"This Will Determine Who's Rich vs Broke" - Build Wealth In The Upcoming Recession | Jaspreet Singh
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- Опубликовано: 11 июл 2024
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Get ready to revolutionize the way you think about money, inflation and the impending recession?
On today’s episode of Impact Theory we have Jaspreet Singh, Chief Executive Money Nerd at Minority Mindset Companies from Punjab, India. He has been putting in the work to spread financial education and opportunity on RUclips for years and if financial literacy wasn’t a class you took in school, this is your chance to improve your knowledge around building wealth and getting rich.
The majority of people will unfortunately continue to become poor and the harsh reality for many is that they won’t even see what’s happening in time, if at all. And few understand the government's role in the financial system, who the Feds are, and how wealthy, financially educated people think and use money differently from poor, financially uneducated people.
During this conversation, we touch on:
- Emotional fulfillment and ambition in building wealth
- Passive investing with ETFs
- Government spending, stimulus checks, and consumer spending habits
- Active vs. passive investing
- Misconceptions about wealth and the primary way to build generational wealth
- Importance of financial education
- Different avenues for building equity
- Effects of money printing and inflation
- Concept of workers vs. owners
- Long-term investment versus short-term gains
- Risks of over-leveraging and economic upheaval
- Dollar-cost averaging and the value of long-term investing
- Importance of owning assets in the face of government action
- The impact of inflation on savings and wealth gap
Start turning the tables and making better financial decisions to not just prepare for a potential recession, but to also start building real wealth.
Chapter Markers
[0:00] Long-term Wealth Over Trading
[42:01] Why You Can’t Make Money
[1:12:11] Build Wealth Like The 1%
[1:44:55] The Most Important Wealth Rule
[2:13:34] This Keeps You Broke
[2:41:21] Is America Collapsing?
Powerful Insights From Jaspreet Singh:
“The interesting thing about the Federal Reserve Bank is it’s called the Federal Reserve Bank, however it’s not federal, it says so on their website. They’re not a reserve, they don’t keep cash reserves anywhere. They’re not a bank! You and I can’t go there to deposit money.”
“If you understand the system, you can use it to your advantage. If you don't understand the system, it is going to screw you over many, many, many times.”
“Inflation is what causes the supply chain issues and now we’re trying to go backwards, but this is where the rich get rich and the poor get poorer...”
“Inflation now is a hidden tax, it’s a silent tax. It affects the people that don’t understand money, and it disproportionately affects the poor and the financially uneducated, [...] if you don’t understand this you’re going to get screwed over.”
“I was dumb because I didn’t really care about risk, I never even looked at risk, for me it was opportunity, that’s all I saw. It was a way for me to get started.”
“Everybody in America should be a business owner, however, not everybody should be in the business of starting a company and not everybody should be in the business of operating a company.”
“I like to call it net zero thinking, where if I have cash I need to spend it, [...] it’s the consumer mindset of, if I have this money, I need to spend it.”
“You’re never going to be able to out save inflation. Your savings are literally making you poorer each and every day.”
“You have to be the one now to go out of your way to start learning this, and thank God for RUclips because now we’ve decentralized education.”
"You lower some of your upside, but you also lower some of your downside, because now if you run through that same scenario where the McDonald's executives run the corporation into the ground and they go bankrupt, well, you have 499 other companies in the portfolio, so you're okay."
Follow Jaspreet Singh:
Website: theminoritymindset.com/
Instagram: / minoritymindset
RUclips: / @minoritymindset
Follow Me, Tom Bilyeu:
Website: impacttheoryuniversity.com/
X: / tombilyeu
Instagram: / tombilyeu
If you want to dive deeper into my content, search through every episode, find specific topics I've covered, and ask me questions. Go to my Dexa page: dexa.ai/tombilyeu
Themes: Mindset, Finance, World Affairs, Health & Productivity, Future & Tech, Simulation Theory & Physics, Dating & Relationships
WARNING: I will never ask for your contact info in the comments section, that is someone impersonating me!
