If you can double a penny, every single day for a month, you will have over five
million dollars. What's up everybody? I am Jaspreet Singh, and welcome to
the Minority Mindset. Speed is the most important factor to grow your money and
build wealth. I can run a mile in eight minutes. Not that kind of speed. You need
to know how fast you can double your money. Look. I have one do-oh wait, two. If
you have just one penny today, and you can double your penny every day, that means,
tomorrow, you will have two pennies. In three days, you'll have four pennies. In
ten days, you'll have five dollars and twelve cents. In twenty days, you will have
five thousand two hundred and forty two dollars. And in thirty days, you will have
over five million dollars. Penny? You can do all that? Now, when you're at this
stage, every time you double your money, you are making millions. Somebody give
me some pennies. In the beginning, doubling your pennies seem like nothing
because you were only making pennies. But as your money grew and compounded, the
numbers got bigger, and bigger, and bigger, and soon, you weren't doubling pennies,
you were doubling millions. Now, I have some good news, and I have some bad news.
The bad news is: You won't be able to consistently double your money every
single day. The good news is: Even if you only have a penny to your name, you can
be a multi-millionaire if you can double that penny 30 times over your lifetime.
The better news is: If you have five dollars and 12 cents to your name, you
have a headstart; you've already doubled your penny ten
times, and so you only need to double your five dollars and 12 cents 20 times
in your lifetime to be a multi-millionaire. And, if you have five
thousand two hundred and forty-two dollars to invest,
you only need to double your money 10 times over your lifetime to be a
multi-millionaire. Doesn't seem so unrealistic now, does it?
The key is: You need to know how you can double your money. And I'm gonna be
showing you how you can do it in the most efficient way possible, so make sure
you watch this video until the end. But, before we get into that,
make sure you hit that thumbs up button below and subscribe to the Minority
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You need to start by understanding what changes the speed of your money. I'm
gonna start by assuming you have five thousand two hundred and forty two
dollars to invest. That means, right now, if you don't invest another penny—I hope
you keep investing more pennies—you need to double your money ten times to get
that five million dollar number. But how do you do it? If you put your money into
a traditional savings account paying you point zero five percent a year, it will
take you a hundred and thirty-eight years to double your money. That means it
will take you something like thirteen hundred years to double your money ten
times, so you can get that five million dollar figure. By that time dinosaurs
will probably be back roaming the earth. If you put your money into your bank
certificate of deposit or CD earning you two and a half percent a year, it will
take you 28 years to double your money. So, you can say goodbye to your millions
this lifetime. That means it will take you something like two hundred and eighty
years to turn your five thousand dollars and some change into five million
dollars. The good news—if you want to look at the bright side—is: Your
great, great, great, great, great grandkids will have a few million dollars. If you
put your money into a passive investment like the stock market or real estate,
where historically these investments have averaged something around ten
percent a year, now you can double your money every seven years, and now we're
talking because you can double your money ten times during your lifetime. Yes.
It will take something like seventy years to double your money ten times and
get those multi millions, but take a look at this: If you invested an additional
ten dollars a day into your investment fund—that's like a Chipotle bowl and
some guac—now, you can cut that time in half to like thirty five years. That's a
valuable guac. But now, if you venture out, and you decide to start your own
business, now you can see returns of 30 to 100 percent a year. And assuming we
just stick on the low end of just getting a 30% return a year, now you can
double your money every 2.6 years which means you will be able to
double your money ten times over the next few decades, and you will have your
multi millions. Remember, that's just starting with the $5,000 and not
investing another penny. If you invested more money, like you invested your
Chipotle bowl and guac every single day which is like 10 bucks a day, now you can
get your millions a whole decade sooner. The thing that you have to understand
about the speed of your money is that more speed comes with more risk. Right
here, in your savings account, you have no risk. You're taking your $100, your $1,000
you're depositing, and you're banking, and you can get it whenever you want.
So, you get rewarded with very little returns. If you put your money into a CD,
now you have a little bit better returns, but you still have very little risk
because the only real risk with your CD is: You can't access your money for a
certain period of months or certain period of years. Now, if we go down this
with some more speed into these passive investments like the stock market or
real estate, you have more speed, but you also have more risk. You're not
guaranteed to make money in the stock market or with real estate.
