The 7 Wealth Killers That No One Talks About

Рет қаралды 180,144

Ай бұрын

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Пікірлер: 466

@MinorityMindset Ай бұрын

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@DavidNguyen-vh6nl Ай бұрын

Jaspreet, you need to drop that extra guacamole joke, no one is going to chipotle anymore

@user-pb2xk9rn5n Ай бұрын

Can you make a video on how to build wealth at 60

@SandipPatil009 26 күн бұрын

Khalistani mindset 😂

@davidbrooks8809 Ай бұрын

Another wealth killer is having a partner that doesn't save or invest 😊

@kitmarshall4084 Ай бұрын

Divorce is a wealth killer as well

@ozyrob1 Ай бұрын

@@kitmarshall4084 Like we say in Australia, buggered either way.

@hi-tych Ай бұрын

Truth. 😂

@yadveersingh3628 Ай бұрын

People take it funny but you are very true

@Someone12378 Ай бұрын

Preach!

@sevartt9046 Ай бұрын

Something I learned many years ago from an older guy is to try and turn your home into a producer instead of a consumer. Meaning, plant fruit and nut trees, grow a garden, raise livestock, etc. I know not everyone is able to do all that, but even small things help at least a little.

@derekhayter4879 Ай бұрын

Ah yes. Buy a house. Pay up that mortgage. Easy. Get a farm. Might as well breed some horses too and drive that tractor to maximize efficiency. Yes, I will follow your lovely advice and put it into practical use my good sir! I can ever be grateful to you!

@JVlk-tw6fs Ай бұрын

@@derekhayter4879Hmm. I actually grow spices on my balcony in my appartment. That way I always have fresh celantro, basil, thyme, oregano, rosmary, sage. I also use mint, Lavander and sage to brew herbal teas. I hade cherry tomatos last year and I want to grow chily peper next year.

@JVlk-tw6fs Ай бұрын

@@derekhayter4879Oh. And salad leaves. It grows sooo fast.

@NoBody-xx6ii 8 күн бұрын

💯

@leelunk8235 2 күн бұрын

MAKE YOUR HOME A FARM..NO THANKS EINSTEIN

@NedSpindle 17 күн бұрын

And don't buy extended warranties. If I added up the cost of every extended warranty I declined, it would be thousands more than what I lost from products that didn't last.

@Obeserundown Ай бұрын

Daycare is our biggest wealth suck.

@kaylean39 Ай бұрын

Facts!

@manflynil9751 Ай бұрын

Is it perhaps more economical to stay home with the kids and try starting a fledgeling business from home?

@Obeserundown Ай бұрын

@@manflynil9751 ah yes the mythical start your own business while watching kids full time. Need dual income to afford the mortgage where we live.

@Enki1013 Ай бұрын

@@manflynil9751 Agree, but also sometimes it is easier said than done. It can also leave people vulnerable to getting suckered into one of those MLM scams. Some companies are also trying to get remote workers back to the office but luckily there are others who have adjusted to it as the new norm. I'm not saying it can't be done though. My late uncle ran his own business from home painting people's houses. My husband at one point wanted us to be partners and run his own locksmith business but for one reason or another, it never happened and we did fine with him working at a big box store until his retirement.

@Obeserundown Ай бұрын

@@manflynil9751 nope need dual income to pay the mortgage. Watching children is a full time job, so there isn’t a lot of time to commit to then working another full time plus self employeed situation just to grub up the extra cash to make ends meet barely… when you have children you need a stable income.

@edwallace2828 Ай бұрын

Jaspreet, you are my favorite random guy on the internet! Thanks for all you do. I wish I had seen this when I was 40 years younger. Lots of great advice, especially being skeptical of financial advice and avoiding buying new cars. Been the victim once or twice.

@soumenchakraborty2450 Ай бұрын

I have an old 97 Corolla in a good looking condition, it’s a paid off car decades ago (thanks dad) I have no intention to buy a new car and be in debt however…… I just spent 300 dollars on a fancy stereo system with Apple CarPlay but in my defense I’ll keep using the car for years.

@sandeephunjan Ай бұрын

SMART !

