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Jaspreet Singh

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2024-11-21
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2024-11-21
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  1. “One taking care of my two is my own purpose and mission and feeling excited like my personal excitement Number three is the To continue to help people before us to bring light to the community. Number five is to continue giving back and to help.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  2. “I am not driven by materialistic things There are certain things alike. I will spend money on luxuries. My wife got me into that into nicer hotels and nicer travel and those conveniences I like. And I want to keep my wife happy, so whatever she likes, but I'm not driven by fancy cars, fancy clothes, That to me is not as important. I like to see. And I want to help empower people. And that gives me excited.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  3. “I am happy I've been so fortunate. I've always been one of those people. Could put me in a box and I'd have a great time. I would turn the box into an airplane and I'd be flying it around before I came here. My wife recorded a video I found these so we were in a hotel and they gave these cans of water. Okay. These two cans of water. I took them as I recorded this video. I went on the balcony and I did a stone cold Steve Austin mock video where I opened up the cans of water and just dumped it on myself. I don't know why and I sent it to my cousins I have been very blessed to I can have a good time with anything. I'm a pretty lighthearted guy. I know I talk about serious stuff, but I've been very fortunate on that. And I can have fun in a lot of situations.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  4. “Oh, I'm excited. I don't use an alarm. I'm get up by the purpose. I'm excited by the mission. I mean, I love what I do. The purpose, the mission, that's what gets me up every morning.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  5. “Starting with first accounting and taxes, then we get into the legal, your estate planning, what types of attorneys, what types of legal protection and shields and tools can you use to structure your business, your investments, to protect you, but also amplify your wealth, and then things like insurance. But then also your estate planning, because you talk about generational wealth. Well, generational wealth isn't just the money, it's what your money does after you die, and you can control that when you're alive.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  6. “The most important thing that I think we did not talk about is we talked about the economic system. We talked about the principles, but I think we didn't get into the actual steps now of how do you preserve and protect your wealth and how do you now continue to use wealth protection tools because there's a lot of that that every single wealthy person is investing a huge amount of time, effort and money into, that most people have no idea even exists. We started to touch on taxes, but there's so much more.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  7. “So start by learning for free even before books. Start by watching YouTube videos, start by listening to podcasts. Then you take the next step and you start reading books. And when I talk about is if you go out and over the next twelve months, you read five books on money management and investing. I just gave three. Read five books on personal development and self development. Read five books on how to start a business. Read five books on leadership. And then read five books on how to scale, market, and build, grow your business. You're going to have an MBA level education for a fraction of the cost. Start with that. And then go out and make mistakes. And as you grow, that's when you can start buying classes and other things because you'll find people that you might want to get consulting from. But start with that, and”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  8. “The first book I'll start with that because the best is it changes. The first book ever read covered a cover was Richad Pordet. The second book was Total Money Makeover, Richad Pordet is by Robert Kiyosaki, Total Money Makeover as by Dave Ramsey. The third book is a book called The Creature From Jekyll Island, which talks about the Federal Reserve Bank. Those three books are going to give you a foundation of money and different perspectives of it.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  9. “Calls from Well, the best best place is to go out and do it. Screw up, make mistakes. along with that. Start with what's free YouTube podcasts.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  10. “But many people now want a quicker solution. So now we start trading. We start finding hot companies, the next Tesla, the next Amazon. We see what Reddit says. We see what Google says. And we start buying these things because we're excited. But that excitement is what's killing your wealth because you're investing on emotion instead of investing on financials. And so this is where you talk about what's boring Just keep doing the market. Keep investing in the market when the market's up, when the market's down, when the market's side was, just keep investing because that has been proven to win. We know that if you invest a hundred dollars a month from the age of twenty one until your retirement sixty five sixty six, and you can get the same ten percent return, you're going to retire a millionaire.