Money Expert Jaspreet Singh Says ‘Becoming Wealthy Is Surprisingly Simple’
Money Expert Jaspreet Singh Says ‘Becoming Wealthy Is Surprisingly Simple’ — Here’s Why
Cameron Diiorio Tue, May 23, 2023
Jaspreet Singh, known as “Minority Mindset” on YouTube, is an attorney and entrepreneur with a goal to spread financial education. The Minority Mindset brand has grown into a number of companies including Market Briefs, a free financial newsletter, and Market Insiders, an investing education app. His brand has helped countless people get out of debt and start investing.
As one of GOBankingRates’ Top Money Experts, Singh speaks here about creating a plan for building wealth.
What’s the one piece of money advice you wish everyone would follow and why?
The one piece of money advice I wish everyone would follow is: make yourself rich before you make everyone else around you rich. When you go out and wear Lululemon pants with your Gucci belt and Apple AirPods — you look rich, but the people who are actually getting rich are Lululemon, Gucci, and Apple (not to mention their shareholders, too).
The person who isn’t getting rich is you. I want you to flip it around. Make yourself rich first by using your money to buy investments. Then, go out and buy all the Lululemon, Gucci, and Apple you want when you can afford it.
What’s the most important thing to do to build wealth?
Becoming wealthy is surprisingly simple. That doesn’t mean it is easy, it’s actually really tough, but there are only three steps. First, you have to spend less than what you make. Second, you have to work to earn more money. And third, you have to invest the money you don’t spend. Starting with step one, if you spend all of your money, you will never have a chance to become wealthy. This is where most Americans fail. Most Americans work to buy nice things like fast cars, nice vacations, and luxury clothes.
But if you spend all your money, you will never become wealthy. Then, you have to work to earn more money. Regardless of how cheap you are, there will always be a limit to how many expenses you can cut. But there’s no limit to how much money you can earn.
That means you have more upside by learning how to make more money. YouTube has made this financial education much more accessible, and it’s free! Finally, you have to invest the money. Just like how you can’t get rich by spending all your money. You also won’t become wealthy by saving all your money. You have to invest your money if you want to become wealthy. Where do you invest?
Stocks, rental properties, businesses, and your own education. While this can sound very daunting, the good news is you can start investing with less than $100. You just have to get started!
What’s your best tip for fighting the impacts of inflation?
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