The 7 Wealth Killers That No One Talks About

[@MinorityMindset]

Join Market Briefs for FREE and get my daily financial newsletter: briefs.co/market/jaspreet WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS! There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through KZbin comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!

[@DavidNguyen-vh6nl]

Jaspreet, you need to drop that extra guacamole joke, no one is going to chipotle anymore

[@MaurizioTurco-t7g]

Can you make a video on how to build wealth at 60

[@SandipPatil009]

Khalistani mindset 😂

[@gavrielpapas773]

You remind my religious Jewish friends. The beard is the same, just with a different headset. The financial mindset is very similar and revolutionary: "Do you really need to buy an expensive car? What difference will it make in your life if you won't?"

[@davidbrooks8809]

Another wealth killer is having a partner that doesn't save or invest 😊

[@kitmarshall4084]

Divorce is a wealth killer as well

[@ozyrob1]

​@@kitmarshall4084 Like we say in Australia, buggered either way.

[@hi-tych]

Truth. 😂

[@yadveersingh3628]

People take it funny but you are very true

[@Someone12378]

Preach!

[@sevartt9046]

Something I learned many years ago from an older guy is to try and turn your home into a producer instead of a consumer. Meaning, plant fruit and nut trees, grow a garden, raise livestock, etc. I know not everyone is able to do all that, but even small things help at least a little.

[@derekhayter4879]

Ah yes. Buy a house. Pay up that mortgage. Easy. Get a farm. Might as well breed some horses too and drive that tractor to maximize efficiency. Yes, I will follow your lovely advice and put it into practical use my good sir! I can ever be grateful to you!

[@JVlk-tw6fs]

​@@derekhayter4879Hmm. I actually grow spices on my balcony in my appartment. That way I always have fresh celantro, basil, thyme, oregano, rosmary, sage. I also use mint, Lavander and sage to brew herbal teas. I hade cherry tomatos last year and I want to grow chily peper next year.

[@JVlk-tw6fs]

​@@derekhayter4879Oh. And salad leaves. It grows sooo fast.

[@NoBody-xx6ii]

💯

[@leelunk8235]

MAKE YOUR HOME A FARM..NO THANKS EINSTEIN

[@PabloMatsumoto]

The biggest wealth killer is choosing the wrong partner. It's not just about finding someone who is financially compatible, but the cost of divorce.

[@Geemeel1]

😅🙈

[@rajkapur8291]

💯

[@dslboiz]

Don’t get married

[@DuaneGeorge523]

The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.

[@VincentFranklin32]

Money invested is far better than money saved , when you invest it gives you the opportunity to increase your financial worth.

[@ChosenKhaza-]

It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

[@HannahMegan-uf3sh]

The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world.

[@simonmarc33]

Many individuals report success in investing in stocks,fx, yet I continue to struggle.Can somebody help me out or advise me on what to do?

[@JeremiahParker-]

Even with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.

[@edwallace2828]

Jaspreet, you are my favorite random guy on the internet! Thanks for all you do. I wish I had seen this when I was 40 years younger. Lots of great advice, especially being skeptical of financial advice and avoiding buying new cars. Been the victim once or twice.

[@soumenchakraborty2450]

I have an old 97 Corolla in a good looking condition, it’s a paid off car decades ago (thanks dad) I have no intention to buy a new car and be in debt however…… I just spent 300 dollars on a fancy stereo system with Apple CarPlay but in my defense I’ll keep using the car for years.

[@sandeephunjan]

SMART !

[@andrewmurrieta936]

Those cars are bulletproof!

[@krantiabinash6364]

​@@andrewmurrieta936 yes even they are death proof!

[@OLDGUY7301]

2002 xterra 2004 silverado Bought new and both paid for since 2008. Perfectly maintained. We're totally dept free. Even our mortgage.

[@joed5419]

With a car like that it probably makes it super easy to repel women, another notorious wealth killer

[@Drawingmylanguages]

I bought a house in 2020 for 130k, now it’s worth 230k. In 2019 I bought a 2005 Honda accord for $2500 now it’s worth 5,000 lol😂😂😂. Well, I put some work on the house and the car. Timing belt, water pump, suspensions, and things like that. I did it myself. My car is running now on 220k miles and it feels great. And the best thing is that I don’t have monthly payments. This channel has great advices. Thanks.