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  11. “And so now what happens? If you invest your money into the stock market and by the stock market, I mean, let's just say you buy the S&P five hundred, which is a basket of the five hundred largest companies in the stock market. For example, not financial advice if you invest in SPY, that is an ETF that gives you exposure to the five hundred largest companies. We know that historically that's gone up by ten percent a year, but that's not enough for a lot of people. So now I'm going to play this game of, I'm going to try to beat the market. And some people will, most won't. So now some people are going to try to get into the game on investing in individual companies or maybe trading companies. Because even investing in individual companies, if you invest for the long enough period of time, you're probably going to win.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  12. “Yes Have to be sometimes impatiently patient. If we talk about building wealth through investing in money, the numbers have shown that over the last century, the stock market has gone up by an average of ten percent a year historically Many people lose money when investing in stocks. I mean, if you go around talking to people, have you invested in stocks? Yes, yes, yes. How many have made money? The hands are dropping. Well, if the stock market has gone up by around ten percent a year on average every year for the last one hundred years, why are so many people losing money? Because we start playing the wrong game.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  13. “I need to create something. I can't work for somebody else feeling. I want to build something. It's a very much like I don't care what it takes. I don't care what I have to do. This is what is my calling.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  14. “what you think about risk. It's well, if I invest a hundred dollars, how fast I'm going to make the money back, am I going to make this money back? It became all these little analyses before you've even done anything. You gotta start And then it's the innovation of what are you gonna do? It's asking for a blueprint. Tell me exactly what to do. Tell me exactly what to sell. Tell me exactly how to sell it. I don't know what you are good at. I don't know what problem you can solve. I don't know what innovation you can create. And this is where I go back to. I am a big advocate for entrepreneurship for the right person. Who is that right person? Somebody who has this entrepreneurial itch. Did you have this?”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  15. “I used to think Everybody needs to become an entrepreneur. Because when I started to see success as an entrepreneur, I crossed that invisible barrier. I said Oh my God, people need to see this. You have to become an entrepreneur. You can do things on your own. And I was preaching this to my friends. I got one friend of mine who was To quit his job, and to then join me he would come to my office and I would talk to him about things and I said, you know, different ways you can do this. And I realized pretty quickly. He is not meant to be an entrepreneur. The work ethic was different. When he would go home, he didn't want to work, and Dad did not click to me. What do you mean you don't want to work after five o'clock? Like there's no stop point when you're starting a business. You got to start. The second thing was”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  16. “I think everybody in America needs to be business owner. But the majority people should not operate a business. When you invest in a stock, you become a business owner. You don't operate the business if I go out and buy a share of Amazon, I'm not working in the company, I'm not operating in the company, but I own some of it. Some people should start a business. I'm a huge advocate for entrepreneurship for the right person.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  17. “Me, the way that I do it is I do it through cash flow. Most of my investments, my real estate investments pay me cash flow. When I buy a property, I buy it for the cash flow Most of my stock market investments are dividend paying assets, meaning they pay me cash flow dividends just for owning the stock. Some of my investments grow in value, they're more appreciative for appreciation, But when I think about retirement for me, it's cash flow exceeding my expenses.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  18. “We also saw the number of workers in a household increase. In nineteen seventy one, the average household had one person that went to work. The man went to work and the woman didn't. That's how life was in early nineteen seventies. In twenty twenty one, many households are two household incomes. So 1971 to 2021, the median household income grew by around 600%. The SP 500, the largest 500 companies in the stock market, grew by around 4,000% So again, inflation happens, inflation benefits the investor. How do you become wealthy? It's by investing your money. So if you want to retire, if you want to build wealth, you have to be an investor, and you have to calculate what is that wealth number for you.