George Kamel - Millionaires in Cars Getting Coffee with Minority Mindset (Jaspreet Singh)

Episode Date: March 4, 2024

 💵 Sign up for EveryDollar today - Create a free Budget!  Today, I’m hanging out with Minority Mindset’s Jaspreet Singh, and we’re talking about how he made his first million, real estate investments, and the difference between making money and building wealth.   Next Steps 📗 Order George Kamel’s new book, Breaking Free From Broke. ☕️ Millionaires in Cars Getting Coffee with @AndreiJikh: https://www.youtube.com/watch?v=gg8jZPzlZZQ   Offers From Today's Sponsors  📞 BetterHelp: This episode is sponsored by BetterHelp. Get 10% off your first month of therapy! https://www.betterhelp.com/george 🔒 DeleteMe: This episode is sponsored by DeleteMe. Remove your personal information from the web at www.JoinDeleteMe.com/George and use code GEORGE for 20% off. 🙌   🎙️ The Ramsey Show   🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 💼 The Ken Coleman Show 📈 EntreLeadership   Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

What's up, guys, George Camel here, and today I am so excited because I'm hanging out with Jaspreet Singh from Minority Mindset. Jisprit is the founder of Briefs Media and the host of the Minority Mindset YouTube channel, which has almost 2 million subscribers. And much like his subscriber count, his net worth is well over a million. So he kindly agreed to hop in the old Tesla for another installment of Personal Finance YouTubers and an electric vehicle acquiring caffeinated beverages. All right, guys, that one felt a little long. Like, the guys, they could barely fit it on the screen here. Let's just stick with the original name. Millionaires and cars getting coffee.

We talked about how he made his first million, his real estate investments, and the difference between making money and actually building wealth. And I think you're really going to enjoy this one. So stick around to the end to see how Disprey is investing his money in 2024. And speaking of investing, do me a favor. Invest three seconds of your time to hit those like, subscribe, and share buttons. It will pay dividends to the algorithm, not you. There's a lot here to be excited about.

All right, let's hit the road. Disprey, welcome to Millionaires and Cars getting coffee. Dude, thank you for having it, man. What a cool opportunity. Are you a coffee guy? I don't drink coffee. What's your beverage of choice? I drink tea. You get your own segment today. It's a new segment called Millionaires and Tesla's getting tea. I like that.

Yeah? Yeah, I like that. I just came up with that. I think that's pretty good. Clever, man. They'll use that. They'll put the graphic up. Are you sure about that? You came all the way from Detroit to hang out with us. We appreciate that.

And what we gave you was the worst weather Nashville could offer. Just pouring rain. But thank you for bearing with us. No, it's all right, man. I'm loving Nashville. It's a very cool city. Thank you for having me, man. It's awesome.

So you're on this segment because you are a net worth millionaire. Can you tell us the breakdown of your portfolio what stands today? Sure. So I invest my money in five places outside of my own business. Number one is real estate, stocks, and then startups, crypto, and then physical gold. And then the largest one, invest would be our own business. I run a company called Briefs Media. So that is my biggest time investment and my biggest money investment. We cover financial news, financial education. We have a free financial newsletter called Market Briefs. We

cover what's happening in the markets. We have an educational platform where people can learn things about money management and investing called Briefs Academy. I didn't grow up with a lot of financial education. Like many of us. Like many of us. Which is partially why you started your channel I met. It is. That's a big reason why. Because I wish somebody would have told me the thing I was studying to be a doctor. My parents really wanted me to be a doctor. And I started reading books about money. Dave Ramsey was actually the second book that I read about money. The first one was Rich Dad, Poor Dad by Robert Kiyosaki. And I'm reading these books. And I started talking about this concept of investing and putting money to work, which was so mind-blowing to me

because I had never heard of that before, seen that before. And I started learning about this thing called real estate investing. Again, I didn't know any real estate investors. I don't know what real estate investing was, but it sounded cool because wealthy people invest in real estate. here I was, I was 19 years old against Metro Detroit. I'm studying to take that test called the MCAT, the medical college admission test. And on my breaks, when I'm studying,

I started looking at homes for sale. And on August 22nd, 2011, I took my MCAT, and in August 23rd, I closed on my first rental property. Wow. It was a 1,000 square foot condo. It originally sold for