[@sg5127]

In a market collapse, downturn, whatever you want to call it, you should add a "C" = Do Nothing

[@Mrmajellan123]

2500 worth 5000? Who's appraising your hinda

[@Thz333]

Where do you people get the idea that the value of a house increases? Plot value might increase but house value only decreases.

[@leelunk8235]

CARS DONT APPRECIATE SO STOP LYING..250O TO 5K..YEA OK BUDDY

[@leelunk8235]

​@@Thz333BS

[@toddbowers418]

I learned most of these lessons 30 years ago from my grandparents. Always been frugal and realistic with my income and debt. No new cars, living within or even below my means, appreciation of used items, bought a small home with a low interest rate and started saving:putting aside a significant part of my paycheck aside. Not having kids has saved me a few $ too.

[@jrr7031]

Lol tell me you're single and don't date, without telling me.

[@janbloemendaal9299]

Another great video. Like how you bring out the fact that your house is a liability. One thing people don’t talk about is recasting your mortgage.

[@user-cg6fd4in1d]

A lot of people don't know about it. It doesn't make money for the banks.

[@justiceofharlem]

A lot of people say homes are a liability but as a black man 57 years old from Harlem nyc buying a home means you escape the projects murder jails gangs drugs yea it happens everywhere but not like I’ve seen buying a home means saving your life and your children’s lives ijs

[@gracieallen8285]

For those Amazon purchases I put them in my wish list. Usually I don’t buy them.

[@yogeshshirke8303]

me too❤❤

[@vernonpaigejr.1517]

I do that. Go back to it and be like naw, I don't want it.

[@celieboo]

That's a good idea. 😊

[@rcavprojects]

Depends if you need it critically

[@NedSpindle]

And don't buy extended warranties. If I added up the cost of every extended warranty I declined, it would be thousands more than what I lost from products that didn't last.

[@LavenderSystem69]

this tbh... it's become a running joke anytime i pick up a tool or a part or a smallish appliance, that if i were to fork out for the warranty, I'd be guaranteeing failure immediately after it expires. Better to just divert the warranty money into acquiring a slightly better SKU of the item that'll likely last even longer than to pay for a useless warranty

[@EchoBeach501]

Not only that, but if you do find yourself in a position where you need to claim on the warranty, there is usually some exceptions in the blurb where you are no covered. Mobile phones are a classic example:- my wife got stung when she was pickpocketed on the London Underground, but there was a caveat of you're not covered if you use public transport!

[@amandagish5976]

Usually I agree strongly, but I bought one for my car at the dealership. Two years later, my car had the check engine light come on. I took it to the dealer and they said, you need a new engine. I thought they were kidding, they were not. The warranty paid for the $6000 new engine. My engineer brother said, usually I think those things are crap but for once a warranty paid off. Anything else comes with a warranty, I decline so fast it makes your head spin.

[@jameskilrain38]

Normally,true.The salesperson are however getting commissions from selling extended warranties.

[@staybroncy]

I listen to a random guy on the internet, he's pretty savvy. Thanks Jaspreet!

[@Obeserundown]

Daycare is our biggest wealth suck.

[@kaylean39]

Facts!

[@Bobafe77a]

Is it perhaps more economical to stay home with the kids and try starting a fledgeling business from home?

[@Obeserundown]

@@Bobafe77a ah yes the mythical start your own business while watching kids full time. Need dual income to afford the mortgage where we live.

[@Obeserundown]

@@Bobafe77a nope need dual income to pay the mortgage. Watching children is a full time job, so there isn’t a lot of time to commit to then working another full time plus self employeed situation just to grub up the extra cash to make ends meet barely… when you have children you need a stable income.

[@derekhayter4879]

Jeez, you're sending your kids into a dark world by breeding. Global warming, overpopulation, inflation... I feel bad for these kids.

