#210 – From Rejection To Financial Freedom: The Minority Mindset With Jaspreet Singh

Wes Moss [00:01:29]:
His story reminds us that though we all make mistakes, with the right mindset and strategies, we can create our own path to financial success. I’m wes Moss. The prevailing thought in America is that you’ll never have enough money, and it’s almost impossible to retire early. Actually, I think the opposite is true. For more than 20 years, I’ve been researching, studying, and advising american families, including those who started late, on how to retire sooner and happier. So my mission with the retire Sooner podcast is to help a million people retire earlier while enjoying the adventure along the way. I’d love for you to be one of them. Let’s get started.

Wes Moss [00:02:11]:
Jespreet, welcome to the retire Sooner podcast. How you doing, man?

Jaspreet Singh [00:02:16]:
I’m doing great. Thank you for having me on. It’s really an honor to be here.

Wes Moss [00:02:19]:
Thank you. It’s an honor to have you. Obviously, you have such a huge audience with minority mindset. It’s almost 2 million subscribers on YouTube. You’ve got such an amazing story. I have a first right out of the gate question, but I wanted to just quickly go back to a little bit of your past. A. When did you, when did you come here to, you went, I think you went to University of Michigan, is that right?

Jaspreet Singh [00:02:46]:
I went to the University of Michigan for college. Yeah, I spent a year after college going for graduate school, and then I went to law school in Detroit. And I never worked a day as an attorney. So that’s a lot of school.

Wes Moss [00:03:00]:
It’s probably a blessing. I mean, about 90% of all attorneys I meet wish they were not attorneys.

Jaspreet Singh [00:03:06]:
Well, you know, the unfortunate thing about that is we need good attorneys who want to be attorneys. And the people that are passionate to be attorneys are great attorneys. And the people that don’t want to do a profession, whether it’s engineer, doctor, attorney. It’s unfortunate when people follow those paths because they think, this is how I’m going to get rich. And I don’t really care about the medium. I don’t care about the job. I just want the money. And then you realize, oh, my God, I have to work for 40 years doing this thing that I don’t like.

Jaspreet Singh [00:03:35]:
And that’s really unfortunate.

Wes Moss [00:03:37]:
It is funny that you were mentioning in one of your videos that you studied economics at one point, but learned more in economics after you got out of school, right out of the gate.

Jaspreet Singh [00:03:49]:
Well, I tried to study economics. I tried to get into business school when I was in college, but I was not smart enough because I couldn’t do good in the economics class. So in order to get into the raw school of business at U of.

Wes Moss [00:04:03]:
M. At U of M. Go blue. Yeah.

Jaspreet Singh [00:04:05]:
Go blue. I needed to take, I think, two economics classes.

Wes Moss [00:04:11]:
I took the first one, micro, probably micro and macro.

Jaspreet Singh [00:04:15]:
Correct. And I almost failed the first one. And so I never took the second one. I was sleeping. I mean, I was. The teacher put me to sleep every day. So from there, I was like, well, this is not going to happen. And now here I am.

Jaspreet Singh [00:04:29]:
I talk about what’s happening in the economy all the time on YouTube. So it’s kind of a funny circle of events.

Wes Moss [00:04:35]:
Oh, okay. This is what I was. I wanted to ask you, is that you were bringing your upbringing. I think you say something like, you had to be a doctor. Your parents expected you to be a doctor. And if you weren’t, option B was that you were a failure. Is that. Is that accurate?

Jaspreet Singh [00:04:51]:
It is 100% accurate. So I grew up in a very traditional indian house. My parents are from a state in India called Punjab, and I grew up with very strict kind of parents, but also upbringings that from the day I started speaking, I was told, I’m going to become a doctor. Not, hey, maybe you should consider medicine. No, it’s just Preetha is going to be a doctor. Not just that. I was given two options. I could be a dermatologist, or I could be an ophthalmologist.

Jaspreet Singh [00:05:19]:
Like, this is what I was told from the day I turned one, such great direction.

Wes Moss [00:05:24]:
The indian culture gives you such great direction, not only a doctor, but here are the two. And by the way, why derm and ophthalmology?

Jaspreet Singh [00:05:32]:
I don’t know. My dad probably heard that they make a lot of money somewhere. I’m assuming that’s what it has to do with. So I kind of was in that route. And I wasn’t against the idea because I wanted to become successful, because I wanted to give back to my parents. But the disconnect was, how do I achieve that success? And like, for a lot of people, we assume that you go to school, you get a degree, you get a good job, and you were to make a lot of money there. But there was two aspects that were lacking. Number one is, is this going to give me the fulfillment that I want as a human? And number two, is this going to give me the financial fulfillment that I want for that financial success? And yes, there is the ability to see that financial success.

Jaspreet Singh [00:06:19]:
You can make a very good income as a doctor, but you’re kind of capped unless you start your own business, which I didn’t realize that you could do. And second, on the emotional life fulfillment side, I realized I was becoming a doctor for all the wrong reasons. And like I was telling you in the beginning, I was going to be one of those people that became a doctor for the big paychecks. Yeah, I mean, I love the idea of helping people, but the reason for medicine was a means to an end, as opposed to, I want to be a doctor. And that was the real disconnect, that when I realized that it was like, holy moly. You mean I could do something that I want to do that I enjoy and make more money? Like, how come no one told me about that before? And that was the real eye opener because I.

Wes Moss [00:07:10]:
When was that? When did you come to the United States, and when did you start to. That’s usually a process, by the way, of changing that mindset that you’re. You’re kind of hammered into from birth. How. When did you figure that one out? How old were you and when were you here? When did you come here to the US?

Jaspreet Singh [00:07:25]:
So I was born in the United States. My parents moved here right before I was born.

Wes Moss [00:07:29]:
Okay, so you were okay. They came here and had you immediately. Okay, right.

Jaspreet Singh [00:07:34]:
And I lived in the house. It was my grandparents. Well, my parents and then me. And then as soon as I was born, my grandparents moved in with us as well. So the reason my grandparents moved in was to make sure that I understood our Punjab b values and culture because growing up now in a new country it’s very different. And so my grandparents were very traditional and they wanted to make sure that I understood their values. So I grew up kind of in a little bubble in a sense that I’m in America but I’m speaking Punjabi at home, I’m in America but I’m learning these traditional indian values and I’m very thankful for that. But it wasn’t until sometime in college that I realized medicine wasn’t right for me.

