The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty

every day that you save your money in the bank you are slowly becoming poorer each and every day and most of us never see it happen now this doesn't mean you shouldn't save any money this just means you have to understand how to save your money strategically because wealthy people do not want to save all their money [Music] hey everyone welcome back to on purpose the number one health podcast in the world thanks to each and every single one of you that come back every week to listen learn and grow now the fun that i've

been having with this show recently is what we've done since the beginning is we've talked about mental health and well-being much more broadly than just the mind often we think that mental health and living a positive life and living a healthy life is all about just the mind for a long time we thought it was just the body then we kind of upgraded but what we haven't realized is that every part of our life informs our well-being how we make money how we spend money how we use money and even deeper than that how we

think about money impacts our well-being we have a relationship with every form of energy in this world and money or our financial well-being is an integral part of it and so today i'm really honored and really grateful because i reached out to someone who i believe is truly talking about this in a way that i can align with someone that i feel has incredible values around his own mission i'm talking about the one and only jaspreet singh who's a serial entrepreneur and licensed attorney although he didn't receive any formal financial education he's on a mission

to make financial education fun and accessible and he's winning at it jaspreet is the chief executive money nerd at the minority mindset companies and the host of the minority mindset youtube channel which i highly recommend you go and subscribe to while you're listening or watching this welcome to the show jaspreet sings just read thank you for doing this wow jay what an introduction man i appreciate you i appreciate being here and thank you for the opportunity no i'm so grateful i get to have this conversation with you i was just saying to you offline that

one of the things i really appreciate about the way you talk about wealth when i was watching your channel and hearing your work was that i realized that money wasn't an obsession or it didn't sound like the goal but you'd created these really healthy habits around how all of us no matter what our financial situation is can create really a deep meaningful connection to our wealth and finances would you say that's fair how does that sound you can totally disagree with me 100 i mean the things that i grew up learning just didn't make sense

because growing up my parents are immigrants from a state in india called punjab and i saw my parents work their butt off my parents came to this country with very little and growing up if my dad had a saturday and a sunday off it was considered a long weekend so he was working long hours every day on weekends all the time and at the same time they would say you need to study hard so you can get a good job and become successful and at the same time they would also say don't worry about money

don't stress about money don't talk about money because money's bad money's taboo money is evil and something didn't make sense because even as a kid i had this entrepreneurial bug where i was like i want to do something different i started by mowing my neighbor's lawns and my parents were like don't do that don't worry about trying to get money by doing that just study hard to become a doctor and i was like well something's not making sense because on one hand you're working your butt off to get paid and on the other hand you're

talking about how money is bad how you shouldn't talk about money as i went through this like emotional and kind of a tough financial education journey i realized that the reason why so many people create the smokescreen taboo culture around money is because we're insecure about our money and the reason why is because we don't understand how money plays a part in our lives money is just one part of our lives you're right money is not going to make you happier money is not going to make you a better person money is not going to

make you a good person however if you don't have money and if you don't understand money well that lack of money can impact your mental health it can make you stressed anxious depressed it is one of the leading causes of divorce if you don't have money you can start eating bad you can't afford healthier food you can't have the right gym membership you don't have time to take care of family if you don't have money you can't buy your spouse a nice vacation that they keep asking about you can't take care of your kids the

way that you might have want to you can't give your kids the vacations you can't give your kids the opportunities that maybe you want maybe you can't even buy the health care that you want because the reality and this is you know unfortunate or fortunate the reality of the way the system is is money talks and if you don't understand money then you're going to be at the mercy of people who have money and this is where i had to understand how money plays a part in my life because i came to do something that

i called the quadrafit theory and the way that i put it is there's four aspects of life if you want to live a happy and fulfilled life you have to be healthy in these four aspects first you have to be physically fit second you have to be mentally fit third you have to be spiritually fit and fourth is financially fit and the way i put it in this order is because physically if you're not physically fit if you're morbidly obese you're on your deathbed it doesn't matter if you have 10 million dollars the only thing

you care about is being healthy again second mentally fit if you are depressed if you're anxious if you are not surrounded by people that you love if you're not happy having more money is just gonna make you more miserable and this is a big misconception out there where i i know people in my own personal life i'm sure you do too where people are like if i just make a million dollars you know i'm going to have find the love of my life i'm going to be liked people are going to want to talk to

me i'm you start to imagine this world where money is going to solve the mental aspect of your life but that's not the case it's its own aspect so more money will not make you mentally happy then it's a spiritual aspect and this doesn't have to be religious this is your purpose for me it's what what is the reason why you're on this earth what are you waking up for every single day if you don't have a purpose you're not going to have a reason to get out of bed no matter how much money you

have after you have the physical fitness the mental fitness the spiritual fitness that's where the financial fitness has the biggest impact and the most power to help you live the most fulfilled life because now money is just the icing on the cake man it allows you to live a more fulfilled and a happy life because now you can do more of the things that make you happy you can give more you can buy more food for homeless people you can do more things that give you happiness maybe it is writing books maybe it's traveling maybe

it is giving maybe it is starting businesses whatever it is for you you have the resources and the ability to do that but that requires you to have that financial education and be willing to now go out of the way to talk about money and learn about money and understand that hey money is something that i need to understand money is something that i need to be willing to talk about money is something that i need to be willing to learn about because most of us are never taught to think about money myself included yeah

i mean i love that thesis and i would agree with you because i had similar rhetoric in my language growing up so when we talked about money it was we always had just enough so i grew up when i had zero in my bank accounts on plenty days and that was just we had just enough or we often talked about money as if we went to a place where someone had a nice home or someone had a nice car the conversation would be oh well that person does some sketchy exactly or they must have done

something that was stabbing someone in the back or causing someone pain to be in that position and so you start creating this very negative toxic view towards money yeah and like you said at the same time you need access to it have you ever figured out what it was for your parents that you think created that disparity in their relationship with money have you ever probed that have you ever understood that because it comes from somewhere yeah i think it's a cultural thing you know i think across the indian culture my parents are from a

state in india called punjab yeah culturally you know money is just one of those things like even in my culture and my religion like there's this concept called girth which means earn and honest living now many people have interpreted that you know in many different ways of oh don't worry about money don't talk about money and and in the sikh religion there's also this big concept of seva which means selfless service giving back and so there's this kind of like real giving aspect which is great and i agree with but many times we overlook the

idea of how about the earning aspect how do we earn how do we take care of ourselves because the way i look at it is if you want to be able to fill somebody else's cup you want to feed somebody else you have to be able to feed yourself first and this is a lesson that my grandfather taught me my grandparents are immigrants or they were refugees before they came and lived with me they were refugees because the state of punjab used to be much larger 1947 the state was severed and if you were sick

