Young and Profiting with Hala Taha - Jaspreet Singh: The Middle-Class Curse, Why 50% Of Americans Earning 6 Figures Still Live Paycheck to Paycheck | E251

Episode Date: October 23, 2023

Jaspreet Singh grew up in a family of doctors and it was assumed he would become a doctor too. But he decided to try a different path. He started his first business, an event planning company, when he was in college, and also started investing in real estate. Motivated to help other entrepreneurs avoid his early mistakes, he started the Minority Mindset YouTube channel, where he teaches his followers finance, economics, and how to grow their mental wealth while also growing their financial wealth. In today’s episode, Jaspreet shares what keeps people poor, the psychology of investing, an abundance versus poor mindset, and much more.   Jaspreet Singh is a serial entrepreneur, investor, licensed attorney, and YouTube sensation. 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.   In this episode, Hala and Jaspreet will discuss: - Coming from a family of doctors and becoming an entrepreneur - Buying into real estate at rock bottom - Starting an event planning business in college - How to avoid getting scammed as a young entrepreneur - How to grow a successful YouTube channel - The importance of financial literacy - Bad habits that keep you poor - Why you should stop financing things that don’t pay you - Why recessions create opportunities - And other topics…   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.   Resources Mentioned: Jaspreet’s YouTube (Minority Mindset): https://www.youtube.com/@MinorityMindset Jaspreet’s Website: https://theminoritymindset.com/ Jaspreet’s LinkedIn: https://www.linkedin.com/in/jaspreet-singh-6930a649/ Jaspreet’s Instagram: https://www.instagram.com/minoritymindset/    LinkedIn Secrets Masterclass, Have Job Security For Life: Use code ‘podcast’ for 30% off at yapmedia.io/course.    Sponsored By: Shopify - Sign up for a one-dollar-per-month trial period at youngandprofiting.co/shopify Green Chef - Go to GreenChef.com/60yap and use code 60yap to get 60% off plus free shipping Indeed - Claim your $75 credit now at indeed.com/profiting   More About Young and Profiting Download Transcripts - youngandprofiting.com  Get Sponsorship Deals - youngandprofiting.com/sponsorships Leave a Review -  ratethispodcast.com/yap Watch Videos - youtube.com/c/YoungandProfiting   Follow Hala Taha LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ TikTok - tiktok.com/@yapwithhala Twitter - twitter.com/yapwithhala   Learn more about YAP Media Agency Services - yapmedia.io/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Today's episode of Young & Profiting is sponsored in part by Shopify, Green Chef, and Indeed. Shopify simplifies selling online and in person so you can focus on successfully growing your business. Sign up for a $1 per month trial period at Shopify.com slash profiting, and that's all lower case. Green Chef is the number one meal kit for eating well with nutritionist-approved recipes perfect for every lifestyle. Go to greenchef.com-slash60app and use code 60app to get 60% off plus free shipping. Indeed, is the hiring platform where you can attract, interview, and hire all in one place. Start hiring now with a $75 sponsor job credit to upgrade your job post at indy.com slash profiting. Terms and conditions apply.

You can find all of these deals as always in our show notes. Gabby here is a meditation instructor who just created her business website. Just need to choose a domain. Hmm, meditativeminds.ca or dot com. That Canada goose looks grumpy. Also, why is he here? Well, Gabby, he's here to tell you

that 85% of Canadians prefer supporting local businesses on a .ca over a .com. Then .ca it is. Now repeat after me. Whom? Ah! We'll work on that friend. Go local.

Choose success. Choose .ca. Statistically in America today, more than half of Americans that are making six figures a year are living paycheck to paycheck and broke. Why? Because when most people make more money, they go and finance a bigger car. They go and finance a bigger vacation. They go and finance a bigger vacation. They go and buy a bigger home. You're getting all these other liabilities now and you never have the ability to invest

and actually build any true wealth because you're constantly just making more money to make everybody else rich. There are two ways that you can generate an income in the capitalist system. One is through your labor, one is through your equity. You will never get rich from your labor alone. Any wealthy person, how did they get there? Chances are it wasn't because they got a good degree and climbed that corporate ladder.

It's because they owned assets. They owned some equity, they owned some business, they owned some thing, they were able to generate profits out of. There's a limit to how much you can do, but there's no limit to how much you can own. What is up, young and profitors? You're listening to YAP, Young and Profiting Podcasts where we interview the brightest minds in the world and unpack their wisdom into actionable advice that you can use in your daily life.

I'm your host, Hallitaha. Thanks for tuning in and get ready to listen, learn, and profit. Young and Profiters Today we're going to dive into a very important topic, Building Wealth. And our guest today can help you get serious about doing it. According to JustSpreet Singh, it all starts with the right mindset. JustSpreet is a serial entrepreneur and licensed attorney on a mission to spread financial education through his business, the minority mindset, and his extremely

popular YouTube channel of the same name. He's helped numerous people get out of debt, start investing, and create a plan towards building wealth. Today, he's going to share his insights on how building wealth can be surprisingly simple. Just spree, it's a pleasure to have you, welcome to Young & Profiting Podcast. Thank you for having me on. It's a pleasure to be on with you. Welcome to Young & Profiting Podcast. Thank you for having me on. It's a pleasure to be on with you. I am very excited for today's conversation. And so before we get started talking about money,

mindsets, and saving, and debt, and all that good stuff, let's talk about your journey. So your journey into investing and finance began in part by you ruling out something that you did not want to do, which was go to med school. And like many immigrant parents, you were basically encouraged to become a doctor. And they believe that was the best way for you to be successful. So can you tell us why you changed course and decided not to become a doctor?

My parents were very strict on me being a doctor. It wasn't really a recommendation. It was either you become a doctor or you are a failure in our eyes. So it was a very strict kind of like the sewage you need to do. And at the same time growing up, I knew that I wanted to be financially successful or rich or whatever you want to call it. But I was never able to say anything like that because in my house, the whole topic of money was like taboo. You don't talk about it. So I started my own entrepreneurial adventures

and I was really young. Like I started mowing my neighbor's lawns when I was like 10 years old, but my parents always discourage me. They were like, you know, don't do that. Focus on studies. And I played a drum at my uncle's wedding. His color toll is a traditional Indian drum.

