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Does UA-cam offer a pension? Just say'n. Might want to look at the employment opportunities offered in today's world. Oh 8 million subscribers you don't need any help bro. Why don't you try helping others? Just say'n.
This advice should be reframed as "Don't buy a house you can't afford". I bought my house earlier this year and I have never felt so much stability in my life. I ran the numbers endlessly and stuck to my budget so I wouldn't be house poor. Being house poor prevents you from building wealth, not the sole act of buying a house.
Your mortgage doesn’t go up as fast as your earning potential can though. Said another way: I can keep climbing the ladder and making more money faster than my property taxes will rise.
Where will you live, will you rent? Because everyone says that but never say I rent or don’t rent so don’t buy a house because you can make more money than what that house will get you in the end. I bought a house 127k my sister rents and pays the same as what I pay mortgage and insurance together. When I sell this house I get whatever the house is sold for minus what I owe the bank. My sister that rents can’t get anything at all not even their deposit. I will always buy a house instead of renting.
I wished people watched the whole episode before commenting. For starters, he never said to not buy a house. He said to not buy a house you can't afford and explained what affording meant. As someone who's looking into buying a house, I have seen my friends buy homes they can't afford and as a result are house poor. Sure they're saving some by not renting but they've pretty much sacrificing everything to pay the bills. This is the first time I came across him, and unlike the wanna be financial gurus, he seems to speak with clarity in simple words and keeps it factual instead of hyping things off. He comes off as a kind human being who genuinely wants ppl to grow and do well, just like he has done for himself. And one last thing I liked about him was that he keeps using the word 'wealth' instead of 'rich.' Good stuff 👍.
Forget the nice car, fancy clothes, impressing people that are in forever debt. Only impress your net worth. It's a lonely mindset until you roll in the circles of like minded ppl period. You are the people u spend the most time with. In 14 years I bought my home outright, I own my car. I just have to pay property taxes. My solar pays my electric bill. I can literally live on 1k per month income.
You guys talk about a wife/partner as a liability. And women play into it because they are taught from a young age to “marry well”. I married at 19 and after 13 years of getting him through college he decides he’s unhappy leaves the marriage and me with two kids. After that I decided I would never allow myself to be at the mercy of another’s whims. I worked two,jobs went to school at night got my accounting degree then a law degree. Today I am married to a wonderful person who worked hard and supported me in building my business. After 12 years we sold my business and invested 80% and used 20% to buy a nice home and a vacation home on the beach all debt free. This is true generational wealth.
@@jjmartin6422It seems like waiting to get married bites men too. If you get married later you're less likely to have a partner that builds with you and more likely to be looking through partners who are evaluating what you built.
Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
My outlook on money changed when I realized that is better to invest on or before retirement, some people are just putting £15k or £20k With the current market movement at the end of the year they are making millions.
Elizabeth Regina Nelson has really set the standard for others to follow, we love her here in the Uk 🇬🇧 as she has been really helpful and changed lots of life's.
We need more people like this telling us truth! Just finished reading Hidden Manifestation by Oliver Mercer. Its fascinating what they hide from society.
It’s amazing how much our beliefs they teach us around money hold us back. How is nobody talking about 'Forbidden Laws of Wealth' by Victor Hayes, it really opens your eyes.
Its always interesting reading comments on videos that talk about these things. So many people are so biased towards owning their home that they ignor the maths and dont even give the maths a chance. Maths dont lie people....sometimes its financially beneficial to buy your house.. sometimes its financially beneficial to rent a house. There's always other factors...but always remember to do the maths first!
Facts. One person's numbers is gonna be different from another person's numbers. If I'm making $20K a year and you're making $200K a year, we ain't working with the same numbers.
My favorite part of the numbers: when you own a home, no one is gonna raise the rent. I’ll take that (and the fact ownership has hidden costs most people don’t plan for) over sudden increases. Also no one is gonna yell at me when I decide to remodel😂. *acknowledge that taxes increase but not like my rent did one year by increasing my rent from 1000 to 1500 + the hidden costs like sudden failure of major appliances or need for structural repair*
Maths don’t lie. It’s even better to own a home that you rent to others. My sister-in-law managed to finally pay off her house, although she nearly lost it during the pandemic. She now lives with an elderly relative and rents that other home out. Money in the bank every month for her retirement, and a property to sell if she needs to. The thing people forget about real estate is that it’s real. It has actual value, unlike a currency.
“Don’t buy a house!” I just bought a house and my mortgage is cheaper than my rent. I’m kinda tired of all these “financial gurus” coming along and pushing fear tactics disguised as advice. These people are NOT saying this for your own benefit. They don’t want you to buy a home because THEY want to stockpile the housing inventory for themselves.
Exactly! The advice should be reframed as "Don't buy a house you can't afford". I bought my house earlier this year and I have never felt so much stability in my life. I ran the numbers endlessly and stuck to my budget so I wouldn't be house poor. Being house poor prevents you from building wealth, not the sole act of buying a house.
You'll love this REAL smart financial sense--ways to pay off your mortgage in 7yrs! I so wish I knew this process (taught by VANNtastic!) when I still owned my home--(before Wells Fargo stole it!) BUT now that I know better-- I will be doing this with my soon to be new home ❤️🔥 Best to all🕊️ ua-cam.com/video/wObG9btLHh8/v-deo.htmlsi=Tebar_njIV4kjYK5
Renting is a very tricky business. You will often get tenants who don't pay rent and the eviction is a very lengthy and expensive process. Being a landlord is usually more trouble than it's worth.
They had a poll in Finland and I am not kidding. They asked the general population what they think is the most likely way for a person to accumulate wealth. The absolute majority said "Winning the lottery".
Unbelievable! I listened to Dave Ramsey every single day, and saved 23,000 in 4 years, I just did what he said. I was a low paid school teacher here in Florida.
I am super psyched about this. After Ramit Sethi, Jasprit is my main money guy for financial literacy. I'm so glad you brought him on the show. Even if I've heard everything he has to say, I'm watching all the way through!
there was an interesting experiment in the UK a decade or so ago (I think by the BBC), where they tested Brits who consider themselves lucky and Brits who said they do not have any luck. They put them (unknowingly) in scripted scenarios, where they would for example find a 10 pound note on the street, while walking to a different place (not even knowing it was part of the test). Those who considered themselves lucky, found the 10 pound note and started to explain how it is proof that they are lucky. Those who considered themselves unlucky, walked past the bill and did not even see it. If your brain does not expect anything good, it won't look for anything good and you won't find anything good. That's an important lesson here. This is how mindset matters.
Mindset, what Jaspreet preaches a lot. It does help that my current job makes me over 6 figures, but I still spend as if I were making less than half of that. More money does not mean more spending. Being more mindful with my finances and educated on how to make it work for me has helped a lot. Wealthy? No. Secure? Absolutely 😊
Shows like this that show the average person how to grow money similar to what they are working are pure gold. Thank you!! Many times shows go over how to grow existing wealth and not from a humble beginning. Best wishes all!
We bought our first home in 2019 for 179k ($1000 down with new homebuyer program in Idaho) and sold it in 2021 for 350k and then moved to Mississippi and bought an acre with a cute house on it for cash. Not the easiest path but we did turn our first home purchase into an asset. We basically lived in it for free. My only regret is we didn’t do it sooner. We rented for ten years and that money is gone and the landlords treated us like garbage- made us move twice when I had a brand new baby or was big pregnant. If we’d bought sooner we’d have been in a million dollar home when we sold in 2021.
We bought our current house in 2016. It would now cost us twice our monthly mortgage payment to rent a comparable house in the local area. After less than 25 years of payments we'll never have to pay another mortgage payment but if we were renting we'd still be paying and have had 25+ years of rent increases. Without my house I'd be facing homelessness in old age on a meager pension.
It's amazing we aren't taught finance and economics in school. People also don't educate themselves. 2000 for an emergency fund is nowhere near enough unless you have bank of mum and dad.
I live alone and live in a two bedroomed house I bought for £60k back in 2013 when I was only making £1000 per month after tax. A do'er upper and drive a £4k Volvo. I live in a very secluded area where high earning jobs are overly satiated with applicants every time. I save £1000 per month with my current job and my house is already worth £100k in the 10 years I've owned it and only have £20k left to pay on the mortgage. But I'm happy being here. I don't need to move up on the property ladder. I only make £44k a year here in the UK which isn't that much at all and I work 12 hour shifts.
I would suggest you to consider getting on the property ladder and slowly decreasing the amount of time you work. Your growth is a great but don’t ever stop growing you have potential so please don’t stop yourself from achieving more.
