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I pray the Dollar crashes. Some guy printing it is wealthy and then makes me poor cause of it. I pray it all comes crashing down. Homeless across the street from mega wealthy. Enough is enough. See you soon.
Love you bro! You’ve taught me so much! I was even inspired to start my own unique finance channel. I’ve been getting great responses from it! Thanks for posting a longer one this time! KEEP HUSTLING!🌎
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One could easily turn a penny into something bigger in the stock market and now could be an excellent time to start investing, as stock prices on companies are lower than they've been in months.
@@noelstout3056 Absolutely. Luckily I have my account manager Adam Slater who ensures my investments are diversified into stocks, Forex and crypto. Such move checks underperformance and avoid overexposure to any one investment. This practical moves has earned me profit in hundreds of thousands in few months.
It's disappointing to know that I was never interested in learning about finances until I was in a bad financial situation, and I'm sure this is the same for most average people. I'm glad though that I now know and follow pretty much everything you've taught ever since I clawed my way out of my financial hole and am on my way towards financial freedom.
I have a friend who just bought a $1k drone with 0% apr. After he came back from a $3100 vacation that he put on his credit card. After he bought a new truck. While he still owes for his car. He just took $100k out of 401k. I asked him if he was going to pay off his debt with it. He said, "What debt?". 😂
That is the definition of the "Majority Mindset". I am sure they have their own channel on how to juggle credit cards, how to compound 0% APR purchases and how renting always beats home ownership :) I suggest a name: "Project Net Zero"
@vm365 what he means is: put enough for 6 months in savings. Anything beyond that, is a waste and out into investments. He talks about that in various videos.
I am so surprised this guy isn't in the millions. literally the most productive way to spend time on youtube. Not hat to follow. Also not boring. Very easy to watch. very likeable person!
@@exceldetail did you watch the video? Several rules discussed. Also, even though it was written in the 80's, the Millionaire Next Door is still applicable. There are other books too. Also, the Minority Mindset newsletters are very useful. A ton of information exists, you just have to look for it, and separate the good info from the bad.
@@CryptoDad83 I agree, they should teach this in school. Sad thing is, I am quite sure many of my teachers never knew this information. They were government employees solely dependent on their pensions.
YES TO THIS! I have downloaded his videos and will be playing thrm for my daughter when she starts school. I was lucky that my father was 40 when I was born, so he taught me a good deal of this, BUT IM STILL LEARNING FROM JASPREET AT 32! These would be great videos to help with homeschooled children for economics/finance.
Proper money management is essential for life, but especially during these hard times. If you know what to do with your money you can become very wealthy over time.
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What I live about your videos, it applys to everyone and anyone in life in this world. Keep doing what your doing. Thank you and your staff for your commitment. Long time fallower.
Your advice is right on. I am older and have made mistakes by using ctedit cards. Now I have to pay them down and am struggling financially. I just joined a financial company through my bank of Bank of America. My FICO score is good and will not be affected, bank co will pay my bills at lower preset interest rates. I can no longer use them, which is good. You are coreect, I have budget book to write down all $$ I spend. Your advice about having 2 savings accounts is great. I have a Checking & 1 Savings account. But today I will open up another Savings. Relabel them on my bank online as "Emergency" and "LT Goal". You are a financial expert, you give so much good advice. I wished I would have learned alot more about money assets when I was younger. Like passive accounts of money ventures. I need to pay my credit cards off and save money for future goal. Thank you
I wanted to thank you for your videos! I wish I had this education when I was younger but it is never too late to learn. I've been sharing your videos with many young people. Keep up the great work!
this is one of the best compliments when people mention they will share a video with a family member. Wishing you best of luck with building your wealth!
Okay. I'm pausing this video at 6:13 for the sole purpose of this statement. I do not have a "savings account" for the simple rule of fee's and 6 withdrawals. Instead.... I have 4 checking accounts for 4 different reasons. As follows 1: Cash Back Rewards checking for weekly spending. 2: Bills and Credit fund: Bills always budgeted to the highest bill ever paid. If we had one $200 electric bill.. every electric bill is $200. Funds are auto withdrawn and we never need to guess which bill was paid or worry about overdraft fees. The over budgeted bills flow over into... 3: Rainy day fund for obvious reasons and no more than 1k in it, orr they flow into... 4: Investment fund for investment transfers. (I'm throwing this one in as an emergency fund, but 5: Roth IRA as we can take out what we contribute after 5 years of owning that account while it grows and saves us on retirement) 401k is in there as well at 15% of each paycheck, but that's the basics.
For checking and savings, try local credit unions first with a good yelp review. 2nd best choice are online banks: - Discover checking & savings - Capital One checking & savings - Ally bank checking & savings
Thanks Jaspreet for this important education. Wish I learned this in school 25 yrs ago!! Urrgg oh well. I always wondered why the U.S high schools doesnt include an honest financial education classes like this to help kids understand how to be smart about debt and money? 🧐
None of this information will matter if you don't have the right mindset and discipline 😎 Jaspreet. But for the people who are already listening to this video you're on your way to success.
Oh absolutely. All the subscribers who watch every video are on a path to success. But all those who simply complain and make excuses as to why they cannot save/invest, those folks will stay broke.
Jaspreet, holy cow man. This was such an informative video! Thank you for this. As someone who's going to join the workforce early next year, this will help me immensely.
Actually, this is what *elementary and secondary* schools need to be teaching so that when the child asks, *"Why am I learning this?"* and *"I'll never use this."* You (the teacher) can state or show the *WHY*.
