a lifestyle change and just like anybody who wants to get in shape if you've ever seen anybody who goes from obese to in shape it's not something that you do for 60 days why is it that any time you see somebody who goes from fat to skinny very quickly nine months later they're fat again why because it's not a lifestyle change if you really want to stay [ __ ] in shape and you want to stay skinny you want to stay fit what do you do it's not that you cut calories and cut your carbs and you cut your sugar for six months it's you do it for a lifetime you would make a lifestyle change instead of doing a 60-day diet or a 90-day diet or a six month diet you make a lifestyle change where you say you know what yeah maybe I'll have some sugar here and there but I'm going to commit to living a healthier lifestyle I'm going to commit to going out and walks I'm going to commit to going to the gym I'm going to commit to eating healthier it's a completely different game then you know what I'm going to do this for 60 days I'm gonna lose my weight I'm gonna go to cardboard I'm gonna go to Cancun and then I'm gonna put all the weight back on it's the same thing with their money if you really want to build Financial Freedom and build wealth it's not going to happen in 12 months but it can happen in your lifestyle and it can happen in a lifetime but you're going to have to change your lifestyle and that means your lifestyle is going to go from me spending all my money today to now not spending all my money today me having all the nice cars to me sacrificing the nice cars right now so I have more money to invest and then me spending my free time watching Netflix and Hulu and HBO plus and whatever else is on TV to know me spending my free time learning about financial education me spending my free time learning about making more money me spending my free time learning about business be spending my free time to learn about how our economic system works we spending my free time to learn about what's happening in our economic system right now we spending my free time to learn what is money how does money work and this is not going to happen overnight because the first thing that happens is you got to start learning what is money how do you manage your money how do you build systems with their money how do you invest your money what is investing what's the stock market what's real estate investing what is a business how do businesses make money how do you grow a business what is digital marketing how do you get customers how do you scale a business what is a scalable business how do you sell a business what is selling a business these are the questions that you will go through over time and you can't learn everything at once and school is not going to teach you this either because 99 of the time and I say 99 because there's always some exceptions very few but some exceptions if your professor knew this many of them would not be teaching anymore and again there are some great teachers there are some great professors and many of them are very good at what they do but most of them are not rich and this is where now you have to go out of your way to learn about money our education system teaches people to be employees period again not a bad thing not everybody is going to be an entrepreneur not everybody should be an entrepreneur I'm going to jump back into the video in just one second but before we do if you are an investor and you're looking for an easy and free way to stay up to date on what's happening in the top financial news from the economy to the housing market to the stock market to the crypto Market to the global economy then you have to check out Market briefs Market briefs is my free financial newsletter that I created that will keep you up to date on what's happening in the financial news you can read the newsletter in less than five minutes every morning it's a fun and easy to read email and it's completely free so if you haven't joined Market briefs yet I got the link to hike and join down in the description below I I'll tell you a little story was kind of funny because when I first started learning about entrepreneurship and I first started seeing success in entrepreneurship this is years ago now I was so obsessed and I was so excited because I finally for the first time started making decent money and if you want to quantify decent money it was probably two or three hundred thousand dollars a year as an entrepreneur from my own entrepreneurial hustles when I first started doing that I was so excited because I felt like I finally proved the system wrong now to give you a little bit of backstory if you don't know I did not go out and become a doctor but my parents were not happy that I was not going to become a doctor it created a lot of tension a lot of controversy so my parents and I kind of compromised and I went to law school instead but when I was in law school I knew I wasn't going to be an attorney so I worked on just my own stuff and that was when I first started to really see my success as an entrepreneur while I was going to school because I went to law school part-time working on my businesses full-time and I worked on a lot of businesses I was working in real estate I was a real estate salesperson I worked in real estate wholesaling I had an e-commerce business and I was investing in real estate so I was doing a lot of different things but I started to see some success now as an entrepreneur and I was so excited that I started telling all of my friends you need to go out and become an entrepreneur because there is this whole world of opportunity out there where you can earn more money the way that you want now I didn't say that you're going to have more freedom but I said that you can earn more money and then you can take this money and invest it and be more aggressive with your Investments and I would pitch this so much that some of my friends got very annoyed by this but a couple of my friends were really intrigued by this idea and I actually got a couple of my friends or one for sure to quit his job the other one kind of went part-time on his job to quit their jobs and start working with me full-time that way they can work on building their businesses and that was when I learned the hard way that not everybody is meant to be an entrepreneur not everybody has the risk tolerance to be an entrepreneur not everybody has the discipline to be an entrepreneur and not everybody is just built to be an entrepreneur period that's okay you don't have to be an entrepreneur and you know this whole idea and world of Entrepreneurship is so glorified now that oh it's so cool to be an entrepreneur you guys so being an entrepreneur is hard and it's not for everybody it's not any cooler or better or grander to be an entrepreneur versus being an entrepreneur or being an employee okay it does not matter what you do if you are an entrepreneur though the way that you can build wealth is by working to build your business build your income take the money that you're making and invest it back into the business and then eventually as the business grows big enough that's when you can take money out and invest it in things like stocks real estate and other places if you are an employee or you're an entrepreneur working in somebody else's business the way that you build long-term and real wealth now is you're working to get a paycheck and now you take as much of this paycheck as possible and you're going to take this money and you're going to put it into stocks you're going to put it into real estate you're going to put it into buying other businesses because now you are working to build equity not in your own business because when you're working in somebody else's business it's not your company but you should still work there and treat it like your own company that way you can continue to get raises you can continue to make more money but then you take the money that you're earning from this company that's not yours and then you're going to build equity not in that company unless you're allowed to some companies will have that exception where you can build that equity in there that's something you can consider if your company allows that but most companies won't but then you're going to want to work to build equity in other assets real estate Investments rental properties or stocks or other businesses see when you're building your own company now you're working to build equity in your own company and the way that you can do that now is you're working to scale the brand you're working to grow the brand you're working to increase whatever it is that you're doing until now you want to either diversify or you no longer have a real growth potential in that business where now you can take the money and put it somewhere else and this is where now again our economic system is designed to do one thing it's designed to build an education system that produces employees now why is this so important because we live in what's called a capitalist system and in a capitalist system there are two ways you can make money you can make money from your labor and you can make money from your capital and guess what in a capitalist system which one is going to make you more wealth is it from your labor is it from a capital it says it in its name your Capital but what's interesting is our entire education system is designed to teach you how to make money from your labor so we are taught to make money from our labor right you go to school and if you do good in school you're going to be able to go to a good college