In my experience, it's the people that grew up wealthy and don't need to "catch up" on life experiences that have the easiest time keeping their standard of living down for future wealth. For everyone else, it's the little pleasures that keep people sane. Sure, nobody should be spending half their income on things they don't need, but at some.point that amount is so small that it basically doesn't matter. Saving a dollar is not going to get you what you hope to have out of life. Choosing to not buy a cup of coffee doesn't mean you can afford a house. At some point, the wealth disparity is so high, all the suggestions of gurus is wasted. I think we are there now
I think this is a great conversation but I think there is one point that is completely overlooked specially around the example about the frugal friend. The host does not know how happy this person is. Yes, it is good to save, and you should, but if you only save and don’t spend money on experiences, friends, family and things you love, are you ultimately happy? Or will your life finally kick in at 50-60 when you retire and you finally get to enjoy your money. We have to consider that there is a balance to this. Sure, spending incessantly is bad, but so is saving unnecessarily.
Mostly is true but the longer we live the more opportunities are closing down as less and less assets are left for us to buy as we slowly turning in same way we lived past 2000 years when few own everything and we use their assets. Ww2 changed that and redistributed all assets. Unless there will be another asset redistribution we won't be wealthy as such.
They should keep saying ‚only in USA’… honestly - all this is sooo different in Europe. ‚Moving costs’ - absolutely ridiculous - do it yourself! I bought a house 5 years ago for 125k€. Was paying 550€ mortgage - if I would be renting it I would be paying around 1-1,5k€. Now sold it for 225k€. 100k€ + 5 years of saving almost 1k€… do the math yourself. I don’t think I could get better deal.
I bought a home 28 years ago for $150k, $560 a month mortgage. Yeah, I've made some "principle only" payments, but most of my excess earnings went to medical costs, travel (you have to have a few good memories in life) and savings. If I were to rent my home today it would cost around $3,000 a month. No regrets.
:-) same here. bought a house 12 years ago. sold it now for almost twice the price. bought for 360k, sold for 650k+. now i can work half the week, still earn 2500+ net / month. just have a small flat. but i can go hiking half a day. means the world for me. 48 years old, still have no car, no e-bike, dont need to fly around the world. from the materalistic point of view, i am poor. :-)
@HansRosenthal1 uhm, 12 years ago. Things have changed. Who can buy a house in Europe for 650k. Are you kidding me? Only rich people from Russia and Israel.
Great chat. I don’t agree with house renting, buying a mug is a terrible comparison. People should know one thing, the ability to grow wealth is dependant on how much you spend, NOT how much you earn. And, we are not educated financially because we have to be kept desperate so we keep doing awful jobs to keep the wheels of society turning.
I dont understand his line of thought. He's relying on a bunch on constants that aren't constants. For eg; his explanation on passing on your house to your kids means that person needs to have kids in the first place... When we know that isn't always the case. I dont have kids, my house has tripled in value and the maintenance is low.. so all his points are completely bunk. There are too many unknowns with these things and its the same old story with these "gurus" where they rely on selling books or some 5 step program so he can make his own wealth based on shoddy advice
You're too invested into the conversation. There is not a one size fits all approach. The line of thinking he is illustrating is from one who doesn't understand the principals of money.
Hahaha ! Just start a business people, it’s sooooo simple !! 😂😂😂 Give us a break : do you know the proportion of businesses that fail ?? Do you know what it takes to buy good properties ? Do you know what stocks to pick to make your money grow ? Each and every one of these domains are incredibly complex and will demand 100% of your time and energy. Which is quasi impossible. Most rich people are born rich, the others have stroked gold by starting the right business at the right time and working 80 hours a week with no life of their own. Be real, don’t sell dreams and oversimplified lies to people just so that YOU can get rich !
In europe yes, the rich there are mostly born rich, its difficult to create wealth in european union because it is more socialist than it is capitalist, in the USA most wealth isnt inherited. Jaspreet singh is an example hes not rich, he came to america and now he is rich, theres alot of rich people in the US they are just silent and pretend to be poor, but i know alot of them and by wealthy i mean they can afford a certain lifestyle without their job. If they have worked, its just for fun or to not get bored and to just be productive, i know many.
No one is saying it'll be easy to be wealthy here. Also not saying it's easy to start a business. But he shared how he started his. He worked for someone, got some experience, said (and this part is important) "Hey, if I can do this for someone else, why not for myself?", then went out and tried to make it work. The first place didn't work, the 2nd and 3rd didn't work, but he kept trying and eventually he got a gig. Who cares what proportion of businesses fail? If you don't start, and don't believe that You can do it, you'll never succeed. "Talking all that game but where's your business Asemco?" I tried an online store after connecting with tech vendors directly, and I failed. Tried a straight up dropshipping store and it failed. Took the skills I went to school for and started a freelancing software business. It was successful! However, I got a job that was paying me more than I had worked for solo. Thankfully, it's a software development job so I've learned even more to take back to my solo business.
Spy or Voo are two excellent long term investments that offer some diversity. The most important part is starting even if it's just $10 a week! Also known as dollar cost averaging investing. Buy when you can preferably automatically every week or month and hold for as long as possible! You should then start to see growth over time. Sure its not overnight but at least you know your building wealth for your future and it does build up overtime. The more you invest the quicker the growth usually. These investments over time will start to literally make money you would otherwise have to bust your butt to make. You DO Not need real estate to become wealthy. It's not the only way to wealth actually many investment pros prefer and recommend stocks over real estate.
I don’t usually click and watch anything to do with financial advice. Until today. I’m one of those who have always thought, I’m just no good at making money or investing or using it to add wealth, etc.. I don’t know if it was the pink turban or the classy looking dude and his cool beard, but I decided to watch. And boy am I glad I did! What a brilliant show with oodles of practical, clear, interesting and inspiring and intelligent advice! Everything he said really made sense and gave me hope and confidence to make the steps to start improving my financial situation. 👍🏻👍🏻🙏🏻 Thank you!
Save as fast, as hard and as young as you can. Buy a house and pay it off as fast as you can. The effort you put into that will be less than the effort of paying an increasing rent for 65+ years. There’s a world of difference between going to bed on a night knowing you have to service large monthly debts, and being mortgage free. Can’t afford the house you want? Get a starter home or move area. Only live in the south east if your salary aligns with the cost of living. Best scenario, earn a role that pays you a premium salary while being able to live in a cheaper area. It’s not rocket science. Too many people want everything now, at a standard that’s unachievable. Work when you’re young, play later.
Ok. Nice comment. But whats with ppl that never change thier worker mind and never jump up from thier original position until pension? They will work for us, making the world GDP...
Unless your mortgage rate is 6-7% or higher (unlikely), do not pay it off as quickly as possible. Save and leverage that extra money and invest it in a low cost Stock Index Fund (maybe in a Roth account), where you will historically make 7-10% a year. You'll end up ahead :)
@@Radoslav-gk7wu that’s like saying, I like eating chocolate, I only ever eat chocolate because I enjoy it. Oh no, I now have diabetes. You have to make decisions in life. Eat the food you don’t ‘like’ because it’s good for you or eat the food you like and suffer the consequences. Stay in the job you like where you’re comfortable but don’t achieve financial freedom, or take a job that’s more challenging but gives you more financial opportunity’s. You can’t have your cake and eat it.
Very valuable conversation! Also made me cry, which is a hint for myself to look closer at, hearing that many people can't achieve their goals because they just grew up - or are still growing up - in environments that try to convince them they CAN'T do it, instead of the opposite, is eye-opening 😢
In Switzerland you can only buy a house with 20% down-payment. And if you want to own the property as an asset and rent, then it's even 25%. Majority doesn't own houses/apartments here.
I scrimped and saved from 10 years old to buy my first house at 22 that needed lots of redecorating. Flipped houses for 8 years. Downsized at 30 to be mortgage free and now the money i save from that goes into s&p500 for early retirement. It can work if you do it right and work hard for it. Harder to do today though I bet.
I just saved up enough for 20% of an apartment. I have my own business. It’s doing better than I ever could have imagined but I’m trying to educate myself on money so I listened to this. Some good tips, so thank you
Completely disagree with this man, the first thing you should buy is a house, not a car or anything else, a house. The way your credit improves, equity to get loans, all of it starts with a house. Do NOT listen to any one that tells you otherwise! I retired at 35 and I'm only 40. BUY BUY BUY. Do NOT waste your money making someone else rich by renting.
Is this guy working for the “you will own nothing and be happy” crew? Why on earth would you choose to rent and hand over dead money as opposed to investing in your own property which eventually you will own outright.
Because sometimes the property taxes, insurance, repairs and maintenance costs are higher than renting a similar house. Did the math in St. Petersburg, FL this spring and renting was less than owning.
