On Purpose with Jay Shetty - Jaspreet Singh ON: 3 Money Myths That Are Making You Poorer Every Day & How to Survive and Thrive in a Recession

Episode Date: July 25, 2022

You can order my new book 8 RULES OF LOVE at 8rulesoflove.com or at a retail store near you. You can also get the chance to see me live on my first ever world tour. This is a 90 minute interactive show where I will take you on a journey of finding, keeping and even letting go of love. Head to jayshettytour.com and find out if I'll be in a city near you. Thank you so much for all your support - I hope to see you soon.Do you want to meditate daily with me? Go to go.calm.com/onpurpose to get 40% off a Calm Premium Membership. Experience the Daily Jay. Only on CalmJay Shetty talks to Jaspreet Singh about financial education. The best investment that you can do in your life is to invest in yourself. That’s why learning about finance is an important skill that we need to acquire in order for us to grow our mental wealth while also growing our financial wealth.Jaspreet Singh is 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. Jaspreet is the Chief Executive Money Nerd at the Minority Mindset Companies and the host of the Minority Mindset YouTube Channel.Want to be a Jay Shetty Certified Life Coach? Get the Digital Guide and Workbook from Jay Shetty https://jayshettypurpose.com/fb-getting-started-as-a-life-coach-podcast/What We Discuss:00:00 Intro02:07 Understanding the role of money in your life04:55 Four aspects of life08:03 Money is a tool for you to do the things you want to do11:42 Importance of financial education14:26 The 3 bad habits in handling money16:08 Don’t go broke just to look rich18:10 The problem with saving money19:30 Stop blindly following the system27:59 Understanding the concept of money30:53 Equity33:58 The wealth formula36:10 Investing with little money40:42 The best investment in the world45:09 Delayed gratification49:43 Having financial confidence51:27 Recessions and market crashes1:02:56 Avoid emotional investing1:09:22 Jaspreet’s Final FiveEpisode ResourcesJaspreet Singh | InstagramJaspreet Singh | TwitterJaspreet Singh | WebsiteSee omnystudio.com/listener for privacy information.

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 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. And I am so excited to be talking to you today. I can't believe it.

My new book, Eight Rules of Love is out and I cannot wait to share it with you. I am so, so excited for you to read this book, for you to listen to this book. I read the audiobook. If for you to read this book, for you to listen to this book. I read the audiobook. If you haven't got it already, make sure you go to eight rulesoflove.com. It's dedicated to anyone who's trying to find,

keep, or let go of love. So if you've got friends that are dating, broken up, or struggling with love, make sure you grab this book. And I'd love to invite you to come and see me for my global tour. Love rules. Go to jsheddytour.com to learn more information about tickets, VIP experiences, and more.

I can't wait to see you this year. 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 a 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 Jess Breet Singh who's a Cyril entrepreneur and a 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.

Jespreet 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, Jespreet Singh. Jespreet, 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 Say, didn't India called my job 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 a 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's evil. And something didn't make sense because even as a kid, I had this entrepreneurial bug where I was like, I wanna 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, oh, 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 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 smoke screen, 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 happy. 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 your 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 wanted. 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 healthcare 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 gonna 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 this something that I called the Quadra Fit 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. 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 going to make you more miserable. And this is a big misconception out there where 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. And when 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 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 the things that make you happy. You can give more. You can buy more food for homeless people. 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 the, 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 a thing 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, would that person does some sketchy stuff?

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. 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 probe that? Have you ever understood that?

I think it comes from somewhere, right? Yeah, I think it's a cultural thing. You know, I think across the Indian culture, Mark Verrins are from a state in India called Punjab. Culturally, you know, money is just one of those things like even in my culture and my religion, like there's this concept called Girthgur, which means earn an 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 the sick religion, there's also this big concept of sa oh, don't worry about money, don't talk about money. And in the sick religion, there's also this big concept of sava, 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 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 hear this story a lot, and he'd 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. He even left his parents land, left everything behind. He left his parents behind and started running. And during that process, he got attacked by a mob. And he had to defend himself. And he saw his uncle get killed right in front of him. This uncle got a knife, a sword right to his head, cut his head open and half.

