The Diary Of A CEO with Steven Bartlett
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
Thu, 21 Nov 2024
Revealing what hedge funds and multinational banks don't want you to know about building wealth! Jaspreet Singh is spilling secrets and helping everyday people find financial freedom Jaspreet Singh is an entrepreneur, former attorney, and financial educator. He is CEO of Briefs Media and host of the 'Minority Mindset' finance and entrepreneurship YouTube channel. He knows all about investing in real estate, stocks, crypto, startups, gold and more! In this conversation, Jaspreet and Steven discuss topics such as, the impact of spending more than you earn, how to clear credit card debt, why you shouldn’t buy a house, and the 75/15/10 plan to become rich. (00:00) Intro (02:14) Who Should Care About Jaspreet's Message And Why? (03:21) Figuring Out Wealth: Key Differences Between The Wealthy And Everyone Else (08:11) Jaspreet's "Penny Drop" Moment: When It All Made Sense (13:03) Lessons From Starting Early In Business (17:48) Should You Buy A House Or Rent? (24:20) Understanding Opportunity Cost In Financial Decisions (26:28) Is Rent Really Throwing Money Away? (28:13) How To Know If You Can Afford A House (30:59) Do You Know What You're Really Spending? (32:51) Showing Wealth vs. Hiding Wealth: Which Is Better? (38:04) How To Stop Living Paycheck To Paycheck (44:20) Why Sacrificing Can Be So Hard (47:12) Life Struggles And Reckless Financial Decisions (50:17) Jaspreet's Thoughts On Cryptocurrency (55:52) Developing A Money Mindset For Success (59:45) Negative Stereotypes That Hold Us Back From Achieving Success (01:03:05) The "9 Dots" Trivia: Thinking Outside The Box (01:08:50) Facing Barriers On The Path To Financial Freedom (01:11:14) Escaping Financial Barriers: Actionable Steps (01:13:36) Do You Need To Remind Yourself Of Your Mantra? (01:16:34) Money Is A Tool: What Does That Really Mean? (01:20:37) Why It's Important To Recognize Abundant Financial Opportunities (01:22:50) Why It's Your Duty To Become Wealthy (01:23:56) Should We Change Our Investments With Trump In Power? (01:27:50) How To Get Started With Real Estate Investing (01:30:12) Jaspreet's Best Investment Ever (01:35:03) Choosing The Right People: Steve Jobs' Valuable Lesson (01:43:29) The Power Of An Internal Locus Of Control (01:50:18) Elon Musk's Tax Efficiency And Loaning Against Assets (01:54:47) Understanding The Retirement Crisis (01:56:23) How Much Money Do You Really Need To Retire? (02:02:24) Solutions To The Retirement Crisis (02:10:31) Principles For Success In Business (02:15:26) Be Boring And Patient: The Key To Winning In The Money Game (02:19:52) Best Places To Gain Knowledge And Skills (02:21:42) What's The Most Important Thing We Didn't Discuss Today? (02:22:52) The Last Guest Question Follow Jaspreet: Instagram - https://g2ul0.app.link/UZG34SJiGOb Twitter - https://g2ul0.app.link/32z1S6LiGOb YouTube - https://g2ul0.app.link/G33HmeOiGOb 🚀 The 1% Diary is live - and it won’t be around for long, so act fast! https://bit.ly/1-Diary-Megaphone-ad-reads Watch the episodes on Youtube - https://g2ul0.app.link/DOACEpisodes Follow me: https://g2ul0.app.link/gnGqL4IsKKb Sponsors: Linkedin Ads - https://www.linkedin.com/doac24 PerfectTed - https://www.perfectted.com with code DIARY40 for 40% off Colgate - https://www.colgate.com/en-gb/colgate-total Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: Who should care about Jaspreet's message and why?
Seitdem ich anfangen konnte, zu sprechen, haben meine Eltern jedem gesagt, nicht nur den Leuten um uns herum, sie nennen meine Familie in Indien, meine Familie überall im Land, dass Jaspreet wachsen wird und ein Arzt werden wird, weil er erfolgreich werden wird. 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. Das macht Sinn, weil wenn du in der Schule bist, bekommst du diese Papiere, diese Karriere-Papiere.
Und sie zeigen dir die verschiedenen Karriereoptionen, die du hast. Und jedes Mal, wenn du dir das anschaust, ist der Topf der Liste immer Doktor. Und sie sagten, Jasprit, wenn du erfolgreich werden willst, musst du Doktor werden. Und weil wir in dieses Land gekommen sind, musst du erfolgreich werden, also musst du Doktor werden.
