Jaspreet Singh - Founder of Minority Mindset | The Lies That Keep You Poor

My parents wanted me to do something very stable, but I had this hitch that I wanted to build a business. I started investing in real estate in 2011, then I built this sock company. Our goal was to sell $10,000 worth of socks in the first 30 days. We ended up doing $41,000. Imagine being on a path set by tradition, one that promised stability, but never felt like it was yours. Now picture making a drastic pivot not just once, but time and again to redefine your purpose. Today's guest is Jaspreet Singh, the mine behind the minority mindset. He's a self-taught finance expert, a licensed attorney, and the host of a YouTube channel with over a million subscribers. But it didn't start with fame or financial freedom. He's faced failures that would make most people walk away. I believe that for an investment or anything that I want to do, number one, it has to make financial sense. Number two, it must make legal sense. Got to balance everything together. You don't know the rules of money. This is where so many people get screwed over. The average person spending money they don't have trying to look rich, but one of the vastest ways to go broke is to try to look rich. The one thing that we cannot control is time, but what we know is a longer your money has to grow the more wealth you can build. The way you build wealth is by investing your money. Seven to ten out of Americans are living paycheck to paycheck. They have no extra money to save, no extra money to invest. From starting an event company in college to inventing a water-resistant athletics sock, the minority mindset isn't just a brand. It's a philosophy about thinking differently and creating wealth in ways most never see. This is the story of a man who chose passion over profit, impact over convention, and turned personal setbacks into a platform that's now helping millions escape debt and take control of their financial future. Let me ask you a question. 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Start making major moves with HubSpot. Visit HubSpot.com slash marketers to learn more. I just want to understand when you started your YouTube channel, why did you choose to name it the minority mindset? Yes, so when I started my YouTube channel, I started it kind of on accident. I was in law school at the time. I didn't want to be an attorney. I went to law school to make my parents happy because of a very upset when they found out that I wasn't going to be a doctor. And I had run a number of entrepreneurial ventures. I wanted to be an entrepreneur, but in my house, a traditional Indian house, my parents are immigrants, a must-aid in India called Punjab. They want me to do something. My parents wanted me to do something very stable, like become a doctor or an attorney as a backup. But I had this, I don't know what it was, as each that I wanted to build a business. And so I had done a lot of entrepreneurial ventures and I was fortunate enough to see a number of successes. I also saw a number of failures. I also got involved with investing in real estate when I was in college. So I was doing a lot of different things and to put it in perspective, this was back. I started investing in real estate in 2011 when housing prices were way cheaper than what they are today. But I had been scammed on a number of occasions. I had kind of a running joke that every time I start a new business, I have to get screwed over or scammed in some way. I had my first real, it's not good. Yeah, it was, it was rough because I really didn't know what I was doing. My first real business was when I was in college. I started a party promotion company, which became an event planning company. So I was essentially posting parties at clubs. And the first event that I did, the club got shut down the night before my first event. So it just became a huge mess. I got involved with real estate investing and I got screwed over by a contractor. I got dealt with a horrible property manager, a horrible tenant. So it was just a nightmare to get started. I got involved selling things on Amazon and then got in trouble that apparently we were selling counterfeit products, not real products. So it was my late teens, early twenties were a lot of learning. And then I built this SOC company that I was going to launch my first year of law school. And I was approached by a fake marketing company. I say fake because I don't know they were fake at the time, but they came up to me and they promised me a lot of big and bold things that were what is fake exactly what this fake more than they were real in my mind at the time, but they promised me a lot of things. I paid them a lot of money. And then I never heard from them again. So my marketing budget was gone. And then I still had to launch the business. Our goal was to sell $10,000 worth of socks in the first 30 days of pre-orders. We ended up doing a little bit over to $21,000. And so it was a successful launch, despite the fact that this marketing company had kind of burned me with my marketing budget. So at that point I was just frustrated. So I put out a class on you Demi on how to launch a business without getting screwed over under the earliest minority mindset. And I sold it for like $7. And a lot of people liked it. And I did it under the earliest you were asking minority minds that why? Because in my mind, you had to think differently than the majority people if you wanted to build a successful business. And the people that were in that course said, you know, I really liked this. Do you have a social media page? And I said, no, because again, I was working on my sock business. That was my my real thing that I was running in addition to going to law school. But I said, okay, I can create a social media page. Then I got on Instagram, created a minority mindset page and I would post the same stuff of like things that I wish somebody would have told me about launching a business or about investing in just general money management because these were things that I was never taught. And I would get these comments from people saying, can you make a blog post? Can you start a blog with more in depth posts? And my response was, no, English is my second language. You don't want me to write a blog is not going to be very good writing. But I could talk. So I just started making YouTube videos and I did it again under the earliest minority mindset. Now again, I didn't start minority mindset with the goal of trying to make money. I did it just because I wanted someone to talk to about the things, the crap that you have to go through as an entrepreneur and like the things that I wish somebody would have told me because I would tell my friends this stuff about money management and investing and eventually they would get bored and they would want to talk about all the things and I'm like, dude, you don't get it. Like you have to invest your money. So I figured it'd be easier for talk to a camera because the camera doesn't complain. And I remember when I was at around 10,000 subscribers and this is back before you had monetization requirements on YouTube. So you can monetize any channel with any number of views as soon as you start. There was no minimums. And I remember one of my really good friends. He asked me how much money am I making off of YouTube? And I was like, what do you mean? Is it, you know, off of the advertisements that you have off of YouTube? I was like, I don't know what you're talking about. So he goes into my YouTube platform with me and he looks at it and he goes, you know, if you click this button right here, you could turn on advertisements and start making money. I was like, oh, I don't know that. I was just doing this because it was something that I enjoyed doing and then started making a little bit of money off of YouTube. But again, this was my kind of secondary or tertiary thing because never when I was making money from the sock business, then I was using that money to buy real estate. And then I was making YouTube videos on the side kind of here and there. I just I was making two or three videos a week at the time. So it wasn't like a huge thing. It was just something I kind of did on in the background. The minority mindset channel then started to grow and I had to make a decision now. What do I do? Do I want to build a sock company which I like the idea of building them business, but I'm not so passionate about socks. Or do I want to build this financial media thing? I don't know what it is or what it will be. It's not really making that much money. We had about a hundred thousand, I had about a hundred thousand subscribers on YouTube, which was, which is really good. But it wasn't making that much money compared to what I was doing in the sock business. So I was like, where do I want to put my attention? And this thing does not make money, but I actually love like I really enjoy this financial education, this financial news, this financial stuff. The socks, it's a business and I enjoy that and it's making money. And so I kind of just thought to myself, but I'm 65, 75 years old and I look back at my life. What would make me more happy and proud? And I thought it would be doing something that I really enjoy, spreading the financial education, the things that I wish that I would have learned. And so I decided to do that. And then minority minds started to grow. And then that became then the kind of launch pad for briefs media, which is the business that I run today. So ironically, many people know me for minority mindset. But most of my time is spent running briefs media. Like I call minority minds at my hobby because I do that outside of work hours. My time is spent running briefs media, which is a financial media company. We have like