Jaspreet Singh [00:08:22]:
I was doing entrepreneurial ventures beforehand. Like when I was twelve I picked up an indian drum called the dol. It’s like a big drum. And I started playing that at my uncle’s wedding and the DJ there asked me if I’d like to get paid to pay this drum at other people’s weddings. I was 1213 years old. I was like, of course, I’ll take that. So that was my first real taste into kind of entrepreneurship where I started playing this drum at people’s weddings. And then from there that started to grow and I started doing more weddings.

Jaspreet Singh [00:08:55]:
I started meeting more dj’s. And then in high school, towards the end of my high school career, some of the DJ’s that I was working with said, hey, you know, a lot of people in high school, how about we start hosting these teen parties? You bring the people, we’ll get a venue and we’ll start making some money. So we found an indian restaurant that was looking for exposure, that just opened up, that needed marketing and we started hosting teen parties there. Now again, this in my mind was a hobby. My parents didn’t know that I was doing this because it was not medicine related so I had to do it in secret.

Wes Moss [00:09:28]:
Secret drummer slash DJ.

Jaspreet Singh [00:09:31]:
Exactly. So now I go to college and I think everybody goes to college to study hard and become the successful person in life. What I didn’t realize is that people spend a lot of money partying and drinking and blowing money they don’t have in college. I was shocked. I had no idea. I didn’t know what the university experience.

Wes Moss [00:09:55]:
Even at the University of Michigan, which is almost impossible to get into, one of the best schools in the country and it was still like that with. You were kind of shocked that, wait a minute, everyone is just partying here.

Jaspreet Singh [00:10:08]:
It was crazy. And I mean, I had no idea what to expect because no one told me. I had no guidance on this.

Wes Moss [00:10:16]:
Wait, by the way, what was the town that you grew up in?

Jaspreet Singh [00:10:19]:
I grew up in metro Detroit. It was a Detroit, okay, small, but like a medium sized town here. But I mean, I only applied to one college. I only applied to the University of Michigan. Like, I didn’t know how college applications really worked. I applied to the one college, I got into the one college and I went there. So, you know, I was, I was really kind of naive and I go there, I see people partying. I’m not, I don’t drink.

Jaspreet Singh [00:10:43]:
I hosted the parties in high school, but I didn’t party. So I was like, well, I don’t want to party, I don’t want to blow that money, but I need to do something on Friday nights. So that was when I had the idea to take this teen party business that I was running in high school to college. So I was 17 when I started college and I started going to the local restaurants, bars, venues asking if somebody would let me host parties there and the first people that I would talk to said, sure, you can host a party here, but it’s a $10,000 down payment. I was like, $10,000? I mean, I was 17.

Wes Moss [00:11:19]:
I was like, that’s so young, by the way, 17. As a reminder to our listeners, 17 is very young.

Jaspreet Singh [00:11:27]:
It was young, but that was also a lot of money for a 17 year old. So I was like, and I eventually found a club on campus that said, you can host a party here, there’s no down payment required, all we want is half of the revenue that you generate from COVID the entrance fee. And I said, okay, so now I’m in business. So I started hosting club parties when I was 1718 years old. And that grew from a small being a party promoter to an entire event planning company. But we were hosting a party, sometimes concerts, sometimes even shows every week during the college time, you know, summers were off. But it was, that was how I started. And then I started using that money in college to start investing in real estate and that was when I really learned more about the financial education side and I decided, well, I don’t think I’m gonna be a doctor.

Wes Moss [00:12:24]:
So it was a process, right? I mean it took a while, but that whole time you were running the event planning DJ party business, that whole time you were going to school and you finished school there and then you went to graduate school after that for another year. So you actually started to accumulate some wealth early on. And my first question was going to be to you, what makes investing so hard and which is harder, saving or investing? Let’s hang that question out there. However, I think I want to maybe if you can tell our audience a little bit about you kind of went into, I call it economic shutdown, where you were making money. At some point, you were spending way too much, and then you kind of light switch flipped and you started saving almost everything. And I think I heard you say at one point you were making a million dollars a year, and you were saving 980,000 of the million, for God’s sakes. I mean, wow, that’s kind of a shocking number. So, I know I asked you, like, seven questions all at once.

Jaspreet Singh [00:13:25]:
So what I realized is there’s two types of, like, financial education. One is the investing side, and one is the entrepreneurial side, which I don’t want to lump under the same umbrella. So I started off through the entrepreneurial side of things. Like, I didn’t know what the word entrepreneur was until years after I started my first, like, business. So I was just making a little bit of money and not really knowing what I was doing, but I started learning more by doing it. That’s kind of a common theme in my life, is I’ve made a lot of mistakes, and that’s how I learned things. But I learned by doing. But now I started making some money, right? I’m working at weddings, I’m working with DJ’s, I’m working at clubs, and it’s this, like, this very showy business where people are all about the way you look, DJ’s and parties and this and that.

Jaspreet Singh [00:14:14]:
And I was like, okay, I’m young. I’m making some money. Let’s, let’s, let’s do this thing. So I started buying nice watches. Um, I was in high school about my first really nice watch. It wasn’t a name brand, it was just studded up crystals and just shiny everywhere. I paid like a $1,000 for it the first time I made a. Bought this thousand dollar watch.

Jaspreet Singh [00:14:34]:
Anytime I made some more money, I would dump it into my car. I’d buy new rims, tents, hid lights. I’d put in new subwoofers in the car. I mean, I was just dumping money into these things because I was making money, and I wanted to look the part.

Wes Moss [00:14:48]:
Yeah, make it, spend it, make it, spend it.

Jaspreet Singh [00:14:51]:
Exactly. And between my senior year of high school and freshman year of college, I started reading books about financial education. What do you do with money? And I read rich dad, poor dad by Robert Kiyosaki, followed by total money makeover by Dave Ramsey. And these books completely shifted the way I looked at money, because, I mean, I’m going to say this again. I was so naive. I didn’t know what investing was. I don’t know what a dividend was. I don’t know what real estate investing was.

Jaspreet Singh [00:15:22]:
Like, I had never heard of these things before. And now I’m reading these books, and they’re talking about how wealthy people invest their money. You can own this thing called an asset that pays you for owning it. And here I am spending all my money on these liabilities, which are not making me any money. And I was like, oh, my God. Like, this makes so much sense.

Wes Moss [00:15:43]:
You’re like, wait a minute. I’m doing it backwards.

Jaspreet Singh [00:15:45]:
I’m doing everything these books say don’t do. And so I went from one extreme of spending all my money. Now, I was fortunate that I wasn’t going into debt to spend money. I was spending money based off of whatever I earned, but I was spending all of it to a complete other extreme of, I’m not going to spend any money. So that was where I started this whole, like, I make money and I invest it. And I was very fortunate that I was in college. So I graduated high school in 2009, and 2008 was when the financial crisis happened.

