7 Secrets Your Bank Doesn’t Want You To Know
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- Опубліковано 5 вер 2024
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What Is The Minority Mindset?
"The Minority Mindset has nothing to do with the way you look. It's the mindset of thinking differently than the majority of people" ~Jaspreet Singh
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Between you and Dave Ramsey we need this education in schools.
That would destroy our consumerist / debt economy.
@@nmccw3245 Yes... Yes it would.
I agree, but even that still wouldn't work.
School taught us that smoking is bad, yet people still do it anyway. 😏
@@handleyobusiness obviously there are outliers. They are always extreme ends of a bell curve. The point is to give everyone a better opportunity to make more informed choices for a potentially better life.
The school Is all manipulated
“That's why they call it the American Dream, because you have to be asleep to believe it.”
- George Carlin
Jaspreet handing out the life lessons that our system does not teach us. What a legend.
Well said
The bank is not your friend unless you are rich.
Why it’s rich friend?
The bank is your friend if you own the bank.
Yup Beverly hillbillies comes to mind.
lol they screw the rich too...
I didn't use my bank for mortgage
They were shocked 😲
Even when the banks fail we the taxpayer bail them out. Disgusting!
I mean like them or hate them. We still need them.
Banks are producers that employ people and stimulate the economy. There's no benefit in bailing out consumers.
@@jasm5205 yes we need them but they shouldn’t be bailed out when they are run badly. Every other company fails and NOT covered by the tax player.
When we bailed out the banks they still received big bonuses.
If you are trying to get ahead in life, watch this video over and over and over until you understand what he is talking about!! This is a great educational video!
Agreed
I'm now avoiding new purchases to avoid slipping into a bear trap. However, I'd like to know where the best investment opportunities are during a downturn. My goal is to retire comfortably on around $1.2 million.
Wishing you luck! The key to a happy retirement is to live the life you choose, if you have a certain amount in mind for your retirement, it is only appropriate to work with a knowledgeable advisor to make plans.
I concur that guidance should not be disregarded but rather followed. I remember a few summers ago, not long after my horrible divorce, I was in dire need of advise on investments to keep my head above water. Fortunately, I met someone with grit who greatly assisted me in growing my reserve, which despite inflation has increased from $360k to about seven figures now.
Great gains there! Would you kindly provide your advisor's details? With my job, I've been bringing in more cash flow, subsequently I'm considering investing in stocks and other assets that will help me accumulate wealth over time.
Leah Foster Alderman is the licensed expert I use. Just look up the name. You would discover the necessary information to deal with a correspondence to schedule an appointment.
Wow, I just Googled her whole name and found her platform. Thank you very much for bringing this to my attention, I will definitely get in touch with her.
How sbout move away from big banks, use your local bank or a local credit union, credit unions are better in my opinion
here here! The only account I've permanently have held open for my entire adult life is a local credit union, been nothing but happy with them. Fuck the big guys!
Rudest B$tch I ever dealt with was from a credit union here in Canada
😮 You noticed the Chipotle shrinking portions too?! This has helped me make more at home 😎
Cooking is an underrated strategy in fighting inflation. I can make bigger portions that I want at home, in less time and less cost.
I studied accounting in college. I’m not an accountant but the education serves me well regardless. Recommended.
Imagine what you could "afford" if you had to pay cash for something? We are a 95% debt-based economy.
This has been true for at least a decade.
Yea I say make credit cards illegal and loans to be very very scrutinized before given out. There’s almost always another way to reduce lifestyle than to depend on credit. Ppl r just too lazy and get caught up in the trap the companies have set.
Jaspreet pls make a video on how to invest for cash flow with some good divident examples
This channel is really helpful also I'm coming from the Ramsey Show couldn't agree with you more I never had financial advice until I hear about the Ramsey Show and this channel
Always ..focus to go debt free and investment.
I've noticed that. The bank always gives me a too big of a loan. The payments felt uncomfortablely big. Unlike most other channels that glamorize "dumb things" you're the few who do the opposite.
If I use a company’s product or service, I buy their stock. I figure if I can trust them enough to use them, I can trust them enough to invest.
Loved this video! And as an investor I can 100% agree with everything being said here. It's a very different thing when one is using the bank to their advantage and earning interest, in comparison to being in debt and owing them. And I've learned more and more on how to use money the right way, and live within my means. Thank you Jaspreet.
I'm shocked the average household CC debt is $6500. I thought it would be way higher
It’s higher with low wages folks using credit cards to make ends meet
I have multiply sources of income being retired. Recently I bought a new car . I took out money to put on the car up to my next marginal tax bracket and plan on paying off the rest in about a year and a half out of my cash flow . The tax is more than the interest. Tax policies warp investment and spending decisions. And yes I could of paid cash for it. My old car was in good condition but my grandson and his wife badly needed a second car , so I gave it to them. BTW there are spiritual laws about money. Givers over time prosper more than those who are not givers. I have lived long enough to see this over and over again.
