The Secrets Of The Rich Exposed | Jaspreet Singh

"The key now to becoming wealthy is to understand the financial statements of a wealthy person because what a wealthy person does is they make money. They want to spend as little amount of this money as possible. That way they can convert this income into these assets."

"And for me, I prefer cash flow producing assets. I'll explain what that means in just a minute. But they're working to convert this income into assets because now these assets will pay you with more income."

"So at the very least go out and start but putting aside at least $2,000 and this is cash to protect you against an emergency."

"Well, this is what you want to be working to pay off as fast as possible. Because when you have these types of high interest debts, they are literally skinning you alive."

"Now, the historical stock market return average is somewhere between 7 to 10% a year. Now that doesn't mean that's what it goes up every year. Sometimes it goes down less. Sometimes it falls. Sometimes it goes up a little bit more. But if the average is 7 to 10% a year and you're paying 18% on your credit card, it does not make sense for you to try to get a 7% return in the stock market when if you pay down your credit card one year early, you could save 18% a year in interest on your credit card."

"One option is dividend paying stocks. This is now where you're going out and investing in companies that pay out a little bit of cash flow generally coderly, meaning every three months for you doing nothing except owning that stock."

"Another example of this would be you going out and investing in physical real estate. Now, this one takes more money, this one takes more time, and this one takes more effort. But if you go out and you buy a property, you can rent it out to somebody else. And if you do it correctly, that person who is now living in your property will be paying you rent."

"So for me, I have ETFs that I invest in just primarily for their dividends. So now every Wednesday, cash leaves my checkings account. It goes into this portfolio. Some of these which are primarily dividend focused."

"Now when I get paid this money, I don't go and take it and spend this money. I use this money to reinvest back into here to buy even more cash flow producing assets."

"Because wealthy people want to live off of their assets, not their income."

"I'm talking about the income that you don't have to work to earn because that income will keep paying you even when you're not working."