and you were on the west side of punjab you had to migrate east otherwise you were going to be killed and it was a very brutal very rough very like bad time and my grandparents were on the west side and so immediately they had to leave their homes leave their lands leave family members leave their friends behind and migrate and run east my grandfather i heard the story a lot and he actually just moved back to america but when he started the migration process the process moving east all he had was a sword in his

hand and the clothes on his back nothing else left all the money left all the land left everything behind even left his parents behind and started running and during that process he got attacked by a and he had to defend himself and he saw his uncle get killed right in front of him his uncle got a knife a sword right to his head cut his head open in half and that was the last time he saw him now he comes over to the new east inside of punjab the new india he lost his shoes along

the way doesn't have a home doesn't have any family doesn't have any friends he's here just trying to figure it out himself and now has to figure out how do you make life work and what he tells me from that time is poorness is the worst disease and the reason why is because when you're at that level of poverty that level of poorness you can't even think about feeding somebody else you can't think about helping another person because the only thing on your mind is how can i feed myself how can you feed your family

when that's the only thing that you're trying to do you can't worry about feeding other people and that's where you know for me it was i want to become successful so i can give back to my family to my parents give back to my community and be able to do more things money at its core is just a tool it allows you to do more of the things that you want if you give a good person money they have a tool to do more good if you have a bad person more money they have a

tool to do more bad so money at the end of the day it's just like gasoline it amplifies whoever you are which is why we need more good people with money so now going back to your question of why i really think it's just a lot of insecurity you know if we feel like we did everything right we're working hard but we don't have what somebody else has something must be wrong they must have done something bad they must have done something that you know we didn't see so we create excuses we create smoke screens

but the thing that we don't understand is the financial education aspect because that is the thing that can make or break your finances it does not matter how much money you make what degree you have who your parents are where you went to school none of that matters it's what you do with the money you make and this is one of those things that it can be very hard for you to understand unless you actually see it i was actually just reading a study last week it said that seven out of 10 americans across the

board are living paycheck to paycheck and then it said that 50 percent of americans or just about 50 of americans making six figures or more are also living paycheck to paycheck the majority of americans across the board doesn't matter the income are broke they have little to no savings they have little to no investments regardless of how much money you're making and the reason is not just because of what salary or job or or what degree you have or who your parents are but because of what financial education you have and none of us are

taught to think about money which is the craziest thing yeah i i really appreciate you going in that direction because i think everyone thinks that when we do have a conversation about money because of our conditioning it has to be this obsession or it has to be this goal and you're like well actually it's just about education yeah it's just about you have to make this thing and you're going to do something with it right we better learn how it goes in and goes out and where it goes and even for me i'm reflecting on

my own experience i i interviewed my mom recently not on the podcast and i want to do that but i interviewed my mum recently at a dinner we were at a dinner for my sister's birthday and i thought you know what i'm going to interview my mum like a podcast guest yeah at dinner and so i started asking her questions i was like mom like how did you get your first job and like especially i find like indian south asian parents they don't really talk about yeah i don't know at least mine don't they don't

talk about the struggles they went through or the hardships you never talk about the problem you never talk about the problems and so i was asking my mom she told me that she was from yemen so my mom was born and raised in yemen she speaks arabic unfortunately she did not teach me but she's of indian descent in indian origin and in yemen there was a war going on between the people of yemen and the brits because the brits were in control at the time so my mom said she was studying for her exams while

there were yemeni soldiers on her roof wow trying to protect yemen and they're just study for their school exams and like that's what she was going through and so and then when she moved to london she kept her british passport by moving to london at the time because yemen got its independence they moved with like eight pounds which is like ten dollars like you know and at that time that's not bad but it's i mean that's practically nothing and of course they built up from scratch and and you know for themselves did really well but

the idea still comes to we have no financial education yeah what are if you could start with and we'll dive into each of these deeper if you could tell me what are the three habits that keep us in that poor or poverty mindset as you said and what are the healthy habits that bring us into the wealthy mindset sure so the three i think biggest bad habits when it comes to money first probably the most obvious i would say is people following the two s's where you're spending or saving all their money you'll never become

wealthy if you do that number two would be you blindly follow the system without questioning the way the system works and number three is you don't understand how money works so if we start with number one the two s's save and spend now it's interesting if you look at the financial statements for the majority of people in america or even across the world the way it looks is you make money you pay taxes you spend money and then you wonder where all your money went literally and so people the majority people don't have any plan

for their money and that's why the majority people have little to no savings and the majority of americans have little to no investments right now about half of america has zero investments i'm talking about 0 401 k zero iras zero stock market account zero real estate investment zero gold investments nothing and then out of the next half of americans that have an investment only half of those have an investment outside of their 401 care ira so you have a very small percent about a quarter of america working america that's any investments on their own when

you go back to the saving and spending we're in a spending culture america has a consumerism culture and i joke about this but uh the way i like to say it is traditionally indian people make a dollar to spend 20 cents american people make a dollar to spend two dollars yeah thanks for the help of credit credit this is just the culture that we're in where it's very okay and normalized to spend money even if you can't afford something you don't have it and what are you doing well you're spending all your money making everybody

else around you rich but you yourself you might look rich but you're actually broke there's a reason why the owner and ceo of louis vuitton is the richest person in the world versus the majority people who wear louis vuitton are broke the people who are wearing louis vuitton are trying to look rich and how are you doing that well you're making the owner of louis vuitton rich by doing that and so this is where you got to understand there's nothing wrong with wearing designer stuff there's nothing wrong with having nice stuff there's nothing wrong with

wanting nice things but you have to be able to afford it first i used to guest teach in detroit public schools and when i used to teach there's a rough school district i would talk to the kids about life you know motivation and entrepreneurship and money and success and one of the things that i would ask is how many of you have a job almost all of them raised their hand saying that they had a job my next follow-up question was how many of you have a bank account nobody raised their hand so i asked

you know what you do with your paycheck they said well we get a physical check then we go to the liquor store we get it cashed the liquor store owner takes one to ten percent then you buy pop candy a bunch of junk on the way out and by the time you're out of the store you've already given away half of your paycheck i call it a net zero thinking where we think in terms of spending if i have a thousand dollars i can go out and buy this handbag this nice thing if i have

