Money Expert: “This Keeps You Broke! Do This to Build Wealth & Financial Freedom” | Jaspreet Singh

Have you saved your seats at Summit of Greatness 2024 yet?! Get them before they sell out at lewishowes.com/ticketsIn this episode of The School of Greatness, Lewis Howes interviews financial expert Jaspreet Singh, who shares insights on navigating financial uncertainties and building wealth. They discuss the rising inflation, debt, and the economic impact of various global events. Jaspreet emphasizes understanding your personal relationship with money, adopting a wealth-building mindset, and taking actionable steps toward financial freedom. He outlines his four-step money mantra and explains the importance of addressing subconscious beliefs about wealth. The conversation covers practical advice on investing, avoiding common financial pitfalls, and the significance of financial education in today's economy. In this episode you will learnHow to develop a wealth-building mindset by understanding your relationship with money. The importance of aligning thoughts, actions, and beliefs to achieve financial goals. Practical steps for investing and saving money effectively. How to navigate economic uncertainties and inflation. The impact of social media and societal pressures on financial decisions. For more information go to www.lewishowes.com/1644For more Greatness text PODCAST to +1 (614) 350-3960More SOG episodes we think you’ll love:Scott Galloway – https://link.chtbl.com/1636-podGary Vee – https://link.chtbl.com/1618-podDan Martell – https://link.chtbl.com/1642-pod Get more from Lewis! Get my New York Times Bestselling book, Make Money Easy! Get The Greatness Mindset audiobook on SpotifyText Lewis AIYouTubeInstagramWebsiteTiktokFacebookX

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Jaspreet Singh?

  Our economic system is designed to keep people poor. We're taught to go to school, to get a job and spend our money. We're never taught what to do with that money. We're never taught to start a business. And we're never taught how to take this money that we're earning and convert it into wealth. Really? You're working to make your bank rich, you're working to make Gucci rich, you're working to make everybody else rich except yourself. The one and only Jaspreet Singh. I am Jaspreet Singh. The chief executive money nerd at the minority mindset companies. Created the YouTube channel Minority Mindset. Jaspreet. Thank you for being here. Money talks. And the people who have money will get to be able to live their freedom. And the people who don't become subservient to the people who have money. Yeah. The first step to building wealth is to start with money mindset.

• 0:41Jaspreet Singh?

  The beliefs that you have around money and understand, number one, you can become wealthy. You will become wealthy. That money is abundant. We demonize the wrong things. People coming at this from a good perspective, that you have to own a home to build wealth. But there's also a difference between making more money and building wealth. Really? Becoming wealthy comes down to five steps. I'm going to break down into the simplest root thing.

• 1:05Lewis Howes?

  Hey, everyone, this is Lewis Howes, and I am so excited to invite you to the Summit of Greatness 2024, happening at the iconic Shrine Auditorium in Los Angeles, California. This is more than just an event. It's a powerful experience designed to ignite your passion, boost your growth, and connect you with a community of other inspiring achievers. Join us Friday, September 13th and Saturday, September 14th, for two days packed with inspiration and transformation from some of the most incredible speakers on the planet. Don't miss out on this chance to elevate your life, unlock your potential, and be part of something truly special. Make sure to get your tickets right now and step into greatness with us at the Summit of Greatness 2024. Head over to lewishouse.com/tickets and get your tickets today, and I will see you there.

• 1:51Lewis Howes?

  Welcome back, everyone, to the School of Greatness. I'm very excited about our guest and this topic. In a moment of time, when it seems like inflation is rising higher than ever, it seems like people are more in debt than ever, and it seems like we don't know who to trust. The government seems like some of them could be lying to us potentially about the economy. There are so many wars that are causing transfers of money that we're not sure where the money is going. Student loans, debt is at an all time high and it's harder and harder for people to make money these days. We brought on one of the leading experts on the internet today, Jaspreet Singh, who is a trusted individual and advisor to millions around the world about money,

• 2:37Lewis Howes?

  managing money, making money, understanding money in their lives, and really trying to figure out what is happening in the economy and in the world. And Jaspreet, welcome back to the show. Very excited that you're here because I'm confused and I feel like a lot of people are confused around money. We are dealing with, again, taxes rising, a silent recession. That seems like it could be a massive recession in the next six to 24 months, depending on when things might pop. It's harder and harder to buy a home these days. People are struggling to buy groceries, gas prices. There's wars, there's uncertainty, and I think people are anxious about what's going to be happening around the election,

• 3:21Lewis Howes?

  around the end of the year, moving into next year. And can you give us any insights on how we should first emotionally navigate the money troubles that millions of people are dealing with today?

• 3:37Jaspreet Singh?

  There's a lot to unpack there. So I think the first thing is understanding now how money plays a part in your life. And I know we've talked about this before, but I really think the key here is understanding that number one, money is important, and understanding your personal relationship with money. And what I like to define that is there's a few things that you have to understand. Is number one, is that it is my duty to become wealthy. Number two, money is a tool. Number three, money is abundant. And number four is I will become wealthy.

• 4:11Lewis Howes?

  Can you say those one more time?

• 4:12Jaspreet Singh?

  Sure. Number one is it is my duty to become wealthy.

• 4:16Lewis Howes?

  Yes.

• 4:17Jaspreet Singh?

  Number two is that money is abundant. Number three is that money is a tool. And number four is that I will become wealthy.

• 4:27Jaspreet Singh?

  The reason why I say this is because you really have to understand that you can do it. Now, there's a difference between now what I'm talking right now and thinking and growing rich. Because if we kind of now dissect this, everybody wants this outcome. And the outcome is I want financial freedom. I want to be rich. I want to be wealthy. I want cash flow. You can use whatever term you want for that outcome, right? We want some sort of financial freedom. In order to receive this outcome, you have to go back a little bit, which means I have to take certain actions. Right? I have to do things about money. I have to do things to achieve this outcome. But let's go back even more. How do you get that action to happen? I have to have a thought to go out and do something with money, right?

• 5:10Jaspreet Singh?

  I have to think I need to invest. I have to think that I can become wealthy. And this is where most people think that you have to start, right? Think and grow rich. If I think rich, I can take the right actions and have the right outcome, but that's a lie. Because what you'll realize, many of us have this is in the back of our minds, you might have this little voice saying, I know this is not true. So you can sit there and say, I'm gonna grow rich and try to manifest this wealth. I'm gonna grow rich. I'm gonna become wealthy. Money's gonna fall into my laps. But it won't happen if that voice in the back of your mind is saying, I know I'm just doing this so I can have this outcome. I don't know if it's true. Somebody like me can't become wealthy. Somebody that looks like me can't actually do it. Somebody from my background, somebody with my upbringing,

• 5:55Jaspreet Singh?

  somebody with whatever circumstances I have, can't do it. And when you have that back of that mind thought, it doesn't matter what you're thinking. You're trying to just, you're trying to out speak your mind. It doesn't work like that.

• 6:10Lewis Howes?

  So your mind and your words and your actions need to be in congruency and alignment.

• 6:15Jaspreet Singh?

  Right. And that's where we need to go one step back, right? We talked about we want this outcome. You need to take an action to have that outcome. You need to have a thought to have that action. But what's before the thought? I call this your subconscious or your pre-thought. Where this is now really getting into your, your, your true beliefs, not just your thought, your true subconscious beliefs. And that's what you have to work on first. That way you can actually think the right things. So you can have the right outcomes. Because what ends up happening if you're, if you're just thinking this with the frontal part of your mind, and I don't know which part of your brain does this, I'm just saying this. If you're just thinking this, but you really know deep down that money is evil, money is bad, I can't become wealthy. You're never gonna actually achieve the outcome that you want,

• 6:59Jaspreet Singh?

  which is why you have to start with really that deep understanding of your relationship with money and why you have that. Because the real reason why generation or poverty is generational isn't because of the circumstances that you're dealt with externally. It's because you grew up being told, we can't have this. We can't afford nice things. We don't have money for this. We're not rich like them. Rich people are evil. When you grow up hearing this, you grow up living life thinking this is true. Believing it. You believe it. And why wouldn't you? That's what you were told. Everybody around you said that. People in your school probably said the same thing. You live this life thinking that, you know, money is limited. It is taboo.

• 7:42Jaspreet Singh?

  It is bad and we can't have nice things because we're not rich. Okay, no big deal. That's what's normal. Now you grow older. You get a job. You're making some decent money. But you're gonna have the same money beliefs. And then maybe you start having kids. I know your kids wanna have the nice PS four, five, six, whatever we're on. And what do you say? Oh, we can't afford that. We can't afford the nice things. We don't have money for that. That's for rich people. We're not rich. It's now this starts to get passed down. And this is where now the first step, but we've talked about this many times. The first step to building wealth is to start with the money mindset, the beliefs that you have around money and understand, number one,

• 8:25Jaspreet Singh?

  that you can become wealthy, not just that you can become wealthy, you will become wealthy. And that money is abundant. There's a lot of money in the world, right? When people start to enter this financial education space. We start to assume that if you're rich, I can't be rich. If you have money, I can't have money. So it starts to create that jealousy or just this negative association with, oh, my God, I don't want to tell you my business idea because what if you steal it and take my money? Well, both of us can have money because there's a lot of money in the world. If you look at it from a financial perspective, the Federal Reserve Bank is printing trillions and trillions of dollars. There's a lot of money out there. You just eat a small sliver of it and you can have millions and live a life of true financial freedom. And not just that, understanding that money is a tool.

• 9:11Jaspreet Singh?

  Because the reason why we put these smokescreens around money, that money is bad, it's taboo, it's evil, is because many times people are insecure about their own money. And so when I can't go out and buy the nice vacation for my kids, I can't buy my husband that thing that he wants, I can't buy my wife that Y Seller Gucci purse that she wants, I can't go on the nice vacations. Well, you know, money is bad. We shouldn't stress about money. It's these stupid vacations. We don't need those. We can enjoy our time here. Such a scam to go out there and sit on an all-inclusive beach and have food delivered to you, right? I mean, we start to create these smokescreens where, oh, why would, why would anybody want to have an expensive car like that? Why would anybody want to have these nice and expensive things?

• 9:57Jaspreet Singh?

  Judging people who have money, yeah. And so now it's, you know what? If you don't want it, that's completely fine, but make sure you can afford it. And understanding now, money is not going to make you a good person. It's also not going to make you a bad person. It's just a piece of paper. It's fuel. It amplifies who you are. When you have more of that money, you can do more of the things that money can buy. One of those things is have freedom, have options, options to choose what you want to buy, options to choose where you want to eat, options to choose when you want to go on vacation, not just can you go on vacation, and options to choose how you want to live your life. And not just that, unfortunately or fortunately, depending on how you look at it, it also can influence what type of healthcare you can get, what type of healthcare your parents

• 10:41Jaspreet Singh?

  can get, what type of healthcare your kids can get, what type of college your kids can go to, what type of education your kids can go to. It, it matters. And so now, at the end of the day, you can hate it or you can understand it. And so we create these smokescreens without really understanding how money plays a part in our life, because at the end of the day, money talks. And the people who have money will get to be able to live their freedom and the people who don't, you become subservient to the people who have money. And I don't say that to be mean, I say this to be factual.

• 11:13Lewis Howes?

  They're facts, yeah. What I'm hearing you say is if every individual watching or listening does not take 100% responsibility for their beliefs around money, they will pass on generational money traumas to their children or the people around them, because they'll be speaking beliefs that are limiting instead of abundant.

• 11:40Jaspreet Singh?

  Absolutely.

• 11:41Lewis Howes?

  And so how does someone who has been conditioned for decades around certain money beliefs, all of a sudden educate themselves, get the tools, get the information and say, no, everything I've been taught for the last 20, 30 years of my life is a lie around money.

• 11:59Jaspreet Singh?

  Yeah.

• 12:00Lewis Howes?

  And therefore, you know, have I been living a lie myself? Am I a fraud? Are these people that I've been telling me this, can I trust them? My parents, like, your whole world blows up, essentially.

• 12:12Jaspreet Singh?

  It does.

• 12:12Lewis Howes?

  It blows up. And so how does someone navigate the emotions of, oh, all these things my parents who I love, who are well-intended, have taught me around money, have kind of been holding me back, and I understand they tried to protect me, but it's really limited me. How do we deal with that? And then start edging or kidding ourselves to break free of money limits, of money scarcity, of money insecurity, so that we can have more financial peace and emotional peace around money.

• 12:45Jaspreet Singh?

  I think you got to start with this, understanding if somebody doesn't have what it is that you want, you probably shouldn't listen to them on how to get where you want to go. And your parents might have the best intentions. Your family might have the best intentions, but they might not know how to get to where you wanna go. Right? The common saying is don't listen to a fat person on how to lose weight. Take that for whatever it's worth.

• 13:10Lewis Howes?

  Or broke person on how to make money.

• 13:13Jaspreet Singh?

  You know, my parents and a lot of traditional Indian immigrants. You come to a new country like America with very little. You work very hard. Now you want your kids to have a better life. And if you don't have financial education, you're gonna say that the best way to do that is go and become a doctor. That's why you see so many Indian people become doctors is because your parents beat it into you since the day you're one. I'm speaking from 100% experience here. Because since I was young, my parents said that I need to go and become a doctor because if you become a doctor, you're gonna, number one, have the doctor title, so you're gonna have the status. Someone's gonna wanna marry you. And you're gonna be able to make a lot of money and be rich.

• 13:57Jaspreet Singh?

