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

Every day that you save your money in. the bank, you are slowly becoming poorer. each and every day and most of us never. see it happen. Now, this doesn't mean. you shouldn't save any money. This just. means you have to understand how to save. your money strategically because wealthy. people do not want to save all their. money. Hey everyone, welcome back to On. Purpose, the number one health podcast. in the world. Thanks to each and every. single one of you that come back every. week to listen, learn, and grow. Now, the fun that I've been having with this.

show recently. is what we've done since the beginning. is we've talked about mental health and. well-being much more broadly than just. the mind. Often we think that mental. health and living a positive life and. living a healthy life is all about just. the mind. For a long time we thought it. was just the body. Then we kind of upgraded, but what we. haven't realized is that every part of. our life informs our well-being. How we make money. How we spend money. How we use money.

And even deeper than that, how we think. about money impacts our well-being. We. have a relationship with every form of. energy in this world. And money. or our financial well-being is an. integral part of it. And so today, I'm. really honored and really grateful. because I reached out to someone who I. believe is truly talking about this in a. way that I can align with. Someone that. I feel has incredible values around his. own mission. I'm talking about the one. and only Jaspreet Singh, who's a serial.

entrepreneur and licensed attorney. Although he didn't receive any formal. financial education, he's on a mission. to make financial education fun and. accessible and he's winning at it. Jaspreet is the chief executive money. nerd at the Minority Mindset Companies. and the host of the Minority Mindset. YouTube channel, which I highly. recommend you go and subscribe to while. you're listening or watching this. Welcome to the show, Jaspreet Singh. Jaspreet, 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, too. 100%. I mean, the things that I. grew up learning just didn't make sense. because growing up, my parents are. immigrants from a city in India called. Punjab. And I saw my parents work their. butt off. My parents came to this. country with very little. And growing up, if my dad had a Saturday and a Sunday. off, it was considered a long weekend. So, he was working long hours every day, on weekends, all the time.

And at the same time, they would say, "You need to study hard so you can get a. good job and become successful." And at. the same time, they'd also say, "Don't. worry about money. Don't stress about. money. Don't talk about money cuz. 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. want to do something different." I. started by mowing my neighbor's lawns, and my parents were like, "Don't do. that. Don't worry about trying to get. money by doing that. Just study hard to. become a doctor.". And I was like, "Well, something's not making sense because on.

one hand, you're working your butt off. to get paid, and on the other hand, you're talking. about how money is bad, how you. shouldn't talk about money." As I went. through this like emotional and kind of. a tough financial education journey, I. realized. that the reason why so many people. create this 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 happier. Money is not going. to make you a better person. Money is. not going to make you a good person. However, if you don't have money and if. you don't understand money, well, that. lack of money can impact your mental. health. It can make you stressed, anxious, depressed. It is one of the. leading causes of divorce. If you don't. have money, you can start eating bad. You can't afford healthier food. You. can't have the right gym membership. You. don't have time to take care of 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 to. You can't give. your kids the vacations. You can't give. your kids the opportunities that maybe. you want. Maybe you can't even buy the. health care that you want because the. reality, and this is, you know, unfortunate or fortunate, the reality of. the way the system is is money talks. And if you don't understand money, then. you're going to be at the mercy of. people who have money. And this is where. I had to understand how money plays a. part in my life because I came to do. something that I call the quadrafit. theory. And the way that I put it is.

there's four aspects of life. If you. want to live a happy and fulfilled life, you have to be healthy in these four. aspects. First, you have to be physically fit. Second, you have to be mentally fit. Third, you have to be spiritually fit. And fourth is financially fit. And the way I put it in this order is. because physically, if you're not. physically fit, if you're morbidly. obese, you're on your deathbed, it. doesn't matter if you have $10 million. 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 I know. people in my own personal life, I'm sure. you do, too, where people are like, "If. I just make a million dollars, you know, I'm going to have find the. love of my life. I'm going to be liked. People are going to want to talk to me. I'm going to. 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 there's a spiritual aspect. And. this doesn't have to be religious. This. is your purpose. For me, it's what what. is the reason why you're on this earth? What are you waking up for every single. day? If you don't have a purpose, you're. not going to have a reason to get out of. bed no matter how much money you have. After you have the physical fitness, the. mental fitness, the spiritual fitness, that's where the financial fitness has. the biggest impact and the most power to. help you live the most fulfilled life. because now money is just the icing on. the cake, man. It allows you to live a.

more fulfilled and a happy life because. now you can do more of the things that. make you happy. You can give more. You. can buy more food for homeless people. You can do more things that give you. happiness. Maybe it is writing books. Maybe it's traveling. Maybe it is. giving. Maybe it is starting businesses. Whatever it is for you, you have the. resources and the ability to do that, but that requires you to have that. financial education and be willing to. now. go out of the way. to talk about money and learn about. money and understand that hey, money is.

something that I need to understand. Money is something that I need to be. willing to talk about. Money is. something that I need to be willing to. learn about. because most of us are never taught to. think about money, myself included. Yeah, I I mean I love that thesis and I. would agree with you. because. I had similar rhetoric in my language. growing up. So, when we talked about. money, it was we always had just enough. So, I grew up when I had zero in my bank.

accounts. on plenty days. And that was just we had. just enough. Or we often talked about. money as if we went to a place where. someone had a nice home or. someone had a nice car, the conversation. would be, "Oh, well, that person does. some sketchy stuff.". Exactly. Or they must have done. something that was stabbing someone in. the back or causing someone pain to be. in that position. And so, you start. creating this very negative, toxic view. towards money. Yeah. And like you said, at the same.

time, you need access to it. Have you. ever figured out what it was for your. parents that you think created that. disparity in their relationship with. money? Have you ever probed that? Have. you ever understood that? think it comes from somewhere, right? Yeah, I think it's a cultural thing, you. know, I I think across the Indian culture, my. parents are from a state in India called. Punjab. Culturally, you know, money is just one of those things like. even in my culture, in my religion, like. there's this concept called "kirat. karo", which means earn an honest. living. Now, many people have.