Yup! This happens all the time tonme especially if I comment on Ukraine, Israel, or anything Anti Corrupt Establishment!
Upload videos in 4K because RUclips made fun of FullHD.
HOW TO BUILD WEALTH
Making money is action, Saving money is behavior and Growing money is knowIedge. The first step to acquire weaIth is figuring out your goaIs with the heIp of a financiaI pIanner, and foIIowing through inteIIigent pIans, you wiII gain financiaI growth in no time and enjoy the benefits of managing your finances.
I am Iucky I made better decisions that changed my finances (gained over 1M in 2years) with heIp of my financiaI planner. Got my 2nd house in June and hoping to retire earIy...
Whosoever tries this Surely acquires wealth. Get to her..
@TomBilyeu, my dude, STOP INTERRUPTING THE GUY. You're be rude and it's hard to watch. I know you want to say something, but let the poor (rich) man finish.
Except that often they are the questions that provide clarification and help us understand better.
@@carloscollado7400no they don’t ever
@@Man-u-flexactually they do. If they don’t for you that’s your problem. The host isn’t going to ruin it for the majority to accommodate a complainer.
@@yesnomaybeso5755I wouldn't say that it's their problem. It's their opinion. They have a choice. They don't have to watch it. Instead they do and then complain. I agree with your opinion. I like that it's more like a conversation instead of Tom just asking questions.
Yeah he tends to do that often on his show, and I can't tell if he's just excited and enjoying the conversation or if he's on a "this is my show power trip" after inviting them to the show. lol Great content, and he seems like a great guy. I do tend to wonder in the moments sometimes, though. Lol
"It's not about the money".... that statement is bullshit!... I have yet to see a rich person give it away and start all over!
It's easy, you just need a small loan of about a million dollars 🤡
"Again I tell you, it is easier for a camel to go through the eye of a needle than for someone who is rich to enter the kingdom of God.” They never give it away. Niether would you in the same case. It's like a law of Physics.
Gary Vee
It's always about the money
We're only human. We never treasure we have until we lose them.
Thanks for having me on Tom!
Thanks for sharing your information and knowledge!
This is absolutely amazing thank you! 🙏🏻
Only one comment? Hey man, I thought you were excellent on this podcast. Sage advice. And I will also add I always find it refreshing seeing kids of immigrants being the most American of all, I find it reassuring for the future of the country. But this is also why I see illegal immigration as such a problem. Racism has nothing to do with it. I only want to see the principles of the country carry on.
@minorityMindset my 401k and Roth has given me a substantial net worth. Are you saying I shouldn't rely on it when I retire?
Tom, what's the point of having someone on your show you talk over, correct and tailor questions that make them answer the way you want. We want to learn from the guest!! You clicked baited me into listening to you, again!
I agree with this comment because Tom craves attention this way and it’s annoying.
He can’t help himself he’s the worst host man
@@Man-u-flexnot at all. It is good to object to show different perspectives. Which in turn helps people understand the topic a lot more.
classic tom tbh. his names tom right? sorry hes a bit of a nobody tbh.
Who is comfortable? Who can wait 40 years? Invest in stocks so the rich can rug pull your ass! Lol
Living humbly and saving is always smart. Should emergency happen, you can handle it without disrupting your life. Having the basics covered at all times is the correct way
Holy crap Tom, let him get out more then two words before interrupting. Why have him on if you won't let him finish a thought.
Tom isn't a good interviewer. He doesn't have kids, he's rich and impatient.
What really defines being a part of the middle class these days? In essence most people do not own anything but a lease in this country.
There is the rich and then there is the working class
There is no middle
It's a natural result of Monetary inflation.
There is a class that doesn’t work.
It puts us, the workers, in the middle.
The "haves" and the "have nots". Those are the only classes
There’s always a middle class…there’s been one for thousands of years even during the times of the Romans. There is and will continue to be in the future.