Wes Moss [00:16:23]:
Yep.

Jaspreet Singh [00:16:23]:
And in metro Detroit, the housing market was hit especially hard because GM Chrysler went bankrupt, Ford was on the verge of bankruptcy. So the entire Michigan economy was destroyed, and the housing market in Detroit was, in many areas, down more than 90%. So now I’m making a little bit of money. I was learning that. Wow.

Wes Moss [00:16:45]:
I remember I was thinking that Detroit was like 40, down 40, 50%. But in some cases, it was way worse than that.

Jaspreet Singh [00:16:53]:
I’ll give you an example. 2011, I was 19. I’m studying for the MCAT, the test you take to get into medical school.

Wes Moss [00:17:00]:
So you still hadn’t quite shifted that away. Cause you’re only two years in. Yeah.

Jaspreet Singh [00:17:04]:
This is not before my sophomore and junior year in college. I still think I’m gonna be a doctor, but I have a little bit of money in the bank, because now I’m running these parties, and I read these books about real estate investing and investing in money, because now, as I get interested, I started just diving deep into it, and I was like, I’m going to buy a rental property. I’m 19. During the summer, as I was studying for the MCAT. So I’m looking at properties. On August 22, I took the MCAT. On August 23, I closed on my first rental property. The property, it was a small condo, about a thousand or so square feet.

Jaspreet Singh [00:17:43]:
It had originally sold for $150,000. The owners went into foreclosure. The financial crisis happened, and the banks couldn’t sell it. It was listed on sale for $8,400. I came in again. I’m 19, not knowing what’s normal. I made an offer for $4,000. And the bank said, no, that’s too little.

Jaspreet Singh [00:18:07]:
You need to give us at least 7000. So we went kind of back and forth, and then the banks essentially said that there’s another offer on the table. We need your highest and best offer as a bidding war. So I said, okay, I will offer $8,000. That’s the most I’m willing to pay for this condo. They accepted the price. I purchased the condo for eight grand. I put in $4,000 worth of work, and I rented it out for $600 a month.

Jaspreet Singh [00:18:36]:
That was how I got started. And I had no idea that this was a crazy opportunity to me. This was the only thing I’ve ever seen. And so I started.

Wes Moss [00:18:48]:
So, literally, within about a little over a year, you collected more rent than you paid for the place?

Jaspreet Singh [00:18:55]:
Yeah.

Wes Moss [00:18:55]:
Took a year, year and a half. And you had already made all the money back.

Jaspreet Singh [00:19:00]:
Well, yes, but let me put it this way. Also, I was very stupid and I didn’t know how to do things, and I made a lot of mistakes. I was so excited to have a tenant. I had a really bad property manager. Let me premise it with this. I hired a property manager. This property manager apparently wasn’t even a real property manager. There’s a lot of scams happening at this time.

Jaspreet Singh [00:19:23]:
I didn’t know how to vet somebody. I also had a really bad contractor. Anyways, now we have a tenant in there. I was very. I found the tenant myself because the property manager was being slow. I think I had listed it for a lease for like a week. And I was like, why don’t you have a tenant yet? I did it myself. I went out to Craigslist and I found a tenant.

Jaspreet Singh [00:19:41]:
I didn’t screen them. I put them in myself. The property manager never signed a lease. And a couple years later, I got sued by that same tenant because they claimed this was a nightmare tenant. Like, any time something went wrong, they would call my property manager again and again and again and again. And then they would call me because I’m the one that put them in the property, and they would. I’m in my organic chemistry class getting calls from my tenant saying, oh, my God, this property is going to implode, or I’ll give you a couple stories. So you know exactly what I mean.

Jaspreet Singh [00:20:12]:
One time, the tenant was cutting cucumbers directly on the countertop, and I had just put in this brand new countertop. She cut the cucumber and sliced the countertop, and she demanded that I put in a brand new countertop.

Wes Moss [00:20:25]:
Oh, that is a nightmare tenant. Yeah.

Jaspreet Singh [00:20:28]:
And I did it. I didn’t know what was right or wrong. Wow. They called me one time saying that they thought this property was going to go up in flames because there’s this huge electrical issue going on in the property. I go there with my electrician. We found out that the light bulb fused, and these were the things that were, like, causing. I mean. Cause we had renovated the property, and it was beautiful.

Jaspreet Singh [00:20:50]:
And it’s a condo. Like, there’s really no foundation. There’s no foundational issues. It was just cosmetic things that we did. It was a beautiful place, but the tenant was just really difficult. So then some time goes by, and they’re like, well, we got to get some money out of this rich landlord. I’m a college kid. Don’t even know what I’m doing yet.

Jaspreet Singh [00:21:07]:
And they sue me, saying that the property was too. Sorry, the bathtub was too slippery when the water was on because they said that it was, whatever, slippery. So the husband slipped and fell and hurt himself. But by this time, I had already fired my old property manager, got a new property manager. There’s a lot of parts to this, but I got a new property manager who was documenting this. And prior to them, following the lawsuit, they had told the property manager that the husband slipped and fell at a barbecue, and so they don’t want to do any repairs on the property right now. And so now we go through the lawsuit, insurance comes in, and we find out that they were doing this illegitimate claim, right? And. But it’s a whole headache.

Jaspreet Singh [00:21:54]:
And this is how I learned. I learned by making a lot of mistakes. I learned by. By doing so. You know, it’s. There’s a lot of sunshine and rainbows, like, oh, my God, you invested in real estate. But there’s that. I also got punched in the face while I was doing it, too, because I had to learn the process the hard way.

Jaspreet Singh [00:22:08]:
But that’s kind of how I learned. Doing everything is by making a lot of mistakes, but doing things, trying things, and then figuring it out.

Wes Moss [00:22:18]:
If you’ve ever done a Jane Fonda workout, or if you remember as a kid, Rocky running the steps, and if Michael Keaton is still mister mom to you, then guess what? It’s officially time to do some retirement planning. It’s Wes Moss. Weren’t those the good old days? Well, with a little bit of retirement planning, there are plenty of good days ahead. Schedule an appointment with our team today@yourwealth.com. dot, that’s y o u r your wealth.com. ok. So at what point then did you kind of go into this, you went into this economic type shutdown where you were just saying, I’m going to spend nothing, save everything, really focus in on assets, purchasing assets versus liabilities, which, by the way, I would, you know, if I think back to rich dad, poor dad, which is, I think, a really important book, total money makeover with Ramsey, a big theme in those books is to, a, pay yourself first, b, not, not end up really accumulating assets that continue to pay or can appreciate as opposed to liabilities. Like, to your point, anything that has to do with a car, anything that has to do with a watch, anything has to do with discretionary items that don’t, we know, really seldom appreciate.

