The 7 Wealth Killers That No One Talks About
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- Опубликовано: 28 сен 2024
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What Is The Minority Mindset?
"The Minority Mindset has nothing to do with the way you look. It's the mindset of thinking differently than the majority of people" ~Jaspreet Singh
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Video host: Jaspreet Singh
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DISCLAIMER CONT'D: I'm just a random guy on RUclips so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
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Jaspreet, you need to drop that extra guacamole joke, no one is going to chipotle anymore
Can you make a video on how to build wealth at 60
Khalistani mindset 😂
You remind my religious Jewish friends. The beard is the same, just with a different headset.
The financial mindset is very similar and revolutionary: "Do you really need to buy an expensive car? What difference will it make in your life if you won't?"
Another wealth killer is having a partner that doesn't save or invest 😊
Divorce is a wealth killer as well
@@kitmarshall4084 Like we say in Australia, buggered either way.
Truth. 😂
People take it funny but you are very true
Preach!
If you ever listen to anything while reading comments, let it be this - go to borlest and read the book whispers of manifestation, then come back and thank me
I have an old 97 Corolla in a good looking condition, it’s a paid off car decades ago (thanks dad) I have no intention to buy a new car and be in debt however…… I just spent 300 dollars on a fancy stereo system with Apple CarPlay but in my defense I’ll keep using the car for years.
SMART !
Those cars are bulletproof!
@@andrewmurrieta936 yes even they are death proof!
2002 xterra
2004 silverado
Bought new and both paid for since 2008.
Perfectly maintained.
We're totally dept free. Even our mortgage.
With a car like that it probably makes it super easy to repel women, another notorious wealth killer
I bought a house in 2020 for 130k, now it’s worth 230k. In 2019 I bought a 2005 Honda accord for $2500 now it’s worth 5,000 lol😂😂😂. Well, I put some work on the house and the car. Timing belt, water pump, suspensions, and things like that. I did it myself. My car is running now on 220k miles and it feels great. And the best thing is that I don’t have monthly payments. This channel has great advices. Thanks.
In a market collapse, downturn, whatever you want to call it, you should add a "C" = Do Nothing
2500 worth 5000? Who's appraising your hinda
Where do you people get the idea that the value of a house increases? Plot value might increase but house value only decreases.
CARS DONT APPRECIATE SO STOP LYING..250O TO 5K..YEA OK BUDDY
@@Thz333BS
I listen to a random guy on the internet, he's pretty savvy. Thanks Jaspreet!
I really enjoy your content! Very smart
Thank you, Jaspreet , my financial education with your videos has been a great investment.
Have a wonderful day!!
so would you recommend apartments/renting over buying a house?
Just graduated high school and I’m glad I found this guy, really helpful stuff
I actually believe a used 3-5 year old car in good condition normally Toyota or Honda is a better purchase then a 8 or 10k beater. Why spend so much money on something that won’t last more than 5-8 years and you will have to pay for all of the significant repairs. It’s better to get a newer car with low miles and drive it into the ground. Then sell it to people looking for a “deal”.
I really enjoyed your video… and, your personality. And, the information was very helpful. Thank you!!
I agree with most of this, but not about going cheap on accountants: you need a good, solid bookkkeeper, not a top accountancy firm that charges you massive fees every time they answer an email. It's worth thinking hard about these professional services and not paying for things you don't need.
Oh man, im going to use that at work! " hey boss, it just got overlooked, not my fault, have a great day"! 😂
If you dont buy a house you have to rent . Is there any other escape ? If i wanted to live in a tent in the woods can i do that to save £700 a month rent money ?
Well Jaspreet, this is where I have to disagree. You save an extra 500/1000/1500 per month and put that in stocks/real estate/other investments and then do what in future ? Buy a great home at 50 ?
You don’t want to wait until agr 50/60 to buy a home that you want. No doubt build wealth, but make sure to live while doing it.
No amount of wealth will get you time back.