And the DJ that was working there was like, hey, do you want to make some money playing this drum at other people's weddings? Yeah, well, why wouldn't I? And so from there, that kind of spurred this like initial entrepreneurial venture where I started playing this drum at people's weddings, starting in like eighth grade throughout high school and throughout my time playing this drum at people's weddings. Not only that I start making a little bit more money but I started working with a lot of different DJs

just to charge like $50 for an evening to play the drum and Probably buy around college. I was charging 250 bucks So it was you know, not bad money for someone who's 16, 17 years old for a few hours of work. And as I met these DJs, we had this idea because now we're all like high school-ish mid-teenagers trying to figure out how to make money. We had this idea to host teen parties for kids in my high school. So we started doing that. We found a, actually, it was an Indian restaurant that had just opened up. They were trying to get more customers.

So one of the digits that I worked with proposed this idea to the restaurant owner, hey, how about we throw a party at your restaurant but market it for free, just as host as party for free and the owner said, sure. So we got a free venue to host a party. Now, I was able to promote this party to my friends in high school

just by telling them, so they don't cost me anything, and me and the DJs put the profits 50-50. The first event, we made $2 each profit, because we had to pay for random expenses that we didn't know we would have, like speakers and whatnot. But that kind of spurred this entrepreneurial venture.

I'm like, oh, this is kind of fun. Let's try things. I wasn't into the party scene. Like, I don't drink, I don't smoke. I was just into like this whole entrepreneurship idea and that was the most accessible thing for me at the time. So I go to college now, thinking that I'm gonna be a doctor because this was all kind of for fun.

I wasn't telling my parents that I was doing this because they would be very upset. I go to college thinking that I'm going to be a doctor and let me also kind of prime it with this. I did not know what to expect because my parents did not go to university here. I didn't know what happened to college. I go to college and everybody around me is partying and drinking and I had no idea. People went to college to party and drink. I thought people went to college to spend the Friday nights in the chemistry lab and so I was shocked because now I don't drink. I'm not really into going to the parties but I need something to do on Friday nights. So I said, well, I had this teen party business in high school. How about I do this now in college? And so took that

whatever knowledge that I had, I started going door to door at the restaurants, bars, and venues on my college campus, ever to the University of Michigan. And I found a club that would allow me to start hosting parties there for free. They just wanted half of the cover charge, whatever you would generate. And that was the start of now my first real business. It was this kind of like party promotion company, which kind of grew into a whole event planning company. And that then started making me a little bit of money.

That was a certain making money. I still thought I was going to be a doctor, but I was studying to get into medical school. I was taking them MCAT, the medical college admission test. And this was in 2011. So real estate prices were at rock bottom. This is at the end of the 2008 crash. I'm in an arborbor metro Detroit where real estate prices were hit especially hard. I read a book called Rich Dad Poor Dad by Robert Kiyosaki where he talked

about this thing called real estate investing, which I had never heard of before. I never had heard of real estate investing. I don't know when he real estate investors, but he says rich people own real estate. I said, okay, well, I maybe I should own real estate too. So now I've got a little bit of cash in the bank. I'm studying to get into medical school. Real estate prices are rock bottom and I am bored out of my mind studying for the MCAT. So I go on to Yahoo Finance

and every other article was talking about how real estate prices are so low, real estate is getting hammered. So I decided to start looking at real estate. I took my MCAT in August 22nd and on August 23rd, I closed my first rental property and I bought it with cash because I only paid $8,000 to buy this small condo. But that's how I got started in this kind of game of real estate investing. But it all kind of just started with me wanting to do

something a little bit different. And then from there, I definitely knew that I didn't want to be a doctor. So I kind of steered away from that field and then tried to figure out what the heck I was going to do. Well, that is so interesting. And we have very similar stories. So I come from a family of all doctors, all my siblings are doctors, all my cousins are doctors. My dad was a doctor of my uncles are doctors, all my cousins are doctors. My dad was a doctor of my uncles are doctors. I'm literally the only non-doctor other than like my mom in my entire family. And I was faced with similar pressure. It sounds like not as much as you, but it is really hard to go against the green. And the big lesson in all of this is that

even people who love you sometimes don't give you good advice. Your parents thought they were giving you the best advice because for them that was the past to success. That was a clear path to success become a doctor. They probably seen a lot of their peers do it and become really successful, but it wasn't actually the best advice for you. Do your parents care today that you're not a doctor? They're not upset that I'm not a doctor now, but it's a running joke in the family because I talk about it so often. So it's just like a funny joke about how strict they were on me being a doctor, but they're very happy with what I'm doing now. So, well, they're not upset that I'm not a doctor now, but you're 100% right that it can be very tough because people that love you,

they can only give you advice that they know of. And my parents didn't really have much financial education. Like we weren't broke or poor. They were very hardworking. They earned decent money, but they had no idea what to do with their money. And there was no concept of investing. There was no concept of dividends.

There was no concept of passive income. There was no concept of real estate. It was go to school, get a good degree, make a big salary, and then save your money. That was the extent of financial education in my household. Yeah, same year. And so, when it comes to you wanting to be an entrepreneur, you wanted to be an entrepreneur so bad that you're basically running these businesses in secret. Why did you want to be an entrepreneur so bad? Was it about the money, was it about changing the world, serving people, what was really the fire in your belly? I'll be honest, in the beginning,

it was just about making money. I didn't really care about changing the world, that was way beyond the scope of how I could think. I wanted to make money so I could buy my dad's time back. That was the only thing on my mind. And I didn't know what the path of least resistance was to that. And I didn't know what the path of least resistance was to that. Slowly, as I started going through college, I did some internships and I kind of went down there out when I realized I wasn't going to be a doctor. I needed to find a way to make some money. So I became a realtor. I interned at someone's office and I realized, I don't know if I could work with somebody

else also. Like, that was kind of the back of my mind. But that wasn't the first thought in my mind. My first thought was, I just need to figure out how to make money. Then when I started my event planning company, my party company, I was having fun in the beginning. I started to make some money probably by the second year of me doing it. And by decent money, I was probably like in a good month in college.

I was making close to $8,000, which is a lot of money when you're 18, 19 years old. So at that point, I was like, wow, I am on top of the road. I'm making a ton of money and I was buying as much real estate as possible. But then I started hating the industry because I was like, this is not the business that I want to be in. I don't support drinking. I don't support this party business. Yes, here I am. I'm the guy that's hosting the party. So that makes sense.

So that was when I was like, I cannot be in a business just to make money. And so that was when I had that realization, well, okay, I have to actually care about what I'm doing. So I went deep into real estate. I was investing in real estate. I got my real estate sales persons license. That got me into real estate wholesaling. But the problem with that, it was

okay as like I'm providing some sort of value and helping people buy and sell their homes. But there was no scalable value that I saw. Now sure, maybe if I really stuck with it, I could find a way to make it more scalable. But for me, the way that I saw it, it didn't have a very scalable potential. So I was like, this doesn't seem like a business that I wanna be involved in for the rest of my life. So that was when I got on the internet and I started a number of companies,

I got on like Amazon and eBay and all that stuff. And then I was like, well, I don't wanna just keep selling other people's products. I wanna sell my own product. So that was when I started a SAC company. Now, I was fortunate that when I was doing these ventures, I would do them in a way that they were very low cost to get started.