interpreted that, you know, in in many. different ways of oh, don't worry about. money, don't talk about money. And and. in the Sikh religion, there's also this. big concept of "seva", which means. selfless service, giving back. And so, there's this kind of like real giving. aspect, which is great and I agree with, but many times we overlook the idea of. how about the earning aspect? How do we. earn? How do we take care of ourselves? Because the way I look at it is if you. want to be able to fill somebody else's. cup, you want to feed somebody else, you.

have to be able to feed yourself first. And this is a lesson that my grandfather. taught me. My grandparents are immigrants or they. were refugees before they came and lived. with me. They were refugees because the. state of Punjab used to be much larger. 1947, the state was severed. And if you were a. Sikh and you were on the west side of. Punjab, you had to migrate east, otherwise you were going to be killed. And it was a very brutal, very rough, very like bad time. And my grandparents.

were on the west side. And so, immediately, they had to leave their. homes, leave their lands, leave family. members, leave their friends behind, and. migrate and run east. My grandfather, I. heard the story a lot, and he actually. just moved back to America, but when he. started the migration process the the. process moving east, all he had was a. sword in his hand and the clothes on his. back. Nothing else. Left all the money, left all the land, left everything. behind. Even left his parents behind and. started running. And during that.

process, he got attacked by a mob. And he had to defend himself, and he saw. his uncle get killed right in front of. him. His uncle got a a knife a a sword. right to his head. Cut his head open in. half, and that was the last time he saw. him. Now he comes over to the new east inside. of Punjab, the new India. He lost his. shoes along the way, doesn't have a. home, doesn't have any family, doesn't. have any friends. He's he's here just. trying to figure it out himself, and now has to figure out how do you. make life work. And what he tells me.

from that time is. poorness is the worst disease. And the. reason why is because when you're at. that level of poverty, that level of. poorness, you can't even think about. feeding somebody else. You can't think. about helping another person because the. only thing on your mind is how can I. feed myself? How can you feed your. family? When that's the only thing that. you're trying to do, you can't worry. about feeding other people. And that's. where, you know, for me it was I want to. become successful so I can give back to. my family, to my parents, give back to.

my community, and be able to do more. things. Money, at its core, is just a. tool. It allows you to do more of the things. that you want. If you give a good person. money, they have a tool to do more good. If you give a bad person more money, they have a tool to do more bad. So, money, at the end of the day, is just. like gasoline. It amplifies whoever you. are, which is why we need more good. people with money. So, now going back to. your question of why, I 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, or just about 50% of. Americans making six figures or more, are also living paycheck to paycheck. The majority of Americans across the. board, doesn't matter the income, are. broke. They have little to no savings. They have little to no investments, regardless of how much money you're. making. And the reason is not just.

because of what salary or job or or what. degree you have or who your parents are, but because of what financial education. you have. And none of us are taught to. think about money. Which is the craziest thing. Yeah, I I I. really appreciate you going in that. direction because. I think everyone thinks that when we do. have a conversation about money, because. of our conditioning, it has to be this. obsession or it has to be this goal. And. you're like, "Well, actually it's just. about education.". Yeah. It's just about you have to make. this thing and you're going to do. something with it. Right. learn how it goes in and goes out and.

where it goes. And even for me, I'm I'm. reflecting on my own experience. I I. interviewed my mom recently, not on the. podcast, and I want to do that. But, I. interviewed my 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.". Yeah. at dinner. And so, I started. asking her questions. I was like, "Mom, like how did you get your first job?". And like, especially I find like Indian. South Asian parents, they don't really. talk about I don't know, at least mine. don't. They don't talk about the. struggles they went through or the. hardships. you never talk about 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 and Indian origin. And in. Yemen there was a war going on between. the people of Yemen and the Brits. because the Brits were in control at the. time. So my mom said she was studying. for her exams while there were Yemeni. soldiers on her roof. Wow. Trying to protect Yemen. And they had to. study for their school exams. And like. that's what she was going through. And. so.

and then when she moved to London, she. kept her British passport by moving to. London at the time because Yemen got its. independence. They moved with like 8 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. 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 set 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 would say it's people following the. two S's where you're spending or saving. all of their money. You'll never become. wealthy if you do that. Number two would. be you blindly follow the system without.

questioning the way the system works. And number three is you don't understand. how money works. So if we start with. number one, the two S's, save and spend. Now it's. interesting. If you look at the. financial statements for the majority of. people in America or even across the. world, the way it looks is you make. money, you pay taxes, you spend money, and then you wonder where all your money. went. Literally. And and so people the majority people. don't have any plan for their money and.

that's why the majority people have. little to no savings and the majority of. Americans have little to no investments. Right now about half of America has zero. investments. I'm talking about zero. 401k, zero IRA, zero stock market. account, zero real estate investment, zero gold investment, 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. or IRA. So you have a very small.

percent, about a quarter of America, working America, that has any. investments on their own. When you go back to the saving and. spending, we're in a spending culture. America has a consumerism culture and I. joke about this, but. 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 $2. Yeah, thanks to the help of credit, lines of 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. have it. And what are you doing? Well, you're spending all your money making. everybody else around you rich, but you. yourself, you might look rich, but. you're actually broke. There's a reason. why the owner and CEO of Louis Vuitton. is the richest person in the world. versus the majority people who wear. Louis Vuitton are broke. The people who. are wearing Louis Vuitton are trying to. look rich and how are you doing that? Well, you're making the owner of Louis. Vuitton rich by doing that. And so this. is where you got to understand, there's. nothing wrong with wearing designer.

