0:00 [Music] and welcome back to this very very serious newscast everybody we've got mr jesprit here with just kidding news for the first time thanks for having me very special off the record careful boys episode where we get to know you we like to share all the greatness with our fans so tell us a little bit about yourself what do people know you for for online and then what are the stuff they don't know hey you looking sharp today nick thanks man appreciate it plain black tea yeah it's crazy back to jespery uh dr jess i appreciate that well thank you for having me uh i think people know me online as the minority mindset and i think because i talk about money financial education investing things that i wish i would have learned when i was getting started
0:50 and i started minority mindset as a hobby i started making videos just for fun i got scammed in another business that i was running and and because i was so upset that sounds really juicy by the way we'll go back to it yeah we need to know about that one because anthony gets scammed all the time you know yeah he needs to know the talent i like juice is what he's trying to say yeah well you know and so i was really upset so then i started making videos off my phone about just random things about business how to not get screwed over how to invest your money things that i wish that i knew and slowly that started to grow and eventually this kept getting bigger and bigger and i was in law school at the time and i was like well i don't want to be an attorney so i graduated law school and i never worked a day as an attorney damn i love how you still graduated because you have to finish the thing is i was the parent i went to law school because my parents
1:41 gave me two options when i was growing up i kill you that was one the other option was become a doctor become a doctor or we'll kill you those are the two options i choose death and so when they found out that i didn't want to be a doctor they were like well if you want to keep any pride in the family you have to at least become an attorney i love my parents they just don't have that financial education but i love them to death they were doing it out of love right but i was like okay well i can go to law school the nice thing about law school is i know i can go there part-time work in my business full-time and figure out what i want to do really in life because they just wanted to do school part-time that's crazy well i wasn't i was full-time for the first year and a half and then i was part-time for the second half because the first year was like the toughest one so i just wanted to get that out of the way the first year is a tough one i know nothing about law school yeah either do i so so law school it's not like uh like a
2:33 40 hour a week commitment type of thing i mean it's it's pretty time intensive law school is tough you gotta study a lot right yeah you gotta study a lot i think i was able to figure out systems like i was pretty nice where like so there's this thing called um outlines right where if you can get like especially the spark notes of your class and so i was able to become friends with people and there was these like services online where you could pay money to get outlines for classes and i was like well i tried reading the textbooks and like i don't know for sure if i'm dyslexic but english is my second language so i don't read very well like i can't read very well at all i listen to audiobooks because i suck at reading so i tried reading these textbooks i got nowhere so i was like this is not gonna work so i tried looking for alternatives so that's when i started paying for these outlines on classes because it's pretty much the same across the country like when you're learning constitutional law it's a little bit
3:24 different but if you're learning from a particular textbook like you know what you got to know yeah so i would uh just buy these and then become friends with a lot of people and then they would share their outlines from the year before so i would just study these outlines and you started slaying outlines businessman gave him up for free though for me i never charged anybody because i was like you know you're a philanthropist man of the people the philanthropist yeah exactly so i gave away these outlines for free so people hooked me up with their outlines and uh it got me through law school i liked learning but i was really bad at the traditional studying like when it came to the bar exam i did really good on the bar exam not so but i but i struggled a lot to like i failed which is kind of funny i failed one of my classes there and it's one of the most important classes for like traditional attorneys [Laughter] we had this class called evidence which
4:15 is like if you want to become like a born area is really important if you want to like ever do anything in the court system you have to be really good at this and the the teacher that we had the professor he was appointed judged by president george bush so it's like a really high up professor very intense and i failed his class and like he picked on me because he was very tough he would like call you out in class and he would pick on me multiple times and i never knew anything that he asked so i like man i feel really bad that i can embarrass myself in this class but i just couldn't understand some of that stuff i understood the business side i understood the tax side understood the the like financial side of laws but the the traditional like you know you're i'm gonna sue you type of law i didn't it just did not click with me so if you had to be a lawyer what type of lawyer would you be if i had to build i'd probably work somewhere on the business side working with businesses uh helping them