And I was able to make money relatively quickly, not that it was easy, but in the sense that, if I wanted to start, let's just say selling an Amazon, I didn't go and spend $10,000 to get started. I would spend $200, and then when I made 500, I didn't go on spend $10,000 to get started. I would spend $200 and then when I made 500, I'd invest another 200. So it was like a way that it was sustainable. But I started a sock company and now I created my own company. We had revenue that was scaling and every time I was making money, I did one thing with it. I was buying real estate because again, real estate was super

cheap. So I just kept buying real estate as fast as I could. But when I was doing the SAC company, things were going well, but I got scammed by this marketing company. And when I got scammed by this marketing company, at this point, I was so frustrated because I had to deal with so many ups and downs, so many scams, so much crap in order to get to this point.

And even though we got scammed out of our marketing budget, we still had a very successful launch. During the pre-launch, we had done just over $20,000 in revenue before we went live. So it was a pretty successful launch, even though we had lost our marketing budget to one of these companies, the scam company that took our money,

they promised all these things and I never heard from them again. At that point, I was like, well, what do I do? How can I now do something to help other entrepreneurs, different thinking people, find some sort of guidance or support or something because I never had that. When I was going through my first businesses, like it was just me and my DJ friends trying to figure it out because we couldn't tell their parents, all their parents were very against what we were doing. I couldn't tell my other friends

because they didn't understand it. They were all studying to get good jobs as doctors or engineers or whatever. So I didn't really have anyone to turn to. I don't have any education besides the audio CDs that I could listen to. And so that was when I had the idea to start this class on how to launch a business without getting screwed over.

And the goal with this wasn't to make money. I sold it for like seven bucks. The goal with this was to really just show people, hey, look, if you want to start a business, don't make these same mistakes that I did. And I didn't under the alias minority mindset. I put it up on you to me and got a decent number of users or buyers or whatever customers.

And that was when people were saying, hey, just breathe, this is really cool. Could you start a social media page? I said, okay. So I started an Instagram page and I started posting kind of this regular stuff about the same things like, you know, investing, what is investing, what is entrepreneurship,

how do you start a business, et cetera? And then I would get these comments or messages of people saying, this is cool. Could you start a blog because it's hard to read, you know, long captions on Instagram. And remember, this is years ago it's hard to read long captions on Instagram. I remember this is years ago. This before you could post videos on Instagram. So it was older Instagram. And I was like, well, you don't want me to write a blog because English is my second language and I'm very bad at English and writing. So I don't know about that.

But I can talk. So I started this YouTube channel under the earliest minority mindset to talk about that same stuff. And slowly that YouTube channel started to grow. And around the time where the YouTube channel had hit a hundred thousand subscribers, I was still running on a stock company. That was my patent for the stock company that I had got denied because we had created this like water resistant technology that I was hoping to license, but all those licensing deals fall through when I didn't give a patent. that I was hoping to license, but all those licensing deals fall through when I didn't give a pet. So that was gonna have to make the decision.

Do I wanna continue with this profitable sock company and build a sock company because I can't license the technology or do I wanna go through this unprofitable YouTube channel, whatever minority mindset is, I don't know where it was gonna go and figure it out. And that was where now, you know, you asked the question, what drove you?

Was it money or was it something else? This is where now the money was in the socks. The passion was in the minority mindset. And I was like, well, if I ask myself, because this is the question that I kept asking myself for years when I try to figure out what to do. If I was 65 years old and looking back at my life, what would I be happier and more excited about? It wouldn't be socks. It would be me doing something that makes me feel more fulfilled. And that's what minority minds that did. So I started putting more time into minority minds that

and that was when I realized that YouTube channel is not a business. It was fun to meet for me to have this outlet, but it didn't fulfill my entrepreneurial cravings, I guess. Because somebody who has entrepreneurial craving needs to build something. I enjoyed putting out the content and that's when I started building briefs media, which is the company that I run. So I kind of say, like, you know,

minority mindset is my hobby. It's the content that I put out is just for fun. But my business is briefs media, which is where I spend more of my, I guess, time building. And I was able to use the minority mindset platform, kind of, as a initial, promotional tool for me to get the word out there about it. And that was able to help grow briefs media initially. So that's kind of how the long answer of how kind of the entrepreneurial journey went Let's hold that thought and take a quick break with our sponsors

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Need to hire? You need indeed. I love the fact that your story is so organic. You didn't have this big bold vision, like I'm gonna be this big YouTuber and get all these sponsorships and that's gonna be my path. You just listen to what your audience was telling you. They asked you for an Instagram page.

They asked you for a blog and they asked you for a YouTube channel and you took it step by step until you grew this brand. And out of your darkest moments can come your shiniest moments and brightest moments. I mean, you got scammed, but that led you to create minority mindset.

And now you've got millions and millions of followers. I think you have 1.7 million followers on YouTube alone. You've guessed it on shows like Lewis Houses, Jay Shuddy, Impact Theory. So you've really made a name for yourself in this space. What are some of the things that you wish you learned in school that you now teach on your channel, my Lord?

Almost time you have. Here's what's wrong with school. What's wrong with school is it doesn't teach you to think. School is good to learn how to do. But the problem with school, we don't learn how to think. And if you really want to become successful, right? You have to know how to think. School is good to learn how to do, but the problem with school, we don't learn how to think. And if you really want to become successful, right, you have to know how to think. And so for me, I had to kind of dissect this backwards because why do we go to school? I went to school because I wanted to make money. A lot of people don't want to say that, but I went to school and study hard

because I thought if I did better in school, I'd get a better job and I'd make more money. Period. Because if I had more money, I could give back a better job and I'd make more money, period. Because if I had more money, I could give back to my parents and I could have more nice stuff. I didn't want to make money so I could hoard a bunch of expensive things. I wanted to make money so I could have freedom. But along the way, I realized that's not how it works.

If you look at really any wealthy person, and I'm not talking about somebody who has a million dollars, I mean, actually wealthy person, how did they get there someone who has a million dollars i mean actually wealthy person how did they get there chances are it wasn't because they got a good degree and climbed up corporate ladder chances are it's because they owned assets they owned some investment they own some equity they own some business they own something that they were able to generate profits out of so the first thing I wish that schools would teach is our economic system.

