YouSaid · the spoken record

Jaspreet Singh

lines on the record: 183
first: 2024-11-21
most recent: 2024-11-21
sittings or episodes: 1
sources: podcast

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“If you cannot break out of this invisible barrier, you will never become successful. When any employee joins my team, the first day we make every employee every single one regardless of a role do this exercise. It's called the nine dots exercise. And you have these nine dots on the screen. And if you go to Google, you can see the nine dots exercise are nine dots trivia, where it's nine dots.”
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
“It is one hundred percent difficult, and it doesn't stop. If, for example, when I told my parents that I didn't want to be a doctor, I was told by everybody I'm throwing my parents sacrifice away, and that somebody like me can never make it in business because I don't know anything of business, no one in my family is a business person, no my family is an investor, no one in my family does this. You never learned this stuff before. You didn't get into business school. How are you going to do this? And I'm not saying this to compare. I'm saying this to explain that there are so many levels to this mindset block”
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
“And so, this is where the first thing is you have to say, I will become wealthy. And sometimes you have to be able to find a taste of success and see what that looks like. And there are many ways to go by doing it. I mean, you can just go onto Instagram and see what success looks like some people, but you start to define what is that success and tell yourself I will become wealthy. Not that I might, not that I can, but I will become wealthy. money is a tool. And the reason why I say that is because we've been kind of hinting at this throughout this entire discussion. But the reason why many people are so scared to talk about money, the reason why money is such a taboo topic is because we are insecure about our own 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
“You are kind of suppressed to the point where not only do you not think that you can achieve it, but you can't even dream that you can achieve it. You can't even achieve it in your own dreams. And so, when you don't believe that you're worthy of anything more than a Ford Mustang, how in the world are you going to work for something nicer? And I'm not saying you have to work just for materialistic things, but This is that mindset shift that if you don't believe that you can do it, you are never going to be able to do 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
“It's not a bad thing in their eyes. And so when you grow up in that mindset, it's very hard for you to think bigger. And so when I would come into these classrooms, I would talk about life, motivation, money, all things. And so one of the things I'd like to do, an exercise that I would do is try to get you to think about successful things. What are things that kids want? A nice car. So I would ask these kids, what is your dream car? And the responses that I would get were things like a Ford Mustang or a Dodge Challenger. And these nice cars, but I would follow up with why not a Bugatti? Why not a Lamborghini? Why not a Rolls Royce? And they would say somebody like me can never have something like that. So I can't even dream about having these nice things. And that was really shocking to me.”
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
“I don't have parents at home. I don't have a dad. I don't know my dad. My mama's working. How am I going to eat? My brother's this gang provide me some comfort because there's people that are around me. They give me food. They help give me 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
“First, have to go through multiple metal detectors. There'd be police there. You might have to be pat down. And when I get into the classroom, I'd ask the kids, how many of you have two parents in a home? Almost nobody would raise their hand. I would then ask how many of you work a job? Almost everybody would raise their hand. And as I got to know the students better, I also started to realize that these kids, high school kids, some of them are already in gangs, some of them already have been arrested by the police, some have already been involved in these what we consider bad things, and they are bad things. To the kids that's just normal. Because when I talk to them about these gangs, what they'll tell me is.”
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
“The mindset is number one, you have to believe that you're going to become wealthy. What I like to say is you have to say I will become wealthy. Because if you don't believe you're going to become wealthy, it is going to be impossible for you I used to guest teach in Detroit public schools, so Detroit was a very rough and it still is rough area, certain parts of it. Our office is in downtown Detroit, but there are parts of Detroit which are still very rough. And I used to guess, teach in some of the public schools there. And these are kids, good kids, who were not exposed to some of the best things. And what I mean by that is when I would go into these classrooms.”