@andrewmurrieta936 Ай бұрын

Those cars are bulletproof!

@krantiabinash6364 25 күн бұрын

@@andrewmurrieta936 yes even they are death proof!

@GIUL7301 25 күн бұрын

2002 xterra 2004 silverado Bought new and both paid for since 2008. Perfectly maintained. We're totally dept free. Even our mortgage.

@joed5419 19 күн бұрын

With a car like that it probably makes it super easy to repel women, another notorious wealth killer

@WeBeatMedicare6969 Ай бұрын

If cocaine and strippers didn’t make the list it’s incomplete

@JS-bn4vx Ай бұрын

It’s a good time though

@toomuchdebt5669 Ай бұрын

That's an impulse buy.

@markmower1746 Ай бұрын

Are you the prince that got turned down for marriage by the beautiful princess?

@clear_gray_sky539 Ай бұрын

Everything in moderation

@annyer262 Ай бұрын

If you are the dealer or the pimp then they are money makers

@MiguelAngel-jp6xo Ай бұрын

I bought a house in 2020 for 130k, now it’s worth 230k. In 2019 I bought a 2005 Honda accord for $2500 now it’s worth 5,000 lol😂😂😂. Well, I put some work on the house and the car. Timing belt, water pump, suspensions, and things like that. I did it myself. My car is running now on 220k miles and it feels great. And the best thing is that I don’t have monthly payments. This channel has great advices. Thanks.

@sg5127 Ай бұрын

In a market collapse, downturn, whatever you want to call it, you should add a "C" = Do Nothing

@user-mu8ty7vc3y 18 күн бұрын

2500 worth 5000? Who's appraising your hinda

@Thz333 16 күн бұрын

Where do you people get the idea that the value of a house increases? Plot value might increase but house value only decreases.

@leelunk8235 2 күн бұрын

CARS DONT APPRECIATE SO STOP LYING..250O TO 5K..YEA OK BUDDY

@leelunk8235 2 күн бұрын

@@Thz333BS

@gracieallen8285 Ай бұрын

For those Amazon purchases I put them in my wish list. Usually I don’t buy them.

@yogeshshirke8303 25 күн бұрын

me too❤❤

@vernonpaigejr.1517 23 күн бұрын

I do that. Go back to it and be like naw, I don't want it.

@celieboo 16 күн бұрын

That's a good idea. 😊

@zuhawk15 Ай бұрын

It’s hard to live in an apartment when you have kids and the rent keeps going up in some places. You don’t want to keep moving from apartment to apartment.

@GrayDuckGaming Ай бұрын

Expenses go up every year for homeowners as well, property taxes, maintenance, repairs. You really need to increase your income add a faster rate than living expenses.

@zuhawk15 Ай бұрын

@@GrayDuckGaming yeah but the kids will be bouncing around to different schools.

@GrayDuckGaming Ай бұрын

@@zuhawk15 if you keep moving out of the school zone, yeah.

@snoopyroman3781 Ай бұрын

@zuhawk15 if you keep making excuses instead of finding solutions you'll never grow.

@kenny1514 Ай бұрын

I'm a single father of two that has only ever lived in apartments since being a parent over 10 years ago. Apartments are just fine. The whole needing a single detached house, is purely a want, disguised as a need fuelled by decades of marketing since the 50s in North America. And as someone pointed out above, costs increase annually as a home owner. I rent in the city I live and I own a condo apartment in another city, which is rented out. I can tell you that my homeowner's costs have increased more in the past two years, than the rent I pay for the apartment I live in. Most homeowners are not transparent about the holding and operating costs of homeownership, they only talk about mortgage payments vs rent.

@albertnelson2868 Ай бұрын

I really enjoy your content! Very smart

@TheShanegrila Ай бұрын

I listen to a random guy on the internet, he's pretty savvy. Thanks Jaspreet!

@jasjordan1 Ай бұрын

In the early 70s, the richest man I knew was the father of a friend. He lived in a modest house and drove a 63 Volvo. In the early 80s, I ran into him again. I knew it was him because it was the same car he had when I was a kid. He still lived in the same little house and he was still rich, lol. I learned that millions aren't usually the ones you see with the bling, they are the ones who look borderline homeless but buy their homes and cars in cash.