10 grand i can go in this nice vacation if i have 50 grand i can go on and buy this nice car we think in terms of spending because we think if i have this money how can i spend it now if you break away from that and now you start creating a buffer and you don't spend all of your money the next problem is we save our money because for me the only financial education that i was given was save your money because if you're not spending it now you are building up a big

bank account and if you have a big bank account you'll be wealthy but the reality is you will never be able to become wealthy through your savings your savings will never make you wealthy and if you don't believe me i'll give you just a mathematical term your savings right now are growing by essentially nothing but let's just say one percent and i'm being very very generous here if your savings grow by one percent and inflation is higher than one percent and we can see now inflation is extremely high but even before the 2020 pandemic inflation

was still higher than one percent we were two or three percent inflation means that the value of your savings are dropping so if inflation is higher than your savings that means that your savings are losing value each and every day every day that you save your money in the bank you are slowly becoming poorer each and every day and most of us never see it happen now this doesn't mean you shouldn't save any money this just means you have to understand how to save your money strategically because wealthy people do not want to save all

their money they want to save their money for an emergency they save their money for an investment or they save their money for a big purchase if it doesn't fall into one of those three things you don't want to save your money because now you're saving money your savings are just making you poorer each and every day this brings me to then the second aspect which is blindly following and trusting the system and this one was the most difficult one for me because growing up most of us myself included always told that if you want

to become successful go to school get good grades get a good job climb the corporate ladder for me it was go to school get good grades get into medical school become a doctor i know you've heard similar stories before yeah that was all that i was told since i was like a little baby my parents would tell everybody jaspreet is going to become a doctor he's going to go out and do medicine this and that and that's what i was always told and i was not really against it because i wanted to be successful i

saw how hard my parents worked since i was a kid i always wanted to give back and i was assumed that okay if i got good grades i'll get into a good medical school and if i do good in medical school i'll be able to get a good job as a doctor and if i get a good job as a doctor i'll be able to make more money i thought it was all just linearly correlated your grades your income your grades your success that was one of the reasons why growing up anything that was not

medical or academic related it was completely discouraged and sometimes i think it's very difficult for someone to understand what does it mean that like you know your parents really wanted you to be a doctor because it wasn't like an option like this was the only option and i think the best example that i can give of that was when i was in eighth grade i was like you know 12 years old my parents got me a tutor not for the english class that i was on the verge of failing not for the other stuff that

i was studying for in 8th grade but for the medical college admission test the test you take in college to get into medical school my parents got me a tutor for when i was in 12th grade we didn't spend money on a lot of things the only thing that parents were willing to spend money on were things related to academics to get me into medical school and so here i am in 12th grade i have an mt mcat tutor coming to my house and he's like wait this is the kid that i'm teaching about medical

school to get him into medical school and like that's how strict it was in my house so i was checking all the boxes i was doing good in school i was studying hard i was getting good grades but then along the way i realized that something wasn't adding up when i was in high school i was working at indian weddings i was playing a drum called the dol and i got to meet a lot of the local indian djs that work indian weddings and we became friends and they would say you know you have a

lot of friends in high school how about we start hosting teen parties in high school now i couldn't tell my parents this because again anything that's not you know medicine related gonna get me into medical school i can't tell them so i would do this all on the side even going to work at weddings i had to kind of keep it all secret and i was like okay let's do it you know it was fun for me so i was 16 years old and i started hosting these teen parties at a local restaurant that just

opened up and they wanted some exposure so they let us do it there for free and it was fun but then i was like you know i know this is a hobby i'm going to go to college and i'm going to become a doctor and this is all going to become history well i go to college i'm 17 i don't know what to expect because my parents didn't go to university here and i think that everybody goes to college they spend their friday nights in the chemistry lab they all want to become this big thing

and they want to spend all their time studying in college and i get there and everybody is partying drinking blowing money they don't have on all this stuff like i don't party i don't drink i never drink i didn't smoke so for me it was like a big shock and i was like this is weird like this is not what i expected but i still need something to do on friday nights so that entrepreneur side of my brain kicked in again it was like oh let's bring this party business back to college because that's all

i knew so i was like oh okay so i'm 17 i start knocking on the doors of all the clubs venues bars restaurants asking if i can host party here's and again i'm not a party person i don't drink i don't smoke but this was the only hustle that i knew and uh you know i just didn't know much else so eventually i found a club that would work with me and they didn't want to charge me anything they would let me work on it essentially a commission basis that they'll take a percentage of the

revenue that i bring in and i said okay it doesn't cost me any money because i don't have a lot of money i started hosting these parties but i still knew that this was just a hobby something i'm doing because i was bored on weekends then i started studying to go into medical school and this is where things really shifted because i had some cash saved up in the bank and now this is like the bottom of the 2008 crash because i was in high school when the 2008 crash happened around 2012 was when i

was studying for the mcat so real estate prices are at rock bottom and the markets are still really shaky and i'm starting to study for the mcat and i am bored out of my mind trying to study for this because i just wasn't very passionate about it and so during my breaks i would read business books and i would go on the yahoo finance and i would study what's going on in the markets just for fun and i kept hearing about how real estate is at rock bottom on the news and the business books that

i read always said that wealthy people invested in real estate i had no idea what they meant i didn't know any real estate investors i didn't know what real estate investing was i didn't have investor people in my family so i didn't know what that meant uh so i was like well if wealthy people invest in real estate maybe i should invest in real estate so i brought up the idea to my dad i was like dad i want to invest in real estate he's like shut up you're stupid go study and become a doctor

you can worry about all this other stuff after you become a doctor i was like okay now i just want to say you know i love my dad to death my parents this was just all they knew they didn't have that financial education but in the back of my mind you know i'm always like you know okay what can i do maybe i don't got to tell my parents i'll just do something else i had a little bit of cash saved up in the bank from the party business that i was running so i started

looking at rental properties to buy and i found this small condo on sale for 8 400 that was the price of the condo that's wow and that same condo a few years prior had sold for 150 grand so the 2008 crash really decimated the real estate market in michigan because ford gm chrysler were just hit so hard and so i was like okay well this is not a bad price i can afford this i made an offer for four thousand dollars and it was in foreclosure the bank countered with seven thousand and then i said

um how about we settle at six grand and we were trying to go back and forth and then they said well we have another offer on the table i didn't want to lose this deal because i already looked at a few so i was like okay well i'll make an offer for eight grand so it was a bidding war the other person offered less than eight grand so i got the condo so i bought the condo for eight thousand dollars but a little bit of work into it it was in pretty good shape and i

got it rented out for 600 a month now i'm 19 years old and i had no idea what i was doing but all of a sudden once i got it a little bit figured out i was like wait this condo is paying me every single month and i don't have to go and host a party i don't got to go to work i was working at auntie anne's pretzels a little bit before that because i don't got to flip pretzels i don't got to host this party i don't got to work at a wedding and

