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Jay Shetty Podcast

The 3 MONEY MYTHS That Keep You Poor! (How To Build Wealth) | Jaspreet Singh & Jay Shetty

Jay Shetty talks to Jaspreet Singh about financial education. The best investment that you can do in your life is to invest in yourself.

Jaspreet SinghguestJay Shettyhost

Jul 25, 20221h 11mWatch on YouTube

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CHAPTERS

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Chapter summaries

Why saving in the bank makes you poorer
Jaspreet Singh opens with the claim that money sitting in a bank loses value every day, though he says this doesn't mean you shouldn't save at all. Jay Shetty then introduces the show's broader view of wellbeing and welcomes Jaspreet.
- •Savings in the bank lose value daily when inflation outpaces interest
- •Saving should be done strategically, not hoarding everything
- •Jay frames money as part of overall wellbeing
- •Jaspreet is introduced as a serial entrepreneur and licensed attorney focused on accessible financial education
Growing up with mixed messages about money and the QuadraFit theory
Jaspreet describes how his immigrant parents worked relentlessly yet treated money as taboo and evil. From that confusion he developed the QuadraFit theory of physical, mental, spiritual and financial fitness, with money as the icing on the cake.
- •His parents told him to study hard but not to talk or worry about money
- •Money won't make you happier or a better person, but lacking it harms mental health and relationships
- •QuadraFit: physical, mental, spiritual and financial fitness, in that order
- •Financial fitness lets you do more of what fulfills you once the other three are in place
Cultural roots of money taboos and money as a tool
Jay shares how his own family talked about money, and asks where his guest's parents' attitude came from. Jaspreet points to culture and religion and tells his grandfather's partition story, concluding that money is like gasoline that amplifies whoever you are.
- •Jay recalls family talk that viewed wealthy people as suspect
- •Jaspreet cites kirat karo and seva, and says the earning side often gets overlooked
- •His grandfather's story of fleeing with only a sword led to the lesson that poorness is the worst disease
- •Money amplifies the character of its owner, so we need more good people with money
- •Seven in ten Americans, and about half of six-figure earners, live paycheck to paycheck
Three bad money habits: spending and saving everything
After Jay shares his mother's story and asks about the habits that keep people poor, Jaspreet names three: spending or saving all your money, blindly following the system, and not understanding money. He then digs into the first, covering consumerism, looking rich while being broke, and why savings alone won't build wealth.
- •Three habits: the two S's, blindly following the system, and not understanding what money is
- •About half of Americans have no investments at all
- •Credit culture lets people spend money they don't have, making others rich
- •Louis Vuitton example: looking rich versus being rich
- •Wealthy people save only for emergencies, investments or big purchases
Questioning the system: from medical school plans to a rental condo
Jaspreet explains how he was raised to follow school, grades and a corporate or medical career. Running parties on the side and then buying a foreclosed $8,000 condo that paid him rent showed him a financial education he'd never been taught.
- •His parents pushed medicine, even hiring an MCAT tutor when he was young
- •He hosted teen and college parties on the side as an early hustle
- •He bought a foreclosed condo for about $8,000 and rented it for $600 a month
- •Wealthy people work to own the corporate ladder, not just climb it
- •Schools don't teach managing money, investing, or passive income
What money really is: currency versus store of value
Jaspreet turns to the third habit, understanding money. He distinguishes currency from store of value, uses the Indian practice of buying gold as an example, and recalls his 2016 viral video on inflation eroding bank savings.
- •Money has two roles: currency and store of value
- •Indian culture converts rupees into gold because people sense the currency loses value
- •Recent inflation shows dollars may not hold their value
- •Wealthy people put cash to work instead of saving it all
Equity, ownership and the wealth formula
Jaspreet explains what wealthy people pursue: equity. He contrasts workers and owners, redefines the American dream around ownership, and offers a wealth formula of income minus expenses equals investments plus savings, with several ways to build equity.
- •Stopped chasing money and ended up making more
- •Owners are paid in profits while workers are paid salaries
- •You can own a business without running it
- •Wealth formula: income minus expenses equals investments plus savings
- •Equity routes include stocks, rental real estate, startups, gold and crypto
Starting small: consistency, ETFs and compounding
Jay asks what to do if you feel you don't have enough to invest. Jaspreet recalls his $2 Ford stock purchase and recommends automatic, consistent investing, explaining ETFs and the S&P 500 and illustrating compounding with ordinary earners who retired wealthy.
- •You can start with as little as $10 at modern brokerages
- •Make investing automatic each time you get paid
- •An ETF such as an S&P 500 fund gives exposure to many companies at once
- •A janitor and a school worker retired with millions by investing steadily
- •Compounding rewards putting in small amounts over decades
Delayed gratification, growing the pie and investing in yourself
Responding to Jay's point about get-rich-quick thinking, Jaspreet calls it a decade of sacrifice. He says to grow income rather than pinch pennies, and shares his $500 car and his reinvestment in Market Briefs, while Jay adds examples of investing in yourself and asks about financial confidence.
- •Success took him about a decade of failures and scams
- •Instead of squeezing a limited pie, grow the pie from $40,000 toward $400,000
- •Mindset comes first, which is why he calls it Minority Mindset
- •He drives a $500 car and reinvests in his business, Market Briefs
- •Jay cites LeBron James and Cristiano Ronaldo as examples of investing in yourself
- •Jaspreet aims to teach people to decide for themselves, not tell them what to do
Recession fears: the Fed, money printing and inflation
Jay asks how people should think about fear of a coming crash. Jaspreet says recessions create opportunity, then walks through the 2008 reassurances, what the Federal Reserve is, pandemic-era money printing, and the progression of inflation through 2022.
- •More millionaires are made in recessions and crashes because assets go on sale
- •Before 2008 officials publicly denied a real estate crash
- •The Fed controls monetary policy and interest rates
- •Printing money without creating wealth drives inflation
- •Officials called inflation transitory before admitting it wasn't
What the Fed might do next and how to prepare
Jaspreet lays out two scenarios: the Fed raises rates and causes a recession, or it reverses course and risks a currency crisis. He recommends calming down, building a cash buffer, making a list of assets, and buying in phases rather than timing the market.
- •Raising rates to fight inflation could cause a recession but create buying opportunities
- •Printing money again would worsen inflation and risk a currency crisis, favoring things like physical gold
- •Calm yourself first, since fear leads to bad decisions
- •Build a cash buffer and list what you want to own
- •Buy in phases instead of trying to time the market
- •Investing in yourself is the best investment in any situation
Refusing PPP money and why free money is expensive
Jaspreet explains why he declined PPP money for his business even though his banker and accountant thought it foolish. He argues that government spending is paid for through taxes, cuts or inflation, and that the poor and financially uneducated bear the cost.
- •Pandemic relief was described as the biggest fraud in American history
- •He declined PPP funds despite office rent and employee expenses
- •The most expensive money is free money
- •Government spending is paid via taxes, cuts or inflation, the hidden tax
- •High inflation wipes out the middle class, and it is profitable to keep people poor
Jaspreet's Final Five and closing
Jay wraps the conversation and runs the Final Five rapid-fire questions. Jaspreet gives short answers on the best and worst financial advice, what he no longer values, and the law he would create, followed by thanks and calls to action.
- •Best advice: invest in assets, not liabilities
- •Worst advice: the way to build wealth is saving your money
- •He no longer values material things
- •Net worth is a poor indicator of real success
- •His one law: everyone learns QuadraFit before leaving school

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