"we have to get over these money myths that you can't build wealth if you rent where you live you can't build wealth if you don't have access to millions of dollars that's not true and there's one he t..."

"just PR who should care about your message and why should they care anybody who uses money which is everybody the interesting thing about money is we use money every single day it costs money to eat a..."

"people who figure out how to make themselves wealthy and those that don't if we put all objective advantages aside Rich parents inherited lots of money all these kinds of things what is like the funda..."

"economic system and the crazy thing about that is we're all taught to trust the system my parents are immigrants from a state in India called Punjab and like many other traditional Indian immigrants t..."

"the different career options you have and anytime you look at that the top of the list is always doctor and so they said just if you want to become successful you have to become a doctor and because w..."

"than anything else over the last century it's starting a business investing in real estate and investing in stocks yet along my entire educational path I was never taught that we're focus on how do yo..."

"about starting businesses I want to talk about investing in stocks and also want to talk about real estate but I'm curious in your own personal story there when did the penny drop because it's so inte..."

"bit of money I mean $50 per wedding when I was in Middle School then maybe $100 $200 in high school and one of the DJs that I was working with said J you know a lot of kids in high school uh how about..."

"doing because I needed to become a doctor well I did a few of those teen parties when I was in high school and now it was time for me to go to college I was 17 years old and I get there and I see ever..."

"can host a party here you don't got to pay us anything just pay us half of the cover charge that you generate pay has 50% of whatever Revenue you generate now I'm in business I made the same arrangeme..."

"was very fortunate that I started reading books about money and business and I started reading these books and the first thing I learned was the difference between an asset and a liability which were ..."

"nobody in my family is a real estate investor I had never heard of this concept of real estate investing before I don't know what it is is but if wealthy people are Real Estate Investors and I want to..."

"really made me angry and I don't know why I got so angry but I got angry because I felt like I was checking all the boxes I was doing good in school I bust my butt in school I was going to do all the ..."

"reason why is because your house is actually a money pit and that's why I want you to think of your house as a liability but I want you to hear me clearly I'm not saying you shouldn't buy a house I'm ..."

"house so maybe now they have to sell okay now you sell it you got a million dollars great we're not even going to talk about taxes right now but you got a million dollar you're rich but if they don't ..."

"want and now to fully Hammer this home I'm not saying it's bad to own a house it's actually very great it's an amazing thing to own your house free and clear because now you can rest assured you don't..."

"think you know they're getting their mortgage payments they're spending whatever they are you know spending on their mortgage payments they they think they're well we're kind of told that that mortgag..."

"they buy a house they can't afford and now they're paying all this money into their mortgage thinking that I'm Building Wealth they no longer have money to save they no longer have money to invest int..."

"going to give you the best and most growth now hopefully this house that you buy will go up in value it's not guaranteed we know the houses don't always go up in value no matter what your Banker says ..."

"prices could fall I think one of the biases that makes people want to buy house is that they're currently renting and they see that as just giving money away so they think listen I could spend this mo..."

"do you feel bad for me I hope not and this is where we have to get over these these money myths that many people keep selling you that you can't build wealth if you rent where you live you can't build..."

"that last Point why do people not like it when you say that because it's very hard to pay a 20% down payment housing is expensive you want to buy a $500,000 house you have to have $100,000 as a minimu..."

"of what you make do you think people even know how much money they spend no I was thinking I wonder how many people listening right now know over the last 6 months the exact figure that they spend eve..."

"that I like to make which is in the traditional Indian culture people make a dollar to spend 20 in the traditional American culture people make a dollar to spend $2 through the help of lines of credit..."

"grows grows grows and most people have no idea what hit them do you know what's really interesting is two days ago I was having a conversation with one of my friends it was actually I did a podcast ab..."

"lot of my friendship group and I thought God there's something really important here in terms of and it's it's so crazy if you if you know the context of what I'm saying because I've got a friend in t..."

"it's a very easy thing to get caught up in because when you make more money you become more credit worthy banks will give you bigger loans when you make more money you want to spend more money and it'..."

"cash for himself because he just doesn't spend money and he lives at he doesn't have like a an ego doesn't care if people what people think of him yet my other friends who are rning maybe five times m..."

"money I'd pretty much spend all the money within the first couple of days of getting the paycheck and I was just waiting the next three weeks for the next paycheck what advice would you give them abou..."

"expense and so if you want to break out of this the first thing you got to understand you need to make yourself rich before you make everybody else Rich because when you're spending all your money you..."

"make some extra dollars so what do you do start selling stuff stop spending money selling stuff you own selling stuff you own so if you have a TV that you're not using sell it you have a car that you ..."