stuff. There's nothing wrong with having. nice stuff. There's nothing wrong with. wanting nice things, but you have to be. able to afford it first. I used to guest. teach in Detroit public schools. And when I used to teach there, it's a. it's a rough school district, I would. talk to the kids about life, you know, motivation and entrepreneurship and. money and success. And one of the things. that I would ask is how many of you have. a job? Almost all of them raised their hand. saying that they had a job. My next. follow-up question was how many of you. have a bank account? Nobody raised their hand. So I asked,

you know, what do you do with your. paycheck? They said, well, we get a. physical check then we go to the liquor. store, we get it cashed. The liquor. store owner takes 1 to 10% then you buy. pop, candy, a bunch of junk on the way. out and by the time you're out of the. store, you've already given away half of. your paycheck. I call it a net zero. thinking where we think in terms of. spending. If I have a thousand dollars, I can go out and buy this handbag, this. nice thing. If I have 10 grand, I can go. on this nice vacation. If I have 50. grand, I can go on and buy this nice. car. We think in terms of spending.

because we think if I have this money, how can I spend it? Now, if you break. away from that and now you start. creating a buffer and you don't spend. all of your money, the next problem is. we save our money because for me, the. only financial education that I was. given was. save your money. Because if you're not spending it, now. you have are building up a big bank. account and if you have a big bank. account, you'll be wealthy. But the. reality is you will never be able to. become wealthy through your savings. Your savings will never make you. wealthy. And if you don't believe me, I'll give you just a mathematical term.

Your savings right now are growing by. essentially nothing, but let's just say. 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 your money because now. you're saving money, your savings are. just making you poorer each and every. day. This brings me to then the second.

aspect, which is. blindly following and trusting the. system. And this one was the most. difficult one for me. Because growing up, most of us, myself. included, are always told that if you. want to become successful, go to school, get good grades, get a good job, climb. the corporate ladder. For me, it was go. to school, get good grades, get into medical school, become a. doctor. I know you've heard similar. stories before. That was all that I was. told. Since I was like a little baby, my.

parents would tell everybody Jaspreet is. going to become a doctor. He's going to. go out and do medicine, this and that. And that's what I was always told, and I. was not really against it because I. wanted to be successful. I saw how hard. my parents worked since I was a kid. I. always wanted to give back. And I always. assumed that okay, if I got good grades, I'll get into a good medical school, and. if I do good in medical school, I'll be. able to get a good job as a doctor, and. if I get a good job as a doctor, I'll be. able to make more money. I thought it. was all just linearly correlated. Your. grades, your income, your grades, your. success. That was one of the reasons why.

growing up, anything that was not. medical or academic related, it was. completely discouraged. And sometimes I. think it's very difficult for someone to. understand what does it mean that like, you know, your parents really wanted you. to be a doctor because it wasn't like an. option. Like this was the only option. And I think the best example that I can. give of that was when I was in eighth. grade. I was like, you know, 12 years. old. My parents got me a tutor. Not for. the English class that I was on the. verge of failing. Not for the other. stuff that I was studying for in 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 didn't spend money on a. lot of things. The only thing my 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 a MCAT tutor coming. to my house, and he's like, "Wait, this. is the kid that I'm teaching about. medical school to get him into medical. school?". And like that's how strict it was in my. house. So, I was checking all the boxes. I was doing good in school. I was.

studying hard. I was getting good. grades. But then along the way, I realized that something wasn't adding. up. When I was in high school, I was. working at Indian weddings. I was. playing a drum called the dhol. And I. got to meet a lot of the local Indian. DJs that work at Indian weddings. And we. came 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. going to get me into medical school, I.

can't tell them. So, I would do this all. on the side. Even going to work at. weddings, I had to kind of keep it all. secret. And I was like, "Okay, let's do it." You. know, I was fun for me. So, I was 16. years old and I started hosting these. teen parties at a local restaurant that. just opened up and they wanted some. exposure, so they let us do it there for. free. And it was fun. But then I was like, you. know, I know this is a hobby. I'm going. to go to college and I'm going to become. a doctor and this is all going to become. history. Well, I go to college. I'm 17. I don't. know what to expect because my parents.

didn't go to university here. And I. think that everybody goes to college. They spend their Friday nights in the. chemistry lab. They all want to become. this big thing and they want to spend. all their time studying in college. And. I get there and everybody is partying, drinking, blowing money they don't have. on all this stuff. Like I don't party. I. don't drink. I I never drank. I don'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 I was like, "Oh, let's bring. this party business back to college.". Cuz 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, uh asking if I can host parties and. again, I'm not a party person. I don't. drink. I don't smoke. But, this was the. only hustle that I knew and uh you know, I just didn't know much else. So, eventually I found a club that would. work with me and they didn't want to. charge me anything. They would let me. work on a 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 cuz I don't have a lot of. money. I started hosting these parties, but I still knew that this was just a. hobby, something I'm doing because I was. bored on weekends. Then I started studying to go into. medical school. And this is where things. really shifted because I had some cash. saved up in the bank. And now, this is. like the bottom of the 2008 crash. because I was in high school when the. 2008 crash happened. Um around 2012 is. when I was studying for the MCAT. So, real estate prices are at rock bottom.

and the markets are still really shaky. And I'm starting to study for the MCAT. and I am bored out of my mind trying to. study for this because I just wasn't. very passionate about it. And so, during my breaks, I would read. business books and I would go on the. Yahoo Finance and I would study what's. going on in the markets just for fun. And I kept hearing about how. real estate is at rock bottom on the. news. And the business books that I read. always said that wealthy people invested. in real estate. I had no idea what they meant. I didn't.

know any real estate investors. I didn't. even know what real estate investing. was. I didn't have investor people in my. family. So, I didn't know what that. meant. Uh so, I was like, "Well, if. wealthy people invest in real estate, maybe I should invest in real estate.". So, I brought up the idea to my dad. I. was like, "Dad, I want to invest in real. estate." He's like, "Shut up. You're. stupid. Go study and become a doctor. You can worry about all this other stuff. after you become a doctor." I was like, "Okay." Now, I just want to say, you. know, I love my dad to death. My parents. This is just all they knew. They didn't. have that financial education. But in the back of my mind, dude, I'm.

always like, "Yo, okay, but what can I. do? Maybe I don't got to tell my. parents. I'll just do something else." I. had a little bit of cash saved up in the. bank from the party business that I was. running. So, I started looking at rental. properties to buy. and I found this small condo on sale for. $8,400. That was the price of the condo. That's. wow. And that same condo a few years. prior had sold for 150 grand. So, the. 2008 crash really decimated the real. estate market in Michigan because Ford, GM, Chrysler were just hit so hard.