$150,000, some thousand dollars. It went through foreclosure. The banks couldn't sell it. They listed it for $8,400. I bought it for $8,000. No way. So now I was 19 years old with a rental property. Oh my gosh. And I leased that out for $600 a month. And that was the beginning of my real estate investing journey. But it was kind of an accident because I didn't go in thinking, I'm going to be a real estate investor. It was these books are talking about this thing. I made so many mistakes when I got started. I mean, so many. I got sued by my first tenant because they said that the bathtub was too slippery while the water was on,

so they claimed that they slipped and fell in the bathtub. I didn't know you could sue for that. You can sue anybody for anything. Golly. Well, during the lawsuit, we found out that the guy that slipped, quote unquote, slipped. He actually slipped at a friend's barbecue, but was trying to get money out of the quote unquote rich landlord. I was a college kid.

Luckily, I had insurance. Insurance covered it. They paid for a settlement. But the settlement wasn't even enough to cover the lawyer fees so the tenant didn't get any money. But it was a learning process, right? It was tough. Like, when you're 20-something years old and you're getting sued, you're still in school,

you're trying to figure out how to get good grades in class. It's stressful. I love that you're honest about your mistakes because you weren't always this, you know, financial prodigy. We know you asked a death. I make a lot of mistakes every day, man, every day. Well, there's one in particular. I understand that you once owned a Toyota Solara. Yeah.

And you talk about the mistake you made with that. What was that? Well, let's premise this with I was working in the event planning business. So I was working at clubs. I was hosting parties. I was working at weddings. So in that event planning business, it's all about the show, the way you look. And so I would have this really nice Toyota.

And I would take my money and put it into the car. How much money did you sink into this car with all these upgrades and mods? Dude, I don't know. I'd have to tell you. Thousands and thousands of dollars. And it did not increase the value much, I assume. I think it decreased the value. Which cool, if you got the money and you could afford it, which I couldn't.

Then I had the cash. I was luckily not going into debt to do it. I was paying for it with cash, but I had no investments. My investment was my car. Now you look back and you go, if I had invested that money, it could have been $100,000. Seriously. I mean, you still have that car today. I still have that car today.

Is that your daily driver? That is actually my daily driver, yes. Oh my gosh. That makes me so happy. That's why I say my car is worth maybe 500 bucks. You, by all standards, are successful, you're wealthy, you're a millionaire, and you're driving a what year? Mid-2000s?

A mid-2000s, Toyota Solara that is pimped out. It's definitely pimped out. I love that because people think like, hey, millionaires, like they drive ultra-luxury cars and you're living proof that you're not going to sink so much money into depreciating assets as you've learned a thing or two about that. My whole thing was, you know, if I wanted to go out and buy myself, say, $100,000 car, I could do that tomorrow with cash and not really worry about the price? But the question is, do I want to do that now or take the $100,000 and put it into, say, a rental property, buy some stocks? Opportunity cost.

Or put it in my own business. And so for the last 10 years, that has been my thing that I'm not going to spend money on these what I call dump purchases yet because I want to build my business. I want to build my portfolio and really build my wealth before I go out and start spending my money. This is just play money. Yeah, exactly. Because the funniest thing is I have friends who drive around these really expensive cars and then complain about gas prices. I'm like, dude, you got a $150,000 car, but you're talking about $4 gas. You can't be complaining about gas prices when you're driving a luxury car.

If you're putting premium gas in your car, gas prices should be the least of your problems. I like that. You give me some gas money? Hey, we'll get back to the conversation real soon, but first let me tell you this episode is sponsored by BetterHelp. Now let me ask you a question. What would you do with an extra hour in your day? For me, I'd probably go film more millionaires and cars getting coffee

because it's about as much fun as you can have legally. No matter what it is, BetterHelp online therapy can help you find what really matters to you so you can do more of it. All you got to do is answer a few short questions to get matched with a licensed therapist. And boom, you're on your way to a... a better life. You can also switch therapists at any time for no cost. So get started today by visiting BetterHelp.com slash George to get 10% off your first month. That's betterhelp.com slash George.

All right, let's get back to the car. We get dogged in the comments because we go to these corporate spots, Dunkin, Starbucks. So I thought let's take Just Sprade to a nice little local spot. Let's do it. Called Southerner's coffee. This is a taste of the south. Okay. Oh, that's a big bump right there. So Tesla is not made for off-roading. Troy's got a lot of potholes. Ooh! I might as well be in a Jeep Wrangler right now. It's a drive-through trailer.