Jaspreet Singh [00:23:36]:
Yeah. You know, it’s tough to answer that because I never will spend all the money that I make. I will always invest before I spend. That’s just the way my brain is primed now. As I earn more, a percentage of my earnings means more dollars that I can spend.

Wes Moss [00:23:57]:
Yeah.

Jaspreet Singh [00:23:58]:
So, you know, there are some things that I’m willing to spend more money on. There are some things that I really don’t care too much about. Like, I am not a person who cares about name brand clothes. I like nice clothes, but, you know, I don’t care what letters or logos are on it. Along with that, I’m not a huge person that cares about which car I drive. I like some nice cars, but I don’t have the same desire as I did when I was 21 and I really wanted a BMW. But there are certain things that I do like now, like travel and nicer travel, luxury travel. I never thought I would say that ten years ago.

Jaspreet Singh [00:24:39]:
Ten years ago, I’m like, let’s stay at the Red Roof inn and split it with four people. So we’re all paying $15 a night or less. You know, now it’s like, well, let’s go to the nicer hotel right now. I’m gonna get a good night of rest. Let’s have a place where, you know, it’s a more comfortable travel. Let’s, if I’m going further, maybe fly business class. Like, it’s, it’s a very different question now, but it’s more of I could pick and choose where I want to spend. And if it’s something that adds me value, I have no problem spending money on it.

Jaspreet Singh [00:25:09]:
But it’s got to be something that I want to spend money on. I don’t just spend money on things because I can. I want to buy something that I want.

Wes Moss [00:25:17]:
Do you have kind of a. Do you have any sort of number in mind? Percentage Jespreet that is that you’d like to save x percent? Do you think of it that way still?

Jaspreet Singh [00:25:28]:
Well, the thing that I talk about a lot is 70, 515. Ten. That for every dollar that you earn, $0.75 is the maximum that you can spend. $0.15 is the minimum you should be investing, $0.10 is the minimum you should be saving. This way you’re always paying yourself first and then you can kind of slide and adjust depending on your lifestyle. But I would say kind of start with that. That way you’re taking a quarter of every dollar that you earn and you’re putting that to work for you. And then the other $0.75 is going out to make other people rich.

Wes Moss [00:26:04]:
So which is harder for Americans. And I know you think of this as the entrepreneurial side and the investing side, but when it comes to the discipline of putting a money away versus the next iteration of that is to actually put it into something that may have some risk. Any investments got to have some sort of risk. So what is harder for Americans is that I just read an article today. Over two thirds of baby members have essentially less than $100,000 save for retirement. They’re going to live mostly on Social Security. So clearly there’s a savings issue that has happened for decades here in the United States. And there’s an investment issue because not only do people necessarily not save, even those who save don’t invest that because it’s a separate discipline.

Wes Moss [00:26:48]:
To some extent, I guess the answer is both. They’re both hard to do. But what is the stopping point or the stumbling point that makes it so that so few Americans have a whole lot saved? Is it the saving side or the investment side?

Jaspreet Singh [00:27:04]:
It depends on the person. And what I mean by that is I’m going to give you a very stereotypical answer. People will get very angry, but I’ll just. I’ll say it as it is. What I like to say is the average American makes a dollar to spend $2 with credit cards and lines of credit. The traditional Indian makes a dollar to spend $0.20 so they can save the other $0.80. Now, the question is, which one is right? Neither of these are necessarily right. I mean, you don’t want to spend $2 if you make a dollar, but saving the $0.80 also is not the right way.

Jaspreet Singh [00:27:40]:
So, you know, if you talk about the average American, yeah. Most Americans suck with saving their money. Most Americans suck with not spending money that they have because we live in a very heavy consumption culture. I want to buy the nice things today. I got to have the Gucci. I got to have the Louis Vuitton. I gotta. I gotta show it off on instagram.

Jaspreet Singh [00:28:00]:
This is, unfortunately, standard american culture, and it is perpetuated with things like buy now, pay later. Where? Guess what? Nowadays, people are financing their groceries on buy now, pay later. It is crazy that people think that’s normal in India. If I go to Punjab today, well, I haven’t gone there in a couple of years now, but I took a picture of this, and I shared this on one of my videos where there was a sign in the shop owner stall. It was written in Punjabi, but what it said translated was, don’t ask me for credit. Don’t use credit here. Don’t embarrass yourself by asking for credit. So the shop owner says, if you don’t have the cash to buy this, don’t buy it.

Jaspreet Singh [00:28:39]:
If you ask for credit, you’re gonna embarrass yourself. Wow. That’s what the shop says. You don’t see that anywhere in America.

Wes Moss [00:28:44]:
No, that’s the opposite. It’s like, even if you have the cash, please do this on credit. I mean, really? That’s. Of course, as we all know, you go into. There used to be when growing up, let’s say, 30 years ago, I thought there was an advantage to cash, like when buying a car. It’s like, oh, what do you take if it’s cash, right? And now when you go into a dealership and you say, I’d like to pay for this in cash, they will say, no, no, no. Look, I. Okay, you could pay in cash, and that’s fine.

Wes Moss [00:29:12]:
But if you just finance this, I’ll give you a better deal. I’ll cut off x amount, and then you can just pay it off. And you have to finance it for three months, and then you can pay it off. They almost don’t even let you do cash anymore. So it’s like the opposite today.

Jaspreet Singh [00:29:25]:
Exactly. And this is why, you know, the savings versus investing is it just depends on the person. The first step to saving is hard. If you’re not comfortable or accustomed to saving money. It’s very difficult because if that’s your culture to spend everything, it’s very hard. Likewise, getting somebody who’s never invested their money before, who’s very scared of risk, who hates the idea of putting the money to work in the markets because I don’t know what’s going to happen. That’s very hard as well. And I know for, like, a lot of traditional people in the indian culture, that idea of investing their money is so difficult to understand.

Jaspreet Singh [00:30:00]:
They’ll save 80% of every dollar they earn. They’ll make a lot of money and spend nothing. Like you’ll see a lot of indian doctors, especially the older ones, making hundreds of thousands of dollars a year driving around in a Toyota corolla in a small home because they have no problem saving. But the investing side, I mean, they’ll, they’ll have billions of dollars in the bank and not want to invest a penny because that’s scary.

