Death of the Middle Class: "This Determines Who's Rich vs. Broke" - Prepare for This - Jaspreet Singh (Video)

Get ready to revolutionize the way you think about money, inflation and the impending recession?

In this 5 April 2024 video from Impact Theory we have Jaspreet Singh, Chief Executive Money Nerd at Minority Mindset Companies from Punjab, India. He has been putting in the work to spread financial education and opportunity on YouTube for years and if financial literacy wasn’t a class you took in school, this is your chance to improve your knowledge around building wealth and getting rich.

The majority of people will unfortunately continue to become poor and the harsh reality for many is they won’t even see what’s happening in time, if at all. And few understand the government’s role in the financial system, who the Feds are and how wealthy, financially educated people think and use money differently from poor, financially uneducated people.

During this conversation, we touch on: 
- Emotional fulfillment and ambition in building wealth
- Passive investing with ETFs
- Government spending, stimulus checks, and consumer spending habits
- Active vs. passive investing
- Misconceptions about wealth and the primary way to build generational wealth
- Importance of financial education
- Different avenues for building equity
- Effects of money printing and inflation
- Concept of workers vs. owners
- Long-term investment versus short-term gains
- Risks of over-leveraging and economic upheaval
- Dollar-cost averaging and the value of long-term investing
- Importance of owning assets in the face of government action
- The impact of inflation on savings and wealth gap

https://youtu.be/kNMf5BndOMs

Start turning the tables and making better financial decisions to not just prepare for a potential recession, but to also start building real wealth.

Chapter Markers
[0:00] Long-term Wealth Over Trading
[42:01] Why You Can’t Make Money
[1:12:11] Build Wealth Like The 1%
[1:44:55] The Most Important Wealth Rule
[2:13:34] This Keeps You Broke
[2:41:21] Is America Collapsing?

Powerful Insights From Jaspreet Singh:

“The interesting thing about the Federal Reserve Bank is it’s called the Federal Reserve Bank, however it’s not federal, it says so on their website. They’re not a reserve, they don’t keep cash reserves anywhere. They’re not a bank! You and I can’t go there to deposit money.”

“If you understand the system, you can use it to your advantage. If you don’t understand the system, it is going to screw you over many, many, many times.”

“Inflation is what causes the supply chain issues and now we’re trying to go backwards, but this is where the rich get rich and the poor get poorer…” 

“Inflation now is a hidden tax, it’s a silent tax. It affects the people that don’t understand money, and it disproportionately affects the poor and the financially uneducated, [...] if you don’t understand this you’re going to get screwed over.”

“I was dumb because I didn’t really care about risk, I never even looked at risk, for me it was opportunity, that’s all I saw. It was a way for me to get started.” 

“Everybody in America should be a business owner, however, not everybody should be in the business of starting a company and not everybody should be in the business of operating a company.” 

“I like to call it net zero thinking, where if I have cash I need to spend it, [...] it’s the consumer mindset of, if I have this money, I need to spend it.”

“You’re never going to be able to out save inflation. Your savings are literally making you poorer each and every day.” 

“You have to be the one now to go out of your way to start learning this, and thank God for YouTube because now we’ve decentralized education.” 

“You lower some of your upside, but you also lower some of your downside, because now if you run through that same scenario where the McDonald’s executives run the corporation into the ground and they go bankrupt, well, you have 499 other companies in the portfolio, so you’re okay.”