How To REALLY Become A Millionaire | Jaspreet Singh x George Kamel
Published: 2024-04-03
Status:
Available
|
Analyzed
Published: 2024-04-03
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker acquired their first rental property on August 23, 2011.
"August 23rd I closed on my first rental property"
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The speaker purchased a 1000 sq ft condo for $8,000 in foreclosure, which was originally listed for $150,000 and later at $8,400.
"it was a 1, square foot uh condo it originally sold for $150 some th000 it went through foreclosure the banks couldn't sell it they listed it for $8,400 I bought it for $8,000"
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The speaker rented out their first property for $600 per month.
"I least that out for $600 a month"
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The speaker spent thousands of dollars on car upgrades and modifications which likely decreased its value.
"I sink into this car with all these upgrades and mods god dude I don't know I'd have to thousands and thousand thousands of dollars and it did not increase the value much I assume I think it decreased the value"
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For the past 10 years, the speaker has avoided 'dumb purchases' to prioritize building their business, portfolio, and wealth.
"for the last 10 years that has been my thing that I'm not going to spend money on these what I call dumb purchases yet because I want to build my business I want to build my portfolio and really build my wealth before I go out and start spend"
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The speaker started making money at a young age by playing a drum called the 'doll' for weddings, earning $50 per reception initially.
"I used to play an Indian drum called the doll and I played it for my uncle's wedding and the DJ there was like hey dude you want to make some money playing this in the beginning I was probably making 50 bucks for a reception"
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By high school, the speaker was charging $300-$350 for wedding receptions for playing the drum.
"by the time I was in high school I think I was charging like 300 350 for reception"
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The speaker realized the significant income disparity between their job ($5.45/hour) and their wedding gig ($300 in a few hours), sparking a new financial perspective.
"I was making $5 and like 45 or 48 an hour and then on a weekend I go and make 300 bucks working this wedding and in a few hours and I'm like dude like in 1 hour it's an entire week of of atie exactly"
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A DJ suggested hosting a teen party, leveraging the speaker's connections with high school students.
"the DJs that I was working with one of them said dude you know a lot of kids in high school let's host a teen party"
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The speaker decided to transfer their teen party business concept to the college environment.
"what if I take this teen party business that I was running to college"
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The speaker's family financial education focused solely on earning a lot of money as a doctor and not spending it.
"my extent of financial education in my house was make a lot of money as a doctor don't spend any money that's it like that's the whole plan"
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Money is only valuable when used; it should be invested or spent on desired items like Starbucks, provided they are affordable.
"money sitting in a bank doesn't really do anything and you want to be able to enjoy life right if you like Starbucks get Starbucks but afford it"
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Purchasing luxury items like Gucci, BMWs, or Rolexes before establishing an investment portfolio indicates misplaced financial priorities.
"if you're buying the Gucci the BMW the Rolex before you have any sort of Investment Portfolio your priorities are in the wrong place"
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Understanding wealth-building principles early in adulthood leads to faster wealth accumulation, greater freedom, and more options.
"the earlier you understand that when you're you know as you get into adulthood the better the more wealth you're going to build sooner the more freedom and options you're going to have"
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A decade of focused effort on earning more, spending less, and investing the difference will secure financial well-being for oneself and future generations.
"if you put in those 10 years of hustle and grind to number one earn more money number two spend less money and number three invest the difference you're going to set yourself up for the rest of your life"
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The speaker adopted extreme financial measures, even taping shoes with holes instead of buying new ones, to save money.
"I took it to an extreme extreme situations require Extreme Measures I was making great money but I have shoes with holes in them and I refused to go out and buy new shoes so I I taped them together"
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The speaker lived on the living room floor of an apartment, paying only $400 per month, which included utilities, internet, and parking.
"I was living in an apartment where I was paying $400 a month that was because I didn't have a room I slept on the living room floor"
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True happiness comes from enjoying life without relying on money; money can remove stress but not guarantee happiness.
"if you can enjoy life without money you can life with money because money by itself isn't going to make you happy"
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Statistics indicate a high percentage of Americans live paycheck to paycheck, and a significant portion of high earners are financially struggling.
"8 out of 10 live paycheck to paycheck one out of three people who make six figures are broke"
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The speaker believes anyone in America can become a millionaire, regardless of income, emphasizing the importance of how money is managed.
"everybody in America can become a millionaire I don't care how much money you earn it's what you do with that money"
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The strategy for wealth building involves paying off debts that erode wealth and then investing the saved money.
"you pay down your credit card debts you pay down those those things that are destroying your wealth now you take that money and you invest it"
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Wealthy individuals typically own assets like real estate, stocks, and businesses rather than holding large amounts of cash.
"wealthy people want to own real estate they want to own stocks they want to own businesses"
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The speaker's primary investment is back into their business, Briefs Media.
"put the money back into briefs media that has been my number one investment so invest in the business"
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The speaker's business operates entirely without debt.
"we also don't operate on debt"
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When the speaker first earned $1 million in a year, $980,000 was reinvested back into the business.
"The first time I made a million in a year I took out of that 20,000 the other 980,000 went back into the business"
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The speaker makes consistent, automated investments in the stock market, physical gold, and cryptocurrency on a recurring basis.
"I have my investments into the stock market I Investments to buy physical gold and Investments to buy some crypto that happens uh every week every two weeks or every month on autopilot"
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Active investments include real estate and startups, pursued when good opportunities arise.
"my active Investments which would be like my real estate Investments or startups that I would invest in if I see a good opportunity"
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The speaker is currently investing less in real estate due to a lack of attractive opportunities, preferring to invest in their own business instead.
"right now I haven't invested in real estate that much because I haven't seen the opportunities that I used to see and I see better opportunity in my own business"
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The speaker owns all their rental properties outright, having paid for them in cash.
"all of my rental properties are paid for in cash"
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Car loans are identified as a major financial mistake that is negatively impacting Americans.
"car loans are killing Americans"
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