if you go to a good college the whole thinking is you're going to be able to get a good job if you get a good job you're going to make a big salary which means you're making money from your labor and this is why I keep saying it's not just how much money you make that matters it's what you do with the money you make you can make money from your labor but the question is what do you do with this money from your labor most of us never learn a thing about money when we're in school I can tell you from experience I went through high school I went through college I went through a year of grad school and then I went through law school and never once did I learned a thing about investing Building Wealth cash flow I had to learn these things on my own and so we learn how to earn from our labor but in a capitalist system the people who are the wealthiest think of anybody Mark Zuckerberg Elon Musk Donald Trump it doesn't matter who you think of and I'm not saying this from a political perspective think of anybody who has money Warren Buffett what do they do they own assets if you want to win in this economic system in this capitalist system the way you win is by owning Assets Now how can you own these assets this is what the capitalist system is you have to use your Capital to own assets you can use your labor your job to make money use a piece of this money to go out and buy assets stocks real estate businesses whatever it might be or you can create that asset that's being an entrepreneur you can go out and build an asset you can go out and create something that does not exist right now and this is where the real wealth is built if you really want to make money that is what you have to put your focus on if you are not an entrepreneur that means you got to take your focus right now on not spending all your money working to earn more money and taking the difference between what you earn and what you spend and putting this money to work putting this money to work in the stock market putting this money to work in rental properties putting this money to work to buy businesses putting this money to work by investing in startups by investing in other businesses that way now you have equity in these assets that when now your money is working earn you more money because when you go to work you are working on money but there's a limit to how much you can work there's a limit how much you can get paid there's a limit to how many hours a day you can work but there's no limit to how much your money can work and this is where now it's how do you scale what you can do and there's a lot of similarities now between being an investor and being an entrepreneur because I knew I wanted to be an entrepreneur from an earliest age even though I wasn't allowed to do that but I knew that I had this like entrepreneurial bug but what's interesting to me is as I went through my entrepreneurial journey I went through a lot of different things the first thing that I did was I was essentially a glorified party promoter I was an event planner and doing parties and whatever but what I learned was I didn't actually build a business because the way I worked is I would go out and host a party I was in college hosting college parties I would go out and host a party and I would get paid and I was making good money for a college kid but I had essentially just created a job for myself because the way I worked is I would have to go out and host a party I'd have to plan it be at the event make sure that everything runs smoothly and then I would get paid whatever money that we made so I was creating my own income but I really just created myself my own job because if I wasn't working I wasn't getting paid and at the time it was great because I was starting to finally make some money for myself but then as I thought about what is a business and I thought about the bigger businesses I started reading more books I realized that the biggest businesses and the bigger businesses out there they create the ability for a person to pull themselves out of that's real Equity because if you think about what is equity think about your home if you own a home if you bought a home for a half a million dollars and you built equity in this home you paid off let's just say two hundred thousand dollars the home was worth five hundred thousand dollars you paid off two hundred thousand dollars so now you have three hundred thousand dollars of debt 200 000 worth of equity what does that equity mean the equity means you can do one of two things either you can do a Cash out refinance pull some of that 200 000 of equity in the home out through a loan or you can sell the home for half a million dollars and then get the two hundred thousand dollars of equity in your pocket that's real Equity when I was doing my event planning company I didn't have any Equity I created a job for myself but I had no equity in my labor because now if I wanted to sell their business nobody was going to buy it and I had no way to buy it because I relied on me to do something and that's when I started thinking a little bit differently of how can I build something more scalable how can I build something that's a little bit more of a real business as opposed to just me creating my own job and that's a big difference between a solopreneur and a real entrepreneur somebody who's building a real business that doesn't require them necessarily to be there for the business to continue living and that's not saying you shouldn't work in your own business but if you want to build a real business there has to be an element of replaceability to you as well because if the business can't run without you it's not a real business and it's the same thing now if you're working a job if you're working a job you're replaceable if you died or if you could not go into work tomorrow the company is going to find a replacement for you in the next four weeks and maybe you're really good at your company maybe you're really good and they don't want to let you go that's good that doesn't make you Irreplaceable because if you couldn't go into work tomorrow they're going to have to find somebody to replace you they might not be as good as you but your equity in that company isn't going to keep paying your family if you stopped working there because you might build great rapport with the company you might be very valuable to the company there's nothing wrong with that that's a good thing but I'm talking about for your own personal finances if you can't go into work anymore your company is not going to keep paying you maybe you have a pension but most companies don't offer pensions anymore and so now where's your equity and this is where now you are building your skill set when you work at your company and you work up in the company when you build your skill set and your knowledge and your your ability to provide value you can earn more for every dollar for every hour that you provide you earn more dollars for every hour that you provide but if you stop going into work tomorrow your paycheck's also going to stop so again where's that Equity what does equity mean Equity means you can continue to keep getting paid without you having to continue going into work and this is why the equity in your home is one of the worst kinds of equity because the equity is essentially debt Equity it doesn't do anything unless you sell it and so this is where well what are the Alternatives when you take your money and you go and put it into a stock if you go put your money into the stock market now you're building equity in this company in this business that you're investing in on the stock market if you were to invest in the Amazon Corporation I'm not telling you what to invest in just an example if you were to invest in the Amazon Corporation now Amazon has a CEO that's working to drive up the profitability of Amazon they're working to drive up the stock price of Amazon and there are thousands of employees at Amazon that are working to make the Amazon company grow to make more money to produce the value that Amazon provides when you buy one share of Amazon you become one of the owners of Amazon just like that when you go and you invest in rental properties and you're building that equity and rental properties now you're buying this land and this building which is producing you cash flow you have equity in this building that's producing you cash flow why because now there could be people living there it could be an office that's using your building it could be a restaurant that's operating at your building it could be whatever type of building now somebody is going to live in or use your property and in exchange for them using your asset your Equity that you work to buy you're going to get paid with cash flow and if you do it correctly the cash will let you getting the rent that you're getting should cover all your property expenses and put some money in your pocket every single month so now compare these equities you can't go to work tomorrow because you got into a car accident the company decides they're not going to keep paying you what do you do well if you have that sort of equity you can keep getting paid you can keep having your assets working to produce an income if it's a rental property they can pay with cash flow if it's dividend paying stocks they can still pay you dividends now you might be thinking but just split it's going to take a lot of money and a lot of time for me to go out and actually own enough assets to produce a significant amount of cash flow and you're right it does take time this is why