I think giving makes someone feel good and that helps reduce stress and live a better life. Helping ppl is good for the spirit and soul. Although u must make sure not to waste ur gift by giving it to someone who will not be a good steward with it. Don’t give a drunk a drink if u know wut I mean. Such joy can be had from seeing the smile on someone’s face who u helped financially. It like the drive thru at a coffee shop where one person starts paying for the car behind them and everyone keeps it going. It feels nice and everyone is connected thru the good nature towards each other.
Great video! Market Briefs is also really informative. Thank you for this valuable content.
Please make more video about bank system. We need this type of videos. More education about how the banks system work.
Heck yeah! Peak Jasperet right here!
I borrow money to buy assets. It has worked well for me so far. But I'm not going out and buying failing businesses that I think I can turn around either. My goal is for steady returns that are 2x the cash flow of the interest payment.
But the flip side of this is that I'm also nowhere near over leveraging myself. Going eyeballs deep in debt is always a bad idea. My general rule of thumb is to treat all debt like most people view a house payment. Once you start having your combined debt payments (including home) beyond 20% of your income, then it becomes exponentially more risky. Debt is fire... Fire can keep you warm, but if you are dumb you can hurt yourself. Be safe and smart.
When I first found out what fractional reserve banking was it was so depressing because you work so hard to earn money and keep it in an institution and they turn around and lend it to other people.
Jaspreet bringing the heat on this one🔥
Agreed
Normal people: Keep your money in the bank so you earn interest
Weird people: Why not use that money to instead buy and own the bank?
If you use it why not own it. That goes for food fuel education insurance and even government
@@toomuchdebt5669 - Yep! Bank stocks pay a higher dividend than the banks pay interest on deposits.
@toomuchdebt5669 exactly... why buy unto what you yourself aren't invested in?
Inflation will outpace it, only worth keeping emergency funds.
@@reynoldcracker02 Yep
Wish I understood that better 15 years ago.
Thank you for these videos. They really help put things in perspective for me.
I got paid my quarterly dividend today from my Key bank shares. One time they had a great profit result. I had some business at my local Key bank branch. I congratulated the teller about the profit result and asked her if she had been making sure to charge lots of bank fees?
“I want you to have a whole bunch of dumb things…but I want you to be able to afford them first.” Quote of the day lol
Words to live by.
Been reading the creature from Jekyll Island. it's a real eye opener. Thanks for everything you do Jaspreet
Sub-prime mortgages should be illegal.
Brilliant video, very informative and interesting to me thank you. My bank has taken many thousands of dollars off me over the years gone past. Now it's my time to get the bank to pay me back for some years to come.
And banks are over leveraged. Bank collapse is happening, small banks will be absorbed by bigger banks, and those bigger banks are "too big to fail" will be bailed out by us. So apparently neither model of saving or lending is a sustainable model.
Jaspreet you’re a great guy, thank you for this info
Love your content. I have learned so much.
Appreciate you!!!
I'm glad I found your channel. One thing I learned a long time ago is traditional Indian families often have all working age family members put their income into the family pool and each person takes care of each other. I'm sure I'm oversimplifying it. I would love to know more if you can add.
Can u explain this
Your choice: manage your money or it's going to manage you!
👍👍
What a liberal thing to say
Saving money in a bank is a Terrible Idea. Emergencies can be funded in many different ways. What's mote important is to use tye money to create cashflow and let the cashflow cover liabilities and Emergencies
Great Explanation - greetings
This my guy always dropping gems
There's a reason that people say it's very expensive to be poor.
Really appreciate this. Thanks for letting me know.
Great video laying out the financial fundamentals!! ❤❤
Woooooow. No mo' Chipotle?!?!! I just starting eating there bruh!
Love your video's. Even if an emergency fund was taught in schools or by my parents (who taught me practically nothing financially) that wouldve helped me so much.
This was literally the conversation I had with my teen over breakfast this morning. Without the awesome white board graphics because I was holding my coffee cup.
Banks are good for keeping your emergency funds.
I keep my emergency fund in cash.💰
@@Calliealliecatsteelethen your emergency fund doesn’t keep up with inflation
@thomasclark8119
It's not supposed to. It's for emergency purposes. It should be very liquid.
@@MsMaxinejoy but it can keep up with inflation if you keep the emergency fund in a high yield savings account and it will still be very liquid
Always avoid commercial banks go credit unions. And a small one at dat big credit unions are as bad as commercial banks.
Well explained
jaspreet i know NO bank that is transparent with how much is left in your bank account... like i said for some reason these apps don't update like for example il send a payment using banking app to pay credit card, the problem is the outstanding balance displays the same number for many days it doesnt update at all in real time, so you really don't know for sure how much is left now until you've overspent or overpaid then they charge you an overdraft fee, they charge you for having an inactive account too
I FULLY agree but that's why it's so important to have a buffer in the account. You should never even be close to overdrawn. Not to speak down to you, I'm a victim of the banks and my own ignorance on this subject.
the amount of passion, sardar ji has for this topic, is unparalleled
Thank You
Thanks for your time and thank you for all your great advices😇
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Ehhh. Just say that $100 turns in 90$ in a month then 80$ then $70 etc because of service fees , maintenance fees etc
Not spent anything very much at all since the pandemic. Just left an emergency fund, then invested the rest. It's not going great objectively, but in a tax sheltered account it is.