our free newsletter I was talking about market briefs where we publish what's happening in the financial markets every day. Then we have other products like paid newsletters and other education platforms as well in our app. But it all started kind of with this whole idea of kind of being upset. And then usually get upsetness to go do something. I love that. And I also believe I mean there's a couple things that you pointed like you you applied the regret minimization framework perfectly. Like you know pushing yourself out to 65 and then looking back and saying what am I going to do with my life that I won't regret and what I'm going to be happy with. But also I truly do believe. I believe that I mean I think your story your father along in your journey than me. I don't have a million subs in a home media company. But also came from building and running businesses. And I believe that like if you figure something out and this podcast is kind of the result of that you figure something out or you have access to people or you can tell stories you can pull out insights and wisdom. I think that I think that you're doing the world a little bit of a disservice if you don't if you don't teach and you and you don't take that opportunity. I mean you you went through all this bullshit. And this is what you're teaching people now. And so that hopefully don't have to go through all that bullshit in their own lives right. Like people don't have to reinvent the way. Yeah. And you know you're doing an amazing job as well. I mean you're you're brand and your channel your podcast is crushing it. So you know definitely don't say anything bad about that because you're doing a great job. But I think to kind of just elaborate on what you said. I think everybody has to go through the crap if you want to do something different. I was fortunate enough to kind of go through it earlier. And I think that's what allowed me to kind of you talk about the regret minimization. And I had never heard that time before until you said it. But what it got me thinking was I had to learn that in college. And the reason why is because you know I said I started off in the party promotion and event planning industry. But the part of the story that I didn't mention is I don't like partying. That's not my scene. Like I don't drink alcohol. I didn't drink alcohol. I wasn't into partying. It was just something that I understood because I had been working with DJs for a while. I was working in the wedding industry since I was like in early high school or early high school maybe middle school. So I knew the DJs in the industry and I kind of understood the event planning space. So it just made sense for me to kind of enter that industry. And by the time I was you know software or junior, it had this party promotion business became pretty big. Like it became a full event planning company where we were hosting parties, concerts and shows. I had a contract with one of the biggest clubs on campus. I went to the University of Michigan in Arbor. So it was a big school. And I had a contract with one of the biggest clubs on campus. And I wasn't even 21 at the time. I was probably 19 or 20 to host the college night every Thursday. I was going to be able to host a lot of different things. I got it to concerts and new and some other things in that industry too. That's big. That's big scale for somebody who's not in the right. That's like, so you must have felt super misplined when you're doing this. What happened was around my senior year, I really now had to make a decision of what I wanted to do because I started to hate this. It was a really weird feeling because now I was making more money, but I was hating the business more and more. And I was really conflicted because I looked at myself and I was like, I don't like this. I don't want to promote alcohol usage. I don't want to promote partying because I'm against that. And yeah, here I am making money off of it. It didn't make sense to me. So it kind of really made me start to think about what do I want to be? What do I want to do? Because I did this because it was a hustle. When you're 17 years old and you're just trying to figure out how to make a dollar, you just kind of do whatever. You find whatever side hustle you can make to make some money. That's when it wasn't the beginning and then I was lucky enough that it grew. And then I had to realize that this is not something I wanted to do. So instead of trying to grow this where I am very confident that I could have made that into a pretty large business, I just stopped doing it. I didn't even think about selling it. I had a number of people talking to me about saying, hey, you should consider selling this business or doing something. We didn't have the systems to sell. It would have taken me more time to do that. I didn't even care about doing that. I just wanted to stop. So I just stopped and it was abrupt. And I just hated it. And so I didn't want to go through that again. So the one thing that I think is very, I mean, I get it. And I think that that's actually an interesting point. And there's actually let's, we could talk about that now because then I have one more question about is sort of like the naming of the channel and the nomenclature of the channel. Because I think it's interesting that you mentioned that you have to think differently. And I do want to understand what that different mindset is, what that minority mindset is compared to the sort of like what everyone, what the majority mindset is when it comes to money and business, I want to go there in a second. But first, so you mentioned something interesting. So you're building this business. It's totally misaligned. And, and you just feel like you need to stop it because like you're making money else on that you don't believe in. Now it's interesting because it's still making money. And I've heard you speak before about, you know, there's sort of like five rules of creating wealth or five pieces of creating wealth. And the first thing you have to figure out is how do you make money and, and, and make that money in whatever way possible, obviously, legally and ethically. But it doesn't really matter what business you go in to just find a way to make money. When you tell people that they have to make money, is there a component of that message or that lesson that is focused on not just making money, but making money with something that you're aligned with or that you're passionate about or that, you know, fits that ikki guy of what the world needs and what you're good at and what the market needs. Like say somebody is in a job they hate. Are you saying that they should stay in that job and make money for the next five years or is there sort of a better spot where they should spend their time and their skills and their talent to make that money where they can eventually invest it and sort of grow their well. When you think about just where they should put their work in. Yeah, I think there's two parts of the question. The first part that I'd like to highlight is what is something that is right for you. And so one of the things that I talk about pretty openly in that I teach is that I believe that for an investment or anything that I want to do, it has to have three parts. Number one, it has to make financial sense. Meaning it has the ability to make money. Number two, it must make legal sense. It's got to be legal. And number three, it's got to make moral sense. And that moral compass is going to be different from you. It's going to be different from me. It's going to be different for every person listening to and watching this video. So that's the first part. Then the next question that you asked is, well, what if you had something that you hate? Yeah, it's financially really good. It's legal and morally yet. It's completely fine. I just hate the job. Well, you got to do what pays the bills first. I mean, you got to do what you got to do to eat. You got to do what you got to do to take care of your family. You know, the way I look at this for me as the man of the house, I got to support my wife, I got to support my family. And that is my job. And if that means doing something I absolutely hate, I will do that because that's what I got to do as a man. And so, you know, you got to be willing to do what you got to do. Now, if you hate it a lot, then you got to figure out how do you get out of it and how do you make enough money to support your family to get out of it. And that might mean you're working 9 to 5, 9 to 6, 9 to 7 at your job. And then from 7 to 10, you got to figure out how you are going to make some other money doing something that you love. If you really hate it that much, you know, there's a saying that I'm honestly kind of sick and tired of hearing, but there's a saying that goes, when you get sick and tired of being sick and tired, then you're going to find something. It's true in the sense that you got to really find what's important to you. Now, you might say, well, I got to spend time with my wife and my kids or whatnot. Okay, 7 to 10, your wife and kids 10 PM onwards figure out what you got to do. And you got to make some sacrifice somewhere. I mean, maybe you got to sacrifice some sleep for a little while. Maybe you got to sacrifice your weekends for a little while. Maybe you got to sacrifice holidays for a little while. But if you really don't want to keep doing that, you got to figure something out because you have to be able to provide a support your family to. And what you said is 100% right. When you do something that you love, you're going to be able to do a lot more of that. You're going to be able to work a lot harder. You're going to be able to be a lot more innovative. The time that I was sleeping the most taking the most snaps and just I felt