The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty

The video discusses the three money myths that keep people poor and how to build wealth strategically, featuring a conversation between Jay Shetty and Jaspreet Singh.

The video discusses three money myths that keep people poor and how to build wealth. The speaker, Jaspreet Singh, emphasizes the importance of understanding how to save money strategically and how wealthy people do not save all their money. He also talks about the impact of money on mental health, relationships, and overall well-being. Singh shares his personal experience growing up with immigrant parents who had conflicting views on money and how he developed his own financial education. The video aims to make financial education fun and accessible for everyone.

• Saving money in the bank can make you poorer every day.
• Wealthy people do not save all their money.
• Money is an integral part of our well-being.
• Money impacts our mental health, relationships, and lifestyle.
• Money is not the key to happiness, but it can affect our happiness.
• Many people create a taboo culture around money because they are insecure about their finances.
• Money taboos can lead to a lack of understanding about money and its role in our lives.
• Myth 1: You need a high income to become wealthy.
• Building wealth requires a strategic approach and a focus on long-term goals.
• Focus on increasing your income through multiple streams of income.
• Physical fitness is the foundation of a fulfilling life.
• Money is just one aspect of a fulfilling life.
• Financial fitness has the biggest impact on a fulfilling life.
• Culture plays a role in people's relationship with money.
• Financial education is crucial for managing money effectively.
• Spending or saving all your money without investing it is a bad money habit.
• Investing your money instead of just saving or spending it is a good money habit.
• Your mindset determines your financial success.

The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty - YouTube

The Importance of Understanding Money

• Saving money in the bank can make you poorer every day.
• Wealthy people do not save all their money.
• Money is an integral part of our well-being.
• Money impacts our mental health, relationships, and lifestyle.
• Money is not the key to happiness, but it can affect our happiness.

The Negative Impact of Money Taboos

• Many people create a taboo culture around money because they are insecure about their finances.
• Money taboos can lead to a lack of understanding about money and its role in our lives.
• A lack of money can cause stress, anxiety, depression, and other mental health issues.
• Money is one of the leading causes of divorce.
• A lack of money can limit our lifestyle choices and opportunities.

The Three Money Myths That Keep People Poor

• Myth 1: You need a high income to become wealthy.
• Myth 2: You need to save all your money to become wealthy.
• Myth 3: You need to take big risks to become wealthy.
• These myths are not true and can prevent people from building wealth.
• Building wealth requires a strategic approach and a focus on long-term goals.

The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty - YouTube

Strategies for Building Wealth

• Focus on increasing your income through multiple streams of income.
• Save and invest your money strategically, rather than just saving it in the bank.
• Invest in assets that appreciate in value, such as real estate and stocks.
• Take calculated risks and learn from your failures.
• Develop a growth mindset and continuously learn about personal finance and wealth-building strategies.

The Four Aspects of a Fulfilling Life

• Physical fitness is the first aspect of a fulfilling life.
• Mental fitness is the second aspect of a fulfilling life.
• Spiritual fitness is the third aspect of a fulfilling life.
• Financial fitness is the fourth aspect of a fulfilling life.
• Physical fitness is the foundation of a fulfilling life.

Money Myths That Keep People Poor

• Myth 1: More money will make you happy.
• Myth 2: Money will solve the mental aspect of your life.
• Myth 3: Money is the most important aspect of a fulfilling life.
• Money is not the solution to all problems.
• Money is just one aspect of a fulfilling life.

The Power of Financial Fitness

• Financial fitness has the biggest impact on a fulfilling life.
• Money allows you to do more of the things that make you happy.
• Financial education is necessary to achieve financial fitness.
• Money is something that needs to be understood and talked about.
• Most people are not taught to think about money.

The Cultural Aspect of Money

• Culture plays a role in people's relationship with money.
• Some cultures have negative views towards money.
• Some cultures emphasize giving back over earning money.
• Earning an honest living is important for financial fitness.
• Being able to take care of yourself is necessary to help others.

The Importance of Financial Education

• Poverty is the worst disease because it limits your ability to help others.
• Money is just a tool that amplifies whoever you are.
• Financial education is crucial for managing money effectively.
• Seven out of ten Americans are living paycheck to paycheck.
• 50% of Americans making six figures or more are also living paycheck to paycheck.

The Three Bad Money Habits

• Spending or saving all your money without investing it.
• Blindly following the system without questioning it.
• Believing that money is the root of all evil.
• Not taking responsibility for your financial situation.
• Not having a plan for your money.

The Three Good Money Habits

• Investing your money instead of just saving or spending it.
• Questioning the system and finding ways to make it work for you.
• Believing that money is a tool for doing good in the world.
• Taking responsibility for your financial situation and seeking out financial education.
• Having a plan for your money and sticking to it.

The Importance of Mindset

• Your mindset determines your financial success.
• Believing that you can become wealthy is the first step to achieving it.
• Having a growth mindset means being open to learning and taking risks.
• Having a scarcity mindset means being afraid to take risks and missing out on opportunities.
• Changing your mindset is possible with practice and effort.