[@inigomontoya4135]

Most of my buying stuff on impulse came from being bored and also the need for some form of novelty/fulfillment. I found a cheap way to be fulfilled most of the time.... by going to all the libraries around my area. For me, I get the same dopamine hit by seeing what new books are in the New Books section. I'll get a bunch of books, read like half of them, and best of all.. learn and grow my mindset from all the new things I have learned (self improvement, mediation, mindfulness, finance, photography, travel, computer programming, cooking, the music industry, etc, etc). The best part is if I don't read (use) some of the books I check out, who cares? I didn't pay for them!

[@le13579]

Really living it up, there.

[@samuelbasye3508]

​@@le13579😅

[@inigomontoya4135]

@@le13579 Ha yeah! It can get mundane, but when I do spend on my hobbies (DJing, salsa dancing, cooking, photography), travel, and events, I am NOT frugal at all. Spend money on what you love and what improves your life.

[@damioncoke5072]

Minority Mindset has added a great deal to my financial education and I'm forever grateful.

[@WeBeatMedicare6969]

If cocaine and strippers didn’t make the list it’s incomplete

[@JS-bn4vx]

It’s a good time though

[@toomuchdebt5669]

That's an impulse buy.

[@markmower1746]

Are you the prince that got turned down for marriage by the beautiful princess?

[@clear_gray_sky539]

Everything in moderation

[@annyer262]

If you are the dealer or the pimp then they are money makers

[@jerrybarry3148]

I think a benefit of your choice of home is crime statistics and quality of school district. That’s a key thing that people pay up for rather than just the size of their home.

[@chikedemian2822]

100% true. If feel like school district is a scam.

[@albertnelson2868]

I really enjoy your content! Very smart

[@jasjordan1]

In the early 70s, the richest man I knew was the father of a friend. He lived in a modest house and drove a 63 Volvo. In the early 80s, I ran into him again. I knew it was him because it was the same car he had when I was a kid. He still lived in the same little house and he was still rich, lol. I learned that millions aren't usually the ones you see with the bling, they are the ones who look borderline homeless but buy their homes and cars in cash.

[@This.Is.My.Story.]

lol. You cracked me up 😂

[@chimmychikezie7259]

10+ years after, he is STILL rich. I love that...

[@GabrielDimude]

Exactly

[@scitec6166]

Still got the same car 😂

[@micro_my_blood]

Hope he's not Warren Buffet, is he?

[@silviasanchez5115]

Thank you, Jaspreet , my financial education with your videos has been a great investment. Have a wonderful day!!

[@Wendogic]

so would you recommend apartments/renting over buying a house?

[@redpill4431]

Yes, virtually everything I own is secondhand. It allows you to have the items that you normally would struggle to buy without finance . Look for the bargains , there are so many quality items that have been manufactured over the years, and it is a bonanza for those who know what they want and are looking at .

[@brookekathryn1980]

Got our car for free. Bought a used prius for the long term fuel savings after selling two, a 96 and a 98 Toyotas. The car got totaled in a parking lot and the value was almost 3X what we paid. Free car, extra money!

[@one_drag1502]

Just graduated high school and I’m glad I found this guy, really helpful stuff

[@jameskilrain38]

Yes,too bad ,they do not teach this stuff in school.

[@eugeniogibson172]

THANK YOU ! Your advice is AWESOME!

[@zuhawk15]

It’s hard to live in an apartment when you have kids and the rent keeps going up in some places. You don’t want to keep moving from apartment to apartment.

[@GrayDuckGaming]

Expenses go up every year for homeowners as well, property taxes, maintenance, repairs. You really need to increase your income add a faster rate than living expenses.

[@zuhawk15]

@@GrayDuckGaming yeah but the kids will be bouncing around to different schools.

[@GrayDuckGaming]

@@zuhawk15 if you keep moving out of the school zone, yeah.

[@snoopyroman3781]

@zuhawk15 if you keep making excuses instead of finding solutions you'll never grow.

