This hour-long YouTube video by Minority Mindset explains how the American financial system has changed over the last century, and why the old rules of saving, retirement, college, and investing don’t work for younger generations. The host Jaspreet Singh is an attorney and has gathered a team of finance and business experts to create the channel’s videos.

Here, Jaspreet gives us a history lesson. First, the US dollar used to be a representation of physical gold, but that changed in 1971 and it’s now just a promise by the government. The Federal Reserve can print endless money, and the dollar loses its value in the process.

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Next, the system of retirement is different today because Americans live longer than they used to. Pensions paid by employers run out, as do Social Security and 401(k)’s. You should never depend on one type of retirement fund, and the notion of retirement is giving way to financial freedom at any age.

Next, having a college education used to be a boost to one’s career and earning ability. College degrees were rare, but still affordable because inflation hadn’t eroded the earnings of a job. Today, student loans are so common, schools charge whatever they want, and young people are saddled with debt. Plus, degrees are more common, thus not as special- same as the dollar. Moreover, during the pandemic lockdowns, students shifted to online learning and realized, the programs are overpriced.

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The next topic is investing and trading in the stock market. In the past, this was accessible to only a wealthy class who were geographically close to the trading floors. Then, 401(k)s enabled the working class to invest as part of their retirement funds. With the Internet, individuals can trade with their digital devices from anywhere in the world. When the Federal Reserve prints money, people in the know use it to buy assets like stocks, precious metals, commodities, etc. Markets rise and crash, but they generally grow over time. If you’re new to trading, you need to suppress your emotions and buy the dips whenever they happen.

The fifth topic of the video is affordability and the cost of living. This ties all the previous topics together. Years ago, it was possible for one member of the family, usually the husband, to support the family on one income. Over time, it became acceptable for women to work, too. But instead of this growing a family’s wealth, the factors discussed previously make it necessary just to keep their homes. Debt from mortgages, student loans, car loans, and credit cards, is ubiquitous.

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At the halfway point of the video, it switches to an earlier episode of the channel where Jaspreet goes over the same topics. But he also includes some advice for coping with the current economy. He tells his own story of getting a college education. It didn’t benefit him like it did for older generations, but he was creative enough to leverage it in non-traditional ways. Jaspreet encourages the audience to consider other forms of education, like trade school, or certifications.

It does little good to keep money in a savings account, because interest rates are so low. It’s better to invest money into assets like stocks or cryptocurrencies. My own advice is to invest only in things you understand. It’s easy to fall for hype, and put money in something new and unproven. But you should take your time and learn about certain industries or fields. Even the most successful investors don’t know everything.

Jaspreet promotes some of his learning materials and products in the video page’s description, and I will link to it below. Also consider some of my referral links and products.

Minority Mindset’s Video Page And Resource Links