the most drained and most exhausted in my life was when I was studying for the bar exam after law school. I was so physically and mentally and emotionally tired when I was studying for it. I mean, the bar exam is a no joke exam. It is stressful, but so is running a business. And I have worked very long hours running a business. But there's a different type of stress and just drainage when it's something that you don't really care for. Like, yeah, you know, I liked law, but I was doing it not for me. And I knew I didn't want to practice as an attorney. Like, I am a licensed attorney, but I've never worked a day as an attorney. I did it for my parents. But that dread really sucked a lot of energy out of me. Then as soon as the bar exam was over, the day the bar exam ended, I then started working on my business again. I got back into it. And the next day I went right into my office and it was like a new life. So, you know, you got to balance everything together. It's so interesting. And I think it's actually what you sort of highlighted is that there are seasons to your life. So when you hated that sort of event, party, promoter, organizer, job, you were young and you took risks and you tried things and you, I'm assuming at that point, you didn't have like a wife and you would have had kids yet. So, you can't just quit. So, I mean, that's something that's some of the benefits of taking those risks really young in your career, really early in your career. Absolutely. If you do have those responsibilities, then you just got to be a little bit more strategic. You can't just, if you're in a business that you hate or a job that you hate, you can't just shut it down. If people are depending on you, it's going to suck a little bit more, but that's the game you're playing. And I think that people have to understand what season of their life they're in and the risk profile and their time allocation and their bandwidth and then structure any advice that you hear out of this from that lens or from that perspective. I think that's super important. Absolutely. I was going to say, so, okay, so we will. We will move. This is the first question. I've been doing it for 20 minutes, but I think it's very important. We'll move off at the name of your YouTube channel very soon. But again, just bringing it back to what I mentioned before, the minority mindset, the different mindset that you had to have to succeed in almost anything in your life and your business, what is different about that mindset than the mindset of 99% of the population of the majority? Well, for most things, if you see the majority of people doing something, then you might want to take a step back and ask why. And this goes for really everything. I mean, when I got to college, I'll just keep in my personal stories. When I got to college, I said, everybody partying. And for me, I said, I don't really want to go to the parties, but maybe I can make money on these parties. And that's kind of how it started. When I was 19, I started this party promotion business. I was 17 when I was 19, I was studying for the MCAT, the medical college admission test, because I thought I was going to be a doctor at that time. And I had some money saved up. And this was 2011 when housing prices had hit rock bottom. And I started to read books about money management and investing in these books, talked about how wealthy people owned real estate. I didn't know what that meant. I didn't know any real estate investors. This was a completely foreign concept to me. And I started talking to people that I knew who had money and everybody said that real estate is something you want to stay away from because it builds for closures. It creates bankruptcies. It makes people broke. That was the, that was the mindset around real estate after 2008. But for me, I saw that as an opportunity. So when everybody else was spending money, blowing money and not wanting to invest money because I didn't have a lot of money. I mean, I had decent money for a 19 year old, definitely decent money. But I knew kids who had a lot of money. And when I talked to them about this idea of investing in real estate, everyone said that I was stupid. But that was when I started buying real estate. The first property that I purchased was a condo out of foreclosure. This is going to sound a little crazy. But it shows you kind of the dynamic of that time. It was a 1000 square foot condo that the previous owners had purchased for a little over 150,000 square feet, sorry, a little bit over $150,000. It went through foreclosure, foreclosure, foreclosure. The banks couldn't sell it. And I came in and purchased that same condo for $8,000. Not the down payment, the total price of the condo, up for $4,000 with the work. And then I read it up and stood for $100 a month. Now I made so many mistakes. I mean, I could talk for two hours about the scrupes that I made with that condo because I ended up just I ended up getting sued with that condo. I ended up having a horrible property management company. I ended up having a horrible contractor. But I learned a lot. And so, you know, it's the willingness to try. I think they're willing to take mistakes. They really need to take risks and the willingness to go against the grain. I mean, they're willing to just the whole idea of if you see everybody doing something, look at America today. The average person is spending money they don't have trying to look rich. But one of the fastest ways to go broke is to try to look rich. I mean, you're in Miami. Just look at all Miami. I just want to take a second and thank the HubSpot podcast network for supporting success story. Now if you enjoy success story, you're going to love other podcasts and their network like business made simple hosted by Donald Miller. If you've ever wondered why some businesses take off, many struggle. Donald Miller takes the mystery out of growing your business with actionable strategies that you can implement today, whether you're trying to build a stronger team, craft a clearer message or boost your bottom line business made simple delivers the frameworks that you need to succeed. Listen to business made simple wherever you get your podcast. Oh, dude, I was laughing when you said you think New York is flashy. Oh my god. I'm using another level. It's not so much flashy in the sense of my look at my car. It's flashy. If if you're not worth $25 million, don't talk to me. It's just a different vibe where they're by love New York. I don't want to put down New York. I don't want to make a scene like that. It's just it's a different culture. No, no, I love New York too. And listen, I like the weather in Miami, but I've never seen so many $500,000 watches. Who knows if they're real or fake, but Miami's a Miami's definitely a different vibe for sure. You got to be really to do things that are a little bit different. Yeah. And you know, the story. Look, I'm stubborn. Okay. And I think that's one of the things that has been a pro and a con for me that I am a I'm very stubborn. I'm less now than I was thanks to my wife who was kind of breaking my hardhead a little bit, but I used to be extremely stubborn that if someone told me I can't do something I am going to go fall into doing that thing. And so one of the things that I would I realized the difference between an asset and a liability. I changed my life like I in the beginning when I first started making money. My money was thinking about like a direct deposit that my money went from earning money in my bank account to going into my car going into you said watches. That was where my money went. I had studded out. I mean, I was probably 16 years old or 15 or 16 when I bought my first studded out $1,000 watch because I was hosting. I was doing all this stuff in high school as well. So anytime I made money, I spent it. My car was tricked out to the max. And when I read books about money management and I learned about assets and liabilities, I did not know what an asset was. I did not know what a liability was. And my mind, I mean, I kid you not that I was so shocked, so concerned because I'd never read a book cover to cover. Like even when books in my English class, I sucked to English. I almost failed my English class in middle school because I was not good at reading. But when I started reading these money management books and business books, it was a completely different world that I had to keep reading. I stopped spending money on anything. Like I would, I had rental properties, but I had shoes with holes in them. I had duct tape my shoes together because I did not want to spend money on the shoes. Like I went from one extreme to the other. And I did that for a long time because I wanted to now buy assets. I made money to buy assets. I made money to buy real estate rental properties. I made money to buy stocks. I made money to just invest because that was something that I had never learned about. And when I learned it, I did not want to screw that up. So I went 110% full forward with that. You think that's a, so this is, I mean, let's talk about wealth building versus just making money or just trying to get rich because what you're, what you're describing is, it's sort of like wealth building 101. So I think it's important to highlight sort of that process that you went through and how you looked at assets and liabilities and investing and describe what most people do versus what you were doing. But then also I think an interesting point is the way you did it is at the way people should do it if they want to build well. The way you should do it is what's right for you. Personal finance is called personal finance because it's personal. And at the end of the day, building wealth comes down to three things TRD time return dollars. The one thing that we cannot