What's up everybody? I am Jaspreet singh, and welcome to
What's up everybody? I am Jaspreet singh, and welcome to

the Minority Mindset. Ready for some average numbers? The average American
the Minority Mindset. Ready for some average numbers? The average American

household has $16,000 worth of credit card debt, $30,000 worth of auto loan
household has $16,000 worth of credit card debt, $30,000 worth of auto loan

debt, and $51,000 worth of student loan debt. That's almost a
debt, and $51,000 worth of student loan debt. That's almost a

hundred thousand dollars worth of debt, and I haven't even touched your house.
hundred thousand dollars worth of debt, and I haven't even touched your house.

Hey, where's my money? When you're playing the payments game like this, it's a rat
Hey, where's my money? When you're playing the payments game like this, it's a rat

race. You're making money, just so you can make your payments to your bank. Hey boss, uh,
race. You're making money, just so you can make your payments to your bank. Hey boss, uh,

don't bother paying me next month. Just pay my bank directly. So you think, hmm, if
don't bother paying me next month. Just pay my bank directly. So you think, hmm, if

I work harder, and I can get a promotion, or I take some overtime shifts, I'll make
I work harder, and I can get a promotion, or I take some overtime shifts, I'll make

more money, and then I'll get out of this mess. I'll run out of this rat race. You
more money, and then I'll get out of this mess. I'll run out of this rat race. You

start spinning your wheels faster and faster and faster, because you think
start spinning your wheels faster and faster and faster, because you think

it'll get you out of this mess, but what keeps happening is your payments and
it'll get you out of this mess, but what keeps happening is your payments and

expenses keep going up. who keeps taking all my money? Well, thankfully there is a
expenses keep going up. who keeps taking all my money? Well, thankfully there is a

way out of this debt mess, and it can help you breathe a whole lot easier. But,
way out of this debt mess, and it can help you breathe a whole lot easier. But,

before I get into how you can pay off your debt quickly, make sure you hit that
before I get into how you can pay off your debt quickly, make sure you hit that

thumbs up button below, because if you don't, YouTube stop showing you our videos, so
thumbs up button below, because if you don't, YouTube stop showing you our videos, so

make sure you hit that little thumbs up button. First: make your debt cheaper. In 2019
make sure you hit that little thumbs up button. First: make your debt cheaper. In 2019

the Federal Reserve slashed interest rates multiple times. This is bad news
the Federal Reserve slashed interest rates multiple times. This is bad news

for your savings account, but it is great news if you have debt. If, that's the
for your savings account, but it is great news if you have debt. If, that's the

keyword, if you are money smart. See, the majority of people are DTF, down to
keyword, if you are money smart. See, the majority of people are DTF, down to

finance. So when interest rates come down, it is easier for the majority people to
finance. So when interest rates come down, it is easier for the majority people to

go into more debt, because loans are cheap. It's like when cookies go on sale
go into more debt, because loans are cheap. It's like when cookies go on sale

at Walmart. When cookies are cheap, people don't run over to the salad section. They
at Walmart. When cookies are cheap, people don't run over to the salad section. They

grab as many macadamia cookies they can fit in their trunk. But, you're not
grab as many macadamia cookies they can fit in their trunk. But, you're not

like the majority of people. You're not DTF, down to finance. You are DTR, down to
like the majority of people. You're not DTF, down to finance. You are DTR, down to

refinance. Interest rates are lower. Meaning,
refinance. Interest rates are lower. Meaning,

if you have student loan debt, mortgage debt or credit card debt, you can borrow
if you have student loan debt, mortgage debt or credit card debt, you can borrow

money at a cheaper price, and pay off your current debt, and pay less money in
money at a cheaper price, and pay off your current debt, and pay less money in

interest, which brings me to my second point: refinance the smart way.
interest, which brings me to my second point: refinance the smart way.

When most people refinance on their loans thinking that they're going to save
When most people refinance on their loans thinking that they're going to save

money, they actually end up paying more money in interest, even though they have
money, they actually end up paying more money in interest, even though they have

a lower interest rate. Waaa. Here's what happens. Let's say you have a $500,000
a lower interest rate. Waaa. Here's what happens. Let's say you have a $500,000

mortgage, and a 5% interest rate, and you work for 10 years to pay down your
mortgage, and a 5% interest rate, and you work for 10 years to pay down your

mortgage, and after 10 years you only owe $400,000 on your loan, and that's when
mortgage, and after 10 years you only owe $400,000 on your loan, and that's when

interest rates come down all the way to 3%, so your bank asks you, do you
interest rates come down all the way to 3%, so your bank asks you, do you

want to save some money? Uh, yeah. So, you refinance on your mortgage, but
want to save some money? Uh, yeah. So, you refinance on your mortgage, but

instead of taking out the $400,000 which is what you had, before you decided to
instead of taking out the $400,000 which is what you had, before you decided to

take out $550,000, because your home appreciated
take out $550,000, because your home appreciated

over the last 10 years, and now you want to keep your monthly payments low, so you
over the last 10 years, and now you want to keep your monthly payments low, so you

