How The System Keeps YOU POOR! (Money Myths That Keep You Broke) | Jaspreet Singh on Impact Theory

With talks of a global recession on the rise, there is no better time to put your growth mindset to work. Are you ready to revolutionize the way you think about money, inflation and the impending recession?

Chief Executive Money Nerd at Minority Mindset Companies from Punjab, India, Jaspreet Singh has been putting in the work to spread financial education and opportunity on YouTube for years. The goal of this episode is to get you to understand what money really is and give you the knowledge you need to change how you’re using it in your day to day life.

The majority of people will unfortunately continue to become poor and the harsh reality for many is that they won’t even see what’s happening in time if at all. We are dedicated to pulling people out of the matrix and helping them see that human potential is nearly limitless. That includes getting people to see the objective truth about the government's role in the financial system, who the Feds are, and how wealthy, financially educated people think and use money differently from poor, financially uneducated people.

Tom openly shares his example of how you can be a good entrepreneur and bad investor from not asking the right questions. You can start turning the tables and making better decisions to not just prepare for a potential recession, but to also start building real wealth. It’s all mindset, it’s a growth mindset and a minority mindset when you’re willing to learn and understand who your teachers are.

SHOW NOTES:

0:00 | Introduction to Jaspreet Singh
0:35 | Why the Poor Stay Poor
17:03 | Thinking Differently About Money
30:45 | Save & Invest Money Smarter
44:14 | Building Wealth As A Minority
57:21 | 5 Places to Invest Money

QUOTES:

“The interesting thing about the Federal Reserve Bank is it’s called the Federal Reserve Bank, however it’s not federal, it says so on their website. They’re not a reserve, they don’t keep cash reserves anywhere. They’re not a bank! You and I can’t go there to deposit money.” [2:00]

“If you understand the system then you can use it to your advantage. If you don’t understand the systemI it is going to screw you over many, many times.” [2:23]

“Inflation is what causes the supply chain issues and now we’re trying to go backwards, but this is where the rich get rich and the poor get poorer...” [8:29]

“Inflation is a hidden tax, it’s a silent tax. It affects the people that don’t understand money, and it disproportionately affects the poor and the financially uneducated, [...] if you don’t understand this you’re going to get screwed over.” [13:53]

“I was dumb because I didn’t really care about risk, I never even looked at risk, for me it was opportunity, that’s all I saw. It was a way for me to get started.” [24:18]

“Everybody in America should be a business owner, however, not everybody should be in the business of starting a company and not everybody should be in the business of operating a company.” [28:42]

“I like to call it net zero thinking, where if I have cash I need to spend it, [...] it’s the consumer mindset of, if I have this money, I need to spend it.” [36:48]

“You’re never going to be able to out save inflation. Your savings are literally making you poorer each and every day.” [38:27]

“You have to be the one now to go out of your way to start learning this, and thank God for YouTube because now we’ve decentralized education.” [42:21]

Follow Jaspreet Singh:

[TomBilyeu]

What was your favorite takeaway from Jaspreet?

[MinorityMindset]

Thank you for having me on Tom! I appreciate the opportunity 🥑🙏🙏

[billclint-gn]

Big government spending on sweetners and unicorns = higher taxes = higher inflation = government subsides to quell inflation, The rising interest rate can surely control inflation, but won't prevent erosion of the eroding purchasing power of the US dollar. I have learnt my lesson this time. The banks can't be making money off my money, while inflation eats into it. I have set aside 650k to invest in the stock market now, since that keeps up with inflation, but I don't know how to get started.

[ReyanBenson]

Every family has that one person who will break the family financial struggle, I hope i become the one. but how?

[cloudyblaze]

The system is really bad currently. Market declines, soaring inflation, a significant increase in interest rates by the Fed, and rising Treasury yields all point to additional losses for portfolios this quarter. How can I profit from the present market turbulence? I'm still debating whether to sell my $125, 000 ETF/Growth Stock portfolio.

[helenoliver]

I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this.

[johnlennon]

I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 38, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.

[Benefitwithhannamacko]

Every family has that one person who will break the family financial struggle, I hope you become the one💯

[erichkraetz]

I must say you are an inspiration because I started up investing and trading as a scared investor who doesn’t want to lose money, glad to say I’m very profitable now and bought my first house through it

[philipanderson]

Dividends are what got me into investing in the stock market. The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. Have over $600K in my portfolio as I bought a lot of dividend stocks before, I'm buying more now, and I will buy more when it drops further

[louisairvin]

I learnt most of these principles about seven years ago. A lot of people have been trapped strongly in the matrix-- Go to school, get a job, and then slave your whole life. Many miss out on life-changing information that could have great effect on their finances. I played with the stock market sometime in 2020, and I was surprised at how well it turned out. I want to put in $80k more into the market. I heard people are making really great returns despite the downturn. Any recommendations?

[RebeccaGorin]

*Amazing. “How to build wealth, do this..”*

[FreelyReadingwithDawn]

Hey Tom! Please don’t assume all teachers can’t. I’m a high school teacher for 27 years that invested $100 per pay since 1994, bought my first property in 1996, sold it in 2004, upgraded to my next asset which I now rent out. I invested in index funds, saved college funds for my 3 daughters, and have been a widow for 10 years whilst maintaining a five bedroom pool home solo. My passion is LITERACY including financial literacy. I share my knowledge with all my students. I read great books 📕 #UnicornTeacher #TeachersCanHope

[chrispaul]

Jobs will pay your bills business will make you rich but investment makes and keep you wealthy, the future is inevitable, I pray everyone here becomes extremely successful!!

[CourtneyJuanitar]

borlest forbidden money books (thank me later)

[tomthetalker]

Sometimes I tell myself to be positive regardless of the situation but I see we're at it already because things are really getting from bad to worse. I'm slowly losing my mind because I don't know if there's gonna be any solution to survive this phase.

[inhabitantofearth]

I love that he said he never saw risks, he just saw opportunity. It's a very interesting mindset because once we see that there are risks, it can make us fearful, and fear can trap us into stagnation. But seeing risks as opportunities, and taking those chances can make us braver, wiser, and change our lives/selves for the better.

I see so much risk in quitting my soul sucking job (I plan to quit in 7 months if I can last that long 😩), but it's either stay unhappy there or take the risk to change my life. If things don't work out the way I wanted, at least I can say "I tried" and learn something new in my journey.

[lucaswilliams]

I've been reading up on recession and the market, apparently both bull and bear market condition provides equal avenue to accrue massive gains, and a news article particularly mention a 32 year old that made $180k in 5weeks, how do I learn and apply these strategies, my portfolio has been stagnant for months.

[BestMotivationOrg]

Sometimes when you are in a dark place, you think that you are buried but you have actually been planted...

If you are going through that hard time, just know that I am cheering for you...

[selm]

I love this, Tom says "I'm not even going to say there is anything sinister" when referring to how the govt is trying to "help" us with inflation, and Jaspreet's response is "Sure" with a slight laugh, just perfect 😅 Great interview!!