Wes Moss [00:30:22]:
So, yeah, what is that? Is it just the, is there perceived more risk? Is there just much more risk economically? Markets haven’t quite been as stable in indian culture relative to the US. Not that we have ultra stable markets.

Jaspreet Singh [00:30:39]:
But, yeah, I mean, the indian culture is just different. And there was a lot of instability in the indian economy, especially over the last century. Like, my grandparents were refugees when the state of Punjab was severed in 1947. Punjab, our home state, was severed. And so if you were Sikh, the religion that I am, when you’re on the west side of Punjab, you had to migrate east or you were going to be killed. So my grandparents had to migrate east and that meant they left their homes, they left their families, they left their land, they left their animals, they left anything they had. And now you’re starting a brand new life. Like my grandfather, he didn’t even have shoes on his feet and he had to sleep on the ground because he had no food, he had no place to go, he had nothing.

Jaspreet Singh [00:31:25]:
He didn’t even know anybody. And you have to start. That’s instability. When my dad came to America again, he had to start over with very little, completely, and it’s a lot of instability. So cash in the bank gives you stability. Anybody who comes from an immigrant household wants stability. They want success. That’s why they’re willing to work their butt off.

Jaspreet Singh [00:31:50]:
But stability is also a big part of it, because when you leave your home, your family, your culture, your everything, stability feels a little nice. And so now when you say, well, now you have to invest, it’s, it’s, it’s risky, but it starts with the education of, okay, this is how you can become wealthy. Here’s how you can mitigate the risk. And that’s where some people, you know, sometimes the next generation starts to become a little bit more hip to the idea of, okay, you know what? Saving is not going to be the best way to wealth. Investing in owning assets is really how wealthy people become wealthy. I’ll tell you a story. I was talking to my dad actually yesterday, and he was telling me this funny story about the first.

Wes Moss [00:32:34]:
And by the way, how old is your dad? And is he still working or is he retired?

Jaspreet Singh [00:32:39]:
My dad is, he was born in 1961. He is going to be 63 this year, 62 right now. He’s retiring soon. And he was telling me about how he bought my retirement, and I was like, oh, I’ve never heard this story.

Wes Moss [00:33:00]:
What is this?

Jaspreet Singh [00:33:01]:
He was like, well, back in 2000, he was like, I made my first investment and it was gonna, he was like, the way he looked at it was he just bought retirement for the whole family. So he was like, I saw that AOL kept going up in price in the stock market. This stock kept going up and up and up. Every time I looked at it, it kept going higher and higher and higher and higher and higher. He was like, one day I saw it go up by, like, I forgot how many dollars they said, but it went up by this huge amount. And he was like, you know what? I’m going to buy this. I’m going to be on this trend, and I’m going to make my family.

Wes Moss [00:33:31]:
Rich because it’s 99, 2000. Yeah.

Jaspreet Singh [00:33:34]:
So he went in, I think he said he bought $10,000, which was a huge sum of money for him. Then he said he put $10,000 into AOL, and he said that me and my little brother were with him. He’s like, I just funded your guys retirement. Obviously, I don’t know what that means. I was, what, eight, nine years old then obviously AOL crashed bankrupt and he lost all that money. He never really wanted to invest his money again. He got so scared of it. And so he never did that again.

Jaspreet Singh [00:34:01]:
But until I kind of helped him out. But there’s people get burned and then they get scared again. And, you know, it was, financial education is very powerful because you start to understand bubbles emotional swings. And what type of assets do you buy? Do you buy into a stock versus an ETF or an index fund or a mutual fund? And you notice most people don’t have any sort of financial education.

Wes Moss [00:34:29]:
There’s a couple of your videos that I mean, I know you have hundreds of them, and that’s why you have, and they’re great, and that’s why you’ve got almost 2 million subscribers. But I want to just go through a couple of titles here. Rich people do this. Millennials won’t retire. Peter Schiff once says, a depression is coming. 40 years old and no money saved, do this now, make these seven investments and never work again. I just want to get kind of your quick reaction. I know you’ve already done videos on these, but I would just ask you, let’s start with this.

Wes Moss [00:35:09]:
40 years old, no money saved. Do this now. What is, what would you say to the, how would you summarize your advice on that question for this audience?

Jaspreet Singh [00:35:19]:
Speaker one? So the answer, I think I know what you’re getting at, and it’s going to be the same mince for everything. And I actually just made a video about this where if somebody wants to build wealth, a lot of people assume that they are special. I’m 32 years old, I have this unique job. I have no money. How do I build wealth? Or I’m 45, how do I become wealthy? I have kids I got to take care of, or I’m 37 years old, and I’m a freelancer, I’m a contractor. My income is kind of, what should I do? Yeah, what should I do? So it’s a similar question just from different people. The answer ultimately comes down to the same thing. Number one, you got to make money.

Jaspreet Singh [00:35:57]:
How do you make money? Doesn’t matter. You get a job, you start a business, doesn’t matter. You got to make some money. Number two is you don’t spend all of your money.

Wes Moss [00:36:06]:
70 515.

Jaspreet Singh [00:36:07]:
Ten is one way to go. If you can put aside more. Great. Number three, you take the money that you don’t spend and you invest it. Now, where do you invest it? Well, the two asset classes that have built more wealth than any other asset class over the last century are stocks and real estate. And for stocks, I recommend, I’m not a financial advisor. I can’t tell you what to do. But what I say is that 98% of people should not be trying to pick the next Amazon because it takes a lot of work and time and effort and research, and it could end.

Wes Moss [00:36:42]:
Up, XYZ company could end up as the story that you told about your dad.

Jaspreet Singh [00:36:45]:
Yeah, exactly.

Wes Moss [00:36:46]:
Kind of buying at the wrong time.

Jaspreet Singh [00:36:47]:
Yep, exactly. Or it could be the next sears. And so for the average person who doesn’t want to spend that time, there are funds out there.

Wes Moss [00:36:55]:
That can help you with that broad diversification.

Jaspreet Singh [00:36:58]:
Or you can invest in real estate, unless you want to be really involved with their investments, unless you want to spend the time, the energy and effort doing that. Be smarter with investments, then. So now what do we talk about? Earn more, earn money. Don’t spend all your money, invest. The difference number four is earn more money. How do you do that? Again, this one is a little bit different because it’s not a systemized approach. Right. When it comes to investing, it’s, you can do a much more systemized process.

Jaspreet Singh [00:37:27]:
Follow this. And, like, we know that if somebody would have invested a month from the day they turned $21 million.

Wes Moss [00:37:33]:
Yeah.