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  19. “Which means that the wealth for investors has grown almost five times or about five times faster than incomes. This is why you can't earn your way to wealth. You can't save your way to wealth. You have to invest your way to wealth. And remember, wealth is retirement. And you might say, well, Despite that's just because of the pandemic and everything that happened after the pandemic. Well, let's go back in time. Let's look at it a little bit broader. Let's look at the five decades between nineteen seventy one and 2021. Over those five decades household income increased by around six hundred percent. Now mind you that between nineteen seventy one and twenty twenty one”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  20. “We become wealthy is by owning investments. Our economic system is designed to benefit investors. If we take a look at twenty nineteen to twenty twenty four. Over those five years. Household incomes, the median household income grew by around eighteen percent. During those five years the SP five hundred, the stock market, has grown by almost one hundred percent”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  21. “But here's the thing when you invest your money into dividend paying stocks, which are stocks that pay you, or into strong real estate, these are inflation adjusted investments, which means generally the As inflation happens, rental prices go up. As inflation happens, stock values and dividends also go up. And this is where now if we start to understand this, you'll understand the power of this. Because it's actually a little bit more extreme. Probably heard about the wealth gap in America and how the rich are getting richer and the poor are getting poorer. Well, the reason why there happens because is because investment values grow faster than incomes. An inflation benefits investors So, you see how we start to tie this all together because wealth is about owning investments.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  22. “You're going to say, where in the world are you going to get a million dollars? You don't need it today. It can happen over time. When people talk about retirement planning, they're thinking about 45 years. So when we talk about wealth, why can't we talk about the long term? It's not going to happen in two days, but it can happen if you put in that work. So now, you have to put aside this amount of cash to buy certain investments that can pay you the type of cash flow. The second thing is Well, what about inflation, Jasperit? You talk about this all the time. The buying power of my dollar is going down. seventy thousand dollars when I'm sixty five years old in a few decades is not going to have the same bypowers today. You're right.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  23. “And now you have more options So retirement is wealth. Wealth is when your cash flow from your assets exceeds your expenses. How do you actually do this now? Well, you gotta buy the assets And in order to do that, you have to have the money. And many people assume that the way you get rich is by investing for passive income. You get rich by investing in real estate. You get rich by buying this cash flow. That's a lie. You have to have the money first. You have to have the money to invest in real estate. You have to have the money to buy the cash flow. So if we just make the numbers very round and simple, if I need seventy thousand dollars a year to live my life, and I can get a seven percent cash flow on my investments, I need to invest a million dollars to have that seventy thousand dollars a year to fund my lifestyle.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  24. “Then is the financial side of retirement. What is retirement? And I have a different definition than most people. Most financial advisors don't like me for the things that I say. But my definition of retirement is the same as my definition of wealth. Wealth is for me when my cash flow from my investments exceeds my expenses. It's very simple. If I expenses are four thousand dollars a month and my cash flow from my stocks and my real estate and everything else is paying me four thousand and one dollars a month, I am wealthy. So now the question is how do you actually achieve this type of wealth, retirement? The reason why I don't like the word retirement as well besides the connotation of I'm going to do nothing is they assume this I got to be 67 years old to hit this retirement. When you can achieve this wealth way sooner.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  25. “I've seen people who were healthy, energetic, maybe didn't love their work, but they had a reason to get up every day, go to work, retire, and literally go insane. I mean, you have nothing to do, and now you start to see health issues that you didn't have before. You start to have mental health issues which you didn't have before, and all these things just start to happen when you were going to enter your golden years. Even if you have the money to do things. So, when we talk about what is retirement, I want to caution everybody that or for your parents to start thinking about what do you want to do during retirement? Because if your goal is to do nothing, You might enjoy it for the first few weeks, maybe six months, but eventually you're going to get bored. So you got to have something to do.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  26. “The first solution is define what is retirement because I'm going to get a little philosophical here, but I have my issues with traditional retirement. There's a saying that says those who retire early die early. The reason why is because if you work From the age of 21 to sixty five, maybe sixty seven at a job you hate, but you work every single day, and all you're looking forward to is retire at sixty seven. You retired sixty seven, you have this great big retirement party. Now you come home, and you sit on this so funny, start watching TV. You start to lose your sense of purpose, and I've seen this very closely with people in not my family, but close to my family.