He's talking about it purely from a numbers and financial perspective. If you can rent for $1500 and invest the $500, it MIGHT be better than a monthly $2000 mortgage
SO TRUE what he said about Mindset. Jaspreet is the reason I started creating financial goals and making changes in how I saved. Amazing conversation. So happy for to see Jaspreet here. Keep rocking !
The guests keep getting better and better every single episode-so much wisdom shared here! Jaspreet Singh's insights on money are pure gold. This is the kind of advice that can genuinely change lives if applied. 🚀"
No, money moves and that's when profits are realised. The idea that it needs to be an exclusive simply isn't true. Every person that works in the EU is participating in the stock market. If you were right, no one would make money.
@ddevulders I'm looking at this as a complete man on the street trying to apply logic, I could be completely wrong. So let's say every teenager in the last year of school is taught ecomics, investing, etc thoroughly, they decide I'm not going to waste money on going out, buying unnecessary goods etc, instead they try to accrue capitol to invest and attain assets. Now, a country's economy is in a slump, and no one wants to work for a business because everyone is trying to be the owner of a business. So everyone is trying to be top dog with no workers for any enterprises. All these investment gurus, imo work on the premise that a majority of the population doesn't do what they say. Also there wouldn't be enough real estate for everyone to purchase a home to rent out, competition of everyone competing for the land/property would drive prices sky high, which would only allow the more well off to purchase said land.
I always say "anybody can be rich , but not everybody can be rich" It just doesn't work that way if we all became investment and business gurus , who's going to wait tables , pick up the trash ,cook food etc... That's why I've always believed every job in an economy is important and people deserve livable wages and good working conditions , expecting everyone to invest and be successful is simply stupid and unrealistic.
If you passed down a one-million-dollar house and your children couldn’t afford to keep it, there was another option besides selling it. They could rent it out, and the rental payments could cover maintenance, taxes, and even provide some profit.
How are they going to ensure they will have someone who can rent the house until it is paid off? Constantly finding new tenants to pay that kind of money has to be crazy when you can't afford the possible consequences of not being able to find a renter.
Renting can very tricky. You will often get tenants who don't pay rent and the eviction is a long and expensive process. Being a landlord is usually more trouble than it's worth.
@@monacoofthebluepacific2571 This will vary depends on the renter's demographic (and the demographic your property appeals to), the area the property is in, relevant landlord/tenant laws, etc. Don't expect to be hands-free when you're a landlord though, just like any other investment they're not meant to be set-and-forget. You can, however, delegate the responsibility to a real estate agent or a hedge fund manager. Just make sure you read all the contracts, obligations and understand what you're signing (you may decide to consult a lawyer for your first one, you'll get better at it the more contracts you signed).
Buy land and get a mobile home. Property tax is cheaper. I bought a big plot of land that came with a mobile home. It cost me what rent would’ve cost me for 2 years in a city. I have privacy, big trees that give me fresh air, I can hear nature, my property tax is low because it’s a mobile home, I have my own well water that doesn’t have fluoride, I have electricity, I put in a woodstove as a back up plan, It’s super cozy, easy to heat and cool, low maintenance when I leave for months the winter. It’s cozy, I’m not trying to impress anyone or show off a big fancy home. I got some nice appliances that works well for me and I recommend people to do the same!
I can choose to go to a Hotel, Restaurant or buy a Mug. But to live, I need to have a house, so it’s a BS argument. Everyone who needs to pay rent would rather pay a mortgage.
False - not everyone who needs to pay rent would rather pay a mortgage. You gotta do the math on what makes financial sense and there are benefits to renting like flexibility to move etc. right now in many places renting is more affordable than mortgage payments
I would not rather pay a mortgage. I am renting and my rent is half what it would cost to buy. I invest the extra and making 8%. Plus the freedom is amazing.
I have to say... I sure am glad I never listened to anyone like this guy and actually made decisions based on my own set of circumstances. Now I own my house, cars and RV. It is such a wonderful feeling to have zero debt AND no monthly rent that WILL go up. This guy also comes across as your typical wealth seminar guy right off the bat.
@@valarmorghulis4801Buying a house you can't afford is ok if you understand how money and debt works, and you're willing to partake in delayed gratification. Which most people do not, which led to the sub-prime loan disaster of 2008.
Just one comment, many years ago I was shocked when I came to London in how people live there. Small crowded places that are badly maintained. Coming from eastern Europe I was always thinking that western Europeans have lot of money, nice cars, latest phones. Then it hit me. People with money I was describing are the ones living in their own property. Everyone else have to pay very high rent. Owning or not owning your property seems to be divider between poor and middle / higher class.
Go Jaspreet! I have been following you since your early days on Minority Mindset. I have told my family and friends to watch your videos. Glad to see you are on the fantastic Diary of a CEO podcast!
I have followed Jaspreet,s course Smart Money on a Mindvalley - recommended to my son and everyone who wants to understand a fundamentals of Personal Finance. Thank you for the interview - the more we educate ourselves in finance, the better we would sleep and build a better life around.
I never get this nonsense advice tbh from people. Like in Scotland in a city rents for a decent flat are now like 800-1000 for a single bedroom and I'm not even in the expensive city. Like, that's half my wage. No... owning a house and not pissing away 1000 a month is 100% going to earn me more value than anything he's saying. Because if I can't find a house that I can afford, how the hell am I finding one to rent for money? Which is part of the problem with house prices in the first place. There's no 8k houses here. Park homes... basically immovable caravans are 40k+. If I rightmove search for the cheapest home in my area or anything under 50k, 3 come up. One at 41k that needs tens of thousands of work put into it and a Park home being 2 out of the 3. There's nothing below 40 and if I had 40k, I'd be buying my own home right now. I could've already afforded to by now if rents hadn't of skyrocketed since covid to double what they were before it.
Thank you this was really well done and Jaspreet was very generous with his answers and answered thoroughly and in a way that none economist can easily understand
It was for a very small period of time. Unfortuantely I wasn't in the position to exploit it at the time as I was too busy 'investing in myself'. He was it appears and is now talking about making $1m a year like its nothing.
So if I pay off my $300,000 house for generational wealth and I pass this to my kids, then they won't be able to afford it because of taxes and insurance. Yet, my kids will be able to afford to rent another house which probably cost more to rent. Makes no sense. Having a paid off house is way better than renting.
That’s kind of what I was thinking. Often times the taxes can be worth 5 months of rent, sometimes less! So rather pay a full year of rent to someone else than pay 5 months of taxes on a paid off house ?? This the kind of homie who wants you to sell your house so he can buy it up from under you.
Agreed that point wasn't a good one, but lots of his others were. If my kids cant afford to pay the household bills when I leave them my house then they can get a job the lazy sods!
Yes, owning a home is a liability because its not "making you money". However, if you rent part of your home like your basement for example or rent out a home that you own its an asset and you can accumulate wealth.
All I know is that if you rent, you are held hostage by a rent price that you cannot control, circumstances that could see your home sold out from beneath you. If you rent, never assume you are in your forever home. You could be asked to leave at anytime. I will be in my fifties, mortgage free. Yes, I pay property taxes and upkeep but for the square footage and freedom, there is no comparison to if I paid rent. Rents have gone crazy in many cities. Not everybody is good at investing or starting a business. In fact after rent, food, clothing etc….many don’t have a penny left over to save in today’s economy. Owning versus renting is an individual thing.
@@ClassyLB Agreed. Those are priced into renting. Especially housing costs are tremendous if you live with a woman, who has to update everything in the kitchen and bathrooms every 5 years.
Some of this is really silly with Jaspreet unable to put himself in the shoes of an adult on an average income. Who out there is choosing to buy a rental property with $20k instead of using it for a deposit on a house? How many people out there are capable of building a successful business from scratch with no experience and only $20k? There are arguments for renting rather than buying, but this is not it.
You have a point, but I think we have to be cautious writing things off as what the majority can’t do, and including ourselves in there, resulting in an excuse. If you listen to Jaspreet on his channel he has great content and teaches that if you want to build wealth, you have to do what the majority isn’t doing. It’s not easy but like he said we have to pick our “hard”. It’s hard to be broke, and hard to learn how to buy a rental property, but we get to choose what we spend our time on, we can try to learn.
@@Danielle-et6fche just points out people who spend more than they make 😂 Ben Mallah actually roasts Ramsey and has 100mil florida commercial real estate as proof
My daughter takes since 4 years financial classes, and guess how old is she now? She is only 10 years old. We truly believe that the most important education is the financial education ( obviously other subjects are also important, don’t get me wrong) but believe me, the future is to understand how this world is running. There is never too early for this to learn.
