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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“But if you refinance before that fifteen year mark, that starts over. And so this is where banks understand the game. Again, I'm not against buying a house, but you got to understand the game of money, and most people don't understand that. And so the mistake that people make is to buy a house they can't afford, and now they're paying all this money into their mortgage thinking that I'm building wealth, they no longer have money to save, they no longer have money to invest into other real assets. And their money is just going to pay down the mortgage thicket that this is going to build my wealth, but you've been sold a lie.”
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
“For the first part of your mortgage, maybe a hundred dollars is going out of the three thousand dollars into your equity, the other two thousand and nine hundred dollars is going right into your banker's pocket with interest. And now, yeah, after fifteen years, now half of your mortgage payment is going to your equity and half is going to interest.”
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
“Your mortgage payment is a payment to your bank. Banks are not stupid. In fact, they're very smart. Banks do something called front loading your mortgage. What that means is if you go out and get a thirty year mortgage, which is what many people do in America. And you pay $3,000 a month on your mortgage. You're not paying fifteen hundred dollars to your interest, your bank, and fifteen hundred dollars to your principal, your equity. The way it works is banks front load your mortgage, which means for the first almost fifteen years. It's about fourteen years and eight months or so, but for almost fifteen years of your mortgage, the first fifteen years, the majority of your mortgage payment is going directly into your banker's pocket in the form of interest. Which means if you're paying three thousand dollars a month on your mortgage?”
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 now to fully hammer this home. I'm not saying it's bad to own a house. It's actually very great. It's an amazing thing to own a house free and clear because now you can rest assured you don't have to worry about the mortgage payments. If you have the financial education, that's great. But let's talk about now the real way to do this and build true wealth. When I buy my real estate investment properties and my property values go up, the rental values also go up. Rent is what pays for the maintenance. The rent is what pays for the upgrades. The rent is what's paying for the property taxes and the insurance. The rent is putting money in my pocket. And this is cash flow that I can use. I can use this cash flow to buy a vacation. I can use this cash flow to buy food. I can use this cash flow to pay for 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
“Now, maybe you're a little bit more financially smart. You say, I'm just going to live off of $50,000 a year. After twenty years nothing left, not to mention the fact that ten years from now $50,000 a year lifestyle is going to buy you half of what it can today. So now let's go back to that situation. You thought you built generational wealth. You did a good thing about paying off the mortgage because you don't have to pay that mortgage payment. But is that really the type of generational wealth that you want?”
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
“Okay, now you sell it. You got a million dollars. Great. We're not even going to talk about taxes right now. But you got a million dollars. You're rich, you're But if they don't have any financial education and have a million dollars, what's going to happen? Well, let's think about this. If you had a million dollars, what would you do with it? If I went down the street and I asked the average person, if I wrote you a check for a million dollars today, what would you do? What are people going to say? I'm going to go to the Bahamas. I'm going to buy myself a nice house. I'm going to buy myself a nice car, buy myself some nice clothes, go to the Gucci store, go to the Louis Vuitton store, and buy myself the extra guac at Chipotle. That's what the average person will 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
“You pay it off. And throughout your lifetime, this three hundred thousand dollars home grows in value to a million dollars. And now you're going to say, just predicted you this is an asset. My house tripled in value, more than tripled in value, and now I'm going to pass it down to my kids. So now, yeah, your kid's got a million dollar house, but unless they have the income to support paying for a million dollar house, they might have to find some more cash. Now what do they do? Because you can't just pull cash out of this house, right? I mean, it's not an ATM unless you go to the bank. The bank will give you the cash because the bank says, oh, you have a million dollar house. How about we loan you eight hundred thousand dollars? But that's not an ATM because you have to pay that money back plus interest. And unless your kids have the income to pay for the property tax, to pay for the insurance, to pay for the upgrades, to pay for the maintenance, and the mortgage, they can't afford the house. So maybe now they have to sell.”
