Earning more money is easy. Speak for
yourself. What’s up everybody, I am Jaspreet Singh and welcome to the Minority
Mindset. Earning more money is easy when you know the different ways you can earn
more money. You learn the system, you put in the hard work, you make your mistakes,
and then you know what to do with your money once you got it. That doesn’t sound
very easy, Jaspreet. I just put out a video on how to make more money, and if
you have not seen it yet, here is a quick 10-second recap. One: There’s a difference
between active money where you have to physically work, and passive money where
you just put your money to work. Two: Money rewards value more than hard work, so put
your hard work into creating more value. And three: When you’re working to create
your unique value, figure out that one thing that you want to do first and stay
focused on that one thing. Today, I’m going to be talking about the different
ways you can earn more money and have freedom, so make sure you watch this
video until the end. But before I get into it, make sure you hit that thumbs up
button below because [clap] it’s like a virtual high five, and subscribe to the Minority
Mindset YouTube channel, that way, you don’t miss our new videos every Monday,
Wednesday, and Friday. All the different ways you can make more money fall onto this
Chart right here, where on this axis you have freedom, and the higher up you go
the more freedom you get, and on this axis you have cost, the further right
you go the more this costs you to start. This is what I’m going to be filling out
today because you need to understand this chart, this way, you can set your
life goals accordingly, because you don’t want to put all your
effort into something that’s going to give you no freedom. That’s what life is about,
you want to make sure you have the freedom to do what you want to do, so
let’s start by talking about your job. Your job comes with some of the lowest
freedom, and it can either be here or here on cost, depending on what you do. So let
me start by putting this in J-O-B, J-O-B. So, if you want to be a doctor, or a
lawyer, or some sort of professional, it’s going to cost you a lot of money to start.
I mean, it can cost you hundreds of thousands of dollars to become a lawyer,
or a doctor, or if you get a job with a lower entry level, it doesn’t take a lot
of money to start, but your freedom is very low because if you don’t work, 62
you don’t get paid. Then, after that, you have your physical services which are
your low cost, low freedom businesses that you can create. So, I’m going to put that
right there, I’m going to label it P-S. This would be things like handyman work, or
auto detailing, or mowing the lawn, or event planning. You can make really good
money with these physical services, but if you don’t work, you don’t get paid.
This physical services area is where I started in entrepreneurship because I
started working in event planning when I was in high school. And then in
college, I went out, and then I started my own event planning company. It’s great
and it’s an easy way to start because you don’t need a ton of cash to start,
but you have to keep working if you want to get paid. Then you have your thinking
services that I’m going to label as T-S. So, this is still low cost to start, but it
comes as more freedom than a physical service because thinking services would be
things like consulting, or freelancing, or selling your expertise. Something where
now you’re not physically working, like mowing the lawn. You are using your
knowledge and your expertise to grow another brand or something else, and so
when you’re consulting a company, you can be working at 4:00AM or 4:00PM or on
a weekend versus when you’re event planning, you have to be at an event at a
certain time so you lose that freedom here, but you get a little bit more freedom
here with the thinking service. The good thing about thinking services is the
more you know, or the more knowledge, or the more expertise you have the more
money you can make. The downfall is this business revolves around your brain, so
it can be hard to scale which means it can be harder to get into this higher
freedom area. Just above thinking services we have, what I call, L-C-F, low
cost flipping. So this is when you’re flipping something that you don’t
actually own or buy. So this would be something like drop shipping on the
internet or real estate wholesaling. With this low cost flipping, you have more
flexibility with your timings, but you have to continue to make sure that you
have leads coming into your business. If your drop shipping, you need to make sure
that you keep having customers coming onto your website, and with your
wholesaling business you need to make sure you keep having buyers and sellers
coming in, this way, you can keep making money. By the way, if your unfamiliar
with how real estate wholesaling works, I already made a video on it, and I’ll link
it in the description below. With all three
of these options—the physical services, the thinking services, and the low-cost
flipping—the goal is to take these things and move them higher with this
higher freedom area. Because right now, when you start these things, you don’t
have a ton of freedom. Yea sure, you get more freedom here and here, then here, but
you still can’t just go do whatever you want. Right now these businesses revolve
around you because if you don’t work, you don’t get paid. So in the beginning, what
you’re doing is just creating your own job. Hopefully, it’s like you’re creating
your own high-paying job, but the ultimate goal is to take these businesses
and move them out of a one-person or two-person operation and move
them higher here, on the freedom ladder, this way, you have the opportunity to do
other things and have that freedom that you want. You don’t really get that
opportunity to move your job higher because with your job it will always be
that if you don’t go to work, you don’t get paid, so that’s the advantage of
having one of these. Moving right along to higher cost things, you have H-C-F, high
cost flipping. My F got a little messed up, but high cost flipping is now when
you’re taking your money to buy something which now you’re going to try to
sell at a higher price. So, one thing you can do is buy distressed real estate, fix
it, and then try to flip it at a higher price. You need more money to actually
buy real estate than you need to do a low-cost flipping which is when your
wholesaling real estate, or now you could be buying things from China, buying
a bunch of inventory, and then trying to sell it on your own store. That takes
more money than trying to do dropshipping because now you’re actually buying
the inventory, and then you’re going to try to sell it at a higher price. The
advantage of this is that now, because you own the inventory, you own the
product, your profit margins are higher as well. Then after that, you have
created your own product. I’m going to put this right in the middle here with B-I-Z.