I said again in the beginning of this video it takes money to grow your money but it doesn't take money to make money if you want to make money you need the hustle you need the drive you need the work ethic and you need the ability to take risks and you need the ability to learn if you can do those things you can go out and earn money but if you want to grow your money now you need more money and this is what your Equity is doing when you're trying to create or buy this equity now you're working to grow your money and this is where the real wealth is built it's about buying more stocks buying more real estate investing in other businesses investing in other things they're paying you now there's different ways that you can get paid you can get paid with cash flow or you can buy Investments that go up in value or that you're buying for the purposes of going up in value I like cash flow that's just the way that I am I like buying an asset and knowing that I'm going to get paid month after month after month or quarter after quarter after quarter because now what I'm doing is I'm just working to stack the cash flow I'm just trying to buy more of these cash flow producing assets that we every month I'm getting paid more cash flow more cash flow more cash flow because that's the way my mind works other people don't like that because their cash flow gets taxed if a company is paying you with dividends that means the company is sucking money out of their bank account and instead of trying to grow the company bigger and faster they're paying their shareholders so some people don't like that other people say you know what I like a company when they take the cash and they reinvest it back into the company that way they can't pay me a dividend but that's going to make the company grow bigger it's going to make the company grow faster so the stock price grows faster some people like that plus if you're not getting paid with cash flow you don't got to worry about paying taxes because when you get rental income or when you get dividend income that's taxable income now of course as an attorney who's not your attorney I can tell you that our tax code does provide benefits to investors when you make money from your rental properties when you make money from your stock dividends there are tax breaks that you can get that are not available to people who are earning money from their jobs if you just earning money from your job you're going to be subject to the highest tax rates and the least amount of tax deductions when you're earning money from your Investments or your business now you have the potential to earn lower tax rates and higher deductions that's the way that a tax code works so when you're earning money from your job you're not subject to or those write-offs you're not subject to the lower tax rates but with their Investments you do get those things and this is where again now understanding the system our system is designed to benefit people who understand the capitalist system that means our system whether it's the tax code how much money you earn how much assets you earn how much Freedom you have our system is designed to benefit people who understand the capitalist system our system is designed to benefit people who understand how to invest and how to build businesses period not everybody can be an entrepreneur not everybody should be an entrepreneur but every single person in America should be a business owner don't go out and build a business if you're not an entrepreneur but you can go and invest in businesses if you're not an entrepreneur both of them will allow you to win in this economic system you don't have to go out and build a business but you can invest in other businesses everybody can do that and you can start doing that with as little as a hundred dollars even ten dollars even one dollar there's a lot of apps out there that will allow you to start investing with as little as one dollar there's no Financial barriers now because of technology that stop people from doing this the barrier that stopping people is the education and the risk now because of technology I love the fact that there's so many apps and Technologies out there that have made investing so much more accessible but the risk and the downfall to this now is you have a lot of people that are getting on places like Robin Hood and these other trading platforms because you hear about the powers of investing that's the good part now the bad part is these platforms make money when you make more trades and they make money when you borrow money and when you're just starting off as an investor you might not know how to invest your money the right way in fact you probably don't and you probably will lose money everybody loses money losing money is a part of investing the goal is to make way more than you lose but everybody will lose money from time to time and this is where now the risk is is when you have a lot of people starting to get into investing with the ease of accessibility thanks to technology with the lack of financial education and then you open up all these Financial tools like margin trading meaning trading on debt and quick trading and you know all that stuff to allow you to make a lot of fast movements with their money what that does is it allows people to make much bigger bets than the comfortable losing and make much faster trades than they probably should and this might be okay when things are good and the economy is booming because now hey when the economy is growing and you're trading on margin you can make 5x what you were planning on making before and that can feel great when the money is going up but when you're in the red especially when the economy is slowing and people are worried about recessions people write about the market going down not only can you lose all of your money but now you can also lose the brokerages money which means now they're going to be coming after you for the debt that you spent plus interest and that's where the risk is and this is where Financial education is so important to understand the difference between being a real investor and chasing the shiny objects and when times are good when the economy is booming everybody starts chasing to find the fancy and shiny objects because you see all that money you see people talking about how much money they made day trading how much money they made trading these hot meme stocks how much money they made trying to trade these other whatever things and it's following that oh I want to get rich fast too because nobody wants to get rich slowly that is not a very attractive selling method for anything if you ask anybody do you want to get rich faster slow 100 out of 100 people are going to say yeah I'd rather get rich fast the downfall to now that is a lot of people then fall into the bad attractions and the bad things that will cause you to lose way more money than you can ever make and this is where that Financial education becomes so crucial so crucial so crucial I don't think I can say this enough your financial education is so crucial to ever building any sort of wealth because I get into huge debates over this with a lot of people even in my YouTube comment section if you want to pull people out of poverty the best way to do that and it's not just poverty if you want to pull people out of any place to the other it always starts with education because you can give a lot of money to people but if you don't know what to do with that money in six months or in six years the vast majority of people are going to end up right back where they were before it's the same reason why the majority statistically the majority of lottery winners will end up broke or bankrupt within five years of them winning the lottery why because if you don't know what to do with the money if we don't know what to do with this thing with the resources you're going to end up back where you were before that's why it has to be a lifestyle change if you want to become wealthy it is a lifestyle change where you have to Now understand what does it take to actually get there and that starts with the education now don't get me wrong there are people that need resources that you need access to some tools I was reading Trevor Noah's book recently born a crime man great book absolutely great book I've I've been finding some really good books recently but this book was so inspiring and so educational in so many different ways I highly recommend this book and one of the things that he talks about is that saying teach a man to fish you feed them for a lifetime give a man a fish you feed them for a day and one of the things that he says is yes that's true but one of the things that you're missing is you got to have a fishing rod to be able to fish and feed yourself for a lifetime and this is where yet we need the education if you want to be able to give somebody the tools to go out and become successful the first thing you need is the financial education then you got to get access to the tools but the problem is most people don't even know what tools they need because they never have that basic level of financial education now again this goes back to why I'm so happy that we have platforms like YouTube out there because the the barrier to get this financial education is so low now most people have access to a computer or a phone or Wi-Fi most people have access to podcasts and YouTube because it's free you can go and start learning so now when we talk about how do I increase my income how do I make more money start watching YouTube videos learn how to