Young and Profiting (YAP) with Hala Taha

Jaspreet Singh: The Middle-Class Curse, Why 50% Of Americans Earning 6 Figures Still Live Paycheck to Paycheck | E251

Oct 23, 2023

Jaspreet Singh, founder of Minority Mindset YouTube channel, shares insights on why many Americans earning large incomes still live paycheck to paycheck. Topics include his journey into investing and entrepreneurship, the benefits of using Shopify and Indeed, building wealth and understanding the capitalist system, retirement planning for entrepreneurs, active vs passive investment strategies, and the importance of cash flow in real estate investment.

01:05:17

Episode guests

Jaspreet Singh

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Episode notes

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Quick takeaways

The key to building wealth lies in ownership and equity, not just financing expenses.

Following one's passion and making wise financial decisions based on ownership and profits are crucial for financial success.

Pursuing businesses and investments that generate profits and prioritizing financial education are important for building wealth.

Deep dives

Building Wealth through Ownership and Equity

One of the main insights from this podcast episode is that the key to building wealth lies in ownership and equity. The host discusses how many Americans who make six figures a year still live paycheck to paycheck because they focus on financing their expenses rather than investing and building wealth. The speaker highlights the two ways to generate income in a capitalist system: through labor and through equity. While earning from your labor can provide a salary, the real wealth comes from owning assets that generate profits. The episode emphasizes the importance of understanding the economic system and the opportunities for wealth creation through ownership.

Introduction

2min

Journey into Investing and Entrepreneurship

17min

Selling with Shopify and Hiring with Indeed

5min

Building Wealth and Understanding the Capitalist System

25min

Retirement and Financial Planning for Entrepreneurs

8min

Understanding Active and Passive Investment Strategies

2min

The Importance of Cash Flow in Real Estate Investment

12min

Jaspreet Singh grew up in a family of doctors and it was assumed he would become a doctor too. But he decided to try a different path. He started his first business, an event planning company, when he was in college, and also started investing in real estate. Motivated to help other entrepreneurs avoid his early mistakes, he started the Minority Mindset YouTube channel, where he teaches his followers finance, economics, and how to grow their mental wealth while also growing their financial wealth. In today’s episode, Jaspreet shares what keeps people poor, the psychology of investing, an abundance versus poor mindset, and much more.

Jaspreet Singh is a serial entrepreneur, investor, licensed attorney, and YouTube sensation. Although he didn’t receive any formal financial education, he’s on a mission to make financial education fun and accessible. Jaspreet is the Chief Executive Money Nerd at the Minority Mindset Companies and the host of the Minority Mindset YouTube Channel.

In this episode, Hala and Jaspreet will discuss:

- Coming from a family of doctors and becoming an entrepreneur

- Buying into real estate at rock bottom

- Starting an event planning business in college

- How to avoid getting scammed as a young entrepreneur

- How to grow a successful YouTube channel

- The importance of financial literacy

- Bad habits that keep you poor

- Why you should stop financing things that don’t pay you

- Why recessions create opportunities

- And other topics…

Jaspreet Singh is a serial entrepreneur and licensed attorney. Although he didn’t receive any formal financial education, he’s on a mission to make financial education fun and accessible. Jaspreet is the Chief Executive Money Nerd at the Minority Mindset Companies and the host of the Minority Mindset YouTube Channel.

Resources Mentioned:

Jaspreet’s YouTube (Minority Mindset): https://www.youtube.com/@MinorityMindset

Jaspreet’s Website: https://theminoritymindset.com/

Jaspreet’s LinkedIn: https://www.linkedin.com/in/jaspreet-singh-6930a649/

Jaspreet’s Instagram: https://www.instagram.com/minoritymindset/

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