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
“And I'm going to break this down a few ways. Because I have one. Let's call it bucket of cash, which is my emergency savings. This is cash that is there to protect me against an emergency, my personal life. I also have a separate bucket of cash, which is my business emergency savings. Then I have a bucket of cash which is there to be invested money. This is money that's waiting to be invested in real estate. And then I have and stocks, and then I also have another little piece of cash that's waiting to be invested more into speculative assets. So I have cash waiting to be invested in speculative assets, cash waiting to be invested in real estate, cash waiting to be invested in stocks, and then I have my emergency cash. So I like to separate it all 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
“When I invest in stocks, the companies are working to produce a better product, to grow the profits. The gold doesn't do anything.”
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% of my portfolio. And the reason why I buy gold, I don't and myself don't consider gold an investment. I look at gold as a way of saving hard money, because my theory is that Is if I take ten thousand dollars of cash and I take ten thousand dollars with the physical gold and I bury both of these things in my backyard today. In ten years what's going to have more buying power? My theory is that the gold is going to have more buying power. And so that's why I own some physical gold. For me it's this way of saving hard cash. I look at it as insurance against doomsday, against something really bad happening, against something bad happening to our currency, something bad happening to the economy. That's why I own a little bit of physical gold. But the problem with gold is when I own my physical gold, it just sits there in a vault. It doesn't produce cash flow. It doesn't create new value. It just sits there. When I invest in real estate, it produces cash flow.”
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
“It was a lot more crypto now a lot more startups. I sold a chunk of Bitcoin when it was breaking record highs, and I'm going to be using that money to buy some more rental properties.”
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
“So, if we look at real estate, real estate is probably close to almost 50% of my investments. Stocks make up Probably right around 30%. Speculative is about eighteen percent of a portfolio.”
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
“And that's where I have issue because you're taking your money and you're going for your long term investments into a speculative asset that hasn't been proven. Maybe it will work and you'll become a multimillionaire. Maybe you'll lose everything. But I don't want to gamble with my wealth. I want to build my wealth with something established, and then use a speculative asset as something that is speculative and treated as such.”
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
“Going back to cryptocurrency because that's what you asked. I think it is a speculative investment. I have made a ton of money in cryptocurrency, and I started buying cryptocurrency before it was as popular as it is today. I began buying it in twenty sixteen or so when Bitcoin was around $3,000, maybe 2016, 2017, when Bitcoin was around $3,000 a coin. I have sold some. And for me, I understand it can go up very fast, but it can fall just as fast. And the issue that I have is in people now want to get into this idea of investing, because now they're in this tough situation. I'm living paycheck to paycheck, and I hear about this financial education and investing. If I just dump my money into Bitcoin or crypto, maybe it'll ten X and I'll have financial freedom.”
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
“Number two is I invest in physical real estate. So I'm going out to buy rental properties that I can use to generate cash flow. Number three, I invest in stocks. This is in the form of investing in individual companies and investing in funds. Funds are ETFs, index funds, mutual funds, where you can get investment into a broad basket of companies. Number four is my speculative investments. Notice how I said number four, this is one of the smallest pieces now, which are things that I believe can go up very quickly, but can also fall just as fast. So the speculative assets which make up a small piece of my portfolio include things like startups that I invest in. It also includes things like cryptocurrency. And then I own a little bit of physical gold. Physical gold makes up about two percent of”
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
“So I'll tell you where I invest my money so you can understand. I put my money in five places. I put my money into my own business and invest my money into real estate and invest my money into stocks and invest my money into speculative assets, which includes cryptocurrency. And then I own some physical gold. Starting with my own business, I run a company called Briefs Media, we're probably most known for our market briefs newsletter, where we break down what's happening in the financial markets. So that's briefs media.”
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
“You're a prime candidate because now you are driven by this emotion of I want that. I can't imagine if I had an extra ten thousand dollars a month and I don't even have to work for it because you can't see past it. All you're doing is being sold by emotion. And so you're the one that's going to get caught up in the get rich quick schemes. You're the one that's going to make the bank rich because you're going to stay stuck in debt. Corporations are going to love you because they can keep selling you the nicest and newest stuff because you want to look rich. You want to show it off to your friends. You want to show it off to the girls. And you get stuck in a cycle.”