Working class is being turned into the working poor, and this is deliberate.
This is definitely something to think about. The dynamics of wealth distribution seem to be shifting dramatically.
Absolutely. I think making the wrong decisions now could really impact our financial future.
It's crucial to stay informed and make strategic decisions in light of these shifts.
I have been able to make good decisions thanks to my Fin planner
ERIC PAUL ELMER
I just looked his name up
On google
I lost a lot of respect for Tom with his stance on AI being:
1. AI will absolutely bring about massive economic upheaval and job loss.
2. I will absolutely participate in it’s use for short term gain, knowing that in the long term, it dooms everyone.
Great guest, making sense 99%.
Jim Rohn - “I can tell you gentleman, the 80s are going to be like it’s always been”. Tom it’s unfortunate how down the rabbit hole you’ve gone with this. There is always something to be worried about. The stoics knew this 2,000 years ago, all you can do is focus on the growth of your life and inspire people through making positive changes. Yes, you are making positive changes and my comment is a meaningless comment amongst thousands (by the way I love what you do), but please try and escape this stuff. Our lives go by and then we end up on our death bed constantly being scared of stuff we have very little control over. The fed, the WHO, WEF, etc. Anyway, you won’t read this which is fine 🤣 best of luck man just something to think about.
Yep, you’re right. The big and seasoned investors say the same thing: It’s always Chicken Little time with “The sky is falling”. So you just have to tune out all the sensationalism
Thank you for sharing this!
Jaspreet Singh? Isn't he one of the people who promoted FTX and has a channel full of economic doom and gloom content?
Yep , he was a full blown FTX shill 💯
Yea, I thought the same thing. I remember that FTX nonsense.
But Tom has been doing a bad job questioning his guests properly. He often agrees with their point of view because he is in the same economic class as them. It's fine if Tom mostly agrees with what these guests are saying, but at least point out the counter argument on why your view could be wrong. Not sure why I bother clicking on these interviews anymore.
This guy. Just a bunch of corporate media talking points. Remember when all he talked about was FTX?
Yall are tripping. He doesn’t promote doom and gloom. He promotes how to invest your money in future assets. How to manage your money. He made his money in real estate
@@jaysportsenthusiast7632 Bruh, he’s not reading these comments. No need to kiss his ass.
At the end of the day, if the govt can print money on demand why does anything else matter, taxes, consumer spending etc are irrelevant. Besides printing there’s hundreds of billions of dollars flowing back into the US from all over the world because the dollar has been weaponized. The US govt wants inflation so the debt seems smaller. If the basket they use to gauge inflation included the proper items current inflation would read 18-20% min, don’t let the manipulated inflation/economic data put out by the same govt fool you.
Taxes are a means of forcing you to provide value to that worthless fiat.. value which those connected to the central bank get to steal by printing.
It is no coincidence that the Federal Reserve and IRS came into being at the same time.
A closed loop mechanism of one side printing and the other side siphoning off.
Its not an interview, its a monologe with pictures of someone else.
I am not wasting my 3 1/2 hours on this. No way!
I kinda said the same thing.
@@chaddy-me-boy8299 oh you bet!
@@chaddy-me-boy8299 oh you bet!
I have felt this about a lot of RUclips fear mongering lately. Like people need to get back to their lives, who has time for this?
agree
So many haters in the comment section. Holy shiittt budssss. This guy has been on so many very popular RUclips channels with Millions of subs and he himself has over a million subs. Why the fack do people hate so much. If you don't like his opinion then shut up and move the fack along
Any optimistic videos coming up any time soon?
n o
Nope
These doom and gloom predictions are like telling someone everyday that diarrhea is coming… when that 💩 day comes, they’re Nostradumbass
Fresh out of white pills
Sometimes it is difficult to watch this channel. The reason is the host always talks too much. It is like one guy talks 1000 things instead of 1000 guys talking 1000 things.