5:05 but not the suing side of business cycles and acquisitions i got i'll tell you because i when i got sued uh i got sued when um right before i went to law school i was investing in real estate right and uh i got sued by a tenant in one of my real estate properties who sued my real estate company because they said the bathtub was too slippery when the water was on and that caused uh the person living it's too slippery yeah no it's true that's like a snl skin yeah so no it's there's too much liquid in this ████ coffee yeah and so uh you know it's like they won didn't they no they didn't win
5:56 but they didn't get like 14 grand as a settlement because the insurance says either we're gonna have to litigate it pay three to five hundred dollars an hour to the attorney to beat them or we just give them 14 grand to make them go away right so you look at the pros and cons and that's the unfortunate you know you talk about what kind of law is is ████ it's across the board a lot of attorneys are just not the whole system is just a money grab like the there's no right or wrong ethically right it's like you can sue anybody for anything mcdonald's got sued or somebody got sued because they don't have enough cheese in their uh cheese sticks we're in the wrong business guys yeah but it just seems like money grabs in those situations just from my own understanding if somebody settles right in that situation can somebody else sue you again for the same thing because it never like it was just a settlement that was like
6:46 private if if so when you do a settlement you're going to make a contract saying that you cannot sue me anymore for that's what i'm saying somebody somebody else the other tenants hear about it attendant says oh we slipped and fell into bath because it's too slippery yeah i guess you technically could with it but then you would probably have a new policy for that rental property where you have to wear shoes in the bathtub yeah you gotta wear timberlands the first settlement you'd already added into the leasing right yeah you gotta learn from your mistakes and then your only shoes in the bathtub and they have to sign it that's why you always see those crazy rules on contracts sometimes you're like somebody ████ up exactly that's all it was that's why those contracts you signed are 50 pages long when they should just be like two paragraphs because something bad goes wrong and then like it just keeps getting like like for example in our contracts we have to do like the most basic things make sure you change the smoke detector every six
7:36 months if you see bed bugs let us know why because things have gone wrong where people are like oh i didn't change the smoke detector for eight months and then they make a claim to somebody else and it's just it's dumb stuff where it's like common sense doesn't exist in some of these cases so um when you're in law school you also had rental properties when did that journey start like so i started buying rental properties when i was 19. wow what what got you to be so responsible can i be in your family yeah yeah are you adopting so and the courage well let me let me back up a little bit because so my parents wanted me to be a doctor so much that if i did anything that wasn't related to becoming a doctor it was considered bad like i played football in high school they did not want me to play football because it's a distraction it's like being a criminal yeah it's it's
8:26 being it's that's like his rebellious nature he's like well fine i'm gonna go purchase rental properties yeah yeah that's your belt that's what connects all asians together is we're forced to be doctors exactly right so my parents for my outlet was entrepreneurship and um i started hosting teen parties when i was in high school i was working at indian weddings and so i got to know a lot of the local djs and then they were like yeah you know a lot of friends in high school um how about we host some teen parties with your friends there and there was an indian restaurant that opened up they wanted exposure and i knew the person because i ate there and he was like well yeah we can do something so we made a deal where he wouldn't charge us anything we could host parties there and he would get exposure so that's what i did we started hosting these like teen parties for 16 17 year old kids to come and dance and have fun um i wasn't into partying i didn't drink
9:16 i didn't smoke i still don't do any of that but for me it was it was fun it was just a hobby and a way for me to make a little bit of money because we charge cover um but i didn't tell my parents so this is something i was doing kind of a secret and then in the back of my mind i knew that you know this is just a hobby i got to become a doctor because that's how i'm going to become successful because i want to take care of my family and my community but then i go to college and my parents didn't go to university here i don't know what to expect i thought everybody goes to college to study uh become a doctor do this big thing in college study on friday nights right that's right exactly just like my man right here right mom that's like wearing a suit not a devry idt tech baby you got it wrong with this today's video is brought to you by audible you know i've been uh trying to figure out how come every time i invest money i lose money