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
“The one that gets caught up in all the get rich quick schemes because someone's going to say, Look. Thousand dollars into this, you'll have ten thousand dollars in the next three months, or I'm going to show you you can live the laptop lifestyle. You can work five hours a week, make $10,000 a month, ten thousand dollars a week. You're never going to have to worry about money again. Just buy this program.”
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
“And that's the thing if you want to become wealthy, the first part is just your own mindset. It's your own discipline. And until you can conquer that, I can tell you everything about investing. I can tell you different ETFs and index ones to invest in. I can tell you different investment institutions out there. I can tell you which stock brokerages to use. I can tell you just invest 15% of your income into this for the next 10, 20, 30 years and you're going to become wealthy. But until you can get over that mindset, you're never going to become wealthy. Because then what happens in that situation is when you're in that state of I just want to look rich. I just want to have the dopamine hint. I just want to have some nice things because I deserve it. I work hard. You know what happens next?”
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
“As many people are, and it's very difficult to speak logic to emotion. But this is where now you have to be able to understand the difference because if you're listening to this and you're in that situation. You have to understand that if you want to continue being able to live that lifestyle, you're going to have to make some changes today, otherwise you're going to be stuck in this lifestyle for the rest of your life. And it's only going to get more difficult.”
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
“And that is the reason why so many people will go into debt to buy vacations, to buy things, to buy stuff, to look rich. And ironically, that's the thing that keeps so many people poor for the rest of their life is because they're scared to look broke. And now when you try to look rich, that's the thing that's actually keeping you broke.”
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
“It was not pretty, but My wife sat in the car with me, and my employees drove better cars than I did. You got to be confident. And you got to work for something bigger. And you want a partner that's going to understand that. my belief. Which is not the easy thing”
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
“Difficult and that sacrifice is difficult, especially during a time where everybody's showing off everything on Instagram. look at your friends who have a crappy job, but they drive around a nicer cars, going on better vacations, going to the nicer restaurants, and you're thinking, what did I do wrong? And then especially if you're a guy, you have a girlfriend, you have a wife, she's going to say, how come they keep get to going? Can they keep getting to go to Cancun? They keep going to these nice restaurants. How come you can't take me to these nice places? And now you feel like you're doing something wrong because where is this discrepancy? The reason why I call my show the minority mindset is because I'm a big advocate of not doing what the majority people do. The first time I made a million dollars in a year I was in my twenties. I was driving a car worth five hundred dollars. A didn't have a bumper on 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
“I also want to say that when I talk about building wealth, I'm not talking about becoming a money hungry, just money greedy. This is evil person that just cares about money. That's not what I'm talking about because I want you to live a holistic life because money is just one part of your life. But the second part to that is I'm not telling you to never enjoy life. I'm telling you to make a sacrifice for a period.”
