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What’s up everybody, my name is Jaspreet Singh & welcome to the Minority Mindset.
Why Most People Will Never Be Financially Free | Minority Mindset – Jaspreet Singh
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Going back to the original $3000 sofa. If you paid the minimum $60/month, $36 of the $60 is used to pay interest. Meaning 60% of every dollar is you pay is going to the banks’s pocket because you used their money and only 40% is going to pay off the sofa
I’m going to tell you a little secret. When banks give you credit cards, they don’t do it to help see you succeed. They do it because you will continue to buy things you can’t afford so you’ll continue to make them rich your whole life. If you really think they were giving you credit out of the kindness of their heart, ask them to give you a lower interest rate. And see what they say.
That might be why In 2015, banks spent over 16 billion dollars on lobbying alone, so they can keep promoting debt in a beautiful and magical way.
So here is what you should do. Only take a credit card if you can set up an automated payment of the full balance of your credit card. That means every month, you should start with a 0 balance on your credit card, because the money was automatically taken out of your bank. If you can’t afford the full payment or don’t want to, you shouldn’t take a credit card period, buy with cash. You can’t afford otherwise.
Now I understand there are some businesses like the real estate development business that run off of debt. But right now I’m talking about personal finances. There are very, very few times where I think taking on debt is okay, because debt is usually just a tool to help us buy things we can’t afford.
I get this is hard for most of us to hear because most of us are grown up so accustomed to credit cards and debt. It takes a lot of disciple to live below your means, get made fun of for having beat up stuff, and have delayed gratification.
But you’ll sleep a lot better when you have no mortgage, no car payment, and no credit card bills and you can allocate your money to make to make you more money, rather than make a banker richer.
This Video: https://youtu.be/8MH5FqmJ784
Based in Detroit. #Punjab
DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated – but there’s no additional cost to you.
DISCLAIMER CONT’D: I’m just a random guy on YouTube – do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.