Thank you for watching! If you enjoyed this video, you should watch - 4 Steps To Lowering Your Bills: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-VbtNAIrS5lE.html
I raised my income from 18k/yr to 65k/yr since 2016. I quit 4 jobs in 2019 and lowered my expenses as low as I could. Just moved in with my parents and now my monthly expenses is only $800. I'm completely debt free, saved up a 10k emergency fund and investing heavily now, I refuse to be broke and I refuse to be forced to work when I'm 70.
4 года назад
Yes 🙌🏽 that’s what tf i’m talking bout .. i’m on the same type of time as you .. i’m to the point now where i definitely REFUSE being broke my whole life because of poor decisions or by mistakenly making the decision not to bet on myself and take the necessary risks i need to be successful.. my main problem right now is , not knowing how & where to start the process. i’m new to the whole crypto/ stock trading thing . so i was hopin for my fellow black king to help me out with some free game / a lil guidance to get me on the right track if that’s not asking too much..
@@NeelamSharma-bv1rk absolutely, my financial freedom journey started in 2016 and I've been focused ever since. I plan on being able to retire by 40, I'll more than likely still work but only doing the things I want to do. Good luck on your endeavors 💪🏽🏁
I helped my brother find an extra $800 a month by rearranging a few bill due dates and showing him where his bank's ATMs were throughout the city to save those double dip fees from using a third party one. Then he went out and financed a Mercedes when his credit score jumped as a result 🤦🏿♂️
In one of your videos, You said everytime we spend a dollar we miss out on a chance to make $10. Last night, I spent my last $5 for gas. I was hoping to bring in $15 in return. At the end of the night, I made $125. I did something else you said. I paid myself first. Now i'm taking the $100 that's left over and trying to turn that into $1000. It won't be as fast,but it's a goal. Thank you, Jaspreet,for all the financial tips.
My car was only $2000 three years ago and costs me about $50/month for tax, insurance, fuel, and average yearly repairs. It even has heatable, leather seats, air-condition, airbags, ABS, a dope sound system, and a 105 HP powerful but still economical motor. Get a Toyota -for example- from 2000-2005 with less than 100.000 miles and live a happy and frugal life.
@@chinonye2 Glad you ask. It's a 2002 Peugeot 206 CC. -Cabrio I can confirm the good breakdown and repair reports it is very reliable and surprisingly few weak spots. The biggest problem is that the clutch needs to be replaced after 120.000 kilometers or so. Replacement parts are cheap also. Ohh I forget, I got 16" wheels when I bought it 3 years ago for free. I love this car so much. It's super cheap where I live in Europe but you can't get those cars in the US unfortunately. google "Peugeot 206 CC" and look for prices and reliability reports. It is pretty solid.
Naaah... Yolo, take that car you want without a second thought, live like a king (even if you earn as much as a peasant ) & look at all these things on sale! Hn hn hn...
The best thing that should be on every wise individual's list is Investing into different streams of income that don't depend on the government to bring in money especially now the pandemic is hitting the economy pretty hard.
1. Stop spending & start saving. 2. Take your bills & start negotiating. 3. Put your money to work. 5. Keep your savings moving. 6. Watch your stomach 7. Sale your car 8. Earn more money.
If you have a 2000 honda civic that's been paid off, is it still a liability?🤔 Wouldn't it be helpful/easier on your pockets to have a car like this other than to have Uber or others to drive you everywhere??
When I was in my 20s I used to so 'spending freezes'. A couple of friends and I would agree to go on these freezes together which helped. We spent a lot of time together so it was a good way to remind each other not to by extra crap like clothes or restaurant meals we didn't really need!
Nah man, many times more than that, that's just their expenses upright, but if you make right financial decisions without having a thousand bucks flowing out every month, that will add up over years into millions in opportunity costs
Your children have to be factored into your financial future aka family restaurants and such. The people who I've seen come into the dealerships I've worked for who buy cars in cash are usually immigrants who run a family restaurant or family run store, no joke
1- kids are the best thing you’ll ever do. 2- parents tend to earn more money that non-parents. Pressure I guess. 3- chubby little arms wrapped around your neck, butterfly kisses and giggles, and banter with your teenager are worth much more than a million dollars.