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  27. “But if you have under that, they don't want to work with you because they want people to have some money to actually make money off of, right? Financial advisors got to eat too. So if you don't have the investments, you don't have the education, now you're stuck. And this is where now your financial education comes in. Because if you want to build wealth, you want to have quote-unquote retirement, you got to do something different. You can't keep doing what the majority of people do because if you keep doing what the majority of people do, you're going to end up like the majority people. And right now, that's broke, in debt, living paycheck to paycheck, fat and unhappy. And I'm not saying this as a general term. I mean statistically. That's what the majority of people are, especially in America. So now let's come up with a solution because we have laid out the problem.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  28. “three Your own Savings and Investments And this is where we have so much to do. A lack of understanding because People are not doing enough. Goes back to the whole financial education. We make money to spend money. That's what the American culture is. I make a thousand dollars, I must spend a thousand dollars, maybe twelve hundred dollars. you're never going to be able to retire with that sort of mindset. And here's the second problem with that. I'm just going to lay the promise that we'll come up with a solution. Might say, well, I need a financial advisor. No good financial advisor nowadays wants to work with anybody under five hundred thousand dollars in assets. Maybe two hundred fifty thousand dollars in assets. Maybe if you get lucky one hundred thousand dollars in assets.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  29. “A second problem is it's a delayed raise. The government gives you a raise in twenty twenty five based off of the inflation you had in twenty twenty four. So we already had this price growth, and then you get the raise next year. And guess what? We're going to have more inflation in 2025. So relying on Social Security is a losing proposition, which brings the next part of this three-legged stool, see if social security, then you have pensions. Pensions have become a thing of the past. I mean, if you're under the age of 45, chances are you're not getting a pension. And even if you're over the age of 45 and you promised a pension, you better cross your fingers to hope that that pension fund does not go bankrupt because there have been many pension funds that have gone bankrupt and people are then left with nothing.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  30. “Social Security recipients are going to receive a two point five percent raise for inflation. What they're saying is we have this inflation in twenty twenty four. And because of this inflation in twenty twenty four, you're going to get a two and a half percent raise. There's two problems with that. Number one, that raise is not enough. Things are getting a lot more expensive, even though the rate of inflation is falling. I mean, two and a half percent raise is not going to keep up over the real cost of living growth that most people feel.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  31. “The problem with it is you will never be able to live comfortably off of Social Security. That was never the intention, but many people are looking at it as I'm going to be able to live comfortably from this government check. But here's the problem. Let's take a look at what's happening today. Between twenty four to twenty twenty five.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  32. “Now on the plane ride here to LA I sat next to somebody who was telling me I didn't verify this, but he told me that the government knew that this was going to be a problem from the get go because he told me that the first recipient of the Social Security program lived to a hundred. I don't know if that's true or not, but you can Google that to see. The problem right now social security is running out of money. And this is where everyone says social security is going to run dry. You're never going to get the Social Security check. That's not true either. The reason why I say that is because the government won't let it fail. They'll either raise your taxes or they'll just print that money.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  33. “The first problem of Social Security because Social Security is drying up. This is a fact that if you read the headlines they'll say Social Security is going to be dry by 2034. If nothing changes. The problem is people are paying money in, but the government is paying out more than what's going in. So from any business perspective, if you have more cash outflows and cash inflows, you have a problem. And the reason for that is, well, number one, the math was So when the government keeps paying your Social Security check longer and longer and longer because people are living longer life expectancy is getting higher, that means they have to keep paying. That's not good for the government.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  34. “According to USA Today, we need about $1.8 million And the reason why is every year we have inflation. So if you live off of fifty thousand dollars this year, you're gonna need maybe fifty two, fifty-three, fifty-four thousand dollars next year, more the year after that, more the year after that. and fifty thousand dollars doesn't buy you what it did thirty years ago. And so now when we take a look at all these issues happening, the question is what do you do today to prevent these issues in the future? And starting with in the United States, we have what's called social security, which is a government check that you get when you retire.