Here's what you need to understand about your cash flow. This is you—let me draw a
nice mustache— now you look good, and this is the flow
of your money. You need to have more money coming in, so this is money from
your job, your business, your investments, whatever, you need to have more money
coming in than you have leaving your funnel. So, now you have to
pay your rent, your mortgage, your car payment, your food, whatever. If you have
more money coming in than you have leaving, you will feel rich. But, if you
want to be wealthy and have freedom, you need more than just this. What's up
everybody? I am Jaspreet Singh and welcome to the Minority Mindset. This
cash flow diagram is pretty self-explanatory. You need more money
coming in than you have leaving, if you want to feel rich, but it's a lot easier
said than done. I mean, if it was so easy, 78% of Americans wouldn't be broke. If
you want to improve this, you can start by cutting some of your expenses. You can
live a little bit smaller, you can stop eating out so much, but there will always
be a limit to how much of your expenses that you can cut because everyone needs
a place to live, everyone needs food, you have to pay for
utilities, you have to pay to go on vacations. You can work harder at your
job to earn more money, but there's still a limit to how much you can earn because
you're capped by the number of hours that you're working. I mean, you can't
work 35 hours a day. So you can earn more, but now you have to sell your freedom to
get more money. If you do both of these things, now you are working to earn more
money, and you are living smaller, now you have more money in here which is great,
but right now you don't have any freedom. If you want freedom, now what you need to
do is, you need to take this money that's in here, and you need to send it out into
these things that will pay you—I'll tell you what I.S. means in a little bit—but
you need to send it to these investments that will pay you with passive income,
which means, now you are making money without physically working, and you need
to keep doing this until you're making enough money
here to live your life, and once you can do that, you will have freedom. And today,
I'm going to be going over five things you can do right now to improve your cash
flow, this way, you have more money here to buy things that will pay you with
more freedom. But, before I get into that make sure you smash that like button
below and subscribe to the Minority Mindset YouTube channel, that way, you
don't miss our new financial education videos, every single week. First and most
obvious: Be smart with your money. Okay, coming back to this funnel right here.
The first thing, the absolute first thing you have to do is start living below
your means. You need less money going out than you have coming in. If you have
every dollar you make going out, or more than every dollar you make going out, you don't
have a chance to build wealth or have freedom. So that means, right now, you need
to live smaller. It's not the funnest thing to do. but it's the absolute
necessary first thing you have to do. That means no more Starbucks, no more
multi-massages, stop buying bottled water and drink from the sink, and—this one's
going to trigger some people—stop paying $15 for avocado toast. Once you have this
extra cash, every single month, this is when people start to freak out. Oh my god,
oh my god, what do I do with my money? Look, I'm sorry to say this, but your
parents, your math teacher, and your great uncle, are wrong. Saving is not the secret
to building wealth. Investing is. So now, when you have this extra cash, you need
to use it to buy, what I call, investment seeds or I.S. which are things that pay
you for owning them. I call them seeds because they work just like seeds. You
have to buy them, nurture them, and if you do this long enough, you will be able to
live off with the fruits that your seeds produce. But, before you jump in and throw
all of your money into the stock market, because that's the secret to building
wealth, I need you to take a deep breath. You need to learn how investing works
first. I want you to dip your toes in the water first. So, take a little bit of
money, not your entire life savings, and invest it so you can get a feel of what
it's like to win, and what it's like to lose, and what it's like to research
investments. You have to start small, this way, you don't lose everything you've
saved your whole life for, and at the same time, I
want you to invest in your education by reading books and investing in courses,
this way, you have the tools necessary to succeed, and while you're doing this, I
need you to two: Do a self audit. Businesses spend millions and millions
of dollars a year auditing themselves because they want to
check their wallets. Who stole the money from my bank account? Was it you? Who me?
You should not wait until you have a million dollars before you start asking
yourself: what's in your wallet? Capital One? So, what I want you to do is spend 30
minutes a month, every month, and do a self audit of your money. That's exactly
what I do. Pick one weekend, every single month, and lay out all of your credit
card statements, all of your bank statements, all of your pay stubs, and any
other financial transactions that you have, and lay them out on your kitchen
table. Now, look at how much money you made, and look at where all of your money
went. Now, write this down so you can see where your money is going, and so you can
keep track of this. You'll be surprised at how much money you will get to keep
in your pocket. When I did this last month, I found out that my gym signed me
up for this magazine that I never wanted or signed up for, and they were charging
me two dollars and 50 cents a month for it. So, I called up my gym, I told them I
didn't want this magazine, and they said "sorry for the inconvenience" and they
told me that I was overpaying for my membership so they reduced my monthly
membership by 12 dollars a month. You never know what you will find which is
why you need to do this every single month, but while you're doing this, I also
want you to three: Grow your income from your home. Look, I've talked about real
estate investing at least a million times on a channel now, but now with the
internet, you can start making money from your home, even if you don't have a
rental property. Thanks to our sponsor Airbnb, you can list your room, your
basement, or your whole house, when you're not using it, and you can get paid with
extra income. You're in control, so you get to choose when you want to list your
extra space, and you get to choose how many guests get to stay in your extra
space. If you're going on vacation for a weekend, you can let a guest stay in your
house and let their fee pay for your vacation travels. This is a convenient
way you can add extra cash into your funnel without doing that much extra
work. The best part is there's no commitment. You get to decide when you
list your house, you get to decide who stays there, and you get to approve all of your
guests. I don't know, Jaspreet. What if somebody
messes up my house? For one: that's really rare, and for two: Airbnb gives you 1
million dollars worth of property protection and 1 million dollars worth
of liability protection to make sure you feel safe. So, if you want to see how much
your home could potentially earn you on the side, I'll put the link to where you
can do that and learn more in the description below. There's no commitment,
and it doesn't cost you to do this. All you got to do is enter a few pieces of
information, and it will tell you how much your home can earn you. Minority
Mindset is a partner with Airbnb so if you use them we will get compensated,
but there's no additional cost to you. They're free to use, and if you want to
see how much more you can earn on the side, I'll put the links in the
description below. Fourth: Be a servicer. Going out and starting a business can
add unlimited amounts of income into your funnel. But, not everybody wants to
start a business, and not everybody wants to deal with the headache, I mean,
starting a business is hard work, and if you start a business it's going to be on
your mind 24 hours a day, 7 days a week. There's no such thing as holidays off.