It is good to say : do not buy a house. But the reality is that now people who didn't buy house or apartment in 2000-2010 are struggling all over the Europe with rent. Because most of them turned their high income into rubbish in their youngest years. Stocks...😂No, man. That's it. You will not be young forever. You will change job, be sick sometimes. Not all people are businessmen. Buy house in your youngest years. And after that you will have an opportunity to invest. Don't buy house if your parents will leave it to you. But you need to have this free place. And it is not asset. Never be.
Why would someone not buy a house just because their parents have one? That’s a dumb idea unless your parents happen to live in the same city and have a terminal illness. The main reason to buy a house is control over your living space, it’s not really an economic one, there’s much better returns elsewhere but when you rent you’re a slave to the landlord. At least when you own you’re only a slave to the government.
I've been grateful that I bought my 3/2 home in a good neighborhood nearly 30 years ago. Rent is what's crushing my younger friends these days; venture capitalists shouldn't be permitted to buy up all the single family homes. "You will own nothing...and they will be the only ones who are "happy""!
Been watching this for almost an hour and soaking in every word being said. Gotta go to the gym now and will continue after that. I'm definitely watching the whole thing one more time to really let the information sink in in my head.
The biggest lie sold to men is mortgage. When people say I 'bought' my house when in fact you haven't. As soon as you stop paying your mortgage, the bank will take the house back. Also, the interest kills you. But I'd advise people to Google the definition of mortgage. It literally means, pledging to your death. If you wanna buy a house, you pay in full and if you cant afford it, leave it.
The more i listen to this Jaspreet guy the more i'm convinced he has no idea what he's talking about. "If you want to buy a house, make sure you can afford it" Great advice.
Ben Mallah explains this and is an actual expert with proof.. people when doing math, forget a lot of extra costs that come with a long term mortgage...
The intro improved a lot, there is much more context, it is catchy without being manipulative, the timer that appreciates time, thank you for your work! Also, the animations and cuts are well made and I am not sure if this is needed or cost-efficient, but man they are cool ^^
Honest feedback. This episode is way too hyped. Starting a business? And investing in stocks? Really? .. no shit. The reason why most people dont do it is because 90% of all start ups fail. Its way too high risk because most people fear of being in debt for decades. And stocks? Well. Unless one has at least 50k to start with. Etfs are also just a high living expense for the first 10 years for most people. And single stocks are eventually gambling. There is NO SECRET way to become wealthy. Are we bleeding now into money guru episodes?! Pathetic. And the real estate fairytale is nice and worked 10 years ago and beyond but good luck with that in 2024.
Yes, and regarding the "start a business bro" it's heavily survivorship bias. We mainly see the lucky few saying everyone can do what they did: just follow these steps, work hard, and you'll make it. But they forget to mention luck is a big factor of their success. Moreover, they say if you fail it's not due to bad luck, but it's all your fault as you didn't push hard enough, etc. It's a form of gaslighting we see all around us these days.
Dude. This guy is just parroting Robert Kiyosaki. Kiyosaki came up with all the asset-liability stuff which has changed all of our lives. He is speaking as though he came up with his stuff himself. It's slightly mind-numbing.
@@ailidh-Bcn You don’t need either of those things, because first, people need to find you. Second, when it comes to medical care, once you’ve embraced this lifestyle, you must understand that you are the only one responsible for your well-being. Most people’s actions are dictated by the system, not by their own choices. It’s merely an illusion for the majority that they have control over their decisions. When you’re part of a system, you have to follow its rules.
Don’t forget: go to school, study hard, get a job, work even harder, take out a loan, buy a house, get a car, pay your taxes, repay the loan, and live the life that’s been scripted/dictated for you. :)
I’ve got a favour to ask! If you enjoy this, please double check that you’ve liked the video and subscribed to the channel! That's a small way you can help us carry on doing this ❤🙏🏾 really appreciate you! x
Always.
Solid interview! We need more financial literacy in the world 🙏
Great video
I absolutely love your content Jaspreet! We need you in all schools. This should be on the school curriculum.
Does UA-cam offer a pension? Just say'n. Might want to look at the employment opportunities offered in today's world.
Oh 8 million subscribers you don't need any help bro. Why don't you try helping others? Just say'n.
Thank you for having me on! I appreciate the opportunity 🙏🥑
Shut up
You are brilliant, thank you for sharing!
We appreciate the extra guac that’s always served up!
@@MinorityMindset jaspreet bhai, keep up the good work.
@@MinorityMindset thank you!
This advice should be reframed as "Don't buy a house you can't afford". I bought my house earlier this year and I have never felt so much stability in my life. I ran the numbers endlessly and stuck to my budget so I wouldn't be house poor. Being house poor prevents you from building wealth, not the sole act of buying a house.
This makes sense. Thank you
Excellent advice
Your mortgage doesn’t go up as fast as your earning potential can though.
Said another way: I can keep climbing the ladder and making more money faster than my property taxes will rise.
that makes much more sense to me.
Where will you live, will you rent? Because everyone says that but never say I rent or don’t rent so don’t buy a house because you can make more money than what that house will get you in the end. I bought a house 127k my sister rents and pays the same as what I pay mortgage and insurance together. When I sell this house I get whatever the house is sold for minus what I owe the bank. My sister that rents can’t get anything at all not even their deposit. I will always buy a house instead of renting.
I wished people watched the whole episode before commenting. For starters, he never said to not buy a house. He said to not buy a house you can't afford and explained what affording meant. As someone who's looking into buying a house, I have seen my friends buy homes they can't afford and as a result are house poor. Sure they're saving some by not renting but they've pretty much sacrificing everything to pay the bills. This is the first time I came across him, and unlike the wanna be financial gurus, he seems to speak with clarity in simple words and keeps it factual instead of hyping things off. He comes off as a kind human being who genuinely wants ppl to grow and do well, just like he has done for himself. And one last thing I liked about him was that he keeps using the word 'wealth' instead of 'rich.' Good stuff 👍.
I agree I've noticed that on many of the videos but the real winners will truly listen all the way
Forget the nice car, fancy clothes, impressing people that are in forever debt. Only impress your net worth. It's a lonely mindset until you roll in the circles of like minded ppl period. You are the people u spend the most time with.
In 14 years I bought my home outright, I own my car. I just have to pay property taxes. My solar pays my electric bill. I can literally live on 1k per month income.
Ppl just slow man
He also said not to watch TV for two hours or more, which is the length of this episode. What irony
It's because too many people online are short attention span idiots who cannot fight the impulse to voice nonsene
You guys talk about a wife/partner as a liability. And women play into it because they are taught from a young age to “marry well”. I married at 19 and after 13 years of getting him through college he decides he’s unhappy leaves the marriage and me with two kids. After that I decided I would never allow myself to be at the mercy of another’s whims. I worked two,jobs went to school at night got my accounting degree then a law degree. Today I am married to a wonderful person who worked hard and supported me in building my business. After 12 years we sold my business and invested 80% and used 20% to buy a nice home and a vacation home on the beach all debt free. This is true generational wealth.
Sounds like you're one of the good ones. You ran the race with your guy, instead of just waiting at the finish line.
Did your parents raise your 2 children?
@@jjmartin6422It seems like waiting to get married bites men too. If you get married later you're less likely to have a partner that builds with you and more likely to be looking through partners who are evaluating what you built.
@@heykikewould you ask that a male entrepreneur too?
@@thinkbig5438 she said she was left with 2 kids, ur not thinking so big , are u
I'm glad you made this video it reminds me of my transformation from a nobody to good home, $34k monthly and a good daughter full of love
My advice to everyone is that saving is great but investment is the key to be successful imagine investing $15,000 and received $472,700.
Unfortunately, not all of us were financially literate early. I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
My outlook on money changed when I realized that is better to invest on or before retirement, some people are just putting £15k or £20k With the current market movement at the end of the year they are making millions.
Thanks to Mrs. Elizabeth Regina Nelsen's time in my life, which had a profound impact on me.
Elizabeth Regina Nelson has really set the standard for others to follow, we love her here in the Uk 🇬🇧 as she has been really helpful and changed lots of life's.
We need more people like this telling us truth! Just finished reading Hidden Manifestation by Oliver Mercer. Its fascinating what they hide from society.
I couldn't agree more. It's time to break free from the illusions and embrace reality. Thanks for sharing this incredible book!
scam
DO NOT BUY THIS BOOK . ITS A SCAM
Why? What do you mean? @@JohnBrown-kg2vz
It’s amazing how much our beliefs they teach us around money hold us back. How is nobody talking about 'Forbidden Laws of Wealth' by Victor Hayes, it really opens your eyes.
