We have to get over these money myths

that you can't build wealth if you rent

where you live. You can't build wealth

if you don't have access to millions of

dollars. That's not true. And there's

one key thing that's given much better

returns than any real estate, than any

stock, and even any cryptocurrencies.

So, let's talk about the real way to

build true wealth. Jaspreet Singh is the

no-nonsense financial guru, realtor, and

entrepreneur,

whose methods have helped millions of

people solve their crippling money

problems

and unlocked financial freedom. People

don't like when I say this, but I'll say

what I say to make friends. I say what I

say to help people be better with money.

There's a lot of people that are lacking

financial education. And we're taught

study hard, get a good job, and if you

continue working down that path, you're

going to become successful. Yet, most

people buy a house they can't afford,

and statistically are living paycheck to

paycheck. In fact, that's 78% of

Americans. Because, ironically, the key

thing that keeps so many people poor for

the rest of their life is they're scared

to look broke. So, what do they do? They

drive around in nicer cars, going on

better vacations, and to the nicer

restaurants, but they no longer have

money to save, they no longer have money

to invest. And the problem is you need

about $1.8 million to retire

comfortably. Wow. So, if you are in the

financial danger zone, which is you

don't have $2,000 saved up for an

emergency, and you have credit card

debt, you have to make drastic changes

today. So, what do I do? Well, the first

thing you got to understand is the

75-15-10

plan, which is

But now, let's dig this a little bit

deeper. And let's talk about making

money. I put my money in five places

that has been proven to win. Number one,

This is always blown my mind a little

bit. 53% of you that listen to this show

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continue to do what we do. Thank you so

much.

Jaspreet,

who should care about your message,

and why should they care?

Anybody who uses money,

which is everybody.

The interesting thing about money

is we use money every single day.

It costs money to eat, and it costs

money to feed other people.

Yet, most of us are never taught about

money.

So, most people say money doesn't

matter. I shouldn't think about money. I

shouldn't have to worry about money.

Money's bad. Money's evil.

When in reality, it costs money to eat,

and it costs money to feed other people.

And when you don't understand that,

now, you're the one

that's going to be

paying the highest taxes.

You're the one that's going to be

struggling to pay your bills. You're the

one that's not going to be able to go to

Disney World. You're the one that can't

pay for that amazing gift for your wife

or your husband. And you're the one that

can't pay for the health care for your

parents. And you wonder why.

And in this economic system that we all

live in,

money talks.

And unless you understand that,

you're never going to be able to win in

the system. What is the difference

between people who figure out how to

make themselves wealthy and those that

don't? If we put all objective

advantages aside, rich parents,

inherited lots of money, all these kinds

of things, what is like the fundamental

difference that you've seen from the

many, many hundreds of thousands of

people that you've worked with and

taught and have consumed your content?

What is the fundamental?

There's one difference. One key

difference. People that become wealthy

understand how money works.

And everybody else does not.

And I'll tell you where I came to this

conclusion.

I checked all the boxes. I studied hard

in school.

I went through high school.

I went to college.

I spent 1 year in graduate school.

And then I went through law school.

But I never once learned a thing about

money.

I never once learned a thing about

building wealth.

I never once learned a thing about

investing.

I never once learned a thing about

passive income.

But if you just look at the wealthiest

people in the world,

they don't get there

by working a job and getting a raise.

They don't get there by working to climb

the corporate ladder.

They get there because they understand

how money works.

And they understand how to win in that

economic system.

And the crazy thing about that is we're

all taught to trust the system.

My parents are immigrants from a state

in India called Punjab.

And like many other traditional Indian

immigrants, they wanted me to become

successful.

Now, in my house, that definition of

success was very simple. They gave me

two options. I I I can guess.

Well, option number one was Jaspreet,

you can be a doctor. Yeah. Option two

was Jaspreet, you can be a failure.

Okay. And they said I get to pick which

one. And this is me when I'm like 1 year

old. That since the day I could start

talking, my parents told everybody, not

just people around us, they'd call my

family in India, my family all around

the country, that Jaspreet is going to

grow up and become a doctor, because

he's going to become successful.

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.

Which makes sense, because when you're

in school, you get those like pamphlets,

those career pamphlets.

And they show you the different career

options you have. And anytime you look

at that, the top of the list is always

doctor.

And so, they said, Jaspreet, if you want

to become successful, you have to become

a doctor. And because we came to this

country, you have to become successful,

so you have to become a doctor. Now, I

didn't think anything wrong with it,

because I liked the idea of becoming

successful. So, I went down that path.

Now, along the way, I realized I didn't

want to be a doctor.

I told my parents that I'm not going to

be a doctor.

My mom almost had a heart attack.

My dad couldn't believe it.

And so, my dad essentially told me that,

Jaspreet, if you want to keep any pride

in the family, you have to at least

become an attorney.

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.

And if you continue working down that

path, you're going to become successful.

But if you look at the successful

people,

that's not the path that they followed.

And if we take a look at the three

things that have built more wealth than

anything else over the last century,

it's starting a business,

investing in real estate,

and investing in stocks.

Yet, along my entire educational path, I

was never taught that.

We're focused on how do you get a good

job, but all wealthy people are focused

on is how do I grow my assets.

And that's the key difference here.

Is wealthy people are working to own the

corporate ladder.

Everybody else is working to climb the

corporate ladder.

And then the next thing, I'm going to go

back to what you said.

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 I I'll refer to my

friends when we're we're speaking uh

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 was 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. I

got to spend time with them, got to see

behind the curtain. I was like, oh, they

just play these money games, which

nobody else has been told about.

Right. Um when was the penny drop moment

for you? You qualified as a lawyer. Why

didn't you end up pursuing that? Some

some something happened. Yeah, so when I

was in grade school, I began working at

Indian weddings.

I played a drum called the dhol. It's a

Punjabi drum. That's where my family is

from in India.

And I used to play this drum at

weddings. And my parents didn't like

that I did this, because anything that

was not math or science was like, you

don't do this. So, I had to play this

drum uh in secret.