control is time. But what we know is a longer your money has to grow the more wealth you can build. But let me back up just one minute. The way you build wealth is by investing your money. It's not by saving your money. It's not by spending your money. It's by earning money, not spending that money and then investing it. And the two or three asset classes that have built the most wealth and anything else in America over the last century are building a business, buying stocks, buying real estate. Now the majority of people should not build a business, but everybody in America should be a business owner. How do you do that by investing in stocks or by investing in real estate? And so you have to be an investor if you want to build wealth. Now the question is how do you invest your money and how do you become wealthy that goes back to the TRD? So when you invest your money the more time your money has to grow the wealth you're going to become. But we can't go back a time and start investing five years ago. So that can't change the best thing to do is to start sooner rather than later. Then is our return. The better returns you can get on your money. The faster your money can grow the faster you're going to build wealth. I mean you could think of it in terms of how long is it going to take you to double your money. If it's going to take you 100 years to double your money you're never going to become wealthy. But if you could do it in five years well now you can really start to see the power of compounding because now you can invest your money, double it, grow it and just keep doubling it that way. And the final part is D dollars. The more dollars you invest the wealth you're going to become which ultimately goes to how do you invest for dollars. Well you can either spend less money or you can earn more money. There's no other way around it. And in the beginning spending less is the simplest thing to do. That's how I started. I spent no money that way I had more money to invest. And so I spent as little money as possible. The problem with that is there's a limit to how much you can cut back on. There's a limit to how many pennies you can squeeze out of your budget. But there's no limit to how much you can earn. That does not mean you shouldn't try to cut back. You have to be able to spend less because if you don't know how to spend less than what you make you're never going to build wealth. But just don't get caught up into the game where all you do is spend less. That was what I originally focused on was just how to cut expenses cut expenses cut expenses and I cut back really hard which was fine for me because my personality aligned with that. But I don't think the average person would want to do what I did. So if you can't spend less to you know whatever level you spend less what you can where you can as extremists you can then you look for ways to earn more money. And now you're going to say well how do you do that? And again it's going to be dependent on you because personalized finance is personal. Maybe you work to ask a boss for a race. Maybe you get a second job. Maybe look for a new job. Maybe look for a career change. Get a certificate aligned. If you spent $500 online you can get a certificate to get some sort of new job that might be able to pay you $70,000, $80,000, $110,000 a year depending on what the job is. Maybe you go and start a side business or a side hustle or maybe start a whole business. But that's going to depend on what's right for you. Do you have I mean personal finances personal. But when you look at a healthy healthy ratio maybe for people to understand if you just again this this the audience for this is a wide range. Some of them have been investing for a long time and they get this game. Some of them are probably new to finance and they're trying to figure out they're in nine to five W2 and they're a little bit entrepreneurial but they're also focused on finance and they're not super financially literate but they understand like they're you know some of their friends do real estate and stocks and well they also want to start their own business. There's all these ideas that are sort of just like you know you know ruminating in their head and they're trying to figure out what to do and there's so many different options. So what would be like from an entrepreneurial perspective I would say don't leave your nine to five and if you want to make a little bit more money maybe start a side hustle or find a talent or a skill and you can go find ways to close clients like you said you know you work nine to five or nine to seven then you take your seven to nine or seven to ten or your weekend and you do some freelancing work and you can start to see what entrepreneurship is like and that can make you a little bit more money but say you have this bucket of money that's coming in from your work and your side hustle and your entrepreneurship or you're whatever. What are good ratios the people should think about so they can put X amount of money towards their rent or their market and X amount of money towards investing just some best practices based on an average risk tolerance of somebody from like 25 to 35. Yeah a simple rule of thumb that I say is a 75-15-10 plan which says for every dollar that you earn from here and out 75 cents is the maximum that you can spend 15 cents is the minimum that you invest 10 cents is the minimum that you save create three different bank accounts one for your spending money one for your investment money and one for your savings money and then automate this process automate it most banks are going to do this for free if your bank is trying to charge you find a new bank and the reason why you want to automate it into different bank accounts is because you don't want to accidentally spend your investment money on a new TV you don't want to actually spend your savings money on a car your savings money is there to protect you against an emergency your investment money is what's going to be used to invest in your real estate your stocks the books that you want to learn or to whatever your investments might be you're spending money is what you used to pay your mortgage or your rent to pay for your car to pay for your groceries to pay for your vacations and everything in between and the reason why I say it like this is because everybody is different some of you are going to say I want a nicer car others are going to say I rather live in a nicer place all the people are going to say screw all that I can live in a small box I rather travel and that's fine but as long as you're spending within your means and putting money aside to invest and save then it's within your spending plan and I would say this is a simple way to start do we have in in the US in particular exam sure I know the answer to this but you you live in this space so you must have some some data or some insight do we have a massive wealth building problem like if we just look at because I mean I think I'm and definitely am super biased because I speak to entrepreneurs all day and I speak to successful people who sold their businesses so I have no I have no understanding of the average individual and what people are going through because I'm just it's I'm very fortunate my little circle of friends here is it's fabulous but it's not the reality I don't think many people are financially literate I don't think many people are investing if I even look at give you a personal example I look at my parents like they don't invest in real estate and stocks the way they should they have a money manager and a financial manager and that's fine but they're not the strategies that the most successful people in my circle of friends are using for example so what's the state of wealth building in the US right now about 70 to 80 percent of Americans and the reason why I give a range is because it depends on the study but some of you should seven to ten out of Americans are a little bit paycheck to paycheck that means they have no extra money to save no extra money to invest half of Americans are not investing at all and have not invested at all that means no savings no investments no stock market no gold no real estate no nothing no retirement no 401k so if you walk down the street that means for seven out of ten people that you see actually closer to eight out of ten people that you see but we'll run it down these are people that have next to nothing of their bank account more than half of Americans do not have a thousand dollars to their name and that's the average state of America now there's two reasons for this there's the you problem and then there's the me problem the me problem is I spend too much money I don't automatically earn money and I buy too many dumb things that applies to everybody but there's also the you problem which is how the economic system is keeping a lot of people broke and this is something that's out of control and what I mean by that is if we take a look at the last five years between 2019 and 2024 the average household income in America has grown by a little bit under 18 percent but I'm going to round it up to 18 percent so the the median household income in America has grown by 18 percent while the average inflation rate reported inflation was just over 23 percent over the same time period housing prices have grown by a little bit over 50 percent that's renting and buying and at the same time the S&P 500 has grown by over 80 percent so what does that mean over the last five years the average American who works to get a salary has become poorer because your salaries have not kept up with inflation that means you have to spend more of your money to buy groceries you have to spend more of your money to pay for your rendering mortgage you have to spend more of your money to