10:06 so i was like i think i need to learn some things you know is this the book that you told me about too yeah so psychology of money yeah it's a good one yeah i started i started listening to it because as you guys know when i drive from vegas to la i got like four hours and that's the best time for me to listen because also when i read stuff sometimes it doesn't retain i'm reading the same sentence over and over and over but when someone tells tells it to me i retain the knowledge way better so if you guys want to understand way more not about the how to's of investing but like the psychology and the philosophy behind it check it out psychology of money it's on audible and you get one title per month on audible so you can switch out books all the time and you get audible originals podcasts you get so much more content than just audio books so let audible
10:57 help you discover new ways to laugh be inspired or be entertained new members can try it free for 30 days visit audible.com off the record or text off the record to 500 500 that's audible.com off the record or text off the record to 500 500 to try audible for free for 30 days and in 30 days you can read a whole book by listening audible.com off the record so i go to college and i think everybody does this and i get there and i don't know what to bring because again you know i i told my mom i was like and i say this in my native language punjabi said mom which means i'm leaving she was like where as i'm going to college she's like okay when you're coming back i said i don't know maybe next week i didn't know anything so i like i picked out my car i took a microwave a sleeping bag um my backpack and like two other things
11:48 i didn't have a towel i didn't even have a blanket like i had literally had no idea what i was supposed to take to college so i go there but you brought him my microphone so it worked you know and so now i go there and i see everybody partying blowing money drinking where do you have all this money from you know i was like first off like i thought everybody was like broke in college yet everyone's here at the bar spending money like it's their job and i don't know what was going on so i was like well i don't drink i don't smoke i'm not into parties but i need something to do so i took this party idea that i had in high school and i was like well let's go to college and let's try this so 17 started knocking on the door of every club when you borrow a restaurant trying to see if somebody would let me do a party there and some of them were like yo you need 10 grand to do a party i don't got 10 grand but eventually i found a club that
12:40 was like you can do a party here we're not going to charge you any money but we want 50 of your cover of the revenue right that you bring in so i was like all right we can do that so we made that deal and i started hosting parties there and i didn't have money to pay the dj either so i said all right look how about you do 50 50 with me so the club takes 50 of the revenue off the top then out of the 50 you take half and i take half so i was taking only 25 of the revenue but it cost me nothing yeah so i was like we're in business so i started doing that and that business uh started to grow relatively quickly i got screwed over in the first one because the the club industry entertainment industry is a very dirty industry you deal with some very rough stuff like i remember one time i went to the club i was like you know where's uh the manager he's like oh we got stabbed last night so you know you deal with a lot of crazy stuff so i was an assistant manager
13:30 he's in jail for stabbing the manager that's the type of stuff he had to deal with right i mean there's like physical stuff i had to go through because like there's always fights people get drunk and there was a lot of like beef between different like i don't want to say gangs but different types of people so i was there i was the one breaking it all apart physically playing football because i played football oh you played football i played football in high school yeah but uh in high school not college i was nowhere near good enough to play in college my dad only i wanted to my dad was like well you can play football in college if you go to medical school straight out of high school these stipulations you could only be in the nfl if you're a surgeon you go in the searching round so i was making a little bit of money and i had some cash in the bank um from doing this
14:20 and uh now i'm starting to become a doctor in between my sophomore year and junior year i'm studying for the mcat which is a test you take to get into medical school what was your major was like a science major psychology it's much it sounds a lot smarter than it is so it's called biopsychology cognition and neuroscience that's what my major was no way it's psychobio psychobiology so it sounds smart but obviously it's not we get it but it's the dumbest major in the sciences department that's how mine was to when i picked my classes the only thing that the main thing that i looked for was which room the class was in because uh the big classroom had these reclining seats kind of like this so i can close my eyes and fall asleep so that's that was the main requirement that i had mine was i remember ratemyprofessor.com oh yeah yeah so i'll look i'm like okay which one of these sciences is the easiest because we're trying to do youtube at the time too i'm like i can't