[@kenny1514]

I'm a single father of two that has only ever lived in apartments since being a parent over 10 years ago. Apartments are just fine. The whole needing a single detached house, is purely a want, disguised as a need fuelled by decades of marketing since the 50s in North America. And as someone pointed out above, costs increase annually as a home owner. I rent in the city I live and I own a condo apartment in another city, which is rented out. I can tell you that my homeowner's costs have increased more in the past two years, than the rent I pay for the apartment I live in. Most homeowners are not transparent about the holding and operating costs of homeownership, they only talk about mortgage payments vs rent.

[@davidgriffin926]

the deals are out there. i found a retired subaru shade tree mechanic. does great restorations. 08 subaru. Great condition. heated seats. power everything. i paid $8k.

[@accountname1651]

Car: do you want to make BMW richer or yourself? Great summary: invest clever and make yourself richer

[@armydad9425]

The term 'Sleep on it' is not just a cliche. I have benefited from this time and time again.

[@Vegaautodiag254]

I have listened for the dia time ever on this Video and I have to tell you you’re Very Smart and seems like you have been listening to Dave Ramsey both of y’all are Money Smart and sharing all the knowledge it’s a Blessing for US humans… You have a new subscriber

[@davidd.8256]

During the gold rush in the United States, the guy that made the most money was the man that sold the picks, shovels, and pans. Let that sink in 😮

[@joe-zj8js]

Don't forget the working girls too

[@impyrobot]

@@joe-zj8js more likely the pimp rather than the girls themselves unfortunately

[@bock12341]

I really enjoyed your video… and, your personality. And, the information was very helpful. Thank you!!

[@ozyrob1]

I enjoy your presentations. Plenty of wisdom and good guidance. Thanks

[@Dhruvbrahm]

@Minority Mindset - you guys are doing an amazing job. Thanks for this wealth of knowledge- I am going to sit and listen to this again with my nine year old tonight. @Jaspreet - you’re nonstop and doing God’s work brother. God bless and best wishes.

[@kaylean39]

When someone tells you “it’s nobody’s fault”… it’s THEIR fault 😂😂

[@ralfdellen]

You can say all that louder, but not more clearly!👏🏻👏🏻👏🏻

[@mmirza01]

Great advise. Thanks brother

[@Salamander407]

New cars are a waste. Period.

[@joeylodes]

Not with my lane assist and adaptive cruise control. :) It’s like the extra guac 🥑 of driving. Haha

[@User-pu3lc]

Exception: buying new in the past few years. Used prices were so close to new model MSRP it actually sense to buy new

[@ecpeast8515]

@@joeylodesSometimes you can have both. Recently purchased a “gently used” 2021 Nissan Leaf with all those things at a 70% discount from new. I hate EV’s but it was a smart buy & worked for our family. Hope to drive this thang 10+yrs.

[@markmower1746]

Yeah my new BMW is getting me all the chicks though. Have fun with your hand. Loser.

[@maine6428]

I’ve been preaching that for years

[@tesshemschoot9139]

Thank you for sharing your experience to us😊appreciated it very much.

[@raffichowdury5752]

Most American love their big houses and big cars.

[@emello4you]

That's why they're broke & working till 90

[@dkatopodis1]

I sure do like them both!

[@sportsentertainmentco9877]

6:51 I feel like you are directly speaking to me😂😂 like not only financial wise, but the BMW maintenance😅

[@Geemeel1]

What a GREAT vid, I have put auto-saving for 15 Euro daily scheduled in my bank account from today on!! Thanks SO much for this great tip. 🙌🏽

[@Cbrmansc77]

Its amazing how spot on you are. As a advisor in the DMV market i want to give you alot of credit for your awareness for people who may not take things in consideration

[@ice319]

Never listen to a random guy on KZbin? Well, you've never steered me wrong, Jaspreet! 👍🏾👍🏾

[@globalautobahn1132]

I love that there’s a Bmw in the background. After the 11th time in the shop before I sold it. My friend and I figured that Bmw actually stands for “bought more worries”

[@bills1995vette]

In Illinois home prices are stagnant. Plus extremely high taxes keep them like that.

[@jameskilrain38]

I live in illinois,as well.