  But what I learned was there's a disconnect between being a doctor and being financially wealthy. Those are two different things because we assume that if you go to school, get good grades, you make more money and you become more wealthy. But there's also a difference between making more money and building wealth.

• 14:15Lewis Howes?

  Hmm, what's the difference between making money and building wealth?

• 14:19Jaspreet Singh?

  Well, some people who have made millions and millions of dollars died with nothing in their name. Died being broke and lived broke. Building wealth is really a matter of time and freedom. And what I mean by that is I can make a million dollars a year and be broke, which a lot of people actually are. We're out here not far from Beverly Hills. And a lot of people are making a lot of money but are broke. And I see this all the time because I work in this financial education space where I have met countless doctors, because I talk about this a lot. People who are making three, four, five, six hundred thousand dollars a year, that have no savings, no investments and no idea where to start because when you start to make more money.

• 15:02Jaspreet Singh?

  You first think if I had an additional hundred thousand dollars a year, oh my god, I could do so many things. We, because we think in terms of spending. If I had ten thousand dollars a month, what would I do? Well, I would first go to Cancun. I'd buy myself a nicer car. I'd go on a nicer, you know, whatever. And that's

• 15:19Lewis Howes?

  We consume.

• 15:19Jaspreet Singh?

  We consume. That's how we think. We're, we're conditioned to think that way, that America is a consumer nation. We are the largest consumers of things in the world. I like to say that Americans make a dollar to spend two dollars. Traditional Indian mindset people make a dollar to spend twenty cents.

• 15:36Lewis Howes?

  Right, right.

• 15:37Jaspreet Singh?

  Because they're conditioned to save. Not saying either one of these is right. They're both wrong, but

• 15:42Jaspreet Singh?

  when most people are conditioned to consume and spend, you make more and you spend more. And you might think, well, how can you spend a million dollars a year? It's very easy. It is very easy to spend a million dollars a year. You start buying some nice homes. Start going on some expensive vacations. You start buying some expensive clothes and there goes your million dollars a year.

• 15:59Lewis Howes?

  Gone.

• 16:00Jaspreet Singh?

  And that's what happens to a lot of people. So we talk about the difference between building wealth and making a lot of money. You got to take the money that you earn and not spend it. And you got to put this to work. And so let me, let me break this down this way. Becoming wealthy comes down to five steps. And, and I've talked about it in many different forms, but I'm going to break it down into the simplest root thing you have to understand. Number one is you got to earn money. And if people say, how do I earn money? It doesn't matter. It could be a side hustle, it could be a business, it could be a job. You could have some money come in it. Once you make some money, number two is you don't spend all of your money. And that means when you make a thousand dollars, you don't spend all thousand dollars. How much do you spend? Let's not worry about the nitty gritty yet. Just don't spend all of your money.

• 16:43Lewis Howes?

  Well, most people make a thousand dollars and they spend fifteen hundred.

• 16:46Jaspreet Singh?

  Yeah.

• 16:47Lewis Howes?

  They, they use their credit card to spend more than what they have because they think, well, I'll, I'll be able to pay this off next month because I have another thousand dollars coming in.

• 16:54Jaspreet Singh?

  Exactly.

• 16:54Lewis Howes?

  And then they get into more and more debt because they're over consuming.

• 16:57Jaspreet Singh?

  You'll never build wealth. You'll never get rich. You'll never have any freedom. And so you can't spend all of your money. Which is why number three is you take the money you don't spend and you go out and you buy an investment. We'll call it the middleman. And you'll see why I call it the middleman. Is you want to take this money, don't spend it. You want to essentially throw it into this thing on the side. That will hopefully make you some more money in the long term.

• 17:21Jaspreet Singh?

  Then number four, when your investment makes money, take the money that your investments make and dump it back into your investments.

• 17:31Jaspreet Singh?

  And then number five is work to make more money. And the reason why you're working to make more money is so you can have more investments. Now, let me explain why this is so difficult because it makes sense in theory, right?

• 17:43Jaspreet Singh?

  You're never going to become wealthy if every time you make a dollar, you give it to somebody else. If you want to become wealthy, you have to keep more money for yourself. The way that our economic system works is the more money you spend, the richer somebody else gets. It's, you know, hated or loved, that's the reality. When you go to Chipotle and you buy that extra guac, Chipotle is making more money. When you go to Amazon, you spend more money, Amazon's making money. Now, this can make some people extremely wealthy, but it also keeps the majority of people broke financially. And so this is where if you want to make yourself rich, you gotta stop making everybody else rich. Right now, you gotta first make yourself rich. And that means stop giving other people your money. And there are so many extremes to how you can do this, right?

• 18:28Jaspreet Singh?

  I mean, you could go to that, that one extreme where I am not going to spend anything. I'm gonna live in a shoebox and I'm gonna eat nothing but rice and beans. And I'm going to stack all my money, fine. Other people will find a more balanced approach and you gotta find what's right.

• 18:43Lewis Howes?

  Yeah, yeah, I'll spend a certain amount of the things I like, but I'm not gonna overspend. Or I like it where you just say, I'm going to reinvest a certain amount of my money every single month.

• 18:53Jaspreet Singh?

  Yeah.

• 18:53Lewis Howes?

  Of the money that's coming in, whether it's a paycheck or your business. I'm gonna take that money, this much is going every month into my investments, whatever that might be. And then if I want to spend the rest on a vacation or, you know, extra guacamole or whatever it is, cool. Enjoy your life as well, like you don't have to live the most frugal life as well. You don't have to be so extreme, but I think first take your money to invest.

• 19:17Jaspreet Singh?

  Yeah.

• 19:18Lewis Howes?

  Then spend on some activities and events and go to concerts, cool, I get it.

• 19:23Jaspreet Singh?

  And you gotta find your balance. For me, I was on an extreme. When I first learned about this, I went extreme because I first, when I was making money first, I was running an event planning company. I didn't know anything about money. I took my money and I bought nice watches and I dumped it back into my car. I mean, that's what I thought was normal. But as you start to learn, you realize, or if you start to become more financially educated, you realize that that doesn't do anything for your wealth, right? There's no wealth built into tricking out your car. There's no wealth built into just spending money on nice things. It looks nice and it's nice if you want to have it, it's fine, but that's not going to make you wealthy. And you got to decide what's more important to you. So then I completely tipped the scale and I started not spending any money. So I'd have more money to invest.

• 20:07Jaspreet Singh?

  For me, it started off in real estate and now it's this slow process. The reason why it's so difficult is because if you make $10,000, it's a lot of money to put aside, right? You have to make 10 grand. But you can't show off a $10,000 stock market portfolio the way you can a $10,000 watch or a $10,000 vacation because I can take those things and I could put it on my Instagram. I could put it on my Facebook. I could put it on TikTok and I can show these things off and they get a lot of likes and they get a lot of oohs and ahs. But my stock market portfolio just sits there. Slowly you'll start to generate a little bit of income and I think understanding you're going to make a lot of money in your lifetime. I don't care how much money you're making.

• 20:51Jaspreet Singh?

  If you make 50 grand a year, in the next 10 years, you're going to make half a million dollars. In the next two decades, you're going to make a million dollars. Assuming you never get another raise, which means you're going to make millions of dollars over the course of your career. And most people will have nothing to show for it. And when I say most people, I don't say this generally, I mean statistically, most people will have nothing to show for it. Which means now, as you go through life earning this money, what are you doing it for? Are you doing it to look rich or are you doing it to actually build wealth? And you got to decide that for you, right? I can't come here and tell you, oh, it's important for you to build wealth and then you listen to me. You got to decide that for yourself because you want to take better care of yourself, your wife, your husband and your kids and your parents.

• 21:34Jaspreet Singh?

  And you want to have a better future than today. And that's what investing is really for.

• 21:40Lewis Howes?

  What would you say if someone is making between 50,000 to 100,000 dollars a year? And they want to break free of the system? They want to overcome the urges and desires and temptations of society where they have to show off to please people that don't care about them and they don't care about. And they want to start setting themselves up for a greater future. It's going to take time, but over 10, 20, 30 years, they could potentially have a million dollars worth of investments or beyond. Or more. Or more. So if someone's making between 50,000 and a hundred thousand dollars right now, 2024, what should they be thinking about in terms of building wealth?

• 22:24Lewis Howes?

  What's a couple of steps or a system they can put in place if they have zero financial education, if they haven't, they didn't even have the right beliefs, but they could start setting themselves up for five, 10, 20 years in the future where they're going to say, wow, I'm so glad I made those, those few steps that Jaspreet told me to do back in the day. What would those steps be?

• 22:43Jaspreet Singh?

  Well, the first thing is understanding that even if you're making 50 grand a year, you can retire a millionaire and live a life of financial freedom if you start taking action. Now, the, the, the thing that everybody likes to talk about, I'll give the, the end goal and I'll show how to actually do it because everybody says if you invest a hundred dollars a month from age 21 to 65, you'll have over a million dollars when it comes time for you to retire. Okay, how, where, when, and you know, what do I do? So number one, understanding the numbers, the math will show you that you can become a millionaire. Now you got to dissect the how do I actually go about doing it because everybody says invest your money, but what does that mean?

• 23:20Lewis Howes?

  So. And where do I invest it? The stock market, individual stocks, funds, real estate, real estate funds, apartments, you know, it's crypto, gold, like what am I supposed to do?

• 23:30Jaspreet Singh?

  So you start by not spending all of your money. A simple thing that I've talked about is my 75, 15, 10 plan, which means for every dollar that I earn, 75 cents is the maximum that I can spend. 15 cents is the minimum I'm putting aside to invest. 10 cents is the minimum I'm putting aside to save. Now, the first thing everybody says when I say that is Jaspreet, how in the world am I going to live off of three quarters of every dollar that I earn? I'm already struggling to survive. Well, you got to make this decision right now, which is what's more important to you right now? Do you want to build your future wealth or do you want to continue having the nice things? Then everybody says Jaspreet. I'm already living tight. Like, what do you mean? I'm already living paycheck to paycheck. Things are already tough.

• 24:14Jaspreet Singh?

  Well, I'm gonna just, all I can do is give you the reality. And the reality is, it's gonna be harder next year. It's gonna be even more difficult the year after that. And it's gonna get even more difficult the year after that. The path to building wealth is not that complicated. You have to have some money. You have to put this money aside for your investments. If you're spending all your money, you're never gonna build wealth. And now, you gotta figure out, what are you gonna cut out?

• 24:38Lewis Howes?

  But just breathe. I've got my parents who need support. I've got family members who are struggling. I've got my friends that wanna go out on the bars three times a week and concerts and activities. And I gotta buy nice clothes for my job. And I've gotta commute to work. And I've gotta do all these things that cost a lot of money. Yeah. Just breathe. What do I do?

• 24:57Jaspreet Singh?

  Where you put your focus, you're gonna see the biggest results. If you wanna lose weight, you gotta put your exercise and your focus in the gym. You gotta put your focus on your diet. If you wanna advance in your career, you gotta put more focus on your job and learning how do you advance in your career. If you wanna build more wealth, you gotta put your focus on learning how to do that and changing the way you spend your money. And it's really just a matter of priorities. I used to guest teach in Detroit Public Schools. Obviously, our office is in Detroit. But I used to guest teach in Detroit Public Schools in some really rough school districts. And these kids were smart, hard workers. But many of them grew up in troubled homes. Most of the kids did not have two parents in a home. The vast majority of kids did not have two parents in a home.

• 25:42Jaspreet Singh?

  The vast majority of kids had no guidance or leadership. Some of the kids were already affiliated with gangs in high school because they didn't have anywhere else to go. And the gangs literally provided them food. So now, when you're quote-unquote-

• 25:55Lewis Howes?

  And community.

• 25:55Jaspreet Singh?

  And community. When your brothers are providing you food, they're trying to take care of you. You don't think of it as a bad thing. Now, here's the interesting part, if you focus on the financial side. I came in as a guest teacher just to talk about life. And I would talk about, you know, just general motivation and you can become successful. Starting with that mindset side of things, but also getting a little bit into the financial side because the kids there wanted nice things, like every other high school kid in the world does.

• 26:23Lewis Howes?

  You want cool sneakers and clothes and whatever, yeah.

• 26:26Jaspreet Singh?

  And which is no different than any other high school kid. The difference is many of these kids here were also working jobs. They were working to earn money while going to school. And so we talked to the kids about money, like, okay, you're working, earn money. Great. What are you doing with this money? I get paid, I go to the local liquor store. I cash in my check, the liquor store owner takes one to 10% of the check. I buy a bunch of things and I walk out and then I have half of my paycheck left. Okay, well, what about these new Jordans that you got? Because that was a big thing in the school that I'm talking about particularly where the kids were really lining up to buy the Jays, the Jordans. And I remember this so vividly because I remember kids would saying, I'm not going to eat because I want to save that eight bucks.

• 27:09Jaspreet Singh?

  So I can buy these shoes. It's a matter of priorities where, true story, some kids are prioritizing the Jordans over the food that I eat.

• 27:19Lewis Howes?

  Wow.

• 27:20Jaspreet Singh?

  And so life is really a matter of priorities now. If building wealth is really a priority, then it's you're going to have to deprioritize some other things that you're spending money on. Now, this is where people get into those arguments of, does that mean I should stop buying Starbucks? Look, Starbucks is $5 a day, whatever it might be.

• 27:38Lewis Howes?

  More than enough.

• 27:39Jaspreet Singh?

  Whatever it is, right? Which, you know, if you put that in a compound interest calculator, yeah, it could be worth a million dollars. But now let's, let's take a step back and look at some of the biggest purchases. The, the number one largest expense for most people besides taxes.

