7 Habits That Keep 98% Of Americans Poor

[@MinorityMindset]

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[@Meow_Ag47]

I want to hear your opinion on buying gold/silver. You could be buying that iced coffee and avocado toast sure, but this is buying something that's essentially money so good/bad? Sure your money would be better off elsewhere where it can grow (invested) but this seems fine as a way to enjoy money spending while not losing money.

[@jimsbro]

I m grateful that I am at late 20’s, single, no debt, 800+ credit score. Financial education is a must at the young age.

[@Abraham.Lincoln22]

But do you have any wealth?

[@Whoamitoyou306]

What's your net worth though?

[@6feet6figures]

Stop the 🧢

[@animegeek3109]

My networth is over 500k but still landed in the shit hole that I was in lol💀 i was stupid af onfg

[@Bodangers]

How did you reach 800+ credit? I'm in my late 20s and have 760-780 with no late payments. Maybe if I pay off my car?

[@airplane381]

Speaking of cars, I just paid off my 2014 Toyota Corolla last year in October 2022. After that, I am staying out of Car Debt for good! 😉👍

[@Filterfinder]

lol you just need to learn to save money. Car payments are for not smart ppl

[@overk1llz]

​​@@Filterfinderi bought a 2004 corolla right before covid for 4k. I drive this car up and down California and even into mexico all the time. Its got 238k miles now but still runs like clock. With only basic maintenance and great on gas, i dont know what how i would survived without this car when i lost my job.

[@PeteCorp]

Yeah! I drive a 18 year old Toyota Corolla and proud of it! Bought it for $4k. The money saved goes into stocks and investments.

[@robmckee5295]

My 2003 Nissan Frontier will be old enough to drink next month.

[@swiftkarma4436]

Yep I drive a 2006 pontiac G6. Now I have to find a good old car for my graduate.

[@seanfobbs7575]

People will never change bro. People are more insecure than ever, and people will always buy stuff to use as a shield to protect fragile egos from the scrutiny or pain of people not thinking their successful

[@BrodeyDoverosx]

People would rather be sold a lie than told the truth.

[@Definitelyitsallgood]

I started listening minority mindset during the pandemic and I’m wayyyyy different than I used to be and yes now that my net value has risen with investments I made into a property… the most challenging thing is to know u have $ and value and not use it .. I mean I’m winning the mindset war but I’m just acknowledging that that’s where a lot of ppl will fail cause it’s really challenging

[@HedgeFundCIO]

Great. More money for me since they will be forced to work as slaves and I am the owner. See how that works?

[@tonycrosby913]

The sheeple

[@bluecrocks]

Thier ego is everything which is also thier same downfall

[@Ms.MD7]

That's exactly what I want to tell most ppl, "no one cares about your feelings". And btw, I still drive my paid off Toyota Corolla coz my biggest flex is that it's paid off 😅

[@Youngstomata]

Same although my flex is my insurance for the year is less than your monthly car payment

[@1st-qt9ce]

🤣 same.

[@Bodangers]

​@Youngstomata how?

[@Edgardo477]

The main problem is that most people don't care about anything other than soccer, basketball, music, etc. They think it's normal to have credit card debt because it's going to cost them 20% a year, but they think it's risky to put their money into investments and earn 10% or more a month. Learning how to avoid high-interest debt while learning how to make their money work for them by investing it is a very powerful combination.

[@TamaraGodina]

I am little late in planning my financial journey, spent on many appreciable assets till now and keeping my saved earnings in banks. This inspired me a lot and gives a great zeal to start a fresh

[@Edgardo477]

Can't advice you on the best approach i'm not a pro but will recommend you speak with an FA, Martha Cornell Kerns, credit to her constant advice and guidance

[@ArchieLatham502]

Facts over feelings

[@Chaim127]

definitely speaking with her. just hope this works for me, I've wanted to start investing for a few months but just haven't been brave enough to start due to the market so far this year, its hard to bite the bullet and do it

[@Edgardo477]

is never an easy step, it takes time and dedication

[@ciscoterres717]

whats astonishing to me is every morning on work days, there are 20+ cars in line at the Starbucks. Waiting 30 minutes to pay $10 for a coffee with flavorings.