The Two S's: Save and Spend

• The majority of people have no plan for their money.
• Most people have little to no savings and investments.
• About half of Americans have zero investments.
• A quarter of working Americans have investments on their own.
• America has a consumerism culture where it's normalized to spend money.

Blindly Following and Trusting the System

• We are told to go to school, get good grades, and climb the corporate ladder to become successful.
• However, this system doesn't work for everyone.
• People need to question the way the system works.
• People need to find their own path to success.
• People need to take risks and be willing to fail.

Not Understanding How Money Works

• The only financial education most people receive is to save their money.
• Savings will never make you wealthy.
• Inflation means that the value of your savings is dropping.
• Wealthy people save their money for emergencies, investments, or big purchases.
• People need to understand how to save their money strategically.

Building Wealth Strategically

• People need to have a plan for their money.
• People need to save their money strategically.
• People need to invest their money wisely.
• People need to take calculated risks.
• People need to find their own path to success.

Money Myth #1: Linear Correlation Between Grades, Income, and Success

• Jaspreet was raised to believe that good grades lead to a good medical school, which leads to a good job as a doctor, which leads to more money.
• He was discouraged from pursuing anything that was not medical or academic related.
• He realized that something wasn't adding up when he saw his peers partying and blowing money in college.
• He started hosting parties as a side hustle and eventually found a club that would work with him on a commission basis.
• He still believed that becoming a doctor was the only way to be successful until he started reading business books and learning about real estate investing.

Money Myth #2: You Need a Lot of Money to Invest

• Jaspreet's father initially dismissed his idea of investing in real estate because he thought Jaspreet needed a lot of money to do so.
• Jaspreet started small by investing in a duplex with a partner.
• He used the rental income to pay off the mortgage and eventually bought more properties.
• He emphasizes the importance of starting small and building up gradually.
• He also recommends finding a mentor or partner who has experience in real estate investing.

Money Myth #3: You Have to Sacrifice Your Happiness for Wealth

• Jaspreet realized that he was not passionate about becoming a doctor and that he was happier pursuing entrepreneurship and real estate investing.
• He emphasizes the importance of finding a career or business that aligns with your passions and values.
• He also recommends finding a balance between work and personal life.
• He believes that wealth should not come at the expense of happiness and well-being.
• He encourages people to define their own version of success and not be limited by societal expectations.

Importance of Financial Education

• Jaspreet emphasizes the importance of financial education and learning about investing, budgeting, and managing money.
• He believes that financial education should be taught in schools and that parents should also educate their children about money.
• He recommends reading books, attending seminars, and finding mentors to learn about personal finance and investing.
• He believes that financial education is key to breaking the cycle of poverty and achieving financial freedom.
• He encourages people to take control of their finances and not rely on others to manage their money.

Myth of Traditional System

• The traditional system is to go to school, study hard, get good grades, get a good job, and climb the corporate ladder.
• Wealthy people are working to own the corporate ladder.
• None of us are ever taught in school how to manage money, invest money, build wealth, or generate passive income.
• Wealthy people are teaching their kids financial education.
• YouTube has made financial education more accessible.

Breaking Away from Traditional System

• The second habit is to break away from the traditional system.
• Ask the question "why?"
• Understand that there is a different system that you can follow.
• Realize that there is a whole world of financial education that we are never taught.
• Understand that wealthy people are working to own assets that will pay them without having to physically work.

Understanding What Money Is

• Money has two aspects: currency and store of value.
• Currency is something that we use to buy and sell things in exchange.
• Store of value is something that is supposed to keep its worth.
• Money doesn't act as a very good store of value in today's day and age.
• Wealthy people understand that they need to convert their money to something that is a store of value or something that will produce income.

Importance of Financial Education

• Financial education is not taught in school.
• Wealthy people teach their kids financial education.
• YouTube has made financial education more accessible.
• It is important to understand how to manage money, invest money, build wealth, and generate passive income.
• Money doesn't act as a very good store of value in today's day and age.

The Impact of Inflation on Your Money

• Saving all your cash in the bank makes you poorer each day due to inflation.
• Inflation is significantly higher than 2-3% in 2020.
• Wealthy people don't save all their extra cash, they put it to work.
• Money loses value over time, so you need to invest it.
• Putting your cash to work is the driving reason for why wealthy people don't save all their extra cash.

The Importance of Equity

• Wealthy people want equity, which is an asset that can be passed down for generations.
• The traditional American dream was to buy a home and have equity in it.
• Equity is the real dream of wealth and something that you can build for yourself and for your family.
• Everybody in America needs to be a business owner if they want to become successful.
• You can own a business without working for the business.

The Wealth Formula

• The wealth formula is income minus expenses equals investments plus savings.
• If you have a margin after subtracting expenses from income, you have extra cash to save or invest.
• Investments are what make wealthy people wealthy and keep them wealthy.
• Investments can be in the stock market or through real estate.
• Buying a share of a company makes you one of the owners of that company.

Chasing Money vs. Understanding Money

• Stop chasing money and start understanding how money plays a part in your life.
• Chasing money is illusory and doesn't feel good.
• Understanding money is the first step to building wealth.
• Money impacts your life in many ways, so it's important to understand it.
• Don't go out and just start chasing money, but instead, focus on building equity.

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The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty - YouTube