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
“Where you put your attention is where you get the results. And so if you want to be in a better financial situation, you are going to have to make sacrifices. And it's difficult. I can't come here and tell you it's going to be easy because that's going to be me lying to you. I've got to be honest, I did make a sacrifice, and for me the sacrifice was I started a business and frankly that meant that I didn't have time to be going out, getting laid or meeting people or socializing. My story arc ends with it going well and then the romantic situation taken care of itself many years later once it had gone well because I was so focused on myself and it's funny there is a bit of a paradox to life that the more you actually focus inward the more you become a magnet and the more I focused outward the more I pursued and chased and sort of neglected myself the harder it was to get people interested in me yeah and you know”
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
“healthy you are dividing your attention everywhere not saying it's impossible but very few people can actually do everything all at once And if your number one goal is to become wealthy, if your number one goal is to turn your finances around, you have to get serious about it because 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
“And it's hard when you're a young man, and I say young men in particular because the stats do support the fact that there is an expectation that men pay when you're a young man it's particularly difficult to do all of these things to cut back and also get laid. And what am I going to do? Defer getting laid for 10 years? When I say laid, I'm really saying meeting someone and falling in love and having a life. So what do I, if I, if I'm living in a shoebox, which I was, I can't bring anyone back there. I can't take anyone for dinner. I can't take anyone to the movies. So what do I do? This is why every Indian parent tell the kids to become a doctor so their son can get married. It's the same concept. But here's the thing. You have to pick your hard. Either life's going to be hard now or it's going to be hard for the rest of your life. And you have to pick what's more important to you right now. And, you know, if we talk about balance, if you want to have a balance of everything where you want to find a girl and you want to make 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
“and then work to earn her money. I've got to say, a couple of things that I came to mind as you were saying that. And funnily enough, I put myself in the shoes of 18-year-old Stephen Bartlett when I was in that small apartment with three or four immigrants in Mosside Rush Holm, and my rent was nothing. My rent was £150 a month, which I could not afford and I could not pay. And I was intimately working between call center jobs. And whatever money I got, I spent. And part of the reason I spent it, Just Pree, is because like many people watching, especially men who sometimes feel the need because of the way society is, I was trying to get laid at the same time.”
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
“And that means right now you have to go out and start using the time to learn, start using the time to work, and start using the time to make some extra dollars. So what do you do? Start selling stuff. Stop spending money. Selling stuff you own. Selling stuff you own. So if you have a TV that you're not using, sell it. You have a card that you can't afford, sell it. If you live in a house that you can't afford, sell it. Downgrade. Move smaller.”
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
“So, if you are in what I call the financial danger zone, which is you don't have two thousand dollars saved up for an emergency, and you have credit card debt, if you are in that situation, you are in the financial danger zone and you have to make drastic changes. That means right now, no more eating at restaurants, no more vacations, no more doing anything that doesn't put money in your pocket, and no more Netflix. And the reason why I say this isn't because you're going to save fifteen dollars a month. It's so you can save two hours of retirement a day. The average American is watching more than two hours of television a day. And if you don't have two thousand dollars saved up, if you have credit card debt, you cannot afford those two hours a day being wasted on TV.”
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
“And so when you're in that situation, you are making everybody else rich at your expense. And so, if you want to break out of this, the first thing is you ought to understand. You need to make yourself rich before you make everybody else rich, because when you're spending all your money, you are putting your money into their pockets, and you have to stop that. You got to keep that money for yourself. You're in a boat. Think of it this way. You're in a boat. And this boat has water just flowing in, and you are sinking. And you got to start by sealing the holes. You got to stop the water leaving in. You got to stop the bleeding. And that means you got to stop the spending.”
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
“Next three weeks for the next paycheck. What advice would you give them about getting out of that cycle? Because you almost feel imprisoned by that cycle if you're in it. Absolutely. before I give the advice I want to explain to that person what's happening because you are the prime customer for our economic system. Banks love you because they can sell you payday loans, they can sell you credit cards, they can sell you lines of credit, and they can keep you in debt for the rest of your life, which means you keep making the bank rich. Corporations love you because you're not going to think twice when we show you this nice bag, when we show you this nice vacation. You're going to want this stuff until we love selling you the stuff. The government loves you because you are going to pay the highest taxes Employees pay the highest taxes.”
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
“Because he just doesn't spend money. And he doesn't have an ego, doesn't care what people think of him. Yet my other friends who are running maybe five times more a month have five times less cash than him. It was so inspiring. It was honestly so inspiring because it says something about the importance of saving. But who the hell wants to save? If I titled this podcast today something about saving, no one's going to click. It's not fun. Saving isn't exciting. Who wants to go out and save two thousand dollars? Who wants to spend less money? We want to buy more nice things. But unless he can control the spending, unless you know how to save, you will never build wealth. Do you know the people that are in that paycheck to pay check cycle, which I was in for many, many years of my life where I'd get paid for my call center, I'd go and spend the money, and I'd pretty much spent all the money within the first couple of days of getting the paycheck, and I was just waiting the next day.”