Because at the end of the day, we are going to school to get a job to make money. We have to clarify that because we have such a taboo around this topic of money. So many people, the average person does not want to talk about money and they have such a negative connotation around money yet we're all going to school to get good grades to earn money to pay our bills.

So money isn't involved in every single aspect of our life. And so we have to first become understanding of that. Second, once you can become understanding that money has an importance in our life, we have to understand how our economic system works. Because in our economic system, we live in a capitalist system. And that has become a very politically charged term nowadays, but the reality is that is our economic system, which means if you want to win on our economic system, you have to understand how it works.

A capitalist system means two things. Number one, it means your income is dependent upon how you earn and number two, your taxes are dependent on how you pay your taxes. You'll see what that means. Number one, when it comes to your income, there are two ways that you can generate an income in a capitalist system. One is through your labor, one is through your equity. Your labor means I go to work and I get paid.

This is what we learn to do in school. Period. We learn to get grades, good grades, and get a good job so we can make a bigger salary. When we work to get a bigger salary, we are earning from a labor. It does not matter whether you're making a million dollars a year as a doctor, or you're making 10,000 or 20,000 or 30,000 dollars a year as a cash year. You're getting paid from your labor. You will never get rich from your labor alone, period. We were never taught that part. The way that you get actually wealthy is you have to understand

the second part of a capital system, which is earning money through equity, meaning through your capital. Now, if you didn't guess it in a capital-ist system, if you invest from a capital, you have the ability to earn more money because there's a limit to how much you can do But there's no limit to how much you can own. So in a capitalist system, what every single wealthy person does Every single wealthy person understands this because they have this level of financial education But the vast majority of Americans do not understand this Every single wealthy person wants to earn from what they own, not from what they do, because when you earn from what you own, now

there's no limit to how much you can earn. Because now you can keep working to buy more assets, whether it's stocks, whether it's real estate, whether it's businesses, whether it's whatever it is. Now you're working not for a salary, but for profits. Equity gives you access to profits. So if you start a business, and know a lot of your audience are entrepreneurs, if you start a business, and you made $100,000 in profit this year,

and I'm assuming you don't pay yourself. Well, the first thing you gotta do is you gotta treat yourself like an employee. Meaning you gotta pay yourself a salary. So if you pay yourself a $50,000 in your salary, then your business makes $50,000. If your business makes $50,000 a profit, that goes to the owners. If you are the only owner of your business that goes to you, if you go out and get investors, it goes to the investors. But if you're running the company, you are the CEO of a company and you're getting paid a salary, you're getting paid to work in

the company. The person who gets paid for owning the company are the shareholders, the owners. And so where the real wealth is built in America is through equity, through this capital. That's the first part of a capitalist system is you want to own from your capital more than your labor. The second part that you have to understand is taxes. Now, I'll tell you this as an attorney, it was not your attorney, because when my parents found out that I wasn't gonna be a doctor,

we made a compromise that, well, my dad had this talk with me that if you wanna have any pride in the family, you have to at least go out and become an attorney. So I said, okay, I can do that because I found out that you can go to law school part time. And if I could go to law school part time, I could work on my business full time.

So I went to law school and then I never worked a day as an attorney because I was fortunate enough to see enough success from my businesses at that time. But as an attorney, what I can tell you, who's not your attorney, is that our tax code taxes income differently, depending on how you earn your money. We have three general buckets of income. You have earned income, portfolio income,

and passive income. Earned income is the money you make from your job. Portfolio income is money from your investments, things like selling a stock for a profit. Passive income is money you make from things like your real estate investments. And the income that comes with the highest tax rates and the lowest tax rate offs are your earned income, which means now you're

going to school to get good grades, to get a good job to earn a big salary, which is the labor part of your income, which is the worst way to get paid. And then that labor comes at the highest tax rates and the lowest tax deductions. Something is broken in that system because now we're taught to just follow what everybody else is doing. But if you keep doing what everybody else does, you're going to end up just like everybody else. And today in America, that's broke because the majority of Americans are broke. And this is where everybody thinks, oh man, the solution to my financial problems is I need to earn more money. And that can help. But the reality

is I'm going to speak just reality. For the majority of Americans, more money leads to bigger financial distress. Statistically, when the majority of Americans make more money, they end up in a bigger financial hole. Why? Because when most people make more money, they go and finance a bigger car. They go and finance a bigger vacation. They go and buy a bigger home. You're getting all these other liabilities now and you never have the ability to invest and actually build any true wealth because you're constantly just making more money to make everybody else rich. Statistically in America today, more than half of Americans that are making six figures a year are living paycheck to paycheck

and broke. So it's not just how much money you earn is what you do with the money. That's the capitalist side, but then you have to understand the income side. Our tax code is even saying you need to go out and be financially educated, but we're never taught that part. And that's one of the things that I'm kind of been working to spread that education of whether it's through briefs media or through minority mindset, but it's like that basic level of we've never been taught this because when I first learned this, that basic level of, we've never been taught this because when I first learned this, it made me so angry because I felt like I was doing everything right. I was studying hard. I was doing good in school. I was, I mean, I was so focused on my academics that that was like the only thing besides playing football in high school. There was nothing else that I spent my time on.

I would not do anything else so I could study because I thought that's what I needed to do to succeed financially. But there's so much more to that financial success which is that financial education component that I was never taught. I went through law school and I never learned to think about building wealth, cash flow, investing during all my entire schooling. I learned that I'm on. This is really getting my wheel spinning. I feel like I have so many follow-up questions for you.

The first one is, why is it in the best interest of our financial system and government for them to keep everyone financially illiterate? Like, why does our government and banks want us to be financially illiterate? Well, let's put it this way. The number one asset on the United States balance sheet today is student loans.

Now, you hear everybody talking about how bad student loans are from the government, that they're keeping millennials from being able to buy a home or buy a car. Yet, you go to Google and you search the number one asset on the United States balance sheet, you will see that the student loans are part of the reason why the United States is able to make so much money. Second, if you were financially educated,

you would think twice of a financing a G-wagon that you couldn't afford. See, if you thought twice about financing the G-wagon, then the bank wouldn't be making that interest. And then it's the car dealership, wouldn't be making that money either. So it is not in their best interest to tell you, maybe you shouldn't go out and finance this car because that means they don't get paid. And so corporations are in the business of selling you things. Banks are in the business of lending you money.