Sometimes the markets will go up; sometimes it will go down. You're not
guaranteed to make 10 percent. Sometimes it's gonna be higher; sometimes it's
gonna be lower. So more speed, more risk. And, when you come down here to the
business where you have the most potential speed, you also have the most
risk. The key is: You need to make sure that
your risk is aligning with your goals, and if you want to speed this process up
even faster, you need to add more money into the equation. Plus, there are ways
that you can improve your returns while keeping the risk low which is what I
want to talk about in three different ways, starting with one: Your savings.
Look, your savings are not there to make you wealthy. You can see that very
clearly on this chart, but that doesn't mean that your savings have to sit there
and do nothing. You can keep your money safe in the
savings account while getting way better returns by moving your money to an
online bank like our sponsor, CIT bank. Your savings account at a traditional
bank is gonna pay you next to nothing because they have all these huge
overhead expenses of managing a brick-and-mortar bank. Well, as an online
bank, CIT Bank doesn't have all that overhead so they can reward you with
higher interest plus no fees. Did you just say, no fees? Yeah. They don't have
any monthly maintenance fees. I started Banking with CIT Bank because
they pay high interest rates on their Savings Builder
Accounts, it's easy to use, I can check my money and my interest whenever I want—
either on my mobile app or my computer— and my money is safe because they are
FDIC insured. So, if you're tired of seeing your savings sit there and do
nothing while getting eaten away by inflation, try out CIT Bank. It's free to
open an account, and it's free to bank with them. Conditions apply. But if you
want to learn more, and see how much more you can earn on your savings, I got the
links to where you can do that in the description below.
Minority Mindset is a partner with CIT banks so if you use them, we will get
compensated, but there's no additional cost to you. I mean it's free to bank
with them, so if you want to learn more, and you want to see what their current
interest rates are on their Savings Builder Accounts, I got the link for you
in the description below. Second: Let's jump to the bottom of this chart and
talk about this active investing. This active investing can make you the
biggest returns because now, not only are you investing your cash, but you were
investing your time and your efforts to physically grow your cash. The great
thing here is that your upside is limitless.
I mean Nike, Dell, HP, and UPS, all started with less than a thousand dollars, and
now they're massive. You don't have to build a massive fortune 500 company to
become extremely wealthy, but you get the idea. There's a lot of upside; however, the
downside is, this comes with the most risk. I mean you can lose everything: your
money and your time. If you want to see the returns that you're looking for
through this active investment, you need to have that entrepreneurial Mindset
which isn't for everyone. I mean if you're doing it just for the
money, you might as well just kiss your money goodbye right now. Bye money. If
you're not interested in starting a business, then you need to focus in and
funnel as much money as possible into these passive investments. Passive investing is
when you take some of your money, and you funnel it into the stock market or real
estate, and then you walk away. This is something that everybody—it doesn't
matter if you're working your job or starting a business or whatever—this is
something that everybody needs to be doing. Every time you get paid, you should
funnel a portion of your paycheck into these investments, whether it's stocks or
index funds or real estate. It doesn't matter. You just need to keep funneling
some of your money into these passive investments, this way now your money is
out working hard to build you wealth. The more money and the more time you have,
the more wealth you will be able to build. The thing
people get confused here is, they confuse passive investing as a way to get rich
quick. So, when they don't see their millions right away, they get
disappointed and they stop doing it. The reality is: Passive investing is not a
way for you to get rich quick. It's a way for you to get rich and build wealth
slowly. I'm not gonna go over exactly how to invest your money in this video, but
if you do want to learn more, we have a free ebook that you can read on money
management and investing that you can download when you sign up for our
financial education emails. You can read this ebook and get our emails for free
by clicking the link up here or by clicking the link in the description
below. Look, all of this is just a numbers game. You need time, and you need money.
You can't change how much time you have, but it pays to start early; however, you
can change how much money you're putting into these things. So if you want to see
bigger returns, and you want to see these returns sooner, you need to funnel more
money into these things. Ideally, lower it down here. Thank you for
watching. If you enjoyed this video, share it with one friend, that way you can help
spread the word. If you wanna learn more about some tips that you can use to
improve your personal finances, I already made a video going over this, talking
about how you can have more cash in your cash flow system. If you want to learn
more, you can watch that video on YouTube by clicking this button, right over here.
Thank you for watching, and as always, KEEP HUSTLIN' *