[@ooliissee]

I actually believe a used 3-5 year old car in good condition normally Toyota or Honda is a better purchase then a 8 or 10k beater. Why spend so much money on something that won’t last more than 5-8 years and you will have to pay for all of the significant repairs. It’s better to get a newer car with low miles and drive it into the ground. Then sell it to people looking for a “deal”.

[@chrismartirosyan]

Really good advices! Thanks Jaspreet

[@ellieynsunza5293]

eating at restaurants to often!

[@speedbird7976]

Indian restaurants 😂

[@Mcvida2222]

Good content ❤

[@Yoance]

Balance is key brother

[@stenbiller99]

I reaaaaaally appreciate this video and your channel. Thank you for this dose of what should be common sense , but hasn’t been for so many of us

[@rumbleinthebumble8180]

An asset brings in money. A liability costs money. Pretty simple

[@le13579]

Cars and education in moderation are the exception?

[@nishantranjan5720]

Where should I live? A smaller home I get it but how smaller ? I mean based on my monthly income how much percentage should I pay towards monthly mortgage? I get I can go as low as I can but what’s the ideal number

[@teresamuriniti5026]

House is a good investment, yes you spend money on it but in the long run you get it all back with property value going through the roof , it beats renting!!! I agree with not buying expensive cars and other senseless spending🤔

[@GoldChocobo77]

He just exained the value of your house will not always increase. Sometimes it decreases.

[@SonicBoomC98]

Being cheap in business is a killer. For example I knew some owners of two wrap and pita shops. They always ran their shops way understaffed and missed out on so much business that it cancelled any savings they got by working with fewer employees

[@EpharimPeter-sq8yo]

Thank you. Its really helpful to me.

[@laarnidr9608]

They keep increasing rent!!! Not only that, but we are responsible for maintaining the lawn, be regulated by HOA, although not having access to the neighborhoods amenities like the pool. One time the AC wasn’t working and it took them a couple of days to send out someone for repair. They hire contractors to do the job. I’m guessing they go for who is willing to do it for the cheapest price. We would have been willing to pay for repairs just to get it done but it is not our house. My friend owns a house and pays less monthly. He can also make repairs or any changes since he owns it. If, he wishes he can sell it in the future.

[@chqshaitan1]

Great video, excellent comments about buying cheap for professional services, which eventually develop into having to buy twice

[@albinocanu5878]

Jaspreet , thank you for existing ‼️ Top man ‼️

[@BrokenDucks17]

If you dont buy a house you have to rent . Is there any other escape ? If i wanted to live in a tent in the woods can i do that to save £700 a month rent money ?

[@Chris-l2k]

Thanks 🌠🌅

[@jamesrahn8339]

Oh man, im going to use that at work! " hey boss, it just got overlooked, not my fault, have a great day"! 😂

[@j.h.8196]

You are spot on man. Spot on.👍

[@JD59555]

You're a life saver thank you for the accountant story I would be absolutely FLOORED.

[@shawnbruce6934]

These videos are always so great. Thanks!

[@justinhunt4767]

If you are a business charge the market rates cheap customers are the worst they want the most for dirt pay.

[@adielstephenson2929]

I agree with most of this, but not about going cheap on accountants: you need a good, solid bookkkeeper, not a top accountancy firm that charges you massive fees every time they answer an email. It's worth thinking hard about these professional services and not paying for things you don't need.

[@jermainerobinson7098]

Great video love the last bit of advice well love all of the advice but the last bit is very true. Keep the videos coming l have subscribe 👏🏽👍🏽🤜🏽

[@123pronoob]

Great video

[@charleshunt3806]