make more money learn about different business ideas learn about different ways that you can get a career change learn about ways that you can get a different certificate learn about ways that you can do something to earn more money and then as you earn more money this is where it's what do you do with this money whether it's your own business or you're working for somebody else you have to do something with the money that you're making now if it's your own business now if you want to take the risky route and see the bigger returns take that money and put it back into the business that way now you're working to build the value of your equity in the business that way you can build a larger more scalable more powerful business if it's not your own business and you cannot get equity in your company or you don't want to get equity in your company that the alternative is you take that money that you're making and you put it into other passive assets so now you're working to get a paycheck and now you're going to understand this capitalist system that we can benefit from the system because now you want to own the assets you're going to buy stocks you're going to buy real estate rental properties you're going to buy other businesses you're going to invest in startups you're going to go out and be a business owner without operating the business yourself and that is where the real wealth is built because now you understand that the difference between just earning money from labor and earning money from your capital and this is not something that's going to happen in six months 12 months maybe even 60 years but if you go through that decade of sacrifice where you say you know what just breathe I'm going to commit to changing my lifestyle because I want to be free I want to build wealth I want to be able to take care of my family I want to be able to take care of my wife I want to be able to take care of my husband I want to take better care of my kids I want to take better care of my parents I want to give back to my community I want to do more things because the reality is look Money Talks and if you don't have money you're going to be subservient to the people who have money it's so frustrating because we live in a society that runs on money but so many of us are scared to talk about money and the reality is if you don't have money you end up becoming subservient to people who have money this is why we need more good people and money and it's why you need to go out and get your money and the reason why this is so hard is because we have a whole bunch of people who have no problem running their mouths you see it all over the internet people love running their mouths people I'm gonna screw up this this uh tweet or Instagram post I was seen the other day but we live in this Society especially with the internet where one of the most attractive and viral Trends right now is to show how good you are by bringing other people down and it is one of those things where it is so easy to bring somebody else down and it makes you feel so good inside to hate on somebody else and this is the society people love doing this this is easy but guess what this doesn't pay the bills hating on somebody else is it going to pay our bills hating on somebody else isn't going to buy your wife the vacation she wants going like this is not going to pay for your kids college so if you want to really become successful let people talk and you keep taking your money go keep go getting your money because the reality is costs money to eat it costs money to feed other people if you want to take care of yourself you want to take better care of your family want to take better care of your community you can do that but most of the things that it will take for you to do that is money not all of it if you want to be a better parent it's not just having more money it's being there for your kid you want to be able to help your community it's not just throwing money there it's being there for the community but having money helps and this is where you have to understand what's important to you and if you want to go out and attract more money the thing that holds so many people back is what will other people think because you're going to have to do something different you're going to have to do something weird that might start on the low end of I gotta sell my BMW and start driving a Toyota Corolla what are all of my friends gonna think maybe that means you don't go to the club anymore maybe that means you stop going to Ben and Hunt Benihana's every Friday night maybe that means you don't get to go to Cancun with your family or your friends this year maybe that means that you cannot go to the football games or party every Saturday night now you're making some sacrifices people start to look at you like you're weird but the reason why you're doing this isn't because you're broke it's because now you're putting money aside that way you can build more wealth and what's interesting is in order to become wealthy a lot of times you have to look broke in order to do that and when I say look broke that means you got to make Financial sacrifices in order to get there and many times ironically the people that look the richest they have the nicest car they have the best clothes they're going out a lot and they have all these fancy things they're the ones that are actually struggling the most financially because they're working so hard to keep up with this look that's why I keep saying this is a lifestyle change where if you really want to become wealthy you're going to have to change the way you live your lifestyle now I'm not saying live broke or look broke forever I want you to have the nice car you want to drive a beamer fine you want to drive a Benz great you want to have a Rolls Royce even better I just want you to be able to afford it first because the mistake that so many people make is they start making money and the first thing they do is they go out and they start buying the nice stuff you go out you make money you're working hard to make money you're working hard at a job maybe you even hate the job so you're working hard at a place that you hate in order to go out and make BMW rich because now you're financing a car or you're leasing a car that you can't afford as opposed to now I'm working hard not so I can make my car company Rich you go out and buy a Toyota Corolla Toyota Camry with cash you don't got to worry about the monthly payments but now you have some money every month left over because you don't got to pay for the premium gas and now you take the money and you invest it that way now you can work to make yourself rich first it's a completely different game but it requires you to rewire the way that your brain works and this is so difficult because most of us grow up in generational poverty even if you had money even if you have nice homes and nice cars and a nice lifestyle and nice things growing up you might still have the generational poverty mindset because you saw your parents always are giving about money you saw your parents always saying we don't have enough money we can't afford this I can't afford that I can't have these types of things and you keep seeing your parents go through this lifestyle where you're just making money to spend it you're making money to spend it living on credit cards is completely normal spending money you don't have is normal even if you have the nice things you have a good job you have a good income that mindset of Brokenness gets carried on because that's all you see and if you never are taught basic Financial education you're not going to know anything else like now we're starting to learn a little bit about nutrition not a lot but a little bit so if you grow up and you see your parents always eating McDonald's talking about how french fries are the best food on planet Earth eating hot Cheetos every single day you might grow up doing the same thing but if you learn about health you learn about nutrition because some schools are starting to talk about these things and you say you know what maybe instead of Hot Cheetos I'm gonna eat broccoli and now you have broken the cycle and I was forget where I saw this but there was a person who was talking on Instagram he was a a medical researcher talking about how many of the genetic diseases out there you know they say obesity is genetic are not actually genetic in our DNA but rather many times not every time but many times it's mentally genetic because you see your parents constantly eating a certain way so you grew up eating a certain way so if your parents are always eating unhealthy fried foods unhealthy foods and they feed you that for the first 18 years of your life that's what's normal to you not because you have something in your DNA that says you have to be obese and you have to have high blood pressure and you have to be unhealthy but because that's all you're taught and so then when you go out and you enter the adult world that's all you eat that's what you know that's what's comfortable to you it's that in your brain genetic that this is how it needs to be unless you go out and break it that means you have to start with the education that you have to learn that something that you're doing is not right and it's the same thing with money except there's so little knowledge about money and there's so little awareness about money and there's so little ability to talk about money because at least like with health it's not a very taboo topic to say you should be healthy I mean I guess it's becoming more more taboo nowadays