it's paying me something doesn't make sense like how come i was never told about this like i was doing good in school like i'm i would thought i was like smart i thought i knew what i was doing turns out that there's a whole world of financial education that were never taught so now the traditional system is go to school study hard get good grades get a good job climb the corporate ladder and now i'm starting to realize wait there's a different system here than none of us are ever taught where the goal isn't to

just get a job and climb the corporate ladder what wealthy people are doing is they're working to own the corporate ladder and i was like i didn't even know that you could do that because now if you can own investments if you can own assets you own things that are going to be paying you without you having to physically work and this is what wealthy people are working for yet none of us are ever taught this none of us are ever taught in school how do you manage money none of us are ever taught how

do you invest your money none of us are ever taught how do you build wealth none of us ever taught how to generate passive income yet wealthy people are teaching their kids this and they're able to figure it out because they have that education but for the majority of us we're not taught this unless you're willing to go either way now youtube has made it a lot more accessible thank god yeah but before youtube you had to go ahead and wait to read books and take classes and and it's tough it's a i mean it's

much harder to read a 300 page book than it is to watch a 10-minute youtube video yeah definitely so that was a big turning factor for me because that's when i started to realize that there's something different that you can do so the second habit that we talked about you know breaking away from that traditional system asking the question why and then the third thing is understanding what money is and this is a very tough concept to understand and i guess the best example that i can give with this is kind of going back to

the traditional indian culture because in india it's a very common thing that when somebody has extra cash extra rupees they want to convert these rupees to gold it's why in india a lot of gold is transacted during weddings because they wanna they wanna give money and the way that they do that is through gold because inherently people understand that the rupee loses value and i don't think that people understand the why or the ins and outs it's just normal that's just the culture so people take the cash and they buy gold and the reason why

now we need to understand this here in our culture is because when we think of money there's two different aspects to it there's a currency which means something that we use to buy and sell things in exchange and then there is the store of value and many of us assume that our money is supposed to be a store of value is supposed to keep its worth but now because of the 2020 pandemic and the 2021 inflation and the 2022 inflation we're seeing that oh my god my savings don't buy me as much my earnings are

not stretching as far and so we're starting to really realize here that maybe my dollars don't hold the same value and so now it's understanding what is money well there's two aspects you have the currency aspect to buy and sell things and then there's a store of value what wealthy people understand is that money doesn't act as a very good store of value in today's day and age so you want to take your money and convert it to something that is a store of value or maybe something that's actually going to produce you income this

is like something that's so important for everyone to understand and what's interesting is my first video to go viral was back in 2016 and in that video on my minority mindset channel the reason why i think it went viral was because i talked about this whole idea of when you save all your cash in the bank you're becoming poorer each and every day because back then inflation was between two and three percent while your bank was paying you half a percent so i said was look you're losing two to three percent of your cash's value

every single day so you need to do something with this money because your money is losing value in 10 years it's going to be worth less than it is today well i didn't expect this 2020 pandemic to happen i didn't expect all this craziness to happen but now here we are with inflation significantly higher than two to three percent and now people are really starting to understand that whoa what is my money and you have to be able to understand this because this is the driving reason for why wealthy people don't want to save all

their extra cash you want to put your cash to work which brings us now to the second side right what do wealthy people do well the first thing you have to understand how money plays a part in your life like we discussed right how does money impact your life that way you don't go out and just start chasing money because one of the things that i realized was i started making way more money when i stopped chasing money because when you're chasing money you're chasing something that's illusory it's just fake it's just it doesn't even

feel good and you're not going to be able to put your full self into it but then the second thing on the more financial side is what do you do with that money and one of the things that i realized is what wealthy people want is this thing called equity and this is where you have a lot of benefits in america because you can't do this in a lot of countries so if you think about the traditional american dream which is changing now but the traditional american dream was you can work hard buy a home

have a car but the whole idea of buying a home the reason why this was the american dream was because if you can buy a home you can work over the years to pay it off and now you have equity in your home and now you have the sort of generational wealth that you can pass down you have an asset well the traditional american dream is now an american nightmare with the high cost of home ownership with wages not keeping up with the cost of living however that doesn't mean that the american dream is dead

it's just changed so what is this new idea of the american dream well if you go back to the root core of equity this is the real dream of wealth and something that you can build for yourself and for your family and for generations is if you have equity now how do i explain this well if you think about any company especially in a bigger company it's easy to understand there's two people two types of people that are involved you have the workers and you have the owners the workers are working for a salary you

go to work every single day you get a paycheck you're getting a salary the owners of the company are not getting paid a salary they're getting paid in profits they want the company to make bigger profits so that they can make more money now there is some overlap between the workers and the owners if you are a founder you're probably an owner as well the ceo might have some ownership and some newer companies you'll give equity to the workers as well but when you have equity you're getting the profits of a company everybody in america

in this system needs to be a business owner if you want to become successful now the one thing that i want to caveat that with is the majority of people should not try to start a business and the majority people should not try to operate a business now you might say just breathe you just said everybody should be a business owner how does that make any sense well you can own a business without working for the business and now this is the question of what are you doing with your salary what are you doing with

your income you can either build the equity by starting a company yourself or by building a home or you can buy the equity now how do you do that well you have to understand the wealth formula the wealth formula that i come up that i've come up with is you take your income minus your expenses and that equals your investments plus your savings so if you take your income the amount of money that you make and i subtract all the things that you buy your rent your mortgage your car payment your groceries your gas you

take away all of your expenses and if you have a margin well now you have extra cash now you can save all or some of this money but if you don't save some of it then that money can be put to work in your investments these investments like i've been hinting at is what makes wealthy people wealthy and this will keep wealthy people wealthy these investments can be in the stock market because anytime you buy a share of any company if you go out and buy a share of say amazon you become one of the

owners of the amazon corporation you get to share in the profits if the amazon valuation goes up your stock price goes up the second way would be through real estate not through your home but through a real estate investment buying a rental property that you're buying for the sole purpose of making money this is something they can pay you every week or every year every month then it can be through your own business or if you don't want to build your own business you can invest in startups it's much more accessible now you can own

physical gold you can invest in cryptocurrency if that's something that you believe in so there's a lot of different ways to build this equity but this is where now you need to be putting your money to work to actually buy and own and build this equity yeah those are i mean i first of all i just want to say i love how structured your thinking is and it's so great to break things down and so anyone who's been listening or watching so far make sure you go back and ask yourself which of those habits you're

struggling with are you someone who's in the two s's choosing to spend or save are you someone who's being slowed down by systemic thinking and like being controlled about where that goes like really take a moment to reflect in this episode while you're listening which part you want to work on because i know right now some of you may be tempted to just turn this off and go i'm overwhelmed i don't want to hear about this i'm scared about my money already i don't want to talk about it but i'm hoping that this is creating