[@robmckee5295]

That's why we should own their stock.

[@BruceLee-xn3nn]

When all the inflated unemployment benefits and stimulus checks were being handed out. There was a line out and down the highway at almost all fastfood drive thru every night of the week.

[@thechosenwon2207]

They’re entitled

[@bigjoe805]

Thank You. Your advice is priceless. No matter what income level someone is at, your advice resonates. I learn something new, or am reminded of the financial errors I’m making almost every video of yours. Please keep up the great work 👍🏻😊

[@harrycee656]

Balance is key. Waiting till you're 60 before enjoying life with 6-10M is also pointless. The example I use is, reasonably enjoying some splurge vacations or a sports car is different at age 40 is very different than at age 60.

[@iamme7664]

This..once the body starts slowly breaking down, vacations won’t be so enjoyable anymore. At 60 you might not want to do some of the physical activities or other things you would have done on vacation if you were 30-40.

[@Youngstomata]

Once I visited a few third world countries I found out every day in America is a vacation for me. Hey safe drinking water and air conditioning! A warm shower! Health care! These are things many people will never achieve.

[@KnowledgeIsComfort]

I think the key is investing early so that compound interest can work in your favor and then you can retire early and enjoy vacations, etc without credit, payments or I added interest

[@BruceLee-xn3nn]

Someone saying you need several million in the back for retirement age sounds like a banker. WTF is the sense in having that much and dieing before you spend it.

[@S.s.s_88]

​@BuceLee-xn3nn 😂😂😂😂😂

[@DanKohan]

We sometimes worry a lot about small spending, like buying coffee every day. But this story shows that big spending decisions, like vacations, matter much more in the long run. So, it's good to keep an eye on the big money choices and not stress too much about the little things

[@LarsonFamilyFarm-LLC]

Geeish, $ 729, $529...last time i purchased a new car it was $209./month for 36 months. I drive old vehicles 1989 & 1998 now.

[@saeedhossain6099]

not meant as a knock at all, but do you live in the non rust belt, to have a 1989 car in the NY tristate is almost impossible just because of rust. it's unfortunate. a 1996 is totally possible though.

[@richhands5269]

My three favorite channels: Minority Mindset, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥

[@asecdsi4009]

Thanks for the recommendation

[@ji5454]

Thanks

[@DiamondCrushIvory]

This is gooood….TIME will always continue to Forge forward, but our decisions will stand where they are. Continue to listen to this teacher here and you will get far ahead💃🏾💃🏾

[@roadtoscratchgolf3481]

Excellent video, Jaspreet. I hope the younger generations pay close attention and do as you say. I’m not convinced they will, but the knowledge is there for them. Thanks for sharing. Cheers.

[@benjaminmeza5372]

I own five cars. But the beauty about owning old paid off cars is you can have more of them. They all run perfectly and I do my own maintenance. I don't care to buy another car or especially not another truck. Now every month I can sock away another $600 on top of whatever else I'm saving. I love going to the grocery store in one of my cars that's missing paint and the drivers next to me have car payments and they think I'm poor.😂

[@WISHBONEL7]

" Point A to point B "

[@edhcb9359]

Didn’t buy my home as an investment. Bought it as a place to live. But now that it’s paid off and I have over a million in equity while others pay ridiculous rent or high interest rates I have to admit it feels like it was a great investment. 🤷🏻‍♂️

[@theresasmith1]

Good call as property tax and insurance rates will skyrocket. Many are losing their homes .

[@edhcb9359]

@@theresasmith1 Live in California so property taxes are not skyrocketing. Insurance cost has remained steady🤞

[@libbywish7123]

I appreciate your videos so much. I’m trying to learn to invest at 52 years. I drive a 2002 Toyota Camry with 200,000+ miles. I’m desperately trying to dig out of student loans and try to build a better future for myself and my family. I was a single mom so I’m getting a late start on all of this. I’m so grateful for all the information you keep sharing. Please keep it coming because learning and building a better future is more important to me than having expensive or brand name things.

[@6feet6figures]

You might as well give up and start traveling the world

[@cloudhardeep]

Realization is the first step

[@DetroitNinja]

stop buying everything with credit. Pay in cash.