How are you? Good, how are you? I've never felt shorter. I love this. Okay, I'm gonna let my friend just free go first. I'll take a green tea. A green tea. Anything in it?

No, that's it. Just straight green tea. Straight green tea. That's impressive. What's a fun one? That's not too sweet. My personal favorite is our Blackberry Blue. I'm in.

You sold me. This is very excited. This is very exciting. I'm really branching out with you today. So exciting. Green tea. Let's see. This is amazing.

Twinnings. Are you a Twinnings guy? Not so much. Yeah. Oh, take it. Thank you very much. Have a good one. Are you jealous of mine?

Let me see. Oh, that smells good. Take a sniff. That blackberries. Oh, that smells good. That's some love. That's lovely. Thank you, Dave, for the tea.

Thank you, George for the tea. It's about the opportunity in the company, man. So more than anything else, I love this. Oh, hey, cheers. Cheers to that, man. I want to talk about this. You were doing side hustles before it was cool. Tell me about some of the more lucrative side hustles you got into.

And when you realize that, hey, I could do this and it could pay more than a normal job. I was always kind of in the side hustle game. I don't even know they were called side hustles then. I got involved working in the wedding business when I was like 12 or 13. I used to pay an Indian drum called the Dole. And I played it from my uncle's wedding. And the DJ there was like, hey, dude, you want to make some money, play this. In the beginning, I was probably making 50 bucks for a reception to go and play this drum.

By the time I was in high school, I think I was charging like 300, 350 for reception. So a few hours making a few hundred bucks, which was nice. Yeah. And I was also working at Antien's pretzels, which the best pretzels, by the way. Oh, yeah. I was making $5 at like $45 or $48 an hour. And then on a weekend, I go and make $300 working this wedding. And in a few hours, and I'm like, dude, like, in one hour, it's in a hour.

entire week of it, of Antia. Exactly. Even more sometimes. I was like, you know, something's not added up here. Even if I got a dollar raise, a dollar 50, it's not making up for that. So that was when my brain started to click as to what if I could continue doing things on my own, that wedding business slowly evolved towards the end of my high school career, because in the end of my high school career, the DJs that I was working with, one of them said, dude, you know a lot of kids in high school. Let's host a teen party. I thought this was going to be just a hobby that I'm never going to worry about this again. because now I got to go to college and become a doctor

because that's what parents wanted. So now it's tough for me to go to college. I'm like, I'm done with this teen party business. Go to college and everybody starts partying, drinking, and blowing money they don't have. And I was shocked. So in my mind, I'm like, well, why if I take this teen party business

that I was running to college? So that was kind of the beginning of my next party promoting business, which then kind of grew to partnering with concerts and doing official after parties and we would help organizations on campus do different events. So that was a very fun business, but the problem was I hated the industry, which I didn't realize until I started making decent money. You're not into any of this. I'm not into it.

I'm not into it. And I'm promoting it. Even though I was making good money. I started to realize the money wasn't enough to keep me motivated in this, which is why I ultimately shut that business down. And then I went from business idea to business idea trying to figure out what it is that I wanted. I knew that I didn't want to work for somebody else. I didn't know what that meant. I didn't know what I was interested in.

I didn't know what my passion was, but I knew I wanted to create something and do something and build something. I like working. I like helping people. I like providing value. I just didn't know what the solution was. Yeah. Well, I think that's many people out there.

And luckily, you found it. I mean, you've been doing amazing things with your company, brief media, and the YouTube channel. That's how I saw you. I was like, minority mindset. This guy's breaking stuff down with the whiteboard. He's going deep. There was a huge lack of financial education out there. And I remember you being one of the first guys to really be doing it well with a heart to help people.

Well, thank you, man. And that was the thing was, you know, my extent of financial education in my house was make a lot of money as a doctor. Don't spend any money. That's it. That's the whole plan. And I think a lot of immigrants kind of see that where they got stuck in that kind of vortex of just like, make a lot, don't spend a lot. Exactly. You're sort of this horder scarcity mentality.