• 27:52Lewis Howes?

  Car?

• 27:52Jaspreet Singh?

  Your own, where you live.

• 27:54Lewis Howes?

  Yeah, yeah.

• 27:54Jaspreet Singh?

  And then your car. And so now let's start with those two things. Can you live somewhere smaller and save a few hundred bucks a month?

• 28:00Lewis Howes?

  You know, I say this, I've been telling people this a lot because I just told you beforehand that I bought my first home a year ago. At 40, I waited until I was 40 years old to buy a home. Now, I lived comfortable in a two-bedroom apartment for fifteen years, almost. Right? A one-bedroom apartment, studio apartment, one-bedroom apartment, two-bedroom apartment. You know, nice buildings eventually and paid for that. But I saved and invested money and waited till I was forty. Now, I live in Los Angeles. It's a different price bargain. I wanted to wait till I had the home that I could live in for at least ten years, that I was like, had everything I wanted, so it was a bigger investment. But I waited, you know, and I let my money work for me for the last thirteen years.

• 28:44Jaspreet Singh?

  Yeah.

• 28:45Lewis Howes?

  And there are sacrifices you make and pros and cons for whatever decisions you make.

• 28:51Jaspreet Singh?

  Every decision. I still rent today.

• 28:53Lewis Howes?

  Yeah.

• 28:53Jaspreet Singh?

  I own a portfolio of rental properties. I invest in stocks. I invest in startups. I run Briefs Media, my company. We have an office, an expensive office in downtown Detroit, but I also rent where I live.

• 29:08Lewis Howes?

  Yes.

• 29:08Jaspreet Singh?

  Are you gonna feel bad for me because I rent?

• 29:10Lewis Howes?

  No.

• 29:10Jaspreet Singh?

  I hope not. You know, it's, it's, we demonize the wrong things. And I made a post on this on X or Twitter.

• 29:21Lewis Howes?

  I think it's officially X now.

• 29:23Jaspreet Singh?

  Where it was, let's stop normalizing buying BMWs in our twenties and start normalizing buying assets. Because it's very easy to demonize, oh, you're renting? You're paying somebody else's mortgage? You're making somebody else rich? Why not build your own equity? Well, let's actually dissect the financial argument here because it has good merits, right? People coming at this from a good perspective, that you have to own a home to build wealth. That's what people have made the American dream to own a home. When reality, the American dream is the ability to build wealth. People just assume building wealth means buying a home. Who did that? Well, none other than the bankers and the realtors. I used to be, well, I still am a licensed realtor. And one of the things they teach you when you become a realtor, especially if you're learning how to sell,

• 30:08Jaspreet Singh?

  is you talk to people about buying their biggest investment ever. And if you're buying your biggest investment, keyword investment, ever, it's a little bit easier to get you to think about buying a little bit bigger and a little bit nicer. Because now, you're buying for your kids. You're buying to build a generational wealth. You're buying something that you can build equity in. But let's talk about this for a second. When you go and rent, the thing everybody says is you're going and paying your landlord's mortgage. Yes. When you go and buy something on Amazon, did anybody ever say you're paying Jeff Bezos mortgage? Whoever the other owners are. Paying Starbucks mortgage. You're paying them because you are. Yeah. When you go and eat at a nice restaurant, did you ever think that you're paying the chef's mortgage? Because you are.

• 30:52Jaspreet Singh?

  When you go and get a drink from Starbucks, do you ever think that I'm paying for that barista's mortgage? Because you are. So you're you're getting a value. Now let's talk about, okay, well, I'm building equity in your home. Yeah, that's great. Nothing wrong with that. But banks are also smart and they front load their mortgages. What does that mean? That means for the first, if you get a thirty year mortgage, for the first fourteen and a half years out of a thirty year mortgage. Paying interest. The well, the majority of your payment is going directly to interest. Ah. Which means for the first year, almost all of your monthly payment is going in interest. So if I'm making a thousand dollars a month in my mortgage, year one, I have built essentially zero equity.

• 31:34Jaspreet Singh?

  Because all that money I paid in year one, or almost all of it, is going directly to my banker's pockets. And it's not until year fifteen that half of my mortgage payment is going to build equity. So, yeah, you are building equity, but it takes a long time. And what ends up happening before year fifteen is people go and refinance. And when you refinance, you're starting that process all over again. And so this is where, again, I'm not against homeownership. I think it's a great thing for the right person at the right time. Just make sure you can afford it. Yes. And at the end of the day, the way you build wealth is not by buying a home. The way you build wealth is not by becoming a doctor. The way you build wealth is not by becoming a NBA player. The way you build wealth is by using your money to buy investments.

• 32:18Jaspreet Singh?

  I called it the middleman a little bit earlier. The reason why I called it a middleman is because it's so difficult and you really have to think of it as like a a delayed process. I will make, when I make ten thousand dollars, it takes a lot of time and effort and energy to make the ten thousand dollars, right? Well, what do you want to do when you make this? You want to show it off. But instead, if I take the $10,000 and I put it in an investment, I don't see anything of it. A 10% return on $1,000 is 100 bucks. A 10% return on $10,000 is $1,000. And it might take a year to get the 10% return. It could take two years. Well, if you keep doing that, though, what you'll start to realize is that a 10% return on 100 grand is $10,000. And a 10% return on a million dollars is $100,000. Right?

• 33:03Jaspreet Singh?

  It takes time to grow and build. But you gotta get started. It starts with one. Right? People say, oh, I got, I can't see any real returns, real money until I invest a million dollars. Well, the way you get to that million dollars is you start with one. Yes. Right? You're from Ohio, right? In the Midwest, it gets cold during the winter times. Okay? Detroit's a little better than Ohio, but what happens is when the winter time comes and you want to build a snowman, you start with a small snowball. It's this big, okay? You put it on the ground. And if you want to build a snowman, you start to roll it. In the beginning, you're not seeing any growth. The snowball stays small. But if you keep rolling, you stick with it, you keep rolling, it starts to get a little bigger. And then a little while by, it goes a little bigger.

• 33:45Jaspreet Singh?

  And then, once it gets bigger, every time you turn the snowball, it gets a lot bigger, a lot quicker. Yeah. Because there's so much more surface area. And that's what you're doing when you're investing your money is you are working to build. The beginning part sucks. There's no way around it. You gotta start by spending less money. You gotta start by investing your money. And you see no returns. Because the markets might be going up, they might be going down. You might lose money. You might be seeing, I mean, that's a part of the process. And you're like, what? I, I'm investing my money for six months and I haven't seen, where are my millions of dollars? Right? But you gotta stay consistent. The beginning part sucks and it's tough and it's not attractive. But you gotta keep going. And that's why people get so attracted to, how can I get rich quicker?

• 34:30Jaspreet Singh?

  Right? The next meme stock, the next crypto, hot crypto. I'm not saying all Bitcoin or blockchain is bad, but you get caught into this, how can I 10x my money in 10 months? How can I double my money in 10 months? How can I get this, this quick outcome? Which ends up becoming gambling, which is why most people who do that end up losing their money. I read a statistic the other day that said that 90% of people lose money in the stock market. Over the last century, the stock market has gone up by an average of 10% a year. Yet, most people are losing money.

• 35:02Lewis Howes?

  Why?

• 35:03Jaspreet Singh?

  The reason why is, and if you're watching this video, you might relate to this. You go and find a nice stock. You put your money in. Three weeks later, the stock is lower. Every, and you feel like every time you buy a stock, the stock market goes down right after you buy. That happens to a lot of people. And then what ends up happening is a lot of people end up selling because they don't start to see that return in three weeks, or three months, or even three years. And so now you sell. But this is where now, it's that financial education, which means the psychological education, but also which investment am I buying? Psychological investment means understanding there's ups and downs. I gotta be able to ride through them and keep investing my money. The education or financial education is what am I actually buying?

• 35:48Jaspreet Singh?

  Because I don't think ninety-eight percent of America should be trying to pick the right stock.

• 35:52Lewis Howes?

  No.

• 35:53Jaspreet Singh?

  Invest your money in a fund. Because you don't know if you're investing into the next Amazon, or the next Bed Bath & Beyond. Because-

• 36:03Lewis Howes?

  But if you invest in a decent index fund, or the S and P five hundred, you're going to, and you keep it in there, you're gonna make money.

• 36:09Jaspreet Singh?

  If you believe, well, as long as America keeps growing, you're gonna keep making money. Because at the end of the day, what you're trying to do is you're essentially trying to invest in the American economy. And if you believe that the future of America is gonna continue to be bright, and it's gonna continue to be better, then you wanna own a piece of that today. If you believe that the future of America is a bunch of crap, well, then you probably don't wanna be investing your money. And this is where one of the things I like to say in our market briefs, our newsletters, is

• 36:41Jaspreet Singh?

  don't get caught up in the emotion.

• 36:44Lewis Howes?

  And this- It's so hard for people. So hard.

• 36:47Jaspreet Singh?

  This was a big reason why I created Market Briefs, was because-

• 36:52Jaspreet Singh?

  You're in the media space, I'm in the media space. In order to get somebody to click, that's the only way you're gonna make money, right? You gotta get someone to actually watch your stuff.

• 37:01Lewis Howes?

  You need to create an emotion.

• 37:02Jaspreet Singh?

  You create an emotion. And so now, when we talk about the financial side of things, how do we create an emotion? Oh, the world is gonna end. You know, right? The markets are gonna collapse. Is this stock gonna fail? This stock is the next Nvidia. This stock is gonna be the next Tesla. This stock is gonna, you know, you have to create this emotion. And what does that do? Especially for somebody who's, let's say, not super financially educated. Somebody who's making, you know, under a couple hundred thousand dollars a year, who has less than half a million dollars invested. For, then that's the vast majority of people. For the average person that becomes, oh, no, I bought into a bad thing, or I need to buy this before everything crashes. And so people then get excited, whether it's good or bad,

• 37:45Jaspreet Singh?

  and then you start manipulating your money, whether it's buying or selling, based off of what's happening in the news.

• 37:52Lewis Howes?

  Yes.

• 37:52Jaspreet Singh?

  And that's, I mean, that, oh, my God, it really...

• 37:55Lewis Howes?

  I mean, how do people make informative decisions in an investment, in a stock or the stock market, without emotion? And then, when they see their investment going down, obviously, you only lose money when you sell it, but it feels like you're losing money when it goes down. How do you not get emotional and say, I need to get the money out that I still have in there? When all you're thinking is, how much time did it take to make that money? How much of my life that I spend to earn that money? Whether it's a job, or a business, or a side hustle, or whatever it might be, I spent hours, weeks, months, years, on that time for the trade of the money that I got to invest in this stock,

• 38:40Lewis Howes?

  and now I've lost 20%, 50%, 70%. Have I lost my life?

• 38:47Jaspreet Singh?

  Yep.

• 38:47Lewis Howes?

  And I think that emotion creates a lot of anxiety and fear, regret, remorse, resentful, lack of trust.

• 38:55Jaspreet Singh?

  Yep.

• 38:56Lewis Howes?

  Uncertainty and I think I can't trust the stock market again. I can't trust myself in making a decision in what to invest in again. What do I do with my money?

• 39:06Jaspreet Singh?

  That's so funny you say this because I just did a whole presentation on this in Reaps Media, which is when the 2020 pandemic happened, I owned stocks before 2020. My portfolio is going down like this. And when I was on YouTube, what I was talking about was I'm buying. I was buying here, I was buying here, I was buying here, I was buying here in phases on the way down because I don't know how low it's going to go. And I was talking about this publicly on YouTube and the comments that I would get when I was saying, you know, I'm buying, I don't know how low it's going to go. I don't know what's going to happen because if we remember 2020, it was a very scary time. We don't know if the economy is going to be open tomorrow. We don't know if we're all going to be dead tomorrow. We didn't, especially in the early parts, we had no idea what this thing

• 39:50Jaspreet Singh?

  was. And markets were collapsing. It was the fastest stock market collapse since the Great Depression. And naturally, people got scared. And I was talking about this because there were so many news articles talking about how people were selling out of their 401ks, they were selling out of their their retirement accounts at 60% losses, at 50% losses, at 40% losses, because they thought they were going to lose everything. And I was buying. But what ended up happening? We saw markets then turn around and go back up. Now, I couldn't have predicted that it was going to go up the way that it did. But this is where that psychology is so important. And the best way

• 40:31Jaspreet Singh?

  to understand the psychology is to look at history. Because while history doesn't repeat itself, it does rhyme. And what I mean by that is, if you look at any economic downturn, any market downturn, they create opportunities for those that are financially educated, for those that are prepared, and those that understand the financial trends. You have to understand those three things. So financially educated means you know how to find a good investment. Prepared means you have money to go out and invest. And understanding the trends knows means where are you going to deploy your money? What type of industry do you want to put your money in? What area do you want to put your money? So the financial education is now, well, am I going to put my money into this

• 41:15Jaspreet Singh?

  individual company? Am I going to put money into Amazon or the S and P 500 or something else?

• 41:21Jaspreet Singh?

  What's right for you may not be right for me and you gotta know your own financial education on how to analyze your investments. Is it stocks? Is it real estate? Is it something else? What type of stocks? What type of real estate? There's a whole financial education space there. Being prepared because then what everyone's gonna say is, well, the economy's shut down. How am I supposed to have extra money? Well, you don't start getting prepared during the downturn. You gotta start preparing before bad things happen.