But, even if you don't want to start your own business, you can go out and service
other businesses, and these businesses will pay you for your services while you
work from home, and you never even have to meet these business owners. Is this
that sketchy work from home thing I see billboards for all the time? Uuh, no.
Look businesses and especially small businesses need writers, designers, coders,
marketers, and assistance that can organize their emails for them, but not
every business owner wants to or has a resource to hire a full-time employee to
do these jobs. That's where freelancers and virtual assistants come in. I know this
because I have hired freelance writers, marketers, designers, coders, and
assistants who manage my emails. These are people who I have never met before, who
are working from their own home on their own schedules. You can do the exact same
thing. Know what your skill is, and then market it to small businesses on Upwork
and Fiverr. It's free to do. And while we're talking about the internet, let's
talk about my personal favorite. Five: online royalties. Royalty income is income that
you make from something you did a long time ago. So, for example, let's say I
wrote a book ten years ago, and people are still buying it today. That means
that book that I wrote 10 years ago would still be generating
me income today because people are still buying it. Internet royalty income is
officially my favorite source of cash flow. It is not the easiest, it's actually
one of the hardest ways to create income, which is why, if you want to do this, you
need to have the entrepreneurial mindset, and you need to be able to stick to
something for a long time. But, if you stick with it and you do it the right
way, it will be able to create income and cash flow into your funnel for years
into the future. Here's how it works. Let's say you love cooking so you start
a blog called "Cooking with Jaspreet Singh" where you share some of your
favorite cooking recipes. So, you write an article on my favorite gym food, my
favorite foods to lose weight, you get the idea. Now, you like the idea of being
a blogger so you put out one new article or one new blog post, every single
week. Well, what's going to happen is, in the beginning, nobody is going to see your
blog posts or articles because nobody knows who you are. But, you had the
entrepreneurial mindset, and you stick with it for a couple years. And now, two
or three years later, your articles are getting something like a hundred views a
month. So, nothing crazy, but you're starting to get a little bit of traction.
So, what that means is, now every week, when you put a new article, each of these
articles are getting you something around a hundred views a month. So, you
put out an article on recipes to impress your wife, and that gets you 100 a month
which is, what, uh, 1,200 a year, and then you put out an article on your best fat
burning tips, and same thing—fat burning— that gives you a hundred a month, or 1200
views a year. So, nothing crazy, but you're starting to get a little bit of traction
on all of your articles. Well, what you can do now is in each one of your
articles, you can promote one of your cooking products. Like, in your fat burn
article you can talk about your favorite protein that helps with fat burn, in your
favorite recipe article you can talk about your favorite candle that goes
along with your dinner and that will really impress your wife, and so
you can talk about these products in your article, and every time somebody
purchases one of these products from your article, you get paid. Now watch this.
Let's say, for every 200 readers you get on your website or your blogs, you get
one sale. So, for 200 you get one sale and each sale makes you just ten dollars. So,
nothing crazy. That means, here, with this recipes article, you got twelve hundred
views over the year, that means, this article will make you sixty dollars over
the year. Same with this fat-burn article. This article is going to make you sixty
dollars over the year. So these two articles, over the year, will make you a hundred
and twenty dollars. Not bad, but now, let's say, instead of just having two articles
that are generating you money, let's say you have a hundred articles out there
that are getting you the same return. So, if you have a hundred articles, and let's
say they're getting the same return, instead of making a hundred and twenty
dollars, you are going to make six thousand dollars over the year. And if you have a
thousand articles, now you're going to be making $60,000 over the year from your
articles from royalty income, and it all keeps compounding and building on top of
one another. now sure, not every article is going to get you 100 views a month, and not
every article is going to get you the same number of sales. Some will be less, some
will be a lot more, but it averages out. These numbers are very, very possible, if,
that's the keyword, if you stay consistent, you keep learning, and you
keep putting in the effort to keep bringing in traffic onto blogs and learning
how to build your cash flow. Thank you for watching. If you enjoyed the video,
share it with one friend, that way, you can help spread the word. I hope you enjoyed
seeing how the cash flow model works for our finances, and if you want to learn
more about why the majority of Americans are broke, I made a video explaining why
78% of Americans are broke. I think you'll really like that video, and you
can watch it by clicking this button, right here, so check it out and as always,
KEEP HUSTLIN' *