@Enki1013 Ай бұрын

He should be in "The Millionaire Next Door" book revision if he is not in the original one already.

@This.Is.My.Story. Ай бұрын

lol. You cracked me up 😂

@chimmychikezie7259 Ай бұрын

10+ years after, he is STILL rich. I love that...

@DIYwithGabriel Ай бұрын

Exactly

@scitec6166 Ай бұрын

Still got the same car 😂

@toddbowers418 19 күн бұрын

I learned most of these lessons 30 years ago from my grandparents. Always been frugal and realistic with my income and debt. No new cars, living within or even below my means, appreciation of used items, bought a small home with a low interest rate and started saving:putting aside a significant part of my paycheck aside. Not having kids has saved me a few $ too.

@chrismartirosyan Ай бұрын

Really good advices! Thanks Jaspreet

@janbloemendaal9299 Ай бұрын

Another great video. Like how you bring out the fact that your house is a liability. One thing people don’t talk about is recasting your mortgage.

@user-cg6fd4in1d Ай бұрын

A lot of people don't know about it. It doesn't make money for the banks.

@justiceofharlem Ай бұрын

A lot of people say homes are a liability but as a black man 57 years old from Harlem nyc buying a home means you escape the projects murder jails gangs drugs yea it happens everywhere but not like I’ve seen buying a home means saving your life and your children’s lives ijs

@ozyrob1 Ай бұрын

I enjoy your presentations. Plenty of wisdom and good guidance. Thanks

@clear_gray_sky539 Ай бұрын

Great advice !!

@123pronoob Ай бұрын

Great video

@Mcvida2222 Ай бұрын

Good content ❤

@chqshaitan1 Ай бұрын

Great video, excellent comments about buying cheap for professional services, which eventually develop into having to buy twice

@shawnbruce6934 Ай бұрын

These videos are always so great. Thanks!

@markgotschall2914 Ай бұрын

Bought my home in 2007 for 159K cash it was in foreclosure. It's worth 450K today. I think I did okay. I could have afforded a larger one. Only buy used cars.

@WhatIsThis-zq4hk Ай бұрын

If you had put $159k into the U.S. stock market in 2007, it would be worth $831k today. And you have to subtract all the maintenance, insurance, taxes, HOA fees, etc that you paid over the years from that $450k so the difference is even bigger

@hcrystalh Ай бұрын

@@WhatIsThis-zq4hkbut ur not subtracting money he would’ve had to pay for rent if he didn’t live in that house and the ongoing rent for the rest of his life.

@xxxxMonkeyGirlxxxx Ай бұрын

@@hcrystalhbut he would have saved money by not making updates and maintenance in the house, paying property taxes, homeowners insurance, etc… of course this also depends on location but most financial advisors that aren’t cons say the same thing which is it doesn’t matter how much your house is worth because you have to take out a loan or sell it to get the money. Which is pointless since the goal is to have a paid off home.

@teams3345 Ай бұрын

I disagree on used cars.

@markgotschall2914 Ай бұрын

@@WhatIsThis-zq4hk but you didn't add in all the overpriced rent in my area, $2K/month.

@silviasanchez5115 Ай бұрын

Thank you, Jaspreet , my financial education with your videos has been a great investment. Have a wonderful day!!

@Salamander407 Ай бұрын

New cars are a waste. Period.

@joeylodes Ай бұрын

Not with my lane assist and adaptive cruise control. :) It’s like the extra guac 🥑 of driving. Haha

@User-pu3lc Ай бұрын

Exception: buying new in the past few years. Used prices were so close to new model MSRP it actually sense to buy new

@ecpeast8515 Ай бұрын

@@joeylodesSometimes you can have both. Recently purchased a “gently used” 2021 Nissan Leaf with all those things at a 70% discount from new. I hate EV’s but it was a smart buy & worked for our family. Hope to drive this thang 10+yrs.

@markmower1746 Ай бұрын

Yeah my new BMW is getting me all the chicks though. Have fun with your hand. Loser.