space for you to really sit down introspect and reflect going into that i think one of the biggest issues that people have when they hear this and i know that i had a long time ago when i first heard this was i don't have enough to do anything with and so i remember when i started hearing about crypto specifically like very early on like i probably heard about it like maybe like 13 years ago probably the first time yeah i was very early heard about cryptocurrencies about 12 13 years ago and i had just come

out of the monastery so i didn't have any money like i didn't i didn't have anything to invest and probably in about a year i probably would have had like a thousand to invest in my head i go that's not anything what's that gonna do right and i think a lot of people have that mindset they're like i only have five hundred dollars i only have a thousand dollars what can i do with that i might as well spend it on whatever it is because oh i'm gonna save it because i need it for a

rainy day what does someone do when they have that mindset when they're like i don't have enough how do you approach that so when i was in high school i really wanted a ford mustang but my dad was like no we can't buy a ford mustang i wasn't going to get that car but this is again when stock prices had crashed and the next best thing if i couldn't buy a ford mustang this and i started reading the business books then was how would i buy some of the ford stock again i didn't have a

lot of money but first investment in the ford stock was two dollars because that's how much the stock was trading for now it's much higher but what i'm trying to get at is you know you can start with a very little amount of money i mean nowadays with the new age of stock brokerages if you have ten dollars you can start buying this type of equity you can start building this type of equity but the key now is the consistency and how often like doing it all the time because when i say consistency people say

oh anytime i have a hundred dollars well okay what you want to do but consistency is make it automatic anytime you get paid take a portion of that money and automatically invest it now the next question is probably where do i put this money do i just throw it into tesla or amazon well if you're not willing to do that level of research where you don't want to try to find the best companies you don't want to invest in real estate you don't want to get into the more you know let's say the more advanced

type of stuff you want to just put your money to work well the simplest thing you can do is look at something called an etf which is an exchange traded fund which gives you exposure not to one company but many companies maybe hundreds of companies for example there's something called the s p 500 which is a group of the 500 biggest companies on the stock market essentially the 500 biggest companies in america you can invest in the s p 500 by investing in just one symbol so you invest in this one thing and you're getting

exposure to 500 different companies now you don't have to worry about what each of these 500 companies are doing you're just investing essentially in america the future of the american economy if that's something you believe in well now every time you get paid put in a hundred dollars and now you just do this for the long term whether the market is up or down does not matter it should not change a strategy just keep passively investing your money make it automatic make it passive that way you don't have to even worry about it and now

you just keep building it up because now it's the whole idea of compounding you don't want to just throw your money in at once you want to put a little bit of money and let they grow put more money in that they grow put more money and let that grow i made a couple videos where i talked about two people one was a janitor one worked in a school both of them made very little income yet both of them retired very wealthy and the reason and i'm talking about in the millions of dollars and the

reason why they've been able to retire with a million dollars plus was because it took a little bit of money every time they got paid and they just invested that money it did not matter you know what else was going on in the world they always paid themselves first they always invested in assets before they started going out and buying things that made them look rich every single time and when you put that little bit of money to work whether you're starting with 25 or 250 or a thousand dollars when you put that money to

work and you do that consistently over time you can build real wealth i mean if you look at a compound calculator a few hundred dollars a month compounded from the age of 21 to 65 getting an average rate of return we're talking about millions but it just starts with making a small investment first and being consistent with it and always being willing to learn i love that and i'm glad you brought that up because i think the other option so as i was saying there is the issue is i don't have enough it's not going

to matter right like that's one mindset the other mindset is and it's almost the opposite it's the idea of like but i want to make money quick yeah right and i feel like it's like i don't know but i want it now and i think there's this mindset especially what you keep saying about the how the lifestyle's been portrayed yeah that we almost feel like people just change their lives overnight and that they all of a sudden have like a portfolio of rental properties or they all of a sudden have the nice house with a

nice car or whatever it may be and all of a sudden we're wondering well how does it happen that quick for me and then we get stuck in a get-rich-quick scheme or we get stuck in like some quick win how do it sounds like to me that one of the biggest trainings is in the discipline of being able to postpone pleasure yeah because what you're saying in any mark is it's going to take time like you had to save up for four to eight thousand for your first condo that you bought first of all you

had to work for that money you had to save that money yeah so that you could invest it then you were able to buy this 8 000 condo which which obviously had has had great you know growth i'm sure but there was a lot that took to get to that whereas i think right now people are like oh well i'd rather spend 100 on this right it's a real decade of sacrifice and there's really no way around it if you want to fast track your way now the best investment you can make if you want

the better returns the bigger returns is by investing your money in yourself and the the tough part is you got to be willing to go through that time and the effort because you're right it takes time i'd you know unless you have that experience already there you have the mentors you have you know parents people who can guide you through it maybe you can shorten it but i didn't have that so for me it took me a solid decade to figure it out to go from business idea to business idea to business idea to get

go through failure or failure to get scammed after scammed those things are what teach you and when you're going through it it sucks you don't realize that you're going through a lesson you just feel like dang i just got screwed over yeah what i mean sure but it's it's you got to keep the goal you know in mind and it's understanding what is more important to you right now because you're right the last thing that you want to do also is get into this idea of just pinching pennies because at the end of the day

a penny saved is just a penny and the the thing that i can best do to illustrate that is if you make 40 000 a year and you're like okay i'm gonna put aside a quarter of my income i'm gonna put aside ten thousand dollars to save and invest and then you start putting your money to work and you're like oh my god i love this i wanna do more i wanna get better results so now you're like well i'm gonna try to put aside 30 of my income 35 of my income and you keep

trying to squeeze this limited pie but this is where now you it's about building that growth mindset and this is what wealthy people are able to do where they say okay sure i can try to squeeze more pennies out of the pie but the other thing that i could do is i'm going to try to grow the pie how do i go from 40 000 to 400 thousand dollars and you know you might hear that thinking how in the world am i going to go from 40 to 400. like it just sounds impossible and so

far away and at that point yeah it might seem the way but the first step like you said it's that mindset that's why i call minority mindset mindset because all success starts with your mindset you have to be wealthy here before you can be wealthy in your bank account and you have to understand how your mindset plays a part in it because now if you tell yourself you can't do it you can't yeah but if you tell yourself you can then the next thing you're going to do is you're going to say how do i

go from 40 to 50 yeah 50 to 100 you're going to start watching youtube videos you're going to start putting in work and as you start to make more money now you're going to be able to answer that question of what do i want to do with this money do i want to go out and buy a new beamer or do i want to go out and invest in my business do i want to go out and buy a rental property do you want to go and invest in stocks do i want to go out