15:10 be doing some of these hard signs so i got to actually study he was trying to go pre-med too yeah i studied for the mcat yeah i took did you take it no i took um got princeton i took princeton too yeah i was just going through the whole process yeah hating life more and more and more yeah i mean that was it was tough and so same thing i was studying losing my mind yeah and i was starting to read these business books and every business book said that wealthy people invest in real estate i had no idea what that meant because i don't have investor family members i don't know what real estate investing is i've never heard of anybody doing that but i told my dad i said dad i want to invest in real estate because wealthy people are doing it because you're stupid go study become a doctor and then invest in real estate again i love my dad he's a huge supporter now like my biggest father but you just don't know right you don't know what you don't know you don't know yeah and uh so i'm 19 studying for this and this is at the bottom of the 2008 crash
16:01 and michigan was hit especially hard right kid 4 gm chrysler uh all were hit so hard and so i'm looking at you know the financial news that says real estate's at rock bottom i'm reading these books it says wealthy people invest in real estate and you bought the dip uh i it's exactly what i did i took the mcat on august 22nd on august 23rd i bought my first rental property for eight grand wow wow eight grand well is that total all in that was the price of the condo i spent maybe a couple grand or a little bit on the repairs is it because it was detroit it wasn't it was a suburb of detroit very nice suburb good school district that same condo sold for 150 000 just a few years prior and then i didn't know any i thought it was normal because again this is this is the first time i've ever exposed anything related to finance right i had no idea what investing was what real estate investing was what how real estate works
16:52 so i went in and bought it and it was actually listed for 8 400. i made an offer for four grand they came down to 7 000 and i was still going back to fourth but then they said they had another offer on the table big dick move huh like an asian old man dude that's so funny offering four grand for a condo just sounds so that was live dude i didn't know anything better i was like if it's listed for 8 400 i would i don't know like 4 000 like i can afford that i bought it for eight grand and then i uh listed it and we got attended it for six hundred dollars a month wow and uh oh my gosh what was your mortgage like 50 bucks no mortgage cash about the cash cash what's the reason it went down so much so the 2008 crash um when the whole real estate market exploded the car and so michigan especially then was almost entirely the auto industry
17:42 ford gm and chrysler gm went bankrupt chrysler bankrupt ford was on the verge of bankruptcy thanks to the good old japanese yeah you put them out of business brother that happened and uh the car market got hit man and michigan was hit hard saw the employees also boys lost their jobs we're gonna make the mortgages there's a lot of bad things happening in the lending industry uh but it was a bad time and again like i didn't know this was abnormal and i joke about this now because i remember when i was buying property started bonding for like 10 grand 20 grand 30 grand i was buying nice homes in good areas and i remember when home prices went up to 50 000 i was like that is an outrageous price who is gonna pay 50 grand for this four bedroom two bath home in a nice area yeah i i i was like i'm not paying for this is way overpriced i never looked at that property in l.a at least two three
18:33 hundred thousand dollars now and what's crazy i remember i the uh i don't know if i say a mistake but a funny thing that i did was i took my mom because i was like i want to go through this with somebody and my mom was like well maybe i could work as a real estate sales person or something so i took it through these like properties i was looking for at five grand they were listed for five grand they needed like new carpet new paint and my mom was like oh these are disgusting i was like yeah but you know i can just put a new carpet and paint it look nice there's like no don't buy this is dirty and i and those same homes are probably two hundred thousand dollars now wow they probably needed five to ten thousand dollars worth of work there and uh it's crazy because i i didn't realize how crazy it was until now i'm a little bit smarter because i was like really dumb like i made every mistake possible uh during that time but you learn cheap that's how you learn yeah thank god i learned cheap but i learned um i learned