in this culture but generally it's not a taboo thing to say you should be healthy and I think we should all agree it is good to be healthy but when it comes to money could you imagine someone going out and saying you should be rich people will look at you like you lost your mind that you were evil that you're greedy that you're the scammy salesperson but the reality is yes you should be healthy you should also be rich because well it's more money that will allow you to live your life the way that you want because interestingly with the word Rich many people associate scams Shady illegal doing bad things criminal horrible person all these things with the term Rich when in reality what does it mean it means having money money is just a paper it it's just an object that allows you to buy things money does not make you a good person money does not make you a bad person in fact it really just amplifies who you are if you give a good person more money they have a tool to do more good if you give more money to a bad person they have a tool to do more bad that's why we need more good people with money see money is just a tool it is an amplifier think of it like fuel here's fire if you put fuel on fire what does it do it makes the fire bigger it amplifies Who You Are the best example I can give this because I'm a food person I love food I got into health and all this stuff but I do like my food and during the weekdays I try to eat healthy on the weekends when I'm with my friends I'll eat a little bit more unhealthy but I exercise and I and I try to be healthier in my life but when it comes to food I can give you the same analogies when it comes to money see money is like the icing on our life our cake the actual cake itself that's our life now if you have a whole bunch of money you take all this icing and you slather it on top of a nasty cake you have a bad life more money is not going to make the cake a good cake yeah you might have good icing but good icing on a crappy cake is still a crappy cake if you want to live a healthy and fulfilled and good life you need a good cake and you need good icing on top that's how money Works in our life and most of us are so scared to talk about this partially because one we've been bred that money is taboo and evil and you shouldn't talk about it and anybody who has money is evil and then secondly because many of us are insecure about our own money and because of that we put smoke screens around it and we never want to talk about it and we say money's bad money is taboo money is evil don't talk to people money don't worry about money don't stress about money and yet most people don't have to go to work every single day doing something that they hate just to make the payments and this is why it's called a rat race you're constantly spending your wheels you're constantly working to get the next paycheck that way you can pay last week's bills but it doesn't have to be that way but in order to break that system it's not going out and finding the next get rich quick system it's not by hating people who have money it's by now learning first you learn how did the people who have money get it what are the different ways I can earn money and you try things and most of the things you try are probably not going to work and it's almost like this game of pinball where you're gonna try one thing shoot over here realize this doesn't work shoot over here realize this doesn't work it goes over here realize this might not work over here now you start learning things and you start applying it here and you say oh let me try this and then this and then that it takes that trial and error and now this is a whole different skill now of how do you build a business how do you pivot how do you find the right Investments how do you grow but you cannot run before you crawl you got to just get started and it starts with that Financial education it starts with you learning what is money how does money work how does our economic system works how can I attract money how can I use my money better how do I save a money how do I invest my money what are investments what are different ways that I can earn my money what are taxes how do taxes work and unfortunately it's really unfortunate that all these topics are now becoming more and more politicized and this is going to continue to stay that way but your goal is not to get very angry and emotional and political about money but rather just understand money is green that's it and you want to go and get your fair share of the money there's a lot of money in the world you don't have to go out and create the money the Federal Reserve Bank is already working to do that they have created trillions and trillions and trillions of dollars that money is already in existence it exists and there are people that earn a lot of money in the world so you can too and a lot of money is relative some people to some people a hundred thousand dollars a year is a lot of money to some people a million dollars a year is a lot of money to some people 10 million dollars a year is a lot of money to some people a hundred million dollars a year is a lot of money and yes there are people that make a hundred million dollars a year you can do the math to see how much money that is a month or a day or even an hour it is possible now I'm not saying everybody's going to go out and become a multi multi-millionaire most people don't need that level of money or care to get that level of money but what you need to understand is that there's a lot of money in the world it's already existing out there all you need to do is grab a little piece of that pie that way you can have some of the money for yourself but in order for you to go out and get that piece of the pie in 99.99 of the time isn't just going to fall into your lap are there some people that end up winning the lottery they win the genetic lottery or they win some sort of Lottery that way the money falls in the lap sure but it's probably not going to happen for you okay but that doesn't mean it's not possible so ignore the people that got lucky ignore the people that had their parents or their grandparents or their Rich uncle just give them the money because that's not most people what you need to do now is understand most people who become successful have to go out and create it themselves so how do you do that how do you earn more money and how do you put that money to work again if you are an entrepreneur you put that money to work by putting it back into the business if you want to diversify away from your own business then you can go out and buy other passive Investments if you're not an entrepreneur okay how do you work to earn more money now when you earn money what do you do with this money which passive assets can you put this towards stocks real estate rental properties other businesses other startups whatever it might be what assets can you put this money towards that way now you can work to build your own wealth if you want to be a high earner or a high achiever it starts with their mindset and what I want to do now is go over 10 mindset shifts that you can start making today that all high Achievers are doing and number one is the blue ocean mindset shift there's a book out there that I highly recommend you read called the Blue Ocean strategy and with the Blue Ocean strategy talks about this is mainly in terms of Entrepreneurship but you don't have to apply this to entrepreneurship you can do this even if you work a job but with the Blue Ocean strategy is it says that the majority of businesses out there are operating in what's called a red ocean it's a bloody ocean where businesses are competing against each other to do the exact same thing people are just trying to make a little bit of a better mouse trap where you're selling the same product that somebody else does or a copy of somebody else's product maybe you try to compete on price maybe try to compete on speed but you're competing on little things where essentially you have the same business as somebody else you are direct competitors and you're trying to undercut the other competitor so you have this limited market share this Market space and now the companies there are working head to head for the exact same market share the exact same Market space and it's a bloody competition to essentially the bottom and what the Blue Ocean strategy is it's how can you go from this bloody red ocean to a blue ocean where you have a wide range of opportunities and little to no competition this is what the Blue Ocean strategy is an example of this Blue Ocean strategy at work would be comparing the old Blockbuster and family video where you had all these movie stores that were competing against one another for your Friday Night movie rentals and then came along Netflix another DVD rental business but instead of having a place where you would go to rent a DVD like every other DVD rental business out there they started off by mailing you the DVDs and then they started investing in their own Technologies to create a movie streaming model a completely different business model than all the traditional movie rental businesses out there they created their own market share they created their own business strategy they were selling the same thing movies but through a whole new market because now they've created a whole new market of people who wanted to stream or get access to movies on their own terms instead of going to the Blockbuster instead of going to Family Video and it was a whole new business model in the eliminated all their competition a