and invest in a startup and now you can make these decisions because you have that financial education and this is why you know anytime i talk about the house of you know things that i say you should do to become wealthy i always talk about how you invest and grow your money last because if you don't know how to save the money if you don't know how to invest that money earning more money doesn't do you any good until you know how to do that because now earning more money has the most impact because now

you know how to put that money to work you have the system yeah and i'll give you a quick example like the first time i made a million dollars in a year my car was worth 500 that i was driving i still drive today that 500 car just last week before i came out here to california my homeowners association called me and they said hey joseph we have a number of complaints about a junk car sitting in a driveway and it's a true story they said it's been sitting there because i was in california for

a long time they said it's been sitting there and uh people say that you should take these junk cars and put them in storage and i was like well for your information it's not a junk car that is my car that i take to and from work every single day it doesn't have a bumper on it um but it works and they're like well you have to put it higher further in the driveway so people don't see it and i was just like oh my god you don't get it like you know and it's not

that i can't go out and buy another car i the way i look at it is well if i want to go and buy a 150 000 car which i can i can go and take this cash and buy a car or i can take this 150 000 and put it back either into real estate or in stocks or into my business because that's something that i've been investing heavily in now i started a company called market briefs which is a financial newsletter company and we're trying to grow aggressively because i want to make financial

news more accessible because this is something like i look at the things that were very hard for me to understand like cnbc used to be something i used to like watching but it was just so complex none of the things made sense there's just so many things happening and so now you might watch and say i want to be better with my money and so now you start watching the financial news because where do you go next and then all of a sudden you get hit with all these complex terms and things that don't make

any sense he turned off and so i created market briefs as a way to make financial news more accessible and easy to understand and 2022 was the real first year that we became market briefs an actual company so i'm like well i can take this cash i want to buy a car or i can hire more employees we can buy better software we can buy better infrastructure my employees have a better car than i do but i'm focused on you know that the long term i want to build this into something bigger i want to

make it something better now i'm going to buy a nice car one day i'm going to buy a better car i'm not saying that i won't but it's that level of you know how much are you willing to sacrifice today for something bigger tomorrow i am not driven by materialistic things i don't really care about name brand stuff it doesn't really bother me i i mean i think it's it's cool if you like it but it's just not for me i buy a lot of my clothes my suits from india i get them made for

a hundred dollars i get them custom-made a lot of my clothes are relatively inexpensive uh but for me it's it's i enjoy what i do and i'm driven more by the purpose of i wanna help people with the things that i wish i would have had help with because the more and more that i have seen growth the more more that i talk to people i keep hearing i wish i would have learned this sooner i wish i would learn this younger yeah and that's where you know minority mindset i'm trying to help provide that

financial education with my channel and the marketplace trying to make that news more accessible for anybody who wants to be aware of what's happening in the real estate market the stock market the crypto market inflation without being overwhelmed with that sensationalism and the craziness of what happens in the traditional financial news yeah absolutely and i love how you said that ultimately the best investment is an investment in yourself which you know we've heard time and time again but what you are ultimately saying and that was for me too like for me the first things i

started investing in with my health and so i remember reading that there was that article where conor mcgregor was talking about lebron james and conor mcgregor was saying that he didn't realize until he saw an interview with lebron james where lebron said that his health bill is like a million dollars or something a year yeah to maintain his health to be a high-performing athlete and i saw conor mcgregor's interview that he's talking about and i was like i want to be high performing like you know what do i need to do and and so i

started researching and then i remember i've always been a big soccer fan football fan because of coming from england right and there was this interview again with two soccer stars and they were talking about how they went to cristiano ronaldo's home when he just moved to manchester so he was bought by manchester united when he was like 17 years old 18 like young talent and when they went to his house he had his trainer he had a chef he had his coach and all the other players were like what is this and he was like

that's my chef that's my trainer and that's my coach and they're like what are you doing and he's like i'm gonna be the number one player in the world like that was his mentality and so he knew what to invest in while all the other players were buying cars or going out for parties right he was building that and so i remember for me what started to happen was like okay well what do i need to invest in to create a mindset from which i can fully serve and give myself to others and take care

of myself and my family because if i'm not investing in those things yeah then all of this is going to fall 100 which is why when you walk through the four things at the beginning yeah when you talked about physical well-being mental well-being spiritual well-being and financial well-being like that recipe makes a lot of sense to me yeah and i guess what you're trying to do is trying to give people financial confidence rather than financial survival yeah it's the basics of the education right and one of the things that i try to do is i

never that i don't try to do is i don't want to say this is what you need to do and that's why i'm not asking you that yeah but the reason why is because i did listen to those people uh when you talk about the get rich quick schemes uh i bought a lot of classes trying to learn about entrepreneurship and money and some of them were very good some of them were really bad and the issue that i had was you know the people that are like this is the only thing you have to

do whether it's buy this type of etfs buy this type of real estate invest in this type of business it worked for them but i have a different goal than them i have a different background than them i have a different experience than them i have a different risk tolerance in them and everybody that watches this is again going to be different and so my whole goal is to give you the education so you can make a better decision for yourself rather than tell you what to do is teaching you to learn rather than telling

you what to do yes yes and i'm and i'm i'm really glad that that's the conversation we're having because and that's what i'm not asking oh should we do this you know because you're absolutely right times are different years are different i guess one of the biggest things that i know is on people's minds right now is people are scared of this crash they keep sharing about right so there's a lot of fear and there's a lot of insecurity and a lot of anxiety and the challenges that forces us to shut down even more about

money yeah because now we're all scared right and no one wants to admit saying yeah i've wasted all my savings or i've done this how how again not what to do how should people think about this i'm very glad you brought that up because this is something that we need to talk about because you have to again ask the question of why and start questioning things because i'm just going to give you a little bit of a timeline because it helps me understand where we are and i think will help the listeners understand where we're

going if you want to know where to find the most opportunity because the reality is more millionaires are made during recessions and crashes than any other time and the reason why is because when you have these types of recessions and crashes assets go on discount they go on sale it's almost like black friday shopping for investors and so you need to know how to find these opportunities but this also requires you to not just blindly trust or listen to what anyone else says so i started asking the question of why i started losing a lot

of trust in the system when i started realizing oh my god like i was lied to about the school system and this and that and this and that it was very painful for me but if we go back a little bit and understand where we are in the economy and what might be coming that will help you understand where to find the most opportunity and i think that we are in store for a correction the fed is going to determine how bad it is and there's a lot of factors that you want to pay attention