19:23 the hard way would you say your gains back then are higher than the gains now oh yeah man i mean i mean because i haven't sold um i've only signed one thing so i mean those are the returns on joe's you're a huddler too huh well yeah you buy and hold man that's the it's much easier when you have a real asset that's producing cash flow you know so so yeah that's how it all started for me and then um just continued then then i was like oh well finishing up college and i was like you know this entertainment industry is a dirty industry and i don't like drinking i'm promoting the wrong things this is not me i i i really like i never hated uh doing anything as much as i hated that because like out i was doing it for all the wrong reasons i was doing it because i was making money uh i was doing it because it was the only thing that i knew and i was like well i gotta
20:14 make money so this is what i'm gonna do and i was doing it for all the wrong reasons it wasn't me it wasn't anything that i supported so i got out of that and then i went on like this trying trying trying different businesses trying to figure out what to do and that was rough you know because like you try start something make a little bit money you're like oh that's not what i want to do and you start over yeah what would what would be your i guess not cash cal but your thing that you kind of focused on and then that kind of got you to a point before you started youtube well i would say i was buying a lot of real estate i was buying as much like any time i was living very small and i guess the best example i can give was like i was making about 100 grand a year or so and i was in school and my apartment including all the utilities parking water electric uh
21:04 heat and um internet less than 400 a month so i was spending nothing because i wanted to invest as much as i could because these michigan prices ████ we're in the wrong state did you get a new microwave at least uh did you get a towel i think that microwave was actually my grandma's i took and um i still got it i forgot that microwave yeah so old microwaves don't break man so that's how it all started and then you know just freaking things out and then just just a lot of different businesses man i just i started failed potentially got sued in some i tried to start this amazon business with a really good friend of mine it was one of my dj friends one of my best friends and we you know we come up with ideas like oh we could buy this stuff from china and sell it on this thing called amazon oh and he was like dude forget amazon we could do ebay this is before amazon really became amazon right and i was like well let's try it and we started buying these um
21:56 these uh phone accessories and we were told that it's an authorized retailer that they're like legitimate that they're certified so any if we can buy it from them that we can sell it anywhere that we want i was like all right let's do this so we started buying these and we bought like a a small order and we sold them all out like in a week we're like whoa we figured it out so now we started buying a bunch we were selling them on ebay then we started selling them on amazon and we were making like probably 100 a day in profits and you know we're like 19 or something doing this um online so it's a lot of money so really dude we're making a crap ton of money like we got to do more and then the real company sent us a letter saying well we're gonna sue you for seven million dollars because you're selling uh counterfeit products and we looked at each other and i was like what like we thought they were
22:47 legitimate so we shut the entire business down we were so scared because like where we're gonna get this type of money we don't even know what insurance we don't have insurance we don't even know what insurance was at the time so we we shut that down ran away really quick so yeah you learn fast but it's it's a lot of times getting punched in the mouth and trying something new is that uh kind of the same going back to the the the how you got screwed over by a business partner yeah it's that's a little bit different so my my thing is anytime i start something new i get screwed over and that's been a trend so if i go back to the party business when i was in college i started my first party and uh my first party i spent so much time effort trying to plan and promote it because i wanted it to be a big banger like you know the the announcement of this company the announcement the first party so i want everybody to have a good time and i was working with this club owner and we had everything figured out
23:38 planned out and the night before the event uh somebody was at somebody that my dj knew was at the club and the club got raided by the cops because i guess they were serving underage alcohol or something like that right i don't know what they were doing but something like that and uh so they got ready they got shut down i didn't get a call no one told me so now it's the day of the event and my dj calls me 10 in the morning he's like yo what's going on with the event what are you talking about it's like i heard that the club got shut down i was like what are you talking about so now i start blowing up the the owner's phone and i was like yo what's going on he wasn't answering until like and i didn't hear from him for like two hours and that's when i found out the club got shut down so now we have all this marketing promotion going on for this event that doesn't have a venue so then uh now i'm scrambling to find um a new spot we finally found this really nice
