How To Get Rich In TODAY'S Economy | Jaspreet Singh x @OneRentalataTime
Published: 2024-04-20
Status:
Available
|
Analyzed
Published: 2024-04-20
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Delayed gratification is the number one trait associated with success because it allows for consistent investment over time, leading to greater financial gains than immediate purchases.
"definitely delayed gratification and I think the reason why is because delayed gratification has so many meanings on a financial level delayed gratification means I know that if I take this $1,000 at a half and instead of buying a Gucci bag I put it into my investments and I do this consistently I'm G to be able to buy a whole lot more nice Gucci stuff without worrying about the price"
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Starting a business or investing requires a significant time commitment in the early stages, countering the common online narrative of quick wealth with minimal effort.
"in the early stages of becoming an entrepreneur becoming an investor it is hard as a time commitment and there's no way around it a lot of people on the internet sell this whole idea that oh work four hours a week and you're going to be able to live on a beach and in six months that's a whole bunch of crap absolutely it takes a lot a lot of time in the beginning"
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Successful entrepreneurs reinvest profits back into their businesses to build larger assets, rather than immediately spending on luxury items.
"I could take this million dollars and buy myself a fancy car a bunch of exotic vacations and have no cash in the bank or I can take this money and throw it right back into the business that we can build a bigger asset"
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Achieving significant financial success often involves a decade or more of sacrifice and delayed gratification, as exemplified by a 15-year period of disciplined saving and asset acquisition.
"we chose to the delay for 15 years and just kept stacking and stacking and stacking and now if they see what we're doing it's like you know I wish I could be them but I'm like nobody wanted to be us for 15 years"
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Achieving financial freedom requires a 'decade of sacrifice,' involving spending less, earning more, and investing aggressively.
"I call this the decade of sacrifice that you have to be willing to go through uh a decade or more of being willing to spend less and earn more so you can invest like crazy and there's I mean if you really want to have what you call Freedom that Financial Freedom there's no way around it"
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The speaker acquired their first rental property at age 19 and faced their first lawsuit from a tenant at around age 20, highlighting early challenges in real estate investment.
"my first rental property I got sued I was like 20 years old I got sued by the first tenant I'm in college and I get served with my first lawsuit and I don't know what to do you know what I mean like it's it's the tenic said that the bathtub was too slippery when the water was on"
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Experienced investors view recessions positively, seeing them as opportunities to acquire assets at a discount.
"I hope you live through five or six recessions because they are a natural part of the business cycle um I know I know going through your first one scary yeah going through your second one you kind of built up a callus by the time you're going through your third one you're like I'm excited because that's when assets go on sale"
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Recessions are a prime period for wealth creation, analogous to Black Friday sales for investors.
"recessions create more millionaires than any other time exactly and the reason why is because it's almost like Black Friday for investors"
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Economic downturns follow a predictable cycle: Panic leads to Overselling, creating Opportunity, which ultimately results in Profit.
"that I call it poop p o o p Panic leads to overselling leads to opportunity leads to profit and it's it's it's crazy"
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The speaker began investing in real estate during the 2008 crash, purchasing their first property in 2011 when prices were low.
"when I started investing in real estate during the 2008 crash I bought my bre property in 2011 I was very fortunate about the timing I didn't know what was going on but I was fortunate that this was like real estate prices are very low"
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The 2020 pandemic significantly increased the speaker's content output, leading to the development of a daily financial news briefing.
"when the 2020 pandemic hit prior to the pandemic I was making a few videos a week pandemic hits now I'm making seven videos a week because the whole economy got flipped upside down it did and I needed a way to stay up to date on what was happening in the news the financial news so I as my team can you give me a daily briefing of what's happening in the news"
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During March and April 2020, the speaker advocated for buying stocks in phases as prices were crashing.
"in March and April 2020 stock prices are crashing I'm buying in phases on the way down as it goes down further I am buying more aggressively"
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The Federal Reserve's significant money printing in 2020 was unexpected but played a key role in rapidly turning around the stock market.
"I never expected the Federal Reserve Bank to print money the way that they did oh yeah in 2020 to turn around the stock market the way that they did but we saw how fast the stock market could turn around"
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Americans should plan for their own retirement independently, as Social Security is facing depletion due to longer lifespans and increased withdrawals.
"if you're an American you need to start planning for your own retirement so you don't have to rely on Black Rock and the government uh to take care of you because the reason why this this uh article gained so much publicity where essentially what he said was Americans need to work longer the reason why is because people are living longer they're pulling more money out of Social Security and Social Security is drying up"
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Social Security's assets have been declining, indicating that payouts exceed income, which is a concerning trend for its long-term solvency.
"if you look at I show showed the chart of Social Security assets over the last couple of years Social Security assets have been falling instead of rising which means they're paying out more money than they're bringing in"
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Achieving early retirement (e.g., at 55 or 45) is possible once sufficient assets are accumulated, removing reliance on government or corporate retirement plans.
