Known as “Minority Mindset” on YouTube, Jaspreet Singh is a lawyer and entrepreneur whose goal is to spread financial education. The Minority Mindset brand has grown into many companies, including Market Briefs, a free financial newsletter, and Market Insiders, an investment education app. His brand has helped countless people get out of debt and start investing.
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Singh, one of GOBankingRates’ top money experts, is here to talk about creating a plan to build your wealth.
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What money advice should everyone follow and why?
The money advice I want you to follow is: “Get rich yourself before you make other people rich.” You look rich when you go out in lululemon pants with a Gucci belt and Apple AirPods, but it’s actually Lululemon, Gucci, and Apple (not to mention their stockholders) who are getting rich. You are the one who is not getting rich. I want you to flip it over. Use your own money to invest and get rich. Then go out and buy the lululemon, Gucci, or Apple you want when you have the money to spare.
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What is the most important thing to build wealth?
Getting rich is surprisingly easy. That doesn’t mean it’s easy, it’s actually very difficult, but there are only 3 steps. First, you need to spend less than you earn. Second, you have to work to earn more money. And third, you need to invest the money you didn’t spend. If you start with step 1 and spend all your money, you never have a chance to get rich. Most Americans fail here. Most Americans work to buy good things like fast cars, nice vacations, and fancy clothes. But spending all your money will never make you rich. Then you have to work to earn more money. No matter how cheap it is, there is a limit to how much you can cut. But there is no limit to how much you can earn. This means that learning how to make more money will pay off more. YouTube makes this financial education even more accessible and free. Finally, you have to invest your money. Just like you can’t get rich by spending all your money. Also, saving all your money doesn’t make you rich. If you want to get rich, you have to invest your money. where do you invest? Stocks, rental properties, businesses, and educating yourself. This may sound daunting, but the good news is that you can start investing with less than $100. Just get started!
What are the best tips for fighting the effects of inflation?
High inflation disproportionately benefits asset owners, but it hurts consumers. In other words, inflation makes investors richer and ordinary people poorer. So what can you do? Self-investment. Diversification is not a bad thing either. For example, his 2% of my investment portfolio is physical gold. Inflation causes the dollar to depreciate and the gold price to rise. But of course, always do your own due diligence and consult a licensed financial advisor before making any investment.
What is the biggest mistake people make when it comes to money? What should we do instead?
The biggest financial mistake people make is doing nothing.time is our most valuable asset [and] Building wealth takes time. If you don’t start, you’ll never succeed, and your time will be squandered. let’s start. Experience is the best teacher, and you don’t get experience if you don’t start.
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Jaime Catmull contributed reporting for this article.
This article originally appeared on GOBankingRates.com: Money Expert Jaspreet Singh Says ‘Getting Rich Is Incredibly Easy’ – Here’s Why