completely different business model of doing something different so now if you want to be a high achiever the question is not how do you go out and build the next Netflix but how can you play a game that isn't competing against everybody else doing what everybody else is doing because if you do what everybody else does you're fighting for a small pie but if you can start innovating and hustling a little bit smarter now the question is how can you create your own success doing something a little bit different so if you have your own business the question is how do you create your own blue ocean and if you are working to build your own wealth again this is the same thing thinking differently than everybody else everybody is working to get a paycheck so they can drive a bigger and fancier car but if you really want to have the bigger Advance your car without having to worry about the price you gotta create your own income and if you don't want to go and create your own business that means you've got to go and invest in other Investments other assets that will pay you that when your assets can pay for your car the second mindset shift that you have to make is going from a scarcity mindset to an abundance mindset most of us most people have a scarcity mindset where we think there's a limited amount of money in the world there's a limited amount of happiness in the world it's of somebody else is successful if somebody else has money if somebody else is happy I should hate them because they're taking away the limited amount of success or winnings in the world when in reality there's a lot of money in the world and there's no limit to how much happiness that's in the world like you can be happy and I can be happy but the problem is when somebody is unhappy is very happy to be happy for other people who are happy just like that when somebody's broke it's very hard for a broke person to be happy for somebody who did get that money but this is where again it starts with that mindset There's No Limit there's no scarcity of money there's a lot of money in the world yeah do some people have a lot of that money sure but there's no limit to you getting a piece of that money too what you have to do is figure out how can you create some value that we can get a small little piece of the money that's in the world and just like that happiness is an abundance as well now this is not a mental health Channel or topic but if you're struggling emotionally you're struggling with anxiety depression you're struggling to feel happy it's not a money thing more money is not going to make you more happy more money gives you access to do things that will make you happy ER but if you're not happy you got to go figure out what it is that's making you unhappy and if you have something deep down you have issues mental issues go get that taken care of talk to a therapist talk to a psychiatrist talk to a psychologist do whatever it takes to take care of that because one of the most painful things that I've seen people realize is that more money is not the solution to make you happier and when you chase money to chase happiness and then you get that money but you don't get the happiness you get it even deeper and darker whole inside of you and that's where you got to understand that if you want to be happy that's different than getting money more money can allow you to do more things that make you happy ER but it's not just going to make you happy all by itself number three is the work to learn not to work to earn mindset and this is a big mistake that so many people make is that they work to get jobs solely for the purpose of making money solely free to go out and buy the nice things but if you really want to be able to scale yourself whether it's in your career or in your business you have to be willing to work to learn not just to work to earn that means you have to be willing to go out and maybe get a job where you're not making as much money as you were before but because you're going to learn a skill you're going to learn something you're going to learn a value a skill that is scalable that you can apply somewhere else or maybe you're going to work in a company or in a place where you have more scalability but it requires you to build the long-term mindset of now I'm working not just to get a paycheck and this is so hard because most of us are taught when you go get a job to just look at the paycheck how much money are you making what is the salary but real wealth if you really want to build wealth that means you're going to have to work to learn not just to work to earn one of our newest hires here at briefs media talks about this all the time because he talks about all the crap that he had to go to in other places because he didn't know anything about digital marketing digital business and he would work for these other brands just to learn he started off he got Joe Roe rules with big digital brands because he offered to work there for free he got his foot in the door then he got to meet other players in the game and he offered to work for very cheap and he had to make a lot of sacrifices to do that but the reason why he did that wasn't so he could make a lot of money in those positions but so he could learn that way he could then go to the next person to the next brand and show hey this is what I've done I've done X Y and Z I've learned these things I've learned digital marketing I learned how to work with people I learned how to advertise I learned how to sell things I learned how to work with brands and now because I've done all of this I built up this huge resume of skills and experience now he has the ability to earn way more money because he was willing to work to learn first four is building a long-term mindset and this one is so difficult because when you grow up with this idea of instant gratification it becomes extremely difficult for you to see any real success in life because now all you want and all you see is that instant success you see people who became Rich overnight and you wonder why can't you have that too and then that's what you start doing you start to follow the get rich quick schemes and systems now maybe you throw your money into a meme stock think you're going to get rich and then as soon as you buy that's the stock that goes down you find a cryptocurrency that's on the way to explode you buy it you make a little bit of money for a few weeks and then it implodes and you lose your money you find a new course or system that's going to show you how to make six figures in six months you buy the class and two weeks later you stop taking it and you realize this is not going to teach you anything valuable your money is lost there it's a game where you constantly keep getting lost in that track when in reality real wealth is built over the long term over any sort of whatever you want to call it I mean with their Investments investors will beat out the Traders over the long term Traders might win in the short term but the investors are going to win time and time again over the long term but that requires you to be investing into an asset for years if not decades building a business is a lot more profitable than starting a quick side hustle that's going to make you a lot of money but it takes a lot more dedication and sacrifice and risk today to do that learning from a class that's going to teach you how to build wealth or invest your money is it going to be as attractive as six figures to six months but you might actually learn a skill like real estate investing or money management or building a business or other skills that will allow you to actually scale your income but it's not going to be as attractive as everything else and this is where unfortunately getting rich quick is a lot more attractive than getting rich slowly but getting rich slowly is a lot more of a Surefire way to actually get rich and again if you want to get rich faster you got to put in more effort you got to put in more work and take up more risk and try more things in order to do it But ultimately you have to have the long-term mindset of I'm willing to do whatever it takes whether it takes one month 10 months or 10 years to go out and get there because it's a lifestyle change as opposed to just I'm gonna do this for six months and see what happens number five is you gotta adapt the growth mindset and this one is so hard because many of us are a lot of people in general like to count other people's pennies and they're more worried about what other people are getting rather than what they get themselves and what you'll see is that people are so focused on what other people are getting that they would rather you not become successful than they become successful themselves and you see this in so many different Industries in so many different ways I remember when I was in college I was working as a realtor I was working with these clients who wanted to buy this home they were very difficult clients show them home after home after home after home after home finally found them this home that they loved that they liked that was within all of the specifications we're ready to make the offer we're working on the contract and I don't know how many weeks or months this is into us working and the husband and wife who wanted to make this offer sit me down in this adjustment okay we want to put this into this in the contract there's only one thing I said what's that they said we want you to put half of our commission into the deal we want you to give us half of your commission I said why again I was in college I think