@maine6428 Ай бұрын

I’ve been preaching that for years

@eugeniogibson172 9 күн бұрын

THANK YOU ! Your advice is AWESOME!

@robertcunningham9626 Ай бұрын

Great advice across the board.

@davidbrooks8809 Ай бұрын

Great Information

@jerrybarry3148 Ай бұрын

I think a benefit of your choice of home is crime statistics and quality of school district. That’s a key thing that people pay up for rather than just the size of their home.

@chikedemian2822 11 күн бұрын

100% true. If feel like school district is a scam.

@inigomontoya4135 Ай бұрын

Most of my buying stuff on impulse came from being bored and also the need for some form of novelty/fulfillment. I found a cheap way to be fulfilled most of the time.... by going to all the libraries around my area. For me, I get the same dopamine hit by seeing what new books are in the New Books section. I'll get a bunch of books, read like half of them, and best of all.. learn and grow my mindset from all the new things I have learned (self improvement, mediation, mindfulness, finance, photography, travel, computer programming, cooking, the music industry, etc, etc). The best part is if I don't read (use) some of the books I check out, who cares? I didn't pay for them!

@le13579 14 күн бұрын

Really living it up, there.

@samuelbasye3508 12 күн бұрын

@@le13579😅

@inigomontoya4135 9 күн бұрын

@@le13579 Ha yeah! It can get mundane, but when I do spend on my hobbies (DJing, salsa dancing, cooking, photography), travel, and events, I am NOT frugal at all. Spend money on what you love and what improves your life.

@raffichowdury5752 Ай бұрын

Most American love their big houses and big cars.

@emello4you Ай бұрын

That's why they're broke & working till 90

@stevekalesia7933 Ай бұрын

Great advice.

@damioncoke5072 Ай бұрын

Minority Mindset has added a great deal to my financial education and I'm forever grateful.

@aveganmentor 15 күн бұрын

Thank you!

@redpill4431 Ай бұрын

Yes, virtually everything I own is secondhand. It allows you to have the items that you normally would struggle to buy without finance . Look for the bargains , there are so many quality items that have been manufactured over the years, and it is a bonanza for those who know what they want and are looking at .

@DominionAnako-bb7ry Ай бұрын

Love your video

@sportsentertainmentco9877 22 күн бұрын

6:51 I feel like you are directly speaking to me😂😂 like not only financial wise, but the BMW maintenance😅

@albinocanu5878 Ай бұрын

Jaspreet , thank you for existing ‼️ Top man ‼️

@kaylean39 Ай бұрын

When someone tells you “it’s nobody’s fault”… it’s THEIR fault 😂😂

@jamesrahn8339 Ай бұрын

Oh man, im going to use that at work! " hey boss, it just got overlooked, not my fault, have a great day"! 😂

@nickcs2x592 Ай бұрын

That guac price on point!

@joeljameske Ай бұрын

Well said👏👏

@956recon Ай бұрын

Thank You!!!!

@jermainerobinson7098 16 күн бұрын

Great video love the last bit of advice well love all of the advice but the last bit is very true. Keep the videos coming l have subscribe 👏🏽👍🏽🤜🏽

@Vmarigold Ай бұрын

Nice video maneco 👍

@terryhsiao1745 Ай бұрын

This is one of the best episodes ever !! Thank you

@TheMetalGaia Ай бұрын

Jaspreet, you're from Michigan?! That's awesome. Maybe I've seen you somewhere and didn't realize it 😂

@reetaann5050 3 күн бұрын

Love this information

@davidd.8256 Ай бұрын

During the gold rush in the United States, the guy that made the most money was the man that sold the picks, shovels, and pans. Let that sink in 😮

@joe-zj8js Ай бұрын

Don't forget the working girls too

@one_drag1502 Ай бұрын

Just graduated high school and I’m glad I found this guy, really helpful stuff

@grammens123 Ай бұрын

Good stuff

@ralfdellen 16 күн бұрын

You can say all that louder, but not more clearly!👏🏻👏🏻👏🏻

@chucke756 Ай бұрын

Jaspreet Thanks for the video You are probably about half of my age but I appreciate your knowledge and advice I haven’t been a total screwup but I needed your advice earlier 😂 Anyway thanks for your good sound advice!!