[@6feet6figures]

I save cash pay everything with credit pay the credit bill later

[@wyw201]

Exact opposite, pay on credit, use cash to invest. Pay off credit card the day before balance is due.

[@BruceLee-xn3nn]

Credit is given out too easy today.

[@6feet6figures]

@@BruceLee-xn3nnyeah because it’s a easy way to put people in debt with interest

[@shekumorristarawallie6223]

Great insights yet again sir. Most people pay less attention to their money. No plans (personal budget) at all. So, there's mostly no provision for savings (something to lean on during rainy days) or investments. All we focus on is earning/taking debts and spending. Spend, spend, spend!! Quite a dangerous lifestyle. I've honestly come to grow my financial awareness exponentially since I started watching your videos and similar content. I'm grateful.

[@thackett7165]

OMG I hated listening to this - because the truth hurts! He is 100% on point on what we need to do to obtain wealth.

[@junkermans5836]

Jaspreet, this is one of my favorite videos I have saved. You make so much sense and I wish I had listed to you many years ago. My regret was I did not invest earlier in my life. I drive a used car with no payment. My wife started watching you! WOW! Sky will fall!

[@harrycee656]

Thank you for dispelling the home is an investment mindset. I recently calculated how much of an investment my house has been at its sale price. It ended up being around the same as having $350 rent over the last decade+. That is with the house appreciation of 60%. It was still better than spending 1000-1250 per month on rent for 70% of the living space. Like you have said, a home is to build memories it's not an investment.

[@fuckingstupidthatihavetoma2528]

your personal home may not be a great investment, but investment homes are investments... I've been renting out my old townhouse for 3300 a month - 2000 mortgage. 1300 of profit minus taxes and expenses so lets say 1000 a month. Plus they're paying my mortgage and building equity, so 1000 cash and 1000 equity gained every month. Been doing this for 10 years and once it's paid off I can either enjoy the 3300 a month profit or I can sell it can get a lump sum 650k. either way that's when I retire

[@luisprieto4589]

If you buy smart and not burn all your cash on your dream home, it is an investment. I mean, rent is as much as a mortgage where I live and you don't see any appreciation. The key is to buy what you need and buy low. There are obviously much better investments, but a roof over your head is a necessity.

[@danpurvis2798]

One of the clearest finance videos I’ve seen, thank you

[@nelsonpagel2175]

Exactly! People need to be aware of what their role is in this capitalist society, the system wants you to spend your money to keep the system running. It's your responsibility to look out for your own future: save, invest. Try to see the "timeline"... where you were years ago, where you are now, where do you want to be 20-30 years from now. You have to stay ahead of the dollars depreciation: everything is just going to get more expensive. (I remember when a candy bar was .25 cents!). Have fun during the journey but don't over do it.

[@Starship007]

Working for your money and rewarded with a W2. Money working for you through investing means lowest tax responsibility. I grew up with no credit cards. Cash is king vs credit cards subsidizing your lifestyle above your real means

[@AaronHernandez-ko6rr]

You are awesome Jaspreet! Thank you for all you do

[@dheff109]

except one rental proptery is not enough to pay for primary home....

[@Gingerbread956]

Thanks for sharing the video. We need to learn how take care the money not going after luxury brands that you can not afford

[@Starship007]

So many people overspend on weddings , etc. some wedding costs could be used down payment on a home. I was married by a JP at a nice area with no friends then we had a party afterwards at a club.

[@rebecarojas4264]

Financing my car and the insurance is making me poor!😢 hopefully can pay off next year.

[@marvisrodgers7091]

I love this video. You broke this down so that a baby can understand the principles. This is awesome! Thank you.

[@ABasedTohan]

You are preaching, props to you for this video, subbing

[@marcelotoniolo4434]

Great video. One of the best explanations that I have ever seen. Well done and keep going with this great work. I have just subscribed.

[@jimb.942]

Well said my brother. The problem is that I agree with your philosophy, but getting other people in your family on board is another thing.

[@jakekidd6431]

Feels good to hear this I bought a used rx because the highlander cost more.