I totally get that. My home is costing me money and I totally get that. It’s not making me money, but my mortgage is like $430 a month and in combination with the insurance and taxes what I am paying monthly to live in my home and you could even include utilities, but you’re gonna have to pay utilities if you’re in an apartment too, the amount it cost me per month to live in my home is significantly less than rent and at least I’ve bill my equity and that may matter in 30 years or whatever which is fine but eventually, I will pay the house off then my living per month cost and house will be a lot less it is way less than even without keeping maintenance. It’s still a lot cheaper for me to own my home because I bought an inexpensive house that’s big enough for me that I bought for $106,500. And there was no reason to buy bigger that wouldn’t make sense cause I don’t need bigger. Then again I didn’t buy the house to make money. I bought the house because it was cheaper to live in the rent and my mortgage won’t go up of course but my taxes well of course, but if you’re renting, you’re paying for the taxes through your rent so your rent still gonna go out of course, so at the end of the day for me buying a house I believe was a good financial decision, but like I said, I’m not looking at investment to make money

[@terryhsiao1745]

This is one of the best episodes ever !! Thank you

[@UnmannedsRandomStuff]

May I know what happen to market brief newsletter email? I stopped receiving them few days ago.

[@MinorityMindset]

We're still sending daily! Can you email us? [e-mail] and someone can assist

[@nishantmehta]

Even though i follow all of these, being indian. I still need to listen to Jaspreet once in a while to just reeducate myself. Its easy to loose way when you feel you are doing everything right.

[@truthprevailsalways1]

Thankyou veerji 🙏🏻

[@Curb-N-Sign]

Keep up the great work. We are listening

[@phranklinenglert7825]

Man, I love your videos.

[@DanishShaikh-i1q]

Love your work

[@KenyonSmith-cb6qu]

Jaspreet what are the top three stocks in your portfolio

[@clear_gray_sky539]

Great advice !!

[@JazzyArtKL]

Cool vid and good advice. You pay for quality service. That's an investment with ROI. Starbucks times 100 is still 500 dollars, bro. So, slight disagreement there.

[@DarthUr-zd2hp]

Being debt free is wealth . Not everyone lusts for money.

[@seph4667]

Lacking healthful habits and personal integrity destroy more than anybody can imagine.

[@MrForcat]

What a great video, this man knows!! I can confirm it is true, my father passed away when I was very young and left me the streets to run, made some of these mistakes but learnt net worth is the only important thing that leads you to freedom, aka early retirement.

[@carloslargaespada6051]

He's right!

[@TheMetalGaia]

Jaspreet, you're from Michigan?! That's awesome. Maybe I've seen you somewhere and didn't realize it 😂

[@deelehey2827]

Great video.

[@magnum567134]

For me, a car is much more function than a status symbol. Sure, it's nice to be in a car that looks good, but as long as it gets me where I need to go, that's the most important part. I'd much rather buy something outright and not have to worry about payments

[@ernieg]

THANK YOU!! I try to tell people but they say I’m crazy

[@Jesse615]

As far as the car goes, you are so correct! But, one can have their cake and eat it too. Buy a 3- 5-year-old Lexus. It's a luxury car that is built so well, that the cost of ownership (ie fixing it when it breaks) is very low. I own a 2008 ES 350. I got it with 106k miles on it, because that mileage on any car, is considered high, making the car cheaper (under $10k). But an ES will go another 100 or even 200k, easily! I've had it since 2018 and the only things I've had to do is replaced the battery and the brakes and rotors -- just normal wear-and-tear. And, in reality, most people cannot tell what model year your car is. Everyone THINKS I drive a late-model car. They never guess it's 16 years old.

[@robertcunningham9626]

Great advice across the board.

[@GabbarKaDost]

Is my jeep loosing value ?

[@aveganmentor]

Thank you!

[@MsSeptember15]

I don't get it used cars were once new cars , and also if you invest in real-estate you still have to pay taxes and pay for the up keep on it so I don't see that owning a home is any difference.

[@vagrawa1]

One point is which no one knows is whether they can afford it or not? This remains subjective and people make bad decisions. Another is emotional buying what i learnt from my experiences

[@reetaann5050]

Love this information

[@pawnzrtasty]

Yeah but my mortgage payment is less than rent. I still need a place to live. I’m never living in an apartment either. Going to start making double payments soon.

[@jameshunt4611]

6:17 someone has been talking to the GOAT Ramit Sethi!

[@vinayakpai4945]

Your wrist watch looks great.. What brand is it?

[@wm5994]

Timex. Tick tick tick tick tick BOOOM