just survive and you have less money to save and invest if any at the same time the average investor has become disproportionately wealthier the average rate of inflation over the last five years has been 23.1 percent while at the same time housing prices have gone up by 50 percent which means if you invest in real estate chances are your rental income has grown chances are your rental properties have grown unless your own office buildings which have really been heard but the stock market has also grown the S&P 500 has grown by around 80 percent which means investors got a windfall the average person became poorer why because of something called inflation and inflation didn't start in 2019 or 2020 inflation has been happening for decades but it just became a hot topic after 2020 because of how extreme it got over the period of five years but this same thing has been happening decade after decade after decade if you look at what the Federal Reserve Bank says the Federal Reserve Bank is our central bank in the United States and what they say is that they want two percent inflation and what I'd like everybody to think about when they say that is why 2% mean how do they come up with a number why is it not 3% or why is it not 1% actually why is it not 0% inflation because inflation means that you have to spend more money to buy groceries you have to spend more money to buy things and inflation is there to benefit the investor because when you see inflation that means more dollars go into the hands of businesses which means more dollars go into the hands of the investors who own those businesses inflation disproportionately benefits the investor while disproportionately hurting the average American who's not an investor because inflation means that consuming becomes more expensive at its core I mean inflation is with the value of the dollar goes down causing the price of things to go up so if you if you have to spend more money to buy things like you have to spend more money by groceries to buy a flight to buy a car that means consumption gets more expensive which means more dollars are going into the hands of businesses which means again investors who own those businesses benefit and this is where now you have to understand that is happening this economic shift is happening it has happened in the past it will continue to happen in the future and it has happened since way before the pandemic the reason why the Federal Reserve Bank wants 2% inflation is because 2% inflation is no one low enough that the average person doesn't notice a day to day under the pandemic era we went way above that which is why it was so extreme and now people starting to feel that pinch of inflation but 2% inflation is low enough that the average person doesn't notice a day to day but it's still happening which means that if you just become a consumer and an employee and you are not an investor you are a victim to this economic system we're never taught this and this is where a lot of people get upset but in order for you to win now in order for you to beat this system you then have to look at the me problem which is stop spending so much money and dumb stuff that you can't afford and that means you got to now cut back on your expenses that way you have money to invest you don't have to be a millionaire to capitalize on this but you have to understand how to control your money to do it when we look at this system that's really just hurting I didn't realize that the I mean the numbers that you just mentioned like the 70 to 80% that's huge so this is the majority of Americans are not doing very well right now at all and this system of inflation if more money is supposed to flow back to the businesses I'm assuming in theory that average wages are also supposed to rise to some degree because some money is supposed to go back it's supposed to and air quotes supposed to go back into the workforce but it doesn't and it doesn't keep up and investors are greedy and shareholders are greedy and stock prices go up and investors get more money and they pay themselves out more and and I think probably very little trickles down to the average employee which just it just squeezes their budget like you're saying so so I think that I'm just curious because I know that you have opinions on it why financial literacy is so poor in not just not just the US I mean coming from Canada as well there was like I don't think there was really any financial literacy I think it's a very similar education system there was really not much at all why I think it's because it's profitable to keep people financially stupid and what I mean by that is let's just take a look at a few examples banks profit when you're in debt it isn't their best interest for you to not be very financially smart because if you were maybe you wouldn't go out and book money in your credit card maybe you wouldn't finance that car maybe you wouldn't go out and pull money out of your home to buy a boat banks make money when you're in debt so they want you in debt corporations profit when you're spend it's not in their best interest for you to be financially smart because maybe you'll think twice before buying a $3,000 Gucci bag the governments profit when you are just an employee now as a licensed attorney who is not your attorney what I can tell you is our tax code is designed to benefit investors more than employees what does that mean if you are an investor you get to qualify for either lower tax rates or be higher tax rate offs when you are a doubly to employee you get to qualify for neither as a doubly to employee you pay what's called ordinary income tax rates which are the highest tax rates that a tax code has to offer when you are an investor you get to qualify for long term capital gains rates which are lower tax rates and order you get to qualify for lower or bigger tax rate offs these are things you get when you're financially educated as an investor but you don't get as an employee you profit when you're financially educated you profit when you are an investor but this is where you have to learn how the system works and I'm going to take this one step further because this stuff really bothers me because I never learned this I did not learn any of this in school I did my parents are immigrants from a state in India called Punjab they worked their butt off they worked very hard to give me a good education because what they wanted was for their son to become an educated person that way he could then become wealthy but the problem with that is we assume that the way you become wealthy is by doing good in school getting good grades but there's a disconnect here we live in what's called a capitalist system and in a capital is system most people don't understand how a capitalist system works right now it has become a political term and still most people don't understand it yet don't you think that we should learn what that means if we live and work in a capitalist system because I'll break it down a capitalist system means that you have two ways to make money you can make money off your labor where you can make money off your capital which is your money school teaches you how to make money off of your labor you go to school to get a job that way you can work as a doctor as an attorney as an accountant as an engineer as a whatever you want to do as a nurse you could do whatever you want but you learn to make money from your skills as a laborer but if you look at the wealthiest people in this country and the world they're not working to make money off of their labor they're working to make money off of their capital they're money they own investments they own businesses they own stocks they own real estate and with the value of those assets go up they become wealthier if the value of those assets go down they lose money on paper but they can also create income from these things and so if you look at the wealthiest people they make money from their capital our entire education system teaches us how to make money off of our labor I never once learned to think about investing I never once learned to think about dividends or royalties or rental income these are things that I had to go out and learn on my own and I was very lucky I got lucky that I stumbled across some financial education books that started reading these things and it picked my interest but the average person doesn't and so you could screw it if you don't go out of your way to learn this now I'm very happy that YouTube makes this information much more accessible but still you have to be the one to go and take that first step yeah it's not as great as YouTube is it's not the formalized education that everybody every everyone's kids going through you know like great if they discover a great channel like yours but still this should be and listen we're not going to change the education system in one podcast but this should be part of you know grade one grade two grade three like this is when kids start learning about this stuff because this is what can change someone's life so now you have an issue so you have lack of financial education I love I've never heard it phrase that way but in a capitalist system you have opportunities to make money via your labor or via your capital they just teach via your labor so everyone's focusing on that coming out of school unless your parents or you have a friend or something that's very entrepreneurial or does invest but if you don't have that you have to go out and find that info and the other thing that really just it's like you're getting screwed by from all sides because the other thing is debt culture and and credit cards and I actually just I it's so interesting so timely I just saw I don't know if it was TikTok or something like that it was a short little video and the guy