I got it, truly a good book
Its always interesting reading comments on videos that talk about these things. So many people are so biased towards owning their home that they ignor the maths and dont even give the maths a chance.
Maths dont lie people....sometimes its financially beneficial to buy your house.. sometimes its financially beneficial to rent a house.
There's always other factors...but always remember to do the maths first!
Facts. One person's numbers is gonna be different from another person's numbers. If I'm making $20K a year and you're making $200K a year, we ain't working with the same numbers.
@@madvillainy6845that person making 200k is in debt keeping up appearances. the person making 20-40k a year is saving more
My favorite part of the numbers: when you own a home, no one is gonna raise the rent. I’ll take that (and the fact ownership has hidden costs most people don’t plan for) over sudden increases. Also no one is gonna yell at me when I decide to remodel😂.
*acknowledge that taxes increase but not like my rent did one year by increasing my rent from 1000 to 1500 + the hidden costs like sudden failure of major appliances or need for structural repair*
You're totally right!
Maths don’t lie. It’s even better to own a home that you rent to others.
My sister-in-law managed to finally pay off her house, although she nearly lost it during the pandemic. She now lives with an elderly relative and rents that other home out. Money in the bank every month for her retirement, and a property to sell if she needs to.
The thing people forget about real estate is that it’s real. It has actual value, unlike a currency.
“Don’t buy a house!”
I just bought a house and my mortgage is cheaper than my rent. I’m kinda tired of all these “financial gurus” coming along and pushing fear tactics disguised as advice.
These people are NOT saying this for your own benefit. They don’t want you to buy a home because THEY want to stockpile the housing inventory for themselves.
amen. this is is ridiculous advise he's giving. all the maintenance and tax expenses eventually get passed down to the rental cost.
Exactly! The advice should be reframed as "Don't buy a house you can't afford". I bought my house earlier this year and I have never felt so much stability in my life. I ran the numbers endlessly and stuck to my budget so I wouldn't be house poor. Being house poor prevents you from building wealth, not the sole act of buying a house.
You'll love this REAL smart financial sense--ways to pay off your mortgage in 7yrs!
I so wish I knew this process (taught by VANNtastic!) when I still owned my home--(before Wells Fargo stole it!) BUT now that I know better--
I will be doing this with my soon to be new home ❤️🔥
Best to all🕊️
ua-cam.com/video/wObG9btLHh8/v-deo.htmlsi=Tebar_njIV4kjYK5
I agree
You clearly did not watch the whole video…
Renting is a very tricky business. You will often get tenants who don't pay rent and the eviction is a very lengthy and expensive process. Being a landlord is usually more trouble than it's worth.
They had a poll in Finland and I am not kidding. They asked the general population what they think is the most likely way for a person to accumulate wealth.
The absolute majority said "Winning the lottery".
Unbelievable! I listened to Dave Ramsey every single day, and saved 23,000 in 4 years, I just did what he said. I was a low paid school teacher here in Florida.
@@Candy-O1776 the USA and most European countries are very different when it comes to finances due to how the government runs things.
Winning the lotto?!?wow
Polls? Well.. they are not accurate... they are easy to ruin with a few phones now...
I am super psyched about this. After Ramit Sethi, Jasprit is my main money guy for financial literacy. I'm so glad you brought him on the show. Even if I've heard everything he has to say, I'm watching all the way through!
there was an interesting experiment in the UK a decade or so ago (I think by the BBC), where they tested Brits who consider themselves lucky and Brits who said they do not have any luck. They put them (unknowingly) in scripted scenarios, where they would for example find a 10 pound note on the street, while walking to a different place (not even knowing it was part of the test).
Those who considered themselves lucky, found the 10 pound note and started to explain how it is proof that they are lucky. Those who considered themselves unlucky, walked past the bill and did not even see it.
If your brain does not expect anything good, it won't look for anything good and you won't find anything good.
That's an important lesson here. This is how mindset matters.
So true. Thanks for sharing that. :)
I’ve been watching Jaspreet for years, love his financial knowledge and insights, so happy to see him on DOAC! 😊
Are you wealthier after watching him for years? If not, what improved in your life?
Mindset, what Jaspreet preaches a lot. It does help that my current job makes me over 6 figures, but I still spend as if I were making less than half of that. More money does not mean more spending. Being more mindful with my finances and educated on how to make it work for me has helped a lot. Wealthy? No. Secure? Absolutely 😊
Shows like this that show the average person how to grow money similar to what they are working are pure gold. Thank you!! Many times shows go over how to grow existing wealth and not from a humble beginning. Best wishes all!
We bought our first home in 2019 for 179k ($1000 down with new homebuyer program in Idaho) and sold it in 2021 for 350k and then moved to Mississippi and bought an acre with a cute house on it for cash. Not the easiest path but we did turn our first home purchase into an asset. We basically lived in it for free.
My only regret is we didn’t do it sooner. We rented for ten years and that money is gone and the landlords treated us like garbage- made us move twice when I had a brand new baby or was big pregnant. If we’d bought sooner we’d have been in a million dollar home when we sold in 2021.
We bought our current house in 2016. It would now cost us twice our monthly mortgage payment to rent a comparable house in the local area. After less than 25 years of payments we'll never have to pay another mortgage payment but if we were renting we'd still be paying and have had 25+ years of rent increases. Without my house I'd be facing homelessness in old age on a meager pension.
It's amazing we aren't taught finance and economics in school. People also don't educate themselves. 2000 for an emergency fund is nowhere near enough unless you have bank of mum and dad.
No one would pay attention.
It's deliberate, the masses are actively detracted from the mechanisms of state sponsored theft.
It's deliberate, the masses are actively detracted from the mechanisms of state sponsored theft.
It's deliberate, the masses are actively detracted from the mechanisms of state sponsored theft.
We're taught to be workers and make money for the governments and rich people that's what the system educate us for.
The concept in “Mastering the AI Money Game” explains this perfectly. I wish I read it sooner
THIS IS A SCAM
@@JohnBrown-kg2vzOK but can you elaborate a bit further?
No way! Jaspreet is on here?? Definitely finishing this one.
I live alone and live in a two bedroomed house I bought for £60k back in 2013 when I was only making £1000 per month after tax. A do'er upper and drive a £4k Volvo. I live in a very secluded area where high earning jobs are overly satiated with applicants every time. I save £1000 per month with my current job and my house is already worth £100k in the 10 years I've owned it and only have £20k left to pay on the mortgage. But I'm happy being here. I don't need to move up on the property ladder. I only make £44k a year here in the UK which isn't that much at all and I work 12 hour shifts.
I would suggest you to consider getting on the property ladder and slowly decreasing the amount of time you work. Your growth is a great but don’t ever stop growing you have potential so please don’t stop yourself from achieving more.
44k a year in the UK isn't bad tbh it's above the average earnings
In my experience, it's the people that grew up wealthy and don't need to "catch up" on life experiences that have the easiest time keeping their standard of living down for future wealth. For everyone else, it's the little pleasures that keep people sane. Sure, nobody should be spending half their income on things they don't need, but at some.point that amount is so small that it basically doesn't matter. Saving a dollar is not going to get you what you hope to have out of life. Choosing to not buy a cup of coffee doesn't mean you can afford a house. At some point, the wealth disparity is so high, all the suggestions of gurus is wasted. I think we are there now
I think this is a great conversation but I think there is one point that is completely overlooked specially around the example about the frugal friend. The host does not know how happy this person is. Yes, it is good to save, and you should, but if you only save and don’t spend money on experiences, friends, family and things you love, are you ultimately happy? Or will your life finally kick in at 50-60 when you retire and you finally get to enjoy your money. We have to consider that there is a balance to this. Sure, spending incessantly is bad, but so is saving unnecessarily.
Spending 75% of income only is enough to live
Mostly is true but the longer we live the more opportunities are closing down as less and less assets are left for us to buy as we slowly turning in same way we lived past 2000 years when few own everything and we use their assets. Ww2 changed that and redistributed all assets. Unless there will be another asset redistribution we won't be wealthy as such.
They should keep saying ‚only in USA’… honestly - all this is sooo different in Europe.
‚Moving costs’ - absolutely ridiculous - do it yourself!
I bought a house 5 years ago for 125k€. Was paying 550€ mortgage - if I would be renting it I would be paying around 1-1,5k€. Now sold it for 225k€.
100k€ + 5 years of saving almost 1k€… do the math yourself.
I don’t think I could get better deal.
I bought a home 28 years ago for $150k, $560 a month mortgage. Yeah, I've made some "principle only" payments, but most of my excess earnings went to medical costs, travel (you have to have a few good memories in life) and savings. If I were to rent my home today it would cost around $3,000 a month. No regrets.