extend your loan for another 30 years. Yeah, your interest rate is lower, but you
extend your loan for another 30 years. Yeah, your interest rate is lower, but you

are going to end up paying more money in interest than before. When you refinance
are going to end up paying more money in interest than before. When you refinance

on your loan, your bank will want you to either A, take out more money than you
on your loan, your bank will want you to either A, take out more money than you

need, or B, extend the term of your loan, this way you have to make payments to
need, or B, extend the term of your loan, this way you have to make payments to

your bank forever. When that happens, I want you look at your bank,
your bank forever. When that happens, I want you look at your bank,

stand up straight, look right into their eyes and say, noooo, I watch Minority Mindset. What I want you to do,
stand up straight, look right into their eyes and say, noooo, I watch Minority Mindset. What I want you to do,

besides saying no, is take out the least amount of money possible, get the lowest
besides saying no, is take out the least amount of money possible, get the lowest

interest rate, and continue making the same payments you are today. So, to add
interest rate, and continue making the same payments you are today. So, to add

another layer to this. If you are paying twenty seven hundred dollars a month
another layer to this. If you are paying twenty seven hundred dollars a month

with your 5% interest rate mortgage, and now your monthly payments come down to
with your 5% interest rate mortgage, and now your monthly payments come down to

twenty one hundred dollars a month, I don't want you to start paying twenty
twenty one hundred dollars a month, I don't want you to start paying twenty

one hundred dollars a month, I want you to continue paying twenty seven hundred
one hundred dollars a month, I want you to continue paying twenty seven hundred

dollars a month, because this extra $600 that you're paying each and every month is
dollars a month, because this extra $600 that you're paying each and every month is

going to go directly to your principal with no interest added. And if you're looking
going to go directly to your principal with no interest added. And if you're looking

for companies that can help you refinance on your mortgage or your
for companies that can help you refinance on your mortgage or your

student loans, while paying the least amount of money in fees possible, I'll
student loans, while paying the least amount of money in fees possible, I'll

link some of our sponsors in the description below. The companies that I
link some of our sponsors in the description below. The companies that I

have listed in the description are affiliate partners with Minority Mindset,
have listed in the description are affiliate partners with Minority Mindset,

so if you use them, we will get compensated, but there's no additional
so if you use them, we will get compensated, but there's no additional

cost to you. So, if you want to see how much money you can save, I got these
cost to you. So, if you want to see how much money you can save, I got these

companies in the description below. And the third thing you need to know is: you
companies in the description below. And the third thing you need to know is: you

need to get your money right. If you have ten thousand dollars of debt you're
need to get your money right. If you have ten thousand dollars of debt you're

trying to get rid of, you need to come up with ten thousand dollars plus whatever
trying to get rid of, you need to come up with ten thousand dollars plus whatever

interest you owe to get rid of this debt. Pretty simple right? If only it was that
interest you owe to get rid of this debt. Pretty simple right? If only it was that

easy. If you want to come up with that $10,000 quickly, there are three things
easy. If you want to come up with that $10,000 quickly, there are three things

you need to do. I call these the three keys of money. Key number one: spend less
you need to do. I call these the three keys of money. Key number one: spend less

money. Key number two: earn more money. And Key number three: invest like crazy. When
money. Key number two: earn more money. And Key number three: invest like crazy. When

you are trying to spend less money, you need to become a supersaver. Cancel the
you are trying to spend less money, you need to become a supersaver. Cancel the

monthly massages, start cooking your own lunch, and stop drinking coffee from
monthly massages, start cooking your own lunch, and stop drinking coffee from

Starbucks. I know this is not easy, but this is a temporary sacrifice so you can
Starbucks. I know this is not easy, but this is a temporary sacrifice so you can

get your money right. Once you got the saving part handled, now it's time to
get your money right. Once you got the saving part handled, now it's time to

earn more money. Work harder at your job if you need to, or try to make money
earn more money. Work harder at your job if you need to, or try to make money

outside of your job. So, you can start a side business, become a freelancer, and start
outside of your job. So, you can start a side business, become a freelancer, and start

flipping things. Once you're here, and you have some breathing room, do not go back
flipping things. Once you're here, and you have some breathing room, do not go back

to your old bad spending habits which put you in this mess to begin with.
to your old bad spending habits which put you in this mess to begin with.

Continue living below your means, because now it's time to invest like crazy. When
Continue living below your means, because now it's time to invest like crazy. When

you invest your money, now you're not using your money to buy things that make
you invest your money, now you're not using your money to buy things that make

you broker, you're using your money like a magnet to go out and attract you money,
you broker, you're using your money like a magnet to go out and attract you money,

because you're putting your money to work for you. And if you want to make the
because you're putting your money to work for you. And if you want to make the

smartest money decisions possible, you need to stay up-to-date on what's
smartest money decisions possible, you need to stay up-to-date on what's

happening in the finance and business world, which is why we created the free
happening in the finance and business world, which is why we created the free

Minority Mindset newsletter where we first breakdown the top finance and business
Minority Mindset newsletter where we first breakdown the top finance and business

news, and then we show you how the news affects your wallet. This way, you can be
news, and then we show you how the news affects your wallet. This way, you can be

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