Nun, ich habe nichts mit dem falsch gemacht, weil ich die Idee des Erfolgsauswuchses mag. Also ging ich auf diesen Weg. Währenddessen wusste ich, dass ich keinen Arzt sein will. Ich habe meinen Eltern gesagt, dass ich keinen Arzt sein werde. Meine Mutter hatte fast einen Herzinfarkt. Mein Vater konnte es nicht glauben.
Mein Vater sagte mir, dass ich, wenn ich die Freiheit in der Familie behalten will, zumindest ein Arzt werden muss. So 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. Und wenn du weiter daran arbeitest, wirst du erfolgreich werden.
Aber wenn du die erfolgreichen Menschen anschaust, ist das nicht der Weg, den sie gefolgt haben. Und wenn wir uns die drei Dinge anschauen, die mehr Geld gebaut haben als alles andere in den letzten Jahrhunderten, dann ist es das Starten eines Geschäfts, das Investieren in Realität und das Investieren in Stocks. Aber auf meinem gesamten educativen Weg wurde mir das nie beigebracht.
Wir konzentrieren uns darauf, wie man einen guten Job bekommt. Aber unsere reichsten Menschen konzentrieren sich darauf, wie man seine Aspekte wachsen kann. Und das ist die wichtige Unterschiede hier. Reiche Menschen arbeiten, um die Corporate Ladder zu gewähren. Alle anderen arbeiten, um die Corporate Ladder zu steigen.
Und dann die nächste Sache, ich gehe zurück zu dem, was du gesagt hast, 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. But that's not true. You can start now with $100, $10, but you have to get started. The problem is, most of us are never taught how to do this.
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Chapter 2: What key differences exist between the wealthy and everyone else?
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 now I 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 17 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. I don't have $10,000. I was 17 years old. So I kept going. Some said I need a $20,000 deposit.
But eventually I found this one club that 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.
Und das war der Anfang meines ersten echten Geschäftes. Es war diese Party-Promotion-Familie, die dann eine Event-Planning-Familie wurde. Und es wurde ziemlich groß in der Schule. Ich meine, ich habe angefangen, diese One-Off-Partys zu hosten. Dann wurde ich von einem der größten Clubs auf der Kampus verabschiedet, um ihre wöchentliche College-Nacht zu hosten.
Also hostete ich ihre Partys jede Woche. Wir hosteten offizielle Shows und Nach-Partys und es wurde ziemlich groß. Und Als dieses Geschäft Geld verdienen begann, bemerkte ich erst einmal, dass ich keinen Beweis oder Degreis benötige, um Geld zu verdienen.
Ich dachte, das war etwas, was ich benötige, weil ich dachte, dass ich diese guten Grads benötige, um für dieses Ding zu qualifizieren, um Geld zu verdienen. Das war also der erste Schock und Realisation. Der zweite Realisation, den ich hatte, war, dass ich nichts über Geld wusste. Ich war ein bisschen Geld verdient und ich war sehr glücklich, dass ich Bücher über Geld und Geschäft lesen begann.
I started reading these books 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 subwoofer in my car. I mean, I was blowing money on all these dumb things to look like I was rich.
When in reality, I was just making a lot of other people rich. Und dann habe ich über das Thema Investieren gelernt. Das hat mich wirklich erschrocken, weil ich dachte, dass ich alles richtig mache. Und ich lese diese Bücher, die darüber sprechen, wie jede reiche Person in Realität investiert. Ich habe keine Ahnung, was das bedeutet. Niemand in meiner Familie ist Realitätsinvestor.
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Chapter 3: Should you buy a house or rent?
Chapter 4: What is opportunity cost in financial decisions?
Mein Vater sagte mir, dass ich, wenn ich die Freiheit in der Familie behalten will, zumindest ein Arzt werden muss. So 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. Und wenn du weiter daran arbeitest, wirst du erfolgreich werden.
Aber wenn du die erfolgreichen Menschen anschaust, ist das nicht der Weg, den sie gefolgt haben. Und wenn wir uns die drei Dinge anschauen, die mehr Geld gebaut haben als alles andere in den letzten Jahrhunderten, dann ist es das Starten eines Geschäfts, das Investieren in Realität und das Investieren in Stocks. Aber auf meinem gesamten educativen Weg wurde mir das nie beigebracht.