Tom, what is up with just clipping together past interviews.
JASPREET! Sooo glad to see you on Impact Theory💪🏻💪🏻. Love your Message. Minority Mindset has helped me tremendously…..And Yes I Am A Briefer!
AMAZING!!! came across this video and have subscribed to both 👍🏼
I spent my $3000 gov stimi checks on BTC!
The power hungry need the poor to maintain their power.
Yep.
That's why they are turning the working class into the working poor.
Capitalism inevitably turns into Crony Capitalism.. 😢
This advice only works if you live forever....
I also like how Tom pushes back on all his guests, it’s a great way of playing the devils advocate to help bring more depth to the conversation which helps everyone watching to understand the content that much more. I love what you’re doing Tom, keep up the great work!!!
I love all your content, but these 3-hour videos are killers. 🙂
That's what I've been saying.. get to the point... gees!!
The middle will always be half way between comfort and pain, so for god sake courtesy flush is not just civil but greatly appreciated
you could tell tom Really wants the general public to learn some principles of finance because at this point jaspreet has been on like 3 times already, explaining super basic stuff, and Tom, who already knows this, is happy to sit thru it For Our Sake! so that we can learnnn 🤓❤️🙏🏼
This dude gets it!
Nice, Jas is levelheaded and rational on finance
It strikes me as strange that I have heard this Punjab story many many times from Minority Mindset and even as assured as I am that Tom has heard the story, Tom reacts dramatically as it’s the first time hearing this. Hmmmm.
You get rich slowly, if you can't get yourself to do that then you deserve to have a poor retirement.
Good talk gents, thank you. Told me what I already knew but needed to have it reiterated multiple times in succession... seriously lol. I'm going to put more into auto investing index funds and less on guessing the fate on individual stocks. Of course I'll still "play" with stocks, just increasing the auto-stuff so I have less money to buy individuals.
Middle class is already dead!! All going as plan as the money printer goes burrrr
Consequence of mid 60's forward with "Cloward-Piven Strategy"?? 🤔🇨🇦
Kalergi too
Tom is a great human being. He brings in wise people to educate the mases on finance. This is far better than those who donate to charity. He is actually teaching people how to fish rather than giving them fish. Thank you Tom
JASPREET!!! I discovered him before this show. Happy to see he’s getting some shine.
Yes, this hidden gem only has a couple million RUclips followers. Glad he's finally getting noticed.
How do I get my hands on the OLD cookies and cream Quest bars... For the love of God, I don't care if there was an unhealthy oil in it!
Great episode, Jaspreet is a great guest. He really tells it like it is, and is easy to learn from. The two of you are a great duo. I really enjoyed watching/listening.
Tom should back off sometimes .... He loves the sound of his own voice
Thank you for this video! I have no idea about investing, and been wanting to learn! Needed this video! 💯🙌🏿🙏🏿
You better not invest at all. Eventually you will
go broke because of a statistical phenomenon called gambler's ruïn (which also renders Tom's quest for eternal life an impossible one)
That's ultra important knowledge and thank you Tom for doing so important work 🥰 1 small food for thoughts -> Could you not mix different videos inside one piece of content in section you mark as "Full Episodes of Impact Theory" ? It's super hard to watch when you saw previous videos recently 😢
As I think Richard Vobes said - 'If we are exerting labour and time to work a job, that is an equal exchange of labour/time for currency .... so why are we taxed on the amount?'
TO BELEIVE A THING IS A LIE....
TO EXPERIENCE IT IS THE TRUTH....
Loved the knowledge
I have a better suggestion than "buy low and sell high": "Buy low and play dead."