Jaspreet Singh [00:37:33]:
S and p 500 to be a millionaire. Right. It’s very systemized. But when it comes to earning more money, that’s a little bit more tricky because, well, what do you want to do? If you want to work a job, fine. There’s nothing wrong with working a job. How can you earn more money? Can you provide more value at your company? How can you get a promotion? How can you move up in your company if it’s not in your career? Maybe you get a certificate. If you invest five years to learn some skill, you can make a get a huge pay increase. If you’re not happy with the career that you have, maybe even less, just depending on how aggressive you’re willing to be.

Jaspreet Singh [00:38:10]:
I mean, you can go on and get a certificate to be a data analyst and make a lot more money or data scientist. And so if it’s not in your career, find a new career. If you want to start a business, invest to learn how to earn more money, classes, listen to podcasts, read books, hire a coach, hire consultants, learn. If you’re not willing to make that investment, it’s going to be very hard for you to ever scale and grow because you’re so scared of taking that risk. I know I was that person because, you know, I used to be very skeptical of paying somebody else to learn something, and, well, the first time I ever did was I paid $3,500 to learn how to wholesale real estate when I was 21, 22 years old, which was a ton of money for me. $3,500 was most of the money I had then because I was, I bought a few rental properties, and now I’m like, I need to pay this much money to learn how to do it. And I hated this idea of paying to learn, but I made that money back many times over, and then I started investing more money. And you realize, you know, you don’t have to go out and spend thousands of dollars.

Jaspreet Singh [00:39:15]:
If you don’t have it, if you have no money to spend, listen to free content on YouTube and podcast. Start with whatever’s accessible. As you earn more, you can invest more, right? It’s just like, you don’t have to spend money you don’t have doing this, but now you work to earn more money. But this is the key. Number five, as you earn more money, don’t spend all of it. And the mistake that most americans make is I got a raise, I got a promotion, I got to get a new car. Hey, we got a raise. Let’s go to Hawaii.

Jaspreet Singh [00:39:44]:
And it’s this whole, like, I made more, I got to spend more. But the quickest way to become wealthy, this is not rocket science. You, as you make more money, invest more money first before you spend more money. And if you follow that simple pattern, I guarantee that you will set yourself up to become wealthy, period. And I don’t care if you’re 45, I don’t care if you’re 25. I don’t care what little things you got going on in your life. It’s the same for everybody. And as you get older, the only difference is you’re going to have to be more aggressive because you have less time.

Jaspreet Singh [00:40:19]:
And that’s really it.

Wes Moss [00:40:24]:
If we think about somebody in the latter phase, Jesprit, as somebody who’s 60 or 65, and again, I know this cycle does work for this is really formulaically. Again, it’s a very simple formula. Easier said than done though, right? Or else everybody would do it. So we, we’ve got a good roadmap for that. But if you get into the latter stages, what is your take on the 60 or 65 year old that has saved a fair amount? And what is your advice to that group, the retire sooner group that’s kind of arrived now they’re no longer having to work at a job they may not love.

Jaspreet Singh [00:41:02]:
I would just say what I do and, uh, you know, because at the end of day, someone’s got to make the decision for what’s right for them. Because my thing is never want to tell somebody what to do because what’s right for you might not be right for me. And I want people to be not sheep. I want people to be lions and be able to make financially educated decisions. For me, my goal is to stack cash flow because the traditional retirement planning is you build up this nest egg and then you can pull money out, whether it’s bonds or something else, that you can pull money out of. Your nest egg and be able to live off of this. My goal is I want to be able to produce cash flow from my investments, whether it’s dividend paying ETF’s, whether it’s rental properties, and live off of that. So that way I don’t have to sell anything and I can live off of the cash flow and then I can continue to pass that on.

Jaspreet Singh [00:41:51]:
That’s the way that I look at it. And so that’s what I’ve been doing. As I’ve been working to build rental properties. I’ve been investing in dividend paying ETF’s. That way. I could just keep stacking the cash flow. Every year I get more cash flow that way. Now.

Jaspreet Singh [00:42:04]:
I could take the cash flow and either reinvest it, buy more income producing assets, or I could take that money and I can go on a vacation with it. And more money will come in next month, next quarter, next year. And so for me, my goal is to stack cash flow that way. When I’m 65, I hope I’m having a lot of cash flow and I could just keep doing my thing and buy more investments, buy more of the same thing.

Wes Moss [00:42:25]:
So just free. The way you say this is stacking cash flow, the way I refer to is just income investing. So I want to get some sort of steady income that can hopefully rise along with inflation over time. And theres a lot of different ways to do that, right? Its dividends from stocks, its potentially interest from bonds that are probably not overly inflation protection. But you at least have some cash flow, rental real estate, private equity real estate, or just private equity in general. But to your point, that is cash flow so that you don’t have this worry of, wait a minute, do I need to be all in bonds? Do I need to be super conservative just because I’ve gotten to this point? And I guess to some extent, there is a case to be made that you can be slightly more protective as your wealth grows. So one way to get there, we’ve got to accumulate cash and we need to take a little bit of risk to get there. But then psychologically, I see this happen a lot where Americans then they get a little bit more conservative, a little more protective, and they think they need to downshift their risk.

Wes Moss [00:43:32]:
I think what you’re saying, and again, very much in concert with this, if you’ve got cash flow from all these different sources, then there’s no reason to all of a sudden fold up shop and say, okay, now I’m going to get super conservative and leave everything in cds or bonds because you start to get used to your assets paying you over and over and over again. So I think that’s what you’re saying. I guess the way you say this is kind of stacking cash flow.

Jaspreet Singh [00:43:59]:
Exactly. Stacking cash flow.

Wes Moss [00:44:01]:
I mean, by the way, it’s a hipper, cooler way of saying it than I do. I say income investing, you say stack cash flow. I mean, it’s way better.

Jaspreet Singh [00:44:09]:
You’re smarter than I am. See, that’s when, you know, there are technical terms. I’m a basic guy. I see, oh, I’m making some cash flow. I got to stack some more next year. I mean, at the end of the day, for me, it’s. I don’t like exactly what you’re saying. I agree with you 100%.

Jaspreet Singh [00:44:24]:
I don’t want to have to sit here and move my money into bonds and all that. I mean, yeah, there’s room for bonds in someone’s portfolio, but for me, bonds are very limited in the sense that you don’t get any principal value growth. When I invest in real estate, you have a lot. I mean, I like investing.

Wes Moss [00:44:43]:
Right.

