NEEDS VS. WANTS: The Money TRAP That Keeps Many People Poor

✅ Check out my products:

Recommended:

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 AKA The Minority Mindset
#MinorityMindset #JaspreetSingh

My recommended tools! Please note: Although these are our sponsors & advertisers, these are companies that I trust and use (or have used). The compensation doesn't affect my recommendations or advice. However, you should always do your own research & never blindly listen to a random guy on YouTube.
----------

➤ Real Estate Investing Online
1) 🏠 Fundrise - Invest in real estate with as little as $10!

----------

➤ Passive Stock Market Investing
2) 💰 M1 Finance - Pick a few ETFs and stocks, then let M1 Finance invest your money automatically:

----------

➤ Life Insurance
3) 🛡 Policygenius - Get a free life insurance quote:

----------

➤ Buy Gold Passively
4) 👑 Vaulted - Buy physical gold on autopilot:

----------

➤ Business Accounting And Taxes
5) 👑 CommonWealth - My partner accounting firm for businesses making $250k+ a year.

----------

Follow me:

Want More? 🥑🥑 Check out these channels!

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 YouTube 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.

[MinorityMindset]

WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS!
There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through YouTube comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!

[RandyPelletier]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. I feel exceptionally lucky I started investing in my early 40s and grew to a 7 figure well-diversified portfolio just by following Trisha Jean Webb's recommendations and having exposure to different prolific investments mainly blue chip stocks, bond and high yield dividend funds. Now house and cars all paid off and no other debt.

[CarysCorner]

Debt is a wealth killer. Unfortunately we are not taught this in school or from society in general, and worse encouraged to take on as much debt as possible.

[JoshHitti]

So many bots, man.

Great insights as always.

[getinthespace]

Had a discussion about needs vs wants with my wife yesterday.. we are looking to move out of state for her work and in this insanely screwed up real-estate market she is focused on wants pushing towards the upper limit of what we can afford.
I'm focused on basic needs to get us established and we can upgrade our house after she is established and stable in her new job and we are in a stable situation.
The difference is about 50% cost. With interest high AND prices high we would be throwing exponentially more money away if we chase wants right now.

[juaantanerr]

"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful." - Albert Schweitzer

[cognisuns]

But what if you don't have any debt?

[sbman]

I see you promote the 75/15/10 rule. I like it but I separate my needs and wants. I do 50/25/15/10. 50% needs, 25% wants 15% investing, 10% savings which turns into investing after 6 months of emergency. It's basically the same as yours but a little more broken down.

[Beloved]

Crystalline or ceramic vehicle window tint in Texas?

[JD_YANG]

Thank you! I have a gambling addiction. Started when I was 18 till now. I am now in 13k in debt. Today Is the day I quit gambling. Realizing that gambling is the reason why I’m unhappy on a good day. Today I will write down all my debts into detail and work extra hour, focus more on my side hustles so I can pay off my debt as quickly as possible. I’m tired of all the crap that I’ve done to myself and now I’m ready to face them.

[Whymylifesucks]

Okay, I have debt, but I have enough stocks and ethereum to pay everything off should I sell all of it to be 100% debt free or just use my paycheck now I work for a County so I don't make much money but good benefits and a Pension

[inspiredfaith]

It is painful tho now it is survival as economy has changed. Kids in elementary to high school are talked about or popular by the clothes they wear. It effects them the rest of their life. It starts at home.

[CrossBorderTruckin]

On the 75/15/10 plan...are you counting the money used to pay down debts as spend/invest or save? 😅

[xboxboy]

JSP for the clutch 3 thank you my guy, I’m still confused why Robinhood doesn’t support cardano 😔

[bigdarshan]

Thank you for this! I watched the whole video and you laid it out very nicely. Getting financially stable is NOT a quick fix but it can be done tje old faishioned way, through discipline and hard work

[costasgeorgiou]

The porsche audi and vw's are all paid off! And I'm a retired porsche tech so it all no cost here brotha! But I was goin to get rid of a few cars and get one new one and be more normal! 😝 Great vid!


Everyone doesn't spend spend spend.


You also got to mention the correct partner I have had ladies in my passed that was the biggest debt of mine! 😝 12:32

[lauramyers]

The only debt I have is student loan debt. And unless I live in a tree house or a cardboard box and spend my entire annual income on that one debt I will never pay it down. The interest rate is 8% and I can’t refinance it or I won’t qualify for any loan forgiveness (working in public school). Student loans are the biggest rip off in America. Stay away from them. ❤

[Munce]

Great work Jaspreet! Scooby snacks for you.

My allegiance is to Liberty, the Repubic and Democracy.

[usd]

You always give the best advice. Been watching you for a long time. Always enjoy.

[jackhreha]

need vs want vs quality vs junk. Bought a wool sweater made in scotland in 1977 still have it looks great in 2023 wear it all the time. Just sometimes buying quality and buying location pays off. pay cash, enjoy, the pure fact that the monkey is not on your back. Yes| i went without. But when you buy a cup of coffe i make money. Drink up. Listen to Jaspreet do good. Best Regards Jack.