What Millennials DON'T Understand About Money

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Studies show that a chunk of millennials are doing a great job at saving their money but not such a good job at investing their money. Here’s what millennials need to understand about investing.
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What Millennials Don’t Understand About Investing
0:14 – Millennials are doing a good job at saving but not so good job at investing
1:00 – What you do with your money will determine if you become wealthy or not
2:23 – The price of things are going up which is why your savings are losing money
2:40 – What happens when you save your money as a millennial
3:13 – What happens when you use your money the wrong way
4:10 – Why it is so important for millennials to invest their money
5:20 – The inflation ghost is making you poor
5:30 – How to invest your money as a millennial
6:48 – The doers are rewarded and the thinkers are not

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 #ThinkMinority

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

what’s up everybody
I am just but it’s saying and welcome to
the minority mindset so today I have
some good news and some not-so-good news
the good news is that a chunk of
Millennials are doing a great job at
saving their money a survey reported in
2018 that one out of six Millennials
have at least $100,000 saved up nice the
bad news is that according to bank
rate.com
77% of Millennials say that they would
like to keep the money that they don’t
need for at least the next 10 years in
their savings accounts in cash so now if
you work hard to live below your means
and now you have cash that you don’t
think you’ll need for the next 10 years
more than three out of four Millennials
would rather save that money in their
savings accounts instead of investment
look being able to save your money and
live below your means is great and it’s
very important but it’s only half the
battle it’s what you do with this extra
money now that will determine whether or
not you become wealthy if you save your
money in a regular bank you’re gonna see
near 0% returns like if I went and I had
$100,000 and I went to Chase Bank is it
chase premier member meaning I had
access to the higher interest rates I
would get an interest rate of are you
ready point zero eight percent a year on
my one hundred thousand dollars so after
ten years of saving my $100,000 in this
savings account by one hundred thousand
dollars would grow to one hundred
thousand eight hundred and two dollars
on one hand you might say hey at least
you made eight hundred bucks which yeah
eight hundred bucks is better than zero
bucks but let’s look at the bigger
picture don’t forget that if something
costs you $100 today it’s not gonna cost
you $100 in ten years hmm no wonder I
can’t afford to go to Disney World
anymore every single year the Federal
Reserve Bank or the Fed prints more
money and
there are more dollars out there the
value of each individual dollar that you
have goes down that’s why your groceries
that cost you 100 dollars in 1999 cost
you 200 dollars in 2019 on average the
price of things go up by around 3% a
year now well 3% might not seem like a
big deal that means that the price of
things are doubling every 20 years or so
so your shoes your healthcare your
groceries your rent it’s all getting
more expensive so unless your money is
growing
you are becoming broker when you save
your money your money is staying in a
straight line it’s not really growing
and it’s not really doing anything it’s
just staying stationary while at the
same time the price of things are
growing like this so you are becoming
poorer because the amount of money you
have is not able to keep up with the
cost of things so now you think okay I
need to do something with my money
because it’s just sitting there while
the price of things keep going up so I
need to use my money right now the
majority of people would hear that and
use it as an excuse to use their money
to buy things that make the money curve
look like this you go out and you buy
cars any by shoes and about vacations
these are things that I call consumer
expenses they’re just liabilities as
soon as you spend your money on them
your money is gone and it makes the
value of your money and your wealth drop
like a rock what you want to do is use
your money to buy things that make your
money and your wealth grow like this
this way your wealth and your money is
growing at or faster than inflation and
if your money is growing faster than
inflation that means that now you have
more money you are wealthier and so you
have extra money that you can use to buy
things like shoes and cars and clothes
which decline in value because you have
more money to do that this inflation
making the price of things rise mixed
with savings accounts paying you next to
nothing mixed with the majority of
people spending all their money on
consumer expenses that just drop in
value is why it is so important for
Millennials to be investing their money
here
because right now your money has time to
grow and unless you capitalize on this
opportunity you are going to miss it
time is so important here because it
takes time for your money to make you
money and then when your money makes you
money you can reinvest that and then
when your money’s money makes you money
you can reinvest that too and then when
your money’s money’s money makes you
money you can reinvest that too but in
order for you to do this you have to
start sooner because you need that time
for your money to grow and if you don’t
invest your money well then you’re just
gonna be caught right here where
inflation is making you poor this is why
inflation is known as a hidden tax
because you’re saving your money because
you think you’re being financially smart
because that’s what the majority people
say you should do and so you keep saving
your money while at the same time
everything else in the world keeps
becoming more and more expensive so you
keep becoming more and more poor without
even seeing it happen just kind of like
a ghost haunting you in your sleep
oh I’m the inflation ghost and I’m gonna
make you poor without you even knowing
so what should you be doing well now
that you understand what’s happening
with your money I need you to first
invest in your mind this will you learn
how to use your money and second I need
you to take action on what you learn
look you are never guaranteed to make
money when you invest you might even
lose money when you invest especially in
the beginning but you can mitigate this
risk by learning and remember you are
guaranteed to lose when you save your
money and if you still don’t believe me
or you don’t like this whole idea of
thinking different than the majority of
people that try this how about you go
and ask your parents or you go and ask
your grandparents what they were able to
buy over a hundred bucks when they were
kids back in my day a hundred dollars
woulda bought you a candy bar groceries
and a beautiful wife I mean beautiful
house start by reading investment books
and maybe take an investing course and
stay up-to-date on what’s happening in
the finance and business world and if
you’re wondering man if only there was
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below and once you learn then it’s time
for the most important part do the doers
are rewarded and the thinkers well they
imagine what it would be like to succeed
so go out and learn and then go out and
mi-8 make it happen and I’ll link a
couple videos for you to watch in the
description below on how you can go out
and start investing thank you for
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