Personally, I am okay with having 1000 less each month when I can stay in my dream home during my prime
After you pay off your mortgage after all the principle and interest, you actually lost money. If you check how much interest you pay over the life of your loan its more than the purchase price of the home.
Exactly. That's why I went interest only for 10yrs on the best mortgage interest offer at the time with no early payment charges. Then deposit the capital portion into a higher interest tax free account, allow it to compound annually, then deposit it. My mortgage is 2.65%, ISA 5.2%. My car cost me £400 in 2017 its still going strong put my money where it grows instead.
@@sarahmiles8131 you're not agreeing, ur just bragging
Good content ❤
He's right!
Any CA/tax guy recommendation from New York plz?
Man, I love your videos.
6:17 someone has been talking to the GOAT Ramit Sethi!
there's a book called whispers of manifestation on borlest , and it talks about how using some secret tehniques you can attract almost everything in life it's not some bullshit law of attraction, it's the real deal
Bro I agree with the video but I need Apple CarPlay to survive. I’m not printing off maps or using the cars Nav sorry
This guy is amazing very true 👋👍
Jaspreet what are the top three stocks in your portfolio
My home is a money pit, never thought of it that way. But it is 50 years old. Nothing lasts forever. Payday loans are a criminal scam. CCs are a scam too. When I buy things on credit I do it with zero interest. Your 24 hour rule is a good idea. Retired but I don’t have real wealth and I am very comfortable.
Thank you. Its really helpful to me.
They want to make BMW richer 😂😂😂😂
Cheap new cars are ok like the new 2024 Chevrolet Trax is a good cheap new car
Sir, I’ve been looking for a year for a new car. I finally decided on the cheapest one as it doesn’t even come with cruise control. I applied for financing with the car brand that I decided on and they approved me. The payment is high because it’s for 36 months vs longer terms. So I tell my wife that I’m going to buy that car because it’s 20% off the msrp and I like it. She says, no way are you buying it or anything else. I’m sad. I’m still driving my 23 year old minivan. I think she’s been watching your videos.
The fact that nobody talks about the book whispers of manifestation on borlest speaks volumes about how people are stuck in a trance
I love my home and my car, and yes, they are just expenses.
Love your work
Purchased home in bothell WA in 2016 for $500k amd it now costs $1million. Not a money killer at all
And are you going to sell now? Cuz unless you do, you made no profits really. That's exactly what he said in his video btw...
Great advice across the board.
Well said👏👏
Buying a home is seeing home as an asset, not an expense. When one retires and no longer has an income, rental isn’t a long term solution if he doesn’t own a place! He better have enough cash to keep renting until he passes!
I have a mixed use property I run my business out of. Huge deductions and tax breaks. I’m truly medically disabled… with proper Medical Dr note I’m also afforded further tax breaks…
Everyone’s talking about it
Jasper it I did not make video about petrodollar exit
I think new car with payment is even worse money pit than house you live in
My home is my home no matter how much i spent on it am happy with it shouldn't be included here
Real estate, Women and cars.
How did you pay taxes for 2030 years?
Bro loves Starbucks and Guac 🤣🤣🤣
Oh no, the 24 hr rule, you sleep on it. The sound of his marker, what a lovely sound. If he could teach, he would. You had me at $14.
I had a couple of Diva cars and…. Well we broke up, she’s too needy A4 & A6
So paying an EMI on mortgage is a money Pitt and paying rent in a rental home is an asset. NICE!!
Whattabout whoers?
Wisdom words
To live rich , or to die rich ......thats the choice to make .
Hey! Without my big house where would I put all the crap I’ve acquired over many years? 😂
You got to understand the difference between assets & liabilities unfortunately 95% people don't know this after having a so called PhD degree
Poor people with a big degree
This is what the hell I been trying to say, well done my lan
Yes, yes, YES!
Awesome❤
The biggest wealth killer is choosing the wrong partner. It's not just about finding someone who is financially compatible, but the cost of divorce.