to because there are real concerns and real issues in our economy and with inflation that we cannot ignore the way that i can best explain that because just like being on a brush on this right now is before the 2008 crash happened the government and the federal reserve bank kept saying that there's no real estate crash the real estate market is very strong and then once the real estate market started to go down in 2007 the federal reserve bank i'll explain what they are in just a second they said that real estate is going down

a little bit but there's going to be no real estate crash and it's not going to affect any other aspect of our economy and they made that statement publicly and said it again and again and again and then what we saw happen was the entire real estate market imploded wall street was on the bank of collapse the entire financial system was on the verge of coming down and after all of that the federal reserve chairman then came out and said i had to say what i said because i did not want to incite panic and

because of the political issues where i was told not to say certain things so that was then now before i go into 2020 and now let me just explain what the federal reserve bank is the federal reserve bank is known as the central bank in the united states they control the monetary policy meaning that they have the ability to print money give this money to the government and they also have the ability to in influence and control interest rates so they are the entity that can increase interest rates that's the reason why we're seeing mortgage

rates go up right now they're the entity that can cut interest rates and although they're called the federal reserve bank they're not federal they say 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 deposit money so now that we have that let's let's kind of fast forward where we are now in 2020 the economy shut down due to the pandemic but the government started spending money like crazy and they were spending money that they didn't have where were they spending money

well they were giving up money in the form of unemployment checks they were giving out stimulus checks they were giving up big money to corporations they were giving up big loans to corporations and money was just being printed at free will so the government was spending trillions of dollars that they didn't have and this gave money to people and businesses so people and businesses could buy things you can spend money and buy whatever you wanted because some people were making more money in unemployment than they were while they were working a job and some businesses

had so much cash in the bank because they got this huge check from the government from these business loans that they were giving that they were just able to spend money like crazy so people and businesses were buying things although nothing was being produced but the thing that was being produced was money so this started to create supply chain issues because now you go to the store and you keep buying all the clothes you keep buying all the stuff that's there however no clothes are being produced no items are being produced because the manufacturing plants

are closed people are not going to work so what is that going to do it creates a supply chain shortage because now people are buying things but nothing is being made how is this possible what happens if you can print money without creating wealth because that's what was happening we were printing money trillions of dollars without actually increasing the amount of wealth well this is what the definition of inflation is you're inflating the monetary supply you're increasing the amount of dollars out there and the cost of that is you make the value of each individual

dollar go down because now you're just printing money without increasing wealth and so in turn the value of each individual dollar has to go down and as soon as that started happening i started making videos in 2020 talking about how the concern right now is deflation meaning the value of the dollar is dropping your savings are becoming more valuable your earnings become more valuable however be wary of inflation coming in the future because that's the definition of inflation you're printing more money the value of a dollar will go down it's it's just i mean it's

almost like simple math however when this was happening the federal reserve bank was printing the money and they kept saying we're not worried about inflation there's no concerns of inflation there's no reason we would have inflation because we can do that now just think about that for a second if the government and the fed can print money on command why do we have to pay for a mortgage can't they just pay that why do we even have to pay for taxes they can just print that money out of thin air the reason why they can't

do that is the same reason why they can't give everybody a million dollars and expect everybody to have a lamborghini is because when you print this money the value of the dollar drops so fast forward to 2021 the early part of 2021 that was when the first glimpses of high inflation were being seen and in the early part of 2021 the federal reserve bank who's in charge of the monetary system said there's no real inflation nothing to be worried about this is a little blimp and then came march april and that's when inflation didn't go

away it grew a little bit and the inflation the fed came out and they said okay inflation is getting a little bit worse however it's temporary they said it was transitory nothing to worry about it'll be gone by the end of 2021. well fast forward to the end of 2021 inflation got worse and that's when they admitted inflation is not transitory this is going to be around for a while and during the whole period i kept saying don't expect this to be transitory this is the it doesn't just magically go away then comes 2022 and

that's when some of the stimulus started to go away and inflation did not slow down and then came the fears of a recession and i was talking about this about how the high inflation is causing a slowdown in the economy because when you have the prices of things go up so much more of your income is being used to pay for your rent and your gas and your groceries so you have less money to go out and buy other things and if you have less money to buy anything else if you have less money to

go to chipotle then chipotle is making less money if chipotle is making less money they don't have money to hire more employees they don't have money to open more stores that's what contributes to an economic slowdown and that's what was going on and from january february march all you kept hearing from the government and the fed is the economy is so strong there's no possible way we could see an economic slowdown that continued april may june even at the time i was recording this video i read an article this morning the federal reserve bank said

we're not going to enter a recession it's not there's no reason why we should the government even said our economy is so strong we're not seeing any signs of a slowdown everybody is doing very well and it doesn't make any sense because i mean depending on this areas maybe things will change but if people are struggling paying their rent paying their gas buying their groceries yeah people are spending money but the reason why they're spending money is because you have to pay more money for your groceries and now i mean if you just think about

this from a practical level people are having less ability to now go out and shop and be able to just buy things which means businesses are hurting so my thoughts are unless this inflation magically goes away like the fed says it will it is going to contribute to a a economic slowdown and now how bad will it be well it depends on what the federal reserve bank does because the fed now is trying to reverse what they did in 2020 2021 where these trillions of dollars were printed and entered our economic circulation which caused the

value of our savings and earnings to drop it created more inflation so if you want to reverse inflation you have to do the opposite you have to literally burn cash you have to take it out of the system so that's why they're working to increase interest rates if they keep increasing interest rates to fight inflation we are going to enter a recession and that means the economy will slow down it means people will lose their jobs it means that businesses will go under and the question then is what will the federal reserve bank do next

will they then say okay inflation is under control even though maybe it's not but the economy needs help so we're going to start inflating because that's what happened in every previous crash you cut interest rates and you print money to help the economy boost well if they do that now when we entered a recession because of inflation you make the root cause of the recession even worse so this is where i don't know what the fed is going to do and it's it is a tough situation and this is where you want to be aware

because there are ways for you to take advantage of this but what you want to understand is the lesser of two evils is to cause a recession because that means you're raising interest rates markets go down and some businesses will go under however this will cause a refresh and things will be able to get better this creates opportunity for you to go and buy some assets you can find stocks that are on sale you can potentially find some cryptocurrencies on sale maybe real estate you'll find better opportunities however if the federal reserve bank changes course

and they say okay inflation is a little bit better than where it was and it's stabilizing even though it's much higher than what it was before but we're worried about this recession and they start inflating meaning they start printing money they start cutting interest rates well that means now the inflation gets worse and now you risk something like a currency crisis and this is significantly worse because now the trust yeah the value of the dollar goes down and that's where you know the type of assets that you want are different that's where things like physical