If they are in the business of trying to get you to give them your money, it's not in their best interest to teach you how to keep your money and grow your money. Although you would think that if you knew how to grow your money, you'd be able to spend more because now you have more money to spend. Unfortunately, that's just not what people do. And this is where now it is your duty to now protect yourself and educate yourself financially. But we're never taught how to do that. Again, schools don't teach it. You got to go out every way to learn it. Now, thankfully,

we have podcasts and YouTube and educational places on the internet that are free and easily accessible that have never been there before. So, you know, it would be interesting to see how that changes over the next two decades. But this is that basic level of education that it is not in the government, corporations, or banks' best interest to keep you financially educated because that means they make less money. I know on your YouTube channel and your other channel, some of the things that you teach is money habits.

And you talk about money habits that keep people poor. Can you talk just about some of the habits that people have that keep them poor? I can talk about spending habits, but it ultimately comes down to somebody's mindset around how they're looking at money. Because if you look at money and you don't really care about it, or you have this yellow mentality, which a lot of people do, because I'll post things on Instagram. I remember this was a post that I made a little while ago and it created a lot of controversy and I did not expect it to, which was if you invested a hundred dollars a month from the ages of 21 until 65 and you put this money into the S&P 500, which is a group of the largest

500 companies on the stock market. And he did that for those years and he never invested more than the hundred100 a month that you always did, that you would have retired a millionaire. And that created so much controversy because people were very upset by this whole idea that why would I want to wait until I'm 65 or 66 to become a millionaire? And sure, if you don't want to wait until you are 66 to become a millionaire, that's perfectly fine. But the path to becoming a millionaire is you make money, you don't spend it, and then you invest it.

Instead, what people say is, I rather just enjoy that money now. Yolo, what happens if I don't make it until 65? Who knows if I'm going to be alive that long? I don't know if I'm going to be able to enjoy my money when I'm 65. So mine is all just spend it today. And so, what ends up happening is instead of planning for tomorrow, we just want to enjoy our life today and spend our money today. And that is really more of a mindset thing than a practicality thing of what I do with my money. Because when you have that short term mindset with money, you're never going to achieve any

sort of financial success because you're always thinking about, well, you know what, I read the just finance that Gucci bag today because who cares? And it's the same thing with starting a business. Starting a business is hard, not just because you have to learn a lot of things, but because you have to have the discipline to work for tomorrow next week and next year, maybe even next decade, depending on what the business is. And sometimes, or a lot of times, you have to put in all these reps, put in all this work, see no success, and then

keep going because you think that there's a chance that your business might potentially succeed. So that dedication and that discipline is not easy because now you're going against what everybody's saying because not when you're doing this, Your friends are looking at you like you lost your mind. Like you want to do, go get a regular job like everybody else that makes some decent money. It appears to understand why you're a failure. You're sitting there working on some dumb business idea, trying to figure out how to make it work. You're sitting there like, I know that this can work. Everybody's doubting me, but I want to prove them wrong. I just need

a little more time, but you don't know if it will succeed or not. And you have to still be able to silence not just the internal voices in your head that are saying, don't do it. But then you have to silence all the external voices that are saying, you're stupid, you're failure, you're doing it wrong. You should have just listened to it while everybody else is saying you should just follow what everybody else does. And you have to still keep going after you get scammed, after you get screwed over, after people say things to you,

they just gotta keep going. And that's not easy. And that's that mindset of now, I had the discipline, I know what I want. And I don't care what you say, I believe in me, even if you don't. And you just gotta keep going. And what's interesting then is once you start to see

that success, that's what everybody says, I always believed in you. I knew you were going to succeed. I had faith in you from the beginning. You know what? That's the part of really being a successful investor and an entrepreneur. It says, same journey. Totally agree. First they ask you why you're doing it.

Then they ask you how you did it. Let's talk about spending money on dumb things. We're just talking about people saying, yo-lo in the comments and I know that you give advice to stop spending money on dumb things you can't afford. So what's the easiest way to understand what you can't afford and what you can't afford? I want to go back to what you said about dumb things because I think that's a very important topic. What wealthy people do is they don't spend a hard earned money on dumb things. What the middle class does is they spend their hard earned money buying dumb things.

And what the poor do is they are financing dumb things. Now, what does that mean? What is a dumb thing? A dumb thing is something that doesn't put any money in your pocket. That BMW in your driveway is a dumb thing. Those clothes is a dumb thing. That vacation is a dumb thing is something that doesn't put any money in your pocket. That BMW in your driveway is a dumb thing. Those clothes is a dumb thing. That vacation, it's a dumb thing. Now, nothing wrong with having dumb things.

We all like dumb things, that's okay. The question is, how are you buying it? Because what wealthy people want to do is they don't want to work hard to buy those dumb things. That's what the middle class people want to do. I want to get a raise so I can buy a dumb car. I want to get a bigger promotion so I can have a dumb home. Maybe want to have that nice stuff. I'm calling it a dumb just to make it stick in your brain, call it whatever you want. But what wealthy people

want to do is they want to own assets that will then pay for their dumb things. Because if I can work to build, let's just say a couple of rental properties that are paying me $1,000 a month. Now, if I use that money to go out and buy a dumb watch, I don't have to work hard to get it. I work hard to buy the assets and the assets keep paying me to buy my dumb things. That's what wealthy people are working for. They're working on the assets that pay for the dumb things while the middle class are working hard to buy those dumb things and that's what

keeps the majority people broke. Now it goes back to, well, how do you know if you can afford it or not? Because the reality is, if I'm going to speak just completely honest, for the average person to be able to fund their lifestyle through their assets, it's going to take a lot of time and a lot of effort and a lot of work. It doesn't happen tomorrow and you got to be able to feed yourself and have a car and do all that nice stuff too. So how do you know what you can afford? Well, the first thing is stop financing things that don't pay you. Here it.

And this goes to your car too. And this is, I know, upsets a lot of people, but the reality is you got a $50,000 car in your driveway. If you can't afford that $50,000 car with cash, go out and buy it. And that's where people say, well, how am I supposed to be able to afford a car than if I can't finance it? Well, you put $8,000 down to go out and buy that $50,000 car, take that down payment, go out and buy a used car. And down's tough because now you got a downgrade

from a BMW to a Toyota Corolla used. And this is so hard because when you start to make money, your car is one of the easiest ways to show it off. I like nice cars. But the first time I made a million dollars in a year, I'm driving a car. This doesn't have a bumper on it. It's got a crack in the windshield that's got rust on the sides. Because I know I want to take that money and put it back into my own asset, put it back into my own business. My employees are driving better cars than me because I know I want to take that money and put it back into my own asset, put it back into my own business. My employees are driving better cars than me because I know that that car is just a liability.