But I would play it at weddings, and I

started to make a little bit of money.

And by little bit of money, I mean $50

per wedding when I was in middle school,

then maybe $100, $200 in high school.

And one of the DJs that I was working

with said, Jaspreet, you know a lot of

kids in high school.

Uh how about we host a teen party for

some of these kids in your school? I was

like, okay, why not?

So, we hosted this teen party, and it

was a big success. And at the end of the

night, uh the DJ then starts paying out

all the costs, because we were going to

go on 50/50 on this business venture.

And then we pay out the money for the

security, for the venue, for the

marketing. And then he says, all right,

let's count our profits. And he has four

bills in his hand. One, two, three,

four. There's four singles left. $2 for

him, $2 for me.

And I saw that we put in so much work

into this business venture, into this

idea, into this this first party. And we

made $4 of profit, which we split 50/50.

And at that moment, he was really upset,

but I was really not upset at all

because I was like, this was fun.

You know, it was it was it was a lot of

fun putting this together. But in my

mind, it was just one of those hobbies

that I was doing because I needed to

become a doctor.

Well, I did a few of those teen parties

when I was in high school. And now, it

was time for me to go to college.

I was 17 years old.

And I get there.

And I see everybody partying,

drinking, blowing money they don't have.

And I was shocked.

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, well, 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

needed $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 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?"

And that was the beginning of my first

real business. It was this party

promotion company, which then became an

event planning company.

And it grew pretty big in college. I

mean, I started off by hosting these

one-off parties. Then I was contracted

by one of the largest clubs on campus to

host their weekly college night. So, I

was hosting their parties every week. We

were hosting official shows and

after-parties. And it grew pretty large.

And

now, as this business starts to make

money,

the first thing that I realized is

I don't need a license or degree to make

money. I thought that was something that

I needed because I thought I needed

these good grades to qualify for this

thing to make money. So, that was the

first kind of shock and realization.

The second realization that I had was I

knew nothing about money. I was making a

little bit of money, and I was very

fortunate that I started reading books

about money and business.

And I started reading these books.

And the first thing I learned

was the difference between an asset and

a liability, which with 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 uh

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.

And then, I learned about this thing

called investing.

Which

really started to upset me because I

thought I was doing everything right.

And I'm reading these books that are

talking about how every wealthy person

invests in real estate.

I have no idea what that means. Nobody

in my family is a real estate investor.

I had never heard of this concept of

real estate investing before.

I don't know what it is, but if wealthy

people are real estate investors, and I

want to become wealthy, maybe I should

invest in real estate.

So, when I was 19, I'm now studying to

get into medical school because I still

think that I'm going to become a doctor.

And I was bored out of my mind because I

would spend all day, 10 to 12 hours a

day in the library studying.

And this was around 2011.

And the reason why I say the year is

because if you remember, 2008 was the

great financial crisis. That was when we

had the real estate collapse in America.

So, real estate prices were decimated,

and they didn't hit rock bottom until

2012. That's why I'm saying this.

So, in 2011, I'm studying to take the

Medical College Admission Test, the

MCAT.

And I'm reading these books talking

about how wealthy people invest in real

estate. And now I'm making a little bit

of money from this party business. I

have a little bit of cash in the bank.

So, during my breaks when I'm studying

for the test,

I start looking on the internet websites

of finance. And they all talk about how

real estate prices have hit rock bottom,

how real estate is being decimated in

America.

And so, I was like, well, maybe I start

looking to buy real estate.

And so, on August 22nd,

I took the Medical College Admission

Test.

And then on August 23rd, I purchased my

first real estate investment property.

It was a small condo that I purchased

out of foreclosure.

A few years prior,

it had sold for a little bit over

$150,000.

And then like many properties, it went

into foreclosure.

The banks couldn't sell it.

And it was listed on sale for $8,400.

That was the total price of the condo.

So, I came in with an offer of $4,000

because I don't know what how this real

estate investing stuff works.

And we went back and forth with the

bank.

The bank said, "We'll sell it to you for

$7,000." I tried to negotiate them even

lower. And then the bank said that they

had another offer on the table. So, now

it was a bidding war.

And I had to pay offer my highest invest

price.

So, I said, "I'm willing to offer $8,000

to buy the condo. No more."

And they accepted my bid.

So, I purchased this condo for $8,000.

I put in a few thousand dollars with the

work.

And then I rented it out for $600 a

month.

And now, I start to question things.

Why did nobody tell me about this?

This condo is putting money into my

pocket without me having to do something

because I own this asset. We're all

taught

to trade our time for dollars. We're all

taught to work to get paid because

that's what we're taught to do.

But wealthy people are not working for a

bigger salary. They're working for more

assets because that can continue to pay

you even when you're not working.

And that's that shift when I saw that,

that really sparked a fire under me and

really made me angry. 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 is

those boxes weren't my boxes. Who

created these boxes? And why is there

this whole world of financial education

that we're never taught?

Because if this is how wealthy people

build and grow their wealth,

why is

everybody else not taught this?

So, I want to 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. Yeah.

I want to buy this nice place for me to

live. Which is what most people do when

they get a bit of money. What 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

is 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.

And throughout your lifetime, this

$300,000 home grows in value to a

million dollars. And now you're going to

say, "Jaspreet, I showed you this is an

asset. My house tripled in value, more

than tripled in value. And now I'm going

to pass it down to my kids."

So, now, yeah, your kids got a million

dollar house. But unless they have the

income to support paying for a million

dollar house,

they might have to find some more cash.

Now, what do they do? Because you can't

just pull cash out of this house, right?

I mean, it's not an ATM.

Unless you go to the bank.

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.

And now, unless your kids have the

income to pay for the property tax, to

pay for the insurance, to pay for the

upgrades, to pay for the maintenance,

and the mortgage,

they can't afford that house.

So, maybe now they have to sell.

Okay, now you sell it. You got a million

dollars. Great. We're not even going to

talk about taxes right now. But, you got

a million dollars.

You're rich.