Starting your own business by creating your own product. In the beginning, you
will have absolutely no freedom. It can be high cost to start or low cost to start
depending on what your product idea is, but the goal with—let me mark these so you
can see them—the goal with this, this, this, this, and this, is to move these
things higher into the freedom ladder, that way, you are
moving beyond yourself, this way, you can have the freedom that you want, but
that’s still not all. These are the businesses, and services, and things that
give you low to medium freedom. But now, on to everyone’s favorite: The things
that give you high freedom right off of the bat. And to begin, on the left, you
have stocks. After stocks will cost you a little bit more money, will be—I’ll call
this private investing—I’ll explain what that is in just a second. Private invest.
And then after that, you have real estate. You can start investing in stocks with
as little as a hundred dollars. You take your hundred dollars, and you can go on
to a stock brokerage and invest in your favorite company like McDonald’s or Nike
or Amazon or whatever, and now you become a partial owner of these companies, that
way, if these companies make money which you are not working for, you get paid.
What I call private investing, takes more money to start. This would be your
angel investing or your venture-capital investing. Think of like, Shark Tank. Right
now you have money and you’re going to private companies that are not listed on
the stock market, this might be a local cafe or a local restaurant or a local startup
in your area, and now you’re going to these companies, and you’re going to give
them money in exchange for some ownership, and you might provide them
guidance or whatever, and now they’re going to do the work to grow, and if they
can grow, they might pay you $1,000 a month just because you gave them that
money to grow their business. And then you have real estate. Real estate is
where now you’re owning properties like houses, or apartments, or offices that
you’re not living in yourself, you’re buying this real estate so you can rent it
out to other people, and in exchange for you giving them your property, they will
pay you rent each and every month. You don’t have to go
to work to get this rent, they’re going to live in the property, and they’re going to
pay you every single month, whether you’re on the beach at Bahamas or you’re
at work because they are using your property. This part of the chart is where
you want to be, no matter what. But, if you want to get the biggest returns, you need
to have more money. Like yeah, sure, you can invest in the stock market with a
hundred dollars, but the amount of freedom you’re going to get with a hundred
dollars really isn’t anything which is why you need to be doing one of these
things and then taking the money you make from here, here or here, and moving it
up into the things that pay you with more freedom. Now, like I’ve been hinting
at this entire video, the advantage of doing one of these things with the blue
star is you can take one of these things: your physical services, your business,
your high-cost flipping, your thinking services, your low-cost flipping, and if
you do it correctly, and you’re able to scale, you can move these things in to
this part of the hemisphere right here, that way, now you own a business
which is paying you where you are pretty hands off in, and now you could take the
money that you’re making here because these things all allow you to make more
cash quicker than your job, especially if you’re down here, and now you can take
this extra money and use it to buy these things that pay you with more freedom.
There’s no right answer to what you should be doing. For some of you a job is
going to be the best thing to do because you hate the idea of managing employees,
and creating your own thing, and dealing with all that stress. That’s not for you.
If that’s the case, stick with your job. For some of you, you’re going to love
working with your hands. You hate the idea of sitting at a computer and
working at a desk. And so maybe for you, working on cars or physically working on
lawns is going to be better for you. So you got to know what you like, and you got to
figure out what you want to do, but regardless, you want to take the money you
make from wherever it is here and then funnel it up here. The advantage of the
stores is you had the opportunity to make a whole lot more money quicker, and
you have the opportunity to move these things up into the freedom part of this
chart. Now in the beginning of this video, I talked about how you need to know how
to use your money, this way, you can grow your money, and that’s where education
comes in handy because you need to understand how to use your money, and
unfortunately, most of us didn’t learn how to do this in school. So we have a ton of
videos on our channel that can help you with that, and we even have a free e-book
on money management and investing that will help you with that. It is completely
free, and you can read this ebook by clicking the link up here or by clicking
the link in the description below. Thank you for watching, if you enjoyed this
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