The Secret To Scaling Your Income | Jaspreet Singh
Published: 2023-09-10
Status:
Available
|
Analyzed
Published: 2023-09-10
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The inverted yield curve is flashing major warning signs, the most significant in over four decades.
"this indicator is called the inverted yield curve and today this inverted yield curve is showing some of its biggest warning signs that we have seen in more than four decades"
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On average, a recession occurs approximately 15 months after the yield curve inverts.
"going back to 1978 it takes about 15 months on average for the economy to enter a recession after the yield curve inverts"
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Historically, every yield curve inversion since 1978 (excluding the current one) has been followed by a recession.
"since 1978 the yield curve has inverted six times not counting the current inversion period and has preceded a recession each time"
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Consumer spending is showing signs of slowing down.
"consumer spending is starting to slow"
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Current strong consumer spending is attributed to money printing, increased Social Security benefits, and increased borrowing.
"there are three main factors which are contributing to the growth and strength in spending here in America Number one is the money printing that we saw Number two is a social security program which has been growing Thanks to money Printing and Number three is people Borrowing more money to continue spending"
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54% of Americans are using their savings to cover daily expenses.
"54 of Americans are using savings to pay for everyday expenses"
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The American savings rate has fallen from over 8.5% in May 2019 to less than 5% by May 2023.
"back in May of 2019 Americans were saving more than eight and a half percent of their income which already wasn't enough but if you fast forward to May of 2023 the average American was saving less than five percent of their income"
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Credit card debt increased by 14% in 2022.
"we've seen credit card debt jumped by 14 in 2022"
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A significant amount of corporate and real estate debt will readjust to higher interest rates within the next 24 months.
"in the coming 24 months we have a lot of corporate debt a lot of real estate debt that's going to be readjusting and when it readjusts this debt is going to change depending on where interest rates are and interest rates are significantly higher today"
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While employees currently hold significant power in the job market due to more openings than available workers, this dynamic is expected to shift.
"the power was really held in the hands of the employee now we're starting to see that Dynamic shift it has not completely shifted yet we're still seeing a lot of power on the hands of employees today period that is 100 true because there's still today way more job openings than there are employees"
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Companies are demanding employees return to the office to increase productivity, as remote work is generally found to be less productive.
"companies are embracing that now because they need less operating costs and they need more productivity out of each person because what they're finding is the productivity when people work from home is generally less"
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During economic downturns, employers will demand higher productivity and retain top performers amidst potential layoffs.
"employers start to demand more productivity why because their costs are rising their revenue is falling so they're going to be doing layoffs and when they do layoffs guess who they want to keep they want to keep the top performers"
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Government stimulus and free money for businesses in 2020-2021 led to expansion, growth, and increased hiring.
"businesses were also getting tons of free handouts from the government they were getting free loans they were getting free grants there's a lot of free money going to businesses and so now we're in your business and you get all this free money what are you going to do you're going to want to expand you're going to want to grow you're going to open new Industries you're going to open new operations you're going to hire more people"
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In one's 20s, it's natural to spend newfound income on lifestyle upgrades, but this is not the path to long-term wealth building.
"your 20s are a time when you first start making money and it's very common and normal to be done with their money because what's the first time you ever make money so now you want to go out and buy the nice things you want to start spending money you want to start going on vacation you want to start buying a nice apartment you want to get a nice car and you want to just start exploring and enjoying life"
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Increasing investment allocation directly correlates with increased wealth accumulation.
"the more money you put towards your Investments the wealthier you will become"
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The speaker invests in their business, physical real estate, the stock market, cryptocurrency, and physical gold.
"I invest my money in five places I invest my money into my own business briefs media along with other companies I invest my money into physical real estate I invest some money into the stock market and less of money into cryptocurrency and my investment money into physical gold"
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Companies that pay dividends provide cash payments to shareholders simply for owning the stock.
"some companies on the stock market pay what's called a dividend a dividend is a cash payment that you get as an investor for doing nothing except owning the stock"
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Profitable real estate cash flow requires rent to cover all expenses (taxes, insurance, maintenance, fees, debt) and still leave profit.
"you buy this property you rent it out to somebody else maybe they'll live in or use this property and then in exchange for them living in and using your property they pay you rent now the key here is this rent has to be enough to cover your property taxes your insurance your maintenance your management fees any vacancy costs and then if you have any debt cover that as well and then put some money in your pocket each and every month"
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With $1,000, the focus should be on investing it in a way that generates additional income.
