How To Manage Your Money During Stressful Times | Jaspreet Singh EP 802

0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:11When times are good, you need to spend your time learning, get educated, and believe your strategy. Because if you just start switching your strategy in the middle of times, you are going to be the one paying the price. The stock market is a place that transfers money from the patient to the impatient. And so if you are impatient because you're like, oh, things are going wrong temporarily and you sell, what happens? someone else can pick up your investment at a discounted price. So that's the first thing that you have to understand. You have to understand the strategy and be willing to stick with it and make sure that it's been time tested.

0:43History doesn't repeat itself, but it rhymes. And you can see the success of certain strategies through previous downward cycles. Downward cycles happen. It's a fact. I mean, every eight to 12 years, we see some sort of economic slowdown. We see some sort of market crash. This is nothing new. This is why for successful investors, they love recessions. They love market crashes because it gives them an opportunity to come and buy. It's like Black Friday, right, for investors. So the first thing you have to understand is that. But then on the flip side, you know, you talk about the actual emotions.

1:12I'll tell you, it was difficult. I had very high expectations on me to go out and become a professional. I became an attorney because essentially the conversation was, if you do not become a doctor, then you're going to lose all pride in the family. So at least become an attorney. You know, it was tough. And, you know, for me, I was like, OK, well, I can go to law school part time, which means I can work on my business full time. However, I wasn't the best student in law school. And the reason was because I was devoting a lot of my time and energy into the business. Now, I did good in law school.

1:43I'm not good. Like, I actually did really well in the bar exam. I enjoyed learning. I love learning. But I knew that in the back of my mind, oh, my God, if I graduate law school and things don't work, I don't know how I'm going to work as an attorney. Like, I'm going to be like the bottom of the barrel. Like, I don't know what I'm going to do. And so I remember I was sitting there and I was like, oh my God, like when I'm done with law school, like it's over. Like I was already making decent money. So I was fortunate there. But I was like, what if this is just temporary? What if things go down and I don't have any like security?

2:11And that's it. And I would have so much anxiety. I couldn't sleep at night. I would wake up in the middle of the night multiple times and I would be shaking. And I was like, not only am I going to like financially not be able to take care of myself, how am I going to take care of my parents? How am I going to take care of my family? How am I going to, what am I going to tell people? What am I going to do? And the faith in you, be willing to take that risk tolerance is hard. And I was fortunate that I have tough skin. And I think the reason why is because, you know, my whole life I was bullied.

2:39I look different. I wear a turban. I have a beard. When I was in elementary school, I was picked on because of it. I would come home and, again, it was my grandparents. My grandfather, he was a very tough person, right? He went through a lot and he ended up joining the army. He was like, you got to stand up for yourself. Yeah, yeah. And I was like, oh, I was a really timid young kid. I was like, I don't know. And then my grandma was this loving person who said, no, it's okay. Give me a kiss and hug. Say, no, you never want to fight. You know, just teach them about them. So I had like these two kind of polar opposites.

3:06And I think that was great because that helped me see both sides and become more of like understanding different opinions. But, you know, when you go through that and you realize that, you know, I'm not accepted or you feel that way. When you want to become an entrepreneur, you don't get accepted. Right. And it translates differently. where now it's like, oh, I don't like your business idea. You're dumb for doing it. You must be stupid for doing it. Who's going to start a sock business? You were supposed to become a doctor. That was the saying that I heard so many times. You know, people will call my parents and say, oh, so you're sometimes supposed to be a doctor.

3:38Now he's selling socks. And it was like, you got to have some tough skin, man, to be able to hear that keep going. I was fortunate to be able to go through that and make me stronger. But now it's like, it is what it is. You know, I'm going to keep doing me. And it's like, you know, it goes back to the, hey, I'm stupid. And it is what I'm going to keep doing because I believe in it. People don't see what I see, but I'm going to go for it. The first thing is mindset. That's why I call my channel, Me, the Minority Mindset. You have to believe it's possible for you. Because if you don't believe it's possible for you, you can have all the resources, you can have all the drive, but you'll never be able to because your mind is going to stop you.