@davidgriffin926 Ай бұрын

the deals are out there. i found a retired subaru shade tree mechanic. does great restorations. 08 subaru. Great condition. heated seats. power everything. i paid $8k.

@vinayakpai4945 19 күн бұрын

Your wrist watch looks great.. What brand is it?

@stenbiller99 18 күн бұрын

I reaaaaaally appreciate this video and your channel. Thank you for this dose of what should be common sense , but hasn’t been for so many of us

@andrej2321 Ай бұрын

Sickening and of value. We all learned something today. Thank you for sharing and posting.

@ooliissee Ай бұрын

I actually believe a used 3-5 year old car in good condition normally Toyota or Honda is a better purchase then a 8 or 10k beater. Why spend so much money on something that won’t last more than 5-8 years and you will have to pay for all of the significant repairs. It’s better to get a newer car with low miles and drive it into the ground. Then sell it to people looking for a “deal”.

@UpNextGames Ай бұрын

Respect wish I had this knowledge growing up

@brookekathryn1980 Ай бұрын

Got our car for free. Bought a used prius for the long term fuel savings after selling two, a 96 and a 98 Toyotas. The car got totaled in a parking lot and the value was almost 3X what we paid. Free car, extra money!

@Enki1013 Ай бұрын

"Being Cheap" is what I have called "Penny wise and dollar foolish;" ie sometimes it is worth it to pay a little extra to save in bigger expenses in the long run.

@ernieg Ай бұрын

THANK YOU!! I try to tell people but they say I’m crazy

@Yoance Ай бұрын

Balance is key brother

@accountname1651 7 күн бұрын

Car: do you want to make BMW richer or yourself? Great summary: invest clever and make yourself richer

@justinhunt4767 Ай бұрын

If you are a business charge the market rates cheap customers are the worst they want the most for dirt pay.

@Dhruvbrahm Ай бұрын

@Minority Mindset - you guys are doing an amazing job. Thanks for this wealth of knowledge- I am going to sit and listen to this again with my nine year old tonight. @Jaspreet - you’re nonstop and doing God’s work brother. God bless and best wishes.

@globalautobahn1132 16 күн бұрын

I love that there’s a Bmw in the background. After the 11th time in the shop before I sold it. My friend and I figured that Bmw actually stands for “bought more worries”

@ice319 Ай бұрын

Never listen to a random guy on KZfaq? Well, you've never steered me wrong, Jaspreet! 👍🏾👍🏾

@kunsang8977 Ай бұрын

Any CA/tax guy recommendation from New York plz?

@ourjourneyhome3690 Ай бұрын

You hit the nail directly on the head 100%

@charleshunt3806 Ай бұрын

I totally get that. My home is costing me money and I totally get that. It’s not making me money, but my mortgage is like $430 a month and in combination with the insurance and taxes what I am paying monthly to live in my home and you could even include utilities, but you’re gonna have to pay utilities if you’re in an apartment too, the amount it cost me per month to live in my home is significantly less than rent and at least I’ve bill my equity and that may matter in 30 years or whatever which is fine but eventually, I will pay the house off then my living per month cost and house will be a lot less it is way less than even without keeping maintenance. It’s still a lot cheaper for me to own my home because I bought an inexpensive house that’s big enough for me that I bought for $106,500. And there was no reason to buy bigger that wouldn’t make sense cause I don’t need bigger. Then again I didn’t buy the house to make money. I bought the house because it was cheaper to live in the rent and my mortgage won’t go up of course but my taxes well of course, but if you’re renting, you’re paying for the taxes through your rent so your rent still gonna go out of course, so at the end of the day for me buying a house I believe was a good financial decision, but like I said, I’m not looking at investment to make money

@KenyonSmith-cb6qu 16 күн бұрын

Jaspreet what are the top three stocks in your portfolio

@teresamuriniti5026 Ай бұрын

House is a good investment, yes you spend money on it but in the long run you get it all back with property value going through the roof , it beats renting!!! I agree with not buying expensive cars and other senseless spending🤔

@Asquare369 Ай бұрын

Awesome❤

@ellieynsunza5293 Ай бұрын

eating at restaurants to often!