Wir konzentrieren uns darauf, wie man einen guten Job bekommt. Aber unsere reichsten Menschen konzentrieren sich darauf, wie man seine Aspekte wachsen kann. Und das ist die wichtige Unterschiede hier. Reiche Menschen arbeiten, um die Corporate Ladder zu gewähren. Alle anderen arbeiten, um die Corporate Ladder zu steigen.
Und dann die nächste Sache, ich gehe zurück zu dem, was du gesagt hast, 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. But that's not true. You can start now with $100, $10, 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.
So I want to go through all of those three things you've just said. I want to talk about starting businesses. I want to talk about investing in stocks and also want to talk about real estate. But I'm curious in your own personal story there. When did the penny drop? Because it's so interesting. In my life, there's key moments where I got to see behind the curtain.
And when I say see behind the curtain, I refer to my friends when we're speaking privately. I'll say, I'll refer to it as money games. Like the day where I saw these billionaires playing money games that I didn't know existed. And I was there working my butt off. working in call centers or building whatever.
And then I got to meet a billionaire, got to spend time with them, got to see behind the curtain and was like, oh, they just play these money games, which nobody else has been told about. Right. When was the penny drop moment for you? You qualified as a lawyer. Why didn't you end up pursuing that? Something happened.
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Chapter 5: How to stop living paycheck to paycheck?
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 now I 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 17 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. I don't have $10,000. I was 17 years old. So I kept going. Some said I need a $20,000 deposit.
But eventually I found this one club that 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.
Und das war der Anfang meines ersten echten Geschäftes. Es war diese Party-Promotion-Familie, die dann eine Event-Planning-Familie wurde. Und es wurde ziemlich groß in der Schule. Ich meine, ich habe angefangen, diese One-Off-Partys zu hosten. Dann wurde ich von einem der größten Clubs auf der Kampus verabschiedet, um ihre wöchentliche College-Nacht zu hosten.
Also hostete ich ihre Partys jede Woche. Wir hosteten offizielle Shows und Nach-Partys und es wurde ziemlich groß. Und Als dieses Geschäft Geld verdienen begann, bemerkte ich erst einmal, dass ich keinen Beweis oder Degreis benötige, um Geld zu verdienen.
Ich dachte, das war etwas, was ich benötige, weil ich dachte, dass ich diese guten Grads benötige, um für dieses Ding zu qualifizieren, um Geld zu verdienen. Das war also der erste Schock und Realisation. Der zweite Realisation, den ich hatte, war, dass ich nichts über Geld wusste. Ich war ein bisschen Geld verdient und ich war sehr glücklich, dass ich Bücher über Geld und Geschäft lesen begann.
I started reading these books 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 subwoofer in my car. I mean, I was blowing money on all these dumb things to look like I was rich.
When in reality, I was just making a lot of other people rich. Und dann habe ich über das Thema Investieren gelernt. Das hat mich wirklich erschrocken, weil ich dachte, dass ich alles richtig mache. Und ich lese diese Bücher, die darüber sprechen, wie jede reiche Person in Realität investiert. Ich habe keine Ahnung, was das bedeutet. Niemand in meiner Familie ist Realitätsinvestor.
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Chapter 6: What does a money mindset for success look like?
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. 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... So, I wanna make a distinction here. Are you saying that in order to build wealth, people should buy a house? No.
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.
Which is what most people do when they get a bit of money. They take their salary from work and then they go and buy a house to live in and then they pay into the mortgage, which means that they are now building an asset, right?
They're building what many people call generational wealth, which is one of the biggest lies when it comes to money. The reason why... It's 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 to 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 got to 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 $300,000. You pay it off. Und während deiner Lebenszeit wächst dieses 300.000-Dollar-Haus in Wert zu einem Millionen-Dollar-Haus.
Und jetzt wirst du sagen, Jasprit, ich habe dir gezeigt, dass das ein Asset ist. Mein Haus hat sich in Wert gesteigert, mehr als in Wert gesteigert. Und jetzt werde ich es meinen Kindern vergeben. Also jetzt, ja, deine Kinder haben ein Millionen-Dollar-Haus. Aber ohne dass sie das Einkommen haben, um für ein Millionen-Dollar-Haus zu bezahlen, müssen sie vielleicht ein bisschen mehr Geld finden.
Jetzt was tun sie? Weil du kannst nicht nur Geld aus diesem Haus holen, richtig? Ich meine, es ist kein ATM, ohne dass du in die Bank gehst. The bank will give you the cash because the bank says, oh, you have a million dollar house. How about we loan you $800,000? But that's not an ATM because you have to pay that money back plus interest.
Dollar.
