Money expert Jaspreet Singh, popularly known for his 'Minority Mindset' on YouTube, believes that creating wealth is ‘surprisingly simple’, and he provides advice on how to become wealthy.
In an interview with GOBankingRates, a personal finance website, he gives his insights on building wealth. As one of the top money experts by GOBankingRates, Jaspreet Singh has inspired many to start investing and has helped others to get out of debt.
His advice includes making smart decisions when it comes to spending, saving, and investing, as well as setting financial goals and working towards them.
Jaspreet stated that having a Gucci belt, Lululemon pants and Apple AirPods may appear to be a sign of wealth, but, it is actually the brands and their stakeholders who are becoming richer. He advises reversing the idea of being rich by buying investments for yourself. Once you are complacent with your investments, then you can indulge in luxury items.
Singh believes building wealth is 'surprisingly simple’. He has three key tips for becoming wealthy: First, Keep a cap on your spending habits. Your spending should not exceed what you earn. Spending your earnings on fancy cars, expensive vacations and luxury clothes will never make you rich.
Second, work to earn more money. You can always limit your expenses but there is no limit on how much you can earn. Take the help of the internet and learn how to make money.
Third, saving all your money won't make you rich. Rather, invest your wealth in stocks, rental properties, businesses, and your own education.
Make sure your investments give inflation-adjusted returns, and diversify your portfolio to include assets like gold that tend to appreciate during inflation. Consider taking the advice of a financial advisor before making any financial decision.
Time is the most valuable asset and investing early is the key to wealth creation. It takes time to build up wealth, so make sure to start investing sooner rather than later.