And so, I was like, "Okay, well, this is. not a bad price. I can afford this." I. made an offer for $4,000 and it was in. foreclosure. The bank countered with. 7,000. and then I said, "Mm, how about we. settle at six grand?" And we were trying. to go back and forth and then they said, "Well, we have another offer on the. table." I didn't want to lose this deal. because I already looked at a few. So, I. was like, "Okay, well, I'll make an. offer for eight grand." So, it was a. bidding war. The other person offered. less than eight grand, so I got the. condo. So, I bought the condo for. $8,000, put a little bit of work into.

it. It was in pretty good shape and I. got it rented out for $600 a month. Now, I'm 19 years old. and I had no idea what I was doing, but. all of a sudden, once I got it a little. bit figured out, I was like, "Wait, this condo is paying me. every single month and I don't have to. go and host a party? I don't got to go. to work? I was working at Auntie Anne's. Pretzels a little bit before that. I was. like, "I don't got to flip pretzels. I. don't got to host this party. I don't. got to work at a wedding. and it's paying me?" Something doesn't. make sense. Like, how come I was never. told about this? Like, I I was doing.

good in school. Like, I'm I would. thought I was like smart. I thought I. knew what I was doing. Turns out that there's a whole world of. financial education that we're 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 that none of us. are ever taught where the goal isn't to. just get a job and climb the corporate. ladder. What wealthy people are doing is. they're working to own the corporate.

ladder. And I was like, I didn't even. know that you could do that. Because now. if you can own investments, if you can. own assets, you own things that are. going to be paying you without you. having to physically work. And this is. what wealthy people are working for. Yet. none of us are ever taught this. None of. us are ever taught in school how do you. manage money. None of us are ever taught. how do you invest your money. None of us. are ever taught how do you build wealth. None of us ever taught how 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 of. your way. Now YouTube has made it a lot. more accessible, thank God. But before. YouTube, you had to go out of your way. to read books and take classes and. and it's tough. It's a I mean, it's much. harder to read a 300 page book than it. is to watch a 10 minute YouTube video. Yeah, definitely. So that was a big. turning factor for me because that's. when I started to realize that there's. something different that you can do. So. the second habit that we talk about, you. know, breaking away from that.

traditional system, asking the question. why. And then the third thing is. understanding what money is. And this is a very tough concept to. understand. And I guess the best example. that I can give with this is kind of. going back to the traditional Indian. culture. Because in India, it's a very. common thing that when somebody has. extra cash, extra rupees, they want to. convert these rupees to gold. Uh it's. why in India a lot of gold is transacted. during weddings because they want to. 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 outs. It's just normal. That's just the culture. So people take. the cash and they buy gold. And the. reason why now we you 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's value. every single day. So you need to do. something with this money because your. money is losing value. In 10 years, it's. going to be worth less than it is. today.". Well, I didn't expect this 2020 pandemic.

to happen. I didn't expect all this. craziness to happen, but now here we are. with inflation significantly higher than. 2% to 3% and now people are really. starting to understand that woah, what. is my money? And you have to be able to. understand this because this is the. driving reason for why wealthy people. don't want to save all their extra cash. You want to put your cash to work. Which brings us now to the second side, right? What do wealthy people do? Well, the first thing you have to. understand how money plays a part in. your life, like we discussed, right? How. does money impact your life? That way.

you don't go out and just start chasing. money because one of the things that I. realized was. I started making way more money when I. stopped chasing money because when. you're chasing money, you're chasing. something that's illusory. It's just. fake. It's just. it doesn't even feel good and you're not. going to be able to put your full self. into it. But then the second thing on the more. financial side. is what do you do with that money? And one of the things that I realized is.

what wealthy people want is this thing. called equity. And this is where you have a lot of. benefits in America because you can't do. this in a lot of countries. So, if you. think about the traditional American. dream, which is changing now, but the. traditional American dream was. you can work hard, buy a home, have a. car. But the whole idea of buying a home, the. reason why this was the American dream. was because if you can buy a home, you. can work over the years to pay it off. and now you have equity in your home and.

now you have the sort of generational. wealth that you can pass down. You have. an asset. Well, the traditional American dream is. now an American nightmare with the high. cost of home ownership with wages not. keeping up with the cost of living. However, that doesn't mean that the. American dream is dead. It's just. changed. So, what is this new idea of. the American dream? Well, if you go back. to the root core of equity, this is the real dream of wealth and. something that you can build for.

yourself and for your family and for. generations is if you have equity. Now, how do I explain this? Well, if you think about any company, especially in the bigger companies, 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 people should not.

try to start a business and the majority. people should not try to operate a. business. Now, you might say, "Jaspreet, you just said everybody should be a. business owner. How does that make any. sense?" Well, you can own a business. without working for the business. And. now, this is the question of what are. you doing with your salary? What are you. doing with your income? You can either. build the equity by starting a company. yourself or by building a home or you. can buy the equity. Now, how do you do that? Well, you have. to understand the wealth formula. The wealth formula that I come up that.