was acting out a skit about how his credit card company had canceled his credit card without even notifying him because he wasn't using it because for them if he wasn't using the credit card and he wasn't putting charges on it then he wasn't they weren't making money off of him so why keep him as a customer and I was like shit that's pretty wild that's that they don't even let you just keep a line of keep a credit card open if you're not using it and they're not making money off you that's that's it just it's just a little bit like a light bulb moment it makes sense when you say it out loud but that's how shitty some of these credit card companies are and that's really you can tell what their incentives are is the best way to put it absolutely and you've got to learn how to use the system right this doesn't mean that banks are evil or that corporations are necessarily evil I use banks I mean that's where I keep my money I use high yield savings accounts right and more interest on my money I like corporations because I can buy my stuff from them right I want to be able to have nice things they're the ones that pay for hotels or buy the hotels or they own the airlines I want to be able to go on nice flights or have a nice hotel or have nice stuff I got to pay somebody for that but this is where your education comes into play how do you use a credit card to your advantage I use credit cards but I never pay a penny in interest on my credit cards because I pay my ballots in full on time every month I and so it's that financial education of how do you use the system because sometimes people get angry and they just say oh banks are evil corporations are evil everybody's evil but look we live in a world where banks exist and corporations exist learn how to use the system chair advantage and you know what I always say is you got to learn the rules to money it's a game and it's like football I I played football in high school and if you play football you walk on the field without a helmet you're gonna get knocked out you don't know the rules and that's what's happened into the game of money people are walking on the field with no helmet on and not even knowing that you're supposed to have a helmet you don't know the rules of money and this is where so many people get screwed over so people have to know the rules of money people have no the rules of investing and I want to talk about sort of like best practices just to start understanding where to invest in a second but you just mentioned something like banks aren't evil corporations aren't evil they're playing their own game and and you're just a piece of that game and if you don't understand the rules and you will get played to a degree are there things outside of avoiding I mean there's good debt there's bad debt we can talk about that you know I would say the credit card debt would be bad debt real estate that could be good debt but outside of that are there are there predatory practices or just what are the most important things that if somebody is trying to get their finances right that they should pay attention to from all the institutions that they will interact with banks corporations and they may not be predatory maybe they're just things that people don't understand or don't know well that are really hurting them what are the things the the few things that people should pay attention you just gotta think about somebody's intention everybody has some sort of intention or some sort of bias from where they come from but most people have a financial question they go to their banker because most people don't have financial advisors so when you go to the bank and you say hey how how nice about car how expensive a car can I afford they're gonna say nicer if you ask the banker how big of a home can I afford they're gonna say bigger then you're gonna go to your realtor and say hey how how big of a home do you think I can afford and they say oh even bigger why because the bigger home that you buy the bigger commission checks that they get now that doesn't mean that all realtors are evil or bad some are bad but some are also very good some bankers are also very nice and they're good everybody's in the business of making money right they're just making money for themselves banks want to make money for themselves not for you realtors want to make money for themselves this is why you got to have that by nature of education to know what's right for you because again there are certain things that you're gonna want you're gonna want cars a car salesperson's gonna want to sell you their car they're gonna want to sell you the upgraded package you might want it the question you have to understand to be able to answer for yourself this hand you afford it and that's the ultimate question and you got to just go back to that because again you want to buy a nice home every bank is gonna want to sell you the mortgage on it every realtor's gonna sell you get the commission on it nothing wrong with that you want to have a nice home by process we all like when you have good customer service when you have a nice realtor that takes care for you a nice banker that works with you you want to have that nice process nobody doesn't nobody wants to go through a crappy customer service process and there's a fee for that but you got to make sure you can afford with your bike I want to take a second and thank Range Rover Sport for supporting today's episode now let's talk about tools that match your ambition that match the ambition of everybody who's listening today who has taken risks who has upleveled their personal professional development who's tried to build their own thing everybody listening gets it there is a moment when the thing you're trying to build the challenge that you're taking on it finally starts to take there's like this rush of excitement and possibility and that feeling that feeling that you get when you get behind of the wheel of a Range Rover Sport because we've all had that perfect drive when the road the car and you you're all in perfect harmony but that's not just by chance the Range Rover Sport is designed to make every drive feel that way and the Range Rover Sport is not just for impressing others it's how you feel behind the wheel it's how you feel when things are going the way they're supposed to go whether or not you're navigating city streets you're exploring backroads the Range Rover Sport combines refinement with a sense of adventure it matches your own versatile lifestyle with features like adaptive off-road cruise control you can tackle challenging terrain with confidence the dynamic air suspension always makes sure you get a smooth ride it responds to road conditions for optimal performance so from daily commutes to weekend getaways the Range Rover Sport is ready for whatever you have planned it's more than just a vehicle it is a companion for all of your journey so if you're ready to elevate your driving experience visit Land Rover USA dot com and configure your Range Rover Sport today so let's talk a little bit about all the different wealth building options so people are looking at stocks bonds real estate startups crypto what what what else could there be they could invest I guess invest in a business I mean if you're a little bit more advanced you're looking at like reets or funds tea bills like it's like a million and one different things that you can put your money into so let's let's start from the beginning where should people start looking you know again I don't recommend what I do to anybody else all I can talk about is what I do why don't why don't you recommend what you do I don't recommend what I do because you're gonna have a different risk tolerance in me you're gonna have a different goal than me you're gonna have a different time horizon than me you're gonna have a different way that you want to get paid than me and so you can make the same investment says me but you might be very unhappy with the way the investments turn out so I invest some money in five primary places number one is my own business briefs media number two is in physical real estate number three is in stocks number four is in my speculative assets which is a small piece of my portfolio speculative is about maybe maybe 18% maybe a little bit less but around 18% of my portfolio and then gold physical gold is about two percent of my portfolio now what I invest in real estate I'm looking for cash flow that's the what I look for when investing stocks I have two strategies one strategies what I call active investing which is more fundamental investing investing in individual companies the other is passive investing which is what some people call dollar cost averaging investing into funds like ETFs and again the majority of my stock market investments especially my passive ones are for cash flow meaning dividend paying funds because I like cash flow that's my goal is to just stack cash flow that way I can get paid every month or every quarter and use that income or reinvest it then in the speculative side of things this is where I invest in things that I think could go up very quickly but could also fall just as hard I did not start getting into any speculative assets and tell that built a very strong foundation and stocks in real estate and so for me speculative assets came last essentially because that was like this is more of like a little more fond more risky a lot of people get into the speculative stuff first because they're trying to find the thing that's gonna pop off and make you a lot of money but that's the same thing that can also lose you everything so I like to for me I wanted to build the foundation first stocks in real estate they came real estate first then stocks but then from a speculative investments that's things like startups that I