• 41:47Lewis Howes?

  And winter is coming.

• 41:49Jaspreet Singh?

  It's always coming.

• 41:50Lewis Howes?

  Winter is coming soon for a lot of people, I feel like.

• 41:53Jaspreet Singh?

  Well, yeah. And the thing you also have to understand is, because everyone says, when? The first thing you have to understand is, I guarantee a recession's gonna come. I can bet you whatever amount of money you want.

• 42:04Lewis Howes?

  You just don't know when.

• 42:05Jaspreet Singh?

  I don't know when, right?

• 42:06Lewis Howes?

  But it's happening. Every 10, 20 years, something's happening, right?

• 42:09Jaspreet Singh?

  We have seen a recession every decade in our economy for the last century. In fact, the longest period the United States economy has gone in modern history without a recession was 2008 to 2020. And that was, you know, quote unquote, a forced recession because the economy was shut down because of the pandemic. But that was the longest period ever in our modern history without a recession. So now, understanding, guess what? Recessions happen. Market crashes happen. When are they gonna happen? I don't know, but I wanna be prepared for whenever the next one is. What does that mean to be prepared? That means don't spend all of your money. That means take some of that money and have it either invested or ready to be invested. And again, this all goes into your strategy because for some people, they're gonna set up a system, I'm just gonna invest every week, every two

• 42:52Jaspreet Singh?

  weeks, every month, and it's just to set it and forget it. And that's fine. And that means when the next downturn happens, you just keep investing and you just keep riding the wave.

• 43:00Lewis Howes?

  Yes.

• 43:01Jaspreet Singh?

  For others, that means I'm gonna invest every week, every month, but I'm also gonna book money into a separate account. That way, when I see a good opportunity, there's market opportunities when you see a market downturn, but there's also investment-specific opportunities where a stock is going down or is undervalued and you see a great opportunity to buy. And that could happen during an economic boom. I saw the same thing in real estate. I made a video about this, I think twenty twenty one or twenty twenty two, where that was, you know, one of the hottest housing markets ever. If you remember, that's the mortgage rates were low. Everybody was buying.

• 43:36Lewis Howes?

  Yes.

• 43:37Jaspreet Singh?

  Homes were being sold way over asking price and I was still finding good rental properties.

• 43:40Lewis Howes?

  Really?

• 43:41Jaspreet Singh?

  It was difficult. It was more hard. It took more work. I had to be more picky, but they were still there. And that's where, you know, it's that financial education. But then it's also then the third part, which is the trends. Where are you going to put your money? So in real estate, that means which neighborhood are you going to put your money in? Is it single family? Is it multifamily? Is it commercial in the stock market? That means, well, do you want to be investing in artificial intelligence? Do you want to be investing in international companies? Do you want to be investing in healthcare? What is the general industry? Where is the trend going? And that's where now you got to understand. I got to know the financial education. I got to be prepared and I got to know the trends. And these things don't start after the fact. People want to then start doing this when they, I see a great investment opportunity, but I have no money and I don't know what to do. Well, so

• 44:27Jaspreet Singh?

  it's a little too late to start worrying about that now. I mean, you got to start.

• 44:30Lewis Howes?

  Educate yourself first.

• 44:31Jaspreet Singh?

  Yeah, yeah. And prepare. And that's why it's all about, you know, being financially healthy. It's just like being physically healthy. Actually, it's actually, you have more benefits being financially healthy because when you work to be physically healthy, I can put in six months of of work. If I really dedicate myself for six months, I can build a shredded six pack and look great and look really nice. But then if I go back to eating donuts and ho ho's, six months later, I'm going to be back to being fat, right? I mean, that is, you don't build that kind of forever reserves. But you can with wealth.

• 45:02Lewis Howes?

  If you invest for a big chunk and then you don't invest for a while, it's going to keep compounding, that chunk.

• 45:08Jaspreet Singh?

  I call that a decade of sacrifice. If you put in that decade of spending less and earning more, and you take this money and instead of buying the Gucci, you go out and you buy these assets, what stocks.

• 45:19Lewis Howes?

  By Gucci stock instead.

• 45:20Jaspreet Singh?

  Right. You buy investments. And now let's say these investments are paying you monthly or quarterly. Well, now you can spend that money on dumb things. You could spend that money at Gucci, buying the extra guac, buying whatever you want. And those assets are still there, right? You start, you build up reserves. You can't do that with your body, but you can do that with your wealth. And that's all wealthy people want to do is they want to build these reserves first. But that, you know, it goes back to, well, what do I do? I'm making thirty thousand, making fifty thousand, making five hundred thousand. It's the same thing. Stop by number one, not spending all your money. You invest the money you don't spend. You reinvest the cash flow and then you work to earn more money. And the reason why you're working to earn more money now is so you have more money to invest.

• 46:02Jaspreet Singh?

  Because the reality is now, when you earn more money, you can invest more money. Because at the end of the day, a penny saved is just a penny, right? If I'm making fifty grand a year, maybe you put aside first five thousand dollars a year to invest. And then you realize, wow, this is great. I want to invest more. Now maybe you're investing ten thousand dollars a year out of your fifty grand. Maybe you get to fifteen thousand, but there's really only so many dollars you can squeeze out of this limited pie. But if you can go from fifty thousand to two hundred and fifty thousand, now there's a lot more dollars you can invest and a lot more spending power too. And then everybody says, well, how in the world am I going to go from fifty grand to two hundred and fifty thousand dollars? My boss is never going to give me that raise.

• 46:46Jaspreet Singh?

  Well, maybe you got to start thinking a little bit differently. Again, it's where are you going to put your focus and attention? That's where you're going to see the most results. If you want to increase your income, you got to learn, how do I increase my income? And the problem is, most people are focused on increasing the income without having any financial education.

• 47:00Lewis Howes?

  And they're spending it all.

• 47:01Jaspreet Singh?

  You're spending it all. And they think I want to go from fifty to two hundred and fifty thousand dollars a year.

• 47:05Lewis Howes?

  And still.

• 47:06Jaspreet Singh?

  So I can have a nice Bentley, so I can go on the nice vacation, so I can have this nice stuff. But in reality, you got to know the financial education first, that we know how to use the more money. And then you learn how to make more money. And it's all accessible. It's go to YouTube, learn, read books, there's so many opportunities out there.

• 47:23Lewis Howes?

  Great, great channel called Minority Mindset that you can check out too. I want to read this stat for you. A twenty twenty-three survey conducted by payroll.org highlighted that seventy-eight percent of Americans live paycheck to paycheck, a six percent increase from the previous year. And also, according to Experian, average total consumer household debt in 2023 is $104,000 roughly, and that's up 11% from 2020, where the average total consumer debt was 92,000 roughly. And I'm assuming in 2024, it's up even more, and it's going to go up even more after this next election, inflation, and all these different things. So with those statistics, where 78% of Americans live paycheck to paycheck,

• 48:09Lewis Howes?

  and the average debt continues to increase, and it doesn't look like it's going down anytime soon.

• 48:15Lewis Howes?

  What are the best investments in 2024 and beyond? With all the uncertainty, with all the chaos, with all the trends that are out there, you know, should people just stick to 401Ks, individual stocks, index funds, S and P 500? Start doing any different types of real estate? You know, go riskier with the crypto stuff? I think I saw you post a video that you sold your Bitcoin recently. You know, should they be buying harder assets like gold? Like, what three main investments should people be considering to have the best security and safety possible for the future?

• 48:54Jaspreet Singh?

  Yeah, so let me break that down. And I will want to, I do want to talk about the Bitcoin thing as well. So, starting with, I would say the first one, whether we want to call this part of the three or not, is you got to invest in yourself. And the reason why is because when you hear that stat, what everybody says is because of greedy politicians? It's because of greedy corporations? It's because of greedy bankers? It's because of my boss is not paying me enough? Right, we can point our fingers at every single other person because inflation is hot. I can't pay my rent and buy groceries. You have all these other issues. And so we point our fingers. But what we have to remember is when you point your finger at somebody else like this, is you got three fingers pointing right back at you. And so the reason why I say that is because all these things are a reality. Where inflation is still hot.

• 49:39Jaspreet Singh?

  The average person is losing spending power due to inflation. What that means is, even if you get a raise for the average person, it's not keeping up with inflation. So more and more of your paycheck is going to just pay your rent and your groceries. So you have less money left over to buy investments, let alone, you know, anything else. And so when you hear that, the average person says, just what you're saying today ignores the reality of what's happening in America. And the reality is, no, I get that that's what's happening. But I also understand that if you want to break out of what's happening, you got to change your mindset on it and change the way you're living your life. Because the reality is this is happening and that's not going to change. It's not going to get easier. And which is why you got to start making these tough decisions today.

• 50:24Lewis Howes?

  I'm so glad you said this is number one to invest in yourself, because I believe when you bet on you and you make the challenging decision to say, you know what, I'm going to buy these books, courses, go to events where I can actually learn, I'm going to hire a coach or a mentor, whatever it might be, where I can learn something and I can accelerate the learning curve and I can get there a little faster by gaining wisdom and knowledge from people who have already been through all the mistakes, who already are way farther ahead than me. When you can learn from others and invest in yourself in developing a new skill or gaining knowledge, you give yourself the best chance of being free psychologically, emotionally, and financially. And obviously, investing yourself and getting the wisdom

• 51:08Lewis Howes?

  and the knowledge is one thing. You have to apply the knowledge and apply the habit of the actions daily consistently over time. Otherwise, the knowledge is pointless in a sense. But I'm so glad you said that because most people don't invest in themselves. And there's a quote, before you go to the next three, there's a quote that you said is that our system is designed to keep the majority of people broke financially and poor mentally. And if the system is designed to keep us broke and poor, then we must be betting on ourselves by investing in ourselves so that we can navigate with ease when the

• 51:50Lewis Howes?

  system or systems may be trying to hold us back.

• 51:54Jaspreet Singh?

  Yeah, I mean, the reality is corporations profit when you spend your money. They profit even more when you spend your money in debt. Banks profit when you're in debt. The government profits when you're in debt and don't understand money. And you might say, what? Well, yeah, they profit when you don't understand money because that means you're just an employee and you're just a consumer. Employees pay the highest tax rates as an attorney, not your attorney, because you pay what's called earned income tax rates. We have different tax rates depending on how you earn your money. If I earn my money from my job versus I earn my money from my investments, it's a different tax rate. Investors qualify for lower tax rates. Business owners qualify for higher tax deductions. Employees get neither of those. You have the highest tax rates, lowest tax write-offs.

• 52:39Jaspreet Singh?

  So governments love that. Now, again, it's not a bad thing to be an employee, but you gotta at least become an investor. That way you can win in this economic system. Or if you want to become an entrepreneur, but only if you are an entrepreneur yourself. So.

• 52:54Lewis Howes?

  Investing yourself was number one or the pre-number one?

• 52:57Jaspreet Singh?

  We'll call that the pre-number one.

• 52:59Lewis Howes?

  Yes.

• 52:59Jaspreet Singh?

  And I do want to give the second part to the government part too, because the second part to that is being in debt. Everyone talks about student loans in the government and how bad they are, how they're keeping the average person from building wealth. But what you got to remember, which is why I always say you want to become financially educated so you don't have to rely on somebody else, whether it's your parents or the government. Because student loans are the number one asset on the United States balance sheet.

• 53:26Lewis Howes?

  Really?

• 53:27Jaspreet Singh?

  It is their number one asset, which means it is a huge tool that the government has to continue spending money the way that they want.

• 53:35Lewis Howes?

  Really? How much, how much money? How much student loan debt is there currently and every year when new students enroll in school? Do we know that statistic?

• 53:47Jaspreet Singh?

  Well, I don't know off the top of my head how many dollars of student loans are out there. But what you should understand is how much money the government is spending. Because the government is about to reach thirty five trillion dollars at the time of this recording in national debt. And where's and this is where everyone says, where's the government spending so much money? Because the reason we have all this national debt is because the government keeps spending money they don't have. How does the government make money? Through taxes. And well, if they keep spending money they don't have thirty five trillion dollars that they don't have, where does all that money go? And the reason why I say this today, the why, the reason why it's so important to understand this today is if you look at the three largest expenses for the government. They might not be what you think. Number one is social security. Number two is health, healthcare.

• 54:31Jaspreet Singh?

  Number three is interest payments. It's not the military. It's not firefighters. It's not police. It's not infrastructure, bridges and building public transit. It's interest payments. The third largest expense that the United States government has in twenty twenty four is interest. And for the first time in the history of American history, the government is paying more money to pay off the interest than they are on our military or defense.

• 54:58Lewis Howes?

  Oh, how much, how much interest is America paying on a monthly basis?

• 55:03Jaspreet Singh?

  We have thirty five trillion dollars of debt. And the reason why this is important to calculate this is because number one, we are increasing our national debt at still some of the fastest rates we have ever seen. But we're also paying significantly higher interest rates than we have seen in more than two decades. So not only is the amount of dollars we have borrowed going up, but the interest that we pay on those dollars is going up. And the government doesn't have a thirty year fixed rate mortgage. It's adjustable rates because the government then sees their debt readjust every twelve months, every twenty four months, every thirty six months. I mean, it, it more and more debt is readjusting every year, which means more and more debt is now being paid out at the higher interest rates.

• 55:46Lewis Howes?

  Where was our national debt a year ago? Do you remember?

• 55:50Jaspreet Singh?

  We were around the thirty trillion if I had to guess. I mean, I don't know.

• 55:53Lewis Howes?

  Five trillion roughly?