I was going to make about 12 to 15 000 in commission on this one deal and they said we don't think that a 20 year old deserves this much of a commission so we want you to put give us half essentially now I was a hard head back then I didn't really negotiate or talk and I said nope you can do it yourself and I walked away they were more worried about what I was going to make as a broker as a realtor in this deal they knew exactly what my commission structure was before we even began working together they had to sign paperwork which said that I was going to split the commission with uh whoever the sellers were for the property the money wasn't coming out of their pocket it was coming out of the seller so they knew exactly what was happening but they waited until the last minute because they felt like I shouldn't be making 12 to 15 000 off of that one deal well I walked away and they lost the ability to get that home and so this is that growth mindset of now understanding I need to focus on me now what everybody else is and I can have more it goes hand in hand with that abundance mindset that I can have more money I can have more success I can have more happiness and me being successful is not going to hinder somebody else from becoming successful you can become successful and I can become successful you can be happy and I can be happy you can be healthy and I can be healthy there's no limit and this is that growth mindset of wow we can all win but I have to be able to believe that we can all men and this is that it's just a different way of thinking when you start to realize wow being a hater doesn't do any good for anybody it doesn't help them it doesn't help me in fact being a hater might help them and it might hurt me so me hating on somebody else might give them more fuel they want to succeed well it just keeps me in this negative like just toxic environment that I'm swimming in and I'm creating a toxic environment myself number six is ignore what other people think and this is so difficult for so many reasons because you know I can tell you from the traditional Indian culture this whole idea what will other people think I mean every immigrant Brown kid has heard their mom and their aunt and their grandma and maybe their grandfather and their parents and their dad talk about how oh what other people gonna think if we do this what are other people going to think if you act like this what are other people are going to think if you wear this this is like one of those things this is one of those sayings that you just hear again and again and again in Punjabi they say okay that's the way that they say it in Punjabi and it's one of those things you're so bread to hear that you're always worried about what other people think and I heard it so many times that I became so fed up with it that I stopped caring completely that I was like you know what let me go out and give people a reason to talk about me it's you get so fed up with that and when it comes to money what other people think oh my God people love talking this is what again people this is what they do but this is not going to pay your bills people love talking about you but it's them talking about you is not going to pay your bills so if you downgrade from a BMW to a Toyota Corolla you bet everybody's going to be talking about you let them it's not going to do any different for you it's not them talking it's not going to pay your bills them talk is not going to send your kids to college then talking is not going to pay for your wife's Vacations or whatever she or he wants you got to stop worrying about what other people think if you want to become successful or happy or really anything in life because when you're so worried about other people think you become a slave to other people's opinions and you got to be able to break out of that financially that means when people see you downsize they're going to make fun of you but that also might require you to do some things that you know do people might think you're weird when I was in high school I started playing this Indian drum called the toll and being an Entertainer working in the entertainment business in the traditional Indian culture is like something that low-class people generally have done and so when I would go and work at these weddings playing toll you would run across traditional minded people like that that wouldn't even want to make eye contact with you because they would consider you such a low-class person almost like a not even a human because you're just working in the entertainment business now we were having fun like we were high school kids college kids working at weddings having a good time even making decent money but you would find people that were just so stuck on this idea of status and pride that they wouldn't even want to talk to you there was one event that me and my friends were working at we were waiting to play the drum and there was this elder gentleman there who didn't want to come up to us and tell us to start playing instead because we were so low class as the entertainers that you know the drum players he had a bag of pennies and nickels he stuck his hand in the bag and we just started throwing pennies and nickels at your face and our faces saying essentially get started that way he wouldn't have to speak to us and so this is where if you're so focused if I was so focused oh my God what are people going to think of me if I do this I would have never done that if I never played that drum I would have never gotten to know the DJs if I never got to know the DJs I would have never entered the event planning business if I never ever entered the event planning business I wouldn't have money to start investing in real estate when I did if I didn't start investing in real estate I wanted to become a realtor if I didn't become a realtor I would have never gotten involved with wholesaling real estate if I didn't start wholesaling real estate I would have never gotten involved with the internet and e-commerce because that wanted me to go into that industry if I never got involved with the internet e-commerce I would have never ended up here on YouTube so you got to be willing to just do what's right for you the world loves talking go look at any Facebook ad or Instagram ad what do you see people hating because people hate when other people are trying to do something trying to succeed trying to achieve their dreams why are people running ads because they want to grow their business people hate it and it's just the way the world is so let people talk they're going to talk that is what people are professionals at but the haters are not going to be the ones that are paying your bills so at least give them a good reason to hate number seven make yourself replaceable and this is again whether you're an entrepreneur or whether you work for a company if you work for a company guess what you are replaceable no matter how good you are you could be the most valuable employee at the company and that's a very good thing I'm not saying don't make yourself valuable but what I'm saying is also have that value of replaceability for yourself because if you were to die or if you couldn't go into work tomorrow no this is very dramatic but if something happened and you couldn't get into work tomorrow your company would have an ad out to find a replacement tomorrow the same day especially if you're very valuable now again I'm not saying don't make yourself valuable you need to work to make yourself valuable that way you can make the most money provide the most value learn the most things and have the most ability to scale and grow within the company but everybody's valuable even the CEO is replaceable at a company but when I say make yourself replaceable but I say what I mean is you got to do something to make sure your family is still taken care of if you can't go into work tomorrow because if you don't work you're not going to keep getting paid and this is where now owning the assets is so important owning the rental properties owning the stocks owning whatever it is your Investments having that wealth cushion and it's not going to happen tomorrow but it might happen over the next decade where now you're working to make money that way you can own these assets that way if hopefully does nothing happens but if something were to happen to you your family is still okay that's what I mean by making yourself replaceable same with your own business if you are an entrepreneur you have to make yourself replaceable in a company if you are not the best CEO for your company you want to fire yourself and bring on a new CEO yeah you still own the company and that's the point is you want to grow the profits but if you're not cut out for it bring somebody else on and if you want to really be able to build a real business that you can sell you have to make yourself replaceable that was one of the big mistakes that I made in my early businesses because I had no idea what a business was I just created a job for myself and it was cool I was making money but if I wasn't working I wasn't getting paid and so if you want to make yourself replaceable in a business that means you have to be able to pluck yourself out at some point that's how you build a real business it's the same thing whether you work on a job whether you're working a business you have to make yourself replaceable financially that way if something were to happen the finances of your family can continue to survive number eight plan for the worst prepare for the best and this is a mindset shift because well