#1 tip: Live on less than you earn. You should be living on 50% or less then you earn. You are not truly paying yourself anything, if more than half of your money is being spent and isn't growing your net worth. Any business has a profit margin, why are you looking at yourself any differently? You should be making a "profit" regardless if you are a business or a person! Living hand to mouth is a poor person mindset. #2 tip: Simply saving money is for suckers. Even at 2% interest, a savings account loses money every year. It doesn't keep ahead of inflation. ONLY save enough money to have an emergency fund of liquid cash in times of an emergency. Instead of saving, INVEST your money someplace that is earning you at least 5% returns. You are trying to make your money work and grow itself. The point is to grow more, not just have the same amount you started with (or accumulated). #3 tip: Buy a car that makes sense. Most of us in this country, can't rely on public transportation. A vehicle to get from point A to point B is a necessity. Only pay cash for a vehicle. Only buy a vehicle that has lower insurance premiums, is fuel efficient, and has lower costs of ownership (low repair costs and maintenance). No one needs an 80K Escalade to get around. But you don't want a $500 rust bucket that needs constant repair either. #4 tip: Be frugal or "cheap". I've met many millionaires in my life that drive an older vehicle and wear old plaid shirts, that certainly don't look wealthy, but their bank accounts say otherwise. If you look wealthy, you probably aren't. The only people getting wealthy are the ones selling you designer clothes and shiny new cars. While that stuff is nice, you are getting poorer if you are buying it. It's not a necessity. #5 tip ALWAYS think long term. Not just in investing, but also buying. If you buy something on payments, never just think about what it will cost you monthly or weekly. What is it going to cost you over all? People tend to be very short sighted. This is how lenders sucker people in to buying things they don't need by making something look "cheap" or "affordable" by mesmerizing you with small payments. That $500 a month car payment turns into 36K in six years. That car isn't going to be worth anywhere close to 36K in 6 years, period. That 100K house, is going to cost you 200K in payments over 30 years (and most likely will NOT be worth 200K). Everyone need to see the big picture, the WHOLE picture, or you are losing.
@Eris While it's true what you are saying, you need balance. Money is no good, unless you can do something with it. That will be determined by each individuals values. However there is no good reason to build wealth just to blow it all either. There is much to be said about being charitable and leaving the money for something or someone else.
Hey !! I have been making $ 7000 - $ 14000 per Month from RU-vid since last 6 months... please tell me how to save from paying taxes...I need to know, please help me out.
Hey guys, you want to know the quickest way to save money and get rich at the same time? Here’s some advice for FREE. DON’T GET MARRIED! And NO cohabitation. You’ll have more money than you’ll know what to do with. I’m so surprised this man doesn’t tell you this.
Great Video Jasprit, Other effective strategies I would use to save money include: 1. Know the future value of your money if you invested it instead of spending it (aka opportunity cost) 2. Buy the item you want tomorrow instead of today (your might change your mind)
Hey Jaspreet it's been a long time since I commented, but I've been grinding and going through a bunch of leveling up/ life changes. Just wanted to give you a shout-out cause what you do is awesome!
Food is one of those things that I particularly dont negotiate with at least in terms of quality. If I must spend some more to eat better, and thus help preserve my health longer to avert the doctor longer then that is what I will do.
I don't have internet, cable or subscriptions and my cell phone is prepaid for $30 per month and I'm still broke! I guess I need to watch my stomach too Jaspreet 🤣
I have been there. Watch for opportunities like birthday money, tax returns, gifts or selling stuff then use that money or at least a percentage to invest and save or pay off a debt. It is empowering but sometimes mentally hard to not spend on clothes or something but we really only need a weeks worth of clothes yet most people have a months worth of clothes half they don't wear anymore. Sell the extras and invest.
I would rephrase sell your car as sell your expensive car for a cheaper car. A car is essential in most parts of the US. And before people say "Just get an uber or lyft", keep in mind those services are not available in some areas. And even if they are, there are chances that there are no drivers nearby to work those areas. All I want to say is that if you need a car to just get from point A to point B, buy a cheap used car. Not only will it be cheaper to buy, but insurance will be cheaper too. If you really want that fancy car or sporty car, DON'T BUY IT NEW!!! Let someone else take one for the team, then buy it used for much cheaper. One thing to remember is TO NOT BUY A CAR JUST TO IMPRESS PEOPLE, WHETHER YOU LIKE THEM OR NOT!!! It is not worth it at all. You are buying the car for you and you alone.
6:40 Jaspreet I thought you were about to do a Cardio B WAP remix. 😆 I don't drink, I don't smoke but let me tell you how you keep from being broke. Well it sounded good in my head. Lol!