😅🙈
💯
Don’t get married
Something I learned many years ago from an older guy is to try and turn your home into a producer instead of a consumer. Meaning, plant fruit and nut trees, grow a garden, raise livestock, etc.
I know not everyone is able to do all that, but even small things help at least a little.
Ah yes. Buy a house. Pay up that mortgage. Easy. Get a farm. Might as well breed some horses too and drive that tractor to maximize efficiency. Yes, I will follow your lovely advice and put it into practical use my good sir! I can ever be grateful to you!
@@derekhayter4879Hmm. I actually grow spices on my balcony in my appartment. That way I always have fresh celantro, basil, thyme, oregano, rosmary, sage. I also use mint, Lavander and sage to brew herbal teas.
I hade cherry tomatos last year and I want to grow chily peper next year.
@@derekhayter4879Oh. And salad leaves. It grows sooo fast.
💯
MAKE YOUR HOME A FARM..NO THANKS EINSTEIN
If cocaine and strippers didn’t make the list it’s incomplete
It’s a good time though
That's an impulse buy.
Are you the prince that got turned down for marriage by the beautiful princess?
Everything in moderation
If you are the dealer or the pimp then they are money makers
Jaspreet, you are my favorite random guy on the internet! Thanks for all you do. I wish I had seen this when I was 40 years younger. Lots of great advice, especially being skeptical of financial advice and avoiding buying new cars. Been the victim once or twice.
For those Amazon purchases I put them in my wish list. Usually I don’t buy them.
me too❤❤
I do that. Go back to it and be like naw, I don't want it.
That's a good idea. 😊
Depends if you need it critically
And don't buy extended warranties. If I added up the cost of every extended warranty I declined, it would be thousands more than what I lost from products that didn't last.
this tbh... it's become a running joke anytime i pick up a tool or a part or a smallish appliance, that if i were to fork out for the warranty, I'd be guaranteeing failure immediately after it expires. Better to just divert the warranty money into acquiring a slightly better SKU of the item that'll likely last even longer than to pay for a useless warranty
Not only that, but if you do find yourself in a position where you need to claim on the warranty, there is usually some exceptions in the blurb where you are no covered. Mobile phones are a classic example:- my wife got stung when she was pickpocketed on the London Underground, but there was a caveat of you're not covered if you use public transport!
Usually I agree strongly, but I bought one for my car at the dealership. Two years later, my car had the check engine light come on. I took it to the dealer and they said, you need a new engine. I thought they were kidding, they were not. The warranty paid for the $6000 new engine. My engineer brother said, usually I think those things are crap but for once a warranty paid off. Anything else comes with a warranty, I decline so fast it makes your head spin.
Daycare is our biggest wealth suck.
Facts!
Is it perhaps more economical to stay home with the kids and try starting a fledgeling business from home?
@@manflynil9751 ah yes the mythical start your own business while watching kids full time. Need dual income to afford the mortgage where we live.
@@manflynil9751 Agree, but also sometimes it is easier said than done. It can also leave people vulnerable to getting suckered into one of those MLM scams. Some companies are also trying to get remote workers back to the office but luckily there are others who have adjusted to it as the new norm. I'm not saying it can't be done though. My late uncle ran his own business from home painting people's houses. My husband at one point wanted us to be partners and run his own locksmith business but for one reason or another, it never happened and we did fine with him working at a big box store until his retirement.
@@manflynil9751 nope need dual income to pay the mortgage. Watching children is a full time job, so there isn’t a lot of time to commit to then working another full time plus self employeed situation just to grub up the extra cash to make ends meet barely… when you have children you need a stable income.
Most American love their big houses and big cars.
That's why they're broke & working till 90
I sure do like them both!
New cars are a waste. Period.
Not with my lane assist and adaptive cruise control. :)
It’s like the extra guac 🥑 of driving. Haha
Exception: buying new in the past few years. Used prices were so close to new model MSRP it actually sense to buy new
@@joeylodesSometimes you can have both. Recently purchased a “gently used” 2021 Nissan Leaf with all those things at a 70% discount from new. I hate EV’s but it was a smart buy & worked for our family. Hope to drive this thang 10+yrs.