Jaspreet Singh [00:44:44]:
This is something that I enjoy. So obviously it’s different for me. But I understand real estate, and I like the idea of renovating a property. I also like the tax benefits that come with real estate. I also like the control that I have, and I also like all the different things that I can do. So, I mean, for me, there’s no benefit to then sell the real estate and go into bonds. I mean, even if we talk about what is generational wealth in America, generational wealth has kind of become synonymous with home ownership. I’m going to own a home and pass down this home.

Jaspreet Singh [00:45:15]:
Well, as I started studying financial education, I realized that no wealthy person talks about generational wealth through their home. They talk about owning assets, they talk about owning businesses, they own stocks, and they own real estate they want to pass down again. This was, like, so shocking to me. I didn’t know what that possibility was. But we’re all taught own home to build wealth. But, hey, guess what? What if you own rental properties? Because what’s interesting, what’s happening today? I know this is kind of a tangent, but home prices have gone up a lot, which is great, but let’s say you bought a home five or ten years ago and you’re close to paying it off. But what you might notice is your property taxes keep increasing and your insurance keeps increasing, your maintenance costs keeps increasing, which means, yeah, even though you might work to pay down the mortgage, there’s still a cost to upkeep the home that you have to pay out of your own income. Now, I’m not saying it’s bad.

Jaspreet Singh [00:46:14]:
The home prices have gone up. But what you got to understand here is what if you don’t have an income, how are you going to continue paying for these higher costs? This is why a lot of people have to then sell this generational wealth because they have income to pay for these costs versus a rental property. Income from the property pays for the higher property taxes, it pays for the higher insurance. It pays for the higher maintenance because you can also adjust the rental prices. Now, it’s something that’s producing you an income that’s paying for its expenses versus you got to pay for the expenses.

Wes Moss [00:46:45]:
This is the devil in the details here. On owning rental property, there is a lot of work involved. If you’re going to own physical properties, and even if you have a property manager, you’re still going to be somewhat involved. And maybe if you get good at it, maybe the stage you’re in, you really do know how to have the right property managers that really do do, call it 90% of the work. But I have seen over many years, as people accumulate rental property, it becomes more and more and more of a job that not everybody loves. Some people do, some people love it.

Jaspreet Singh [00:47:17]:
You’re 100% right.

Wes Moss [00:47:18]:
What’s your advice to folks who want real estate? Want to have access to that, but they, in the end, they really don’t want the second job of having to manage it. Would you, what’s your advice on that?

Jaspreet Singh [00:47:30]:
You’re 100% right, that it does take work. And I learned this the hard way. Okay. There’s a video I made on YouTube titled my worst real estate deal ever. I encourage you, if you’re listening to this, to go out and watch it, because it is a true nightmare property. Again, I learned things the hard way and the expensive way. Unfortunately, it’s my real life tuition that I have to pay.

Wes Moss [00:47:53]:
Real life tuition, real life tuition.

Jaspreet Singh [00:47:56]:
But if you don’t want to deal with that, that’s 100% fine. Here’s the thing. One thing that I am very against is telling people you have to buy rental properties, or telling people you have to buy stocks, or telling people you have to start a business. Because guess what? There are some extremely wealthy people that never touched real estate. There are some extremely wealthy people that never touched stocks. There are some extremely wealthy people that never built a business. What you got to do is find the right avenue for you now, if you don’t want to be involved in the real estate business, that is 100% fine. There’s nothing wrong with that.

Jaspreet Singh [00:48:34]:
That’s like saying, I don’t like oranges, okay. They need more apples. Like, you know, there’s, there’s a way around it. And so if you don’t want to be involved in real estate, there’s a lot of things you can do. I mean, if you want cash flow or income, you can go into dividend paying stocks funds. You can also look at, like, what you were talking about. You can invest in real estate funds where you don’t have to go and actually manage the property or own it yourself. You’re investing into somebody else’s deal.

Jaspreet Singh [00:49:00]:
There are syndicate deals you can invest in. There are crowdfunding companies. I mean, there’s a lot of different ways to go about doing this. For you to get exposure to the real estate market without actually owning the property. For me, that was something I wanted to do, which is why I did it. If you don’t want to, that’s fine. I want to tell the YouTube, yeah.

Wes Moss [00:49:15]:
I like kind of the three flavors are stocks, businesses, and rental properties. And you don’t have to do all three. You can pick one out of the three, but to some extent, if you’re going to build wealth, you’re going to very likely have to participate in one or more of that menu, if you will. I know that you have guests on you talk about the economy in general. I know I saw something, I think it was recent with Peter Schiff on there talking about the economy. And I know him to be relatively negative about the future. I’ve never seen him give kind of a positive forecast about. What is your take on that?

Jaspreet Singh [00:49:54]:
Yeah, so Peter Schiff came on my show recently, and his thoughts were essentially that we’re going to enter an economic depression, that we’re going to see a banking crisis potentially worse than 2008, that inflation is going back up close to the 10% numbers, that we’re going to see rising inflation rather than falling inflation. And because of that, we’re gonna see a lot of pain in the economy. That was what he said on my show. Now, my take is a little interesting and unique in the sense that I think we do have economic pain at some point in the future. And I wouldn’t say that as a theory. I say that as a fact. The reason why I say that is because our economy goes through booms and busts. This is a fact.

Jaspreet Singh [00:50:44]:
Our economy has gone through a recession pretty much every decade. For the last century. This is a fact. The stock market goes up and down. This is a fact. Now, do I think we have red flags in our economy? Absolutely. Inflation is a concern. Higher interest rates are a concern, especially if you take a look at how much debt there is on the commercial real estate market.

Jaspreet Singh [00:51:03]:
If you look at how much debt corporations have out there, if you look at how many corporations now are starting to see the debt reservicing or debt readjusting going on with the revenues falling, there’s a lot of concerns out there. 100% agree. But I’m also not in the business of trying to predict when we’re going to see that pain. And I’m also not in the business of trying to predict to what degree that pain is going to be, because there’s a lot of, I call it the x factor, where we don’t know what the Federal Reserve bank is going to do when the markets were tanking in 2020. I didn’t. My company, Briefs Media, we publish a newsletter called Market Briefs every day. It covers what’s happening in the financial news. It’s free, and I work in the financial media space.

Jaspreet Singh [00:51:46]:
I have studied financial markets. This is something I enjoy doing. But I had no idea that the Federal Reserve bank was going to open up their money printer to the extent that they did. In 2020. The markets tanked at the fastest rate we’ve seen since the Great Depression, and then they boomed at the fastest rate we’ve ever seen in the history of time. Can you predict that? No. And so my whole talk is we’re gonna see pain in the future. I don’t know if it’s gonna happen next year.