"if you got a thousand dollars right now the question is how can you take that thousand dollars and invest it in a way that's going to earn you more money"
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Investing $1,000 in education (classes, books, seminars, coaching) can increase earning potential.
"take this thousand dollars and now invest it into classes books seminars coaching something that's going to allow you to earn more money"
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It is possible to start and build a business, brand, or product with very little capital, often as low as $50-$60.
"most of the time 99 of the time you can go out and get started and start building your business your brand your product with very little amounts of money"
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Wealthy individuals organize their finances by designating funds for spending, investing, and emergency savings.
"wealthy people do is they have designated money for spending they have designated money to be invested and they have designated money to be saved for an emergency"
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Tracking finances is essential for optimization; therefore, it's crucial to record income and expenses.
"if you cannot track it you cannot optimize it there's the exact same with your personal finances so what I want you to do is take a piece of paper take a Google sheet I don't care and you want to write down on the top how much money you're making"
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Opening three bank accounts (spending, investing, savings) and automating transfers is a key step in organizing finances.
"you want to open three different bank accounts and when you earn money if you're getting paid a salary from a job or if your business is paying you a salary this money needs to go into one checking's account and then out of that checkings account you know money to automatically be pulled out and put into your other two bank accounts because your bank account number one is you're spending money bank account number two is going to be your investing money and bank account number three needs to be your savings money"
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A recommended financial rule is to allocate 75% to spending, 15% to investing, and 10% to savings for every dollar earned.
"a simple rule of thumb that you can follow is 75 15 10 which says for every dollar that you earn 75 cents is the maximum that you can spend 15 cents is the minimum that you're investing 10 cents is the minimum that you're saving"
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The speaker employs a hybrid investing strategy, combining passive investments with active ones, such as actively seeking out real estate deals.
"I am a hybrid of both I invest my money in five places some of these are passive some of these are active like my real estate Investments are active I have to go out and find rental properties I have to go out and find good investment deals and then I go and invest in it when I feel like it's a good price in a good area and a growing neighborhood"
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Achieving financial freedom by living off assets requires a 'decade of sacrifice,' involving consistent investment and hard work over ten years to generate significant income.
"this is going to require you to make some sacrifices because if you want to live off of your assets it's going to take a lot of work and this is why I call it a decade of sacrifice it's going to take you a lot of time to say any real significant income from your cash or Purdue assets but if you keep putting money into these cash flow producing assets week after week month after month year after year and you do this for a decade after 10 years I guarantee you're going to be able to have some significant income"
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The US economy thrives on consumer spending; increased spending, especially through debt, directly boosts economic activity and business profits.
"our economy runs on spending when you spend all of your money the economy booms when you go into debt to spend more money the economy booms even more the more money you spend the Richer somebody else makes"
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Consumers facing higher living costs are increasingly relying on credit cards and savings to maintain their lifestyle, but this spending is unsustainable.
"when you see the higher cost of living when you go into a restaurant you see the higher cost of your bills you go on a vacation you had the higher cost of the flight you have to go to the hotel you have to pay more money for the hotel either you're going to say you know what we'll just put it on the credit card I don't want to sacrifice this lifestyle that we've had"
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While employees currently have the upper hand in the job market due to a high number of openings, this power dynamic is beginning to shift.
"the power was really held in the hands of the employee now we're starting to see that Dynamic shift it has not completely shifted yet we're still seeing a lot of power on the hands of employees today period that is 100 true because there's still today way more job openings than there are employees period"
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Businesses that expanded rapidly with government stimulus are now facing a need to downsize and manage growth due to rising costs and a changing economic landscape.
"businesses are now having to make profit of all the growth that they had and a lot of businesses are now saying we don't have the capacity to manage all this growth all this hiring that we did in the last few years so now we need to downsize"
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Continued economic slowdown and high inflation will likely cause a significant shift in the job market, giving employers more power.
"if the economy continues to go in this downward direction if we continue to see high inflation you're going to see the shift happen even more aggressively where the power will shift then to the hands of the employer"
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Companies are increasingly demanding employees return to the office, signaling an end to the widespread work-from-home trend.
"the work from home movement that boom during the pandemic is really starting to come to an end now as companies are not just asking but demanding their employees come back into the office"
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