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
“They're building what many people call generational wealth, which is one of the biggest lies when it comes to money. The reason why is It is because your house is actually a money pit. And that's why I want you to think of your house as a liability. But I want you to hear me clearly. I'm not saying you shouldn't buy a house. I'm not saying it's bad that I buy a house. You have to treat your house like a liability. This suit that I'm wearing is a liability. This watch is a liability. My shoes are liabilities. Should I not buy them? No, I gotta make sure I can afford them. So when people think about buying a house, what do they think of? They think I'm going to build generational wealth. I'm going to build wealth. I'm going to pay it off and I'm going to be able to have more freedom in my life because I can own this house. Let's go with the best case scenario. You buy a home for, let's call it three hundred 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
“If you want to build wealth, you have to buy assets. When people say buy a house, what does that mean to most people's eyes? It means buy my home. I want to buy this nice place for me to live.”
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 was going to do all the right things, become a doctor, and do everything that I was told. But what I didn't realize was... Those boxes weren't my boxes. Who created these boxes? And why is there this whole world of financial education that were never taught? Because if this is how wealthy people build and grow their wealth, why is everybody else not taught 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
“Purchase this condo for $8,000. I'll put in a few thousand dollars worth of work. And then I rented it out for six hundred dollars a month. And now I start to question things. Why did nobody tell me about this? This condo is putting money into my pocket without me having to do something because I own this asset. We're all taught to trade our time for dollars. We're all taught to work, to get paid, because that's what we're taught to do. But wealthy people are not working for a bigger salary. They're working for more assets because that can continue to pay you even when you're not working. And that's that shift when I saw that that really sparked a fire under me and really made me angry. And I don't know why I got so angry, but I got angry because I felt like I was checking all the boxes. I was doing good in school. I bust my butt in school.”
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 came in with an offer of four thousand dollars, because I don't know how this real estate investing stuff works. And we would bank it forth with the bank. The bank said we'll sell it to you for seven thousand dollars. I try to negotiate them even lower, and then the bank said that they had another offer on the table. So now it's a bidding war. And I had to pay offer my highest investment. So I said I'm willing to offer eight thousand dollars to buy the condo, no more. And they accepted my bid.”
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 on August 22nd, I took the medical college admission test, and then on august twenty third I purchased my first real estate investment property. It was a small condo that I purchased out of foreclosure. A few years prior, it had sold for a little bit over one hundred fifty thousand dollars, and then like many properties it went through foreclosure, the banks couldn't sell it, and it was listed on sale for eight thousand four hundred dollars. That was a total price of the condo.”
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 was bored out of my mind because I would spend all day ten to twelve hours a day in the library studying. And this was around two thousand eleven. And the reason why I say the year is because if you remember, two thousand eight was the great financial crisis. That was when we had the real estate collapse in America. So real estate prices were decimated and they didn't hit rock bottom until 2012. That's why I'm saying this. So in 2011, I'm studying to take the medical college admission test, the MCAT. And I'm reading these books talking about I start looking on the internet websites of finance. And they all talk about how real estate prices have hit rock bottom, how real estate is being decimated in America. And so I was like, well, maybe I start looking to buy real estate.”
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 I learned about this thing called investing, which really started to upset me because I thought I was doing everything right. And I'm reading these books that are talking about how every wealthy person invests in real estate. I have no idea what that means. Nobody in my family is a real estate investor. I had never heard of this concept of real estate investing before, and I don't know what it is, but if wealthy people are real estate investors and I want to become wealthy, maybe I should invest in real estate. So when I was nineteen, I'm now studying to get into medical school, because I still think that I'm going to become a doctor.”
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 the first thing I learned was the difference between an asset and a liability, which were things I had never heard of before. An asset is something that puts money in your pocket. A liability is something that takes money out of your pocket. Wealthy people want to own assets. I was buying a whole lot of liabilities because I was working in this party promotion business and I wanted to look the part, so I would make a little bit of money, buy a nice watch, make a little bit more money, put some new rims on my car, put a new sound system in my car, put a new subfer in my car. I mean, I was blowing money and all these dumb things to look like I was rich when in reality I was just making a lot of other people rich.”