But, if they don't have any financial

education,

and you have a million dollars, what's

going to happen?

Well,

let's think about this. If you had a

million dollars, what would you do with

it? If I went down the street and I

asked the average person, "If I wrote

you a check for a million dollars today,

what would you do?"

What are people going to say? "I'm going

to go to the Bahamas. I'm going to buy

myself a nice house. I'm going to buy

myself a nice car. Buy myself some nice

clothes. Go to the Gucci store. Go to

the Louis Vuitton store, and buy myself

the extra guac at Chipotle."

That's what the average person will do.

Now, maybe you're a little bit more

financially smart. You say, "I'm just

going to live off of $50,000 a year."

But, after 20 years, you have nothing

left.

Not to mention the fact

that 10 years from now,

that $50,000 a year lifestyle is going

to buy you half of what it can today.

So, now let's go back to that situation.

You thought you built generational

wealth. You did a good thing by paying

off the mortgage because you don't have

to pay the mortgage payment.

But, is that really the type of

generational wealth that you want?

And now, to fully

hammer this home,

I'm not saying it's bad to own a house.

It's actually very great. It's an

amazing thing to own a house free and

clear because now you can

rest assured, you don't have to worry

about the mortgage payments. If you have

the financial education, that's great.

But, let's talk about now the real way

to do this and build true wealth. When I

buy my real estate investment

properties, and my property values go

up,

the rental values also go up.

The rent is what pays for the

maintenance. The rent is what pays for

the upgrades. The rent is what's paying

for the property taxes and the

insurance. The rent is putting money in

my pocket.

And this is cash flow that I can use. I

can use this cash flow to buy a

vacation. I can use this cash flow to

buy food. I can use this cash flow to

pay for my lifestyle.

But, your house

doesn't do that. You have to pay to live

in your house.

But, people think, you know, they're

getting their mortgage payments. They're

spending whatever they are, you know,

spending on their mortgage payments.

They They think they're

Well, we're kind of told that that

mortgage payment is an investment

into an asset.

Your mortgage payment

is

a payment to your bank.

Banks are not stupid. In fact, they're

very smart. Banks do something called

front-loading your mortgage.

What that means is if you go out and get

a 30-year mortgage, which is what many

people do in America,

and you pay $3,000 a month on your

mortgage,

you're not paying $1,500 to your

interest, your bank, and $1,500 to your

principal, your equity.

The way it works is banks front-load

your mortgage, which means for the first

almost 15 years,

it's about 14 years and 8 months or so,

but for almost 15 years of your

mortgage, the first 15 years, the

majority of your mortgage payment is

going directly into your banker's pocket

in the form of interest.

Which means if you're paying $3,000 a

month on your mortgage,

for the first part of your mortgage,

maybe $100 is going out of the $3,000

into your equity. The other $2,900 is

going right into your banker's pocket

with interest.

And now, yeah, after 15 years, now half

of your mortgage payment

is going to your equity, and half is

going to interest.

But, if you refinance before that

15-year mark, that starts over.

And so, this is where banks understand

the game.

Again, I'm not against buying a house,

but you got to understand the game of

money, and most people don't understand

that. And so, the mistake that people

make is they buy a house they can't

afford,

and now they're paying all this money

into their mortgage thinking that I'm

building wealth. They no longer have

money to save. They no longer have money

to invest into other real assets.

And their money is just going to pay

down their mortgage thinking that this

is going to build my wealth,

but you've been sold a lie.

This term, opportunity cost.

Most people don't know what this term,

opportunity cost, means, but it appears

to be very pertinent to what you're

saying, especially when you just said,

"This is money that you can't then

invest in assets." Can you explain what

opportunity cost is and how it's

impacted if you if you buy a house?

Sure.

If you have Let's Let's make the numbers

very simple. You want to buy a $100,000

home,

and let's say the banks require a 20%

down payment, $20,000.

You could do a few things. Number one,

you can take that $20,000 and go out and

buy this house.

And now, that's how that money has been

used. But, if you use that money to buy

the house, you lose the opportunity to

take that $20,000 and say use it to buy

a rental property.

You lose the opportunity to use that

$20,000 to invest in the stock market.

You lose the opportunity to take that

$20,000 and maybe build a business.

Now, the question is, what is going to

give you the best and most growth? Now,

hopefully this house that you buy will

go up in value. It's not guaranteed. We

know that houses don't always go up in

value, no matter what your banker says,

no matter what your real estate agent

says, because we saw what happened after

the 2008 crash, where real estate prices

were slashed in half.

It was

as much as 93%

real estate values dropping in the state

of Michigan, where I am.

So, we know real estate prices don't

always go up. Stock prices don't always

go up. Businesses don't always work.

Everything has a risk.

But, now the question is, which risk do

you want to take? And which risk do you

want to take first?

Are you in a situation now where you're

ready to go out and buy a house? Or do

you want to build your wealth first a

little bit more? And that's the question

that I want people to start thinking, is

am I ready to buy a house? And then

people say, "Well, if I go out and

invest my money, the problem is housing

prices keep going up.

I'm chasing this housing market that

keeps getting more and more and more

expensive."

And you're 100% right. It's a risk.

But, there's also a risk that housing

prices could fall. I think one of the

biases that makes people want to buy a

house is that they're currently renting,

and they see that as just giving money

away.

So, they think, "Listen, I could spend

this money on a mortgage, and I'll own

this thing one day, or I could spend

this same $2,000, whatever it is, on

rent, and I'm never going to own this

thing."

Well, I'm here in Los Angeles right now.

I had to stay in a hotel.

That hotel payment is paying somebody's

mortgage. It's paying somebody's

college tuition. It's paying for

somebody's stuff. When I go to a

restaurant and I eat out,

I'm paying for somebody's mortgage. I'm

paying for somebody's college tuition.

I'm paying for somebody's bills. Because

when you go out and you rent, that's

what everybody says, "I am making my

landlord rich." Well, when you eat at a

restaurant, you're making that

restaurant owner rich. When you go to a

hotel, you're making the the hotel owner

rich. When I go and buy a mug, I'm

making the mug owner rich.

