[00:01] The average person makes money and then they use this money that they earned to they use this money that they earned to fund their lifestyle. Now, this money could be from a business that you run. It could be from your YouTube channel.
[00:15] somehow and then you're using this money to fund your lifestyle. Now, what I said is if you want to build wealth, you're going to have to flip this up. If you want to be a part of the 1% or the 0.1% person, you got to earn more money and
[00:29] intrapreneur. Intrapreneur meaning you're working as an innovator and as a leader within the construct and confines of our business. Compare that to an and taking all the risk. So, now you're working as an intrapreneur to earn money
[00:44] and then you want to take the money that you earned, use this money to then buy you earned, use this money to then buy assets and then use the assets to generate cash flow and then when these assets generate your cash flow, use this
[00:58] cash flow to then fund your lifestyle. It's a completely different way of using money, you're making money with the goal of buying assets. I'll talk about which a bit, but you're making money to buy assets and then you use your assets
[01:14] generate cash flow. This cash flow is then funding your lifestyle compared to everybody else who's making money to buy your lifestyle. And the reason why this you're not going to have the same ability to work and you are going to
[01:27] need equity in something because equity, what these assets are, this equity can pay you long after you stop working. And so, what happens to so many people is you work, work, work, work, work from 21 to 65 and then you retire and now you no
[01:41] because your only stream of income before was the work that your body could do. You worked at a hospital as a doctor. You worked as an attorney. You worked as a cashier. You did something to generate an income. But when you turn
[01:54] 65 or 67 or 70, however old you are, and you stop working, now the equity in your skill set is gone. And now you have no more income coming in. But, if you own an asset, and now this asset continues to pay you, well, now this asset can pay
[02:08] then I took it one step further by explaining my financial situation, earn money from my Minority Mindset brand. That's from places like my YouTube channel, our website, my speaking gigs that I do. I work to earn
[02:22] my money. Now, what I used to do for a number of years was I would work to earn my money, and then I would take this money and buy primarily real estate assets like real estate, some of the money would go into stocks. But then
[02:35] this real estate would then generate me around a 7% around a 7% return on my money annually. Not bad. okay, if I could get a 7% return on my money, it's fine, but what if I could do
[02:49] something bigger? And that's when I started to realize that I need to invest into my entrepreneurial ventures. So, that was when I created Briefs Media, my newsletter company. And so now, what I'm doing is I'm working here in the
[03:03] money, that way I can then use this money to fund the Briefs Media company, because my goal is to grow Briefs Media by way more than 7% a year. So now, if I
[03:15] take $100,000 from here and put into real estate, that might make me $7,000 a year. But if I take that same $100,000 from here into here, my goal is to get a bigger than a 7% return. However, it comes with more risk, because if things
[03:28] don't go well, if the economy goes south, and our company cannot sustain it, I could lose everything. But my goal is now to grow this significantly faster, that way now we can take the Briefs Media brand even further. And
[03:40] member around, I drove him in my car, and that's when he saw it in actual action, because I wasn't driving a fancy car. I drove him around in my $500 Toyota with no bumper, that way he could see that I'm living the same lifestyle
[03:53] that I'm teaching him. I'm making money here not so I can fund my lifestyle. I'm more of this. Yeah, I own rental still have money going there from some of my income, but I'm actively working
[04:07] here, that way I can grow this because this then builds equity. There's equity in the company, which you can realize either by selling the company, you can company through debt or other methods, but I'm working to build this equity.