[@Starship007]

One advantage with retirement is your the bank. You do not need a regular bank. Very gratifying.

[@Starship007]

Maintenance on home 1-3% of purchase price. Home is a liability until you sell and find out actual worth. Net wealth does not include home values. Wealth is how much you can write a check today, cash in bank plus investments. Home takes awhile to sell. You never want to be married to a mortgage. A home is just a place to live.

[@Sabrina-od4mr]

Such Wisdom!

[@mdvr4125]

Super informational and great video - live within your means. Credit lines are not an extension of your income. Treat it as such

[@outdoortherapy6596]

Jaspreet can you do a video for us older folk as not all of us are still young. I'm 50 what do I do is it too late.

[@2011dsc]

Great video good information keep doing what you are doing bro. Thank u

[@deborahcaldwell9775]

Wonderful to see and hear you again.

[@nicolasdesjardins9751]

ty jasp

[@DarkClosetOfTheMind]

Great video, I forwarded it to my kids.

[@BoldJonathan]

Yup great point about feelings. Overall great video thank you

[@fabianvictoria-moreno3008]

I wish I understood the stock market

[@shawngibson7514]

Your home is a Liability not an investment. A lot of people forgot about what happened in 2008.

[@BelovedbyHim]

Student loans? Does making payments on student loans affect chances of buying a home?

[@DavidLee-ob5lv]

My question to Jaspreet is if you don’t pay the mortgage, do you have to pay rent to the landlord instead who pay the mortgage and earn appreciation? The house is not as same ad the car became one is an appreciated asset and car is not. Besides that, you have to have a place to live, but you don’t have to have a nice car which is an option. Regarding to the rental properties, we are the tenets and landlords at the same time if you own a house which is our first “ rental property “ .

[@SuzanneU]

Have you calculated all the costs of repair, maintenance, and renovation of your home? Have you added in property taxes? You may find that when you deduct these phantom costs from the appreciated value of your home, you have a much lower return over investment, have broken even, or even lost money. Your equity isn't actuality money in your pocket until you sell the property. When you sell , everybody else's properties have appreciated too! Could you buy another house for less than your profit from the sale of your house? I like having a paid off house. It gives me a strong sense of security. However, one must run the numbers!!

[@turfdome2075]

Living in NYC you mind as well live in a home rent in NYC is dam near 3,000 a month

[@hanqingliu977]

Believe me Jaspreet is living in his house with/without mortgage, definitely not in someone else rental property.@@SuzanneU

[@nicolewilson2567]

Thank you for sharing this great information 😊

[@perlamaru6751]

Starbuck is a money earing machine i buy a big can of coffee ☕️ for about 0.25 at day not $4 a day

[@jmartinianovlogging1482]

thank you for your time Sir!!!

[@gregackrill3972]

Lots of people use the excuse that they buy new cars for reliability. I only spent more than $6000 on a car one time in my life, and that more expensive car (which was still on factory warranty when I bought it) was also my most unreliable vehicle.

[@stuartlancaster7808]

Are there any downsides or risks to owning a rental?

[@Starship007]

Many still without healthcare. Copays, deductibles, and out of pocket adds up. One trauma or illness a at from bankruptcy without healthcare insurance. Energy prices increasing home and car

[@sdanjack]

I wish videos like yours were around 30yrs ago when I was in my 20s! Thankfully, I learned the value of credit, savings, etc. before I reached 40s!! You're right about time, the sooner you start, the better! What's happening is some people are spending their money on what they want, and then setting up gofundmes to play of the sympathy of others with these pitiful made up stories!!.

[@S.s.s_88]

💯

[@jakeg2307]

Great video! So many excellent points. I have for YEARS said that a home is a liability. At the end, you paid more for it than its worth. Costs: insurance, taxes, maintenance, interest on mortgage, upgrades, etc etc, all add up to be more than the home will be worth.

[@linaphatcha4736]

Thank you so much

[@shagundeepkaur01]

I need your advice , I’m turning 27 next year, just got Canadian residency only so far, I graduated from university. I’m still doing the same job which is not part of my education. I’m feeling not so happy as I am still far away from my career ( pilot) and not saving for marriage. I’m four years I am hitting 30s. Really worried about my future. In a hope of life changing advice 🙏

[@Bodangers]

Marriage shouldn't be expensive. Do a small wedding. Invest the else into your future to be a pilot. They make so much!