Indeed, Europe is an other story. We pay lots of taxes in Belgium, but when you got injured or ill. They got your back.
Not all Europe,are you kidding me? I live in Cyprus, it's impossible to buy a house.
:-) same here. bought a house 12 years ago. sold it now for almost twice the price. bought for 360k, sold for 650k+. now i can work half the week, still earn 2500+ net / month. just have a small flat. but i can go hiking half a day. means the world for me. 48 years old, still have no car, no e-bike, dont need to fly around the world. from the materalistic point of view, i am poor. :-)
@HansRosenthal1 uhm, 12 years ago. Things have changed. Who can buy a house in Europe for 650k. Are you kidding me? Only rich people from Russia and Israel.
Great chat. I don’t agree with house renting, buying a mug is a terrible comparison.
People should know one thing, the ability to grow wealth is dependant on how much you spend, NOT how much you earn. And, we are not educated financially because we have to be kept desperate so we keep doing awful jobs to keep the wheels of society turning.
I dont understand his line of thought. He's relying on a bunch on constants that aren't constants.
For eg; his explanation on passing on your house to your kids means that person needs to have kids in the first place... When we know that isn't always the case. I dont have kids, my house has tripled in value and the maintenance is low.. so all his points are completely bunk.
There are too many unknowns with these things and its the same old story with these "gurus" where they rely on selling books or some 5 step program so he can make his own wealth based on shoddy advice
@@Gino_567 I have never understood the “renting” argument. Rent always goes up and lasts forever. Other than that, I really enjoyed the podcast.
You're too invested into the conversation. There is not a one size fits all approach. The line of thinking he is illustrating is from one who doesn't understand the principals of money.
Hahaha ! Just start a business people, it’s sooooo simple !! 😂😂😂 Give us a break : do you know the proportion of businesses that fail ?? Do you know what it takes to buy good properties ? Do you know what stocks to pick to make your money grow ?
Each and every one of these domains are incredibly complex and will demand 100% of your time and energy. Which is quasi impossible.
Most rich people are born rich, the others have stroked gold by starting the right business at the right time and working 80 hours a week with no life of their own.
Be real, don’t sell dreams and oversimplified lies to people just so that YOU can get rich !
With stocks I don’t think he’s saying you need to pick stocks. You can just buy an s&p500 index fund and outperform 95% of active fund managers.
In europe yes, the rich there are mostly born rich, its difficult to create wealth in european union because it is more socialist than it is capitalist, in the USA most wealth isnt inherited. Jaspreet singh is an example hes not rich, he came to america and now he is rich, theres alot of rich people in the US they are just silent and pretend to be poor, but i know alot of them and by wealthy i mean they can afford a certain lifestyle without their job. If they have worked, its just for fun or to not get bored and to just be productive, i know many.
No one is saying it'll be easy to be wealthy here.
Also not saying it's easy to start a business. But he shared how he started his. He worked for someone, got some experience, said (and this part is important) "Hey, if I can do this for someone else, why not for myself?", then went out and tried to make it work. The first place didn't work, the 2nd and 3rd didn't work, but he kept trying and eventually he got a gig.
Who cares what proportion of businesses fail? If you don't start, and don't believe that You can do it, you'll never succeed.
"Talking all that game but where's your business Asemco?" I tried an online store after connecting with tech vendors directly, and I failed. Tried a straight up dropshipping store and it failed. Took the skills I went to school for and started a freelancing software business. It was successful! However, I got a job that was paying me more than I had worked for solo.
Thankfully, it's a software development job so I've learned even more to take back to my solo business.
Spy or Voo are two excellent long term investments that offer some diversity. The most important part is starting even if it's just $10 a week! Also known as dollar cost averaging investing. Buy when you can preferably automatically every week or month and hold for as long as possible! You should then start to see growth over time. Sure its not overnight but at least you know your building wealth for your future and it does build up overtime. The more you invest the quicker the growth usually. These investments over time will start to literally make money you would otherwise have to bust your butt to make. You DO Not need real estate to become wealthy. It's not the only way to wealth actually many investment pros prefer and recommend stocks over real estate.
this guy is indian 'rich dad poor dad' just not as good
I don’t usually click and watch anything to do with financial advice. Until today. I’m one of those who have always thought, I’m just no good at making money or investing or using it to add wealth, etc.. I don’t know if it was the pink turban or the classy looking dude and his cool beard, but I decided to watch. And boy am I glad I did! What a brilliant show with oodles of practical, clear, interesting and inspiring and intelligent advice! Everything he said really made sense and gave me hope and confidence to make the steps to start improving my financial situation. 👍🏻👍🏻🙏🏻 Thank you!
His channel and daily newsletter is pretty good too.
Yes Jaspreet is the best! Keep following him.👏👏
Save as fast, as hard and as young as you can. Buy a house and pay it off as fast as you can. The effort you put into that will be less than the effort of paying an increasing rent for 65+ years. There’s a world of difference between going to bed on a night knowing you have to service large monthly debts, and being mortgage free. Can’t afford the house you want? Get a starter home or move area. Only live in the south east if your salary aligns with the cost of living. Best scenario, earn a role that pays you a premium salary while being able to live in a cheaper area. It’s not rocket science. Too many people want everything now, at a standard that’s unachievable. Work when you’re young, play later.
Ok. Nice comment. But whats with ppl that never change thier worker mind and never jump up from thier original position until pension? They will work for us, making the world GDP...
Unless your mortgage rate is 6-7% or higher (unlikely), do not pay it off as quickly as possible. Save and leverage that extra money and invest it in a low cost Stock Index Fund (maybe in a Roth account), where you will historically make 7-10% a year. You'll end up ahead :)
@@Radoslav-gk7wu that’s like saying, I like eating chocolate, I only ever eat chocolate because I enjoy it. Oh no, I now have diabetes. You have to make decisions in life. Eat the food you don’t ‘like’ because it’s good for you or eat the food you like and suffer the consequences. Stay in the job you like where you’re comfortable but don’t achieve financial freedom, or take a job that’s more challenging but gives you more financial opportunity’s. You can’t have your cake and eat it.
@@cmeederGood advice
Most cannot get a mortgage for over $700,000 AUD in Perth, Western Australia
This guy is basically regurgitating Rich Dad, Poor Dad by Robert Kiyasaki - which is an excellent read and changes one’s way of thinking
Watch his shows, he's very encouraging and informative
Thank you for having Jaspreet in your podcast🙏🏻
I’m so glad you had Jaspreet on as a guest. I’ve been watching him for over a year now. And I love how simple his money messages and education are.
Very valuable conversation! Also made me cry, which is a hint for myself to look closer at, hearing that many people can't achieve their goals because they just grew up - or are still growing up - in environments that try to convince them they CAN'T do it, instead of the opposite, is eye-opening 😢
In Switzerland you can only buy a house with 20% down-payment. And if you want to own the property as an asset and rent, then it's even 25%. Majority doesn't own houses/apartments here.
I scrimped and saved from 10 years old to buy my first house at 22 that needed lots of redecorating. Flipped houses for 8 years. Downsized at 30 to be mortgage free and now the money i save from that goes into s&p500 for early retirement. It can work if you do it right and work hard for it. Harder to do today though I bet.
I just saved up enough for 20% of an apartment. I have my own business. It’s doing better than I ever could have imagined but I’m trying to educate myself on money so I listened to this.
Some good tips, so thank you
Completely disagree with this man, the first thing you should buy is a house, not a car or anything else, a house. The way your credit improves, equity to get loans, all of it starts with a house. Do NOT listen to any one that tells you otherwise! I retired at 35 and I'm only 40. BUY BUY BUY. Do NOT waste your money making someone else rich by renting.
Is this guy working for the “you will own nothing and be happy” crew? Why on earth would you choose to rent and hand over dead money as opposed to investing in your own property which eventually you will own outright.
Because sometimes the property taxes, insurance, repairs and maintenance costs are higher than renting a similar house. Did the math in St. Petersburg, FL this spring and renting was less than owning.
He's talking about it purely from a numbers and financial perspective. If you can rent for $1500 and invest the $500, it MIGHT be better than a monthly $2000 mortgage
Yes, my thoughts also. !!
@@krishp1104 point taken, thanks
Mrs Moron...
Oo I’ve been following Jaspreet for a few years now - look forward to this one!
Jaspreet on financial education and fitness is one of my favorite people in earth!
This guy has been in my feed the last few weeks dropping so much knowledge. Glad to see he’s on here now too!
SO TRUE what he said about Mindset. Jaspreet is the reason I started creating financial goals and making changes in how I saved. Amazing conversation. So happy for to see Jaspreet here. Keep rocking !