[04:22] But the equity that most people are doing is completely wrong because most through the YouTube channel, through whatever it might be, and then they use this income to go out and buy a car or
[04:35] that's what everybody else is doing, so you assume it's normal, but there's no wealth in anything that you're buying. And this is where now, if you want to be a part of the 1%, the 0.1%, the 0.01%,
[04:47] or the 0.001%, you have to start doing something now, you got to use the money that you earn to buy assets or create assets, that way now you have real wealth coming in that isn't just dependent on you
[05:02] to start doing this is to follow something like a 75-15-10 plan, which says for every dollar that you earn from here on out, you cannot spend all of and create three different bank accounts, that way now you can separate
[05:16] your spending money, your investing money, and your savings money, that way now for every dollar that you earn, 75 cents is the maximum that you can spend, 15 cents is the minimum you should be investing, and 10 cents is the minimum
[05:30] that you're saving. This way now, no matter how much money you earn, you're say paying yourself first, I don't mean going out to the Gucci store and buying yourself first, meaning building your wealth first. The way you build your
[05:44] wealth is by investing your money into the assets that I was talking about. savings aren't there to make you wealthy. Sorry to all your parents who make you wealthy. That's what I was told, too. Your savings are not going to
[05:57] protect you against an emergency. So, now, anytime you earn a dollar, you want to be able to separate the dollar out where now 75% can stay in that that you can spend on your home, your vacations, your cars, your food, all
[06:12] that other stuff. 15% should go into a separate bank account. This is money go into a third bank account, which is the money you are saving for an savings money, you don't want to always just save your money forever. You want
[06:26] 12 months worth of expenses. That way now in case you lose your job, in case your kid breaks their arm, in case a window breaks, in case the AC goes out, you have cash to pay for these expenses without having to go into debt. But,
[06:39] of expenses, that's when you can stop saving and take that money and put it here. Now, we have 25% of your income being invested because, well, this is Now, to decide how much money you should save, this is going to depend on you and
[06:54] single, if you don't have a lot of expenses, you don't have a lot of liabilities, hey, you can take on more risk. Maybe you don't need 12 months or savings right now. Hey, you know what? You could put more of your emphasis on
[07:07] I'll talk about the different places that you can invest your money, but you that way you can get a better return on your money because you don't need to save it right now. But, if you're older, you have kids, you have a spouse, you
[07:19] you don't have a big risk tolerance, then maybe you need 6 months, 9 months, or a year's worth of savings, depending on where you are in your life. But, the topic is going to be today. This is where now you want to put this money to
[07:31] work that way you can build that equity. That way you can build the wealth because real wealth in this economic system, in this financial system in system, in this financial system in America, is built by owning assets.
[07:43] assets, not because they have a high-paying job. You can be broke with a high-paying job, but if you have assets, you can spend all your money today and still be rich next month. And that's where the real wealth is built. And this
[07:57] system never teaches us this. I never learned this in school. Our parents my way to learn. And this is one of those things that once you learn it, you can't unlearn it. But if you don't learn it, you might never learn it. And if you
[08:11] able to capitalize on the way that our economic system works. And in this capitalist system, there are two ways that you can make money. You can make you work to earn from your job, or you can make money from your capital. We're
[08:25] from your labor. That's what school teaches us. How can you get a high-paying job? But the wealthiest people in this country don't make their money from their job. They make their money from their assets. Our entire
[08:39] system is designed on earning more money from your job. But the richest people own. And this is where you have to start thinking a little bit differently. It's your job, it's what assets you own, how many assets you own, and how you're
[08:53] investing into these assets. That way you can build that equity, which will working. The way you build wealth in the stock market is not by chasing hot stocks, it's through what I call ABB, always be buying. And I just wrote a
[09:07] brand new book called ABB, always be buying, how you can build wealth in any market, where I break down the exact strategy of how you can build wealth in the stock market and turn your extra money into income or more wealth, that
[09:20] build wealth. And because you're watching my video, I'm going to give you a digital copy of my book completely free. I have that link for you if you description below. And when you sign up for the book, you're also going to get
[09:32] access to Market Briefs, which is my newsletter for investors, completely what's happening in things like the economy, housing, stocks, crypto, and global markets. It's read by hundreds of thousands of investors every single
[09:44] and market briefs all for free, all you have to do is sign up, and I have that below. Now, I can't tell you what to do with your money, but I'll tell you exactly what I do with mine because I am an employee of the Minority Mindset
[09:57] Companies, but I don't get paid a fixed dollar amount salary. I get paid a commission, and I'm on 20% commission, meaning if I go out and I earn $100,000, I don't pay myself $100,000. I pay myself 20, and out of the money that I
[10:13] generate for myself, the $20,000, well, most of that money, almost all of that money, gets passively invested. That other $80,000 that I didn't pay myself goes back into the brand. That goes back into Briefs Media to help grow