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  35. “This is a multifaceted issue The first issue is we have this huge population of old people, baby boomers, that are retired or entering retirement, that have not enough money. This is not just the US, this is also the UK, like you said. creates a few issues. Who's going to take care of them? two Who's going to fund that taking care of them? The government doesn't have that money. And the people that are going into retirement don't have that money. And their kids many times don't have that money. That's the first issue. And now as we start to dig into that, Have people that are working longer? It creates now this problem in the future that we can see today. If you're in your fifties, forties, thirties, twenties, teens, you can see that there is this problem that's happening. How do we prevent that today”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  36. “and it's a losing transaction, the bank will lose. Because if banks do not profit from margin calls. Because once you start making margin calls, that's in panic hits. Yeah. And now you have to scramble to sell, and now the bank is just trying to get pennies back out of every dollar that they lent out.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  37. “Well, let's just assume that you're going to get a five percent interest on this. If the value of Tesla goes up by say seven percent He made a profit. So now he can go back to the bank and say, How about you give me an additional ten million dollars? And he can pay back the old loan, because the value keeps going up and as long as the value keeps going up, no problem. But you can start to see where this gets risky. Because if Tesla goes bankrupt, now we're talking about a house of cards that can collapse. And now you have all this debt that you've already spent, and no more collateral.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  38. “The collateral is the company of his assets, those stock options. Tesla in this instance. So then he gets let's call it ten million dollar loan from the bank. Now he has ten million dollars in his bank account, but it's not an income, it's debt. Debt is not taxed. If you go out and get a mortgage for a half a million dollars, you're not taxed. If you do a cash out refinance, you're not taxed because that's debt. So now he gets this ten million dollars of loans that he can spend to buy a house, to buy a car, to buy food, to buy vacations, to buy whatever he wants, to buy a car. By Twitter, and paid no money in taxes, and is one hundred percent legal. Now you're going to say, well, Jasper, how does he pay it back?”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  39. “But if he sold that stock, he would have ninety four dollars of income. Now you have a tax, because you have taxable income. So instead what he does is equals to the bank, and he says, hey, bank, I have these millions and millions of stock options that are worth billions of dollars. Would you like to loan me? A million dollars, ten million dollars, a hundred million dollars at three, four, or five percent interest? No bank is going to say no because the collateral is so valuable that the”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  40. “Which means if the Tesla stock goes up to seven dollars a share, he could sell this stock option for six dollars in profit one dollar for each stock option. Now, he was given millions and millions and millions of these stock options. And so now when the Tesla stock goes up to $100 a share, Now he is rich on paper. He doesn't have any money in his bank. He hasn't gotten a salary, so he has no taxable income because he hasn't actually received any money. He has the option to sell this stock for six dollars and in return get a hundred dollars. So net ninety four.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  41. “Elon Musk is interesting because he's a risk taker. And he chose to get paid not in salary. And if we look at the tax benefit from this, this is because you are taxed not on your income. That's not what the tax code says. You are taxed based on your taxable income. So now whatever you counted every smart accountant, not every smart account is going to focus on reducing your taxable income. And so what Elon Musk did is when he was building Tesla, he negotiated with the investors and the board I want to get paid not with a salary, I want to get paid stock options. A stock option gives you the right to buy that stock, and he was awarded these Tesla stock options at about six dollars a share.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  42. “The CEO of Coca Cola, James Quincy, is going to make about eight million dollars in cash compensation. He'll also get equity, but about eight million dollars in cash compensation. His top tax rate on that eight million dollars is going to be 37% on the federal taxes in the U.S. Warren Buffett is going to make over $700 million from Coca-Cola dividends in twenty twenty four. His top tax rate is going to be twenty percent. He's making way more than the CEO, but he's going to pay less in taxes on a percentage level because he made that money as an investor. Never taught that.