Thank you for your content.
Thanks for sharing your thoughts and insights. Great video.
Hey, I don't know if you've done a video on velocity banking yet, but what's your take on this style? Future video 🤔
In India bank saving interest rates are higher than in US (4.5 - 7.5% per annum), bcz loan interest rates are way higher (9.5 - 14% per annum).
Online banks offer higher savings interest, but they charge higher for services like SMS. Like nationalised bank charges Rs. 17.7 annually whereas online bank (talking about Airtel Payments Bank) charged me Rs. 60 for a month.
Good luck getting your dollars out of an Indian bank.
Hey, what do you think of CDs. Is it good to invest in or not?
CDs are good investment
hahah that is true!!! and thats why the outstanding balance NEVER UPDATES! LIKE IT TAKES WEEEEEEEEEKS FOR THE BALANCES TO UPDATE isn't that crazy???
My house is paid off as is my car a d i have no credit card debt, yet the see me as a risk for a cc. I just want a cc for purchasing gas when im out.
You can be good w/ money but if youre good enough to not owe, banks don't see it as such. They may see it as youre too good and they cant make money off you.
Do you have a video that talks about stock dividends and fund dividends?
What an excellent video 👍
Growing up we we're told to get into government housing and onto a pension as early as possible, thats the secret to success...... I cant believe i followed that mentally into my 20s. Wasted sooo much time. Going to make sure we're comfortable so that our kids will ve even more comfortable.
Great video…love the CHIPTOLE joke 😂😂
The first step to getting what you want is having the courage to get rid of what you don't. ✌
Hello! Long time fan. I wanted to get your opinion on my situation. My current job pays me my annual salary plus pays me per mile that I drive to cover my gas vehicle costs, such as insurance, maintenance, and fuel. I was thinking about buying an electric car, Tesla, to be specific, because I have crunched the numbers and figured that with the money that I make from the mileage, I could cover the payment plus more. Does this make sense? Also, I could get the Tesla at a 1.99% APR, which I only have until the end of June to finalize the purchase.
What's going on with the chipotle portions?! It has been a while since i've eaten there granted.
I'm not so sure the banks are the ones holding the strings, think of the one percent.
The one percent also own the banks. 😂
Replace your debt payments with PAYING YOURSELF and pretend your still paying the creditors (mortgage company, bank etc.) Do this for 15-20 years and you will be shocked how much it grows to if its in an index lile the SP500.
I've only overdrafted once in my life....Though my bank allowed an overdraft up to 100 euro's without cost........So it cost me nothing.
I'm not going to say my bank is the pinnacle of the morality.......ofcourse they are not, but as far as banks go they are not the worst.
As for credit cards....I have one I use for convenient international purchases . I always pay them off immediatly.
Broke cousin Bundy always catching strays 😂
Yeah..! It works we are a product of the system, human nature, and our internal programming…
This is just old and re-hashed stuff from past videos and nothing we have not heard of before!
A lot of his videos are at this point but at least it’s good information
I'm a lucky guy despite only having a H.S education this all comes naturally to me.
could you imagine a government class in highschool that would teach you the American tax code? 😂😂😂😂😂 we would all be millionaires 😅
fractional reserve lending system? oh sweet summer child, that hasn't been a thing since a long time. they don't even keep the fraction. and they also don't use your money they can just create money. they probably don't even need your money to lend out money, they can just create a loan which creates an offset. therefore your savings are just a liability. bank runs have happened recently you know?
Totally
Eliminate the Emergency Account and call it an Opportunity Account.
Aren't they not just lending the 90 but lending out your entire 100? this is why they are collapsing and are about to be nationalized
Bank local or with a credit union. Problem solved.
Thanks for the gems. APTTMHY
Break the cycle and dont pay it back.
recur.
Use your money 💰 as a tool not a fool : MM
U r an average entertainment lauyer
i m not worried about what anyone wants from me. If i am foolish enough to fall for it, it is not their fault, but mine instead 😂. congratulations, banks, for bieg so good in trapping so many flies 😂😂😂. just dont count on me. the good thing about all of that is that they'ren't forcing anyone to do anything. so ahead banks, keep on going👏👏👏👏.
Who's they????
😂😂😂😂
The information is spot on. But I don’t like a clickbaiting title. Especially a ‘secrets they don’t want you to know’ title.
This
❤
Isn't this the whole idea with capitalism? Imaginary money on a computer screen. Like bitcoins - i thought it was illegal to "print" your own money.
And all of this 'cause everybody want to be independent but get owned by the banks.
That is Bidenomics.
😂😂❤
I'll be in debt for the rest of my life. There is no job that you can work to be debt free anymore.
Create work
Focus on learning skills
With that mentality, you likely will be.
Stop borrowing money then
Det is a disaster 👎
❤❤❤❤
Thank you