Hearted Youtube comments on Minority Mindset (@MinorityMindset) channel.
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I did this with my first home. It was a multi family, 3 bedrooms apartment on the 1st and 2nd floor and and a large studio basement. I lived in one of the apartment and rented the other two, my mortgage went down to $550 dollars a month. We began saving, than 3 years later we moved to a single family home in a much better area, with great school system and community and even a damn lake. My multi family pays itself off and gives me $1007 of passive income a month. I'm currently in the process of doing the exact same thing now and raising that passive beyond $2000 a month. In the past, I believe this was impossible, not anymore. I worked hard for over 10 years and saved my money for my down payment and honestly, I missed alot of gatherings for being frugal but in reality I wouldn't change anything I did in the past. Even through this pandemic, I have been doing pretty well, knock on wood!!! Just goes to show you hard work and educating yourself on the unknown, really does pay in the long run. I started below the poverty line as citizen from an immigrant family but I did not allow my circumstances to dictate my future, hence why it took me so many years to get my down payment. Anything is possible in America, if you dont believe that I am truly sorry for you. If you just focus on what's necessary for your own personal growth and forget the distractions, you can accomplish even your wildest dreams. Whomever is reading this thank you for reading and good luck on your journey.
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The cost of living has risen because of the things you think you need. Look at all the things you have that your parents/grandparents didn't. All those things come with a cost to get, and monthly bill to keep using. I'm guilty of it for sure. I have 4 tv's and satellite, my parents had 1 and no satellite. I have a truck, a car, and an SUV with insurance and taxes. My parents had 1 car. I wont get into phones, computers, ipods, game stations, door bells, security systems, ring tones, Netflix, and all the other stuff that wasn't even invented, or $5 cups of coffee.
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Oh my god... it is crazy that this is the topic of your video today. Of all days. Today, I'm having a meeting with my bosses, a meeting that they are not aware of yet, where I give my notice. I've been planning and saving and preparing for about 6 months now. I found myself briefly putting that idea on hold because another co-worker friend of mine, beat me to the punch and resigned before me and is now doing something else. But you only get one life and there will never be a "perfect moment" to do anything. Money is a factor, but also the work environment I'm in is not ideal for me, my bosses are both married to each other and they have a tendency to bring their marital issues into the office, I've been dealing with arguments and tense situations for 3 years now, that's not the only thing but aside from the fact that I'm underpaid, I'm not here to deal with other people's personal crap. Especially if those people are the ones that hired me, that and also the tremendous anxiety they give me. I'm done with that. Thank you so much. I'm staying strong no matter what they say. I'm ready to move on with me life. Wish me luck.
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I'm a licensed agent (property, casualty, life and health). I completely agree! They try to get us to push whole life but I always inform my clients that term life is best. Whole life is not a good investment. And it's expensive. I'm tired of my community (blacks and Latinos) having "GoFundMe funerals".
And yes, people always seem bothered that if they outlive life insurance, they "wasted" money. True, and I do use that example it's the same as any other insurance. If you're healthy, you paid your health insurance for nothing. If you drive well, you paid auto insurance for nothing. If your home or business... you get the point.
BUT, there is another option to get money back on term life if you outlive your insurance. You can request a quote for regular term and Return of Premium term life or add an endowment benefit. It's typically 30-50% more, but if you survive the term, you'll get ALL your premiums back. It's an option for those who want something back from their policy.
If anyone has any questions here for any type of insurance, I'll be happy to answer :)
Great video, as usual, Jaspreet!
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People focus on the $5 coffee statement but forget to see the forrest through the trees. Okey yes $5 coffee a day may not keep you or make you broke, but typically from my observations/conversations(perhaps small and unrandom sample size in a pure statistically sense) people who spend more than they need to/should in one in area of their life tend to due it in other areas as well which adds up. So $5 coffee is just a tree in a forrest. But Black Vito it's only $5, yeah I've seen many people "it's only" their way to unnecessary financial struggle.
But Black Vito you should just focus on getting your income up instead of lowering your expenses... It is an extremely erroneous unequivocally false assumption that one has to choose between lowering their expenses or raising their income in the vast majority of situations, very very rarely does one have to choose between the two, and many times one leads to the other.