things will go wrong it's life and you want to make sure you can understand that but also be able to capitalize on that so what does that mean let me give you some real life examples recessions happen they're part of our economic system we've seen recessions happen pretty much every decade for the last century in fact the longest period in our modern economic history without a recession was between the 2008 crash and the 2020 pandemic that was the longest period in the in our modern U.S history without a recession so what does that mean if you plan for the worst prepare for the best well if you prepare you can capitalize on recessions because recessions create more millionaires than any other time Market crashes create the opportunities to build huge amounts of wealth in a short period of time because when you have these economic slowdowns Investments assets go on sale because people are panicking they never saw it coming they are blindsided by this recession that nobody knew was going to happen ever and people start Panic selling and you see good Investments drop down and sometimes you can buy these Investments for pennies on the dollar and if you're prepared well now you can be the one that comes in and buy these Investments for a huge discount but that requires you to be prepared when times are okay so prepare for the worst plan for the best be ready for good times but also be ready for bad times as well now one thing is that financial side but that also means the Practical side of preparing for the worst have insurance business insurance if you want a business landlords insurance if you're investing in rental properties there's a lot of different types of business insurances protect yourself get health insurance get life insurance not all life insurance is good some I I prefer term life insurance not whole life insurance term life insurance I look at it like a bridge Insurance where I don't have the assets to support my family if I were to die tomorrow and so I want Insurance life insurance for 10 years until I can build my wealth or 20 years whatever it might be I prefer that type of term insurance if nothing happens to you you don't get anything but you also save a whole bunch of money on the insurance payments because I rather you invest your money build your assets and not have to rely on an insurance company to build your wealth but that's just me people have different opinions make whatever other opinions you want um so yeah just protect yourself and prepare for the worst by the way if you do want to learn more about term life insurance you can check out my affiliate partner down in the description and uh what that means is if you use my link down in the description I will get compensated we're not required to use them just do your own research just wanted to give you that as a resource in case you are looking number nine find the opportunity in the bad and there are so many different ways to do this like the most obvious are when you see a stock market crash some people lose a lot their wealth you see some people lose their retirement funds people losing life savings but that also creates opportunity for you to come in buy good Investments for half off that's the opportunity and the bad with the 2020 pandemic kit people were losing everything when the stock market was crashing and some people were coming in and buying for pennies on the dollar when the 2008 crash happened people lost everything people lost their homes but real estate prices were then also selling for huge discounts when I started investing in real estate it was after the 2008 crash it was around 2011 when I started investing in real estate I'm in Michigan not currently but I was in Michigan then and I was buying real estate for literally 90 to sometimes 92.93 percent off and it was because well there was bad things going on but I also created opportunities it's the same thing in business be able to find the opportunities in the bad I had uh when I was starting minority mindset I'll give you that example I started off minority mindset just with an Instagram page and uh the Instagram page grew to around I think it was about 17 000 followers I think was actually 17 400 followers and we didn't really have any other presence I was thinking about starting a YouTube channel I had like a couple videos here and there but it wasn't anything significant uh some YouTube videos and my Instagram page got hacked into and essentially deleted I lost access to my Instagram account now I had spent a lot of time building this Instagram and just talking about the stuff that I talk about financial education and Entrepreneurship and all the things that I wish I would have learned when I was getting started and when Dad got hacked and deleted I realized I needed to have more of my own personal brand because you could delete my followers because back then you know Instagram this is like what 2015 2016 like that time where Instagram was a very different place and you would just post other things like I was posting images of other things and writing about it so people didn't really know who I was and that's when I was like you know what I need people to know who I am that way I can protect my brand even better from things like hackers so that was a big motivation for them for me to start making YouTube videos and start talking right it was opportunity which was then created out of that hacking so it's it's all about now how do you find the opportunity in the bed in fact the reason why I started minority Minds at all was because I got scammed and a previous company I was running an e-commerce company I got scammed when I was running that company and I was so fed up from dealing with scams and just crap because I don't have again I didn't have guidance as an entrepreneur so when I got scammed for that time which was now I've been scammed many times after that but since before that after I got scammed running my e-commerce company I was so fed up that I started this thing called minority mindset to help other people not get screwed over the way that I was and that then grew to what it is today finding the opportunities bad things happen it's life but how do you find the opportunity even in manure right what you can grow some of the best fruits with the nastiest manure so it's finding the right opportunities in the manure and I don't know why I gave that example but you give the point and finally mindset shift number ten I don't even know if this is the mindset shift but more of just a mindset is grit grit is the ability to get punched in the face to get knocked down to get screwed over and continue to get back up and keep going this is one of those traits that you see every successful person have and this is going to be whether again you're an entrepreneur or not an entrepreneur you have to have grit if you're working a job you need to have grit because guess what even work in a job you gotta deal with a whole bunch of crap you got to deal with the company politics you got to deal with all everybody else's crap and then when you're working to build your wealth you got to take the money and you got to invest it and that means you got to deal with the crap of investing that means you're gonna have to deal with the down Market Cycles you've got to deal with the bad Investments that you got to make that means you might have to deal with bad tenants you have to deal with all the crap that comes with putting your money to work losing money is a part of the process the goal is to make way more than you lose but every investor loses at some point but you have to have the grit to not start crying and complaining and just give up when that happens it's getting back up doing it again learning doing it again learning doing it again learning when it comes to building a business it's the same thing building a business is hard and every Challenge and every step of the way you got different challenges you know making your first ten thousand dollars that's hard and that's a completely different Challenge and skill set from going from ten thousand to a hundred thousand and you might think oh man when you make six figures a year it all gets better no go from a million or a hundred thousand to a million now you get a whole new set of problems and challenges go from a million to two million to five million in a whole new set of challenges but you gotta have the grit to keep getting up even when things suck even when it feels like the whole world is against you even when it feels like everybody hates you even when it feels like everybody's talking crap about you even when it feels like nothing is going right to keep getting back up putting in the wraps putting in the work doing what it takes because that's what you want to do to get to your goals that's what grit is and that's unfortunately I don't think it's a mindset this is really a lifestyle but if you want to build that level of wealth you got to be willing to put in that level of grit if you can invest 500 a month and you do this for 40 years the amount of wealth that you're going to build is going to depend on the velocity of your money meaning what type of rate of return that you get whether you get a five percent return annually is seven percent or a 10 now this doesn't mean that you're going to get this return every single year I'm talking about the average so some years you might lose money some years

Channel: Minority Mindset

Views: 339,533

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: y5G2MivDvu4

Length: 85min 13sec (5113 seconds)

Published: Sat May 27 2023