I've come up with. is you take your income minus your. expenses. and that equals your investments plus. your savings. So, if you take your income, the amount. of money that you make and I subtract. all the things that you buy, your rent, your mortgage, your car payment, your. groceries, your gas, you take away all. of your expenses and if you have a. margin, well now you have extra cash. Now, you can save all or some of this. money, but if you don't save or 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 is what keep. wealthy people wealthy. These. investments can be in the stock market. because anytime you buy a share of any. company, if you go out and buy a share. of, say, Amazon, you become one of the. owners of the Amazon Corporation. You. get to share in the profits. If the. Amazon valuation goes up, your stock. price goes up. The second way would be through real. estate. Not through your home, but. through a real estate investment, buying. a rental property that you're buying for. the sole purpose of making money. This.

is something that can pay you every week. or every year, every month. Uh then it can be through your own. business. Or if you don't want to build. your own business, you can invest in. startups. It's much more accessible now. You can own physical gold. You can. invest in cryptocurrency if that's. something that you believe in. So, there's a lot of different ways to build. this equity, but this is where now you. need to be putting your money to work to. actually buy and own and build this. equity. Yeah, those are I mean, I First. of all, I just want to say I love how. structured your thinking is and.

it's so great to break things down. And. so, anyone who's been listening or. watching so far, make sure you go back. and ask yourself which of those habits. you're struggling with. Are you someone. who's in the two S's, choosing to either. spend or save? Are you someone who's. being slowed down by systemic thinking. and like being controlled about where. that goes? Like, really take a moment to. reflect in this episode while you're. listening, which part you want to work. on because I know right now some of you. may be tempted to just turn this off and. go, "I'm overwhelmed. I don't want to. hear about this. I'm scared about my.

money already. I don't want to talk. about it." But, I'm hoping that this is. creating space for you to really. sit down, introspect, and reflect. Going. into that, I think one of the biggest. issues that people have. when they hear this, and I know that I. had a long time ago when I first heard. this, was I don't have enough to do. anything with. And so, I remember when I. started hearing about crypto. specifically, like very early on. Like, I probably heard about it like maybe. like. 13 years ago, probably the first time.

Yeah, I was very early heard about. cryptocurrencies about 12, 13 years ago. and I had just come out of the. monastery, so I didn't have any money. Like I didn't I didn't have anything to. invest. And probably in about a year I probably. would have had like a thousand to. invest. In my head I go, that's not. anything. What's that going to do? Right? And I think a lot of people have. that mindset where they're like, I only. have $500. I only have a thousand. dollars. Like what can I do with that? I. might as well spend it on whatever it is. because or I'm going to 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 how do you approach that? So, when I was in high school, I really. wanted a Ford Mustang, but my dad was. like, no, you can't buy a Ford Mustang. I wasn't going to get that car. Um, but this is again when stock prices. had crashed. And the next best thing if. I couldn't buy a Ford Mustang, this is. 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 a 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's something called the S&P 500, which is a group of the 500 biggest. companies on the stock market, essentially the 500 biggest companies in. America. You can invest in the S&P 500 by. investing in just one symbol. So, you. invest in this one thing and you're. getting exposure to 500 different. companies. Now, you don't have to worry.

about what each of these 500 companies. are doing, you're just investing. essentially in America, the future of. the American economy. If that's. something you believe in, well, now, every time you get paid, put in $100. And now, you just do this for the long. term, whether the market is up or down, does not matter. You should not change. your 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 and let that grow, put more. money in and let that grow, put more. money in and let that grow. I made a. couple of 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 for it, and I'm talking. about in the millions of dollars, and. the reason why they were 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 in the. world, they always paid themselves.

first. They always invested in assets. before they started going out and buying. things that made them look rich. Every. single time, and when you put that. little bit of money to work, whether. you're starting with $25 or $250 or. $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 we're talking about. millions. But, it just starts with. making that small investment first and. being consistent with it. And always be. 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 it's not. going to matter, right? Like that's one. mindset. The other mindset is, and it's almost. the opposite, it's the idea of like, but. I want to make money quick. Yeah. Right? And I feel like it's like, I. don't know, but I want it now. And I. think there's this mindset, especially. what you keep saying about the how the. lifestyle's been portrayed,

Yeah. that we almost feel like people. just change their lives overnight, and. that they all of a sudden have like a. portfolio of rental properties, or they. all of a sudden have the nice house or. the nice car or whatever it may be, and. all of a sudden we're wondering, well, how does it happen that I quick for me? And then we get stuck in a get rich. quick scheme, or we get stuck in like. some. Yeah. quick win. How do It sounds like to me. that one of the biggest trainings is in. the discipline of being able to postpone. pleasure. Yeah. Because what you're saying in any.

market is it's going to take time. Like. you had to save up for 4 to 8,000 for. your first condo that you bought. Yeah. First of all, you had to work for. that money. You had to save that money. Yeah. So that you could invest it. Then. you were able to buy this 8,000 condo, which which obviously had has had great, you know, growth, I'm sure. But, there. was a lot that took to get to that. Whereas I think right now, people are. like, oh, well, I'd rather spend $100 on. this, right? It's It's It's a real decade of. sacrifice, and there's really no way.

around it. If you want to fast-track. your way. Now, the best investment you. can make if you want the better returns, the bigger returns, is by investing your. money in yourself. And the the tough part is you got to be. willing to go through the time and the. effort because you're right, it takes. time. I. you know, unless you have that. experience already there, you have the. mentors, you have, you know, peer. groups, people who are going to 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 over failure, to get scammed. after scam to. 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. True, true. But it's it's. you got to keep the goal, you know, in. mind. And. it's understanding what is more. important to you right now. Because. you're right, the last thing that you. want to do also. is get into this idea of just pinching. pennies. Because at the end of the day,

a penny saved is just a penny. And the the thing that I can best do to. illustrate that is if you make $40,000 a. year and you're like, "Okay, I'm going. to put aside a quarter of my income. I'm. going to put aside $10,000 to save and. invest." And then you start putting your. money to work and you're 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 you it's about.