Another infallible video. You know, when I started watching Minority Mindset, I was financially abject, but I in good faith I watched and learnt a lot about investing and affiliated topics and now I can brag about the cheddar in my bank account. But I actually wouldn't say all thanks to the channel, I'll rather say, thanks to my hardwork and MM😃
The thing that works best for me is 1 stop using cards, its easier to realize how much money you shovel put when you have to pull out cash then swiping a Visa walking away. 2 use large Bill's I really son5 like to break any bill's larger than 20 3 stop buying at full price if you can avoid it. 4. Take a second to realize that those shoes that cost $100+ only cost the company 5 dollars to make. 5 look at the value not the price just because it cost $100 doesnt mean its worth $100 6 personally I use change jars it helps me put money away and then I forget about but for those who just dont like cash Acorns is nice too:) 7 drink water you already pay for it, if you want get a purifier or buy bottles water, you will get used to it and the money you save not buying $10 of drinks adds up
Great advice one thing was left out that may suggest buy and pay off a house even though a house is considered a liability if you eliminate the largest expense in your life the cost of where you live you will have plenty of money and plus your financally ahead of millions of people who pay rent or have a mortgage this is called phantom income
Your videos are incredible.I love watching them.They are Very educational. Do you have any videos on Troy?Choices of side hustles we can do because I am in need of a side hustle.And I'm having a lot of trouble locking something that would work down.Any help you can give me would be very appreciated. I am a subscriber and I always hit the like button
Would really love to hear your thoughts about cryptocurruncy.. And would you recommend ibvesting some of your last money? So many hype optimistic youtubers nowadays
Love your videos. i am currently putting my little RU-vid money into the S&P 500 and working on growing a second channel to monetize. I have a Patreon, but the earnings there are small.
Small disagreement on the "sell your car" advice. I bought a $700 Toyota, put another few hundred into tires and small repairs. I use it to deliver pizza and make about $20-$30 an hour in tips.
I save 70-120$ out of pocket change every 3-4 months, like I just empty my pockets in my piggy bank when I walk home. It's not even a hard thing to do. Like I don't consider it a main way of saving, but it's not insignificant.
Would also reccomend just start investing. I got an acorns account when I didnt know much about investing and it motivated me to save $$$ so I could contribute to it. And it peaked my interest increasing financial literacy
Consider the book ‘I will teach you to be rich’. Yes, investing is certainly the way to go. Index funds/ETF, individual stocks, real estate - there are so many different ways to make it happen. I started off with saving money into CD’s, then upgraded to index funds, now I’m into individual stocks of companies. Hopefully, one day into real estate.
Jaspreet, sorry but I need my $315/month car payment to go buy avocados and make my own guac. Before someone kills me with arguments about how much I pay/month, I got burnt to a crisp on a lemon before I got my current Focus.
damn Jaspreet still always asking a lot of me but if it wasn't for that I wouldn't have saved ten grand since I subscribed to your channel. keep hustlin brotha!!
Look at the competitor's prices? What about markets that are an effective monopoly? I'm looking at Internet Service Providers that only have 1 option in a given area. At one point, my girlfriend called her Internet Service Provider and said that she can't afford to keep paying for their prices after they increased it twice over the course of 2 years almost doubling the cost. She said she couldn't afford it and asked if they could do anything. They said no, they can't. She threatened to cancel and they offered to transfer her to an automated line where she could cancel the service. When companies don't have to care, they will stop investing in customer service.
I’m not sure if this is just my bank but I have a money market account that I can easily move money around in or out just like a savings but it makes 1.03% apr. I looked into an online savings and it was only .40% apr. better than a standard savings but not worth it for me. Just another thing to look into.
Basically follow the Robert kiyosaki formula for saving money and getting into wealth. If it doesn’t put money in ur pocket it’s a liability. And if it does then it’s an asset. Set up a budget where a portion of ur income per paycheck is put into savings and the rest is used for living life it’s that simple.
I’ve been really thinking of adding some money in an online bank such better % but I’m a bit sketched by how to actually know if your money is really that safe? 🤔
Money behaviors definitely will show if you have money in the future or not! The passive income I get from cryptocurrency has always been it for me and saving from that is much easier even in this pandemic
Money behaviors definitely will show if you have money in the future or not! The passive income I get from cryptocurrency has always been it for me and saving from that is much easier even in this pandemic
Jaspreet says to sell your car as he drives around in his Ferrari red Prius. I'm trying to decide between a Lexus GS 350 and a Toyota Prius. I think I'll go for the Lex and then get a Prius.
Public transport is WAY cheaper than owning a car. Biking only costs you a bike, and then you have to buy new tires or pay for repairs relatively infrequently. Walking only costs you pair of shoes. You don't need a metric shit-ton of shoes, just a decent, sturdy pair will do. Both of the later options also come with significant health benefits.
Great tips as always Jaspreet. I recently bought a car used, with cash, after being without a vehicle for about two years. It was a lifestyle change but it was definitely felt like a raise in income, because it was.