And the reality is,

yeah, it's good for you to own a house.

But, are you ready to own a house? Can

you afford to own a house?

And what do you want to own first? I

rent where I live right now. I am making

my landlord rich today. I also rent for

my offices. I am making my office

landlord very rich because my office

rent is very expensive.

Do you feel bad for me?

I hope not.

And this is where we have to get over

these these money myths that many people

keep selling you that you can't build

wealth if you rent where you live. You

can't build wealth if you don't get a

good degree.

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?

Well, there's three parts to affording a

house.

You have to afford the down payment.

You have to afford the monthly payment.

And you have to afford the moving costs.

I'm going to go start from the simplest

one, which is the moving costs, because

many people don't factor this in.

When you buy a house, you got to move

in. And I'm not talking about the the

closing costs.

You might have to hire movers, which are

expensive. You might have to upgrade

your furniture, which is expensive. You

might have to upgrade the house, which

is expensive. Factor that in.

Then, I want to talk about your down

payment.

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.

The third part is you have to afford the

monthly payments.

Now, every bank is going to have a

different rule for you. Banks have like

the 28% rule and these other rules.

I have Sorry, just on that last point.

Why do people not like it when you say

that? Because it's very hard to pay a

20% down payment. Housing is expensive.

Mhm. You want to buy a $500,000 house?

You have to have $100,000 as a minimum

for your down payment.

Okay. And that's extra cash. Great.

Now, if we talk about the monthly costs,

the simple way that I like to follow it

is you have to have a system for

yourself. You have to know how much

money you are allowed to spend, how much

money you need to be investing, and how

much money you have to be saving every

single month.

Then,

just factor it in.

So, the way I like to look at it, a

simple rule of thumb,

is something like a 75 15 10 plan,

which says for every dollar that you

earn from here on out,

75 cents is the maximum that you can

spend.

15 cents is the minimum that you invest.

10 cents is the minimum that you save.

Now, let's do the math.

If you know that you make, let's call it

$100,000 a year.

That means the max you can spend out of

the $100,000 is $75,000.

So, if out of that $75,000,

you can afford your mortgage costs, you

can afford your food, you can afford

your vacations and lifestyle,

then sure, you can afford it. But, if

you can't afford that, then you can't

afford that mortgage. And the reason why

I like to go by this rule is because

some people are going to say,

"I can live in a small house. I just

want an expensive car and some nice

vacations."

Other people are going to say, "I want a

beautiful home. I don't care about the

car and vacations." So, now you can

factor it all in there.

How much can you afford out of that 75%

of what you make?

Do you think people even know how much

money they

spend? No.

I was thinking, I wonder how many people

listening right now know, over the last

6 months, the exact figure that they

spend every single month.

Most people, statistically,

are living paycheck to paycheck.

So, they're basically spending

everything. Or more. Okay. 78% of

Americans are living paycheck to

paycheck.

Which means, I make some money

and I spend all of it or more. There's a

There's a joke that I like to make,

which is

in the traditional Indian culture,

people make a dollar to spend 20 cents.

In the traditional American culture,

people make a dollar to spend two

dollars through the help of lines of

credit, credit cards, and other forms of

debt.

And the reason why I'm going to take it

a step back. I don't think you wanted me

to go this way. I'm going to go

anywhere. Anyway,

we live in what's called a credit-based

economy.

Which means, if you make $50,000 a year,

you don't live off of $50,000 a year. At

least most Americans don't.

We live in what's called a credit-based

economy, which means you have the

ability to spend the $50,000 you earned,

plus debt.

Because as you make more money, as you

have a good job, you become more

creditworthy.

And so, as you show the bank, "Hey, I

made $50,000." they'll give you credit

cards, they'll give you lines of credit,

they'll give you whatever types of debt

that they can, that way now you can go

out and spend 60,000, 70,000, 80,000

dollars.

Because that's what grows the economy.

The more money you spend, the richer

somebody else gets.

And so, now when you live in this

credit-based economy with no financial

education, people spend, spend, spend,

the economy grows, grows, grows, and

most people have no idea what hit them.

Do you know what's really interesting

is, 2 days ago, I was having a

conversation with one of my friends. It

was actually I did a podcast about

finance um

recently, and in there I mentioned some

of my friends, and then they messaged me

on WhatsApp and we're having a chat in

our group chat. And I, for the first

time ever, one of them asked me to

guess. We're very close friends. We talk

about money, we talk about how much

money we have, etc. They said, "Guess

who has the most money in the group?"

So, I went through and I did, I think

this is this person's net worth of my

five best friends, and I think this is

how much cash they have.

Now, one of my friends

who

is

very What's the word? I guess frugal.

Lives a very, very simple life. As I was

going through, I got, "You know what?

This friend is this like a high-flying

guy, lives in this

amazing apartment. This person has all

these wonderful things. This person's

been successful in business. This

person's successful in crypto. But, you

know what? I bet my mate, and I won't

say his name, I bet he's richer than

everyone else in that chat."

Um all of my other friends in the chat.

And so, I did my little prediction and I

said, "I bet you've got X figure."

And he replied and got and said, "This

is my current cash position." He was

richer than everyone in the chat in

terms of cash combined. This guy

lives so He lives in like a studio

apartment. He never balls. He does

doesn't have like a fancy car, doesn't

have fancy clothes. And he's richer than

the entire lot of my friendship group.

And I thought, "God, there's something

really important here in terms of

And it's it's so crazy if you if you

know the context of what I'm saying,

because I've got a friend in that chat

who's built like a big business. I've

got a friend Like everyone in that chat

runs businesses, is successful. But,

they're living in different ways, and

the one friend who runs the smallest

business, who like probably has

the least income, is the richest.

And over the last couple of days, it's

so funny. I was thinking about all the

dinners I've bought this [ __ ] guy,

and I'm like, "I didn't know you WERE A

MILLIONAIRE."