So I want to put my money into an asset that's going to pay me first. So if you're financing your car, that's the first thing you want to take a look at because I'm not only is that car losing value, but you're paying interest on that car that's losing value. So it's a double whammy.

So stop financing things that don't pay you. The only exception to this would be the home that you live in. Then when it goes to actually buying some things, you have to make sure you can actually be able to afford it, not just buy it. You want to go out and buy a thousand dollar phone. Most people assume that, okay, if I can't finance it because that's most of those definitions of affording a new thousand dollar phone, I can afford the $80 monthly payment. We'll be already said while you can't do that.

Now, if you want to buy the thousand dollar phone, if I got a thousand dollars in the bank, I can afford the thousand dollar phone, right? No. If you want to actually be able to afford that phone, what I like to do is follow what I call a rule of five, which says if I can't buy five of them, I can't afford one of them. So if you got a thousand dollars in the bank,

you can go out and afford comfortably a $200 phone. And this now requires, and this is hard. I know people here and this is like, no, what the heck is wrong with this guy? This guy crazy, how am I supposed to live my life and even eat? This is gonna require serious cutbacks on a lot of people's lifestyles.

But the reality is becoming financially fit. It's not for everybody. It's not easy and it's tough and it's a sacrifice. It is not easy. I never said it was going to be easy. Not only now, are you going to have to make cutbacks. Your spouse is going to look at you, like you lost your mind. Your parents are going to look at you, like you lost your mind. Your friends are going to think that you lost your mind too. And then on top of that, you have to start living a little bit smaller. Is it possible? Yeah, is it hard? Absolutely.

But if you do that, now all of a sudden you're gonna find more money. And this more money now, you can start putting towards your assets. I call it a decade of sacrifice. You gotta put in the decade of work where you're living smaller and working to earn more money,

just so you can buy more assets. And if you go through the decade of sacrifice, which most people, the majority of people will not be willing to do that. But if you can go through the decade of sacrifice, you will be able to come out of this decade way wealthier and you will be able to go out and buy the nice stuff that you want, those dumb things,

and no longer have to really worry about the price. While everybody else is figuring out how they can pay it off. You can go out and buy it without even worrying about it. It's going through that real sacrifice of, how can you spend less and earn more? So one thing that you mentioned a few times is never finance anything that isn't gonna pay you. What's an example of something that you finance that does pay you?

This could be potentially going out and buying rental properties. This could be potentially going out and buying rental properties. This could be potentially going out and buying a business. It could potentially, and I say this with a word of caution because I know a lot of your audience are entrepreneurs, be used in your business to finance your growth. But if you're just starting off as an entrepreneur, do not go into debt. It's one of the most risky things they can do. If your business is making $3 million a year, and I hear like, you know what, if we had an extra $1 million, we would be able

to scale this from $3 million to $25 million, we just have to go out and invest in this new machinery or something along those lines. And you don't want to go out and sell equity in your company because you know that the equity is going to be way more valuable than the 9% you have to pay on the debt. That is a different financial decision as opposed to, well, I want to start this business idea. How about I go out and finance it? I remember talking to my bank manager one day, I walked in and they were telling me about this client that wanted to buy this pet grooming business.

And I think they wanted to get like an $85,000 loan for this pet grooming business. They didn't own or buy me real estate with it. It was just a business inside one of this retail strip plows us. And that $85,000 business was going to be a losing business. Because I think it made $45,000 a year, but the owner who worked in the business didn't pay themselves a salary. So they'd say they're making $45,000 a year, but the owner who worked in the business didn't pay themselves a salary.

So, they'd say they'd make it $45,000 a year, but they're not paying themselves anything. So, if you pay yourself $45,000 a year, the business makes $0. And then on top of that, there was this clause which said that they had no restrictive covenants, meaning that owner could have sold the business and then opened up another pet grooming business right on the other side of the street. Like there was no non complete clause So this lady was thinking about buying that business for $85,000 and Thankfully that manager denied them. He said this is just too risky for us

But if you're starting off as an entrepreneur do not go into debt to start your business ventures Go out and hustle But if you're making a few million dollars a year and you want to, and you know how you can scale it and you don't want to sell equity, you want to raise debt, then that's something you can consider, but understand the risks. So I'm gonna say something that you might disagree with. As you're talking about like, be free, go,

don't spend all your money, don't spend more than you can afford. I'll keep thinking about as a hustler, as somebody who's been an entrepreneur for a long time and now I'm making a ton of money, but when I was younger, you know, I had to get there. My mentality is always like, let me just work work and make more money, make more money, make more money. Now it's worked for me, right?

That mentality and I spent whatever I want, wanted. Sort of like for Meet Saiti, he also has been on the show, his perspective of like, your money dial, so what do you actually enjoy? So it's like, I spent money on things I liked, clothes, bags, whenever I wanted and my mentality was like, I spent money on things I liked, clothes, bags, whenever I wanted. And my mentality was like, I'm going to work hard, bust my butt, worked like 16 hour days a lot for many, many years. And, you know, now my business this year is going to make $5 million a year, you know.

So it's like, I did well having that mentality, but not everyone. I think can be that way. That scrapier or can make money from nothing. I basically made money from literally nothing I had no investors, I just did it from just grit and hustle. So what's your perspective on that? Because I think some people don't fit in this personality of just being frugal.

Like I don't think I would have been as successful had I not sort of also spoiled myself in the way that I wanted to be spoiled along the way, if that makes sense. Well, you had the money to buy it. You weren't going into debt to buy this handbags. I have nothing against buying nice things. If you want to buy something nice, go ahead. Just make sure you can afford it first.

If you got $100,000 in the bank and you were thinking of buying a $5,000 bag, you could buy it with a rule of five easy. It's just a matter of understanding, okay, well, you know, I could invest the money, but I feel like I want this. All right, fine. There's nothing wrong with buying nice things. Go ahead and buy it, but just understand, you know, if you invest it, you might really get a little bit more return, but you got to enjoy your life too, as long as you can afford it. We'll be right back after a quick break from our sponsors. Young and profitors, even though I interview the brightest minds in the world, I still seek

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And if you like it, you can then get 20% off pipe drive for one year. Yeah, totally. So let's say we save our money. How should we go about thinking about retirement? Because I think a lot of the entrepreneurs listening to this show, we don't have the same advantages of working in corporate where there's like a 401k match.