gold become more valuable because that can protect you um from those types of things so now what do you do right that's the real question is yeah yeah first thing is calm yourself because nobody makes rational decisions out of panic nobody makes smart decisions out of fear understand that these things happen and that things will be okay so first you got to do is just calm yourself take a deep breath now the second thing is you have to start taking that financial education you want to create that buffer now because even now while things look

bad yeah gas prices are high prices of high but they are they could be worse so you want to use this time to now put aside some cash that way you have some money to take advantage of opportunities that might come your way now the next thing is looking for what type of opportunities do you want do you want to invest in stocks do you want to invest in real estate do you want the best of cryptocurrency or or multiple of on things once you know what you want to invest in you make a list

you make a list of the things that you want to own and now you're just waiting for a good buying opportunity and when you're waiting for a good buying opportunity you do not want to try to perfectly time the market buy things in phases you can buy on the way down you don't have to buy all at once this is what i talked about in 2020 when the market was collapsing i said look i'm buying in phases i know what i want to buy i'm buying it on the way down every time it drops another

10 to 15 i buy more and i buy more aggressively when that happens people will think you lost your mind because they're gonna say why would you buy now the market's collapsing the world's gonna end don't buy now look you gotta again calm there's gonna be a lot of emotion there's gonna be a lot of panic a lot of fear but the smartest investors are not the ones that invest on a motion it's the ones that invest on finances and so cut through that noise just understand what you want to buy look for a good

buying opportunity and then understand that if we go the other way where we start inflating well then you could see the opposite happen you could see asset prices crash upwards because now we're inflating we're printing more money and that can mean more money flows into the markets and that can push asset prices upwards so it's knowing what you want to buy and in those situations that's where things like gold can also be valuable now the one thing that i want to mention about gold is i don't look at gold like an investment for me it's

just an alternative form of savings it's just hard money it's just holding something like that it's another way to save money so it's just finding the rapper opportunity but at the end of the day the number one best investment that you can make in any situation is investing in yourself and understanding what is the most important thing right now your physical health your mental health your spiritual health your your financial health and understanding that you know there's always going to be opportunities to take care of yourself in all of these places but you need to

be prepared and you know you put in that work now that way you can find the best opportunities that we can take advantage of them because like i said earlier the most millionaires are made during recessions and crashes than any other time but this means you have to think differently than the majority of people going back to why i call it the minority mindset it's not about the way you look or your ethnicity or skin color it's the mindset of thinking differently than the majority of people and this is where a lot of people get

upset you get angry you kick and cry and scream but this is where you want to think different look for the opportunity because it is there and the last thing that i want to mention which is kind of sad and scary but something you want to be aware of is when that 2020 the money printing happened there was it was known as the biggest financial fraud in the history of america and this has just come to light in the middle part of 2022 where they said that so many business owners and people who are not

business owners took advantage of the government because there was such little oversight where the government was just giving money to corporations and businesses and people where it was the biggest fraud in the history of time and even people because so many people were taking this unemployment money that they shouldn't and i remember and i'll tell you from my personal experience because i have a business i kept being told just you have to take this it was called ppp this ppp money it's free you don't have to pay it back the government is giving you this

money you should take it and they were giving a lot of money i don't remember the exact number but it was quite i mean tens of thousands of dollars and uh you know we had expenses like my rent for our office was like 4 300 a month we have employees we had a lot of issues going on because we didn't know where the economy was gonna go but i told everyone i said we're not taking that money i told my banker told my accountant and they all thought that i was dumb because it's free money

but i was like you don't get it the most expensive type of money in the world is free money i know who's paying for it because when the government spends money somebody has to pay for it either they raise your taxes to pay for it because you know that they need more income or they cut their expenses meaning they cut your social security they cut their welfare well for they cut their things that they're doing or they do the hidden tax which is inflation which means now people are going to pay for it in the

form of higher prices and who pays the price the poor and the financially uneducated yeah and i was like i don't want to be a part of that i'm not contributing to this because i know uh myself i know my values and i don't want to be a part of that and so everyone thought that i was a dumb one but here i am look i'm not i don't want to contribute to this and i i i know who's going to pay the price and i said the poor and the financially uneducated and i purposely

did not say the middle class because when you have this type of high inflation the middle class gets wiped out yep and it's the people who understand money that become more wealthy the people that don't understand money that don't become wealthy and it's very unfortunate the reality it's this is the way the system works and you have to understand it because it is profitable to keep people poor yeah and it's very sad but this is why you have to get financially and financially educated absolutely and i think everyone who's listening the way to do that

is make sure you subscribe to market briefs and make sure you subscribe to the minority mindset youtube channel as well uh really really important and powerful ways to make sure that you have the education and insight you need to make those important decisions i think so many of us are making decisions as just pretty rightly said based on emotion or feeling or playing catch-up or fomo or someone else is doing it so i need to do it you know and those are not great decision-making tactics focus on getting the right insights getting the right information

and make wise calm decisions as just sweet said uh just we end every on-purpose episode with the final five these are five questions that have to be answered in one word or one sentence maximum uh so just preaching these are your final five you ready let's do it okay so the first question is what is the best financial advice you've ever received invest in assets not liabilities second question what is the worst financial advice you've ever received the way to build wealth is saving your money so true third question these are very fiery this is

fantastic uh third question what is something you used to value that you don't anymore material things question number four what is something that you think people think is important when it comes to money but you realize that's not really the right focus net worth net worth is a uh a crap indicator of real success nice that's a great answer all right and question five if you could create one law that everyone in the world had to follow what would it be everybody has to learn about the quadrafit theory about physical health mental health spiritual health

and financial health before they leave school i love that just preaching everyone definitely a guest we're gonna have back on purpose many many times what i'd love for you to do if you've been listening and watching is make sure you tag jaspreet and i on instagram on twitter on facebook uh in the youtube comments let us know what you gained what insight you take away what are you going to put into practice what are you going to apply what are you going to actually implement into your day today and let us know if you have

any questions as well so go ahead and send them away i know we want to see what resonated with you what connected with you just free thank you so much for doing this episode today it was an honor to be on with you thank you for having me no you were incredible this is going to help so many people and i know there's gonna be the first of many so we already have an invite for you ready to have you back here uh and this this was awesome this is exactly what we needed right now

thank you so much man i really appreciate it thank you man if you want even more videos just like this one make sure you subscribe and click on the boxes over here i'm also excited to let you know that you can now get my book think like a monk from think like a monkbook.com check below in the description to make sure you order today