(Note: Business often have to spend money to increase income, but most people are employees, And even then expenses as a percentage of revenue may decrease over time, Which is not usually the case with people who have a high propensity to spend.)
Lastly if someone has bad spending habits when they're making $50,000 what makes anyone think it'll get any better if they are making $200,000, their expenses will increase at a rate equal to or greater than the rate increase in income. Thats like trying to fix a leaking sink by putting more water into it.
💪🎭
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LOL - 1 - two cars between my wife and me (well, mine is a truck). Both paid off (but they still require license plates, oils changes, I've changed a battery in the truck, tires every once in a while, but you know the drill.) Both paid off early, because we HATE non-performing debt.
2 - No interest in spending money on "music festivals", though as a former member of a local band, I enjoy the occasional night out with the wife to listen to music at a local bar - heck I know some of those guys! The better-three quarters even sometimes wants to go to a concert, but that is rare and we can afford it.
3 - Got me some of that sweet, sweet stock (but I let a manager actually handle what I own. Costs about 1%, but I am too ADHD to try to pay attention to tracking, and I think that is not an unreasonable fee. And they seem to make me more money in the investments than I made when it was all just blindly thrown into various 401k and IRA accounts.)
4 - House is paid for! (Well, we still set aside about $500/month to cover annual taxes and insurance.) Got a reasonable 12 month's in spendable savings. Still, I have three mortgages, but those are performing assets in the form of rental property. There is a much bigger note on an apartment complex, but I'm just a 5% member of an LLC. But that one turns a 9% return (though the investors agreed to only take out about 7.5% to build additional equity, so that we don't ever have to have a dreaded "cash call" if the capitalization proves too low - but so far, so good.)
5 - I retired at 59 1/2, and nope, don't do conspicuous consumption. But I am driving down to Austin later today to celebrate the 60th birthday of a college bud (who actually also retired early.)
If people would take your very good advice, they'd be much better off! Thumbs up.
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My wife and I own three rental single-families, plus about 5% of 78 units in multi-family. And I am in violent agreement with you on how we are dealing with this current economic conundrum. For our houses, we have three tenants (all at least 2 years, the last purchase) who have never missed a payment. We've already contacted our rental management company and told them that all we ask is that we are informed if they are going to miss a rent payment, so that we can plan accordingly. But we will "work it out" on the back end of the health crisis, whether that results in just ignoring the missed payment or working out a small increase in rent to "catch up" (I think the former, forgiving missed payments - when this whole balloon went up, I even discussed with my wife a cockamamie scheme of sending our tenants each $100/month as a show of good will, but eventually decided that was a bad idea.) I don't personally know any of my renters (that is one of the benefits of a management company) but I understand that in the kind of homes I buy as rentals, they are not likely to have unlimited financial resources. Neither do my wife and I, but we've got enough that we are not going to lack for food, as long as it continues to appear on the grocery shelves. In the meantime, we will do our best to provide clean, safe (though not what you'd call fancy) housing for our tenants.
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I think you would appreciate this testimony to illustrate what you were talking about...
I started a yardwork business in August of 2014. I signed up 3 customers for monthly maintenance service (2 at $50/month; 1 at $75/month). Before the holidays, 2 cancelled! ARGH! (LOL) All that winter all I had coming in was $75 a month.
Spring of 2015 (My Freshman Year in business!) my one customer gave us a raise! She was on a huge corner lot, and felt bad about how little we charged for what we did. So, my first customer, and the one who stayed with me, bumped us up from $75/mo. to $100/mo. During 2015 we signed up 19 customers, 4 of which are still with us today! (Monthly rates of $65, $100, $150, & $153) We did do a lot of Overhauls (complete yard clean-ups) that did not convert to maintenance accounts. (We no longer offer overhauls without signing up for maintenance.)
Sophomore Year (2016) we signed up 11 monthly maintenance customers, of which only 2 remain to this day ($153/month each).
Junior Year (2017) we signed up 14 monthly maintenance customers, of which only 5 remain to this day (4 at $153/month and a front yard only for $100/month).