invested and then also cryptocurrencies as well and then lasting a physical gold which is a very small piece of my portfolio and I've been investing in gold for a little bit of a number of years but for me I look at physical gold as a way to save hard money I don't really look at it so much as an investment because my gold isn't really producing value it just sits there and so for me my theory is if I took $10,000 with the cash today and $10,000 with the gold today and buried them both in my backyard my theory is that the gold in 10 years is gonna have more buying power than the cash so that's why I own a little bit of physical gold and it's a little bit of insurance doomsday protection but again it's a small piece of my portfolio the bulk of my assets are all their places I think the issue is that and I love the diversification I think the issue is that people who aren't investing they put 100% of their money into speculative assets and they don't do they don't do all the best practices because they heard that somebody bought Bitcoin and got rich which is not what you should do diversification is key and when you think about sort of like safer blue chip real estate versus stocks which I think is the safer the safer decision that people can make for real estate is there an active component or a management component or an education piece that you'd recommend people understand before they start to invest in real estate or when you have somebody who's just starting to invest would you just recommend they put their money into a fund or read or something where they don't have to worry about property management any of the like like trying to find tenants or like all the other nuances that come with like owning property yeah for me I don't manage my own properties I never wanted to I never wanted to be the person that was getting calls with a toy that was clogged I never wanted to be that person yeah so I bought properties with the intention of hiring a property manager because I wanted to be an investor I don't want to be a manager of properties a manager of properties is essentially an employee I wanted to be the investor and so that was kind of my start I do I did also that invested real estate funds kind of like what you mentioned but I like investing in properties itself that's something that's interesting to me but the education component that you talked about is you got to be ready to get screwed over if you want to invest in real estate and you got to be ready to go through a stressful initial period of time because when you don't know anything when you're getting started in real estate it's the whole business so you're gonna go out and figure out how do you buy a property how do you find a good realtor who's gonna find your properties and then you're gonna start looking at properties then you got to figure out what types of properties you want and then the next thing you got to figure out is how do you actually close a deal how do you find the right attorneys to help you with that and then once you close a deal how do you find a good contractor that's gonna be a whole thing in and of itself once the property is renovated then you want to find a good property manager again there's a whole lesson to be learned on there and you I do recommend you read books I do recommend you take classes but you're gonna get screwed over and that's gonna be a real life education happens to everybody it's a part of the process and you got to be willing to go through that if you want to invest in real estate and then you got to find the right tenant and again the whole process know when you have a good property manager they're gonna do a lot of that work for you but you got to know how to find a good property manager and the best way to find a good property manager is by having a couple bad property signatures so at least that's what it was for me so you guys it's just got you got to be willing to get punched in the mouth you got to have that entrepreneurial like yeah like hey I want to do this and I'm really to do what it takes if you don't want to don't do it because there's gonna be a nightmare then but at the end of the day like you you live once and you really just have to go through this painful period once in your life to figure it out and then and just I mean because you're in it now and again I just want to point people I guess to start who are just started to invest towards sort of blue chip diversified stock portfolios or real estate and I think that people can understand and they can look they can look for a lot of advice on on on what kind of companies are a little bit safe for bets to buy into or what kind of groups of companies where they can just go into the S&P 500 and that also is just a great way to start investing as well but for for real estate people there's a lot more moving parts or feels like a lot more things you have to figure out yourself and even for a property management I mean you've got through some bad ones but just so somebody understands what does good property management look like so people can be the best real estate investor is not employees and what's a good percentage of income or how does their financial model work just so people know what to look for if they're trying to do real estate the way you're doing it which I think is just a smart way so property manager is gonna charge you either a flat fee or a commission or a fee based off of how much rental income you drive I have worked with boats they both can be good they both can also be bad I generally prefer the percentage of rental income because that means if you're not getting paid your property managers are getting paid and it gives them a little bit of incentive to keep up on what market rents are and to keep the property leased the second thing I like to really look at when it comes to fees is maintenance costs because every property is going to have maintenance costs and every property manager company is going to have a different way to go about that some property management companies are going to have one preferred contractor some are going to do it completely in house some are going to have a few different contractors that they work with but the key key key key thing that you want is number one are you paying the property manager a separate fee to oversee the work there was one property manager that worked with briefly they charged a 10% oversight fee on all maintenance that was done so if a contractor goes out there and does a $3,000 job the property manager would then charge 10% on top of that to oversee it they're not overseeing anything and that means there's no incentive for the property manager to find you a cheaper price because they make more money when the contractor charges more money so I don't like that I'm not a huge fan of property managers charge a oversight fee of maintenance I think that should be included in the maintenance charge because I don't want them to be incentivized to do more maintenance I want the right amount of maintenance and then just understanding kind of what is the property manager going to do the full day-to-day duties how do they screen tenants a lot of property managers really tout the importance of how fast they can get a property leased which is good but then you got to ask them the second question how long do the properties stay leased for because if they can lease a property in two days great but if that tenant moves out in 90 days that's not so good and so you want to know are they keeping their tenants for 12 18 24 36 months or are they keeping their tenants they're finding bad tenants just to put in there because they can get a lease commission and then do it again in a few months so you know I would say start with those questions very good and is there on the on the stock side I'm not gonna I'm not gonna ask you but speculative because that's not where people just start at all but on the stock side what would be sort of best practices for just looking at where to start I guess some of the few funds I say the average America should not be investing in individual companies just because that's gonna require you to keep up with the financial statements the earnings calls and everything in between there are funds like you said to keep the exposure to the general stock market or to the S&P 500 which is a group of the 500 largest companies in the stock market so instead of trying to find the next Amazon the next Tesla the next Apple you could invest in the stock market and we know that the stock market has historically gone up over the long term yes we see market crashes yes we see recessions as a part of the system but if you look at the markets long enough you'll see the markets have gone up and so if you don't want to have to deal with the psychology of how do I know what the right investment is and this is company going to go into bankruptcy there are funds that will give you exposure to the total stock market for example I'm not telling you what to invest in this in the example VTI is an ETF gives the exposure to the total stock market SPY is an ETF that gives the exposure to the S&P 500 those are two places where you can just start by looking yeah in research and that's not investment advice but just know where no no the options I think that's very important I mean you look at these options I mean uh so let's talk to the to the 80% of the American population that does not invest and is trying to figure this out and all they've heard about is 401k so what do you think about the 401k is this a a program that people should take part in is it better than nothing or is it just a waste of time no it's better than nothing I mean it's a it's the most accessible way to start investing but I don't do it I don't invest in a 401k I don't use tax to further comment