[10:28] that company even bigger. Now, you might be wondering, "Well, Jaspreet, if you're paying yourself that 20% and you're not using that to pay for your lifestyle, how are you paying for your lifestyle?" Again, I have other passive investments
[10:40] that I'm using to help fund my lifestyle. Not to mention that I don't live very large. Yeah, I have some nice things, but I'm not spending a ton of money right now because right now my focus is on growth. My goal is to grow
[10:53] the company, so I pay myself 20% of the money that I generate. Out of the money that I pay myself, then that 20%, most of that gets passively invested. Then that's going back into the company that
[11:07] could take all the $100,000 out right now, go buy a nice car, live much bigger, and have a bunch of nice things, but that doesn't align with my goals to build equity. Now, I could go out and build equity in things like my rental
[11:22] more equity in the stock market. I can invest in other startups, and I am investing in stocks passively. I do have real estate investments, and I do occasionally invest in stocks, but right now my primary goal is building
[11:37] the company, Briefs Media, and it's a risk. It could fail. It could go bankrupt. It could go to zero. I could lose every dollar that I invested. That's a risk. That's the risk that you take for investing in yourself like
[11:49] that. But my goal is to build it into something much bigger. I don't know I'm going to work hard to make it go somewhere and that's the investment risk you want to build this equity. When most people hear about this term equity, they
[12:04] think of paying down the mortgage on my home and that is the type of equity that most people think is what's going to build generational wealth and I hate to break it to you, but that's one of the worst kinds of equity that you can build
[12:19] because when you spend all of your money to pay down your home, the benefit that you get is you get a paid off home. But it doesn't generate you any cash flow and this is where everybody says, "But you can always pull cash out of the home
[12:32] home." Sure. But if you do a cash out refinance you've still got to pay that money back and how are you going to pay that money back? Not to mention, you've still got expenses you have to pay. You might have
[12:45] to pay the property taxes, you've still got to pay the water bill, you've still still got to pay for the maintenance, you've still got to pay for the upgrades to own this home and maybe it's going up in value, maybe it's not, but you still
[13:00] have to fund this equity that you own. Compare that to something like, say, having equity in a rental property. Now this rental property will be generating you cash flow. That's cash flow you can use to pay for rent for a place for to
[13:13] live. That's cash flow you can use to buy vacations. That's cash flow that you can use to pay for your car. Not to mention that the cash flow can be used rental property. You can use that cash flow to to for the maintenance and the
[13:26] different way of looking at equity. Now, if you're an entrepreneur, you were I don't want to work for somebody else, then you can build equity in your own company, and then the equity can be realized by either selling the business
[13:41] or by using debt to pull out cash from the business, or you can, if you grow big enough, hire a new CEO to then run the company. So, there's different types of equity. You have equity in your own home, the worst kinds of equity. You can
[13:54] investments, things like your stock market investments, things like your real estate investments, or you can build equity in a company into a want to make sure if you do that that you want to build a real business, not
[14:07] learn more about what that means, there's a book called Built to Sell, way you learn how to actually build a real business instead of a business that started learning about money management, I avoided using a credit card because I
[14:23] thought that credit cards are bad and evil. And then when I realized that I going to spend money I didn't have for credit card perks and points, I realized that I could earn more cash back, I could earn more perks and points for
[14:36] transactions that I would normally make anyways with a credit card instead of a debit card. And that's why I partnered with my sponsor FinanceBuzz to put favorite credit cards. Now, here's the caveat. If you don't know how to manage
[14:49] your money, don't use a credit card. But if you're comfortable using a credit card, in this article with my sponsor FinanceBuzz, I go over some of my top types of tiers. If you have credit card debt and you want to pay it off faster,
[15:02] I go over some of the top 0% APR credit cards. This will give you an opportunity to attack that credit card debt faster while not accruing any interest during the 0% APR period. I go over some of my favorite cash back credit cards, that
[15:15] back while you spend on your normal transactions. I go over some of my that are traveling more often and earning more income. And then I go over cards as well. So, if you know how to manage your money and you're comfortable
[15:29] using your credit card, you can see some of my top credit cards right now in the free article that I have for you down in the description. Money flows to the investor. When I go to Chipotle and I and I buy
[15:43] a bowl of extra guac, who am I benefiting? Am I really supporting the employees? Yes, in a way because I will be paying Yes, in a way because I will be paying their salary, but the the real profits
[15:55] are going to the owners of Chipotle. It's going to the investors of Chipotle. Money rule number two is inflation benefits the investor. What does that mean? Over the last 5 years, we've seen the
[16:09] prices of things rise. This is because of inflation. Inflation didn't just start after the pandemic. It's been happening for a long, long, long time. grandparents or parents say, "When I was young, I used to go to the movie theater
[16:22] for a nickel, a dollar, whatever it might be. Now it's $25 to go to a This is inflation. So, now when you spend those more dollars at Chipotle, who's getting those more dollars? It's the owners of Chipotle, the investors.