And that was the last time he saw him. Now he comes over to the new East Ind side of Punjab, the new India. He lost his shoes along the way. He doesn't have a home. He doesn't have any family. He 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, porn is the worst disease. And the reason why is because when you're at that level of poverty, that level of pornist, 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, I'll go 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% of Americans are 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 what degree you have or who your parents are, but because of what financial education you have. And none of us are taught a thing about money, but just the craziest thing. Yeah, 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 the obsession or it has to be this goal, and you're like, well, actually, it's just about education. It's just about you have to make this thing, and you're going to do something with it. 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 interviewed my mom, Lee recently, not on the podcast. And I wanted to do that. But I interviewed my mom 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 mom like a podcast guest. At dinner.

And so I started asking her questions. I was like, mom, how did you get your first job? And like, especially I find like Indian South Asian parents that don't really talk about, I'm not gonna ask you. I didn't. And so I started asking her questions. I was like, Mom, how did you get your first job? And like, especially I find Indian South Asian parents they don't really talk about, I don't know, at least mind don't. They don't talk about the struggles they went through or the hardships or the issues. You never talk about the problems. 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, an 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, trying to protect Yemen, and they're just studying 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 $10. 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, 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 them,

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 will 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 you start with number one, the two S's save and spend.

And I was 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 have little to no investments. Right now, about half of America has zero investments. I'm talking about 0.401K, 0 IRA, 0 stock market account, 0 real estate investment, 0 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 401K IRA. So you have a very small percent about a quarter of America working in America that's any investments on their own. This is it. The part to win the tournament. If you sink it, the championship is yours. But on your backswing, your hat falls over your eyes.

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America has a consumerism culture, and I joke about this, but 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 to make some of the help of credit. My is a 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, whereas 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 get to teach in Detroit Public Schools. And when I used to teach there, it's a rough school district. I would talk to the kids of all 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 do you do with your paycheck? They said, will we get a physical check? Then we go to the liquor store, we get a cashed. The liquor store owner takes one to 10 percent. Then you buy a 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 ten grand, I can go on this nice vacation. If I have fifty 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 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. Well, let's just say 1% and I'm being very very generous here if your savings grow by 1% and I'm being very, very generous here. If your savings grow by 1%, and inflation is higher than 1%, and we can see now inflation is extremely high, but even before the 2020 pandemic, inflation was still higher than 1%, we

were 2 or 3%. 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 their money for an emergency. They saved their money for an investment or they saved 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 a 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, I was 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 some stories before. That was all that I was told. Since I was like a little baby, my parents would tell everybody,

just believe it's gonna become a doctor. He's gonna go out and do medicine, this and that. And that's what I was 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 a good medical school, I'll be able to get a good 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 eighth 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 did a 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 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 I 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 a doll. And I got to meet a lot of the local Indian DJs

that work at 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 give me in a 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, I was fun for me So I was 16 years old and I started hosting these teen parties at a local restaurant They 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 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, and we're gonna go to college, and I'm gonna become a doctor, and this is all gonna 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, below and 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, and was like, oh, let's bring this party business back to college. Because that's all I knew. So I was like, 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.

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, 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. They will let me work on 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. 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 was 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. 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. It's 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 when he realisted 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. 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, 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,

all their 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 is just all they knew. They didn't have that financial education. But in the back of my mind, you know, I was like, 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 this 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 for Jim Chrysler, we're 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 $4,000 and it was in foreclosure. The bank countered with 7,,000 and then I said, hmm, how about we settle at 6 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 8 grand. So it was a bidding war.

The other person offered less than 8 grand. So I got the condo. So I bought the condo for 8,000 dollars, but a little bit of work into it. It was in pretty good shape, and they 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, has I don't got to flip pretzels, 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. 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 pay me. Something doesn't make sense.

Like, how come I was never told about this? Like, I was doing good in school. Like, I was, I was, 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 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 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 are ever taught how do you 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 out your way. Now YouTube has made it a lot more accessible. Thank God. But before YouTube, you had to go out your way to read books and take classes. And it's tough.