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Chapter 7: How can you get started with real estate investing?
That's not the way that the system works. See, there's the traditional rules and then there's the real financial education money rules. And again, I'm not saying it's bad to own a house, but it's bad to own a house you can't afford.
How do you know if you can afford one?
Nun, es gibt drei Teile, die man in einem Haus verdienen kann. Man muss den Ausgleich verdienen. Man muss den monatlichen Verdienst verdienen. Und man muss die Ausgleichskosten verdienen. Ich werde anfangen mit dem einfachsten, nämlich den Ausgleichskosten. Denn viele Leute factorieren das nicht ein. Wenn du ein Haus kaufst, musst du einsteigen. Und ich spreche nicht von den Verkaufskosten.
Du kannst die Verkaufskosten anbieten, die teuer sind. Du kannst deine Furnitur verbessern, die teuer ist. Du kannst das Haus verbessern, das teuer ist. Faktiere das ein. Dann möchte ich über deinen Ausgleich sprechen. People don't like when I say this, but I don't say what I say to make friends. I say what I say to help people be better with money.
If you want to afford the house, you have to have at least a 20% down payment. That way you actually have some equity, some skin in the game. That way you can actually afford the house. Der dritte Punkt ist, dass man die monatlichen Bezahlungen erlauben muss. Nun, jeder Bank hat eine andere Regel für dich. Banken haben die 28%-Regel und diese anderen Regeln.
Ich habe... Sorry, nur das letzte Punkt.
Warum mögen die Leute es nicht, wenn du das sagst? Weil es sehr schwer ist, eine 20%-Bepaarung zu bezahlen. Wohnen ist teuer. Du willst ein 500.000 Dollar Haus kaufen? Du musst ein 100.000 Dollar als Minimum für deine Bepaarung haben. Und das ist extra Geld. Gut. Nun, wenn wir über die monatlichen Kosten sprechen...
Der einfache Weg, den ich folgen möchte, ist, dass du ein System für dich selbst hast. Du musst wissen, wie viel Geld du verbrauchst, wie viel Geld du investieren musst und wie viel Geld du jeden Monat versorgen musst. Dann faktiere es einfach ein. Also, wie ich es anschaue, eine einfache Regelung.
ist so etwas wie ein Plan 75-15-10, der sagt, für jeden Dollar, den du von hier aus verdienst, sind 75 Cent das Maximum, das du spenden kannst, 15 Cent ist das Minimum, das du investierst, 10 Cent ist das Minimum, das du spart. Nun, lass uns die Mathematik machen.
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Chapter 8: What are the principles for success in business?
Also, wenn du in dem, was ich die finanzielle Gefahrzone nenne, das heißt, du hast keine 2.000 Dollar für eine Erkrankung gesichert. Und du hast Kreditkartenteil. If you are in that situation, you are in the financial danger zone and you have to make drastic changes.
That means right now, no more eating at restaurants, no more vacations, no more doing anything that doesn't put money in your pocket and no more Netflix.
No.
And the reason why I say this isn't because you're going to save $15 a month. It's so you can save two hours of your time a day. The average American is watching more than two hours of television a day. And if you don't have $2,000 saved up, if you have credit card debt, you cannot afford those two hours a day being wasted on TV.
And that means right now you have to go out and start using the time to learn, start using the time to work and start using the time to make some extra dollars. So what do you do? Start selling stuff. Stop spending money. Selling stuff you own. Selling stuff you own. So if you have a TV that you're not using, sell it. You have a car that you can't afford, sell it.
If you're living in a house that you can't afford, sell it. Downgrade. Move smaller. And then work to earn more money.
Ich muss sagen, ein paar Dinge kamen mir in den Sinn, als du das gesagt hast. Und lustig genug habe ich mich in die Schuhe von 18-jährigem Stephen Bartlett befasst, als ich in diesem kleinen Apartment mit drei oder vier Immigranten in Mossside, Rusholm war. Und ich war, weißt du, meine Rente war nichts.
Meine Rente war 150 Pfund pro Monat, was ich nicht bezahlen konnte und ich nicht bezahlen konnte. und ich arbeitete intimitär zwischen Call-Center-Arbeiten. Und was auch immer Geld ich bekam, habe ich gespart.
Und eine Teil der Grund, warum ich es gespart habe, ist, weil, wie viele Menschen, die das sehen, vor allem Männer, die manchmal die Bedürfnisse, wegen der Art der Gesellschaft, fühlen, ich versuchte, am gleichen Zeitpunkt aufzuladen.
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