[@curtismorgan6234]

Ty J.S. for a great session. 👍

[@luisprieto4589]

A lot of people spend $8 at the espresso every morning, $20 for lunch, and then eat out almost every evening. Its so much less money to make your own coffee and actually cook most of your food.

[@ayanaatthrivebewhole]

I just want to highlight something that is extremely important here that is missing. I've been a teacher for the last 15 years. There's no financial education offered across the board so most people don't learn these things, I know that I didn't. I certainly didn't get anything. Also, an extremely important thing that's missing from this is the real reason that so many Americans are living paycheck to paycheck. Yes, there are personal choices that are impacting, but if you look at the research, paychecks have not gone up to match expenses, and inflation. Since the 1970s, it's expenses have greatly surpassed it, making most people have to work multiple jobs and get multiple sources of income. We are living in a day and age, where college prices are out of control in a way that they weren't for previous generations, housing as well, etc. The current generations are in a worse off place financially than former generations. All of that has to do with political decisions that have negatively impacted as, and positively impacted the few. That is a really important part of what is missing. Back in the day, you could have one income that supports an entire family, but now when income barely supports one person. That is also an incredibly important part to include. It's very important though. We don't only fall into the trap of demonizing people for their habits, because if we think that way, it keeps us from targeting the societal problems as well. The problem is nuanced and requires multiple solutions.

[@outdoortherapy6596]

I will also add that through the means of the internet that wasn't around when I was young there simply wasn't this information available. Not only that it wasn't easy to buy shares either, now you can just open an online account and start buying shares, in my youth this simply wasn't possible as there was no internet.

[@benjaminmeza5372]

To me it almost sounds better off just to save your money and find a cheap place to rent. Sounds like more of a hassle and a loss to the banks to own a home.

[@gif24gt60]

Yep

[@Adnan-Masood]

Simplicity is the biggest luxury. When u stop seeking validation and impressing others nd stop giving a fuck about what ppl think ur life becomes so peaceful nd stress free and dump social media as well that also helps a lot.

[@nukezat]

8k for a used corolla or camry? Maybe in 2019 but not now.

[@erobsessedk1298]

lol ridiculous with these experts

[@BruceLee-xn3nn]

There's a 90 model for sale on marketplace for 1,200.

[@willylowman99]

1997 -2006 model year platforms were the longest lasting Camrys and Corollas. He’s not talking about newer vehicles. Drive old and you’ll save big.

[@ourjourneyhome3690]

I was just told by a person that just bought their home thats paying $6k a month for mortgage only $860 something is only going towards the principal and the rest is going towards the interest rate. I said no no no. Thats horrible

[@Anglophile2012]

Your honesty is outstanding

[@Lafrm1600]

Going to buy a Lexus Is350 ( luxury toyota) and put money into it.

[@400PV]

Thanks.

[@ajr993]

9:45 your argument here makes no sense. You always have to live somewhere, so when you live in a home you can think of the "rental income" as the cost of what it would take to rent something. If you bought a house to rent it out instead of just living there, not only is your insurance l, property tax, and mortgage interest rate going to be a lot higher, but you're still paying rent. So if you made 1500 in rental income but spent 1500 in rent, it's a wash, except now you have to pay the rental mortgage on top of that which is much more expensive than had you personally lived in it. Neverminded the fact that tenants suck and tenants will treat the property much worse than you would treat the home you own, so you'll be paying a lot more in repairs and maintenance.

[@iQamarAmerica]

Thank you Sir.

[@mikeazriel5116]

Im gonna download this book and see what its about also I thought the same thing influencers aren't even paying taxes on most these apps it's crazy.

[@misterj3133]

Where are you getting a decent used anything for $8k....i really need to know

[@predatorishi]

You just need to get off ur ass. Which obviously kids these don’t do. Too much Instagram

[@charlesmartin783]

Great content

[@shadowowner193]

Needed to hear this

[@rfink222]

Used cars have a lot more maintenance and are not much cheaper than owning newer cars. Your home can be a great investment. There are no cut and dried rules for everyone. Every one’s situation is unique. Building wealth is not a good goal anyway. Life is not about getting rich.