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 talk about, 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 want to 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

now it's just normal, that's just the culture. So people take the cash and they buy gold. And the reason why now we don't 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 the 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 2 and 3% while your bank was paying you half a percent. So I said was look, you're losing 2 to 3% of your cash is 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 partner 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 Elusury is just fake. It's just it doesn't even feel good and you're not gonna 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 homeownership 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 of 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 use to attract all the things that you buy, you rent, you mortgage, your car payment, your groceries, your gas, you take away all of your expenses, and if you have a margin, when I 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 it's what keeps 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 wanna 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 2Ss, choosing to do the 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 wanna 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 wanna 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. I was like, I only have $500. I only have a thousand dollars. I was like, what can I do with that? My eyes were spending on whatever it is, because, or I'm gonna save it, because I need it for a rainy day. What does someone do with that? Am I supposed to spend it on whatever it is? Because, or 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 gonna 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, and I started reading the business books then, was how about I buy some of the Ford stock? Again, I didn't have a lot of money, but first investment in the Ford stock was $2, 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 very little amount of money. I mean, nowadays with the new age of stock brokerages, if you have $10, 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 $100, well, okay, what you want to do by 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 is 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 $100. And now you just do this for the long term whether the market is up or down does not matter. Should not change the strategy. You 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 in that they grow up with more money in that they

grow up with more money in that they 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 they 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 the world? They always paid themselves first. They always invested in assets before they

started going on 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 $1,000, 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. I mean, 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.

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 gonna 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 wanna make money quick, right? And I feel like it's like,

I don't know if I wanna know. And I think there's this mindset, especially what you keep saying about that how the lifestyle has been portrayed, 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 that all of a sudden have the nice house or the 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 theme, or we get stuck in like something. 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 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. Yeah. First of all, you had to work for that money. You had to save that money so that you could invest it. Then you were able to buy this 8,000 condo, which obviously has had great growth, I'm sure. But there was a lot that took to get to that.

Whereas the thing 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 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 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, 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 write 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 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 $10,000 to save and invest.

And then you start putting in 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, like, oh my God, I love this. I want to do more. I want to get better results. So now you're like, well, I'm going to 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 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 $400,000? And you might hear that they can, how in the world am I gonna go from $40,000 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, 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 partner. Because now if you tell yourself you can't do it, you can't. But if you tell yourself you can, then the next thing you're gonna do is you're gonna say, how do I go from 40 to 50?

50 to 100. You're gonna start watching YouTube videos. You're gonna start putting in work. And as you start to make my money, now you're gonna be able to answer that question of what do I wanna do with this money? Do I wanna go out and buy a new beamer? Or do I wanna go out and invest in my business?

Do I wanna go out and buy a rental property? Do I wanna go out and invest in stocks? Do I wanna go out and invest in a startup? And now you can make these decisions because you have that financial education. And this is why 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 homeowner association called me and they said, hey, Jaspery, we have a number of complaints about a junk car sitting in a driveway.

And this is 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 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 two and from work every single day, doesn't have a bumper on it, but it works. And they were like, well, you have to put it higher further than the drive-wise so people don't see it. And I was just like, oh my god, I you don't get it. 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 out and buy a $150,000 car, which I can, I can go out and take this cash and buy another car. I, the way I look at it is, well, if I want to go out and buy a $150,000 car, which I can, I can go on and take this cash and buy a car or I can take this $150,000 and put it back either into real estate or into 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 news at a 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 would be very hard for me to understand. Like CNBC used to be something I used to like watching, but it was just so complex and none of the things made sense. It'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 can 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 and actual companies. So I'm like, well, I can take this cash and buy a car where 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 that 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 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 mean, I think 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 $100. I get them custom made. A lot of my clothes are relatively inexpensive. But for me, 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 and more that I talk to people, I keep hearing, I wish I would have learned this sooner. I wish I would have learned this younger. And that's where, you know, minority mindset, I'm trying to help provide the financial education with my channel and the market brave 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 room, 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 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 wanna be high performing, like, you know, what do I need to do? 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 his 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, that's my coach. And they were 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, 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, then all of this is going to fall to 100%. Which is why when you walk through the four things at the beginning, when you talked about physical wellbeing, mental wellbeing, spiritual wellbeing and financial wellbeing, that recipe makes a lot of sense to me. I guess what you're trying to do is try to give people financial confidence rather than

financial survival. Yeah, it's the basics of the education. One one of the things that I try to do is, I never, or that I don't try to do is, I don't want to say this is what you need to do. Go up with your money. And that's what I'm gonna ask you to do that. But the reason why is because I did listen to those people. When you talk about the good rich quick schemes,