I'M LIKE, "GO ON, YOU [ __ ] I WOULD

HAVE BEEN PAYING for everything." But,

this is really I mean, if we ignore your

friends, it's very easy to look fake

rich. Yeah. Because everybody will give

you a line of credit. If I want a Gucci

purse, I can't afford the Gucci, guess

what? I can buy now, pay later. I can

open up a credit card and buy the Gucci

and look like I'm rich.

Mhm. When in reality, I'm just making

Gucci rich. In fact,

one of the richest people in the world,

in 2023, he was the richest person in

the world, is Bernard Arnault. He was

the founder and CEO of LVMH or He's the

founder and CEO

of the company that owns Louis Vuitton.

And why? Because millions of people pay

him to look rich, when in reality, he's

the one that's getting rich.

And we assume that when you make some

more money, you got to start looking the

part. And this is that mindset shift

that we have to make. And, you know,

a lot of people resonate who come from

the Indian

traditional families.

They message me saying, "Jaspreet, I

became a doctor or my wife and I are

doctors. We make hundreds of thousands

of dollars a year. We make a great

income,

but we have no savings and no

investments, and I don't know what to

do." And the reason why is we have a

Range Rover and a Benz. We have a nice

house. We go on the doctor vacations. We

have to look the part.

But, we don't have any money left over

at the end of our

paychecks.

And it's a very easy thing to get caught

up in, because when you make more money,

you become more creditworthy. Banks will

give you bigger loans. When you make

more money, you want to spend more

money. And it's very easy.

And you have to understand, how do you

control that spending? And that's why if

you follow something like 75-15-10,

one of the simplest things you can do to

start is just always, no matter what,

whether you're making $10,000 a year or

$10 million dollars a year,

you always put money aside to invest,

you always put money aside to save, and

you spend whatever's left.

My friend doesn't invest. The friend I'm

talking about doesn't actually invest.

He just doesn't spend.

He like just doesn't spend money, and

he's just stacked up to like a million

dollars in cash,

whilst earning less than everyone else

of my five friends in that chat.

And it's it didn't take a long time.

Like it took him

4 years or something, four or five years

of just running this small business with

a couple of people. When I say a small

business, I mean a really like a small

business, like a business of maybe four

or five employees.

And he's built up a million million

dollars in cash for himself,

because he just doesn't spend money.

And he lives He doesn't have like a an

ego, doesn't care if people what people

think of him.

Yet, my other friends who are earning

maybe five times more a month have five

times less cash than him.

It's like

It was so inspiring. It was honestly so

inspiring, because it it says something

about the importance of saving. But, who

the hell wants to save? If I titled this

podcast today the something about

saving, no one's going to click.

It's not fun. Saving isn't exciting. Who

wants to go out and save $2,000? Who

wants to spend less money? We want to

buy more nice things.

But, unless you can control the

spending, unless you know how to save,

you will never build wealth. Do you know

if people that are in that paycheck to

paycheck cycle, which I was in for many,

many years of my life, where I'd get

paid for my call center, I'd go and

spend the money, and I'd pretty much

spend all the money within the first

couple of days of getting the paycheck,

and I was just waiting the next 3 weeks

for the next paycheck.

What advice would you give them about

getting out of that cycle? Cuz it Cuz

you almost feel imprisoned by that cycle

if you're in it.

Absolutely.

Well, before I give the advice, I want

to explain to that person what's

happening. Because you are the prime

customer

for

our economic system.

Banks love you, because they can sell

you payday loans, they can sell you

credit cards, they can sell you lines of

credit, and they can keep you in debt

for the rest of your life. Which means,

you keep making the bank rich.

Corporations love you,

because you're not going to think twice

when we show you this nice bag, when we

show you this nice vacation. You're

going to want the stuff, and so we love

selling you this stuff. The government

loves you,

because you are going to pay the highest

taxes.

Employees pay the highest taxes.

And so, when you're in that situation,

you are making everybody else rich at

your expense.

And so, if you want to break out of

this, the first thing you should

understand,

you need to make yourself rich before

you make everybody else rich. Because

when you're spending all your money, you

are putting your money in to their

pockets, and you have to stop that. You

got to keep that money for yourself.

You're in a boat. Think of it this way,

you're in a boat,

and this boat has water just flowing in,

and you are sinking. And you got to

start by sealing the holes. You got to

stop the water leaving this You got to

stop the water coming in. You got to

stop the bleeding.

And that means you got to stop the

spending.

So,

if you are in what I call the financial

the zone, which is you don't have $2,000

saved up for an emergency and you have

credit card debt.

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 2 hours of your

time a day. The average American is

watching more than 2 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 2 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.

Stuff 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.

I've got to say the couple of things

that I came to mind as you were saying

that and funnily enough I put myself in

the shoes of 18-year-old Steven Bartlett

when I was in that small apartment with

three or four immigrants in Moss Side

Rusholme and I was

you know, my rent was nothing. My rent

was a 1,000 150 pounds a month, which I

could not afford and I could not pay and

I was

intermittently working between call

center jobs and whatever money I got I

spent and part of the reason I spent it

just pre is because like many people

watching, especially men who sometimes

feel the need because of the way society

is,

I was trying to get laid at the same

time.

And it's hard Yeah. when you're a young

man and I say young men in particular

because the stats do support the fact

that there is an expectation that men

pay.

Um when you're a young man it's

particularly difficult to do all of

these things, to cut back and also get

laid. And what am I going to do? Defer

getting laid for 10 years? When I say

laid I'm really saying meeting someone

and falling in love and having a having

a life. So, what do I if I if I'm living

in a shoebox, which I was, I can't bring

anyone back there. I can't take anyone

for dinner. I can't take anyone to the

movies. So, what do I do? And this is

why every Indian parent tell their kids

to become a doctor so their son can get

married.

It's the same concept.

But here's the thing, you have to pick

your hard.

Either life's going to be hard now or

it's going to be hard for the rest of

your life.

And you have to pick what's more

important to you right now.

And

you know, if we talk about balance, if

you want to have a balance of everything

where you want to find a girl

and you want to make money and you want

to stay healthy,

you are dividing your attention

everywhere. Not saying it's impossible,

but very few people can actually do

everything all at once.