building that growth mindset. And this. is what wealthy people are able to do. where they say, "Okay, sure, I can try. to squeeze more pennies out of the pie, but the other thing that I could do is. I'm going to try to grow the pie. How do. I go from 40,000 to 400,000 dollars?". And you know, you might hear that. thinking, "How in the world am I going. to go from 40 to 400?" Like it's it just. sounds impossible and so far away and. at that point, yeah, it might seem that. way, but the first step, like you said, it's that mindset. That's why I call. minority mindset 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 part in it because. now if you tell yourself you can't do. it, you can't. Yeah. But if you tell. yourself you can, then the next thing. you're going to do is you're going to. say, "How do I go from 40 to 50?". Yeah. 50 to 100. You're going to start watching YouTube. videos. You're going to start putting in. work. And as you start to make more money, now. you're going to be able to answer that. question of, "What do I want to do with. this money? Do I want to go out and buy. a new Beamer? Yeah. I want to go out and invest in my.

business? Do I want to go out and buy a. rental property? Do I want to go out and. invest in stocks? Do I want to go out. and invest in a startup?" And now you. can make these decisions because you. have that financial education. And this. is why, you know, anytime I talk about. the how's of, you know, things that I. say you should do to become wealthy, I. always talk about how you. uh invest and grow your money last. because if you don't know how to save. that 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 Jaspreet, uh. we have a number of complaints about a. junk car sitting in your driveway." And. this is a true story. They said that. it's been sitting there because I was in.

California for a long time. They said. it's been sitting there and uh people. say that you should take these junk cars. and put them in storage. And I was like, "Well, for your. information, it's not a junk car. That. is my car that I take to and from work. every single day. It doesn't have a. bumper on it, um but it works." And they. were like, "Well, you have to put it. higher or further than the driveway so. people don't see it." And I was just. like, "Oh my god, you don't get it.". Like, you know, and it's not that I. can't go out and buy another car. I 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 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 newsletter. company, and we're trying to grow. aggressively. Because I want to make. financial news more accessible. Because. this is something like I look at the. things that were very hard for me to. understand. Like CNBC used to be something I used to. like watching, but it it was just so.

complex. 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 get hit with all. these complex terms and things that. don't make any sense. You turn off. And so I created Market Briefs as a way. to make financial news more accessible. and easy to understand, and. 2022 was the real first year that we. became Market Briefs an actual company. So I'm like, "Well, I can take this cash. and go and buy a car, or I can hire more.

employees, we can buy better software, we can buy better infrastructure." My. employees have a better car than I do, but I'm focused on, you know, the the. long-term. I want to build this into. something bigger. I want to make it. something better. Now, I'm going to buy. a nice car one day. I'm going to buy a. better car. I'm not saying that I won't, but it's that level of, you know, how much are you willing to sacrifice. today for something bigger tomorrow? I. am not driven by materialistic things. I. don't really care about name brand. stuff. It doesn't really bother me. I I I mean,

I think it's it's cool if you like it, but it's just not for me. I 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, uh but. for me it's it's I enjoy what I do, and. I'm driven more by the purpose of I want. to. 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 Brief 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 were 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 to. maintain his health, to be a. high-performing athlete. And I saw Conor McGregor's interview. that they was talking about. And I was. like, "I want to be high-performing.". Like, you know, what do I need to do? And And so, I started researching, and.

then I remember I've always been a big. soccer fan, football fan, because of. coming from England. Right. And there was this interview. again with two soccer stars, and they. were talking about how they went to. Cristiano Ronaldo's home when he just. moved to Manchester. So, he was bought. by Manchester United when he was like 17. years old, 18, like young talent. And when they went to his house, he had. his trainer, he had his chef, he had his. coach. Yeah. 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 was like,

"I'm going to 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. Right. Because if I'm not investing in. those things, then all of this is going. to fall apart, which is why when you. walk through the four things at the. beginning, when you talked about.

physical well-being, mental well-being, spiritual well-being, and financial. well-being, like that recipe makes a lot. of sense to me. Yeah. And I guess what. you're trying to do is trying to give. people financial confidence rather than. financial survival. Yeah, it's it's the. basics of the education, right? And. 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 and put your money here. And that's why I'm not asking you that. Yeah, and but the reason why is because.

I did listen to those people. When you know, you talk about the. get-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. buy this type of ETFs, buy this type of. real estate, invest in this type of. business.". It worked for them. But I have a different goal than them. I. have a different background than them. I. have a different experience than them. I.

have a different risk tolerance 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. It's. teaching you to learn rather than. telling you what to do. Yes, yes. And. I'm and I'm I'm really glad that that's. the conversation we're having because. and that's why I'm not asking you like, "Oh, what should we do with 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.

hearing about, right? So, there's a lot. of fear, and there's a lot of. insecurity, and a lot of anxiety. And. the challenge is 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 glad you brought that up. because this is something that we need. to talk about because. you have to again ask the question of. why and start questioning things because. I'm just going to give you a little bit. of a timeline because it helps me.

understand where we are and I think. it'll help the listeners understand. where we're going. If you want to know where to find the. most opportunity because the reality is. more millionaires are made during. recessions and crashes than any other. time. And the reason why is because when. you have these types of recessions and. crashes. assets go on discount. They go on sale. It's almost like Black Friday shopping. for investors. And so you need to know. how to find these opportunities, but. this also requires you to not just. blindly trust or listen to what anyone.

else says. So I started asking the. question of why 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 on the bush on this right now is. before the 2008 crash happened. the government and the Federal Reserve. Bank kept saying that there's no real. estate crash, the real estate market is. very strong. And then once the real estate market. started to go down in 2007. the Federal Reserve Bank, I'll explain.