Yeah my new BMW is getting me all the chicks though. Have fun with your hand. Loser.
I’ve been preaching that for years
When someone tells you “it’s nobody’s fault”… it’s THEIR fault 😂😂
Americans are so fixated on money and wealth. I was also, when I still lived in America. I am of means and single. I own beachfront properties in Central America and South America. Living in Central and South America, I realized the value of inexpensive quality of life, not the quality of wealth. I live below my means, eat, dress, and shop like locals, and drive a 18 year old Toyota 4Runner. I don't miss the expensive homes, yachts, and sports cars! Having vast means, enslaves you to managing those means!
I think a benefit of your choice of home is crime statistics and quality of school district. That’s a key thing that people pay up for rather than just the size of their home.
100% true. If feel like school district is a scam.
Another great video. Like how you bring out the fact that your house is a liability. One thing people don’t talk about is recasting your mortgage.
A lot of people don't know about it. It doesn't make money for the banks.
A lot of people say homes are a liability but as a black man 57 years old from Harlem nyc buying a home means you escape the projects murder jails gangs drugs yea it happens everywhere but not like I’ve seen buying a home means saving your life and your children’s lives ijs
Emotional investing is a big one. Personally, I invest ~$1000 every month, regardless of the market direction. Either I'll get a return in 30 years, or the market will fully collapse and I'll have much bigger issues to worry about.
😂😂😂😂
Review after 10yrs, then do the ROI calc and get back to us.
Shares that aren't watched over the medium term will go to zero. If you use investment funds, the fees will seriously eat away at your returns over the medium term.
But the savings principle is fantastic. Just turn it all over, over the medium term.
@@le13579the answer, in my opinion, is index funds
Your advice is really good and I hope you make money from youtube. But on the other side you are a random guy on youtube and your company is trying to sell a $400 "education system" at the end of the day. I don't blame you but taking your advice we should not impulse buy your system.
Greed
I learned most of these lessons 30 years ago from my grandparents. Always been frugal and realistic with my income and debt. No new cars, living within or even below my means, appreciation of used items, bought a small home with a low interest rate and started saving:putting aside a significant part of my paycheck aside. Not having kids has saved me a few $ too.
Lol tell me you're single and don't date, without telling me.
Most of my buying stuff on impulse came from being bored and also the need for some form of novelty/fulfillment. I found a cheap way to be fulfilled most of the time.... by going to all the libraries around my area. For me, I get the same dopamine hit by seeing what new books are in the New Books section. I'll get a bunch of books, read like half of them, and best of all.. learn and grow my mindset from all the new things I have learned (self improvement, mediation, mindfulness, finance, photography, travel, computer programming, cooking, the music industry, etc, etc). The best part is if I don't read (use) some of the books I check out, who cares? I didn't pay for them!
Really living it up, there.
@@le13579😅
@@le13579 Ha yeah! It can get mundane, but when I do spend on my hobbies (DJing, salsa dancing, cooking, photography), travel, and events, I am NOT frugal at all. Spend money on what you love and what improves your life.
Incomplete list. Number one it should be illegal drugs, cigs, alcohol and prostitutes, 2nd divorces.
In the early 70s, the richest man I knew was the father of a friend. He lived in a modest house and drove a 63 Volvo. In the early 80s, I ran into him again. I knew it was him because it was the same car he had when I was a kid. He still lived in the same little house and he was still rich, lol. I learned that millions aren't usually the ones you see with the bling, they are the ones who look borderline homeless but buy their homes and cars in cash.
He should be in "The Millionaire Next Door" book revision if he is not in the original one already.
lol. You cracked me up 😂
10+ years after, he is STILL rich.
I love that...
Exactly
Still got the same car 😂
Car: do you want to make BMW richer or yourself? Great summary: invest clever and make yourself richer
Getting married 😂
It’s hard to live in an apartment when you have kids and the rent keeps going up in some places. You don’t want to keep moving from apartment to apartment.
