"I Threw Away $23,000" – My reaction

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This is a true story of how a man threw away $23,000 he had sitting in his shoebox. As crazy as it is, there’s a lot to learn from this.
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“I Threw Away $23,000” – My reaction
1:20 – Banks are not the best place to save your money, but that doesn’t mean you shouldn’t use a bank
2:00 – Even worse to keep your money a shoe box
2:41 – You need to learn how to use the bank to you’re advantage
3:22 – Your banks purpose
4:04 – Stop worrying about the value other people will get
4:56 – The sign of relief when you get your money
5:50 – Use the bank as a tool not as a fool

What Is The Minority Mindset?
The Minority Mindset has nothing to do with the way you look or what kind of family you’re from. It’s a mindset.

Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000.

Think from the mindset of a consumer and be the provider, that’s the Minority Mindset. Don’t be the majority. #MIH #GetMoneySmart

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Video host: Jaspreet Singh <br> <h3>Auto Generated Captions</h3>

what’s up everybody
I am just but he’d sing I’ll welcome to
the minority mindset what would you do
if you found out that you took your life
savings worth $23,000 and he just threw
it in the garbage well one man actually
did that he took all of his cash he put
it in the shoebox and he threw it in the
garbage and this teaches us a very
important financial lesson that we’re
gonna get into but before we get into
that make sure you hit that thumbs up
button below and subscribe to the
minority – a YouTube channel this way
you don’t miss our new videos every
single week and then make sure you watch
this video until the end because we’re
gonna talk about some very important
things the title of the news story is
man who accidentally threw away $23,000
is reunited with his life savings in
NorCal so I’m just gonna read a couple
parts of this I only highlighted the
parts I want you to see in green and the
first paragraph tells you what happened
a man accidentally tossed $23,000 into
the recycling bin reunited with his life
savings on Saturday after a worker at
the recycling factory spotted it in a
shoebox stuffed with money and then this
article goes on to talk about how this
guy got all of his $23,000 back except
three hundred and twenty dollars after
driving 200 miles to get his shoebox
full of money back from the garbage
recycling center I talked a lot about
why banks are not the best place to keep
your money because you are losing value
to inflation the average interest rate
on your savings account in your bank is
something around
0.1% and at the same time inflation is
right around 3% a year so that means
every single year when you save your
money in the bank your money is losing
between 2 and 3% of its buying power
because you are saving your money in the
bank
that’s why keeping all of your money and
your bank account is not a good idea but
it’s an even worse idea to keep your
money or all of your money in your
shoebox when your money is in your
shoebox or under your mattress or in
your drawer a lot of things can happen
to your money that you really have no
protection over like you can
accidentally throw it away like this guy
did you could have your house burned
down then you lose your cash or you can
get stolen or
can get damaged very easily and then you
have no recourse you just lost all of
your money in the bank yes your money
will lose value to inflation which is
why you should not save all of their
money but when you save your money in
the bank at least you get some
protection in some recourse with things
like the FDIC even though the FDIC isn’t
as great as some people make it out to
seem I talked about it in a previous
video and I’ll link it in the
description below but at least you have
the security of your money being in a
bank that being said you have to have to
have to learn how to use the bank to
your advantage because the issue with
banks is that the majority of people are
getting screwed over and ripped off by
the bank because they don’t understand
how the system works so they are getting
abused by the bank instead of actually
using the bank to their advantage if you
keep all of the money in your bank
account you are losing because now
you’re losing value to inflation if you
go to the bank and now you get sucked in
and to all these lines of credit and
refinancing to buy things that you don’t
need that you can’t afford now you’re
losing again because you’re paying
interest on things that don’t pay you
and so now you’re just losing money your
bank’s purpose should be where you keep
money that you need for liquid cash so
when you have savings because you don’t
want to save some money in case of an
emergency that’s what you should keep in
the bank because now your money is safe
and secured or hopefully should be safe
and secured as long as you’re using a
good Bank and now if you want to do
something with your money you have easy
access to your cash this way you can
take this cash and you can invest it
into things that will make you more
money and this money can go back into
your bank account
this way you can fuel more investments
plus keeping your money in the bank and
getting a 0.1% return on your money it’s
still better than getting a zero point
zero percent return on your money when
you just keep your money under your
mattress it’s funny to me because a lot
of people like to focus in on the value
that other people get instead of seeing
the value that they get like I have
talked to a lot of people who say I will
not keep my money in a bank account
because the bank is gonna take my money
and they’re gonna make money off of it
and okay that is true your bank when you
put your money in there is gonna take
that money and turn it into more money
and then lend it out to people so the
bank can make money
but it’s not like you’re doing this
without getting any sort of value
yourself I mean when you put your money
in the bank at least you’re having some
sort of security you’re getting some
interest yeah it’s not what it should be
or what you need to really beat
inflation but that’s why you have to
learn how to use the system to advantage
I mean sure
just because somebody else makes money
doesn’t mean that you should not do
anything yourself you’re focused in on
what somebody else is getting instead of
looking into the value that you are
getting about putting your money in the
bank I mean I can’t imagine the side of
relief this guy must have had when he
called up the recycling center to see if
anybody saw a shoebox full of cash I
mean twenty twenty three thousand
dollars worth of cash which was his life
savings and not just that he was
fortunate enough to deal with people who
were actually very honest I mean the
people that collected the money saw the
money you can imagine the shoebox went
through a bunch of different hands and
it was pretty much all 100% intact – a
few hundred bucks which might have blown
away or something but he got almost all
of this twenty three thousand dollars
worth of cash back so this I would say
is an extreme case because one this
person threw away his money but second
everybody was very honest which is very
nice to see because it shows and
restores your faith in humanity but you
can’t guarantee that this is gonna
happen to anybody else if this same
situation happened to you that’s why you
need to learn how to use the system to
your advantage this way you’re not
getting abused by it use the bank as a
tool and when you’re trying to find a
bank account make sure you have one
that’s not charging you any maintenance
fees and doesn’t have fees for you to
use the bank account because for the
majority of people those fees are not
worth the value you get a bank account
can be a great place for you to keep
your cash this way you can use it to
invest in things that can make you more
money and as you’re looking for ways for
how you can be smart with your money and
use your money as a tool you need to
know what’s happening in the finance and
business world this way you can use the
news to your advantage and that’s why we
created the free minority mindset
newsletter where we break down the top
finance and business news and then we
show you how this news affects your
wallet this way you can be smart with
your money this newsletter is completely
free and you can subscribe to it but
link up here or by clicking the link in
the description below thank you for
watching I hope this video inspires you
to take that money harder a shoebox and
put it somewhere a little bit safer and
has always keep Auslan

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