And if your number one goal is to become

wealthy, if your number one goal is to

turn your finances around, you have to

get serious about it because

where you put your attention is where

you get the results.

And so if you want to be in a better

financial situation,

you are going to have to make

sacrifices.

And it's difficult. I can't come here

and tell you it's going to be easy Yeah.

because that's going to be me lying to

you.

I've got to be honest, I did to make a

sacrifice and for me the sacrifice was I

started a business and frankly that

meant that I didn't have time to be

going out, getting laid or meeting

people or socializing, but it's

my story arc ends with it going well

and then

the romantic situation taking care of

itself many years later once it had gone

well because I was so focused on myself.

And it's funny, there is a bit of a

paradox to life that the more you

actually focus inward, the more you

become a magnet. Yeah. Um and the more I

focused outward, the more I pursued and

chased and sort of neglected myself, the

the more harder it was to get people

interested in me.

Yeah and you know,

I also want to say that when I talk

about building wealth, I'm not talking

about becoming a money hungry, just

money greedy, this is evil person that

just cares about money. That's not what

I'm talking about because I want you to

live a holistic life because money is

just one part of your life.

But the second part to that

is I'm not telling you to never enjoy

life. I'm telling you to make a

sacrifice for a period of your life that

way you can enjoy the rest of your life

and never have to worry about money

again.

It's hard for us to naturally see life

for seasons, especially when we're

looking forward. When we're looking back

it's very easy to say oh that was that

season. Like I can sit here now and say

oh that 20 to 25 was that sacrifice

everything in my life to make myself

something season and then 25 to 30 was

like building and learning and then I I

now, you know, can can think of

it's easier actually now to think

forward in seasons now that I've been

through some seasons, but for someone

that's hasn't been through seasons in

life,

it's hard to think about life in those

terms. I now think of my life in these

five-year seasons

and that helps me to say to you know,

even have conversations with my partner

where I go this is the season I'm in

um and it will last probably roughly

this this long and I'm going to

sacrifice these things and prioritize

these things in this season.

But um it's hard for people to

understand this idea.

It's difficult and that sacrifice is

difficult

especially during a time

where everybody's showing off everything

on Instagram.

You look at your friends who have a

crappy job, but they drive around in

nicer cars, going on better vacations,

going to the nicer restaurants and

you're thinking what did I do wrong?

And then especially if you're a guy, you

have a girlfriend, you have a wife,

she's going to say how come they keep

get to go can they keep getting to go to

Cancun, they keep going to these nice

restaurants, how come you can't take me

to these nice places?

And now you feel like you're doing

something wrong because where is this

discrepancy? The reason why I call my

show the minority mindset is because I'm

a big advocate of not doing what the

majority people do.

The first time I made a million dollars

in a year I was in my 20s.

I was driving a car worth $500.

It didn't have a bumper on it.

It was not pretty.

My wife sat in the car with me

and my employees drove better cars than

I did.

So,

you know,

you got to be confident

and you got to work for something

bigger.

And you want a partner that's going to

understand it.

That's my belief.

Which is not the easy thing.

It's interesting because confidence is

such a internal thing and I just feel

like I just probably just didn't have it

then

cuz I I think I was scared for someone

to know

that I was broke.

I was so scared to know for someone to

know that I was broke that I just didn't

entertain romantic relationships.

And that is the reason why so many

people will go into debt to buy

vacations, to buy things, to buy stuff

to look rich.

And

ironically, that's the key thing that

keeps so many people poor for the rest

of their life is because they're scared

to look broke.

And now when you try to look rich,

that's the thing that's actually keeping

you broke.

There's another element to this which is

my life was pretty miserable. So, when

you have a

relatively miserable life, when you

don't have many nice things cuz you're

working in a call center as I was until

11:00 at night time doing overtime every

overtime hour I could get. Then because

you're also lonely you're going home

alone, walking home cuz you can't afford

the bus.

Anything that gives you a little

dopamine hit.

Gambling. This is why all the gambling

shops are in the areas that struggle

with the worst financially because those

I mean a lot of people say because those

people are

looking for that, you know, that big

payday, that dopamine hit from a payday.

Um my TV

in my

tiny tiny little bedsit room

was like half the size of the wall.

I was making reckless spending decisions

because I think it gave me some kind of

hit that I I was missing in my life. It

gave me like a dopamine rush that was

and there wasn't many things giving me a

dopamine hit at that point in my life.

And see here's the thing,

during that time you are making

emotional decisions as many people are

and it's very difficult to speak logic

to emotion.

But this is where now you have to be

able to understand the difference

because if you're listening to this and

you're in that situation,

you have to understand if you want to

continue being able to live that

lifestyle,

you're going to have to make some

changes today. Otherwise you're going to

be stuck in this lifestyle

for the rest of your life. And it's only

going to get more difficult.

And that's the thing is if you want to

become wealthy, the first part is just

your own mindset. It's your own

discipline.

And until you can conquer that, I can

tell you everything about investing. I

can tell you different ETFs and index

funds to invest in. I can tell you

different investment institutions out

there. I can tell you which stock

brokerages to use. I can tell you just

invest 15% of your income into this for

the next 10, 20, 30 years and you're

going to become wealthy.

But until you can get over that mindset,

you're never going to become wealthy

because then what happens in that

situation

is when you're in that state of

I just want to look rich. I just want to

have that dopamine hit. I just want to

have some nice things because I deserve

it. I work hard.

You know what happens next?

You are the one that gets caught up in

all the get rich quick schemes.

Because someone's going to say look,

put $1,000 into this,

you'll have $10,000 in the next 3 months

or I'm going to show you you can live

the laptop lifestyle.

You can work 5 hours a week, make

$10,000 a month, $10,000 a week. You're

never going to have to worry about money

again. Just buy this program.

And now you're a prime candidate

because now you are driven by this

emotion of I want that. I can't imagine

if I had an extra $10,000 a month and I

don't even have to work for it.