Expenses go up every year for homeowners as well, property taxes, maintenance, repairs. You really need to increase your income add a faster rate than living expenses.
@@GrayDuckGaming yeah but the kids will be bouncing around to different schools.
@@zuhawk15 if you keep moving out of the school zone, yeah.
@zuhawk15 if you keep making excuses instead of finding solutions you'll never grow.
I'm a single father of two that has only ever lived in apartments since being a parent over 10 years ago. Apartments are just fine. The whole needing a single detached house, is purely a want, disguised as a need fuelled by decades of marketing since the 50s in North America.
And as someone pointed out above, costs increase annually as a home owner. I rent in the city I live and I own a condo apartment in another city, which is rented out. I can tell you that my homeowner's costs have increased more in the past two years, than the rent I pay for the apartment I live in.
Most homeowners are not transparent about the holding and operating costs of homeownership, they only talk about mortgage payments vs rent.
half of America doesnt have investments because more than half of America doesn't have money in the bank...country lives on credit
Everyday at starbucks would buy a nice car after some time 🤷♂️
It would take someone 23 years saving $6 at Starbucks to buy a $50k car. The average car purchase price in the US is around $47k.
Title is a lie; he’s talking about what everyone is talking about. Nothing new, can skip video.
I see a lot of people referring to a larger home as an investment amd recommending cheap services.
Yeah but my mortgage payment is less than rent. I still need a place to live. I’m never living in an apartment either. Going to start making double payments soon.
During the gold rush in the United States, the guy that made the most money was the man that sold the picks, shovels, and pans. Let that sink in 😮
Don't forget the working girls too
@@joe-zj8js more likely the pimp rather than the girls themselves unfortunately
Jaspreet, you're from Michigan?! That's awesome. Maybe I've seen you somewhere and didn't realize it 😂
My largest expense is my kids
My largest expense is Taxes! And I have a house and a car and Kids!
Every Tuesday I get paid from my gig work job and every Tuesday my wife gets angry at me for paying us first. I give her all to pay bills and food and rent except for 15% that I invest every Wednesday.
She’s angry because she’s a woman
A lott off people with a good job have a company car😊
This is why I still live with my mother, my friends wish they could still live with their parents. I only $200 dollars a month for rent is not bad and just been saving my checks
You're right😁😁Keep saving
Still 200 bucks to their parents, plus he can save more money to invest, smart move@@carollynt
Except that by renting you will have insight into what makes good Tennant's/landlords/properties that would help you in future real estate investing decisions.
Furthermore, divorce is a big destroyer of wealth, so you need to be out there living with people and learning about them, in order to gain the wisdom to make the right choice of partner.
*cheques
Daycare should be up there 👆
The house is new construction and it’s less than two years old.
Minority Mindset has added a great deal to my financial education and I'm forever grateful.
If a home that you own is a money pit, then WTF is renting?
I'd rather pay a mortgage for 25 years and have a 500k property to show for it, than spend 500k in rent for 25 years and have NOTHING to own at the end of it.
The lesson here wasn't that you shouldn't own a home. Just own the right home that suits your needs and you can comfortably afford to pay for.
Well I stopped paying rent when I bought my house. So I have more cash to invest in now, so in my situation it made me richer.
Yeah thats also my plan. Rent but still live in the house. House hacking, rent free ✌️
Yes, virtually everything I own is secondhand. It allows you to have the items that you normally would struggle to buy without finance . Look for the bargains , there are so many quality items that have been manufactured over the years, and it is a bonanza for those who know what they want and are looking at .
Not me my car is pay off i make sure of that 😅
Having children should top the list! All expense and no appreciation
Trying to impress/date women who don't like you to begin with.
eating at restaurants to often!
Indian restaurants 😂
I have listened for the dia time ever on this Video and I have to tell you you’re Very Smart and seems like you have been listening to Dave Ramsey both of y’all are Money Smart and sharing all the knowledge it’s a Blessing for US humans… You have a new subscriber