Jaspreet Singh [00:52:13]:
I don’t know if it’s gonna happen ten years from now. We have red flags out there. When is it gonna play out? Well, that’s besides the point. The key is how do you win when markets are up and how do you win when markets are down? And that’s the ultimate scenario. I mean, you wanna protect yourself from both instances. And so what does that mean? Well, I invest my money into the markets every Wednesday, whether the market’s up or down. So I’m just working to buy more share of these funds that I want to own. Likewise, I’m also working to put aside cash.

Jaspreet Singh [00:52:42]:
I have cash to protect me, but I also have cash, more importantly, to take advantage of opportunities. So let’s just say hypothetically, markets crash. Well, that gives me an opportunity to go out and buy more stocks, buy more real estate at a discounted price. And ultimately, the reason why people get so concerned is because people don’t want to prepare or they get scared. Because what if I lose this, or what if I lose an income? What if I lose my job? What if I lose my stock? Market value goes down. But if we have such a short term mindset that I can’t protect myself, you’re never going to be able to win in these opportunities. More millionaires are created during recessions than any other time. And so the key here isn’t to try to time the market.

Jaspreet Singh [00:53:26]:
It’s to understand how you can take advantage of the market. Because the reality is markets go up and markets go down. We 100% have risks in the economy. Anybody who’s not blind can see that the average person is struggling more today than they were a few years ago. The average person has spent more money on their groceries today than they did a few years ago. The average person spent more money on the housing cost than they did a few years ago. And not just that, we are seeing auto delinquencies rise. Credit card delinquencies rise.

Jaspreet Singh [00:53:57]:
Auto delinquencies are at the highest in 13 years. Not just that, 401k hardship withdrawals are their highest rate ever reported. So yeah, there’s red flags, but what does that mean? Well, time will tell. Obviously, I understand what’s happening, but, you know, no one can predict what’s going to happen six months from now or six years from now. So instead I understand whats happening, but I also want to make sure that I can win in both sides of the market.

Wes Moss [00:54:24]:
Preston. Yeah. Which goes back to this thought around as were investing, I think for you its step three, which is whether its stocks or its real estate, theres, of course, the piece of the equation that is, we think of it as dry powder, which is cash, readily available money that you can then either, even if you’re not going to invest, if markets go down and real estate goes down and you’re not going to double down on that, your protective assets, your safety assets that may be in cash or cds or bonds, they at least can get you through that period of time, whether it’s a one year or two year period of time that it takes for the economy to get back up on its feet after it takes a backstep. To your point, we there’s no such thing as an economy that doesn’t have cycles. Some of them are greater, they’re boom oriented. Some of them are more bust oriented. But over time, we’ve got to have this mindset of tomorrow investing. I’m investing for tomorrow into the future, as opposed to, oh, my goodness, what happened today, which that psychological pattern is what gets people twisted up, jesprit.

Wes Moss [00:55:36]:
And it makes it, I think that makes that my original question, which is, which is harder, saving or investing? That makes the investing side of it really psychologically tough for people.

Jaspreet Singh [00:55:45]:
So you’re 100% right. And the ultimate question you want to ask yourself is, do you believe that the american economy is going to be stronger in the future? For now, I’m an optimist. Over the long term, I think the american economy is going to continue to thrive. I think we’re going to continue to innovate and be strong. And if so, then keep investing. If not, then, well, don’t invest.

Wes Moss [00:56:07]:
Pack up shop. Yeah, I mean, it’s either you believe in the army of american productivity or you don’t. I think that’s just the reality of it.

Jaspreet Singh [00:56:13]:
Exactly.

Wes Moss [00:56:14]:
The. All right, well, we’re going to wrap up today. It’s very fun to talk to you. I love your message in so many different ways. Your, your YouTube channel is amazing. How does our audience find you? What are you most excited right now to share with folks, whether it’s your newsletter or it’s your YouTube channel?

Jaspreet Singh [00:56:33]:
Yeah. So I appreciate it. This was a really fun discussion. I have a free newsletter. My team at Briefs Media publishes a newsletter called Market Briefs every day. It’s completely free. You can read in less than five minutes every morning, and it breaks down what’s happening in things like the economy, the stock market, housing market, crypto, and the global economy. It’s a super fun newsletter.

Jaspreet Singh [00:56:52]:
You can read that at briefs co market briefs co market to download market or to start getting your market briefs. You can check out my content on YouTube and instagram and everywhere else at the minority mindset.

Wes Moss [00:57:06]:
Give us just one quick summary of what is the minority mindset to you?

Jaspreet Singh [00:57:13]:
The minority mindset has nothing to do with the way you look, your ethnicity, your skin color. It’s just the mindset of thinking differently than the majority of people. The majority of people, unfortunately, today are broke, unhappy, and unfulfilled. And I’m not saying this in general terms. I’m saying this statistically. And so if you don’t want to end up with the majority people, you can’t keep doing what the majority of people do.

Wes Moss [00:57:39]:
Awesome. All right, thank you so much, Jesprit, saying thank you for being here with us today on the retire sooner podcast. My friend, you are a great man and you’re a great educator, and we appreciate.

Jaspreet Singh [00:57:52]:
Well, thank you so much it was really an honor. I appreciate it.

Mallory Boggs [00:57:56]:
Hey y’all. This is Mallory with the retire sooner team. Please be sure to rate and subscribe to this podcast and share it with a friend. If you have any questions, you can find us@westmoss.com dot. That’s wesmoss.com. you can also follow us on Instagram and YouTube. You’ll find us under the handle retire sooner podcast. And now for our show’s disclosure.

Mallory Boggs [00:58:16]:
This information is provided to you as a resource for informational purposes only and is not to be viewed as investment advice or recommendations. Investing involves risk, including the possible loss of principal. There is no guaranteed offer that investment return, yield or performance will be achieved. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions for stocks paying dividends. Dividends are not guaranteed and can increase, decrease, or be eliminated without notice. Fixed income securities involve interest rate, credit inflation and reinvestment risks and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Past performance is not indicative of future results.

Mallory Boggs [00:58:57]:
When considering any investment vehicle, this information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Investment decisions should not be based solely on information contained here. This information is not intended to and should not form a primary basis for any investment decision that you may make. Always consult your own legal, tax or investment advisor before making any investment tax, estate or financial planning considerations or decisions. The information contained here is strictly an opinion and it is not known whether the strategies will be successful. The views and opinions expressed are for educational purposes only as of the date of production and may change without notice at any time based on numerous factors such as market and other conditions.