@speedbird7976 9 күн бұрын

Indian restaurants 😂

@bills1995vette 11 күн бұрын

In Illinois home prices are stagnant. Plus extremely high taxes keep them like that.

@UnmannedsRandomStuff Ай бұрын

May I know what happen to market brief newsletter email? I stopped receiving them few days ago.

@MinorityMindset Ай бұрын

We're still sending daily! Can you email us? Hello@briefs.co and someone can assist

@Cr74lyf371 Ай бұрын

Jasper it I did not make video about petrodollar exit

@khallllas Ай бұрын

I was just going to buy an expensive car 😂 thanks Jaspreet, you're doing a great job!

@blze0018 Ай бұрын

Emotional investing is a big one. Personally, I invest ~$1000 every month, regardless of the market direction. Either I'll get a return in 30 years, or the market will fully collapse and I'll have much bigger issues to worry about.

@LaitoChen Ай бұрын

😂😂😂😂

@le13579 14 күн бұрын

Review after 10yrs, then do the ROI calc and get back to us. Shares that aren't watched over the medium term will go to zero. If you use investment funds, the fees will seriously eat away at your returns over the medium term. But the savings principle is fantastic. Just turn it all over, over the medium term.

@chaseroberts3111 28 күн бұрын

I currently live in a 3,000 sq foot house. I am currently paying far less in mortgage, insurance, property tax then if I was living in a one bedroom apartment. Location, location, location is why

@Ironmike982 Ай бұрын

Daycare should be up there 👆

@vagrawa1 Ай бұрын

One point is which no one knows is whether they can afford it or not? This remains subjective and people make bad decisions. Another is emotional buying what i learnt from my experiences

@helenguzman2327 Ай бұрын

The Tik Tok shop!! It really does make buying ‘stuff’ easy. 😁

@globalautobahn1132 16 күн бұрын

4:49 that is so sad and absolutely terrifying…

@WLIYD22 Ай бұрын

A smart investor never has $118k liquid, its always in some sort of vehicle.

@EddieJazzFan Ай бұрын

One problem I noticed is that older retired people who live in paid off houses (and do not wish to downsize) are cash poor because of ballooning property tax, even though they may be real estate rich.

@jameshunt4611 Ай бұрын

6:17 someone has been talking to the GOAT Ramit Sethi!

@andrewheffel3565 Ай бұрын

I love my home and my car, and yes, they are just expenses.

@markaword1561 Ай бұрын

I gotta get a 3rd row seater by march, working hard on finding a good used 100% one with no financing

@treecowboy1100 Ай бұрын

Toyota highlander. Not new of course. Toyota is one of the most reliable that visit the mechanic the least.

@markaword1561 Ай бұрын

@@treecowboy1100 thats exactly qhat im looking at

@johnfernandez5237 Ай бұрын

I just got a used Toyota Highlander, but my 2014?Mazda is still running with over 250k miles on it I am letting my son use that one.

@justahyundai Ай бұрын

@@treecowboy1100that will be stolen instantly lmao

@patoripraha Ай бұрын

Everyday at starbucks would buy a nice car after some time 🤷‍♂️

@User-pu3lc Ай бұрын

It would take someone 23 years saving $6 at Starbucks to buy a $50k car. The average car purchase price in the US is around $47k.

@pawnzrtasty Ай бұрын

Yeah but my mortgage payment is less than rent. I still need a place to live. I’m never living in an apartment either. Going to start making double payments soon.

@way_truth_life_of_love Ай бұрын

I have just been told l need 40 k for new drain piping to sewer line- trees out, and more😢

@user-fv6ke8vv2z Ай бұрын

Create rental space within your home

@nikineal69 Күн бұрын

I paid cash for my Mini-Cooper, and as a real estate appraiser I can deduct my mileage for work related trips.

@MrForcat 23 күн бұрын

What a great video, this man knows!! I can confirm it is true, my father passed away when I was very young and left me the streets to run, made some of these mistakes but learnt net worth is the only important thing that leads you to freedom, aka early retirement.