[16:34] And then finally is our system is designed to benefit the investor. As a I can tell you that when you earn your money as an investor, you are going to pay a lower tax rate than when you earn your money as an
[16:49] That's why it is so important to understand the rules of money because our entire system is designed to make the financially savvy wealthier, while everybody else is paying the price.
[17:02] I'll give you one more example. When I was in law school, I learned about this concept called fiduciary duty. And what I didn't understand is that the CEO of a company, your boss, has a
[17:17] fiduciary duty to make one person rich. Do you know who that is? It's not the employees at the company. It's not the customers at the company. It is the owners of the company, the investors in the company. The CEO has to
[17:30] make decisions to make the investors rich. investor. We're taught to become an employee. Now, it's not bad to work a job. That's not what I'm saying. In fact, that's probably the best thing for
[17:43] most people. What I'm saying is you have to understand that when you go to work, and become an investor. Now, when you do that, now you can start to get into the >> Yeah. >> So, we talked about now step number one
[17:58] you have to learn the rules of money. Now, we get into the practical side, which is step number three, get out of the financial danger zone. And what I mean by that is the very first thing you have to do
[18:12] is the very first thing you have to do is save $2,000 as fast as possible. >> Just start with 2,000 as a start, and then pay off your credit card debt. Half of America today
[18:26] does not have a $1,000 put aside to protect them against put aside to protect them against emergency. So, if your car breaks down, your kid gets sick, your window breaks, the average person
[18:39] has to go into debt to pay for that expense. You have zero breathing room. to do anything, you have to go into debt to do that. So, we need to stop that. I call this the financial danger zone. You need to
[18:53] save $2,000 as fast as possible, and the way you can do that is by spending less or working to earn more. And you have to make some extreme sacrifice if you don't >> Do you know what people are wasting the most amount of money on right now in in
[19:06] on that? >> Oh, man. >> Well, if you are somebody who does not have $2,000 saved up, there's a lot of things you got to cut
[19:18] but I don't say what I say to make friends. This say what I say to help You should not be eating at a restaurant. You should not be driving around in a fancy car. You shouldn't be living in a
[19:31] big fancy house. Right now, you got to make some extreme sacrifices if you don't have $2,000. So much so is you should not have a Netflix subscription.
[19:45] Not because it's going to save you $15 a month, watching somewhere between two to three hours of Netflix a day. how can you feel comfortable sitting there at night time watching whatever
[20:01] the heck is on Netflix? You have to have a little bit of urgency family. So, whatever you can cut back on, do it. And then, once you get that $2,000, pay off your high interest credit card
[20:15] debts. Because when you are in that situation debts, you are trying to climb a mountain with 1,000 lb of chain strapped to your back. You're never going to get to the next
[20:29] step because anytime you get some money, you got to you an example. Jay, if I gave you $6,500 and you invested that money today, you never touch that money again, you
[20:42] never invested another penny again, and you could get a let's say 20% return a year on that money, in 40-45 years, You're not going to have a million dollars, five million dollars, 10
[20:57] million dollars, 50 million dollars. You're going to have closer to 60 million dollars off of that one investment of the $6,400, $6,500 that I say, "All right, sign me up. Just pretty give me that money and where do I invest
[21:11] Well, here's the reality. Do you know who's getting those returns? AMEX, Visa, Mastercard, Discover. And do you know who's paying it? You. If you have credit card debt. And so,
[21:24] instead of you having that wealth, you are the one that's paying for their paying for their big buildings. You are the one that's paying for their luxuries. Which is why I get so serious about this
[21:36] that if you want to become wealthy, you have to you have to you have to get out of this financial danger zone. Once you get there, now we can get to where things now get fun because you finally have a little bit of a
[21:50] Now, you can create a system for your money. and everybody else is wealthy people money before they earn it. Everybody else gets the money and then they
[22:03] should I spend this money? And this is where it is very helpful to have a a system for your money. One that I teach is a 75 15 10 plan.
