What's up everybody, I am Jaspreet Singh, and welcome to the
Minority Mindset. How much would you pay for a Rolex? I like watches, I wear one
pretty much every single day, you've probably seen it in my videos, but I
don't own a Rolex, maybe I'll buy one sometime in the future, but right now I
don't, I have been really into those minimalistic type watches recently, but I
was scrolling through Facebook, and I saw something very interesting: pictures of
babies, people arguing about politics, puppies, more politics, hmm, an ad for the
standing desk I was talking to my friend about? How does Facebook know that I
wanted a standing desk? I didn't even type it on Google or
anything. It's weird how they can read your mind. And then, there it was: an
advertisement for the most affordable Rolex watch in the world, for just 88
dollars a month. That's when I started looking at the fine print. Is this a fake
Rolex? Nope, it was an authentic Rolex valued at $8,000.
It wasn't Rolex that was advertising this watch, it was a resale company that
specialized in financing Rolexes to people who can't afford Rolexes. As you
know, I'm a little weird, and when I see things like this where there are
companies that only sell financed Rolexes to people that can't afford them,
I get really interested. Turns out that this wasn't just one random oddball
company that specializes in selling luxury things to people that can't
afford them, there are a ton of these companies out there. You can finance
watches, Jordans, the shoes, name-brand jeans, even Gucci belts, and wallets. And
the best part is that these companies make you feel good for financing these
luxuries that you can't afford. Get luxury now, finance later. Add the items
that you want to your cart, pick which
financing option you want, and then you
get your product and all you have to do is make a small monthly payment for the
rest of your life. Big deal though, right? I mean, eighty eight dollars a month is
nothing compared to the value of the Rolex, and it's a lot cheaper to buy a
Rolex this way then if you bought it according to my rule of five. If you
don't know my rule of five, my rule of five is: if you can't
buy five of them, you can't afford one of them. So, if you don't have $40,000
sitting and extra cash, this is outside of your savings and outside of your
investments, this is $40,000 extra, you cannot afford
to buy this $8,000 Rolex. And $40,000 is the bare minimum. But $88 dollars a month?
Psh, that's nothing! And people will think you're rich. I'll
give you this: $88 is not a lot of money to own a Rolex, but it's not a one-time
$88 monthly fee, this is an $88 monthly fee for a long, long time, and you're
owning a low-end Rolex—yes $8,000 is a low-end Rolex—and you're owning something
that doesn't pay you, and you're owning something and finaning something that
is going to depreciate in value. But that's not all.
If you zoom into the fine print, you will see that you'll be paying an interest
rate of 10 to 30% a year to own this Rolex watch that you can't afford.
Psh, who cares, it's still only 88 dollars a month. Well, let's look at the numbers.
If instead of paying eighty eight dollars a month, you invested this eighty
eight dollars a month, and you were able to get a guaranteed 30 percent
annual return on your money—I know that's very high, but that's how much
you're paying here—if you did this for ten years,
you would be sitting on a cash pile of $75,000. If you kept this up for 20 years,
you would be a millionaire. Do it for 30 years and now you'll be sitting on
fifteen million dollars from your 88 dollar monthly Rolex investment. Do you
know how much fifteen million dollars is? You could buy a hundred of these Rolexes
in cash, without financing a single penny, and still have fourteen million dollars
sitting in your bank account. The majority of people always talk about, oh
I can't get a guaranteed 5% or 10% return on my money, so what's the point of
investing? Well, when you go out and you finance things like this, you are giving
somebody else a GUARANTEED 30% return on their money, so... Thank you for your
service, I guess? And beyond just the financial cost to financing
the Rolex, there's a mental aspect too. Rolexes are a status symbol, but who do
you think this $88 a month Rolex is catering to? Is it the
professional, or the investor making a million dollars a year? Or, is it that
broke 26 year old kid who wants to look like he made it, to all of his other
broke friends? Look it's expensive being broke, because you have a whole world
worth of businesses that are trying to get you to finance things that you don't
need, that you can't afford, that don't pay you—paying 10% 20% 30% even a
100% a year in interest—this way you can look like you made it, even
though the only thing you make are interest payments every single month.
When you finance a Rolex because you can't afford it,
you are getting the satisfaction of having it before earning it. But, who
wouldn't want that in the first place? I mean, it could take years of hustle and
hard work to be able to actually afford a Rolex, but 88 dollars a month? Shoot, that's
the shortcut and easy way to get it right now. HelloOo
ladies, check it out. Yeah, it's a Rollie. But, there's a difference between
actually making, it and faking it. When you feel like you got it even though you
don't, what's the motivation to keep going? I mean, you already got the Rolex.
You gave yourself the reward before putting in any of the work. It's like
trying to train a dog to sit, but you keep giving him a treat before he
actually sits down. What's his incentive to sit down? Our
minds work the same way—you're giving yourself the reward without any of the
hustle. And since it's so easy to do with a $88 a month Rolex, why not do it with a
fancy car and a fancy house too, that you can't afford. Next thing you know, you
gotta work until you're 145 years old to finally pay off the things you can't
afford. You can't spend time with your family, you're always stressed about
money, you have no college fund for your kids, but hey, at least you got a Rolly on
your wrist, and a fast car in the garage... #winning, let me just put that on
the 'Gram real quick. My advice: don't go and put that Rolex on your wrist until
you can easily, easily afford five of them in cash. Actually, you know what, I
take that back. Go to the store, put that Rolex on your wrist, and see what it's
like, if that's what you want, and then, remember what it's gonna take you to
finally be able to afford it. And if you're looking for other ways that you
can earn more money on the side without quitting your job, I made a video
talking about how you can do this, and I linked it in the description below for
you to watch. Thank you for watching, if you enjoyed this video hit that thumbs
up button, and share with one friend so we can help spread the word. Don't miss
our new videos on entrepreneurship, business, and money every single week, so,
hit the subscribe button and notification bell below, that way you
actually find out when new videos are released, and as always, KEEP HUSTLING *