The guests keep getting better and better every single episode-so much wisdom shared here! Jaspreet Singh's insights on money are pure gold. This is the kind of advice that can genuinely change lives if applied. 🚀"
*WOW* 😳
LOVE this guy!!!
Scored getting him
Isn't the reason money can be made in stocks/real estate because not everyone is doing it. If everyone does it surely the earning potential drops.
No, money moves and that's when profits are realised. The idea that it needs to be an exclusive simply isn't true. Every person that works in the EU is participating in the stock market. If you were right, no one would make money.
Yes.. it is middle bracket who can afford more than a rental whom make a rental
@ddevulders I'm looking at this as a complete man on the street trying to apply logic, I could be completely wrong. So let's say every teenager in the last year of school is taught ecomics, investing, etc thoroughly, they decide I'm not going to waste money on going out, buying unnecessary goods etc, instead they try to accrue capitol to invest and attain assets. Now, a country's economy is in a slump, and no one wants to work for a business because everyone is trying to be the owner of a business. So everyone is trying to be top dog with no workers for any enterprises. All these investment gurus, imo work on the premise that a majority of the population doesn't do what they say.
Also there wouldn't be enough real estate for everyone to purchase a home to rent out, competition of everyone competing for the land/property would drive prices sky high, which would only allow the more well off to purchase said land.
I always say "anybody can be rich , but not everybody can be rich"
It just doesn't work that way if we all became investment and business gurus , who's going to wait tables , pick up the trash ,cook food etc... That's why I've always believed every job in an economy is important and people deserve livable wages and good working conditions , expecting everyone to invest and be successful is simply stupid and unrealistic.
Jaspreet!!!! He's the man! He knows his stuff. Been following him for years. Great conversation!
I subscribed!!!
I love your show!
There is always relevant and insightful information shared on this channel.
Everything I've heard was thought to me before I was 10 yrs old, and moved further as I grew. Thank you for your talks.
If you passed down a one-million-dollar house and your children couldn’t afford to keep it, there was another option besides selling it. They could rent it out, and the rental payments could cover maintenance, taxes, and even provide some profit.
How are they going to ensure they will have someone who can rent the house until it is paid off? Constantly finding new tenants to pay that kind of money has to be crazy when you can't afford the possible consequences of not being able to find a renter.
Renting can very tricky. You will often get tenants who don't pay rent and the eviction is a long and expensive process. Being a landlord is usually more trouble than it's worth.
@@monacoofthebluepacific2571 This will vary depends on the renter's demographic (and the demographic your property appeals to), the area the property is in, relevant landlord/tenant laws, etc. Don't expect to be hands-free when you're a landlord though, just like any other investment they're not meant to be set-and-forget. You can, however, delegate the responsibility to a real estate agent or a hedge fund manager. Just make sure you read all the contracts, obligations and understand what you're signing (you may decide to consult a lawyer for your first one, you'll get better at it the more contracts you signed).
Best pod cast I've watched across all platforms to-date - thank you - very inspirational
Buy land and get a mobile home. Property tax is cheaper. I bought a big plot of land that came with a mobile home. It cost me what rent would’ve cost me for 2 years in a city. I have privacy, big trees that give me fresh air, I can hear nature, my property tax is low because it’s a mobile home, I have my own well water that doesn’t have fluoride, I have electricity, I put in a woodstove as a back up plan, It’s super cozy, easy to heat and cool, low maintenance when I leave for months the winter. It’s cozy, I’m not trying to impress anyone or show off a big fancy home. I got some nice appliances that works well for me and I recommend people to do the same!
First Ramith now Jaspreet! You are hosting all my favorite money men. I love when great minds come together ❤
I have enjoyed Jaspreet on UA-cam for a long time !! Thanks for having him on !!!
Excellent interview!
I can choose to go to a Hotel, Restaurant or buy a Mug. But to live, I need to have a house, so it’s a BS argument. Everyone who needs to pay rent would rather pay a mortgage.
Live in a van
False - not everyone who needs to pay rent would rather pay a mortgage. You gotta do the math on what makes financial sense and there are benefits to renting like flexibility to move etc. right now in many places renting is more affordable than mortgage payments
If you have a family? @@crappymeal
I trust him over you.
I would not rather pay a mortgage. I am renting and my rent is half what it would cost to buy. I invest the extra and making 8%. Plus the freedom is amazing.
Thank yoou Jaspreet Singh and DOAC for doing a wonderful education episode!!
I have to say... I sure am glad I never listened to anyone like this guy and actually made decisions based on my own set of circumstances. Now I own my house, cars and RV. It is such a wonderful feeling to have zero debt AND no monthly rent that WILL go up.
This guy also comes across as your typical wealth seminar guy right off the bat.
Absolutely agree
Bet he has a Mastermind class you can sign up for
@@xkaokdkl11933 Or a subscription service!
Yea cuz he says to get outta debt, invest and don't get a house you can't afford. Such horrible advice....
@@valarmorghulis4801Buying a house you can't afford is ok if you understand how money and debt works, and you're willing to partake in delayed gratification. Which most people do not, which led to the sub-prime loan disaster of 2008.
"Its very difficult to speak logic to an emotion" very true statement. Most of our decisions on how we spend money are based on emotions.
Just one comment, many years ago I was shocked when I came to London in how people live there. Small crowded places that are badly maintained. Coming from eastern Europe I was always thinking that western Europeans have lot of money, nice cars, latest phones. Then it hit me. People with money I was describing are the ones living in their own property. Everyone else have to pay very high rent. Owning or not owning your property seems to be divider between poor and middle / higher class.
Brilliant podcast, valuable information imparted. Thank you !
Go Jaspreet! I have been following you since your early days on Minority Mindset. I have told my family and friends to watch your videos.
Glad to see you are on the fantastic Diary of a CEO podcast!
I have followed Jaspreet,s course Smart Money on a Mindvalley - recommended to my son and everyone who wants to understand a fundamentals of Personal Finance. Thank you for the interview - the more we educate ourselves in finance, the better we would sleep and build a better life around.
Jaspreet X Steven is 🙌 Sitting down with a cup of tea to watch this to the end!!
Thank you, both! Thank you, DOCeo team!!
Jaspreet also to say the turban looks great. I love the big bright ones the look awesome!
Amazing conversation. Going to re-listen a few times. So much value. Thank you both! ❤
The feeling of owning a house outright cannot be underestimated if you value being in control of your own life.
I never get this nonsense advice tbh from people. Like in Scotland in a city rents for a decent flat are now like 800-1000 for a single bedroom and I'm not even in the expensive city. Like, that's half my wage. No... owning a house and not pissing away 1000 a month is 100% going to earn me more value than anything he's saying. Because if I can't find a house that I can afford, how the hell am I finding one to rent for money? Which is part of the problem with house prices in the first place. There's no 8k houses here. Park homes... basically immovable caravans are 40k+. If I rightmove search for the cheapest home in my area or anything under 50k, 3 come up. One at 41k that needs tens of thousands of work put into it and a Park home being 2 out of the 3. There's nothing below 40 and if I had 40k, I'd be buying my own home right now. I could've already afforded to by now if rents hadn't of skyrocketed since covid to double what they were before it.
Dont own home. Have complete control of my life. Almost a million in assest. Btw i rent and i love it lol
One of the best podcasts so far, and I have listened to all
Good work, thanks for all of the ,by the way 😊
This is not good advice. Owning a home is essential, especially now.
Ok thats it!! You got a new subscriber! You are killing it with these incredible guests, great content
Idk man im only 25 mins in but so far it seems like this guys knows what the problem is but not actually how to solve it.
25 minutes into 2.5 hours you would expect them to still be in the exposition
Thank you this was really well done and Jaspreet was very generous with his answers and answered thoroughly and in a way that none economist can easily understand
8 grand for a property that brings in 600 a month is not available.
It was for a very small period of time. Unfortuantely I wasn't in the position to exploit it at the time as I was too busy 'investing in myself'. He was it appears and is now talking about making $1m a year like its nothing.
Not great advice then is it?
Just buy a 8 grand gaf and rent it out for 600? Cheers mate!
@@Senna_Folo I guess the lesson is, when you see a great opportunity, be prepared to take a risk
needed to hear this
So if I pay off my $300,000 house for generational wealth and I pass this to my kids, then they won't be able to afford it because of taxes and insurance. Yet, my kids will be able to afford to rent another house which probably cost more to rent. Makes no sense. Having a paid off house is way better than renting.
That’s kind of what I was thinking. Often times the taxes can be worth 5 months of rent, sometimes less! So rather pay a full year of rent to someone else than pay 5 months of taxes on a paid off house ?? This the kind of homie who wants you to sell your house so he can buy it up from under you.