24:28 italian restaurant in ann arbor that agreed to host this uh very elegant event the way that i put it because i just needed a place to do it right any time about ann arbor um it's really nice place and we did the event there and it was so bad i mean there was fights these people just started they had these light bulbs that cost 250 dollars a piece people just started breaking them for no reason because they were just like dangling and it was horrible so we lost a lot of money and i they were right next to uh comerica which is where i was banking then they're like yo these are the damages and they had no way to go after me but i was like i felt so bad that i went to my bank account i said just cash i was like look how's all the money that i have wow they're like you know it's fine like thank you for that we'll take care of the expenses so i wanted to make sure i take care of them just because morally i felt bad yeah i lost money because now
25:20 uh you know we had no way of collecting cash because they're a restaurant like they didn't have any system but the party people had a great time so people had a great time so the street cred is still good street cred was good but i lost a lot of money but again you know that was horrible but i made it back then uh with the amazon thing that happened then i was started the sock company later on um which ritu yeah i went through a lot and so this was uh uh this other i was taking this class um on public speaking and a buddy of mine my roommate was like you gotta watch this show called shark tank you're gonna love it i was like okay whatever right i don't really watch tv and it was really cool it's about people pitching ideas i was like oh this is fun and um the class was like we're going to do kind of like a shark tank thing where you have to pitch a product to the class i was like oh that's easy i watch shark tank all the time so i procrastinated i
26:10 didn't do anything and then uh i was late one day i picked up my backpack and it was raining and i started running to class and as i'm running i stepped in the puddle now my socks wet i sit down and the teacher's like it's your day to present like present what and she's like present the speech the the talk and i was like oh and so i stand up in front of the class i'm sitting there like just breathe think of any product think of anything just just say something my first idea were these wet socks what if you could have athletic socks that didn't get wet and i pitched it for like 15 minutes or whatever i needed to do and i sat down i was like that's a cool idea that's a great idea yeah you're good at winging it man shark tank yourself dude so and then i i was like so then i went home i was like does this exist and they had like these like really clunky ugly looking ones like hmm i wonder if i could do this so then i went on this mission to see if i could create these
27:00 water resistant socks and i figured out that if i can create this take a certain type of cotton and this other product and blend it with this other technology which exists i can license it i can create this water resistant sock that's what i did so then i launched this uh sock company and it's called stance it was called five water socks and um during the launch uh right before the launch i had this marketing company reach out to me saying oh we can promise you all these sales blah blah we'll do all this and then and they're like we want 3 500 but it's a hundred percent money-back guarantee if you don't love it we'll give you your money back i was like okay that sounds good so i gave them the money the next day literally the next day i go to the gym and i'm doing chest flies and i remember this because i was like i had a really bad feeling in my stomach which doesn't normally happen so
27:50 i called him up i was like hey man you know what let's just cancel it you'd refine me the money before you spend any money give me the money back and i'll do the marketing myself because i'm a marketer i like marketing and uh he's like sure no problem puts me on hold and i was getting really frustrated because i'm in between sets and someone hold a couple minutes i always get really frustrated and then the line just goes beep yeah and then so they just took your money i found out they were a scam yeah they took the money and i never heard from again what the ████ but when we launched we had a very did they have a nigerian accent no he did it it was prince was it it wasn't a nigerian prince this time it wasn't a prince this time but i lost that money and then we launched the company still did great i think we did like 21 000 of pre-orders in the first 30 days so it
28:40 was really good and um but i was that's when i got so upset i was like this sucks man like i've been through so much crap i never learned a thing about investing i never learned to think about entrepreneurship i keep getting screwed over like there's no resource for people like me trying to figure it out so that's when i started making videos aren't you like getting screwed over like succeeding every single time you get screwed over yeah well you know gas parties still twenty one thousand dollars in the first month hundreds of dollars per day as a nineteen year old dude it sucks man every time you see a bank account like this and pull back down and it goes up and then boom back down [Music]
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