what they are in just a second. They. said that real estate is going down a. little bit, but there's going to be no. real estate crash and it's not going to. affect any other aspect of our economy. And they made that statement publicly. and said it again and again and again. And then what we saw happen was the. entire real estate market imploded. Wall. Street was on the brink of collapse. The. entire financial system was on the verge. of coming down. And after all of that, the Federal Reserve chairman then came. out and said I had to say what I said. because I did not want to incite panic.

and because of the political issues. where I was told not to say certain. things. So, that was then. Now, before I go into 2020 and now, let. me just explain what the Federal Reserve. Bank is. The Federal Reserve Bank is. known as the central bank in the United. States. They control the monetary. policy, meaning that they have the. ability to print money, give this money. to the government, and they also have. the ability to in- influence and control. interest rates. So, they are the entity.

that can increase interest rates. That's. the reason why we're seeing mortgage. rates go up right now. They're the. entity that can cut interest rates. And. although they're called the Federal. Reserve Bank, they're not federal. They. say so on their website. They're not a. reserve. They don't keep cash reserves. anywhere. They're not a bank. You and I. can't go there to deposit money. So, now. that we have that, let's let's kind of. fast forward to 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 out big money. to corporations. They were giving out. big loans to corporations. And money was. just being printed at freewill. 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? Create 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 supply, you're increasing the. amount of dollars out there. And the.

cost of that is you make the value of. each individual dollar go down because. now you're just printing money without. increasing wealth. And so, in turn, the. value of each individual dollar has to. go down. And as soon as I 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 are becoming. more valuable. However, be wary of inflation coming in the. future because that's the definition of. inflation. You're printing more money,

the value of a dollar will go down. It's. it's just I mean, it's almost like. simple math. However, when this was. happening, the Federal Reserve Bank was printing. the money and they kept saying, "We're. not worried about inflation, there's no. concerns of inflation, there's no reason. we would have inflation because we could. 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 why do we. even have to pay for taxes? They can. just print that money out of thin air. The reason why they can't do that is the.

same reason why they can't give. everybody a dollars and expect everybody. to have a Lamborghini. It's 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. was in charge of the monetary system, said, "There's no real inflation, nothing to. be worried about. This is just a little. blimp.". And then came March, April, and that's.

when inflation didn't go away. It grew a. little bit, and the inflation uh the Fed. came out and they said, "Okay, inflation is getting a little bit. worse. However, it's temporary." They. said it was transitory, nothing to worry. about. It'll be gone by the end of 2021. Well, fast forward to the end of 2021, inflation got worse, and that's when. they admitted inflation is not. transitory. This is going to be around for a while. And during the whole period, I kept. saying, "Don't expect this to be.

transitory. This is the It doesn't just. magically go away.". Then comes 2022, and. that's when some of the stimulus started. to go away, and inflation did not slow. down, and then came the fears of a recession. And I was talking about this, about how. the high inflation is causing a slowdown. in the economy, because when you have. the prices of things go up so much, more of your income is being used to pay. for your rent, and your gas, and your.

groceries. So, you have less money to go. out and buy other things. And if you have less money to buy. anything else, if you have less money to. go to Chipotle, then Chipotle is making. less money. If Chipotle is making less. money, they don't have money to hire. more employees. They don't have money to. open more stores. That's what. contributes to an economic slowdown. And that's what was going on, and. from January, February, March, all you. kept hearing from the government and the. Fed is the economy is so strong, there's. no possible way we could see an economic. slowdown. That continued April, May,

June. Even at the time of us recording. this video, I read an article this. morning, the Federal Reserve Bank said, "We're not going to enter a recession. It's not There's no reason why we. should." The government even said our. economy is so strong, we're not seeing any signs of a. slowdown. Everybody is doing very well. And it doesn't make any sense because. I mean, depending on when this airs, maybe things will change, but if people. are struggling paying their rent, paying. their gas, buying their groceries, yeah, people are spending money,

but the reason why they're spending. money is because you have to pay more. money for your groceries. And now, I. mean, if you just think about this from. a practical level, people are having. less ability to now go out and shop and. be able to just buy things, which means. businesses are hurting. So, my thoughts are, unless this. inflation magically goes away, like the. Fed says it will, it is going to. contribute to a. a economic slowdown. And now, how bad. will it be? Well, it depends on what the. Federal Reserve Bank does because the.

Fed now is trying to reverse what they. did. in 2020 and 2021, where these trillions. of dollars were printed and entered our. economic circulation, which caused the. value of our savings and our earnings to. drop. It created more inflation. So, if. you want to reverse inflation, you have. to do the opposite. You have to. literally burn cash. You have to take it. out of the system. So, that's why they're working to. increase interest rates. If they keep increasing interest rates. to fight inflation, we are going to. enter a recession. And that means the economy will slow. down. It means people will lose their.

jobs. It means that businesses will go. under. And the question then is, what will the. Federal Reserve Bank do next? Will they. then say, "Okay, inflation is under control," even. though it's maybe it's not, "but the. economy needs help, so we're going to. start inflating," because that's what. happened in every previous crash. You. cut interest rates and you print money. to help the economy boost. Well, if they do that now, when we. entered a recession because of.

inflation, you make the root cause of. the recession even worse. So, this is where I don't know what the Fed. is going to do. And it's it is a tough. situation and this is where you want to. be aware because there are ways for you. to take advantage of this, but what you. want to understand is. the lesser of two evils is to cause a. recession. Because that means you're raising. interest rates, markets go down, and. some businesses will go under. However, this will cause a refresh and things. will be able to get better. This creates.