4:13Your mind dictates your actions. And so you first have to believe that somebody like you can do it from your position and know that, hey, I will do whatever it takes. Now, if you have the mindset, then you have that I will do whatever it takes, that discipline, and then the willing to learn, nothing can stop you. So the discipline means that you're willing to put in work. You know, a lot of people say, don't work hard, work smart. And I think this is a whole bunch of crap. You know, like you can work as smart as you want, but if you're not willing to work hard, you're going to very much limit your success and limit everything in your life.

4:43You have to be willing to work hard. Once you get there, now you can scale back and now you can, you know, reap the fruits of your labor. but you have to be willing to bring the work, the artery work. You got to make the flywheel turn. You got to. And if it, you know, your hard work makes your smart work even more effective. Your discipline then is, it's just like anything else. It's being willing to stick with it when things go wrong and when things get hard. Because things will go wrong. Things will get hard. I made a video on my YouTube channel talking about my worst real estate deal ever. I have this running joke with my friends that anytime I start something new, I get scammed and I get screwed over.

5:16And it is extremely difficult every time it happens because from the event planning business, I got screwed over multiple times. And in the beginning, it was just a complete flop. I mean, it just things, everything went wrong that could potentially go, I was supposed to host my party at a venue, planned it for months. The night before the event, it got shut down by the cops because they were apparently serving to underage people. Then, you know, I started my sock company. I got scammed by a fake marketing company. As soon as it started, which is why I started Minority Mindset. When I started, I started for a little bit, I was trying to hustle and I was selling stuff on eBay and Amazon.

5:52Me and my buddy, we found this supplier in China who was sending us authentic items that we were going to sell online. We were young and we were selling it. We were making decent money. And then we get a letter saying, you're not selling authentic stuff. We will potentially sue you for$7 million. Oh, man. I'm not even 20 years old. You know, I don't even like$7 million. I can't even count that many digits. You know what I mean? You talked about last time, you're getting punched in the mouth. you have to be willing to get back up and you know how do you prepare for that maybe go and get punched go to a boxing class get uncomfortable do something that what's your audit comfort zone even if it's not directly correlated i try to do that we live a human life yes it's not just my bank account it's i'm a human first a bank account is one aspect of my life right and you have to be able to live as a human that way you can actually enjoy your bank account absolutely right i mean You can have a million dollars, 10 million dollars if you're miserable.

6:47Who cares? Exactly. You have to be willing to challenge your beliefs. And I think that became significantly easier for me once I started learning about money because I realized everything I was told was wrong about money from, you know, loans to banks to schools to your job to investing. When I realized that everything that I was told was wrong, that's when I started. I was like, man, I don't think I know anything right. So it was very easy for me to start learning and listening to contradictory points of view you really have to be willing to listen to things that don't agree with one another and that's in the middle is where you find intellect yeah that's where you find where your best education comes i listen to audiobooks i'm not a very good reader english is my second language right so i'm not the best reader but i listen to audiobooks it's funny because i have like books that will completely contradict one another just so i can learn from different points of view like i i read donald trump's book And then I read Barack Obama's book.

7:43I read the Communist Manifesto. I read the Capitalist Manifesto. You read books that are completely opposite. That way you can explore different points of view and understand and solidify your thoughts and just be more educated. Because otherwise, if we grow up with just one belief the entire time and we don't see another side of something or another extreme potentially, then we're always going to think life is that specific way as opposed to being open to seeing what other people think about whether we agree with it or not, just learn it. And it's so much more important now because of social media.

8:17I mean, I know you know this, but you go on Facebook, Instagram, YouTube, anything. If you start watching one type of content, what are they going to do? They're going to feed you more and more of that exact same thing. And then all of a sudden you go down this rabbit hole where you think everybody thinks like you. Anybody who doesn't think like you is wrong. They must be dumb. They have no idea what they're talking about. But you have to. I mean, it's so much harder now, which is why it's so much more important. But you have to be willing to break out of this hole and start learning something else.

8:43And be willing to challenge your own beliefs.

8:55I am so excited for you to finish the rest of your day strong. If you enjoyed this episode, make sure to click the link in the description. and it'll take you to the full episode of my other show, The School of Greatness. Make sure to come back tomorrow for another episode of The Daily Motivation Show.