Some of us may have 401k's if we were able to get them privately or whatever, but how should we think about retirement as entrepreneurs? If you're an entrepreneur, chances are you probably not thinking about retirement because you started a business because you love the business. For most entrepreneurs, retirement is really not something you really think about. So if you are an entrepreneur, I would say the first thing is understanding what does

that actually look like for you? Because I personally could never see myself sitting on a beach every day and doing nothing. I have to be doing something. Like if I go on a vacation with my wife, she knows I'm spending half the day working. Because if I'm not working, I just don't feel right. I enjoy what I do.

So the first thing is what do you want to do? Now eventually, yeah, there's going to be a point where you might want to wind down a little bit, but what does that actually look like? Now, if you want to be able to generate income without you having to work, the way you do that is by buying assets. Now, there's two ways to do that as an entrepreneur. You have the, I am the Elon Musk way where you're putting all of your wealth back into the business. That you make money, you don putting all of your wealth back into the business.

That you make money, you don't care about stocks, you don't care about real estate. All you're doing is trying to build your business period. Well, now your value is in the business. You could potentially sell the business, assuming that you have a sellable business. There's a great book called Built to Sell. I think that's what it's called. I highly recommend that book if you want to know how to build a sellable business. Otherwise, you could take the alternative option, which is you pay yourself a salary for working in the business. This is what I do. I pay myself a salary. Then out of the

salary that you get paid, you treat yourself like an employee where you invest that money. Like any employee would do it, somebody else's company, a guy invests my money into stocks and to real estate, into startups, but you have to treat yourself like an employee and work to build that that retirement fund or whatever you want to call it, using the income that you're generating. And this is where you're going to have to decide that balance because if you take money out of your business and you go put it into the stock market, you might be able to get a 7, 8, 9, maybe 10% return on your money. That would be like a great case scenario. You're not guaranteed to make money, you might go down, but historically that's what we've seen.

In your business, your money could grow by 20, 30, 40, 300, 400, 200, 2000%. There's really no limit. But your business could go bankrupt tomorrow and you have nothing to show for it. So you kind of have to figure out what type of entrepreneur and personality you want to be in real-ongest spectrum you are. Yeah, I love that. I tend to invest most of my money back into my business. All my podcast or money that I get from sponsorships, I put straight back into my business and that's how I was able to do it with no investors. So let's talk about active versus passive strategies. You were just talking about investing. First of all, what is the difference

between an active strategy and a passive strategy? I call an active strategy when I'm looking for an individual investment. If I go out and have buy a piece of real estate, that's an active investment, because I have to go and find this property. If I go out and invest in an individual stock, I have and find this property. If I go on an investment individual stock, I have to find that stock.

If I go on an investment startup, I have to find that startup. So these are all active strategies. A passive strategy is now like for me, every Wednesday, I have cash that leaves my checking account and it automatically gets invested into a portfolio of ETFs. These are funds in this stock market. This happens automatically,

whether the market's up or down. I don't even have to touch it. It just happens without me even looking at it. So that happens every Wednesday no matter what. So my passive strategy is autopilot. My active strategy is me going out and looking for individual deals. Now what you need to do as an investor

is figure out what type of investor do you wanna be. Because some people want to be involved. They like to read financial statements. They want to go out and actually look for these deals and be spending that time doing that, more risk, more potential return. Others will say, I don't got time for that. I'm trying to run my business

or I'm not interested in doing that. I have other things to do or I just want to not have to stress about it because the market's just scared me. That's fine. So you just kind of have to stress about it because the market's just scared me. That's fine. So you just have to pick which strategy is right for you or maybe both and then fund that strategy. The act of strategy, you have to fund it and then you have to go out and actually find the deal.

Like you're looking for a good deal at a good price. Passive strategy is just every week, every two weeks, every month, money just automatically keeps flowing into your investments. And so I know that you love real estate. You've been doing it for a long time. At what point in our journey is do you suggest that we dabble in real estate? Is there a certain amount of cash we should have?

When is the green light to know like you're ready to start investing in real estate? I want to say there's a green light. I got started in real estate during the bottom of the 2008 crash. So you don't need much money to get started then. But I was also doing it at a time where most people were not investing in real estate, even the people that had way more money than I did, where I'm more education than I did. So I think the main thing is you got to make sure you could

afford the deal and you have to make sure that the deal is actually making sense financially meaning that it's cash flowing because what a lot of people do and you see this in every real estate cycle It's people will buy a real estate deal. Let's just say the bought this deal for a hundred thousand dollars and it will make Next to no money and profit every year or maybe a thousand dollars in profit a year a 1% return Because they think that they're going to be able to sell this property for $200,000 in 12 to 24 months. So they don't care about the cash flow. I don't recommend doing that. Because what happens if you can't sell it for profit?

What happens if the economy goes down? What happens if something goes wrong in a neighborhood and now you can't sell it? Not only are you not making any money, your money is tied up and you can't get out. Maybe you have to sell it for a loss. That's too risky for me. So what I look for is I look for you can't get out. Maybe you have to sell it for a loss. That's too risky for me. So what I look for is I look for deals that have cash flow. Generally, I'm looking for a 7% cash and cash return. So if I'm buying $100,000 property,

I'm assuming all cash with this example. I want to see $7,000 a profit after expenses, hitting my bank account every year without factoring and appreciation. Now if home prices go up, good, they go down, no big deal, I'm still getting my cash flow. And even if something goes wrong in the economy, and we have to cut rents, I still have a margin

to be able to reduce rents and still be profitable. So I think the first thing is just knowing your strategy and then second being able to actually go find a deal and afford that deal because, you know, people talking about no money down, real estate down the talking about no money down real estate on the internet. No money down real estate has been extremely profitable for me, not because I'm buying real estate, no money down, but because there's no money down people end up in foreclosure and then their banks come to me to sell me the property for pennies on the dollar.

So I do not recommend no money down real estate because it's extremely risky, especially we don't know what you're doing. And you were the first to lose your shirt when things go wrong. That's some great advice. So one quote that I found from you is you say everyone in America should be a business owner. However, not everybody should be in the business of starting a company and not everybody should be in the business of operating a company.

Talk to us about that. In America, in this capitalist system, you make money through equity, where that's where wealth is built. How do you get the equity? You can get the equity from owning real estate, ideally rental properties, or you can get the equity from investing in other businesses.