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  43. “Really? Let's take a look at the United States balance sheet. Your balance sheet is your asset and liabilities statement. The number one largest asset on the United States government balance sheet are student loans. So here we keep saying all student loans are bad, we keep hearing this from the government, but on the other hand, the government is so rich because of the student loans, because so many people are stuck in these student loans. And guess what? You pay the highest tax rates when you are just an employee. I'm an attorney. I'm not your attorney, but I am a licensed attorney, and I spend a lot of time studying the tax law. And what I can tell you is that the tax law rewards you when you are an investor. In twenty twenty four,”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  44. “They're not going to do it. Your banker is not going to say Hey, Stephen You know, you can't afford this car. Don't take this debt, don't take this house because if they can sign you up, they're going to want to get paid. They're in the business of making money. Not for you, but for them. Gucci is not going to say maybe you should buy some stocks instead of this purse because they're going to want you to buy their stuff. The government's not going to say hey, why don't you take a look at our balance sheet? I'm going to take a little tangent. The government says student loans are a problem. We've all heard that millennials can't buy houses, they can't buy their home, they can't invest because they have student loans. The government says student loans are a problem.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  45. “Take such an attack. And you know what? Here's the thing. It might not be all your fault. There might be a lot of reasons why you're in that crappy situation. There might be a lot of reasons why you're struggling with money today. You might have grown up in a very crappy situation. You might have had horrible parents. You might have had a horrible upbringing. You might have had horrible surroundings. You might have been dealt a horrible set of cards. Okay, now what Now it were Now the question is are you going to take that responsibility today going forward or not? And you have to take that drastic responsibility. You have to take that drastic mindset shift, and that's what you have to do. And it's difficult. Who wants to blame themselves? But if you want to change where you are,”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  46. “The second part to bar one before I get to part two is once you understand this, you can learn how to win, you can learn how to use the bank. You can learn how to use corporations because you want to have nice stuff. You can learn how to use the resources that the government has. Now let's flip the script. The second part to this that you need to understand It's your own responsibility because if you spend every dollar that you earn you're never gonna become wealthy If every time you make money you go on a nice vacation, you're never gonna build wealth if you can't afford it. If you just make money and you make everybody else around you rich before you make yourself rich. That's your choice, said”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  47. “Period. Banks profit when you're financially stupid because that means you stay in debt and they keep making interest for the rest of your life. Corporations profit when you're financially illiterate because that means you're going to keep buying their stuff and not think twice, and they're going to hire the best and smartest MBAs to get you to open up their wallets, to open up your wallets. Number three, the government is going to profit when your financially illiterate, because that means you don't do anything outside of your W two job and you're going to pay the highest tax rates. You profit from your financially educated. So now what can you do? You can say, they're the reason I'm broke. This company is the reason why I'm broke. My company is the reason why I'm broke. The government's the reason why I'm broke. The banks are the reason why I'm broke. Well, that's not what I'm saying. That's just part one.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  48. “Can I tie that together now with wealth? When people ask me why is it that so many people are poor and struggling with money? I say there's two things at fault, and there's two ways you can look at it. There's the it's your fault and the my fault. And I always like to talk about both of these because you have to understand this because it ties in very well and I appreciate all the kind words because I really do appreciate that. But when I say it's your fault, look, our economic system is designed to profit of a people being financially stupid.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  49. “And it goes back to, we talked about touching the fire, right? Becoming successful means you're going to make mistakes. You have to make mistakes. You cannot bypass the mistakes. You asked me, how does somebody do this without the mistakes? You're going to make your own. But the difference between somebody who becomes successful until you touch it, until you screw up, you're not going to know it's hot, and you gotta be willing to screw up.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT

  50. “It's my fault that's whose fault it was. I wanted to blame him. it was my fault because I was being cheap. And I I hired a new accountant, who cost me many, many, many multiples more than what I was paying before. But you know the crazy thing is it's actually saving me more money now because we do these tax strategizing. Then allows me to pay less money in taxes legally, even though I pay more money to my accountant.”

    2024-11-21 · The Diary of a CEO · The Savings Expert: Are You Under 45? You Probably Aren’t Getting A Pension! Do Not Buy A House! This Is Probably Why You’re Broke! - Jaspreet Singh · IDENTIFIED FROM THE TRANSCRIPT