What's up everybody I am Jaspreet Singh, and welcome to the Minority
Mindset. There are some things that rich people know, that they don't want you to
know. Uh the nerve. Now, I'm going to be exposing some of these things today, but before I
do that make sure you hit that thumbs up button, and subscribe to our channel
below. Let me start by asking you this: how do you become rich? How do you do it?
Ninety percent of people will tell you that you need to get a good job, you need
to invest in your 401k, and you need to save aggressively. Your teachers told you
that, your boss told you that, even those financial news articles which are made
to help you become wealthy—which are run by multi millionaire and multi
billionaires—told you the same thing with articles like: five ways to become a
401k millionaire. I find that kind of funny because you see, rich people, they
do the exact opposite. Rich people don't work traditional jobs, rich people don't
invest into a 401k hoping to get a four or five percent company match, and rich
people don't save aggressively. So why are you lying to me? You're probably
thinking: oh well rich people have an unfair advantage, and I can't do what
rich people do, because... I'm not rich. Except that's not true; if you want to be
rich, you have to start thinking like a rich person. I used to think the exact
same way, my parents are immigrants from a state in India called Punjab, and like
most Indian immigrants, my parents told me that if I want to become successful,
there's only one thing I have to do: I have to study very hard in school, and
become a doctor. That's why most of your doctors are brown. Shoot, I want to be
successful, so I guess doctor it is, even though, I can't really stand being in
hospitals. I wanted to be able to support my family financially, so if that's the
sacrifice I gotta make, so be it. Then I started seeing things a little bit
differently than the majority of people. When I came to college, I somehow came
across those Forbes' richest people in the world lists, and at the time they had people
like Warren Buffett, Steve Jobs, Bill Gates, Larry Ellison, and Oprah Winfrey on
it. Do you know what all of these people had in common? None of them were high
paid professionals or doctors, and none of them used a 401k, or aggressive saving
to become wealthy. Growing up, money was not something you talked about in my
house. At the same time, my dad was working six or seven days a week, every
week with no free time, ever. This whole system did not make any sense to me,
which is why I was always looking for an alternative. And that's why I started
reading business books. Every business book I read said that wealthy people
owned real estate, so I decided, okay, I'm going to be a real estate investor too,
except, what does that even mean? Fortunately for me, this is right around
the same time that real estate prices were at rock-bottom, after the 2008 crash,
and so I found a condo on sale for eighty four hundred dollars. It was a
small, tiny, little condo, I bought it with cash, I fixed it up, and I rented it out,
and this condo started paying me somewhere between 250, and 350 dollars a
month. After expenses. Now my mind was spinning, if I could own ten houses and
each house paid me $400 a month, that's four thousand dollars a month!
HOLY... If I can own an apartment complex with a hundred units, and each of these
units pay me $400 a month, that's— $40,000 a month from rent! I had no idea what
investing was, or what the possibilities were, so I was mind blown. Nobody in my
family was an investor, I didn't know what a dividend was, and I had no one in real
estate investors, the only thing I knew was that I needed to become a doctor if
I wanted to become successful. Oh, and I should also ask for benefits when I get
a job. That's when things got really out of hand. I ended up dodging this medical
school bullet and I went to law school instead. It's a long story. When I was in
law school, my tax professor sent out an email to the entire class with an
article talking about how rich people don't pay taxes because of investment
tax loopholes. You see these loopholes and real estate, with businesses, and even
some in the stock market. But, what's the tax loophole that everybody preaches
that you should use if you want to become rich? The 401k.
If the 401k is such a great tax loophole, why don't rich people use it? Sure, you
greatest tax benefits, you don't have control over your money, you have to pay
high fees, and you can't touch your money until you're old. I already made a
video where I talk about the 401k, and I'll link that
in the description below. That's why if you want to become rich, you should look
at what rich people do instead of just what they say you should do. Now, I get it,
you might not be in a place where you feel like you're ready to manage your
money, or invest your money yourself and you probably can't quit your job and
start buying multi-million dollar apartment complexes, yet. But, that doesn't
mean you can't start taking baby steps today that would drastically change your
financial future tomorrow. That's why I want to go over three things that you
need to understand. First, the Internet has opened up a whole world of
possibilities. Use it to learn, and use it to earn. When you are learning, YouTube
and Google can be your best friend to start learning this financial education
because it is free, and then when you feel like you're ready, you can invest
your money in your mind, by investing in courses that relate to financial
education. When you are earning, the Internet has made it more accessible
than ever for you to either A, start a business, or B, be a freelancer and
service other businesses, this way you can make more money on the side without
starting your own business. And you don't need a lot of money to do either if you
have the hustle. Second, use your money as a tool, not as a fool. The majority of
people make money just so they can spend it on things that make them look
rich, or as I say, make them fake rich. A big house, a fancy car, designer clothes,
are not going to put any money in your pocket. They'll make the business rich,
but they keep you poor. Spend the next five years living small and taking every
extra penny that you have and using it to invest in yourself, and to invest in
things that will pay you with more money, this way, you can get to the point where you can
afford all the nice things that you want. And, if you want to make the
smartest money decisions you need to be on top of what's happening in the
finance and business news, which is why we created the free Minority Mindset
newsletter. We break down the top finance and business news, and then we show you
how the news affects your wallet. This newsletter is completely free, and you
can subscribe to our newsletter by clicking the link up here, or by clicking
the link in the description below. And third, remember, some action is better
than no action. Building wealth is not a get-rich-quick system, it's a lifestyle.
It's so hard to do this because as soon as the majority of people see you trying to
better yourself and your finances, they will tell you that you are crazy, and
that you have lost your mind. And that's why we are the Minority
Mindset; we don't think like the majority of people. Remember why you started and
keep pushing forward one inch at a time because inches add up. Thank you for
watching, if you enjoyed the video, hit that thumbs up button and share it with one
friend, that way you 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 our new videos are released, and as always, KEEP