Business owners are the wealthy people in America along with real estate owners. You have to be a business owner. Now most people should not be trying to manage a company or build a company or start a company. How do you do that? Well, the stock market has made it very accessible. You can start investing in companies with a little as a dollar. And the thing that a lot of people get down on is, well, if I invest a thousand dollars,

that's a lot of money I have to invest in. I might not see that much of a return. I might even lose my money. But the thing is, the goal isn't to invest $1,000 one time. The goal is to invest $1,000 every month for the next three decades. Now you'll start to see that money grow when compound and really start to build more ownership and equity, which is where you now, you can start to see that growth in your equity. And that's where everybody in America needs to be a business owner

that way you can win in this economic system because not only now, do you get that profit share? Do you also get the tax benefits from investing instead of just earning from your labor? Yeah, that's so true. And as we close out the interview, I just want to talk about recession

and the economy for a moment. So I want this show to be evergreen. A lot of people go back years later, right? So I'm not going to ask you if we're going into a recession or not. What I'm going to ask you is, for whenever we seem to be going into a recession, how can we thrive as entrepreneurs?

Well, recessions create more opportunity than any of the time. And if you look at it from the perspective of an entrepreneur, some of the biggest companies around today were created during recessions, Uber, Airbnb, I even think Microsoft was started during a recession. So, it creates opportunity, because if you're an entrepreneur,

number one, people are looking for jobs when a recession happens. And when people are desperate for jobs, they're willing to work for less money. So if you're an entrepreneur, that can benefit you in that sense. Now it's tough because people don't always have money to buy your products, but this forces you to be more creative. This forces you to be more lean. And really, again, it goes back to smart financing of a company, because if you have a ton of debt, and now people are not buying

your stuff, you have a whole bunch of expenses that you can't get rid of, because you can't make that debt go away. But if you're smart with your money, and you're smart with your finances, now it's all about now, how can you lean out the company? How can you be creative? How can you attract the top talent? And how can you build and grow? Because if you can build and grow through that downturn,

that will set you up to thrive when the economy's growing as well. Justbreet, thank you so much for sharing all of this financial knowledge. Before we close this show, I'm gonna ask two questions that I ask all my guests. The first is, what is one actionable thing our young and profitors can do today to become more profitable tomorrow? The first thing that I would say because I was just having a conversation with one of my friends about this is if you have cash sitting around in a savings account, check and

see if it's a high interest savings account. Because at the time when we was recording this, you have a lot of high interest savings accounts that are paying 4% to 5% in interest for doing nothing except sitting there that are FDIC insured. So if you have some extra cash to knit around, at least are generating a little bit of interest on that. Interesting. And so for a high yield savings account, is there a number that we should look for? Should it at least be like 3% for example, like what should we try to look at for that? It's going to depend on when you're watching this video, but not around. Okay, I think that's the best piece of advice. It's just shop around just like

how if we're going to buy a new car, you're going to look at different dealerships, shop around with online banks. If most banks are paying five and your bank is paying 0.025. Well, you can take a look at one of the better ones. Yeah, that's an easy way. That's an easy fix. Okay, so what is your secret to profiting in life? And this can go beyond finances. Being willing to keep coming back. I think the one benefit that I had or the advantage that I had

wasn't that I had all these resources or all these mentors and guides, but that I kind of was like, I'll do whatever it takes. Type of mentality that I kept. I'm like, when I was in college, I had this thing where I didn't really care about sleeping. I don't recommend doing this, but when I was in college or young, you're 17, 18, 19 years old, you don't need sleep. And I was working around the clock. I was in class all day.

I'd be working on my company business at night. On Fridays after class, I would get things set up for the party. I'd be at the club from 10 or way before 10, but the party would start at 10 p.m. and would go until two in the morning. After two in the morning, we got a pack up, leave, get some food. I'm not in bed until two in the morning, after two in the morning, we got a, you know, pack up, leave, get some food. I'm not in bed until four in the morning. The next morning on Saturday now, I'm working at weddings and Indian weddings

start early in the morning. So I went to bed at four in the morning. I probably got to wake up at six in the morning to be at the wedding by 7.30, setting up there. I'm working at the wedding from 7.30 in the morning now until at least midnight then on Sunday, you start back up again. And, you know, it's just like I was driven. And so it's kind of like that do whatever takes mentality, something that I've always had.

And I know that for me, if I don't have an advantage with experience or mentors or something else, I can make up for that with effort. I love that. Thanks for sharing that. Just breathe. Where can everybody find more about you and everything that you do? Well, thank you so much.

I appreciate your time and the opportunity. If you wanna see more of my content, you can check it out on YouTube, Minority Mindset. You can check out briefs media for free newsletters. We have free newsletters on what's happening in the financial markets. We have a bunch of education there as well. If you're looking for classes or if you want educational newsletters, you can go to briefs.co. That's briefs.co and we have a bunch of content there as well.

Awesome. I'll stick all those links in the show notes. Thank you so much for your time today. Thank you for the opportunity. You know, young and profitors, I learned so much from this conversation with Juspreet, and it wasn't just about money. For example, I learned that sometimes it pays off to ignore the career advice of others, even from your

family members, because people who love you sometimes don't give you the best advice. It might work for your siblings or your peers, but their advice may not be what works for you. Just a brief story also shows us just how organic the life of a Chouach-Brenour can be. It's not always like those founder fairy tales that we hear about. It isn't always start with a big bold vision and goal planning. Sometimes you've got to listen to what your audience is telling you. You've got to hear what they're asking of you, what your heart is telling you it needs.

Just breathe had a profitable sock company, but it wasn't his destiny. The experiences from that project led him to create a YouTube channel that he started on the side to help others. The goal of this YouTube channel was not to make money, but sometimes helping others is the perfect way to discover your passion and can lead to a great path of revenue generation down the line. Finally, just spreet and minority mindset really highlights the importance of financial literacy in today's world. It's not in the interest of banks and other institutions to teach you how to manage your money, and often they benefit from your ignorance. That's why you need to make a concerted effort

to improve your knowledge and shift your mindset, for example, by listening to a podcast like this. Thank you so much for listening to this episode of Young and Profiting Podcast. If you listened and learned and profited from my conversation with your spreezing, please share this episode with your friends and family. It is the number one way to support our show by spreading this podcast by word of mouth. And if you did enjoy this show, then drop us a five star review on Apple Podcast. One of my favorite things to do,

every single morning is check our Apple Podcast reviews. We have over 4500 reviews because we have awesome fans like you. If you like watching your podcast videos, you can find all of our episodes on YouTube. And you can also find me on Instagram at Yap With Hala or LinkedIn by searching my name, it's Hala Taha. I want to shout out my amazing production team

and ad-op's team. You guys are amazing. Thank you for all your hard work on this podcast and on the network. This is your host, Hala Taha, AKA the podcast princess, the network. This is your host, Halataha, aka the podcast princess, signing off. you