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 grew pretty big in college. I mean, I started off by hosting these one-off parties, then I was contracted by one of the largest clubs on campus to host their weekly college night. So I was hosting their parties every week. We were hosting official shows and after parties, and it grew pretty large. Now as this business starts to make money, the first thing that I realized is I don't need a license or degree to make money. I thought that was something that I needed because I thought I needed these good grades to qualify for this thing to make money, so that was the first kind of shock and realization. The second realization that I had was I knew nothing about money. I was making a little bit of money and I was very fortunate that I started reading books about money and business. And I started reading these books.”
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 ten thousand dollars. I was seventeen years old, so I kept going. Some said I needed twenty thousand dollars deposit, but eventually I found this one club. They said, yeah, you can host a party here. You don't got to pay us anything. Just pay us half of the cover charge that you generate. Pay us 50% of whatever revenue you generate. Now I'm in business. I made the same arrangement with my DJ. I said, look, how about you DJ for me for free, and I'll split whatever profits I make with you. And that was the beginning of my first real business. It was this party promotion company which then became an event planning company.”
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
“Well, I did a few of those teen parties when I was in high school, and now it was time for me to go to college. I was seventeen years old, and I get there, and I see everybody partying, drinking, blowing money they don't have, and I was shocked. I had no idea that people went to college to party, and I had no idea people got the money to spend money on all this alcohol. I don't drink. I'm not into partying. But no one needed something to do on Friday nights. And so now I'm thinking what do I do How about I take this teen party business concept that I had in high school and now do it in college? So I was seventeen and I started knocking on the doors of all the bars, venues, restaurants, trying to see if anybody would let me host a party there. And in the beginning some said sure you can host a party here. We just need a $10,000 deposit.”
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 pay out the money for the security, for the venue, for the marketing. And then he says, all right, let's count our profits. And he has four bills in his hand. One, two, three, four. There's four singles left. $2 for him, two dollars for me. And I saw that we put in so much work into this business venture, into this idea, into this first party, and we made four dollars a profit, which we split fifty fifty. And at that moment he was really upset, but I was really not upset at all because I was like, this was fun. You know, it was a lot of fun putting this together. But in my mind, it was just one of those hobbies that I was doing because I needed to become a doctor.”
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
“Yes, so when I was in grade school, I began working at Indian weddings. I played a drum called the Doll. It's a Punjabi drum that's where my family is from in India, and I used to play this drum at weddings. Now my parents didn't like that I did this because anything that was not math or science was like, you don't do this, so I had to play this drum in secret. But I played at weddings and I started to make a little bit of money. And by a little bit of money, I mean $50 per wedding when I was in middle school, then maybe $100, $200 in high school. And one of the DJs that I was working with said, you know a lot of kids in high school. How about we host a teen party for some of these kids in your school? I was like, okay, why not? So we hosted this teen party and it was a big success. And at the end of the night, the DJ then starts paying out all the costs because we were going to go in 50-50 on this business venture.”
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 that's not true. You can start now with a hundred dollars, ten dollars, but you have to get started. The problem is most of us are never taught how to do this. But unless you start doing this, you're never going to build wealth. And that's the way that you win in this economic system.”
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 if we take a look at the three things that have built more wealth than anything else over the last century, it's starting a business, investing in real estate, and investing in stocks. along my entire educational path I was never taught that. More focus on how do you get a good job, but our wealthy people are focused on. And that's the key difference here. As wealthy people are working to own the corporate ladder, everybody else is working to climb the corporate ladder. And then the next thing, I'm going to go back to what you said, assuming that you don't have rich parents because most people assume that you have to be rich in order to do this. You need millions of dollars. You need access to all this 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
“Now along the way I realized I didn't want to be a doctor. The mom almost had a heart attack. My dad couldn't believe it, and so my dad essentially told me that Jasper, if you want to keep any pride in the family, you have to at least become an attorney. I said, okay, I went to law school part time, worked on my business full time. Now today I am a licensed attorney, but I've never worked a day as an attorney. And the reason why I've never worked as an attorney is because it's just not worth my time and it's not where my passion is. And along that way, that's when I learned that we're taught this is how you win. Go to school, study hard, get good grades, get a good job. And if you continue working down that path, you're going to become successful. But if you look at the successful people, that's not the path that they followed.”
