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Thats the theory behind Jaspreet Singhsvideoabout the seven things to do tobuild wealthin the next recession.
The Minority Mindset has nothing to do with the way you look.
Its the mindset of thinking differently than the majority of people, Singh said.
The problem is most people start preparing after it is too late.
Singh shared some of his experiences and insights to prepare you for the next time the market goes belly-up.
Understand POOP
It all starts with POOP.
(Yes, you read that right.)
Every recession triggers this reaction across multiple markets, leaving an opportunity to strike it big.
If you want this to happen, you have to be prepared.
You have to be financially educated, Singh said.
If you look at any economic downturn in the last century, POOP has played out.
Emergency Savings
Singh recommended everyone keep some emergency savings on hand at all times.
But the real reason why it becomes so much more devastating is because most people haveno savings cushion.
Singh recommended saving $2,000 as soon as possible to start.
And then tomorrow, the stock market were to fall by 90%, Singh said.
You also have to havesome opportunity savings, he said.
Invest In Your Financial Education
Singh said you gotta invest in your financial education today.
Investing in your financial education means understanding the financial news, understanding the financial trends and understanding financial literacy.
after you grab the knowledge, you’re able to make smart investments for yourself.
You dont want to play catch up here.
You want to be ahead of the game, he said.
Now you have this $600 amonth car paymentwhen you are struggling to eat.
Thats a situation you want to avoid.
That way, you dont have to worry about the payments.
Live Within Your Means
Lastly, you gotta live within your means.
Youve got to be willing to take a pay cut.
Youre investing at least $150, and youre saving at least $100.
so that create wealth, Singh highlighted how critical it is to live within your means.
to get to make wealth, you’re gonna wanna have an income and save it.
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