"living in a shoe box which I was I can't bring anyone back there I can't take anyone for dinner I can't take anyone to the movies so what do I do and this is why every Indian parents tell their kids t..."

"yeah because that's going to be me lying to you I got to be honest I did make a sacrifice and for me the sacrifice was I started a business and frankly that meant that I didn't have time to be going o..."

"it's hard for us to naturally see life for Seasons especially when we're looking forward when we're looking back it's very easy to say oh that was that season like I can sit here now and say oh that 2..."

"is difficult especially during a time where everybody's showing off everything on Instagram you look at your friends who have a crappy job but they're driving around in nicer cars going on better vaca..."

"did so you know you got to be confident and you got to work for something bigger and you want a partner that's going to understand that that's my belief which is not the easy thing it's interesting be..."

"there's another element to this which is my life was pretty miserable so when you have a relatively miserable life when you don't have many nice things CU you're working in a call center as I was unti..."

"then what happens in that sit a is when you're in that state of I just want to look rich I just want to have that dopamine I just want to have some nice things because I deserve it I work hard you kno..."

"money in five places I put my money into my own business I invest my money into real estate and inv my money into stocks I invest my money into speculative assets which includes cryptocurrency and the..."

"fast but it can fall just as fast and the issue that I have is when people now want to get into this idea of investing because now they're in this tough situation I'm living paycheck to paycheck and I..."

"that's why I own a little bit of physical gold but the problem with gold is when I own my physical gold it just sits there in a vault it doesn't produce cash flow it doesn't create new value it just s..."

"second ago you said that unless you have a money mindset you're never going to be wealthy what is the money mindset the mindset is number one you have to believe that you're going to become wealthy wh..."

"your dream car and the responses that I would get were things like a Ford Mustang or a Dodge Challenger and you know these these nice cars but I would follow up with why not a Bugatti why not a Lambor..."

"else and it's it's interesting that you say that when you're talking about money that we have a stereotype threat there we we exist in a world where we think people like us make a certain amount of mo..."

"it across but the way that this Exercise Works is you have to in four lines touch every dot on the screen without picking up your pen you have to touch every dot all of these nine dots without picking..."

"and so now when you go back to your question it's very difficult it is difficult and so how do you do it and so this goes into now your personal development what I would recommend is read five books o..."

"of barrier and you [Music] know everything that you do now has to be constantly working to shock yourself when I started my YouTube channel it's kind of funny uh I I didn't start my YouTube channel th..."

"this down but then we continued growing and here I was this guy who had been successful I'm already investing in real estate I've had some business success I broke out of this idea of becoming a docto..."

"car and so I kind of put myself in this position of like hearing the stuff and wanted to really you talked about confidence I wanted to really build my confidence to be that person that did something ..."

"yourself and giving yourself the motivation and discipline in the beginning as to why you started some fuel as to why you started so one of the things I like to talk about is what is your why who are ..."

"and that was my fuel because I knew I don't know how but I knew I was going to prove you wrong toxic fuel it 100% you know it was just anger just pure just anger I'm going to prove you wrong and uh sl..."

"the system Point number two in your money mindset is that money is a tool what do you mean by money is a tool and how is that different from how everyone else thinks about money you have to understand..."

"about now being able to solve solve your financial problems being able to not worry about paying your bills being able to have the nicer stuff when you want and not have to worry about the price and t..."

"because we assume that money is scarce and this comes from our childhood because when you grow up you're fighting for your parents attention and there's a limited attention span that your parents have..."

"little bit technical but let me kind of break this down our economy is measured through a number called GDP and GDP is a measure of all spending that happens in our economy in the United States the la..."

"you're break this down oil and gas these are companies that are investing and drilling oil and so if these companies have less regulations and more ability to produce product and sell more product the..."

"more sophisticated but I'm going to say this again as a long-term investor forget the collection Cycles you're investing for the long term for those less sophisticated investors as you were when you w..."

"then rent out that rent after all the expenses should then put at least $7,000 into my pocket and every year that's what a 7% cash on cash return means now for me I prefer single family houses or mult..."

"investment you ever made the best investment I ever made is the investment of myself that has given me a much better return than any real estate than any stock and even than any cryptocurrency and whe..."

"had a real estate investor that I could have talked to which I didn't have access to I read a lot of real estate books so if you say what could I have done differently to avoid it because there's peop..."

"happened there was a chip about the size of a quarter in the bathtub the paint had chipped they filed a complaint with my new property manager thank God I switched property managers because what a goo..."

"we had the documentation saying that they slipped and fell at a friend's barbecue and then we go through the hospital records and we found out that this person slipped and fell at a barbecue but they ..."