And that's what it was versus there's a lot better way. ways to use your money. Money is only has value if you use it. Money sitting in a bank doesn't really do anything and you want to be able to enjoy life. If you like Starbucks, get Starbucks, but afford it. If you want a Rose Royce, get a Rose Royce, but afford it. So my whole thing is, I don't care if you like dumb things. Yeah. Just afford what you want to buy. And that's the big thing is. Don't prop up your lifestyle with money you don't have. And that's the thing is, if you're buying the Gucci, the BMW, the Rolex, before you have any sort of investment portfolio, your priorities are in the wrong place. And this is the problem. That's the majority of America is everybody's got the

nice stuff, but no one's got the nice assets. No one's got the right investments. And I was understanding, I was going down the same road. The first time I had $1,000 in my bank, I bought a nice watch. No one's like, let me put this in an S&P 500 index fund. You're like, let me go buy some stuff. We'll go buy some stuff. Yeah. Because you can show off your watch better than your S&P 500. Well, the early you understand that when you, you know, as you get into adulthood, the better. The more wealth you're going to build sooner, the more freedom and options you're going to have. So I love that. Time is your most valuable asset. And if you don't take advantage of that, it's going to be more difficult.

Not impossible, but more difficult for you to play catch-up. So what I tell people do is if you're in your 20s and you're hearing this, you have one of the biggest gifts life can offer you, which is now you have the time to build that financial freedom. I call it a decade of sacrifice. If you put in those 10 years of hustle and grind to, number one, earn more money, number two, spend less money. And number three, invest the difference.

you're going to set yourself up for the rest of your life and your kid's life and your grandkids' life, but you've got to be the one to realize that and make that change. Yeah, that's beautiful. And I feel like I accidentally did that by following the Ramsey plan from 23 to 33. Dude, isn't that crazy? It was getting out of debt, get the emergency fund,

begin investing, get the house, pay off the house. And now the things that my wife and I are able to do are amazing because we sacrificed. Because you did that. We still enjoyed life. You know, it's not like make yourself miserable. There's a balance there, but that kind of disintentionality goes a long way. I read Dave Ramsey's book and that really changed the way I spent my money.

I love Dave Ramsey for that. Some things we disagree on, which is okay. But I love Dave Ramsey because he broke it down. I read his book, Total Money Makeover. And I learned, holy moly, I got to stop blowing my money. So I took it to an extreme. Extreme situations require extreme measures. I was making great money, but I have shoes with holes in them.

And I refused to go on and buy new shoes. So I taped them together. When I was in law school, I was making. good money. I was making six figures. I was living in an apartment where I was paying $400 a month. That was because I didn't have a room. I slept on the living room floor. Wow. And the $400 included all my utilities and my internet and my parking. I got kind of scared where I was like, dude, I am not going to waste this opportunity. So I went all in. And yeah, I made sacrifices. Like, I didn't go out to eat with my friends.

Well, I would go. I just wouldn't eat food. I would just drink water. Just hang. But it was kind of a game for me. So I didn't feel like I was miserable. I was enjoying this because they knew why I was doing this. You learned how to enjoy life without having to spend money. And dude, if you can enjoy life without money, you can enjoy life with money. Because money by itself isn't going to make you happy. It can remove your stress. It can remove that inability to pay your bills.

It can remove that stress of, dude, all that financial crap. Because if you're in that financial crap, it could ruin every part of your life. You can ruin your relationship, can ruin your relationship with your kids. It can relive your mental health, physical health. But making a million dollars a year is not going to make it. make you feel more excited about life. Yeah. It doesn't change who you are. It doesn't change who you are.

I want to talk about this. There's a big difference between making money and building wealth. We know eight out of ten live paycheck to paycheck. One out of three people who make six figures are broke. So what is the difference between making money and building wealth in your eyes? Well, most people are never going to make a million dollars in a year. But everybody in America can become a millionaire. I don't care how much money you earn.

It's what you do with that money. whether it's 35,000 or 350 grand a year, I'm going to take some of this money purposefully, and I'm not going to spend it. And you pay down your credit card debts, you pay down those things that are destroying your wealth, that you take that money and you invest it. You start building this investment portfolio.

Now, before you go out and get all speculative and put your money into risky investments, you start doing the foundational investments, and then you slowly start to learn more about investing that way. You can see how do I get better returns on my money? How can I put my money to work? Because if you look at wealthy people, They don't keep their money in cash.

wealthy people want to own real estate. They want to own stocks. They want to own businesses. I mean, yeah, if you want to have cash to buy an opportunity, sure, but they want to turn that cash into something. The goal is to have your money make more money. Exactly, always versus most people is, I want to have a big bank account. But that's now where wealth is built.