"you can do it at 55 you can do it at 45 once you have the assets you can do it whenever you want because now you don't have to rely on the government to fund your retirement you don't have to rely on Black Rock to tell you when you can retire"
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Financial education is crucial at any age, enabling individuals to make choices in their younger years that lead to greater financial well-being in later life.
"this is why your financial education is so important because if you're in your 40s your 30s your 20s your teens even in your 50s I mean there are things you can do right now the change which will allow you to live the rest of your life better financially because of what you did in your earlier years"
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Early retirement is attainable, often requiring a decade of extreme sacrifice, and may take longer than initially expected.
"it starts with a decade it might take longer um but it it's extreme sacrifice during that decade"
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To significantly grow $1,000 into a larger sum (e.g., $100,000), it's more effective to invest it in a business idea or personal development rather than low-return index funds.
"if you want to turn this thousand dollar into a $100,000 you don't want to go put this money into a lowcost ETF or an index fund because that's going to take forever to see that that means you got to take this thousand doll and invest it into you into a business idea"
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The speaker founded the 'Minority Mindset' brand and subsequently 'Briefs Media' with an initial investment of less than $1,000, using basic equipment like a cell phone.
"I started the minority mindset brand with under $1,000 under $500 wow which then spun off into the minority mindset which also then created briefs media but I mean from a cash investment it wasn't that much because I like I told you I was making videos off of my sell phone"
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Building wealth requires continuous investment; a single investment is not sufficient for long-term financial growth.
"the investing I don't got to do it again I'm done with the investing I put a$1 thousand dollars into it and now my investments are secure but that's not how it works you got to keep continually investing if you want to build wealth"
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Savings serve as protection against emergencies, while investments are the primary vehicle for wealth creation.
"your savings are there protect you against an emergency your Investments are there to make you wealthy"
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Gold is viewed as a form of hard money savings rather than an investment because it does not generate value or provide cash flow.
"for me the way I look at buying gold is not an investment for me gold is a way for me to save hard money it's a it's an alternative form of savings so I honestly don't really monitor the price of gold yeah I see all the news gold pric is hitting record highs blah blah blah but to me gold is not an investment and the reason why is because it doesn't do anything"
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Increased demand for gold is driven by concerns about persistent inflation, large government deficits, and geopolitical instability, leading people to seek a hedge against economic uncertainty.
"people are naturally nervous I think people are nervous about risks of inflation being around longer than expected... people are nervous about ongoing I me we're still running a very large government deficit and that's not going away so I think for those reasons people are turning to gold"
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Inflation is presented as a feature of the economic system, enabling governments to pay off debt with devalued currency over time.
"inflation is a feature not a bug... because the government is going to continue to print money they're going to continue to rack up this national debt and they want to be able to pay it off for cheaper dollars in the future"
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Inflation benefits asset owners and financially educated individuals, as property values, rents, and company revenues tend to increase, while consumers are negatively impacted.
"inflation disproportionately benefits the financially educated and it disproportionately hurts the financially uneducated... the benefit is the asset owners if you are an investor in the Walmart company and Walmart is send the stuff for more money and now they're showing higher revenues now you as the investor are benefiting when you own the the property the Walmart City on and the Walmart has to pay you higher rents or your property value goes up you're also benefiting as the investor"
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The speaker's strategy is to 'work to own and stack assets' and generate cash flow, contrasting with the common approach of building a nest egg for future sale.
"I work to own and stack assets and part of the reason that I like saying what said is because I like to make my money from Cash Flow versus I think the average person is working to invest money so you can build a big nest egg so you can start selling it off in the future"
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Cash-out refinancing on real estate is a non-taxable event, offering a way to access capital without immediate tax liabilities, unlike selling assets.
"the other Beauty about real estate I suppose you can do this Bitcoin I don't know but at some point you could go back and do a cash out refi and what happens when you borrow money on your real estate is that taxed no not taxed non- taxable event"
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The idea that millionaires have seven streams of income is misleading; people typically become millionaires by building one strong income source first, then gradually developing others.
"millionaires have seven streams of income and that annoys me be but before leading the witness I'm curious seven streams income millionaires that's how to do it you got to start with one exactly I think the the part that people Miss on that statement is they become a millionaire because they have one one and then go Yeah see you start like you make a million and then you start doing the second"
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While not mirroring the 2008 crisis, the housing market faces risks from the broader economy and inflation, which could hinder affordability and impact prices, especially in overheated markets.
"do we have risks 100% uh we've seen some neighborhoods around the country like Austin see home prices get hurt sure but understanding now the the big risk factor in the housing market today is what's going on in the economy and inflation if we continue to see more pain there that could definitely trickle into the housing market because people just can't afford to buy more homes"
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The economic system is inherently designed to keep people financially unsophisticated, as this benefits the system itself.
"our system system profits when people are financially stupid our system is designed to keep people financially dumb and it sounds extreme but it it's true"
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