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 I had nothing against that because I wanted to become successful too. I saw how hard my parents worked. My dad, if he got a Saturday and a Sunday off, it was considered a long weekend. I mean, my parents bust their butt, and I wanted to become successful so I could give back to them, and they told me that if I wanted to become successful, the way I do that is by becoming a doctor, which makes sense because when you're in school, you get those pamphlets, those career pamphlets, and they show you the different career options you have. And anytime you look at that, the top of the list is always doctor. And so they said just believe if you want to become successful, you have to become a doctor. And because we came to this country, you have to become successful, so you have to become a doctor. Now, I don't think anything wrong with it because I liked the idea of becoming successful. So went down that path.”
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
“Well, option number one was just pretty, you can be a doctor Option two was just Brit, you can be a failure. To say that you get to pick which one. And this is me when I'm like one year old that since the day I could start talking, my parents told everybody, not just people around us. They called my family in India, my family all around the country, that Jeffrita is going to grow up and become a doctor because he's going to become successful.”
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 if you look at the wealthiest people in the world, they don't get there by working a job and getting a raise. They don't get there by working to climb the corporate ladder. They get there because they understand how money works, and they understand how to win in the economic system. And the crazy thing about that is we're all taught to trust the system. My parents are immigrants from my state in India called Punjab. And like many other traditional Indian immigrants, they wanted me to become successful. In my house, that definition of success was very simple. They gave me two options”
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 one difference, one key difference. People that become wealthy understand how money works, and everybody else does not. And I'll tell you where I came to this conclusion. I checked all the boxes. I studied hard in school I went through high school. I went to college. I spent one year in graduate school, and then I went through law school. I never once learned to think about money. I never once learned to think about building wealth. I never once learned to think about investing. I never once learned to think about passive income.”
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 in this economic system that we all live in Money talks and unless you understand that, you're never going to be able to win in the system.”
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
“Anybody who uses money, which is everybody. The interesting thing about money is we use money every single day. It costs money to eat, and it costs money to feed other people. Yet most of us are never taught about money, so most people say money doesn't matter. I shouldn't think about money. I shouldn't have to worry about money, money's bad, money's evil. When in reality it cost money to eat and it costs money to feed other people, and when you don't understand that, now you're the one that's going to be paying the highest taxes. You're the one that's going to be struggling to pay your bills. You're the one that's not going to be able to go to Disney World. You're the one that can't pay for that amazing gift for your wife or your husband, and you're the one that can't pay for the health care for your parents. And you wonder why.”
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 first thing you gotta understand is the 751510 plant, which is. And now let's dig this a little bit deeper. And let's talk about making money. I put my money in five places. That has been proven to win. Number 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
“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 do better with money. There's a lot of people that are lacking financial education. And we're taught study hard, get a good job. And if you continue working down that path, you're going to become successful. Yet most people buy a house they can't afford and statistically on living paycheck to paycheck. In fact, best 78% of Americans. Because ironically, the keyboing that keeps so many people poor for the rest of their life is they're scared to look broke. So what did they do? They drive around in nicer cars, go on better vacations, enter the nicer restaurants, but they no longer have money to save, they no longer have money to invest. And the problem is we need about $1.8 million to retire comfortably. Wow. So if you are in the financial danger zone, which is you don't have $2,000 saved up for an emergency, and you have credit card debt, you have to make drastic changes.”
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 have to get over these monuments that you can't build wealth if you rent where you live. You can't build wealth if you don't have access to millions of dollars. That's not true. And there's one key thing that's given much better returns than any real estate than any stock and even any cryptocurrency. So let's talk about the real way to build true wealth.”
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