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Welcome to the Minority Mindset!
Hi, my name is Jaspreet Singh & I created the Minority Mindset to motivate, teach, and inspire others to do what they want. While going to school and starting my businesses, I realized school is really good at teaching you to be an employee, but it doesn’t teach you to create value & it doesn’t teach you anything about financial literacy. That’s why we’re here. And, no, we are not trying to sell you one of those “bootcamps” or “masterclasses” on how to get rich.
A community of hustlers and entrepreneurs; we are on a mission to motivate, teach, and inspire entrepreneurs and hustlers to be the best they can be, because average sucks. Only a minority of people will risk it all to make their dreams a reality - will you? #ThinkMinority #FinancialLiteracy
Entrepreneurs | Hustlers | Innovators | Investors
There are a lot of people out there who claim to have the “secrets to getting rich” or tools that only wealthy people have. And guess what, you can have it all for only 19.99. I hate to break it to you but there are no secrets to getting rich. If you want to be rich or financially free, there are only two things you have to do and I am going to break it down for you.
What’s up everyone, my name is Jaspreet Singh and welcome to the Minority Mindset.
You’ve probably seen these people who claim to have the secrets to getting rich, but are actually trying to get rich by selling you the secrets on how to get rich.
Well if you want to be rich or financially free, there are two things you have to do and let’s go over them.
So the the first step is to make money or make more money. Well this is what drives a lot of people to go into business or entrepreneurship because of the opportunity to make a lot of money. But as we are going to see, just because you make a lot of money doesn’t necessarily mean you will be financially free.
Normally what happens is I make money from my job or business, it goes into my bank, and then this money comes to me. So I want to get something nice like a new car or a new boat, I have to work longer hours or put more time into my business. So what happens? I make more money here, more money goes into my bank, and more money comes to me.
So what is wrong with this model? The singer MC Hammer had a net worth of about 33 million dollars in 1991, but by 1996 he had to declare bankruptcy with 13 million dollars of unpaid debts, why? Because he had a lot of lavish spending and ran into some lawsuits that he didn’t expect.
But even making more money won’t solve the problem.
The billion. Bjorgolfur Gudmundsson went from billionaire to flat broke in one year.
He had a net worth of 1.1 billion. In 2008, Forbes even ranked him as the 1014th richest person in the world. That same year, after some bad spending choices, a down economy, and legal problems, Forbes re-valued his total net worth at 0 dollars. He later filed for bankruptcy and had unpaid debts of about 500 million pounds.
This is where step 2 comes into place. Step 2 make your money work for you This step is how rich people make money while they are sleeping. Because they have their money working for them.
Now when you make money, it goes into the bank, but instead of going directly to you, it gets redirected to this I box, we will call it your investment fund. Now what is supposed to happen, if you do it correctly, is that this will take your hard earned money and churn it into more money.
So now you have multiple streams of income. So if you get hit by a car and break your leg, you no longer have income from your job or business, but you still have your investments to fall back on.
A lot of people get scared when it comes to investing because they think I don’t have enough money to invest or I don’t know how. If you start off with just 3 dollars a day, and you invest those three days from the time you turn 21 until the time you turn 65, and you just try to meet the S&P 500 Index. Those 3 dollars will be worth more than $750,000 when you turn 65. So maybe that is some incentive to save your coffee money every morning.
And the great thing about compound investing, ifs that if you put in more money or invest at a more aggressive or higher interest interest rate. You actually make more money on your money, so your money grows a lot faster.
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