Govt spending is out of control, taxation on the American people is out of control, it’s time to go through the pain to end the taxation and reform this govt so we can take our freedom back. We are not free u til we aren’t being taxed, period
Aint nobody living in a tent getting a stimmy cheque buying egss my guy 😂😂😂😂
I like that...Save money for 3 reasons or don't save money at all...I'm weak😂😂😂
There is no middle class, there was, but then good old GREED showed up to the party and crashed it!
hi Tom or anyone who knows what is the chairs in the studio? thanks in advance
Good stuff
Thanks guys
Havnt listen yet, but just from the title is what I’m trying to solve with my start up.
We need to intertwine spending and consumerism with investing and ownership automatically. Accumulation of assets easily to offset inflation.
Allow the middle class to invest their contributions in social security and use the magic of compounding over 40 years to equal millions.
Great conversation but damm do I get peeved when you keep interrupting the guest when they're trying to make a point
This guy with the cap should more listen and less interrupting the guru!
People change when the pain of change becomes less than the pain of staying the same.
Until we realize the breadth and depth to which the pain of poverty destroys all, the wealthy will continue to believe they will suffer nothing, and continue to destroy all in the arrogant belief of doing good.
How can you invest living paycheck to paycheck? Y'all seem a little out of touch with the average person.
A little money added *consistently* goes a long way. It's about time in the stock market more than anything else.
@AndrewgSpeedruns
Inflation is eating through that little money added away faster than it's being added.
The objective is to keep the vast majority poor and working as serfs.
I'm your average person earning 1500-2000 € per month , so why I can sustain myself in another country working while helping my mother back home with money and my father , giving an allowance to my little brother so he can learn to manage his money , having to pay 2 debts to the bank every month , paying 3 subscriptions to entertainment every month , smoking , while still actively investing in crypto for the last year , so why I can do it ? bruh stop making excuses for yourself and you lack of competence
Rj great video. For some reason, I had a feeling the schwab platinum was going to take a hit eventually. I guess this is one of the card refreshes they were talking about. When it comes to the chase banking tiers, they just rolled out another premium tier between cpc and jpm private bank. So now you have CPC ($150k) , JPM Private Client ($750k) , & JPM Private Bank($10m+) . Apparently, most of the old FRB locations will be converted to branches that will cater to the JPM Private client group. Maybe the new card will come with a lifestyle credit like the BoA card. That would be pretty nice. I feel like this move is one to get most people to bring more deposits over.
Death of the middle class?? It's been dead for 20 years
50
What have I been for the last 20 years in that case?
An exception.
Has not been dead for 20 years…
A bit of a stretch.
Love my daily Market Briefs 🥑🥑🥑🥑🥑
Cmon man!!! ADDS every 5 min!!! Its ridiculous!
For most people, buying and paying off their home is the best way to ensure that when they retire or no longer can work, no one can kick them out of their residence, it's not about investment, it's about security. I am 70 years old and has been retired for the past five years, my own home is the only property (out of nine) my wife and I own, that the mortgage on it hasn't been completely paid. All our other properties are paid of, buthowever, we are not the rule, but rather the exception. Most people don't get to own that many properties.
That's been the way in the past. That does not mean it will be so for the future.
It might well end up being a mill stone around your next 2 to 5 years from now.
@@user-lb8bg6kj9m Explain... I will complete paying my mortgage in 3 years. Every house my wife and I own (Free and clear) has a higher rent than my mortgage payment.
Assets are only as valuable as what someone is willing to pay you for said assets.
Better to have said assets, than not.
Did you guys do something with the audio, interview sounds muddy.
2:14:45 was an incredible interruption and then you changed the direction of the conversation... trying to get him to say something sinister is going on was inappropriate...
The information I feel that's really lacking for the public is how do you invest as a dual citizen of specific countries.
Hard times are spreading like the flu, homeboy don’t let it get you.
It may not be possible now, depending on the volume of private traders, but there is a third option to trying to beat Wall Street, and that’s by very closely shadowing their moves. You’ll beat a lot of other traders out there just doing that, and that’s actually all you have to do.
If you had to beat the big pros, you’d never win…but that is a false assumption. You only have to beat 1 other trader, on each trade.
