The Money Expert: How The US Dollar Is Being Quietly Replaced - What’s Coming Next!

Jaspreet Singh (0:00)

And every civilization that has rose has fallen because of a growing wealth gap.

Graham Stephan (0:05)

Elon Musk, the world's richest person, has also become the world's first trillionaire. At what point, though, does the wealth gap get so big that all of a sudden something has to break?

Jaspreet Singh (0:16)

It is profitable to keep you financially stupid. It is profitable to keep you poor. Most Americans today would rather look rich than be rich.

Jack Selby (0:24)

Over 40% of us are unfamiliar with Roth IRAs, money market accounts, and high-yield savings.

Jaspreet Singh (0:30)

It is so rigged, it is unfair. It is rigged towards investors.

Graham Stephan (0:34)

So what do you think is the biggest risk for the economy that no one is going to see coming?

Jaspreet Singh (0:38)

Right now, we have about $40 trillion of national debt. We are spending about $2 trillion a year that we don't have right now.

Graham Stephan (0:46)

Do you think it's a negative that right now, stocks are near their all-time highs?

Jaspreet Singh (0:49)

Yeah, I mean, markets are high, but if you hold on, historically, it has been proven that you're going to become wealthy.

Jack Selby (0:55)

And what can the average person do to protect themselves?

Jaspreet Singh (0:58)

You're one paycheck away from your family being broke, because if you want to be rich...

Graham Stephan (1:07)

Jaspreet, thank you so much for coming on The Iced Coffee Hour.

Jaspreet Singh (1:10)

Well, thank you for coming to Detroit.

Graham Stephan (1:11)

So you host the Minority Mindset YouTube channel with over 2.5 million subscribers, and you've previously said that nobody understands how money works. How does it work?

Jaspreet Singh (1:20)

The average person thinks money is something you have to go to work to earn.

No wealthy person thinks that way.

The average person goes to school to get a good degree, to get a good job, to get a paycheck, to hopefully get a good raise, to hopefully get a promotion to climb the corporate ladder.

No wealthy person thinks that way. What wealthy people want to do is the opposite. They want to own the corporate ladder. They don't want to have to go to work to make money. They want to figure out how they can make money through their money. And the reason why I talk about this so much is because this is something that I wish somebody would have taught me. I did everything right. My parents came to this country, America, with very little and they wanted me to become successful because they worked very hard.

And in their eyes, the way you become successful is very obvious. You do what everybody says. You look at that career pamphlet which says the highest income people are doctors. So my dad was very plain about it. He said, Jaspreet, you can either be a doctor or you can be a failure. You get to pick. And so I thought nothing against that. That makes sense. So I was on this path, getting a grade, studying hard, thinking that I'm going to become a doctor. And then along the way, I started learning about money. And I learned that wealthy people don't want to work to get a big paycheck. They want to work to own the assets that are going to pay them. And when I learned that, I started changing what I did, which changed how I earned money.

And that was that lightbulb moment when I realized our economic system is not designed to reward workers. Our economic system is not designed to reward consumers. It is designed to make one person rich, investors. It is profitable to keep you financially stupid. It is profitable to keep you poor. And it made me so angry when I learned this, because when you look at it, banks profit when you're in debt. The longer you stay in debt, the richer they get. Corporations profit when you spend money. The more money you spend, the richer they get. You spend money you don't have, they get even richer. Wall Street profits when you don't know how to invest because now you're going to pay the highest expense ratio. The government profits when you don't understand how money works because you're going to pay the highest taxes. You profit when you're financially educated. But we're never taught that financial education. That's why I teach that.

Jack Selby (3:50)

So it sounds like to join the investor class is not just a decision that you need to make in life to be wealthy. It sounds like it's the decision.

What is the main difference between someone who has money and someone who's wealthy?