• 55:54Jaspreet Singh?

  No, it wasn't that much, but it was, it is growing very quickly.

• 55:59Lewis Howes?

  What will happen to America and the world when our national debt gets to fifty trillion or a hundred trillion and beyond?

• 56:08Jaspreet Singh?

  Well, I think the better question here to answer the same point is, what is the, why is national debt an issue? Why is the spending an issue? And it goes back to the topic of taxes. Because if the government can just spend money they don't have, why do they tax you in the first place? Why do we have to pay taxes if they're gonna continue just spending trillions of dollars that they don't have? Because I think the national deficit last year was about a trillion and a half. This year is about a trillion and a half. Next year is projected to be a little bit more. So the national debt is growing by around a trillion and a half or so a year.

• 56:47Lewis Howes?

  That's not including the interest or.

• 56:49Jaspreet Singh?

  That's not including the interest. And so now, if they're spending all this money, like if they generate five trillion dollars in tax revenue, but then they spend six and a half trillion, why even collect the five trillion? Why not just spend six and a half trillion? And the reason why is because, well, taxes are a way for the government to continue furthering some of their goals and agendas and operations. Now, I don't say this from a conspiracy point of view, but the thing I want you to understand here is when the government spends money they don't have, you're still taxed on it. You're just not taxed the way that you think you might be taxed. Because if the government wanted to go out and build a bridge that costs a million dollars, they can go out and levy a tax,

• 57:32Jaspreet Singh?

  collect million dollars from wealthy people making over ten million dollars a year, take that money and go out and build a bridge. But that's not what they end up doing many times. Because the alternative is, instead of going through Congress and getting votes, how about we just spend the money and we borrow the money to do it? And so now, when you do that, well, now the bridge still gets built, but no one really knows where that money came from. Then you have to ask, where did they borrow this money from? Well, what we've seen is that a lot of this borrowing has been from the Federal Reserve Bank. Now, anybody can go and lend money to the government. You could do it, I can do it, anybody listening or watching to this can do it. It's by going out and buying a treasury, a treasury note, a treasury bond.

• 58:16Jaspreet Singh?

  When you do that, you're lending money to the United States government, and you get a return for doing that, you get an interest payment. Well, when the government is borrowing trillions and trillions of dollars, you don't have enough people to give the government that much money. There's not that much money available interested in lending to the government, which is why they then turn to the Federal Reserve Bank. And the Federal Reserve Bank, while they're called the Federal Reserve Bank, it's not federal, they say it's on the website. They're not a reserve, they don't sit on cash reserves and they're not a bank. You and I can't go there to deposit money. So they have a special power which allows them to essentially create this money and then lend it to the United States government. So now, the government wants to spend a trillion dollars or a trillion and a half that they don't have. They call up the Federal Reserve Bank, who then prints this money,

• 59:00Jaspreet Singh?

  gives it to the government, they get this money, and then they inject it into the economy. They can go out and hire contractors and construction companies, and they can give this money to whoever, which stimulates the economy because now you get a job, you get a paycheck, you're getting money. But then, everybody else is paying for it because now it's not coming from this particular tax, right? If I taxed you, your money is going to pay for the bridge. But if I'm not taxing you to pay for it, then everybody's paying for it. Right. And this is that hidden tax called inflation. And now we've been really paying the price for this. And the thing about this hidden tax is it is disproportionately felt by the financially uneducated and the poor

• 59:43Jaspreet Singh?

  versus the financially educated and the wealthy benefit because when inflation happens, guess what? The stock market goes up, real estate values go up, my rental properties values go up, rental prices go up for the landlords. And so it benefits the financially educated while hurting everybody else. If you look at the last, from 2019 to 2024, the reported inflation numbers are around 22%. Wage growth is around 20%, maybe 21% in that range. We're not completely sure because we don't know what 2024 wage growth exactly is.

• 1:00:21Jaspreet Singh?

  But at the same time, the S and P five hundred has grown by around eighty percent. Really? So that means for investors, your wealth grew significantly faster than the average person who's not an investor, because the average person's incomes barely kept up with inflation, if at all. Wow. Because for a lot of Americans, the regular person, your incomes did not keep up with inflation. But if you're investing your money, you saw this windfall, which is why we've been seeing this bigger divide, right? The rich get richer, the poor get poorer, and the middle class has been shrinking. Because most people don't understand money. They don't know how to do, use their money. They don't understand what inflation is. They don't understand how the system works. The system is designed to produce inflation. And you're gonna say, well, how do you know that?

• 1:01:04Jaspreet Singh?

  The Federal Reserve Bank says this. They publish this all the time. They say that we want a two percent inflation target. Why? Why not one percent? But why not zero percent? Why do we want inflation in the first place? Because that's the way our economic system works. Our economic system runs on spending. And inflation increases the monetary supply, right? It increases the amount of dollars out there. That means the government has more money to spend. If the government has more money to spend, they can continue spending money and giving people jobs, right? If they, if they go out and give a contract to greatness, so you can produce some content, where you can go out and hire some people to go out and do things. But the question is, how are they paying for that? Because if I'm paying you to do that, I have to make a profit or I have to generate revenue from my business, right?

• 1:01:49Jaspreet Singh?

  To go out and write you this check. The government can just levy a tax, or they can just get the money printed, which is a whole lot easier. And so then, one of these things can create more inflation in that sense. And that's why, again, our system is this way. We talk about why is financial education so important? Because it is designed to benefit the financially educated. It's designed to benefit investors. And anybody can be an investor, but we're never taught to be investors. We're taught to go to school, to get a job and spend our money. We're never taught what to do with that money. We're never taught to start a business. And we're never taught how to take this money that we're earning and convert it into wealth. We're taught to turn this money into cars and clothes. Flashy things, yeah.

• 1:02:34Jaspreet Singh?

  So what you say then?

• 1:02:36Lewis Howes?

  That the government is designed to keep people poor unless they're willing to invest in financial literacy and education and make the right choices to get them into creating more wealth.

• 1:02:51Jaspreet Singh?

  Our economic system is designed to keep people poor. The government continues to spend money, which creates inflation, which keeps people poor. And this is where now in order for you to break out of that system, you have to, number one, learn the system, number two, believe you can do it, number three, do something about it.

• 1:03:11Lewis Howes?

  Yes.

• 1:03:11Jaspreet Singh?

  And do something about it means you gotta stop spending all of your money, which is uncomfortable, right? Because we wanna have the nice things. But I'm not saying don't ever have a nice thing again. Don't ever go to, you know, Starbucks or go to Gucci. No, what I'm saying is go through the decade of sacrifice, of spending less, earning more. It's tough financially, but that's gonna give you some more money. Now, when you take this money, you're gonna start investing it. You're gonna be very disappointed in the first couple of years because you see no returns. You don't see anything happening, but you gotta stick with it.

• 1:03:42Lewis Howes?

  Yes.

• 1:03:43Jaspreet Singh?

  And you keep doing it. You built your financial education, learn more about how to invest. You start studying the financial trends, you keep building the financial preparedness. Maybe you see a market downturn, it creates more opportunities for you to invest, but you just stick with it. Then what's gonna end up happening? You go through the decade of sacrifice, because now you turn around and you don't recognize the person that you were 10 years ago. You won't even recognize yourself three years ago. But this is where now you will start to build this real wealth fund for yourself. And now you can start spending more money, but it's not necessarily coming out of your paycheck. You can start having nice things, you don't have to worry about the price because the money is being funded by your investments. And that's why now understanding the system is designed to keep the majority of people broke. And the reason why is because they want you to spend all of your money.

• 1:04:28Jaspreet Singh?

  And they want you to spend money you don't have, because that means you get to spend more money, right? If I make 50 grand a year. I only have fifty thousand dollars worth of buying power, you would think. But no, you have more because of credit. We live in a credit-based economy. So if I can only spend fifty thousand dollars, I mean, I can only stimulate the economy by fifty thousand dollars. And that's where this clever financial strategizing came in and said, well, how do we get somebody making fifty thousand dollars a year to stimulate the economy by eighty thousand dollars a year? Credit cards, lines of credit, other forms of debt. That way now, what is debt? You're taking next year's income, spending it today, and then you pay it back next year, plus interest.

• 1:05:09Jaspreet Singh?

  So now you constantly, you're working just to make everybody else rich. You're working to make your bank rich, you're working to make Gucci rich, you're working to make everybody else rich except yourself. And this is where, that's what the system is designed to do. But if you want to build wealth, you got to number one, learn, and stop spending a lot of money.

• 1:05:27Lewis Howes?

  Who should be most afraid? People that are making

• 1:05:31Lewis Howes?

  under a hundred thousand dollars? People that are making it from a hundred to five hundred thousand dollars a year? Or people that are making five hundred to a million dollars a year? Over the next few years, with the elections, the economy, wars, inflation, who is at the biggest risk financially?

• 1:05:50Jaspreet Singh?

  Well, I think it's everybody. I, I, I wouldn't say one over the other. It depends on the percentage of money you're keeping for yourself versus spending. Because if you're making a million dollars a year and you're spending a hundred and ten percent of your money a year, but you're making fifty versus somebody else is making fifty grand, I'm living off of seventy-five thousand, I'm more worried about the million-dollar-a-year person because you are one bad step away from bankruptcy. Versus if you're making fifty grand a year, but you're smart with your money, which I've met a lot of people doing that, you are, you're ready for whatever happens. And you said, bring it on, because I'm going to find the opportunity. It's a very different mindset.

• 1:06:26Lewis Howes?

  And you're not living in, you know, uh, you're not living out of your means. So you're, you've figured out how to have a comfortable lifestyle, a lifestyle that suits you, that aligns with your, your financial income, and you're not choosing to overspend.

• 1:06:40Jaspreet Singh?

  Right.

• 1:06:40Lewis Howes?

  And I've met a lot of people who have, you know, who rent, who have great relationships, who have good family ties and community, that are able to

• 1:06:54Lewis Howes?

  Use their time without having to spend money to have fun.

• 1:06:58Jaspreet Singh?

  Yeah.

• 1:06:58Lewis Howes?

  To enjoy their life.

• 1:07:00Jaspreet Singh?

  Yeah.

• 1:07:00Lewis Howes?

  Beyond, obviously, you gotta buy food and you gotta pay rent and bills and expenses, but they don't need to overspend. They can go in nature. They can go on walks. They can be with their dog or their friends or family and do things and activities that stimulate more fulfillment and joy than spending on watches and clothes.

• 1:07:19Jaspreet Singh?

  You know, the first, my wife grew up with a very tough financial upbringing. And when we got married, she, you know, I always expressed that she would wanna, she'd always wanted, you know, a designer purse or some other things like that. And so she went out and I wanted to make sure she had whatever she wanted. So she got, you know, the designer purses and all that nice stuff. And then, pretty quickly, she realizes, okay,

• 1:07:49Jaspreet Singh?

  this doesn't really give me much fulfillment.

• 1:07:50Lewis Howes?

  Now what?

• 1:07:51Jaspreet Singh?

  Now what? I can buy my purses, but it doesn't, the, the attraction to these things are the highest when you can't afford them. When you can comfortably afford it, you no longer really crave that stuff. Now you realize, well, what's something bigger? What's gonna really give me that fulfillment? What is gonna give me those memories? And it really goes back to what you were just saying, which is a mindset shift. Because everyone says, oh, it's gonna suck living smaller. It's gonna suck doing this. Well, it doesn't have to. When, I'm sure when you were starting your business, you were working hard, but you were probably having the time of your life.

• 1:08:28Lewis Howes?

  It was, yeah, it was a thrill.

• 1:08:29Jaspreet Singh?

  It's, it's.

• 1:08:30Lewis Howes?

  I mean, there's ups and downs.

• 1:08:31Jaspreet Singh?

  There's ups and downs, but it's, it's, when I was first getting started, when I started my party promotion business, I knew nothing about anything. I was a naive seventeen-year-old kid. I, I mean, I was really, I mean, financially dumb, but I knew I wanted to start building some income and start doing more things in my money. And I had two other guy friends that were doing this with me. They were kind of like partners that we worked hard with. And we were working around the clock, but we were having the time of our lives. It was tough. I mean, we were working hard, but we were having so much fun. We were laughing so much because we were just having fun. And it's really like.

• 1:09:10Lewis Howes?

  Can be exciting too. All this new adventure. Yeah.

• 1:09:12Jaspreet Singh?

  And it's really that mind. Again.

• 1:09:14Lewis Howes?

  People also need, people also need perspective. I think you gain a mindset when you experience a perspective that wakes you up. We were just talking about, you know, Indian culture. I've been to India. I've been to Guatemala five times. I go to Mexico all the time. Even in, you know, wealthy areas of Mexico.

• 1:09:34Lewis Howes?

  You know, the thing that breaks my heart the most and gives me a lot of perspective and a lot of appreciation for my life. Is when I see seven year old girls walking in the street, nine year old boys, four year old girls, walking by themselves. With little candies.

• 1:09:55Lewis Howes?

  Working all day and all night to survive that day. Because their parents don't have money and their parents are out working as well, selling whatever they can sell. And you see a girl trying to get 20 pesos for a little piece of gum or something or a little candy. And that is her life every day. She's walking the streets in Mexico or Guatemala or India or whatever it might be. To survive that day. And it puts your mindset in perspective.

• 1:10:26Jaspreet Singh?

  Yeah.

• 1:10:27Lewis Howes?