Because you can't see past it. You're

all you're doing is being sold by

emotion.

And so you you're the one that's going

to get caught up in the get-rich-quick

schemes. You're the one that's going to

make the bank rich because you're going

to get stay stuck in debt. Corporations

are going to love you because they can

keep selling you the nicest and newest

stuff because you want to look rich,

want to show it off to your friends,

want to show it off to the girls.

And you get stuck in that cycle. So, I

want to talk about what the money

mindset is. But just on that

thing you just said there, you said

get-rich-quick schemes.

Crypto.

What's your point of view on

cryptocurrencies and investing in

crypto?

So, I'll tell you where I invest my

money so you can understand. I put my

money in five places. I put my money

into my own business.

I invest my money into real estate. I

invest my money into stocks.

I invest my money into speculative

assets, which includes cryptocurrency.

And then I own some physical gold.

So, starting with my own business. I run

a company called Briefs Media. We're

probably most known for our Market

Briefs newsletter where we break down

what's happening in the financial

markets. So, that's Briefs Media.

Number two is I invest in physical real

estate.

So, I'm going out to buy rental

properties that I can use to generate

cash flow.

Number three, I invest in stocks. This

is in the form of investing in

individual companies

and investing in funds. Funds are ETFs,

index funds, mutual funds where you can

get investment into a broad basket of

companies.

Number four

is my speculative investments. Notice

how I said number four, this is one of

the smallest pieces now,

which are things that I believe can go

up very quickly,

but can also fall just as fast. So,

these speculative assets, which make up

a small piece of my portfolio, include

things like startups that I invest in.

It also includes things like

cryptocurrency.

And then I own a little bit of physical

gold.

Physical gold makes up about 2% of my

portfolio.

But going back to cryptocurrency because

that's what you asked. I think it is a

speculative investment. I have made a

ton of money in cryptocurrency.

Uh

and I started buying cryptocurrency

before it was as popular as it is today.

I began buying it in uh 2016 or so

when Bitcoin was around 3,000, maybe

2016, 2017 when Bitcoin was around

$3,000 a coin.

And I have sold some.

And for me,

I understand it can go up very fast, but

it can fall just as fast.

And the issue that I have is when people

now want to get into this idea of

investing

because now they're in this tough

situation, I'm living paycheck to

paycheck, and I hear about this

financial education and investing.

If I just dump my money into Bitcoin or

crypto, maybe it'll 10x and I'll have

financial freedom.

And that's where I have issue.

Because

you're taking your money and you're

going for your long-term investments

into a speculative asset that hasn't

been proven.

Maybe it will work and you'll become a

multi-millionaire.

Maybe you'll lose everything.

But I don't want to gamble with my

wealth. I want to build my wealth with

something established and then use a

speculative asset as something that is

speculative and treated as such. In

terms of your net worth, then how is it

broken down in terms of percentage

between these five things?

So, if you look at real estate, real

estate is probably close to almost 50%

of my investments. Okay.

Stocks make up

probably right around 30%.

Speculative is about 18% of my

portfolio. Sorry, just the 30%, how much

of that is into individual company

stocks versus ETFs?

It's about half and half.

Okay, so 50% each. Okay, cool.

And then speculative? About 18%. And how

much of that is like crypto versus

startups? It was a lot more crypto. Now

it's a lot more startups. I sold a a

chunk of Bitcoin when it was breaking

record highs

and I'm going to be using that money to

buy some more rental properties. Okay.

And gold? About 2% of my portfolio.

Okay.

And the reason why I buy gold,

I don't

I myself don't consider gold an

investment. I look at gold as a way of

saving hard money. Because my theory

is if I take $10,000 of cash and I take

$10,000 with the physical gold and I

bury both of these things in my backyard

today,

in 10 years, what's going to have more

buying power?

My theory is that the gold is going to

have more buying power.

And so that's why I own some physical

gold. For me, it's a way of saving hard

cash.

I look at it as a insurance against

doomsday, against something really bad

happening, against something bad

happening to our currency, something bad

happening to the economy. That's why I

own a little bit of physical gold.

But the problem with gold is when I own

my physical gold, it just sits there in

a vault.

It doesn't produce cash flow. It doesn't

create new value. It just sits there.

When I invest in real estate, it

produces cash flow.

When I invest in stocks, the companies

are working to produce a better product,

to grow their profits. The gold doesn't

do anything. What about cash? Do you

keep a lot of cash on hand? Uh cash is

definitely a position. I I don't know

about percentage, but I always keep

cash.

And I want to break this down a few

ways.

Because I have one

let's call it bucket of cash, which is

my emergency savings. This is cash that

is there to protect me against an

emergency in my personal life.

I also have a separate bucket of cash,

which is my business emergency savings.

Then I have a bucket of cash

which is there to be invested money.

This is money that's waiting to be

invested in real estate.

And then I have in stocks. And then I

also have another little piece of cash

that's waiting to be invested more into

speculative assets. So, I have cash

waiting to be invested in speculative

assets, cash waiting to be invested in

real estate, cash waiting to be invested

in stocks, and then I have my emergency

cash. So, I like to separate it all out.

A second ago you said that unless you

have a money mindset, you're never going

to be wealthy. What is the money

mindset?

The mindset is number one, you have to

believe that you're going to become

wealthy. What I like to say is you have

to say I will become wealthy. Why?

Because if you don't believe you're

going to become wealthy, it is going to

be impossible for you. Why? I used to

guest teach in Detroit public schools.

So, Detroit is a

it was a very rough and it still is,

rough area. Certain parts of it. Our

office is in downtown Detroit, but there

are parts of Detroit which are still

very rough.

And I used to guest teach in some of the

public schools there.

And these are kids, good kids,

who were not exposed to some of the best

things. And what I mean by that is when

I would go into these classrooms,

you'd first have to go through multiple

metal detectors. There'd be police

there. You might have to be patted down.

And when I get into the classroom,

I'd ask the kids,

"How many of you have two parents in a

home?"

Almost nobody would raise their hand.

