Financing Your Way To Broke | Minority Mindset - Jaspreet Singh

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Financing Your Way To Broke | Minority Mindset - Jaspreet Singh

62% of American’s have less than $1,000 in their savings accounts. $1,000 dollars. The root of the problem isn’t just how much money we make, its what we do with the money we get. So here is one thing you need to stop doing so you don’t end up like the majority.

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What’s up everybody, my name is Jaspreet Singh & welcome to the Minority Mindset. If you want to stop throwing money in the garbage then start buying things in full. Stop financing unnecessary things please.

You tell the sales person you don’t have enough money for the fridge. And they say don’t worry, you can buy this $1500 fridge for just $200 down – that’s less than buying the used fridge. All you have to do is pay us $30 a month for the rest of your life.

$30 a month, that’s it? What’s $30 a month right? Well, add that in with all of your other expenses, and every other stupid thing you end up financing.

Yes financing a fridge is a stupid thing to finance.

Guess what, now you’re not just paying $30 a month for a fridge, your also paying $40 for your TV, $25 for your iphone, $20 for your desk, $250 for your car, $60 for your washer and dryer, and $45 for your leather furniture because the sales person said it would look so perfect in your living room.

Now every time you get a paycheck, your money isn’t going into your bank account, it’s going to pay off all of your stupid purchases that you couldn’t afford.

If you have to finance it, you cannot afford it. Buy things with cash in whole up front.

Contrary to popular belief, you don’t have to have the newest fridge that talks to you every time you open it. Having a regular fridge that keeps your food cold does the job, and it also keeps your money in your wallet.

I’ve said this before, but remember my rule of 5 for things you don’t need, if you cannot buy 5 of them, you cannot afford one of them.

This means you might have to live below your means until you can save up and invest enough money to buy something bigger and nicer.

The problem is the majority of people have this sense of instant gratification where when we want something, we want it now. We aren’t willing to wait for something bigger later. This mindset will result in you being broke.

You will never be able to build wealth if your money goes into your bank account & out to your creditors.

Based in Detroit. #Punjab

Jaspreet Singh

DISCLAIMER: This description may contain links from our affiliates, sponsors, & partners. If you use these products, we will get compensated - but there's no additional cost to you.

DISCLAIMER CONT'D: I'm just a random guy on YouTube - do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, & ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.