Being a taxi driver and actually enjoying it I love the long shifts and getting paid everyday. I don't see myself embracing financial freedom anymore but working for a lifetime while buying assets. It keeps me humble.
I'd say it depends upon if you want to be buried or cremated. Getting buried will cost way more than $40k. Also keep in mind that if you don't have life/burial insurance you might want to have something in place (like a Will) that automatically allocates that money towards your funeral upon death. Otherwise a judge might just hand it over to your family as spending money, and then they do a neighborhood car wash to pay for your funeral. At least with burial insurance it can only be used on your final expense, and they will often contact the funeral home themselves.
Ask for a raise. Lol I love it. But I know they told all us covid critical care nurses no 401k matches and no raises for this year or next year. I took that as a sign to work overtime for now and put every overtime penny into my investment portfolio
Is it wise, or a good decision, to refinance home and paying student loans off with it? Since home rates are low, and in my and maybe many other people cases, these rates are about half the interest rate of student debts. Since my home cost less than student loan, and is my primary care item, it always comes first when paying debts. I don’t make a significant amount of money at work, and don’t have ability to pay tremendously above the monthly payments without sacrificing my needed items like food and gas. I don’t live luxurious, rather, I live extremely conservative and below means. I don’t buy much of anything that I don’t need. I don’t subscribe to crap, barely spend outside my home, don’t go out, and focus probably 80% of my money on my needs and investing to my savings. Any thoughts about this? Oh, and to add- I don’t have CC debt either. I would like to go back to further my education, but I don’t think I can afford it
What a great video. Jaspreet touched many areas with great advice!! A must see, especially for beginners and where to start, and what path to set as goals. Great video and break down. 👍🏼👍🏼
If you want to go on a long vacation you can always teach English overseas. I teach in China and can make 2000 to 3000 a month and my employer pays my airfare, accommodation and food while at work. I usually work 25 to 30 hours a week and all I am doing is singing , dancing and playing with kids or i could talk about things such as video games, food, travel and other things to my students so they can have an opportunity to practice English. Any country that does not speak English will generally be looking for English Teachers. You only need a BA and a TEfl Certificate. I have been on vacation since 2014 and do not plan to end my vacation any time soon.
Enjoy your channel very much. Hopefully I can gain some ground from listening. What would be the best investment i can get into if I have a simple $100 a month for start?
Terrible charging your grandmother those fees! I just realized my capital one that I've had for at least 10 years at 13% went up to 18.9 and was even 20 at some point so I am tapping away at that aggressively. Already cut balances on two cards in half in 3 months!
For me Investments like stock and forex has become very profitable and very good options in securing a better financial life that's where I belong and survive from
Exactly Many top dogs out there do it, i mean that’s why they are at the “TOP”. I really feel everyone looking to get some financial security should make forex and bitcoin investments.
I grew up around poor people while grewing up between middle class and an eyelash above middle class and I can tell you poverty is a mindset that manifest itself as a lack of money. The check cashing thing was the one that baffled me. They would complain about paying $10 a month for a bank account but pay twice that every month to cash their check.
I know a lot of people use Mint to manage their finances and portfolios but I started using the Personal Capital app and I’ve never looked back. So intuitive and can literally do all the 10 things you mentioned in this video
@@spektred yes he owns his own land and grew his own food and cut down trees to burn wood to heat the house in the winter time needless to say my childhood wasn't any fun LOL any household items that we had were usually left behind by tenants from his rental property... all his building materials and fixtures where recycled from property that was demolished... he did most of his shopping in the dumpster behind the store
Wouldn’t you consider your car, clothes etc an asset if it helps you make you money. For instance the car takes you to work which in turn makes you money. Clothes like nice suits and shoes and ties may help you make deals at your office. You can even go as far as saying your home internet or cell phone an asset because it “makes money” for you in the sense that it’s a necessity for your work or business. Let me know what you think Jaspreet.
I love your content..I use the term Minority Mindset at least once a day. I have too much in my checking account but,wasnt sure where I should put it. Currently investing in stocks. Would you suggest an online bank.
Regarding to a point 8 - don't let your accountant take care of your taxes. Accountant is for booking, maybe filling simple returns, but if you want to optimize your taxes and look for savings - hire a tax advisor. They are certified in tax codes and will make sure you are safe from any legal threats.
Most of Jaspreet's video's are pretty good but I can't believe he has fallen hook line and sinker for Robert Kiyosaki's definition of an Asset and Liability is. In this video he should state that it is Robert Kiyosaki's definition. Look up the dictionary or any other investment definition and the definition in this video diverges substantially. For example if you buy a shirt for a hundred dollars on credit, the shirt is an asset and the debt is the liability, contrary to what is stated in the video. If you paid cash for the shirt you traded one asset, the cash, for another asset, the shirt. Similarly houses are not liabilities, contrary to Kiyosaki, they are assets, the mortgages on the houses are the liabilities. I'll prove it, Jaspreet I will take your house (assuming worth is over $50K) one of your liabilities off your hands for nothing (you keep the mortgage if any) there one less liability for you. One more point when you figure out your net worth you add up your assets and subtract your liabilities. Houses and shirts go in the asset column! mortgages and debt go in the liabilities column
Very good advice. This month I started to fill in my own spread sheet(Excel,Numbers,Calc) with expensenses for extra products/services (usually products/services under 50$). So, that is without mortgage,food+drinks,energy,water,subscriptions etc. Even without those standard expenses it adds up very quikcly. For me it was a "wtf, that much!" moment!
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