You got to go beyond that. I like that. Exactly. So your channel is called Minority Mindset. It is. But you would think this is some kind of play on, you know, ethnicity and race. There's probably a devil entendre in there. But what does that mean for you?

minority mindset. The minority mindset is all about thinking differently than the majority of people. And like what you said, the majority of people are broke, but the majority people are also unfulfilled. The majority of people are also miserable. And these are statistical numbers. I'm saying. The majority of people are these ways. The majority of people is just look at what the majority people do. And if you keep doing what the majority people do, well, you're going to end up with the majority of people. You're going to get the results that most people are getting. It's all about thinking differently. Exactly. How are ways you're investing in 2024? What do you plan on doing with your money? Well, number one is put the money back into briefs media. That has been

my number one investment. So invest in the business. What does that look like hiring more people? Is it technology, equipment? All the above. We also don't operate on debt. So we take, we take our money and we reinvested into the business. Did you start the business debt free and it stayed that way? 100%. Love to hear that. Way to go, hero. Is this not just a lovely conversation? And we're just getting to the good part. So don't go anywhere. But real quick, I got to tell you guys about delete me. They remove your personal info from hundreds of data broker sites to keep you safe online, and they'll send you an easy-to-read report outlining what they did. I trust them to help protect me and my family, and I know they'll take care of you.

And with my link, you can get a one-year plan for less than $9 a month to help keep your personal info off the web. Go to join delete me.com slash George for that 20% off discount or click the link in the description. The first time I made a million dollars in the year, I took out of that $20,000. The other 980,000 were back into the business. The reason being is because I did not want to go out and raise money. I didn't want to go out and take debt. So we grew slower. With investors and have to bow down to the shareholder, if you will.

Exactly. Beyond that, I have what I call my passive investments. I'm a salaried worker in my own business. Every time I get paid, most of the salary gets passively invested. So I have my investments into the stock market. I have investments to buy physical gold and investments to buy some crypto. That happens every week, every two, weeks or every month on autopilot and that happens out of my salary. And then I have my active investments,

which would be like my real estate investments or startups that I would invest in if I see a good opportunity. Right now, I haven't invested in real estate that much because I haven't seen the opportunities that I used to see. And I see better opportunity in my own business. I like that. With interest rates being high, home value still being high, it's hard to find a deal. Right. To where it makes sense. And I want to cash for every deal that I buy I wanted to cash flow. That's incredible. So you don't have any debt with the business. Do you have any debt? debt personally? No, not on my real estate either. That's what's up. All my rental properties I paid for in cash. So you're a lot more like Dave Ramsey than you even thought. Yeah, I like Dave,

dude. I love what Dave says. I love what he said. I've always recommended Dave to everybody. I love Dave Ramsey. Who doesn't? I'm not opposed to debt where if the opportunity was there, I would use it. But for me, right now, I like the... You're doing okay without it. I'm doing okay without it. I'll say that. Yeah. I love it. Well, this has been really fun, man. Thanks for hanging out. It was fun getting to know you. This is our first time getting to hang. I learned a lot.

I think these people did too. They enjoyed it. Thank you, guys. Can you tell them to like hit the subscribe? You have way more subscribers. How did you do it? Give me the pitch that will grant me the millions. Look how good looking he is.

Let's get him to a million subscribers. Hit the subscribe button. Hit that thumbs up button. Share this video with your mom, your dad, your cousin, your coworkers, fellow investors, your friends, Discord, Slack, everywhere you know. get it out there. Let's get my man to a million subscribers so we can come out to Detroit and have a once I hit a million I'll go to destroy. That's the rule. And we got to make this sooner rather than later, right? A hundred percent. Well, thank you. I always knew it was the good looks that got him to past a million.

Well, congratulations. You're doing great work, man. Cheers to helping people, build wealth and avoid the traps out there. I'll do it. All right. Hope you guys enjoyed this episode of Millionaires and Cars getting coffee. Huge thanks to Desprete for trusting me with his life in this vehicle today. And if you like you If you like this video, check out this mini road trip I took with Andre Jick. It's magical. Literally, click it and you'll see what I mean. Thanks for watching. We'll see you next time.