I would then ask, "How many of you work

a job?" Almost everybody would raise

their hand.

And as I got to know the students

better, I also started to realize that

these kids, high school kids, some of

them are already in gangs.

Some of them already have been arrested

by the police. Some of already been

involved in these what we consider bad

things, and they are bad things.

But

to the kids,

that's just normal.

Because when I talk to them about these

gangs, what they'll tell me is

"I don't have parents at home.

I don't have a dad. I don't know my dad.

My mom is working. How am I going to

eat? My brothers, this gang, provide me

some comfort because there's people that

are around me. They give me food. They

help give me money.

It's not a bad thing in their eyes."

And so when you grow up in that mindset,

it's very hard for you to think bigger.

And so when I would come into these

classrooms, I would talk about life,

motivation, money, all things. And And

so one of the things that I'd like to

do, an exercise that I would do,

is try to get you to think about

successful things. What are things that

kids want? A nice car.

So, I would ask these kids, "What is

your dream car?"

And the responses that I would get were

things like a Ford Mustang or a Dodge

Challenger. And you know, these these

nice cars, but I would follow up with

"Why not a Bugatti?

Why not a Lamborghini? Why not a

Rolls-Royce?"

And they would say,

"Somebody like me can never have

something like that.

So, I can't even dream about having

these nice things."

And that was really shocking to me. I

mean,

that you are kind of suppressed to the

point where not only do you not think

that you can achieve it, but you can't

even dream that you can achieve it. You

can't even achieve it in your own

dreams.

And so when you don't believe that you

are worthy of anything more than a Ford

Mustang,

how in the world are you going to work

for something nicer? And I'm not saying

you have to work just for materialistic

things,

but this is that mindset shift that if

you don't believe that you can do it,

you are never going to be able to do it.

And so this is where the first thing is,

you have to say I will become wealthy.

And sometimes you have to be able to

find a taste of success and see what

that looks like.

And there are many ways to go about

doing it. I mean, you can just go on to

Instagram and see what success looks

like to some people.

But you start to define what is that

success and tell yourself, "I will

become wealthy." Not that I might, not

that I can, but I will become wealthy.

The second thing

is money is a tool.

And the reason why I say that

is because we've been kind of hinting at

this throughout this entire discussion.

But the reason why many people are

so scared to talk about money,

the reason why money is such a taboo

topic,

is because we are insecure about our own

money.

I just want to pause there before we

carry on on the money is a tool point.

Um,

it's so interesting what you're saying

about those kids.

So interesting because I was thinking as

you were speaking about stereotype

threats. And in my previous book I I

spent some time talking about

self-belief and confidence and this idea

of stereotype threats. And some of the

studies I came across showed that if

there's a stereotype that people like

you, let's say black people like me,

are bad at a certain thing, let's say

maths,

before they do a math test, if they

reminded a black person that they were

black, just got them to tick a box

saying that they were black, their

performance on that test would drop. And

they did the same with women. So if

there's a stereotype surrounding your

ability in something,

if they remind you of that

part of you before you do a test, your

performance drops. And really

importantly,

in the studies, when they don't remind

the black person or the woman about that

particular feature of themselves,

their performance is the same as

everybody else. And it's it's

interesting that you say that when you

you're talking about money

that we have a stereotype threat there.

We we exist in a world where we think

people like us make a certain amount of

money. And if the stereotype threat

studies are true, that means that I'm

going to show up in the world in such a

way Yes. that's going to bring that

amount of money about. But it's not easy

to

genuinely believe

outside of your stereotype.

100%

outside of the context in which you were

raised. Now I went undercover in a

school in a rough area in Liverpool that

was doing very poorly. And I was

undercover as a school teacher. So I was

getting to know the kids. And I met this

one kid. And I remember him saying to me

um about his plans for the future. And I

sat there and I said,

"Do you know any millionaires?" He was

like, "No, there's no no millionaires

around here." I was like, "Have you ever

met one?" He goes, "I've never ever met

one." And in that moment I'm his mom, it

which it's on video, it was a channel

four documentary I did. Um, he then

goes, "But I think I want to be a

millionaire." And his mom burst out

laughing.

She was on the sofa next to him. And she

burst out laughing. And I remember

asking her on I remember asking her on

camera saying, "Why are you laughing?"

And she goes, "No, there's no cha

there's no chance." So it's like

indoctrinated into your context, your

family, your roots, your friendship

networks that you can't make it. So it's

hard.

It is 100% difficult. And it it doesn't

stop

in any level.

If, for example,

when I told my parents that I didn't

want to be a doctor,

I was told by everybody I'm throwing my

parents' sacrifice away.

And that somebody like me can never make

it in business because I don't know

anything about business. No one in my

family is a business person. No one in

my family is an investor. No one in my

family does this. You've never learned

this stuff before. You didn't get into

business school. You

How are you going to do this?

And I'm not saying this to compare. I'm

saying this to explain that there are so

many levels to this mindset block.

That if you cannot

break out of this invisible barrier,

you will never become successful. When

when

any employee joins my team, the first

day we make every employee, every single

one, regardless of the role, do this

exercise.

It's called the nine dots exercise. And

you have these nine dots on the screen.

And if you go to Google, you can see the

nine dots exercise or nine dots trivia,

where it's nine dots.

We'll put it on the screen.

Yes.

And I'm not going to spoil it, but I

will, actually. That's the only way I

can get it across. But the way that this

exercise works

is you have to, in four lines, touch

every dot on the screen

without picking up your pen. You have to

touch every dot, all of these nine dots,

without picking up your pen.

And so when you do that, you might say,

"Well,

there's it's impossible. How do you do

that?"

And so this is where now Oh, okay, not

going over a previous line.

Right, not Well, you can go over a

previous line, but you cannot pick up

your pen. So if there's nine dots, one

one two three four five six seven eight

nine. Yeah. You have to connect all four

dots. Sorry, all nine dots with four

lines. You can't curve the pen and you

can't pick up your pen.

And people will say, "This is

impossible." And the reason why you say