[@702prodigy]

thanks for telling it like it is

[@Starship007]

With youth you will See market corrections but with TIME your money grows back even stronger. NEVER pull out of the market during a correction. You will lose.. over TIME you will pick up that loss. Our government supports the market as it’s invested also. Yes, starting $100/month in your twenties vs someone investing $5000/month in their 50’s trying to catch up to the 20 year old investor over 30 years.

[@Starship007]

10%/year compounded every year. Day traders are risk takers vs long term investors

[@shantakoa8596]

I got a regular car that take regular gas with regular cheapest car insurance

[@bosskobe]

I agree with everything that was said with the exception that you shouldn’t buy an expensive car. If you can afford it and pay it off. You now own a paid off nice vehicle.

[@BrockOBauma]

It always gets me when people have nice new cars... in the parking lot of the apartment complex they live in.

[@Jeremycoxloa]

What do I do if I’m 10k negative equity in my car, that I pay 693 a month for, don’t have enough cash to buy a used car?

[@bonniegaither3994]

Well, I have a rental property (inherited) and I’m spending more in repairs than what I’m getting in rental income. The house is only 30 years old.

[@ItsaRomethingeveryday]

Exactly why I bought two used vehicles for $2600 in full ,no payments I own both

[@slim.jimmie6529]

Great video!

[@richarddoyle3420]

Re: European vs USA vs Asia - The cost of maintenance on American cars is $ for $ higher. Ask the price for a simple oil change. Mechanics will roll their eyes 'Please, not any (insert US vehicle)'!!! Why? The design is antithesis to self-reliance, thus difficult maintenance.

[@kimallnaturelle]

Last year, I was in a horrible car accident. Had only $1K left to pay off my used car. Now I'm back with a car payment. I'm so mad, BUT due to mechanical failures, I preferred to buy new. But also reasonable. Bought a reliable and reasonably priced maintenanced car. I'm throwing everything from my 2nd income source to get that note paid off.

[@spiderman8632]

100% !!! great stuff!!!

[@blkgostnone4092]

10:08 you still have repair costs with rental properties too….unless you’re a slum lord Not to mention finding reliable tenants

[@peterbedford2610]

Read " millionaire Next Door"

[@fatchungus5255]

I’m lucky and grateful to be in my mid 30s making 130k a year, no debt, living a bachelor life in San Diego & living a nice neighborhood in my home that I bought and paid off thanks to an investment I made in my 20s. Life is good

[@Sebastianlopez519]

Gold content brother 🤙🏼

[@woo3131]

Not my Honda payment

[@spowe1979]

I turned my pool house into a studio apartment back in 2017. $900 a month then, $1200 now. I could have took the 28k I came into and dropped it on a new car. I figured this investment would pay for my nice BMW in perpetuity. I drive a beemer with a low interest rate. I have the means to pay for it. Still I feel bad, thinking of all the money I could save. But I love a nice vehicle.

[@hp7639]

your love for nice things will keep you poor

[@bosskobe]

No his love for nice things will not keep him poor, there are people who in fact can afford nice things, so once he pays off that nice car..he now owns it. So then Congratulations you now own a very nice vehicle. There’s nothing wrong with that.

[@Jerry671]

Changing my financial mindset to be a minority, all the way from Guam 🤙

[@Ms.MD7]

Hafa Adai brother. My childhood was in Guam now living in Vegas. Miss the island so much.

[@jamichealgates]

14:01 I wish I knew this in my twenty. I'm thirty three now

[@mikeemmons4328]

"Smart homeowner" is spot on!

[@jdonez8347]

I make 50k a yr before tax, how much home can I afford 😅, any advice is much appreciated, I dnt want to rent have 50k for down and 10k for closing...750+ score just have no life direction...no debts...

[@ogkhud]

I drive a bmw 2011 bmw 328i and the cost of ownership is so much lower than it is for my sisters honda civic

[@ronaldramsumair938]

You are great