  When you're eating at a nice restaurant, you're getting your cup of coffee and you're spending $8 for coffee and you see a child. Working 12 hours a day. Because she needs to support the parents to live that day. It puts your life in perspective. It makes you realize, oh, okay. Maybe I can be more fulfilled with what I have. Maybe I can make some different choices. Maybe I can appreciate where I'm working right now. Or I can appreciate, you know, what I've created for myself far. Maybe I don't have to be so jealous of everyone else around me of what they're buying and consuming or where they're going on their trips. I can value my life in a different way.

• 1:11:11Lewis Howes?

  And I think perspective like that wakes you up in a big way.

• 1:11:15Jaspreet Singh?

  It's a cultural shift too. I mean, it's, it's, when you grow up in a country like America where resources are plentiful, it's hard to sometimes see them because in other countries, they're not always there. And people, you know, unfortunately, a lot of people don't realize that when you're in a country like America, like if you can understand the words that I'm saying, you have the opportunities to build wealth. You have the opportunities to, to do whatever you want, where you might not get those opportunities in other parts of the world. And when you have so much, we'll call it privilege of being able to speak English, of being able to be in a first world country, you start to then create victimizations of yourself. And you start to create these like, it's difficult for me because of X, Y, and Z.

• 1:12:00Jaspreet Singh?

  Versus where other parts of the world, you might not have that privilege. And I have seen that, you know, and it's the same in, in other parts of the world. My family's from a state in India called Punjab. And it can be difficult if the government doesn't allow you to do certain things. Or if they're gonna stop you from doing certain things.

• 1:12:18Lewis Howes?

  Or it's corrupt. You know, certain companies are, are, you know, cultures or economies or countries are very corrupt, you know, where the police are involved, the government are involved, all these different things. Again, I'm sure you've seen in, you know, the part of the country your family is from, kids in a similar state where they have a point zero zero zero one percent chance of building wealth.

• 1:12:41Jaspreet Singh?

  It's much more difficult over there.

• 1:12:45Jaspreet Singh?

  And just really, I mean, you know, I talked about this, I think with you, but you know, my grandparents, when they were born in Punjab, Punjab used to be a larger state. In nineteen forty seven, the state of Punjab was severed. And so my, my grandparents, who were Sikhs, the religion that I am is S I K H, Sikh. If you're on the west side of Punjab, which is where my grandparents were, you had to migrate east or you'd be killed. And so, you know, they lost everything, land, family. Possessions. Possessions, everything. My grandfather didn't even have shoes on his feet when he made it to the other side. And now you're starting, I mean, when we talk poverty, I mean, not even, the reason why I say this is because I had a discussion with somebody in Los Angeles on a podcast recently where he

• 1:13:30Jaspreet Singh?

  says, well, I don't think you need money to find any fulfillment in life. And I said, no, you, the only person that says I don't need money is people that have Have money. Or people who have money, because the reality is when you really don't have money, then you start to really see how important money is. Tough man. Because when my grandfather was there now, no shoes, no place to sleep, no money to eat. What do you do? And here's the other tricky part, right? Your, your culture plays a big part in this because in the Sikh religion, Yes. There's a couple of things I want to talk about, which I, I don't know I was gonna talk about this, but we'll do it anyways. Do it. There's a, a tenant called Sabha, which translates to selfless service. You want to help others. And he would tell me that he would see hungry kids.

• 1:14:15Jaspreet Singh?

  I said, I want to feed this person, because that's, you know, what the religion says, but I don't even have money to feed myself. I don't have food to give myself. How am I supposed to give to somebody else if I can't even take care of me? Now, the other part of this is there's another core tenant in our religion called Kirthkaro, which means earn a honest living. In the Sikh religion, it is against the religion to ask for a handout, to accept welfare, to, to just, to ask for money that you didn't work hard to earn. So now, what do you do? I mean, you, you, you work and you have to find whatever opportunities you can. And it is difficult for you in that situation.

• 1:14:58Jaspreet Singh?

  And then, you know, you start to grow and look for new opportunities and new ways and then. Again, in different parts of the world, it can be very difficult. Especially, you know, where you are. My, my parents, I remember my dad would tell me the story that in the 1980s in Punjab, there was a lot of political turmoil. People who were a part of the Sikh religion were facing a lot of difficulties and there was a lot of,

• 1:15:25Jaspreet Singh?

  there was killings, there was attacks. It was a very tough time. And trying to do anything in those types of political environments where sometimes you're worried, is this car gonna be blown up on my way to work?

• 1:15:40Lewis Howes?

  Yeah, there's war.

• 1:15:41Jaspreet Singh?

  There's, you know, what do you do? And then you leave or come to a new country.

• 1:15:47Jaspreet Singh?

  Where now you don't know the language. You don't know the culture, you don't know the people, and now you start.

• 1:15:51Lewis Howes?

  You look at differently, you're judged, you're, yeah.

• 1:15:54Jaspreet Singh?

  You've already made the big risk, right? So this is where, one of the things I like to talk about is think like an immigrant in the sense that when an immigrant comes to a new country, they've already given, taken the risk, right? Where risk is, I have,

• 1:16:06Lewis Howes?

  They've left home.

• 1:16:07Jaspreet Singh?

  I've left everything. And now I have opportunity, right? You, you do that for an opportunity. And this is where, again, it's the opportunity, which is understanding number one, that opportunity is there. It's not, there's a difference between being hard and being impossible. It might be hard. It might be hard because of the cards you're dealt. It might be difficult because of the circumstances you've had. It might be difficult because of certain things that have happened in your life. But that doesn't necessarily mean it's impossible. And if you are in a first world country, it is possible. But number one, you gotta believe. You got to believe. And there's a lot of negative people out there. Misery loves company. It, it is very easy to find, especially

• 1:16:48Jaspreet Singh?

  when you've been punched in the face, especially when you've been scammed, especially if you've been, when you've been screwed over. But if you look at any successful person, they've gone through a lot of crap.

• 1:16:59Lewis Howes?

  Yes, yes.

• 1:17:00Jaspreet Singh?

  And, you know, there's a saying that says, Successful people have failed more times than most people have even tried. And it puts things in perspectives. And so now we talk about what does that actually mean? Well, that might mean you try to get a job and you get rejected a lot of times. That might mean you try to start a business and you get screwed over. It may mean you lose money. It might mean you invest your money in the stock market and the company you buy goes bankrupt. That might mean you put your money somewhere and you lose it. I mean, I have had a lot of business screw ups. I have lost a lot of money.

• 1:17:33Lewis Howes?

  Didn't you lose a lot of money on your first housing investment too? Like you lost money and you lost the home and, but you didn't stop trying to invest in real estate.

• 1:17:44Jaspreet Singh?

  I, I've made a lot of mistakes in real estate. See, I think I'm, I'm definitely not the smartest person, right? The reason why I say that is because a smart person will make a mistake and learn from that mistake. It takes me three tries.

• 1:17:58Lewis Howes?

  Takes me years, man.

• 1:17:59Jaspreet Singh?

  It takes me a lot of tries and so that means it costs a lot of money.

• 1:18:02Lewis Howes?

  Yeah.

• 1:18:02Jaspreet Singh?

  But I've had bad tenants, bad property managers, bad contractors. I've had a lot of tough things happen.

• 1:18:08Lewis Howes?

  I'm curious with your, with your religion, it's, it's called the Sikh religion, correct?

• 1:18:15Lewis Howes?

  What is the number one tenet or philosophy that you believe if everyone lived by, they could start creating more financial freedom and wealth from? If they lived by that tenet within the religious philosophy?

• 1:18:34Jaspreet Singh?

  Well, the Sikh religion essentially has three major pillars, let's call it. Naam Jappo, Wan Shakko and Kirat Karo, which means number one, remember God. Wan Shakko means serve others before you serve yourself. And Kirat Karo means earn an honest living. Now, I'm not here to preach and tell people you gotta follow, you know, our religious principles or anything along those lines, but at the end of the day. I made a post about this recently, but a lot of times people assume that making money means you gotta be greedy, hoard money and be this evil, bad person. But that's not what being wealth should be about. The whole purpose of becoming wealthy is number one, so you can take care of yourself,

• 1:19:18Jaspreet Singh?

  but also number two, take care of people around you. Give back, help others, help other people that can't help themselves. That's really the power now of you going out, becoming financially educated, because if you are struggling to eat, how are you gonna pay to feed a hungry person? And it's really, again, it goes back to a mindset shift as to why you're doing things and not have to be so selfish. Now, this doesn't mean you have to go out and give away all your money, but also understanding that you can be a good human. In fact, you don't have to change what type of person you are, right? You can be whatever type of person you are, just have to not worry about money. And also, when you see an opportunity, be nice, try to, and you don't have to be, I'm

• 1:20:02Jaspreet Singh?

  not saying I'm a perfect person, I am absolutely not, okay? Everybody has bad days, rough days, but you know what? If you see an opportunity where you can help somebody, you have the time, you have the resources, you have the ability, you can take advantage of that too. And ultimately, it goes back to now, what does that mean for you and what are your morals? When I say, when I look for financial opportunities, I look for three things. Is it legal, is it financial, and is it moral for me? Because, you know, when cannabis, weed was becoming very popular, like in Michigan, I was given a lot of opportunities to invest into this new industry before it really started booming. I could have made a lot of money doing that. It was legal, financial, huge upside, just not moral for me.

• 1:20:47Jaspreet Singh?

  And that was my decision. And you gotta decide what's right for you. What's right for you might not be right for me, but this is why I never try to tell people, you gotta invest in stocks, you gotta invest in real estate, you gotta do this, because what's right for you may or may not be right for me. You have a different risk tolerance, you have a different goals, you have a different perspective, you have different things. You gotta find what's right for you, which comes back to now, you said, what are the three investments, right? Yes. Now, let me lay out three assets that have built more wealth than anything else over the last century, which is number one, building a business, number two, stocks, number three, real estate, in really no particular order. These three things have built more wealth than anything else in the last century.

• 1:21:28Lewis Howes?

  They've also probably created a lot of loss than anything else in the last century.

• 1:21:32Jaspreet Singh?

  They have, absolutely.

• 1:21:33Lewis Howes?

  For people that if they don't work out, starting a business, most businesses fail, after what, five years or something?

• 1:21:39Jaspreet Singh?

  Oh, yeah.

• 1:21:40Lewis Howes?

  Real estate, you can get in the wrong deal, lose your money.

• 1:21:43Jaspreet Singh?

  Remember two thousand and eight?

• 1:21:44Lewis Howes?

  Exactly. A lot of people lost everything and stocks, you could lose it all.

• 1:21:49Jaspreet Singh?

  Yeah, absolutely.

• 1:21:50Lewis Howes?

  So the three things where the biggest wealth generators could also be the, the things that hurt people the most financially as well, if they're not educated, if they don't stick with it, if they give up on it.

• 1:22:01Jaspreet Singh?

  Exactly. And that's where you gotta be willing to go through the crap. The reason why starting a business is so hard is because you're gonna go through a lot of emotional hardships. You're gonna go through a lot of psychological hardships. You're gonna go through a lot of, I mean, letting go of a bad employee is tough. Let it, seeing your financial bank accounts go down or figuring out how you're gonna make your next payroll can be tough. But you gotta be willing to go through the downtimes if you wanna see the uptimes. And the way that you invest in these assets, again, there are ways to lower your risk. Let's avoid the business because that's much more involved. But, you know, stocks and real estate, there are ways to invest your money and lower your

• 1:22:43Jaspreet Singh?

  risk. In stocks, that could mean instead of investing in a company, invest in an index fund or an ETF or a mutual fund. With real estate, instead of you going out and doing your own deals, you can invest in a syndicate deal, you can invest in a crowdfunding deal, you can invest in somebody else's deal. It doesn't mitigate all the risk, but you can lower some of the risk. And then you keep investing your money. And the second way that you can really lower your risk is invest your money for a long time. The longer you invest your money, your risk levels start to go downs. And you can change your like investment horizon, you can completely change the way you see returns. But it starts with you, number one, again, stop spending all your money. I know it's hard, but then do something with the money, which is not just let it sit in the bank account, but actually put that money to work. That way you can build true wealth for yourself.

• 1:23:28Lewis Howes?

  And if you could. Predict in a magic ball what you believe is gonna happen within the next six to 12 months. With the election coming up, with the uncertainty of these wars in the world ending, or new wars being created, with inflation rising, with debt increasing, and with all this financial uncertainty happening. If you could predict, or make a good assumption of what you think might happen in the next six to 24 months, what would you say would likely happen?

• 1:24:05Jaspreet Singh?

  Well, the first thing that's gonna happen is you're gonna see a lot of crazy news stories, which is gonna make people extremely emotional, which is gonna make some people a lot of money, which is gonna lose some people a lot of money. And so now, what does that mean? Well, let's start, we'll go big and then go narrow. It's kind of the way I like to explain things, which is, there's a lot of uncertainty. And uncertainty from a macroeconomic level means that generally that leads to more government spending. The government is spending already a lot more money than they're bringing in. The reason why that matters is now our fastest growing expense is not something that's benefiting the citizens, it is interest payments.

• 1:24:50Jaspreet Singh?

  The reason why that matters is because taxes and inflation are two of the biggest costs for Americans. Now, why does that matter? Because now we're also looking at potentially higher taxes. Higher taxes will affect people in many different angles. Higher taxes affect you because if you make money and, well, you gotta pay taxes, they get taken out of your paycheck. Now, you might say, well, the new tax proposals only affect rich people. Well, no, that's not necessarily true because that also means that some tax cuts get expired, which means even people that are making less money could be paying more money in taxes. Now, I don't say this to come from a political angle. That's not why I talk about any of this.