opportunity for you to go on buy some. assets. You can find stocks that are on. sale. You can potentially find some. cryptocurrencies on sale. Maybe real. estate you'll find better opportunities. However, if the Federal Reserve Bank. changes course, and they say, "Okay, inflation is a. little bit better than where it was and. it's stabilizing even though it's much. higher than what it was before, but. we're worried about this recession." And. they start inflating, meaning they start. printing money, they start cutting.

interest rates. Well, that means now the. inflation gets worse and now you risk. something like a currency crisis. And this is significantly worse. the trust in the value of the dollar. goes down. And that's where, you know, the type of assets that you want are. different. That's where things like. physical gold become more valuable. because that can protect you. from those types of. things. So, now what do you do, right? That's the real question is. 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. thing you got to do is just calm. yourself, take a deep breath. Now, the. second thing is you have to start taking. that financial education. You want to. create that buffer now because even now, while things look bad, yeah, gas prices. are high, prices 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 or. multiple of on. things? Once you know what you want to. invest in, you make a list. You make a list of the. things that you want to own, and now. you're just waiting for a good buying. opportunity. And when you're waiting for. a good buying opportunity, you do not. want to try to perfectly time the. market. Buy things in phases. You can buy on the. way down. You don't have to buy all at. once. This is what I talked about in. 2020 when the market was collapsing. I.

said, "Look, I'm buying in phases. I. know what I want to buy. I'm buying it. on the way down. Every time it drops. another 10 to 15% I'll buy more, and. I'll buy more aggressively.". When that happens, people will think you. lost your mind, because they're going to. say, "Why would you buy now? The. market's collapsing. The world's going. to end. Don't buy now.". Look, you got to again, 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. for a good buying opportunity, and then. understand that if we go the other way, where we start inflating, well, then you could see the opposite. happen. You could see asset prices crash. upwards, because now we're inflating, we're printing more money, and that can. mean more money flows into the markets, and that can push at asset prices. upwards. So, it's knowing what you want. to buy, and in those situations, that's. where things like gold can also be. valuable. Now, the one thing that I want. to mention about gold is I don't look at.

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

that work now that we 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 your ethnicity or your skin color. It's the mindset of thinking differently. than the majority of people. And, this. is where a lot of people get upset, you. get angry, you kick and cry and scream, but this is where you want to think.

different. Look for the opportunity. because it is there. And, the last thing. that I want to mention, huh, 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, uh. 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, "Jaspreet, you have. to take this." It was called PPP, this. PPP money. It's free, you don't have to. pay it back. The government is giving. you this money, you should take it.". And, they were giving a lot of money. I. don't remember the exact number, but it. was quite I mean, tens of thousands of.

dollars. And, uh you know, we had. expenses, like my Our for our office was. like $4,300 a month. We have employees. We had a lot of issues going on because. we didn't know where the economy was. going to go. But I told everyone, I said, "We're not. taking that money." I told my banker, told my accountant, and they all thought. that I was dumb because it's free money. But I was like, "You don't get it. The most expensive type of money in the. world is free money. I know who's paying. for it because when the government. spends money, somebody has to pay for. it. Either they raise your taxes to pay.

for it because, you know, they they need. more income or they cut their expenses, meaning they cut your social security, they cut their welfare 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. Yeah. And I was like, "I don't want to. be a part of that. I'm not contributing. to this because I know.

uh myself, I know my values, and I don't. want to be a part of that." And so, everyone thought that I was a dumb one, but here I am. Look, I'm I'm not I don't. want to contribute to this, and I I I. know who's going to pay the price. Wow. And and I said the poor and the. financially uneducated, and I purposely. did not say the middle class because. when you have this type of high. inflation, the middle class gets wiped out. Yeah. And it's the people who understand. money that become more wealthy, the. people that don't understand money that. don't become wealthy, and it's very. unfortunate. The reality, it's.

this is the way the system works, and. you have to understand it because it is. profitable to keep people poor. And it's. very sad, but this is why you have to. get financially financially educated. Absolutely. And I think everyone who's. listening, the way to do that is make. sure you subscribe to Market Briefs, and. make sure you subscribe to the Minority. Mindset YouTube channel as well. Uh. really, really important and powerful. ways to make sure that you have the. education and insight you need to make. those important decisions. I think so.

many of us are making decisions as. Jaspreet rightly said, based on emotion. or feeling or playing catch-up or FOMO. or someone else is doing it, so I need. to do it, you know, and those are not. great decision-making tactics. Focus on. getting the right insights, getting the. right information, and make wise, calm. decisions, as Jaspreet said. Jaspreet, we end every On Purpose episode with the. final five. These are five questions. that have to be answered in one word or. one sentence maximum.

Uh so, Jaspreet Singh, 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. They're very fiery. This is fantastic. Uh third question, what is something you. used to value that you don't anymore? Material things.

Question number four, what is something. that you think people think is important. when it comes to money, but you realize. that's not really the right focus? Net. worth. Net worth is a uh. a crap indicator of real success. Nice. That's a great answer. All right, and. question five, if you could create one. law that everyone in the world had to. follow, what would it be? Everybody has to learn about the. quadrafit theory about physical health, mental health, spiritual health, and.

financial health before they leave. school. I love that. Jaspreet Singh, everyone. Definitely a guest we're going. to have have back on purpose many, many. times. What I'd love for you to do if. you've been listening and watching is. make sure you tag Jaspreet and I on. Instagram, on Twitter, on Facebook, in. the YouTube comments. Let us know what. you gained, what insight you take away. What are you going to put into practice? What are you going to apply? What are. you going to actually implement into. your day-to-day? 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. Jay Shetty, thank. you so much for doing this episode. today. 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 on. that. Uh and this this was awesome. This. was exactly what we needed right now. So, thank you. man. I really appreciate it. Thank you, man. If you want even more. videos just like this one, make sure you. subscribe and click on the boxes over. here. I'm also excited to let you know.

that you can now get my book Think Like. a Monk from thinklikemonkbook.com. Check below in the description to make. sure you order today.