Why do people think you’re competing against other traders when you trade. You’re competing against the stock, sure you might be a better trader, but that has no relevance on if I correctly assess a trade or not. It just means you’re percentage/delta would be better but it doesn’t affect my trade to the degree that you’re saying it does. Am I wrong?
It’s similar to golf in ways in that you’re competing against the green. Let’s say golf was paid out based on your final score. With that assumption you could have a much better game than me but that doesn’t change my final score/pay.
We are all connected. To think that your investments, spending and money only affects you…
Standby. 🤨
Love that this Gentleman compares our market money to the drug Herion. 🙏🏽
Decide life based on your experiences, your challenges , your requirements and priorities. Lectures won’t fit for everyone. Life is not mould . Take action based on situation.
Wow! Thank you for explaining How Clickbait works!👍
I would think owning a home these days would put you in the path if not make you one of the rich especially if its paid off.
What matters is the rate at which the currency is inflated. inflation is necessary in a Fiat system and healthy for a growing economy. Mark Yusko does a great job at explaining the system
Inflation is stealing the fruits of another person's labor.
It's about as healthy as a hole in the head.
That nonsense theory is promoted by banksters who produce nothing and need to steal other people's hard earned money.
Investing in low cost index fund worked up until now. This is a turning point in history where passive investing will do nothing for you against inflation and even go down in value.
There is no middle class, the world chose technological serfdom in the 1970s. Two major spheres of influence USSR and USA, USSR chose party corruption over socialism ( the evolution of socialism, third stage of communism was voted against in 1961 plenum along with the abolition of the Dictatorship of the Proletariat) . In USA, after assassinating key progressive figures in the world including a US president; US chose the final decoupling of US currency, financial deregulation, insurance and mortgage based financing . Both spheres chose against the scientific establishment by halting travel to Mars.
You are reaping the results, now you will all be techno-serfs to the megacorps .
I'm sorry.
"black friday" stock market Tom??? LMAO, equities are at near all time highs!!! For the love of God, you guys are not old enough to know what a stock fire sale is LOL
49:00 calculus is always the same, stock markets change. Thats why it’s less important to learn stock markets.
Are all of these 3 conversations recent?
The fact that a class on money skills, investing, and financial literacy is not mandatory in high school should alert everyone to the intentions of the elite.
It surprises that even two of the most richest man in the world they don't have a good mindset, You do not need to beat the banks and nobody, you don't have to be a swing trader, you can be an intraday trader if you study and learn fundamental plus technical and develop your mindset, and no only that there are pro firm and company where you don't trade your own money.. Come on guys
I find it hilarious that nobody talks about how the people who provide basic services to the public (and elites) every day just need to become real estate investors or start a successful business to be treated with dignity and paid a living wage 😂.
Forget ETFs they empower the custodian power in places you may not agree with
PYRAMID SCHEM
I don't think that one scalp you were making on the orb was outside the rules even with the enforcement that was announced, your stop was probably a little wide risking the whole account but even at their stop rule it was probably still profitable
45:49 stock market his a casino in the end they always win, end you loose,
Eloquently said… Thank you.🙏🏽
Working is a mugs game these days. You will get nowhere working a 'job'. Might as well lay flat and enjoy yourself, you'll be in good company. Finally people are starting to wake up to what a scam the system is and always has been. Perhaps now we can build a more equitable future and get back to a simpler way of life, valuing community and connections with our fellow humans and nature over the endless pursuit of money and 'stuff' keeping us enslaved to soul sucking jobs.
Not sure bout the human part, baboo is talkin money these days
stereo audio is messed up
Is that tape on the chair? It's bugging me😂
this is like hearing Javier Milei talking about Argentina's state of things.
Best guest ever!!!! ❤❤❤
Look at tge belt and road inishitive and BRICS now BRICS +
Great ., but why it has to be 3 hour-long?