What's up everybody? I'm Jaspreet Singh and welcome to the Minority
Mindset. Saving your money in the bank is a 100% guaranteed, guaranteed route to
being broke. You've heard me say that before. Inflation makes the price of
things rise like this while your money in your savings account is sitting still.
It's not growing at all. So the price of things keep going up while your money is
not moving, so you are slowly becoming broker by saving your money. That doesn't
mean that you should not save your money in the bank, that means you need to know
how to use your bank the right way, because the majority of people are using
their bank the wrong way. That's why, today, I'm going to go over five things your
bank doesn't want you to know. So don't tell them that I told you. But before we
get into that, make sure you hit that thumbs up button below, because it's kind
of like a virtual high five. Number one: the truth about maintenance fees. This
one makes me want to rip my microphone off. My 87 year old grandma opened up a
savings account at Bank of America a long time ago, and last year, I was
helping her with her taxes, when I found out that Bank of America has been
charging her a 12 dollar monthly service fee for doing zero services, for the last
15 years. Hhhaa, us, people are paying thirty four billion, with a, B, billion dollars a
year in monthly service and maintenance fees that you don't have to be paying. So,
if this bugs you as much as it bugs me, do me a favor and please check your
account. Psst, I have a secret. There are tons of banks out there that don't charge you any
monthly fees. So here's what I want you to do: pick up your phone, call up banks,
and ask if they have a monthly maintenance fee. If they say they do, tell
them: nooooo. Two: financial illiteracy is financially profitable. Do you know how
banks make money? Uuuh, through fees? Yeah, but they make even more money when you don't
know how to manage your money. Hey! where's all my money?
Banks get rich when you don't have any money, but you're still not willing to
sacrifice your Gucci belt. In 2017, Americans paid a hundred billion dollars
of credit card interest for the first time in history. Wa-w-w-wait. Hold your
applause, because Americans just outdid themselves. In 2019, Americans paid one
hundred and twenty two billion dollars in credit card interest. Oooh, you want to
buy a boat? No problem! How about we give you a line of credit? This way, you can
sail away from all of our money problems. Three: if you like shopping so much, shop
for banks. Banks are the best place to put your savings, but you need to
remember that your savings are not there to make you wealthy. But that doesn't
mean that you have to put your savings in an account that's going to pay you
0.03% a year in interest and then charge you $20 a month
in service fees. The internet changed how we shop and now is changing how we bank.
Funny story, when I first moved my money to an online bank, I went to my banker to
transfer the money, and she was like "well, why don't you just move your money to a
five-year CD with us? We'll pay you a whole 1% a year." And I looked at her, and
I was like "well, my new savings account pays me more than that, and I can access
my money whenever I want." She wasn't very happy. If you're looking for an online
bank to put your savings, I use CIT Bank, who is also the sponsor of this video.
CIT bank savings builder offers an interest rate way better than the
average savings account, and they don't charge you any fees. But, uh, if my money is
online, how do I access it, Jaspreet? You can just transfer your online money
to a different bank account, whenever you want, and then you can go and grab your
cash. Plus your money is protected, because CIT bank is FDIC insured.
Conditions apply. So if you want to see how much more you can earn on your
savings and open up a free account, I'll put the link to where you can do that in the
description below. Minority Mindset is an affiliate partner
with CIT bank, so if you open an account with them, we will get compensated, but
there's no additional cost to you. Their savings builder account is free and the
link is in the description below. Four: your bank is not your financial planner.
Banks love it when you come in and ask them, "hey, so, uh, how should I use my money?"
Uuugh, your bank is in the business of making money. Not for you, but for the bank. I'll
show you what I mean. Banks spend so much time and money promoting the idea that
the home that you live in is an investment. You've probably heard that
before. If they can convince you that your home where you live is an
investment, then it's so much easier to get you to buy a bigger home that's out of your
budget where the monthly payments are making you live paycheck to paycheck,
because it's an investment, and your designer kitchen is going to make you so
wealthy one day. They don't care if you can make the monthly payments. As soon as
you sign the loan paperwork, your bank gets paid, and then they're going to turn
around and sell your mortgage to somebody else and then let them worry
about your payments. If you're using the bank's money to buy something that will
make you money, like real estate, as an investment. That's one thing. But we both
know that's not what the majority of people are doing, which brings me to my
fifth and final point: you don't have to think like everybody else.
We are called the Minority Mindset, because we don't think like the majority
of people. The average American household with each debt, remember, average, has
sixteen thousand dollars of credit card debt, thirty thousand dollars of auto
loan debt, fifty-one thousand dollars of student loan debt, and a hundred and
eighty two thousand dollars of mortgage debt. That's why it's called the rat race.
It's a game where you just go to work to make money, just so you can pay your
banker. But, just because everybody else lives like this, does not mean that you
have to as well. Look, I'm not a financial planner. I'm an attorney. But I can tell
you that none of these things are going to make you wealthy. If you want to be
financially free, you need to stop financing things that you don't need,
that you can't afford, that don't pay you with money that's not yours.
Then only buy things that you can afford with cash. Remember my rule of five: if
you can't buy five of them, you can't afford one of them. Now when you have
this extra cash, don't just spend it on things. Use it to buy investments that
will pay you for owning them. And if you want to make the smartest financial
decisions, you need to be on top of what's happening in the finance and
business world, which is why, we created the free Minority Mindset newsletter where we
first break down the top finance and business news, and then we show you how
the news affects your wallet. This way, you can be money smart. This newsletter is
completely free, and you can subscribe by clicking the link appear or by clicking
the link in the description below. Thank you for watching. If you enjoyed the
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KEEP HUSTLIN' *