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Living Paycheck To Paycheck
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- Опубліковано 2 сер 2024
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Living Paycheck To Paycheck
0:00 - Video starts
1:30 - Investors use debt
4:15 - 78% of Americans are living paycheck to paycheck
7:50 - What is causing the financial issue
9:55 - How to control your spending
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This Video: • Living Paycheck To Pay...
Channel: / minoritymindset
Video host: Jaspreet Singh
DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated - but there's no additional cost to you.
DISCLAIMER CONT'D: I'm just a random guy on UA-cam so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
BEWARE OF SCAMS IN THE COMMENTS! If you enjoyed this video, you should watch - 5 Don'ts When You Get Paid: ua-cam.com/video/YBB2te7gnJI/v-deo.html
I’ve been trying to reach you about your cars extended warranty .
Where's the PDF?
found it.
Amazing video per usual and you’re fine as hell. Can’t wait to see you hit a milli !
Haha... Jaspreet... I hate to say it but you don't seem to understand poverty in America. Most people who live "paycheck to paycheck" are slaving and starving. People who make $3,000 a month are greatly fortunate in all but the most developed areas, where expenses are much higher. You seem to have this perception you repeat through your videos that people are impoverished because they abuse debt but really it's just that hard to get by it's not like everyone is really out there blowing their credit on the new iphone every time it comes out without having anything in their savings. Sure, most people who've never had money to burn suffer issues with impulse control when suddenly they start making respectable money but you know you learn and then things get better. Or, y'know, not!
The fact that you're not some "buy my stuff guru" and willing to genuinely help people, hats off to you.
You have helped me and others tremendously to better ourselves financially. Keep up the awesome work.
This video is literally the secret to success in America all in 9 minutes.
Yep!
@E Stephens Credit card companies and banks wouldn't allow it. Bank CEOs would threaten to remove political campaign funding from representatives and senators in those states and districts.
We wouldn't have the economy we have now if people didn't live paycheck to paycheck liability
Not really. Financial literacy is great but it can't fix systemic problems
This type of video has already been produced million of times by other money UA-camrs but he knows how to explain it different several time over
Your parents must be so proud of you Jaspreet!! You're not just a lawyer, you're a lawyer and a famous UA-camr
But not a medical doctor and a lawyer. 🤣
@Natalie Jones thats cute. More power to u ma'am
Thanks for the feedback.... Chat up the Adimin-Broker for more guidance Dm
Wh@tsap; @ +1>
The fact that Jaspreet doesn't have a bigger following is beyond me. All he does is talk facts, no trying to sell you memberships or programs, everything is free!
The slow path to wealth isn't sexy. People want to be sold a fantasy,
@@RedScareClair I agree, just like Warren Buffet says, "people don't want to be rich slowly"
Exactly how lottery winners go broke within a few years. Mindset never changed.
Better to lottery and lose than ever to lottery at all?
@@firelordsozin3677 well, what are the odds?
Canadian here. 7 years ago I moved to Thailand for a job with no assets, $20,000+ in debt. I was losing money every month in Canada to maintain my lifestyle. Today in Thailand I am 100% debt free. I rent a nice house, have 2 dogs, a truck, motorbike, and over 7 years i invested every extra penny I had. I went from -20k to +$1.3 million. 7 years. I have no plans to spend the extra money on luxury toys. Nicer to look at my growing bank balance than a depreciating Porsche in the driveway.
Exactly. Depreciation of luxury car.
@magic tower I did in the beginning to reduce taxes.. for foreigners there ate LTF's (long term funds) you have to lock away big chunks for 7 years and only invest in Thai companies through your bank. I have not made a penny from this. (saved some tax money, but the fund is underwater) ..... i made my money by investing every extra penny in a few companies i believed in.
@magic tower The LTF in Thailand was invested- I had no say in what fund, what companies. I still have it, I cannot sell it until Jan 2022 without penalty. I'll be lucky to break even on a 7 year investment. I made my real money by taking every extra penny and investing in a few USA/Canada companies - thats it. no secret.
@magic tower not sure how to help. I am not a financial expert. I just selected a few companies I really believed in.
1.3 million baht?
People need to do a zero dollar budget. Once you see where all of your money is going you might be very surprised at how you nickel and dime yourself.
I’ve been doing this for almost a year now since graduating recently. It works for wonders, and I love how it motivates me to spend less since I can immediately see where the money will go instead (investments/emergency fund!)
Where can we learn how to do a zero dollar budget?
@@raymondkizer1216 check out the Every Dollar app or just search on youtube "Dave Ramsey budget." He's a great teacher for budgeting
I hate it when my debt bites me in the asset.