"systems in place to alleviate the downsides of you being really bad at Recruitment and if you had started with that when you were I don't know 20 years old or whatever it might have been you would hav..."

"of people but the game of business is to assemble the best group of people and if you're cheap that mission is not possible yeah and and you you'll get a shortterm win but the long-term pain which is ..."

"indicator that that mistake turns into a lesson so your your accountant [ __ ] up clearly incompetent but when I asked you whose fault was it you said it was my fault and that immediately tells me tha..."

"open up your wallets number three the government is going to profit when you're financially illiterate because that means you don't do anything outside of your W2 job and you're going to pay the highe..."

"know it's a topic I always talk about um because that's like holding a mirror up to yourself it doesn't feel good does it to say that it was my mistake I'm the reason why I don't have money I'm the re..."

"what you have to do and it's difficult who wants to blame themselves but if you want to change where you are they're not going to do it your Banker is not gonna say Hey Stephen you know you can't affo..."

"student loans because so many people are stuck in these student loans and guess what you pay the highest tax rates when you were just an employee I'm an attorney I'm not your attorney but I am a licen..."

"from this is because you are taxed not on your income that's not what the tax code says you are taxed based on your taxable income so now what every accountant every smart accountant every every smart..."

"bank and he says Hey bank I have these millions and millions of stock options that are worth billions of dollars would you like to loan me a million $10 million $100 million at three four or 5% intere..."

"well just prit how does he pay it back well let's just assume that you're going to get a 5% interest on this if the value of Tesla goes up by say 7% he made a profit so now he can go back to the bank ..."

"scramble to sell and now the bank is just trying to get pennies back out of every dollar that they lent out I'm going to get old someday and um I think a lot about making sure I'm wealthy enough so th..."

"money and the people that are going into retirement don't have that money and their kids many times don't have that money that's the first issue and now as we start to dig into that we have people tha..."

"need about $1.8 million to comfortably wow and the reason why is every year we have inflation so if you live off of $50,000 this year you're going to need maybe 52 53 $54,000 next year more the year a..."

"States we have what's called Social Security which is a government check that you get when you retire the first problem with Social Security because Social Security is drying up this is a fact that if..."

"see but that's the problem right now Social Security is is running out of money and this is where everyone says Social Security is going to run dry you're never going to get a social security check th..."

"that pension fund does not go bankrupt because there have been many Pension funds that have gone bankrupt and people are left with nothing which leaves number three your own savings and Investments an..."

"to 65 maybe 67 at a job you hate but you work every single day and all you're looking forward to is retire at 67 you retired 67 you have this great big retirement party now you come home and you sit o..."

"years even if you have the money to do things so when we talk about what is retirement I want to caution everybody or if you have parents to start thinking about what do you want to do during retireme..."

"expenses how do you actually do this now well you got to buy the assets and in order to do that you have to have the money and many people assume that the way you get rich is by Investing For passive ..."

"flow the second thing is well what about inflation jit you talk about this all the time the buying power of my dollar is going down $70,000 when I'm 65 years old in a few decades is not going to have ..."

"incomes this is why you can't earn your way to wealth you can't save your way to wealth you have to invest your way to wealth and remember wealth is retirement and you might say well despy that's just..."

"stock some of my investments grow in value they're more appreciative they're more appreciation but when I think about retirement for me it's cash flow exceeding my expenses what about starting a compa..."

"entrepreneur because when I started to see success as an entrepreneur I crossed that invisible barrier I said oh my God people need to see this you have to become an entrepreneur you can do things on ..."

"and as you say there you're going to have to tolerate uncertainty and when I say uncertainty I mean comfort as well the lack of a blueprint the lack of certainty about how much you're going to make th..."

"short of that especially when it comes to B2B marketing where you're not doing business with one person you're dealing with teams making decisions together through Linkedin ads you can connect with an..."

"gives you exposure to the 500 largest companies we know that historically that's gone up by 10% a year but that's not enough for a lot of people so now I'm going to play this game of I'm going to try ..."

"know that if you invest a $100 a mon month from the age of 21 until your retirement 6566 and you can get that same 10% return you're going to retire a millionaire assuming you only invest $100 a month..."

"to determine where you end up so as it relates to getting those Knowledge and Skills where's the best place to people to go other than obviously the Dio you know but outside of this podcast where is t..."

"that what is the most important thing we didn't talk about today as it relates to wealth creation the most important thing that I think we did not talk about is we we talked about the economic system ..."

"wealth and then things like insurance but then also you're estate planning because you talk about generational wealth well generational wealth isn't just the money it's what your money does after you ..."