• 1:25:32Jaspreet Singh?

  I talk about this just from a financial perspective, so you understand how to best take care of yourself. Now, obviously, taxes are there to fund things, right? Public libraries and schools and roads and police and whatever. But at the end of the day, you also wanna build your own wealth. I mean, it's important, but you also wanna take care of your own wealth. So you want to understand this. And the second thing is, if we're entering a time where the economy is slowing, because our economy runs on spending. We know that when somebody has money and they spend money, the economic system grows, right? If you have money to spend at Chipotle, Chipotle benefits. But if you have money to buy the extra guac, they benefit even more. That's how our economic system works. Well, because of inflation, year after year after year, we're finally now in 2024,

• 1:26:17Jaspreet Singh?

  starting to see Americans starting to cut back for the first time. We haven't seen this.

• 1:26:22Lewis Howes?

  Really?

• 1:26:22Jaspreet Singh?

  We didn't see this in 2023.

• 1:26:23Lewis Howes?

  It's happening now, right?

• 1:26:24Jaspreet Singh?

  It's starting to happen.

• 1:26:25Lewis Howes?

  I think I, I think I saw recently in the headlines, like people are starting to go to less concerts. Like there's concert fatigue, they can't go to every concert all the time or just spend all his money. They're starting to spend a little bit less, right?

• 1:26:37Jaspreet Singh?

  A little bit.

• 1:26:38Lewis Howes?

  But there's also, it seems like the buy now, pay later services are increasing.

• 1:26:43Jaspreet Singh?

  Exactly.

• 1:26:44Lewis Howes?

  At a rapid rate as well.

• 1:26:45Jaspreet Singh?

  Yeah, we just did a whole deep dive of this in our market briefs, which is that buy now, pay later is one of the fastest growing industries in the financial space. And the reason why is because people are now, it used to be credit cards, right? Where if I wanted to go and buy something, I don't have the money, I'm going to put it on my credit card, but the interest rate is very high. The buy now, pay later industry says, well, now how about instead of worrying about the big purchases, like a TV and a sofa, you could finance your groceries in three easy installments of $18 a month.

• 1:27:14Lewis Howes?

  Wow.

• 1:27:15Jaspreet Singh?

  And you market it with a 0% APR. And it sounds interesting because now the buy now, pay later companies, they charge a fee to the sellers. If you go buy something off of a, off of Walmart online with buy now, pay later, Walmart is going to pay buy now, pay later a small percentage of the purchase price, which is why they can offer you 0% APR. However, the majority of purchases on buy now, pay later end up with interest because most purchases do not end up getting paid off within that period. So now instead of paying the $50 upfront, you paid off installments, but, but then you also buy a mug. You go in to buy a nice new shirt. You go out and buy a vacation.

• 1:27:57Jaspreet Singh?

  You do all on buy now, pay later, and then, oh no, I have to pay my rent. So I'll just ignore the buy now, pay later right now. And then you get slapped with a 25% interest, where you get slapped with late fees and other fines, which is why now that, that it still keeps stimulating spending. And so when we talk about, you know, spending cooling, what does that mean? Well,

• 1:28:18Jaspreet Singh?

  Inflation makes things more expensive. And what we've seen is that the cost of living has grown faster than wages for the average person, which means that you have less spending ability. But how do you keep spending? Well, what we saw is, number one, credit card debt rose at the fastest rates really ever. Credit card debt is at a new all time high. And then we had banks like Wells Fargo come out and say, well, this is a great time for you to pull equity out of your home. Because now you can use this equity to continue living your lifestyles. So people were pulling out a lot of cash, especially when interest rates were low. And then we saw some new interesting things happen, which were, number one, they'll call this less interesting. People were saving less money and digging into their savings.

• 1:29:03Jaspreet Singh?

  But we also saw a record number of 401k hardship withdrawals earlier in 2024. That report came out.

• 1:29:13Lewis Howes?

  Wow.

• 1:29:13Jaspreet Singh?

  So what does that mean? The people are now digging into their investments. Why? For some sort of hardship. Again, what does all this mean? Well, people are now looking for unique ways to continue spending. Maybe it's credit cards, maybe it's buy now, pay later, maybe it's no longer saving or investing money. Maybe it's digging into my savings or investments to keep spending. Now, what we're starting to see happen, again, we are not at the end of this. But in the, we're starting to see a little bit of less spending. Like we saw recent reports saying that the beginning of 2024 economy grew lower than what was originally expected. Originally, it was considered low. And then they just found out that it was lower than what was originally thought.

• 1:29:56Jaspreet Singh?

  Inflation is still hotter than what a lot of people would like. So, you know, this is where now is the job market starting to cool? Is the economy also starting to cool? What do all these things mean? Ultimately, look, this is what's happening. There's going to be a lot of news.

• 1:30:14Lewis Howes?

  Yeah.

• 1:30:15Jaspreet Singh?

  Crazy news. Crazy news is the first thing that always happens because the media companies got to make money.

• 1:30:20Lewis Howes?

  That adds still fear into the world.

• 1:30:22Jaspreet Singh?

  Exactly. And that's where number two is you gotta distill the news from the trends.

• 1:30:29Jaspreet Singh?

  And understand that this is going to create opportunities. And opportunities are there for people that are financially educated, prepared and understand the trends. And it really comes down to that. I mean, are there going to be changes? Yeah. I mean, the government might need to raise taxes in order to keep funding their bigger and bigger spending. If we see more economic slowdown, what does that mean? Well, that can mean maybe something happens to the stock market, or maybe we see more stimulus. Maybe that means more inflation. You know, I can't predict what's going to happen tomorrow. Nobody can. But what I can do is prepare for whatever will happen. That way, you know, I'm ready. Like, I don't know if it's going to rain tomorrow. It might say it's going to be sunny in Los Angeles, but it might rain.

• 1:31:12Jaspreet Singh?

  You can keep an umbrella, right? All you can do is be prepared.

• 1:31:15Lewis Howes?

  Sure.

• 1:31:16Jaspreet Singh?

  Versus what ends up happening in the financial markets, I'll give it in the real world, is people see rain and then they start crying. Versus, okay, but if you have an umbrella, you don't got to cry, right? And it's, this is where being prepared for the rain during the sunny days is what you got to do in the financial markets is you got to prepare when times are good. That when times are not so good, you're already prepared.

• 1:31:42Lewis Howes?

  And what do you think are the three biggest mistakes that someone could make over the next six months? That will drastically hurt them financially.

• 1:31:52Jaspreet Singh?

  Well, he's trying to play the Instagram game, Instagram flex, which is, wait, they just went on this vacation. How come I can't go to the Bahamas? How come I can't go to Cabo? How come I can't go to Cancun? I want to do that too. That's number one, because that Instagram, Instagram has contributed so much to our economy that I don't think people really realize. Because before, if you bought a nice thing, you bought a nice BMW, how would you show it off? You got to call them, but you still can't really see it. You know, you got to drive to somebody's house and show it off versus now, I can take a, buy a BMW, take a picture of it and show it off Instagram and show it to thousands of people.

• 1:32:33Jaspreet Singh?

  You get a whole lot of likes, which can then create the same, ooh, ah, like, you know, they're keeping up the Joneses on steroids. So number one would be definitely. Distance yourself from social media. And I do, if I add on that just a little bit, there's gonna be winners and losers with everything. With money, there's gonna be winners and losers. When the markets go down, there's gonna be winners and losers. When markets go up, there's gonna be winners and losers. Losers are people that are not in. The winners are people that are seeing their investments go up. When markets go down, the losers are people that are selling. The winners are people that are now buying good assets at a discounted price. It's the same thing with social media. You got winners and you got losers. And this is where a lot of people hate it, but it exists.

• 1:33:19Jaspreet Singh?

  Some people are gonna win. People that are using social media as a tool to learn, as a tool to improve, or as a tool to build something, you're winning versus the majority of people are using it to make themselves broker and stupid.

• 1:33:35Lewis Howes?

  Yeah.

• 1:33:36Jaspreet Singh?

  There's gonna be winners and losers.

• 1:33:37Lewis Howes?

  I'm curious. I want people to, you know, if you're watching this on YouTube, I want you to leave a comment about the best decision you've made in your financial situation. And also the worst mistake you've made in your money situation in the past. So best and worst mistake. Feel free to leave that in the comments and like this video if you're getting a value from what Jaspreet is sharing with us today.

• 1:34:02Lewis Howes?

  So those are some of the mistakes, some of the things that we're gonna see. Crazy news stories, distill the news from the trends. And is there one other thing that you can predict that you think will happen in the next six to 12 months?

• 1:34:15Jaspreet Singh?

  Well, what will happen is people are gonna be scared and they're gonna continue being scared. And that fear drives emotions. Now, I think what you're asking is, is the market gonna crash? Are we gonna see a housing market crash? Are we gonna see an economic crash? And, you know, we know that the economy is going to eventually see a recession. We don't know when. And there are people that say by the end of 2024, we might be in a recession. You have other people that are saying that.

• 1:34:42Lewis Howes?

  They said that a year ago, too.

• 1:34:44Jaspreet Singh?

  Right, I mean, it's always a think. There's always a recession coming. But at the end of the day. That doesn't benefit you unless you're prepared. And you you just got to be prepared that way to win when markets are up and when markets are down. And and this is where your financial education and investing in your education goes into that. Because you were asking, what are the biggest mistakes that people will make? Well, the the second mistake that I wanted to say was essentially you do nothing. You learn something like, OK, I got to build wealth and then you do nothing. Which really inaction is one of the.

• 1:35:21Lewis Howes?

  It's a big mistake.

• 1:35:22Jaspreet Singh?

  If you look at.

• 1:35:22Lewis Howes?

  Avoiding, looking at your debt and at your statements and avoiding money conversations, that's a mistake.

• 1:35:29Jaspreet Singh?

  If you look at, you know, ask one of the wealthiest people, what is the biggest financial mistake you make? What ends up being for a lot of people is the investments that they didn't make.

• 1:35:37Lewis Howes?

  Right.

• 1:35:38Jaspreet Singh?

  It's the inaction now. It's tough because, you know, hindsight is 2020, it's easy to look back and say that was a good investment. But you got to really understand it and you got to be willing to look back and and make the decision that's right for you. Like you mentioned what I was doing with Bitcoin, you know.

• 1:35:54Lewis Howes?

  You sold all?

• 1:35:55Jaspreet Singh?

  I I sold a big chunk of it, not because I don't believe in Bitcoin. But because financially, it just it was, I've been buying Bitcoin since 2017 when it was $3,000 a coin. So now, when you see a 2,000% increase in your portfolio. You know, well, that's a great opportunity for me to take some of it off of the table. Because for me, right, my portfolio is real estate, followed by stocks, followed by speculative investments. What are these speculative investments? Well, some are startups that invest in some of that is cryptocurrency. And I know that this could go up really high, it could also go down to zero. Now, I was fortunate to see a a huge run up in price. I know Bitcoin can go up a whole lot higher. I hope it does. I hope blockchain continues to dominate.

• 1:36:40Jaspreet Singh?

  I also understand it can go lower. And it was just a strategic financial decision for me to now move that money, which is it's not producing any income in my bank account, right? It's a it's a.

• 1:36:51Lewis Howes?

  It's no cash flow.

• 1:36:51Jaspreet Singh?

  It's not cash flow. To take that money, buy my rental properties.

• 1:36:55Lewis Howes?

  Yeah, get cash flow.

• 1:36:56Jaspreet Singh?

  And get more cash flow out of it. And if Bitcoin goes up even more, great. I mean, that's that's great for the people that wonder if it goes down. OK, I'll buy something for, you know, it's but you got to under. I'm not saying go out and buy Bitcoin. I'm gonna say, don't buy Bitcoin. I'm saying you got to understand if it fits within your portfolio. Your speculative assets are speculative. Real estate stocks and business have built more wealth than anything else in the last century. Speculative assets can make you a lot of money quickly. They can also lose you a lot of money just as fast. And so you got to understand how certain things play a part in your investment portfolio. And not just go out and start chasing the shiny things. Because guess what? There are some speculative investments that I made, like I've invested in startups where I never hear from them again.

• 1:37:40Lewis Howes?

  Oh, yeah.

• 1:37:41Jaspreet Singh?

  Right? And so there's, that's the name of the game. And you got to know your, you got to know your education. You got to know your strategy.

• 1:37:48Lewis Howes?

  Yeah. And it kind of goes back to the first thing you talked about, which is your, your money beliefs. And learning how to understand those money beliefs that you currently have. And see, do these work for me in creating wealth? Or are they hurting me in creating more fear, scarcity, limits on my financial opportunities? Then start taking the actions that you talked about in terms of educating yourself, in terms of, you know, learning, investing in yourself first. To start shifting the beliefs and it's not going to happen overnight. If you had a belief for 20, 30 years, it might take a few years of moving that belief and seeing some action consistently to start

• 1:38:29Lewis Howes?

  becoming a new self, shedding the old self, developing a new identity around money for yourself by seeing it in a new way over and over again. And to go back to what you said, like getting off social media, at least getting on, you know, unfollowing the stuff that creates fear and insecurity or jealousy or greed or whatever it might be. Stop watching those things. I just got back from seven days of turning my phone off.

• 1:38:56Jaspreet Singh?

  Yeah, I saw that.

• 1:38:56Lewis Howes?

  No social media.

• 1:38:59Lewis Howes?