😂😂😂
Nice
Love the Tonberry Profile Pic
Thanks for the feedback.... Chat up the Adimin-Broker for more guidance Dm
Wh@tsap; @ +1>
Even If I can’t watch the whole video, I’ll still like the video because you’re spilling secrets school didn’t teach us or our parents didn’t know. Thank you.
My top financial advisor.....Jaspreet Singh....you’re truly the best...hand down. I haven’t forgot what I promised. When I make my first $1 million, I will fly to Detroit and take you and your entire staff out for dinner. Thank you for giving me the mindset of a winner.
This info is what should be taught from middle school and up, this is what we needed to learn
They won't. School teaches to entrap young people
Schools are made to make sheeps not entrepreneurs!
You cant because people gotta spend money to keep the economy running unfortunately
Everyone problem is cars and clothes! I was living check to check. I cut it out quick once I saw broke at the end of the month. 2018 I went from a 2015 BMW M6 to a salvaged title and spray painted 2000 Honda Civic. Now I'm in the position to quit my $85000/yr 9-5. Live different from others now so you can live different others later
Because of you, instead of an '18 impala for 19k I bought an '04 malibu for 1100 and bought crypto and ETFs with the rest. She's running fine.
Great job. That's the mindset that gets you far. 🙂 Sacrifice a little today to have a better tomorrow. Good luck.
Once i get rich, i’m going to send you a lil somethin’ for all the knowledge you gave me.
dont reply to that thing. its probably a scam
Probably?! 😂
It's hard to avoid medical debt.
0:30 “Debt is when you spend your future income today” ...BECAUSE YOU ALREADY BLEW THROUGH YOUR ‘TODAY INCOME’.
😄
Saving is addicting! The only downside of saving is it takes time to see the growth.
I dunno, i started a dividend growth account in November and every time I pass a new milestone is exciting. Like going from 10 dollars a month, to a dollar a day. Happens reasonably quick
Investing is addictive. I love getting my spending fix on investments.
lol, I know what you mean! When I started my 401k it lost money for the first 2 years, so it was super demoralizing as it was worth less than I had put in. But in years 3 and 4 it has more than doubled in size... partly because of what I put in, partly because the employer match kicked in, and largely because the market did well. That whole 'time in the market rather than timing the market' thing is pretty true. It is like... nothing... nothing... nothing... explosion!... nothing... nothing... nothing... Boom!
Greetings from Scotland 😊 Have a wonderful day everyone 🌻
You too!
I once went to a pay toilet in glasgow
The place was empty
Glasgow's green and white!
Thanks for the feedback.... Chat up the Adimin-Broker for more guidance Dm
Wh@tsap; @ +1>
I like 50/20/20/10. 50 spending, 20 investing, 20 saving, 10 giving.
I smash that thumbs up button before you ask because I know the value is already in the video. Thank you MM
I'm now the most successful person in group of friends I have. Now we have nothing in common. I used my spare time to learn grow and be better while they partied living paycheck to paycheck. If only I knew what I know now sooner.. thank you sir and few others for showing me the light
Awesome and well explained. Keep it bro. You are the best.
I like funding today's lifestyle with yesterday's income
@Minority Mindset This must be a new trend on YT where spammers make fake accounts to look like big channels and then spam these comments. I wonder this comment is botted or someone actually goes through videos and posts these? Need to start reporting.
Jeff Bezos: "Warren, your investing style is so simple. Why doesn't everyone just copy you?"
Warren Buffett: "because nobody wants to get rich slowly"
Love from a small UA-camr 💙
Exactly! Most people have been conditioned to live an impatient and instant gratification lifestyle which leads to a paycheck to paycheck life. Going against the current is difficult but the gains and strength you develop is worth it!
is this a real quote?
As long as you don't want us to take guac out of the budget man. 🤣🤣🤣
I have friends living paycheck to paycheck but going out to eat, buying drinks, Teslas, iPhones, etc. They think there is something wrong with me for saving nearly 70% of my income.
Wow a Tesla? Good luck to them
I save 50% , i aspire to 70% but i never manage,i spend too much.
You have a blessing!!!! You have the capacity to defer pleasure. Why so insecure? People need yo spend cause they are unhappy. Happiest times of my life i didnt spend much.
Your older self will greatly appreciate it
I am impressed young man!
I save 65% every month. House and car note paid in full with titles.
JASPREET!!! GOOD MORNING TO YOU AND ALL...GREAT VIDEOS, HELPING THE COMMUNITY DAILY!!