[22:15] Which says for every dollar that you earn from here on out, 75 cents is the maximum that you can spend. 15 cents is the minimum that you invest. 10 cents is the minimum that you save. This way, whether you're earning $30,000
[22:32] a year, $300,000 a year, or $3 million a year, you're always going to have a rule of how much you can save, invest, and spend. >> Break that down for us again. >> 75 15 10. So, the way I'd like you to do
[22:44] this is I want you to open three bank accounts. gets deposited into one bank account. Create an automatic withdrawal and deposit. That money gets pulled out of one bank account and 15% goes into your
[22:58] money. 10% goes into your bank account holding your savings money. The reason bank accounts is because if you have $100 in one bank account and you think this is my investing money and my saving money, you go into the store
[23:13] and you see this nice sweater on sale. It's $90. I have $100 in my bank afford it, right? Well, you forget that some of that money is supposed to be saved and invested and then you pay taxes on that sweater and
[23:26] now you spend $98.99 on that sweater and oops, I just spent my savings and my the three different bank accounts. Your savings are not going to make you been sold. Your savings are there to protect you. Your investments are there
[23:42] to make you wealthy and that spending money is what you pay for your house, your groceries, your vacations and everything else. Now, we move on to the next step. Is how do you spend your money smartly? And
[23:54] little bit painful, but this is where you can really accelerate your wealth. You have a good system. Now, when it comes to actually accelerating your smartly. And what I mean by that is no more financing things that don't put
[24:08] money in your pocket. And then follow the rule of five when it no more financing things, it's very normal. You want to buy the new iPhone. Why would you pay $1,000, $1,200?
[24:21] $1,200? Put it in $50 a month, 0% APR. It's free money. Why wouldn't you take it? Well, let me ask you a question. If I walked into the bank today and I said, "Give me a $1,000 loan at 0% APR." What are they
[24:33] going to say? Heck no, there's the door. Why is it that somebody's willing to offer me 0% APR? Not just somebody, a very profitable corporation. Because they know
[24:46] how to make money off of you with a 0% APR. Why? Because at 0% APR, number one, it's going to make it much easier for you to buy the new iPhone more often. Number two, you don't feel the pain of a
[25:01] thousand dollars leaving your bank account. It's just $50 a month. Number when you buy the new phone, well, now they can sell you the new AirPods, the new charger, the new case for it. And then number four, they know that a
[25:13] off in time and now they're going to slap on that 15, 20, 25% interest, which then makes them even wealthier, which is why you should not be financing things even at 0% APR. If it doesn't put money in your pocket, do not finance it. The
[25:27] live in. And then my rule of five, afford one of them. >> [laughter] >> That's a good rule. >> So, you want to buy a nice $1,000 watch?
[25:40] So, >> Yeah. >> Now we can get into the next step, which is how do you earn more money? This is step number six.
[25:54] system with your money. You know that I'm going to do 75 15 10. I know how to money and this is the part that many people get flipped because they assumed Well, if you make more money without knowing what to do with that money,
[26:09] people rich with it because you just go and spend it. This is where now it is important for you to figure out how can you earn more money? Maybe you ask for a second job. Maybe you create your own business. Maybe you learn how to utilize
[26:21] artificial intelligence. You find ways to earn more money, but you keep following that system, the 75 15 10 and that's the key is as you earn more money, you keep investing more money because
[26:34] that's what's going to make you wealthy. And then finally, at the top, step number seven, is you have to protect your assets. And there's two parts to this. Number one is you got to understand the legal
[26:46] side. That means understanding taxes because taxes can to of the biggest expenses that you have to pay. You have to understand how do you pass this around you because when people realize you have money, they're going to want
[26:58] some of it for themselves. And this also means how do you give you going to leave a legacy for yourself and your family? been trying to figure out what business you should start in this economy, in
[27:12] different business ideas that you can start this weekend even if you don't thing. Every generation goes through a major shift which creates new business opportunities. In the 1800s, it was railroads. This was the first time that
[27:27] people were able to move easily from one part