Agreed that point wasn't a good one, but lots of his others were. If my kids cant afford to pay the household bills when I leave them my house then they can get a job the lazy sods!
Yes, owning a home is a liability because its not "making you money". However, if you rent part of your home like your basement for example or rent out a home that you own its an asset and you can accumulate wealth.
Just make sure you vet the basement dweller. LOL!
All I know is that if you rent, you are held hostage by a rent price that you cannot control, circumstances that could see your home sold out from beneath you. If you rent, never assume you are in your forever home. You could be asked to leave at anytime. I will be in my fifties, mortgage free. Yes, I pay property taxes and upkeep but for the square footage and freedom, there is no comparison to if I paid rent. Rents have gone crazy in many cities. Not everybody is good at investing or starting a business. In fact after rent, food, clothing etc….many don’t have a penny left over to save in today’s economy. Owning versus renting is an individual thing.
This guy made a lot of strawman arguments- not at all convincing.
Property taxes and insurance increase every year so it’s not a fixed price to own a home. Plus if something breaks you’re responsible for it.
@@ClassyLB Agreed. Those are priced into renting. Especially housing costs are tremendous if you live with a woman, who has to update everything in the kitchen and bathrooms every 5 years.
Jaspreet is awesome 😎, great conversation steven 💪🏾💪🏾🙏🏾
Some of this is really silly with Jaspreet unable to put himself in the shoes of an adult on an average income. Who out there is choosing to buy a rental property with $20k instead of using it for a deposit on a house? How many people out there are capable of building a successful business from scratch with no experience and only $20k? There are arguments for renting rather than buying, but this is not it.
yeah he read rich dad poor dad hehe
You have a point, but I think we have to be cautious writing things off as what the majority can’t do, and including ourselves in there, resulting in an excuse. If you listen to Jaspreet on his channel he has great content and teaches that if you want to build wealth, you have to do what the majority isn’t doing. It’s not easy but like he said we have to pick our “hard”. It’s hard to be broke, and hard to learn how to buy a rental property, but we get to choose what we spend our time on, we can try to learn.
This is the definition of missing the forest for the trees.
This the best 2,5 hours I invested in myself for a long time. Thank you to both of you!
Can you also please get Dave Ramsey as a guest? He’s on UA-cam doing his 7 baby steps to be a millionaire.
Oh yes hes brilliant
Ben Mallah roasts Dave every month...
@@Danielle-et6fche just points out people who spend more than they make 😂 Ben Mallah actually roasts Ramsey and has 100mil florida commercial real estate as proof
@@Danielle-et6fc yep, he’s been a millionaire twice now, having learned something the first time.
Wow. What a reality Check!!! Omg everybody take your finances seriously- love this!! Reminds me what is important! Wonderful conversation 😊
My daughter takes since 4 years financial classes, and guess how old is she now? She is only 10 years old. We truly believe that the most important education is the financial education ( obviously other subjects are also important, don’t get me wrong) but believe me, the future is to understand how this world is running. There is never too early for this to learn.
Compounding is one of the keys
There's always an idiot that says that
Wow. What a reality Check!!! Omg everybody take your finances seriously- love this!! Reminds me what is important!
It is good to say : do not buy a house. But the reality is that now people who didn't buy house or apartment in 2000-2010 are struggling all over the Europe with rent. Because most of them turned their high income into rubbish in their youngest years. Stocks...😂No, man. That's it. You will not be young forever. You will change job, be sick sometimes. Not all people are businessmen. Buy house in your youngest years. And after that you will have an opportunity to invest. Don't buy house if your parents will leave it to you. But you need to have this free place. And it is not asset. Never be.
Why would someone not buy a house just because their parents have one? That’s a dumb idea unless your parents happen to live in the same city and have a terminal illness. The main reason to buy a house is control over your living space, it’s not really an economic one, there’s much better returns elsewhere but when you rent you’re a slave to the landlord. At least when you own you’re only a slave to the government.
I've been grateful that I bought my 3/2 home in a good neighborhood nearly 30 years ago. Rent is what's crushing my younger friends these days; venture capitalists shouldn't be permitted to buy up all the single family homes.
"You will own nothing...and they will be the only ones who are "happy""!
buy 0.1btc and you'll be able to own your own home. google "PricedInBitcoin21" and you can see how everything is falling in price against bitcoin.
@@martinlutherkingjr.5582You missed out the part of being a slave to the bank for 30 years..
Been watching this for almost an hour and soaking in every word being said. Gotta go to the gym now and will continue after that. I'm definitely watching the whole thing one more time to really let the information sink in in my head.
The biggest lie sold to men is mortgage. When people say I 'bought' my house when in fact you haven't. As soon as you stop paying your mortgage, the bank will take the house back. Also, the interest kills you. But I'd advise people to Google the definition of mortgage. It literally means, pledging to your death. If you wanna buy a house, you pay in full and if you cant afford it, leave it.
Mortgage = la gage de mort en français 😅…. Yep beautiful system 😤
Yep; just look at this comment section. It’s almost impossible to convince people over wise.
Best 2.5 hours spent ever! Thank you guys!
The more i listen to this Jaspreet guy the more i'm convinced he has no idea what he's talking about. "If you want to buy a house, make sure you can afford it" Great advice.
Do you know how many people buy too much house?
Ben Mallah explains this and is an actual expert with proof.. people when doing math, forget a lot of extra costs that come with a long term mortgage...
The best UA-cam channel we subscribed to this year.
Very smart man. A lot can be learned from him
The intro improved a lot, there is much more context, it is catchy without being manipulative, the timer that appreciates time, thank you for your work! Also, the animations and cuts are well made and I am not sure if this is needed or cost-efficient, but man they are cool ^^
Honest feedback. This episode is way too hyped.
Starting a business? And investing in stocks? Really? .. no shit.
The reason why most people dont do it is because 90% of all start ups fail. Its way too high risk because most people fear of being in debt for decades.
And stocks? Well. Unless one has at least 50k to start with. Etfs are also just a high living expense for the first 10 years for most people. And single stocks are eventually gambling.
There is NO SECRET way to become wealthy. Are we bleeding now into money guru episodes?! Pathetic.
And the real estate fairytale is nice and worked 10 years ago and beyond but good luck with that in 2024.
Yes, and regarding the "start a business bro" it's heavily survivorship bias. We mainly see the lucky few saying everyone can do what they did: just follow these steps, work hard, and you'll make it. But they forget to mention luck is a big factor of their success. Moreover, they say if you fail it's not due to bad luck, but it's all your fault as you didn't push hard enough, etc. It's a form of gaslighting we see all around us these days.
Well put, both of you!
You expect to be wealthy with such type of mindset? Change your mindset. Trust me, things are not as they seem!
Honest feedback. Your sentiment is trauma porn. Stop being the victim of your circumstances.
Excellent podcast! I’m sharing this with everyone!
Dude. This guy is just parroting Robert Kiyosaki. Kiyosaki came up with all the asset-liability stuff which has changed all of our lives. He is speaking as though he came up with his stuff himself. It's slightly mind-numbing.
Yeah he’s just repackaging things and making it sound like everything is his genius revelation
Shut up you life isn't changed you are broke that's why you are here
You gotta start somewhere
Kiyosaki didn’t come up with assets and liabilities. It’s been a financial concept forever. Rich dad poor dad was a useless book.
@@Lollipop_Lexiagree. Actually found it quite condescending in tone. And the knowledge in it was absolutely not new.
2 of my favorite podcasters in one video!
1: Under 45 here.
2: Collecting a pension already.
3: Own my house.
So about that BS he's spewing...
How are you able to take money out of a pension before the age of 45?
Great discussion. Applies to more than finances.
If you live on the mountain in a forest, off from the everyday civilisation, you need only energy, not money!
Until you get sick, want to have a baby...
No viable for the majority of people, having a house on the forrest you need to pay taxes also, so you need money, you'll eventually need medical care
@@ailidh-Bcn You don’t need either of those things, because first, people need to find you. Second, when it comes to medical care, once you’ve embraced this lifestyle, you must understand that you are the only one responsible for your well-being. Most people’s actions are dictated by the system, not by their own choices. It’s merely an illusion for the majority that they have control over their decisions. When you’re part of a system, you have to follow its rules.
When I say energy, I’m not talking about electricity-I mean your own strength, determination, and willingness.
Don’t forget: go to school, study hard, get a job, work even harder, take out a loan, buy a house, get a car, pay your taxes, repay the loan, and live the life that’s been scripted/dictated for you. :)
Thank you, Steven. Valuable conversations for upcoming generations. Keep up the good work!
Thanks 🙏