Senior Year (2018) we signed up 6 monthly maintenance customers, of which only 1 remains to this day ($153/month). In October, I sold the company to my wife, and I work for her now as a consultant/advisor. These 4 years were my Business Education. One customer asked me (before even hiring me!) if I had a degree from The Harvard School of Business. Her statement, in my mind, was her handing me my diploma!
Graduate Work (2019) we signed up 11 monthly maintenance customers, of which 7 remain to this day (each happily paying us $195/month).
So far this year (2020) we have signed up 2 customers at $195/month!
In addition to that, we provide free maintenance service to a couple of people in town. We call that Civic Capitalization.
If anyone wants more details, feel free to ask!
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Jaspreet, thank you for sharing knowledge (one aspect of love), and for your true compassion, the caring of strangers, especially others. Aren’t Americans are all immigrants at the beginning? Mine is similar to yours, humble beginnings. I’ve been following your videos and have continued on a diversified portfolio by investing in some stocks, but mostly ETFs (never knew until watching your videos). I did well in the last 2 years, but will continue to hold on for the long term. I’ve invested in solid companies, so it just does not make sense to sell at a huge loss. I’ve helped my 2 college and pre college teens to invest too, and it’s more challenging to encouraged them to hold on. I’m sending them your video. Also, I agree with you. When young, work hard, invest wisely, and be patient. By late 30-s, early 40’s and on, if invest wisely and diversified, there will be enough for retirement. What choices do we have? Money do not grow on trees or fall from the sky. Free money? We will pay back someway, somehow-taxes. But, fair taxes are ok, collectively we all got to pay for infrastructure, protection (military), and healthcare (social security & Medicare). Social security & Medicare are not given to Seniors. They earned it and contribute to it when they (our parents) work hard in their heydays.
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Jaspreet please read man, I want to thank you 🙏You're amazing bro. So many Youtubers can talk about how to invest, how the system works, and the technical stuff. But my favorite part about your channel is how much you push the importance of a healthy mindset. KNOWING why you want more money and finding that happy balance where you're not letting the system completely play you, but not letting yourself get obsessed over it and prevent you from enjoying your life in the present.
I grew up from nothing. Immigrant parents. Not a lick of English. The worst neighborhoods. But I was on a pedestal from the day I was born here in the U.S. . I was meant to be special. Parents showed me off left and right and I was very nurtured. Not their fault of course, they were just proud. This put an immense amount of pressure on me. I had to get it all. I had to be the best, look the best, be the smartest. It breeded a very narcissistic personality. Every move I made was based off flash, money, showing people "I got it like that" because I hustled the hardest. I bought my house in 2017 at the relatively young age of 22, and had my very nice cars, so good things definitely came out of this. But still I obsessed over making more and more and more. Missing out on fun with Friends/Family just so I can hustle more, work that OT and DT. It was terrible. Not because of how much work I was putting in (Hard hustle is necessary to achieve your goals, no way around it) but because I never felt like I had a choice. I felt I had to show the crowd up and feed into this lifestyle.
I went through some changes recently. And I'm dropping these narcissistic values and so many good things have come out of it. But, In the process of doing so, a bunch of your words from your previous videos finally clicked in my head. I have a new motivation to hustle and make these moves. It doesn't involve these superficial values, it now involves buying precious memories in the present, and buying my future time back so I can spend more of it doing what I love. My future goals and endeavors are now focused more on PURPOSE. Thanks for pushing this. I feel more motivated than ever to KEEP HUSTLING !
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I have a friend who is older, on Social Security, and he goes 'overdraft' every single month and been doing it for years now. He doesn't mean to, but he always miscalculates his finances.
I would hate to think about what he has paid over time for this (must be thousands). I tried to help him once, but he won't accept any help.
Truth is, bankers are criminals, they just wear a suit and tie. In America, it is the land of opportunity, but also the land of opportunity for criminals, and bankers know this better than anyone!
I pulled what money I had out of the bank because pretty soon they will be charging you straight out just to have a bank account, on top of the things he mentions here. And you can thank Trump and the Fed for this, the lower they push interest rates, the closer we get. I don't think most people understand this, but when rates get to a certain point, they charge you to have access to your money (and if they get really tight on money, they may even put strict limits on withdrawals).
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