Learn how to build IRONCLAD discipline in this free workshop:
https://bit.ly/3QGo7ln
On Today's Episode:
You are not alone if the recession has you nervous about what to expect. People have real concerns about whether or not they'll be able to afford groceries, gas, and even rent!
For sure you've heard that millionaires are made in recessions, but how?
Jaspreet Singh is joining Tom for a second time to get you up to speed on what it takes to get wealthy during any recession. Jaspreet is the Minority Mindset guru and Chief Money Nerd at Minority Mindset Companies. He's been creating financial education videos on YouTube for years and is breaking down all the reason you don't have to be scared during a recession
It's all about assets and equity. The trick is that you have to know what assets to buy and how to chill long enough to allow equity to grow its way to wealth. Recessions create buying opportunities for people with capital or money that know what to buy to come out on top.
Jaspreet is a voice of reason to remember that recessions are only bad or good in relation to which side of the equation you are on. This is a must watch if you're trying to find the best route through a recession that has most people nervous and panicked.
Resources Mentioned:
Blindfolded Monkey Beats Humans With Stock Picks - https://www.wsj.com/articles/SB991681622136214659
Warren Buffet $1M Bet - https://www.investopedia.com/articles/investing/030916/buffetts-bet-hedge-funds-year-eight-brka-brkb.asp
SHOW NOTES:
0:00 | Introduction to Jaspreet Singh
0:14 | Recession Opportunities That Build Wealth
23:15 | Smart Ways to Invest In Any Market
39:11 | The Mindset Trap Killing Your Wealth
48:52 | Only 3 Reasons to Save Money
1:00:49 | Building Wealth Feels Boring AF
1:17:02 | Equity Is the Name of the Game
1:28:32 | Investing Against Debt
1:43:23 | When to Use Tax Advisor
1:57:10 | 8 Financial Concepts Tom Learned
QUOTES:
'A crash creates a discount for you to come in and buy an investment on sale.' [0:53]
'Things are typically never as bad as they seem, and things are typically never as good as they make it seem, so it's typically somewhere in the middle.' [4:41]
'History does not repeat itself but it does rhyme.' [18:30]
'It's time in the market, not timing the market.' Tom Bilyeu [23:44]
'Don't invest with debt. Don't invest more than you can lose.' [23:59]
'When we talk about building wealth, [...] the majority of people assume that it's a lack of toolset that's stopping them from getting to where they want to go, when in reality, for the majority of people it's a lack of mindset.' [39:14]
'Real true sustainable wealth is built in silence, it's quiet!' [44:33]
'You want to save your money for three reasons. Save your money for an emergency, save your money for a big purchase, [...] or save your money for an investment. If you're not saving your money for any of these three reasons, don't be saving your money.' [48:52]
'If you have the nice stuff but you don't have the nice assets, your priorities are in the wrong place.' [1:01:21]
'Money can do some interesting things, but it can't change the amount of emotion you feel.' Tom Bilyeu [1:16:54]
'Real wealth in this country, in this system, is built through owning equity. We're never taught this.' [1:20:04]
'The most expensive money is free money.' [1:32:06]
Follow Jaspreet Singh:
Website: https://theminoritymindset.com/about-us/
YouTube: https://www.youtube.com/channel/UCT3EznhW_CNFcfOlyDNTLLw
Instagram: https://www.instagram.com/minoritymindset/
Twitter: https://twitter.com/minoritym1ndset
Facebook: https://www.facebook.com/MinorityMindset/