Miniority mindset has changed my life
For every dollar I make:
75¢ Investing
25¢ Cost of living
I have my emergency fund saved up :)
Who else’s spending habits are like this?
Wow nice!
I a cat so I don’t have a job 😺😺
@@scholarshipchair9367tyty
@@meowmerch3017 🐈⬛
Dang!!!! Boss mode! I’m working on saving 40% of my income. 75% is Goals!!!
From experience, most people around me live pay check to pay check because of their lack of understanding
Great point about the need to focus on Assets and not on liabilities (and "looking rich")
This is soooo brilliantly done! Love this video! The Truth has been laid out- whether you choose to listen or not is on you. Choose wisely. Fantastic video! 😉
Have had a very negative insight and perspective on lawyers in general at my workplace, but you sir are a shining example of the exception. Keep them videos coming MM!
Want to say THANK YOU!! I've been watching you videos for the last couple of months and the information has been priceless. I'm an idiot when it comes to my finances and the information you provide along with the delivery of it, make it so easy digest and apply.
Why is a house sn exception? Many countries buy a house in cash. Including myself.
Loving all your videos been binge watching this whenever I can. On my breaks, driving to work, etc. learned so much on my free time. ❤️❤️❤️
Debt also binds you to never stop earning or take few years rest with your family and have a good time. Savings + Investing mindset is best way to live.
You spoke 💯 facts in 14 minutes!! It’s the plain truth why so many people are broke in this days!!
This video needs to be shown to every student in school!
Thank you very much J. You really motivate me
Just found your channel. Excellent content!
You and your team are the best. My three children have been working since 16. At 23 and 21 they have enough for down-payment on a rental duplex and I am helping them to get started. 😁
Great way to break down everything that is simple to understand. I like your video about saving money while using your bank accounts, especially getting 2k real quick in your saving accounts.
i was jst talkin to my friend bout this yesterday "trip out!" shared & liked! thank you!
All the advice is great living by these rules and trying to learn more. Now I need to start investing. Thanks Nax
great great video!! thank you sir!!
Our savings mindset is so poor. It's time to take control of our finances.
The hardest part is starting, then it becomes a habit to save & invest.
Great video. One thing I do is wait 72 hrs before I buy something that isn’t a necessity. If I still want it after 3 days, I then ask myself, why?
If it pass those two test, I buy it. Truthfully, by doing this, 80% of the stuff I would buy remains in the store.
Genuis
What you described isn't living paycheck to paycheck. Spending all your income on income generating assets isn't living paycheck to paycheck. Living paycheck to paycheck means that if an unexpected bill comes up, you have to enter to debt to resolve it. Your home's AC unit breaks and it costs $700 to fix and you had to put it on a credit card.
Great advice 👊🏼👍🏼
I can add too, if you don’t know what your doing when buying stock assets or know about investing in the stock market. Those asset stocks and turn into sour stonks.
I paid off my car I paid off my credit cards and I work full time and I'm still paycheck to paycheck. It's rough out here.
Do you follow some kind of budget?
@@overflow1789 He needs a better paying job.🤨
Get a roommate
look for side hustles
Any investing?
You should have over a million subs by now
Your videos are priceless my friend 😎
Keep Hustling
I've been binge watching all your videos and a huge fan. I got my first chunk of change from my new found business & it's been sitting in my bank for a week because I'm so scared to touch it now because I don't want to go out and blow it. Just only buying the bare necessities, but thanks to you and your vids I have a new vision of looking at money and don't want to be the average person live paycheck to paycheck.
Thank you Jaspreet, keep em coming!!
I use debt to take my future income and invest it today. A mortgage at 0.5% interest is an amazing thing!
Can't live without the Minority Report!
We, at Minority Mindset live paycheck to paycheck on the asset side. I pay myself (invest in stocks) first as soon as I get paid. I live with whatever amount is left until the next paycheck hits. I’ve been doing this since 2018 and I can’t believe the amount of money I have saved up. Not to forget how much those stocks have grown in value since 2018.
@@user-xb7rq2uh3w Chris Rogers can smd
Love your videos. It has opened my eyes tremendously. I can’t thank you enough my friend 🙏🏽🤙🏽
Thanks for your wonderful comment and ratings , I really appreciate ❤️..
I'll advice you to invest in crypto like I've & make good profits as it's currently the most profitable investment after Tesla.... I'll commend you to my Director Chris Rogers he's gonna help you make huge returns in crypto and lots more....
He's active on WHASAPP........