  And it was powerful, you know? It gives you space. It gives you time to think. It gives you perspective, all these things that can. Help you try to make better decisions. And I'm not saying you gotta be off social media all the time, but you know, I'm only following inspiring accounts or accounts that like give me knowledge. I don't follow news accounts to create fear and anxiety and stress. I still get informed by reading a newsletter about what's happening in the world. But I'm not consuming, you know, fires and bombs and all these different videos that are going to stress me out.

• 1:39:33Lewis Howes?

  But if you could, with everything that you shared today, if you could distill it down to three action steps, that if people are saying, man, just split, then maybe this is the first time they've been exposed to you. They're just trying to figure out and navigate their financial, you know, world. They're, they're living in a lot of uncertainty still, but if you could give people three things that would encapsulate what you shared on how to take the next steps.

• 1:40:01Jaspreet Singh?

  Yeah.

• 1:40:01Lewis Howes?

  Based on what you shared today. What would those three steps be for someone who watched or listened to this?

• 1:40:06Jaspreet Singh?

  The first thing is take a deep breath and relax because it's very overwhelming, especially if you've never really been exposed to financial education, or you're realizing maybe you're lacking a certain place in your, in your wealth, your finances, your debt, you're, you're in a tough financial space. It's okay. That's the first thing you gotta understand is you can get out. And that's why I say take a deep breath and understand now there is a way out and there is a way to wealth. Because it can be very anxiety driving and that's not the purpose of any of this. Cause that's never going to get you anywhere. Once you do that, the second thing is now taking action. Now taking action is going to look like a lot of different things that might start with you now going out and consuming more financial education on YouTube or podcast.

• 1:40:50Jaspreet Singh?

  That might mean you go out and start reading some books. That might mean you go out and start taking some classes. That might mean you go out and start investing your money. And you can start by getting your toes, dip your toes in the water. Start with a hundred dollars, a thousand dollars, whatever's right for you. But just start taking some action. Now, always you have to have some action being putting your money to work. But you also want to couple that with learning. So do that. Then number three is be ready for the mistake and keep going when things go wrong. You know, one of the disclaimers I always say is, number one, don't blindly listen to a random guy on YouTube, because that's what I am. And number two is investing has risks. You're never guaranteed to make money.

• 1:41:33Jaspreet Singh?

  In fact, you will probably lose money. Every single successful person in the world has lost money at some point. Every single successful investor has lost money at some point. The goal is to make more than you lose. But those losses are where the real education happen.

• 1:41:54Lewis Howes?

  It's painful.

• 1:41:55Jaspreet Singh?

  It is painful.

• 1:41:56Lewis Howes?

  It's painful, but you learn.

• 1:41:57Jaspreet Singh?

  It sucks. It sucks. I don't know how else to say, but it sucks. But that's the time now where you got to really double down, go back to the education, make sure you were working on the financial preparedness and use this as an opportunity to learn more. I mean, I have talked so many times about the times I screwed up in my own business, the times I screwed up in real estate. Like, I have made a lot of mistakes and it is tough when you go through them. But without those mistakes, you're never going to be able to get to where you want to go.

• 1:42:27Lewis Howes?

  Exactly. Yeah. I can think back when I was living on my sister's couch for a year and a half in Columbus, Ohio. With, I don't know, close to thirty thousand dollars in student loan debt. I was fortunate, I was one of the fortunate ones not to have two hundred thousand in student loans debt or more. And I remember I was injured. I had a cast on from a surgery for six months, so I was unable to kind of physically do manual labor jobs. I didn't have my college degree yet, and this was in two thousand seven, eight and nine, when the economy crashed, the mortgage, you know, industry crashed.

• 1:43:09Lewis Howes?

  And they weren't hiring people with masters, let alone people like me that didn't graduate college yet. So I remember feeling very down and out, very victimhood, and a lot of shame on top of that because I wasn't contributing and earning any money. And I was living off of my sister Catherine. Now, she was, she had a job and she was able to at least provide housing for me. And, you know, I was eating kind of the scraps of food that she would have left over. And I remember feeling a lot of shame that I was thinking, why am I now an adult man? That is unable to make money. This economy is really hard. I'm struggling.

• 1:43:50Lewis Howes?

  And I didn't have the right money beliefs also. I think I had some decent money beliefs that I saw my dad do some things well. But there was so much pain and suffering and conflict within their marriage. That things were tied and muddy around money as well. So I was confused about money. And I didn't know how I was gonna make it. I didn't know how, who would pay me? Am I capable of making money? Do I have any skills to make money? Who's gonna hire me? Where can I work? Could I start my own thing? I didn't have the belief around any of these things. But what you're saying right now is something that I started to do. I started to educate myself. And I started to read a lot. At that time, I was reading blogs.

• 1:44:35Lewis Howes?

  And I was reading like financial, personal finance blogs, right? So I was learning. I read a book by Ramit Sethi called, I Will Teach You To Re-Rich. Great book. That book, over the next few years, helped me pay off my student loans and start taking action. It didn't happen overnight. But it gave me a game plan to take action on paying it down from 20 bucks a month to hundreds of dollars a month, then paying it all off. And that created the snowball effect that you talked about. I started to build momentum little by little. It didn't happen overnight. Then I started to get creative and put myself out there and say, how can I earn a couple extra hundred dollars a week? Uh, you know, let me try to help people with what I'm learning online. Let me try to create these events that I was starting to do.

• 1:45:19Lewis Howes?

  And I started to generate a little bit of cash. And from there, I built confidence and I built competence. Then I reinvested that money back into myself, what you talked about, step one, invest in you. And I started getting coaches and mentors and going to events and all these things gave me more confidence and competence. And I lost money along the way. I spent time on things that didn't work out. I had ups and downs, physical health challenges, relationship challenges, all these different things were happening at the same time. But as I look back now, fifteen, sixteen years later, I see that by taking action and sticking with it, like you just shared, kind of the last point you shared, and sticking with it over time, I have more than I've lost.

• 1:46:04Lewis Howes?

  I've learned more, I've experienced more, and there have been some extremely painful times. There's been betrayal, sadness, um, heartbreak, all these different things. But by being consistent and just doing a little bit better than you do worse, and making smarter decisions every time you make dumb mistakes, you will have more than than you did before, and you will become a different person in the process. Oh yeah. And I think if people can, it was really hard for me to see the future sixteen years ago, seventeen years ago, when I was on my sister's couch. It was in near impossible to see, how am I going to make money? How am I going to create wealth? How am I going to have a financial freedom?

• 1:46:47Lewis Howes?

  How am I going to create this feeling of abundance inside of me and also in, you know, in assets or in investments? How is this possible? It it feels near impossible. And I think when you stop thinking about the end results of, okay, how do I make a million dollars in the next couple of years? And you just start thinking about the next step today. And being consistent with those actions and improving day after day, year after year, it'll eventually grow. And I hope that's what people take away from this interview and this episode, is that it doesn't happen overnight. You will feel, you can experience pain. Financially, physically, emotionally, psychologically in the process.

• 1:47:31Lewis Howes?

  But you can also experience a lot of beauty, fulfillment, and joy in the process as well.

• 1:47:35Jaspreet Singh?

  And the purpose comes from pain.

• 1:47:37Lewis Howes?

  Yeah.

• 1:47:38Jaspreet Singh?

  And you gotta go through the process.

• 1:47:40Lewis Howes?

  I tell you that, man. The most painful parts of my life have the reason why I'm here. You know, dealing with that financial heartache, dealing with challenges as a kid that I dealt with, has given me the reason to live in service, which is one of the tenets of your religion, to serve others from that place of pain to hopefully help others get out of that pain as well. That's why I do what I do. I know it's why you do what you do with Market Briefs, with Minority Mindset, is that right? The Minority Mindset on YouTube. And with your paid community of teaching people about the latest trends, what's happening. Because you don't want people to suffer the way you suffered financially and the pains that you've had.

• 1:48:24Lewis Howes?

  So you're now educating those to hopefully bypass a lot of those mistakes.

• 1:48:30Jaspreet Singh?

  To lower the learning curve. You can't bypass it. You gotta go through the hardships.

• 1:48:34Lewis Howes?

  I know, man.

• 1:48:35Jaspreet Singh?

  But you can, you know.

• 1:48:36Lewis Howes?

  Minimize.

• 1:48:37Jaspreet Singh?

  Yeah, you can lower some of the pain, lower the learning curve. That way you can get to where you want to go a little bit quicker. And hopefully make less expensive mistakes. Not avoid them.

• 1:48:46Lewis Howes?

  Exactly.

• 1:48:47Jaspreet Singh?

  It's making less expensive mistakes. Because you gotta make the mistakes. You're going to.

• 1:48:50Lewis Howes?

  You got to. Just B, this has been extremely informative. You've got an amazing YouTube channel where you're putting out content almost daily.

• 1:49:00Lewis Howes?

  Hundreds of, I think you have a thousand videos on there now. So much content around all these different topics for free. If people want to learn more, they can watch it for free. My Minority Mindset on YouTube. You've also got Market Briefs, which is your free newsletter. Hundreds of thousands of people are part of that. You send out incredible insights and information weekly for people.

• 1:49:24Jaspreet Singh?

  Daily.

• 1:49:24Lewis Howes?

  Daily, there you go. You have a whole team that is scouring the news, the information, what's happening, trends, to give people for free. So make sure you sign up for that. Is that marketbriefs.com?

• 1:49:36Jaspreet Singh?

  Briefs.co, briefs.co, or just go to Google and search Market Briefs.

• 1:49:40Lewis Howes?

  Market Briefs. And you also have a paid community that's coming out soon. Well, I guess it's out by the time of this launch of this video and this audio. But if you sign up for briefs.co, you'll get information on the premium version of that as well.

• 1:49:54Jaspreet Singh?

  Briefs Pro.

• 1:49:55Lewis Howes?

  Briefs Pro, there you go.

• 1:49:58Lewis Howes?

  Dude, this has been informative. My audience loves when we come on together and share these things. So thank you for, for revealing them. Again, my biggest takeaways are that the system is rigged against you if you don't have the right mindset. If you don't have the right beliefs and if you have money wounds, you'll be stuck in a system that wants to keep you poor. And fortunately, there is a way out. If you're willing to change your beliefs, if you're willing to reinvest in yourself and become someone new in the process.

• 1:50:37Lewis Howes?

  And start taking daily actions that are painful at first, but will be extremely rewarding in the future. So you need to think about your future self and what your future self wants you to do today. And stop thinking about what your desires and your ego self wants today with the pleasures of life.

• 1:50:56Jaspreet Singh?

  Right.

• 1:50:57Lewis Howes?

  Minimize the financial pleasures and create more experiential pleasures that are free, that cost nothing, which is connecting with loved ones, which is enjoying nature, which is being and creating your own adventures in life as opposed to needing to always spend. I'm not saying don't spend, but make sure you spend less than you make. Start taking those daily actions and invest in your future. And keep being of service with your talents and gifts. So I'm so grateful for you, Jaspreet, for always being of service, for living the tenets of your religion. Which I believe the first one was, uh, remember God.

• 1:51:38Lewis Howes?

  The second one is make sure to serve others and then earn an honest living. So I appreciate you, I acknowledge you, and I'm grateful for all that you do for your community, this community at School of Greatness. And is there any final message that you'd like to share for people before we wrap up?

• 1:51:56Jaspreet Singh?

  Well dude, that was so nice.

• 1:52:00Jaspreet Singh?

  Very sweet, you know, I, again, I make a lot of mistakes, so I would definitely not want to put myself as, you know, a perfect person or anything even close. I make a lot of mistakes in every which way, but I think the goal is always just to try to be a little bit better every day. You can improve no matter where you are. I think all of us, myself included, especially have a lot to improve. But what you said was 100% right, that there is opportunity and availability for you to go out and live a life financially of more freedom, but that requires you to, number one, breathe, understand as possible, take action, and even when things get tough, you keep going.

• 1:52:45Jaspreet Singh?

  And, you know, beyond that, right, you gotta make those financial sacrifices. That way you can do more of the financial things, travel, spend money, and not have to worry about the price because now you have the money, right? The goal is not to ever enjoy the nice things, it's to be able to afford the nice things, but not have to worry about the price because you've put in the work and now you earned it.

• 1:53:06Lewis Howes?

  That's beautiful, man. If you guys enjoyed this, make sure to like the video, leave a comment of your biggest takeaway or your biggest challenge or struggle that you're facing with around money or your biggest question around money. And we'll bring Justpre back on in the future to try to answer some of these questions. And Justpre, thanks man, man, so much for being here.

• 1:53:24Jaspreet Singh?

  Thank you heavily, man.

• 1:53:25Lewis Howes?

  I hope today's episode inspired you on your journey towards greatness. Make sure to check out the show notes in the description for a rundown of today's show with all the important links. And if you want weekly exclusive bonus episodes with me as well as ad-free listening experience, make sure to subscribe to our Greatness Plus channel on Apple Podcasts. If you enjoyed this, please share it with a friend over on social media or text a friend. Leave us a review over on Apple Podcasts and let me know what you learned over on our social media channels, @lewisHowes. I really love hearing the feedback from you and it helps us continue to make the show better. And if you want more inspiration from our world-class guests and content to learn how to improve the quality of your life, then make sure to sign up for the Greatness Newsletter

• 1:54:08Lewis Howes?

  and get it delivered right to your inbox over at greatness.com/newsletter. And if no one has told you today, I want to remind you that you are loved, you are worthy, and you matter. And now it's time to go out there and do something great.