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
“It didn't take a long time. Like it took him four years or something, four or five years of just running this small business with a couple of people. When I say a small business, I mean a really like a small business, like a business of maybe four or five employees. And he's built up a million million dollars in cash for himself.”
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
“We don't have any money left over at the end of our paychecks. And it's a very easy thing to get caught up in because when you make more money, you become more creditworthy. Banks will give you bigger loans. When you make more money, you want to spend more money. And it's very easy. You have to understand how do you control that spending? And that's why if you follow something like 751510, one of the simplest things you can do to start is just always, no matter what, whether you're making $10,000 a year or ten million dollars a year, you always put money aside to invest. My friend doesn't invest the friend I'm talking about doesn't actually invest, he just doesn't spend. He like just doesn't spend money, and he's just stacked up like a million dollars in cash. Whilst earning less than everyone else of my five friends in that chat.”
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
“And why? Because millions of people pay him to look rich when in reality he's the one that's getting rich. And we assume that when you make some more money, you gotta start looking the part. And this is that mindset shift that we have to make. And, you know, a lot of people resonate who come from the Indian traditional families. They message me saying, I became a doctor, or my wife and I are doctors. We make hundreds of thousands of dollars a year. We make a great income, but we have no savings and no investments, and I don't know what to do. And the reason why is we have a ranger over and a benzene, we have a nice house, we go on the doctor vacations, we have to look the part.”
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
“But this is really, I mean, if we ignore your friends, it's very easy to look fake rich. Because everybody will give you a line of credit. If I want a Gucci person, I can't afford the Gucci, guess what? I can buy now pay later. I can open up a credit card and buy the Gucci and look like I'm rich. When in reality I'm just making Gucci rich. In fact, I have Of the richest people in the world. In 2023, he was the richest person in the world, is Bernard Arnault. He was the founder and CEO of LVM, or he's the founder and CEO of the company that owns Louis Vuitton.”
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
“We live in what's called a credit based economy, which means you have the ability to spend a fifty thousand dollars you earned plus debt. Because as you make more money, as you have a good job, you become more creditworthy. And so as you show the bank, hey, I made fifty thousand dollars, they'll give you credit cards, they'll give you lines of credit, they'll give you whatever types of debt that they can. That way now you can go out and spend sixty thousand, seventy thousand, eighty thousand dollars, because that's what grows the economy. The more money you spend, the richer somebody else gets. And so now when you live in this credit-based economy with no financial education, people spend, spend, spend, the economy grows, grows, grows, and most people have no idea what hit them.”
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
“Or more. Seventy eight percent of Americans are living paycheck to paycheck, which means I make some money and I spend all of it or more. There's a joke that I like to make, which is In the traditional Indian culture, people make a dollar to spend twenty cents. In the traditional American culture, people make a dollar to spend two dollars through the help of lines of credit, credit cards, and other forms of debt. And the reason why I'm going to take it a step back, I don't think you wanted me to go this way, but I'm going to go anywhere. Anyway. We live in what's called a credit based economy. Means if you make $50,000 a year You don't live off of fifty thousand dollars a year. At least most Americans don't.”
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
“So if out of that $75,000, you can afford your mortgage costs, you can afford your food, you can afford your vocations and lifestyle, then sure you can afford it. But if you can't afford that, then you can't afford that mortgage. And the reason why I like to go by this rule is because some people are going to say, I can live in a small house, I just want an expensive car and some nice vacations. Other people are going to say, I want a beautiful home. I don't care about the car and vacations. So now you can factor it all in there. How much can you afford out of that seventy-five percent of what you make?”
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
“says for every dollar that you earn from here on out seventy five cents is the maximum that you can spend. fifteen cents is the minimum that you invest. ten cents is the minimum that you save. Now let's do the math. If you know that you must call it a hundred thousand dollars a year, that means the max you can spend out of the hundred thousand dollars is seventy five thousand dollars.”