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 by this type of ETFs, by this type of real estate, invests 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 background than them. I have a different experience than them I have a different risk tolerance than 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 to 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 really glad that that's the conversation we're having because and that's what I'm not asking you know

Oh, what 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 showing 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. Because now we're all scared. 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,

but how should people think about this? I'm very graduate butted 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 gonna give you a little bit of a timeline because it helps me understand where we are and I think it'll help the listeners understand where we're going.

If you wanna 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 and 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 I'm kind of just like beating all the brush on this right now is before the 2008 crash happened, the government and the Federal Reserve Bank kept saying that there's no realistic 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 realistic 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 on 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 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 the entity that can cut interest rates and although they're called the Fedor 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 to deposit money. So now that we have that. That's that's kind of fast word 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's 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 supplier, 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 have 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 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 their name. 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 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 slow down 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 of us recording this video, I read an article this morning, the Fed Reserve Bank said,

we're not going to enter recessions. There'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 slow down. Everybody is doing very well. And it doesn't make any sense because, I mean, depending on when this air is 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 we just think about this from a practical level, people are having less ability to not 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 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 and 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 a 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 the then say, okay, inflation is under control, even though it's maybe not, but the economy needs help. So we're going to start inflating, because that's what happened at every previous crash. You cut interest rates and you print money to help the economy boost. Well, if they do that now, when we enter 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 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 then 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 on buy some assets go under. However, this will cause a refresh and things will be able to get better. This creates opportunity for you to go on by 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 and the value of the dollar goes down. And that's where, you know, the diaper assets that you want are different. That's where things like physical gold become more valuable because that can protect you from those types of things. So now what do you do, right? That's the real question. It's 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 have to do is 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 are 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 to invest in cryptocurrency or multiple of things? Once you know what you want to invest in stocks, to invest in real estate, to invest in cryptocurrency or multiple of 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 it 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 calm. There's going to be a lot of emotion.

There's going to be a lot of panic, a lot of fear. But the smartest investors are not the ones that invest on emotion. It's the ones that invest on finances. And so cut through that noise, just understand what you want to buy. Look, we're 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 not what you wanna buy. And in those situations, that's where things like gold can also be valuable. Now the one thing that I wanna 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 wrapper of Tundry, 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 financial health, and understanding that 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 way you 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 you have misidere 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 wanna 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 but 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 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 don't know where the economy was gonna go. But I told everyone, is it we're not taking that money. Told my banker, told me I counted, 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 the cut your social security they cut their welfare, 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. Yes. And who pays the price, the poor, and the financially uneducated. And I was like, I don't want to be a part of that.

I'm not contributing to this because I know 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 financial educated and the purposely did not say the middle class because when you have this type of high inflation, the middle class gets wiped out. Yeah.

And it's the people who understand money that become more wealthy, that people that don't understand money, that don't become wealthy, and it's very unfortunate. The reality is, this is the way the system works and you have to understand it because it is profitable to keep people poor. And it's very sad. But this is why you have to get 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, 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 Pete 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. 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 Pete said. Just read, 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. So, Jispreet, saying 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. Third question, what is something you used to value that you don't anymore? Material things. Question number four, what is something that 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 crap indicator of real success. Nice.

That's a great answer. Alright, 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 quadrophyt theory, about physical health, mental health, spiritual health, and financial health before they leave school. I love that. Just for each thing, 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, just pre-enye on Instagram, on Twitter, on Facebook, in the YouTube comments. Let us know what you gained, what insight you take away, what are you gonna put into practice, what are you gonna 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 breathe. 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 this is going to be the first of many. So we already have an invite for you ready to have you back. I appreciate that. And this was awesome. This was exactly what we needed right now. So thank you.

Thank you so much, man. I really appreciate it thank you man