accounts that I don't have an IRA or a 401k because you can get a lot of tax advantages through real estate so for me it just it doesn't make sense for me but they do make sense for other people so yeah I mean if you have a 401k if you've never invested before start there but then start doing something else on your own as well learn about expense ratios and fees if you have a 401k understand that your 401k is charging you a fee it's called your expense ratio take a look at what that is and then I want you to go onto google and search expense ratio calculator and then see how much is the expense ratio costing you because a small one percent fee could be eating up hundreds of thousands of dollars of your investor portfolio and fees and you might be able to find lower fee funds that can give you similar returns so you know just do a little bit of research and that's where your education can start but then as you're doing a 401k start investing on yourself by yourself as well and then see what the options are do what's better for you and I think that people probably don't think about those fees because if I think about some of the larger companies I'm sure some large companies I mean I haven't worked in the company for a while now but there was a time when I did and they had their own like they had their own investment options and you could allocate a portion of your paycheck to this like pool of different companies so there's like companies do offer options for investment some of them do I guess in Canada was RRSP matching and I guess here before a 401k matching and there's some options there but I think that it's important like that's better than nothing but just I think the self education is this key because like you mentioned you may not be aware of the fees or you may not be aware of how it works like everybody's making money somewhere if you are investing so you got to figure out how you can keep the most of your own money I think that's very very important um what would be you speak a lot about like mindset and I think that's just something that I love to reframe what is like a major mindset shift if you just want to sort of leave this piece of wisdom with the audience what is a major mindset shift that you want people to have around money and investing if they have not started yet uh two there's just two I would say number one is that you can and will become wealthy if you don't believe you're going to become wealthy it's going to be impossible if you believe you're going to become wealthy you're going to find a way to do it and the second thing is understanding how money plays a partner life money is a tool it doesn't make you a good person doesn't make you a bad person just amplifies who you are you have to understand how money plays a partner life what I say is you want to be fit in four areas this is my quadruped theory you want to be physically fit financially fit sorry physically fit mentally fit spiritually fit and at the top financially fit firstly you got to be physically fit because if you're morbidly obese or on your deathbed the only thing you want us to be healthy again when you don't feel good you don't care about how much money you have at the bank all you want to do is feel better if you're not mentally fit if you're not happy if you're surrounded by toxic people if you feel depressed or anxious all you want to be is happy and that is something you have to work on it is own quadrant spiritually fit doesn't have to mean religious this is what's your purpose what's your reason for getting out of bed every morning you might feel like you're getting a sense of purpose you're fulfilling your sense of purpose I try to earn some money but once you get that money you're going to feel very miserable so you got to understand what gets you excited and what what are you doing this for it and then your financial fitness just buys you more freedom and it's a different aspect but it's an important aspect of your life and each one of these four things physically fit mentally fit spiritually fit and financially fit have to be worked on independently I love that what would be the biggest misconception about money and investing that you see with all the people that you interact with with all the people that consume your content the biggest misconception I mean there's a lot when we discussed quite a bit of them but I think the biggest misconception just goes back to that somebody like me can't become wealthy when in reality you can you just have to number work do you people feel that people legitimately feel that why do you think people feel that is it just based on where they came from what they either where their family taught them there's a number of factors uh what you said is definitely a factor oh the reason why poverty is many times generational isn't because it's in your DNA but when you grow up being told we can't afford that we're not rich they are rich we don't have the money for this as you start to get older that becomes ingrained in your mind and then you get married you have a kid and your kid wants to have nice things and you say we can't afford that we're not rich we don't have the money for that and then that mindset kind of becomes the standard and so you have to break that mindset sometimes it's a you know nature versus nurture what else you could expose to in your life if you get beat again and again and again sometimes you know you do get beat and you gotta be having that grit to keep getting up so you have to believe that is possible you gotta be willing to put in the work you gotta have that grit to keep going even with things get hard because that's where the real success comes yeah that's that's that's so smart um what would be I mean we spoke about a lot today what's something that that I didn't ask you that I that I should have asked you something that that you think people need to hear um I think the if if if if we break it down of how do you find them who focusing on the financial side because we've talked about now just general life the way you find the best returns the way you find the best opportunities is to understand any three things number one you gotta be financially prepared that means understanding that you gotta have money to invest the mistake a lot of people make is you start preparing with things go wrong but you want to be prepared what times are okay that way you could take advantage of opportunities when times are not okay so that means get out of credit card debt save some money have money to invest second you want to be financially educated that means knowing how to find a good investment whether it's an ETF an index fund or an individual company or a real estate investment that means analyzing those investments studying that watching YouTube videos on it reading books on it maybe taking classes on it and then you want to be able to identify financial trends nowhere the money is moving no which industries the money is moving into and what is moving out of because you don't want to put your money into an industry where all the money is moving out of you want to go where the money is moving into and in the intersection of those three that's where you can find the best opportunities I love that and this is this is I mean this is what you start to you start to incorporate into your life right now like you said like that that whole framework of breaking down how much of your income goes into what you can spend what was it say it was 75 it was it 15 can so that starts now so that you are you are creating this this safety net for when things don't go well for when your business is no longer going well when you lose your job when unexpected medical bills come in you have a car accident got for bit any of these things that happen that you're not expecting you're not worried about it because you're not paycheck to paycheck and when you adopt this mindset of education building a safety net before you need it that's when I think first of all it impacts your life in a major way because now you're not stressed or not burdened you're not when these things happen but also you said you could take advantage of these situations whenever they present themselves so that you don't you don't feel like you you won't miss out because you have this safety net that you've already built I guess great advice very very good advice where so you have a whole media company now so obviously people know you from YouTube but they also can go check out your newsletter so where do you want to send and all your other sales so where do you want to send people is there one website that has everything or are there different links social links whatever we'll put it all in the show notes too but let me yeah so if you like to join market briefs is my free financial newsletter where every day my team is breaking that was happening in the financial markets that's the economy stock market housing crypto and the global economy you can just google market briefs or you can go to briefs that's CO slash market and then if you want to check out my YouTube channel where I talk about all things financial education that's minority mindset on YouTube good perfect I was going to say the last thing that I love to ask because you've had an incredible life you've gone through different seasons in your life if you look back and you wanted to tell your 20 year old self one piece of advice what would that piece surprise me you know the funny thing is I probably wouldn't say anything because I got to go through the crap you got to go through the crap to learn the lessons but if I was going to say anything it's just keep going and take bigger risks you know yeah I don't regret anything that I did so for me it's just just keep doing what you're doing and just take don't be scared to take bigger risks you