What's up everybody, I am Jaspreet Singh, and welcome to the Minority
Mindset. Let me ask you a question: do you want to retire rich? I don't know who
rich is, but maybe you should ask him if he wants to retire. Let me put it this
way, when you retire, do you want to be wealthy? Uh, I wouldn't be watching this
video if my answer was no. The good news is: there are some tips and tricks that
you can start implementing today, that will help you retire rich, and if you're
thinking: That's cool and all Jaspreet, but I don't want to wait until I'm old
to start living my life, well you need to know what steps you need to put in place,
so you can be rich. Yeah, uh, I really hope Rich is listening. That's
why I want to go over five mistakes you do not want to make if you want to
retire rich, but before we get into it, make sure you hit that thumbs up button
below, and subscribe to the Minority Mindset YouTube channel, that way, you
don't miss our new videos every single week, plus, make sure you hit that little
notification bell too, because otherwise, YouTube's not going to let you know when our
new videos go live. Mistake number one, not having a financial plan. Living life
without a financial plan is kind of like going on a road trip without any sort of
GPS, or map. Yeah, you'll end up somewhere but it's probably not where you were
hoping to be. What you need to know is that just because you make $1,000 from
working very hard, does not mean that you have to now go and spend this $1,000. If
you make a thousand dollars, and then spend a thousand dollars—even if you're
bad at math—you will know that you are going to end up with zero dollars. The crazy
thing about that is, if you follow life this way, where you make a thousand
dollars and then you spend a thousand dollars, you will be richer than most people that
you know. I am not saying that this is what you should be doing, I'm saying that
the majority of people make $1000, to then go and spend $2,000, with lines of credit and
credit cards, I mean, they just released a study saying that the average household
in California, remember, average, has over ten thousand dollars worth of credit
card debt. HOLY— People that retire rich don't spend all other money and time
buying and financing things that lose them money.
They buy things that make them money, like investments. That's why you need a
financial plan that works for you, and I already made a video where I went over
how you can create this financial plan, and I'll link it in the description below,
that way you can watch it after this video. Mistake number two, relying on
somebody else to fund your retirement. Wait, are you saying that you're not
going to pay for me to retire, Jaspreet? Not only am I not paying for you to
retire, but neither is Social Security, and neither is your pension. —— Don't shoot
the messenger, but Social Security is, well... Dying. If you're under the age of
45 years old, you should not be relying on Social Security, and Pensions are
going through a major crisis right now. Because businesses had no idea how
expensive pensions were going to be. The people that are relying on pensions to
retire are in for a... Well, big surprise. Ooh, I love surprises!
Right now, pensions are two trillion dollars underfunded. Surprise! When you
were a kid, did your parents ever say something like: if you study really hard
in school this semester, Billy, I'll take you to Disney World if you come back
with all A's. My parents are immigrants, and as immigrants from India, my parents
would never say something like that. They would only say something, like Jaspreet,
if you come home with all A's this semester, then... I might not slap you with
my shoe this week. But that's what I hear other parents say, and so now, you
go into your semester, and you work really hard, and you study for all your
exams, and you come home with all A's, and you say: Dad, look! I got all A's! When are
we going to Disney World? And he looks at you and he says: Billy, sorry. Got a
little busy. Uh, I don't know if we can go this Summer, maybe we can go to Disney
World in a year or two. Yeah, well, companies are doing the exact same thing
right now. No, they're not slapping their employees
with their shoes, but they're going back on their promises. Companies used to
promote their job offer saying: Hey, come work for us and we will pay for you to
retire with a pension. And so, employees would come in, and they would work at
this company for years and years and decades, and now they're finding out that
that promise isn't so true. According to the American Exchange Legislative Council,
this underfunding could reach six trillion dollars in the near future.
Surprise! Jaspreet, you suck at surprises.
That's why rich people do not rely on other people to be able to live their
life in retirement. They use their money to invest in things that will pay them a
passive income and that's where that financial plan we talked about in step
one really comes in handy. Mistake number three, waiting too long to be financially
smart. The Insured Retirement Institute just found that 45% of baby boomers who
are approaching retirement age have a fat, zero dollars saved up for retirement.
Oh man... Good thing you'll have Social Security and your pension to fall back
on—oh wait. Let's do a little exercise, I want you to take a second and think
about what your dream lifestyle would look like in retirement.
Hmm, I want to wake up every morning and greet the sunrise with a big smile. Well,
if you wait too long to get money smart, the only thing you'll be greeting with a
big fat smile, is a whole lot of Walmart shoppers. Hi there, thanks for shopping at
Walmart. When you are 18, you're not really thinking about being money smart,
you're just trying to get through college without a million dollars in student
loans. Then, when you're 21, you still don't care about big money smart, I mean,
you just graduated college and you got your first big kid job. Now it's
time to celebrate life! And you're 50 years old,
and now, you have nothing saved for retirement, just like all of your friends.
Look, numbers don't lie. If you invest $1,000 a month, every month, from the day
you turn 25, until the day turns 65, and you can get a
reasonable 7% return on your money, you are going to retire with 3 million
dollars sitting in your account, waiting to be spent. But, if you start investing
when you're 45 years old, instead of 25, and to make up for lost time you start
investing $1500 a month, instead of $1,000 a month like before, but you can
maintain the same 7% annual return, now, when you retire you're going to have less
than a third of what you had before, with $900,000 in your account.
Sure, $900,000 is more than what most people have saved up for retirement right
now, but, you are leaving a lot of money on the table by waiting to start. And if
want to make the smartest money decisions, you need to understand what's happening
in the finance and business world, this way you can get money smart, and that's
why we created the free Minority Mindset newsletter.
Our team breaks down the top finance and business news, and then we show you how
the news affects your wallet. This newsletter is completely free, and you
can subscribe to it by clicking the link up here, or by clicking the link in the
description below. Mistake number four, ignoring the cost of retirement. Okay, I
finally have some good news: with the advances in science and medicine, you can
expect to live longer. Yea—But, before you jump and break your ankles, that also
means that you're going to need more money. Aah! My ankle! Plus, don't forget that the
price of things double every 20 years, or so, which means you're going to need even
more money. Aaah.... Lots of people think of retirement as
one big long relaxing vacation, but don't forget that sometimes life happens. You
have grandkids, sometimes you jump around too much and
you break your ankles, your healthcare costs keep going up, and your AC goes out.
That means you're going to have money going out, and the majority of people have a lot
less money coming in. But, you don't have to be like the majority of people, I mean,
that is why we're the Minority Mindset. That's why you want to start planting
your investment seeds today, by investing in businesses, and by investing in real
estate, and by creating your own business, this way, you can build your investment
seed portfolio, and when you're ready, you can start taking a step back, and let the
cash flow continue to come in. And this finally brings me to mistake number five,
waiting until you're too old to start living life. Look, just because it takes
time to grow your money, doesn't mean that you have to wait until you're old
to take a vacation, or buy a nice car. I mean, our time is limited. None of us know
when we're going to go. That means you need to find a way to afford these things
even sooner. Keyword: afford. If you want to start living your life sooner rather
than later, you need to make more money, this way, you can fuel your financial
system, this way you have more money to spend, and more money to be able to
afford the things you want, and the great thing about being alive right now, is you
have more opportunities than ever literally on your fingertips with
the Internet. And if you're wondering how you can do that, well, I already made a
video where I explain how to do this, and you can watch that YouTube video in the
description below. Thank you for watching, if you enjoyed the video hit that thumbs
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and as always, KEEP HUSTLIN' *