W/H/A/T/S/A/P/P
*+/1/6/3/1/9/8/0/0/5/0/7*
From 3 thousand dollar i think we should save atleast 1800 dollar. What I am doing now. I quit buy new cloths, No car yet, cook at home, no alcohal.. living simple and happy life😃
Good morning to you 😁👍🏾❤️
Love this channel
this is what I am saying. I've been living paycheck to paycheck but in this way though. zero based budgeting
GOOD INFO TY
This needs to be in schools! Love the videos!
You are the man!
You are a great teacher of common sense. I cringed putting a big chunk of money into my savings account payday but it has helped me stay on track. If it's not there I can't really spend it. Trying to get a little more serious about money management. One step closer.
W/H/A/T/S/A/P/P
*+/1/6/3/1/9/8/0/0/5/0/7*
Learn to be present. Most likely you have everything u need.
Big shoutouts from the Philippines!
@Minority Mindset scam
Our school systems need to teach money management instead of nonsense indoctrination classes
This news is so awesome! Use debt to buy assets that going to help us get ahead. But we must have knowledge and know how to use debt ! Your correct ! Living pay check to pay check is not good !👍🏾❤️💯 live pay check to paycheck if he take putting money n your pocket buying for the purpose of making money 💴 fix mindset !
After i read rich dad poor dad for 3 times this video makes sooo much sense
the financial plan is amazing 🤩
Just like Rudy the wolf of magic said, buy bulk sealed magic cards with credit cards. Sell them at retail prices, pay off your credit cards, rinse and repeat. Use rewards for expansion
Drinking game: Take a shot everytime he says paycheck to paycheck
Thank you!
Thanks for the review
+1
Great video
Can you do a breakdown on JPM's J.Dimon's sounding the alarm? Thanks!
I did pick up some "bad debt" to build up my credit score some time ago. I was able to get a new car with 0% interest, it helped me repair my credit after a more troubled time in life. A good credit score is nice to have when getting into other investments dealing with properties.
thanks friend I love your show
🤔Not sure how I stumbled across this video but sure glad I did.🦉 First time viewer but I subscribed!🤗
You're awesome bro. Super hero among us.
I love your video.
Very informative.
I have question. How do I refinance my 2 bedrooms condo as an investment rental income . LLC in a trust I want to put my condo in a trust living will.
Hope you can help.
Feel better 🌺
The pandemic+this channel+the story of Earl Crawley changed my life last year. Thanks Jaspreet.
Thanks for the review
+1
Very good video.
Rule of #%5 is very important but follow before steps to get there I’m following that path and feeling I’m heading that wealthy path
You ate Telly the truth about debt 👍🏾❤️
Every day I wait for Jaspreet wise words. Greetings from Colombia 🇨🇴
Thanks for the review
+1
Excellent video ... and Dastār ... thank you Sir
*Is Living Paycheck To Paycheck*
The American Dream?? 😅😔
It sure is the American standard/norm now
it has to be a dream because you have to be asleep to believe it! thanks George Carlin.
NOOOOOOOO!!!
@gillysuit2 and your wisdom is based on...?
jaspreet sir, i have been following your 40-30-30 rule for 3 months now, i think i started the first day u uploaded that video, its hard really hard especially 30 percecnt saving part coz i jAM ust a small time delivery guy, but i believe that this method is gonna make me rich and more importantly disciplined in long term. thank you and i have already liked the video as you said "BELOW" :)
40 PERCENT = INVEST
30 PERCENT = SPEND
30 PERCEMT = SAVE
It's not how much you make, it's how much you save. Income is the flip side of outgo. See where you can improve the income or decrease the outgo or both.
@@yellowbird5411 thank you
13:26 😄. I approve that cut
Nice work ✨🎆🎇
As always Thank You So Much for the awesome information. 75/15/10 is a great way to watch my money grow.
W/H/A/T/S/A/P/P
*+/1/6/3/1/9/8/0/0/5/0/7*
Thanks for the reminder. Paycheck to paycheck is only a bad situation if there’s no system in place.
What if you use debt to buy a rental car that generates more monthly money than its 0% apr monthly payments?
The majority of people make themselves broke with their lack of financial education.
Facts
You think that the advice given here works? I’m just a teen but I want to get a head start on how to properly manage my money
@@therandomdude7347
Jaspreet is awesome and gives solid advice.
@@therandomdude7347
Beware of the get rich quick youtubers.
@@CaseyBurnsInvesting thanks man
How about no interest home improvement loans? In my area they offer 0% interest on HEAT/AC loans - would you consider this as good debt?
In my area they offer 0% interest on HEAT/AC loans
Dont be fooled The profit is in there somewhere.
Rule of 5 is a great idea