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
“It's very hard to pay a 20% down payment. Housing is expensive. You want to buy a $500,000 house? You have to have a hundred thousand dollars as a minimum for your down payment. extra cash. If we talk about the monthly costs The simple way that I like to follow it is you have to have a system for yourself. You have to know how much money you are allowed to spend, how much money you need to be investing, and how much money you have to be saving every single month. Then just factor it in. So the way I like to look at it, a simple rule of thumb is something like a 75 ten plane.”
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
“Don't like when I say this, but I don't say what I say to make friends. I say what I say to help people be better with money. If you want to afford the house, you have to have at least a twenty percent down payment. That way you actually have some equity, some skin in the game, that way you can actually afford the house. The third part is you have to afford the monthly payments. Now every bank is going to have a different rule for you. Banks have like the 28% rule and these other rules. I have”
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
“There's three parts to afford a house. You have to afford the down payment, you have to afford the monthly payment, and you have to afford the moving costs. I'm going to start from the simplest one, which is the moving costs, because many people don't factor this in. When you buy a house, you gotta move in. And I'm not talking about the closing costs. You might have to hire movers, which are expensive. You might have to upgrade your furniture, which is expensive. You might have to upgrade the house, which is expensive. Factor that in. Then I want to talk about your down payment.”
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
“Yeah, it's good for the Arnold House. But are you ready to own a house? Can you afford to own a house? And what do you want to own first? I rent where I live right now. I am making my landlord rich today. I also rent for my offices. I am making my office landlord very rich because my office rent is very expensive. Do you feel bad for me? I hope not. And this is where we have to get over these money myths that many people keep selling you that you can't build wealth if you rent where you live. You can't build wealth if you don't get a good degree. That's not the way that the system works. See there's the traditional rules and then there's the real financial education money rules. And again, I'm not saying it's bad to own a house, but it's bad to own a house you can't afford.”
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
“But I'm here in Los Angeles right now. I had to stay in a hotel. hotel payment is paying somebody's mortgage, it's paying somebody's college tuition, it's paying for somebody's stuff. When I go to a restaurant and I eat out, I'm paying for somebody's mortgage, I'm paying for somebody's college tuition, I'm paying for somebody's bills. Because when you go out and you rent, that's what everybody says. I am making my landlord rich. Well, when you eat at a restaurant, you're making that restaurant owner rich. When you go to a hotel, you're making the hotel owner rich. When I go and buy a mug, I'm making the mug owner rich. And the reality is”
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
“Are you in a situation now where you're ready to go out and buy a house? Or do you want to build your wealth first a little bit more? And that's the question that I want people to start thinking is am I ready to buy a house? And then people say, well, if I go and invest my money, the problem is housing prices keep going up. I'm chasing this housing market. It keeps getting more and more and more expensive. And you're 100% right. It's a risk. But there's also a risk the housing prices could fall.”
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
“Now the question is what is going to give you the best and most growth? Now hopefully this house that you buy will go up in value. It's not guaranteed. We know the houses don't always go up in value no matter what your banker says, no matter what your real estate agent says because we saw what happened after the two thousand eight crash where real estate prices were slashed in half. It was as much as ninety three percent real estate values dropping in the state of Michigan, where I am. So, we know real estate prices don't always go up. Stock prices don't always go up. Businesses don't always work. Everything has a risk, but now the question is rich risk do you want to take? And which risk do you want to take first?”
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
“Sir, if you have, let's make the numbers very simple. You want to buy a hundred thousand dollar home and let's say the banks require a 20% down payment, $20,000. You could do a few things. Number one, you can take that twenty thousand dollars and go out and buy this house. And now that's how that money has been used. But if you use that money to buy the house, you lose the opportunity to take the twenty thousand dollars and say use it to buy a rental property. You lose the opportunity to use a twenty thousand dollars to invest in the stock market. You lose the opportunity to take that $20,000 and maybe build a business.”
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