How The System Keeps YOU POOR! (Money Myths That Keep You Broke) | Jaspreet Singh on Impact Theory
Tom Bilyeu's Impact Theory
Impact Theory
4.7 • 5.2K Ratings
🗓️ 14 June 2022
⏱️ 67 minutes
🧾️ Download transcript
Summary
Big goals require DISCIPLINE. By it's very nature, discipline requires you to do hard things - and that is a skill you can LEARN. I'm teaching my process to build Ironclad Discipline in a new workshop - you can register at discipline.impacttheory.com!
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Show Notes:
With talks of a global recession on the rise, there is no better time to put your growth mindset to work. Are you ready to revolutionize the way you think about money, inflation and the impending recession?
Chief Executive Money Nerd at Minority Mindset Companies from Punjab, India, Jaspreet Singh has been putting in the work to spread financial education and opportunity on YouTube for years. The goal of this episode is to get you to understand what money really is and give you the knowledge you need to change how you’re using it in your day to day life.
The majority of people will unfortunately continue to become poor and the harsh reality for many is that they won’t even see what’s happening in time if at all. We are dedicated to pulling people out of the matrix and helping them see that human potential is nearly limitless. That includes getting people to see the objective truth about the government's role in the financial system, who the Feds are, and how wealthy, financially educated people think and use money differently from poor, financially uneducated people.
Tom openly shares his example of how you can be a good entrepreneur and bad investor from not asking the right questions. You can start turning the tables and making better decisions to not just prepare for a potential recession, but to also start building real wealth. It’s all mindset, it’s a growth mindset and a minority mindset when you’re willing to learn and understand who your teachers are.
Check out Jaspreet’s Newsletter, Market Briefs: https://marketbriefs.com/
SHOW NOTES:
0:00 | Introduction to Jaspreet Singh
0:35 | Why the Poor Stay Poor
17:03 | Thinking Differently About Money
30:45 | Save & Invest Money Smarter
44:14 | Building Wealth As A Minority
57:21 | 5 Places to Invest Money
QUOTES:
“The interesting thing about the Federal Reserve Bank is it’s called the Federal Reserve Bank, however it’s not federal, it says so on their website. They’re not a reserve, they don’t keep cash reserves anywhere. They’re not a bank! You and I can’t go there to deposit money.” [2:00]
“If you understand the system then you can use it to your advantage. If you don’t understand the systemI it is going to screw you over many, many times.” [2:23]
“Inflation is what causes the supply chain issues and now we’re trying to go backwards, but this is where the rich get rich and the poor get poorer...” [8:29]
“Inflation is a hidden tax, it’s a silent tax. It affects the people that don’t understand money, and it disproportionately affects the poor and the financially uneducated, [...] if you don’t understand this you’re going to get screwed over.” [13:53]
“I was dumb because I didn’t really care about risk, I never even looked at risk, for me it was opportunity, that’s all I saw. It was a way for me to get started.” [24:18]
“Everybody in America should be a business owner, however, not everybody should be in the business of starting a company and not everybody should be in the business of operating a company.” [28:42]
“I like to call it net zero thinking, where if I have cash I need to spend it, [...] it’s the consumer mindset of, if I have this money, I need to spend it.” [36:48]
“You’re never going to be able to out save inflation. Your savings are literally making you poorer each and every day.” [38:27]
“You have to be the one now to go out of your way to start learning this, and thank God for YouTube because now we’ve decentralized education.” [42:21]
Follow Jaspreet Singh:
Website: https://theminoritymindset.com/about-us/
YouTube: https://www.youtube.com/channel/UCT3EznhW_CNFcfOlyDNTLLw
Instagram: https://www.instagram.com/minoritymindset/
Twitter: https://twitter.com/minoritym1ndset
Facebook: https://www.facebook.com/MinorityMindset/
Transcript
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| 1:04.8 | ASDA PANs must be spent at ASDA or online. Excludes.judge.com. |
| 1:08.3 | Why financial education is so important? It's because if you don't understand this, |
| 1:12.0 | you are going to get screwed over by the system. Because now, guess what you guess? |
| 1:15.6 | It's going to be more expensive. Your groceries are going to be more expensive. |
| 1:18.7 | Your home cost is going to be more expensive. The cost to do anything is going to cost you so much |
| 1:22.8 | more today. Next year, you'd have to do that. Well, your salary, hey, you got to raise what |
| 1:28.2 | you're actually broker now than you were before the raise because your raise isn't keeping up with inflation. |
| 1:36.3 | Just read over the next hour-ish you and I are going to snatch people from the jaws of poverty |
| 1:41.8 | you in. Let's do it man. All right, so I have a sincere belief that there are habits that keep |
... |
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