The people who make the most money, all have one thing in common.
[Music] What's up everybody? I am Jaspreet
Singh and welcome to the Minority Mindset.
As you might know, I am an attorney.
Lawyers. Psh. Can't live with them, can't live with them. I don't work as a traditional
attorney, but I do work with a lot of attorneys, and when someone comes to me
for legal help, I refer them out to an attorney who's very good at what they do.
The business attorney I worked the closest with has given me a lot of
guidance, and he is very, very successful, and very good at what he does. He runs
his own law firm, and he has hundreds of high paid attorneys who are very good at
what they do, and he has offices around the country. So, he's the real deal.
I had a meeting with him in his office, and he sits me down, and we're talking
business, and he says, "Jaspreet, do you want to know my secret to being successful?"
Uuh, yeah. And his secret applies to every profession in the world. What he told me
was: the secret to him succeeding as an attorney was him not working as an
attorney because the attorneys that make the most money, according to him, are the
ones that don't work as attorneys. What you talking about? To give you a
little bit of background on this guy, he is an immigrant, and he had to work at a
grocery store so he could support his family, so he started with almost nothing,
and he hustled and worked his way up by living small so he could build his
empire. So what he learned was from his own hustle. See, a decent attorney will
charge you $250 to $300 an hour for basic legal work. You give me a contract, I read
it, I edit it, and I send it back to you with a $500 bill. Pretty straightforward.
Now, if I want to make more money as an attorney who's reading contracts, what do
I got to do? Well, I gotta, now, get a lot more contract, this way, I'm reading
contracts all day long, and hopefully, if I get really good at this, I can up my
hourly rate from $250 an hour, somewhere up to maybe $2,000 an hour. If you are a
big business, and you want to hire the best attorney to review your contracts,
you're going to have to pay the price. Now you might be thinking, "holy cow. $2,000 an
hour?! You can make like 10 thousand dollars a day." Yeah, you're right, but
you're forgetting just one thing. See, before you can get to that two thousand
dollars an hour rate, you have to dedicate yourself to being the absolute
best at what you do, and that might take a decade or maybe two decades. And if
you're working to be the best and get the highest hourly rate possible,
you're not working 40-hour weeks, you're working 50, 60, 70, 80, hour weeks for
decades. Now, you bust your butt, you hustle, and you don't take time off, and
you finally achieve your dreams of being able to charge two thousand dollars an
hour to read contracts. Cha-ching. You are making a ton of money, but you're capped
off. There's a limit to how much you can make. Now you're at the top of the food
chain for business attorneys. You can't really charge much more per hour, the
only way you can make more money is by working more hours. In sports terms, you
hit the salary cap. Your income is now solely limited by one thing: how much
work you do and how many hours you put in. Now, you might be thinking, "Jaspreet,
what the heck are you talking about? That's so much money." Yeah, it is. But let
me ask you this: What if instead of you doing the work yourself, you flipped it
up a little bit? You, now go out to find the work, and instead of you doing the
work yourself, you hire a very good attorney to do the work for you. You
don't get to keep all the money yourself because now you're not the one doing the
work, but you get to keep a 10% or 20% of the payment for yourself as kind of a
finder's fee. So, if I diagram this out, this right here is you, and you go out to
find businesses who are willing to pay you $500 an hour for work, but instead of
you doing the work yourself, you find a very good attorney—let's make them look
like this—and you pay them $400 an hour, and they pay you what's left which is
$100 an hour for the work. Now you're starting to think like a business person. But, let's
keep going with this. You're still not doing the work yourself, you're still
spending all of your time trying to go out and find more business, and now this
attorney here is overloaded with work. Poor attorney
can't find enough hours in the day to do all these contracts or whatever, so now
you have to go out and find one, two, three, four, more attorneys, so now you
have five attorneys doing all the same thing where you get them the work, and
they are paying you a small fee for every hour of work that they do as a
finder's fee, or commission, or referral fee, or profit, whatever you want to call
it, because you are getting them the work to do. If you are following this model
where you charge businesses $500 an hour for work which is kind of high, but it's
not unreasonable, you're charging businesses $500 for work, and you're
paying each attorney $400 of hour per work that they do, and you keep $100
for yourself. Well, if each attorney works for five
hours a day, that's $500 you get to keep— try not to get you confused with these
$500 things—you get to keep per attorney, per day, assuming you have enough work to
give all these attorneys. Now, if you want to get really crazy, multiply this not by
five attorneys but by ten attorneys, or 25 attorneys, or a hundred attorneys, and
now we're talking. of course, this is a huge oversimplification. There's more to
it than this, but you're getting an idea what it's like to think different because now
you're not exchanging hours for dollars, you're working to build, and you're
working to grow a business, and you're hiring people to do the work for you.
This applies to every industry and every business across the globe. If you can
grow them on a business you get you can scale and hire more smart attorneys or
whatever to do the work for you. Now, let me be very honest with you. This is a lot
easier said than done. It is not easy at all, because one: it's very risky, two: you
have to think different than what you've been told your whole life, and three: you
have to swallow your pride and your ego because now, if you're an attorney, you
have to go out and hire attorneys who are smarter than you, more talented than
you, and are better at their craft than you. So now you've got to decide where you
want to be. Would you rather be the person here who takes on all the risk
and has no guarantee for how much money they're going to make but has the potential
for more upside, or would you rather be here, somebody who gets more of
a kind of like guaranteed pay, and can go home at night and sleep comfortably, not
having to really worry about the business? This is what financial
education is all about. There's nothing wrong with being an employee as long as
you know that that's where you want to be. I mean, starting a business is not for
everyone. It has its own headaches, it has its own risk, and it has its own
downfalls. Likewise for an employee, it has its own headaches, it has his own
downfalls, and has his own risks. The problem that I have is when people are
here, and they want to be here, but they don't realize that it's possible for
them because they feel stuck, they don't know how, they don't understand money,
they don't understand investing. Right? What you have to understand is, any of
this is possible. You could be here, or you can be here, you just have to know
where you want to be, and then do it! And if you're looking for tips on how to
understand money better and invest your money better, we have written an e-book on
money management and investing that you can read for free, when you sign up for
our financial education emails, and you can do that by clicking the link up here,
or by clicking the link in the description below. 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 learning about what this attorney told me about making
money and if you like the story, you are going to love what a bank manager told
me about loans. This one is kind of scary to think about, but if you want to watch
this video, I'll link it for you, and you can watch it by clicking this button,
right here, thank you for watching, and as always KEEP HUSTLIN' *