Jaspreet Singh wasn’t always the extremely successful entrepreneur, CEO, and well-known YouTube educator he is now. He started out going to school to be a doctor, then an attorney. His immigrant parents urged him to further his education to ensure he had the best shot at making the most money to set himself up for success.
However, Jaspreet soon found that although this method of achieving financial success was pretty common, it wasn’t working for the majority. So he set out on a mission to figure out how and where to find true financial success.
Now, he runs a successful educational website and YouTube channel called The Minority Mindset and expanded his reach with an investing coaching app. What’s the secret to his changed philosophy? Jaspreet is spilling the beans on the mindset and steps that brought him to this success, and the secret’s out: it wasn’t anything he learned in school.
What We Were Taught In School
Most of us went through courses in school that taught us to earn money from labor. Pretty straightforward, right? Get the best education and experiences that will set you up to land the highest paying job. Work at this job until you retire, and save up as you’re working.
Jaspreet says that while this method might seem straightforward, it’s just not working for most Americans. We each have limited time and energy, and our labor can only take us so far on our journey to build wealth. Jaspreet points out that in our capitalist society, this method really has a cap. We’re playing a game we don’t know the rules to! He gives us the insider scoop on how to make our money start working for us.
The Truth About Building Wealth
Jaspreet’s journey to wealth has taught him that he couldn’t rely solely on labor to survive in our economy. He had to leverage his money to make more money. None of us were taught this concept in school!
What does leveraging your money even mean? Jaspreet explains this process like having your money start working overtime for you. You might not always be able to work 24/7 for your 9-5, but by investing your money, it can work for you even when you’re off the clock. He calls this “deploying your money.”
This provides you with more passive income, meaning you won’t be actively working to earn this money. Doesn’t that sound great? Jaspreet lets us in on several methods to getting started building equity rather than just getting paid for hours of labor:
- Invest in real estate
This method is near and dear to Jaspreet’s heart. He started out with real estate investments, buying up properties and renting them out to make passive income. He highly recommends this method of building equity with enough research and dedication.
- Invest in the stock market
Here’s a common way to invest. Take your money to the stock market. Even if you have to start small, Jaspreet says that’s perfectly fine. He says the key here is investing often, and for the long term. A little bit of money consistently invested can go a long way.
- Invest in yourself
Do you have an entrepreneurial spirit? Is there a genius business idea up your sleeve? Jaspreet encourages us to think big and invest in ideas that will last beyond our leadership. After all, he stuck with his idea to meet the financial education needs out there, and look where he ended up! This can be an excellent method to build a lasting business that will continue to pay you back for years, long after the hard work you put in.
- Invest in companies you believe in
If you don’t have the grand idea and commitment it takes to be a successful entrepreneur, no worries. Jaspreet advises finding others who have this drive and investing in their businesses. This is a great way to see your investment pay off in the end, while other professionals are putting your money to work.
With these methods, you’ll not only be paid for your labor if you keep your 9-5 but you’ll also be paid for owning assets in the form of investments. This is the key to building equity.
Have trouble deciding which one of these methods is right for you? Jaspreet says he always considers the financial, legal, and moral implications of a financial choice before diving in. He says to make sure the company you start or invest in is expected to continue on a successful financial path, aligns with your moral convictions, and abides by legal procedures.
Above all of these tips and tricks, Jaspreet holds to several principles that have brought him this far. He says you can’t go wrong in our capitalist economy by:
- Working hard
To Jaspreet, this doesn’t just mean working a dead-end job diligently but barely making ends meet. It means working smart as well. Using your time wisely doesn’t always mean burning the candle at both ends. It might mean using your extra income to invest in the stock market while working your 9-5 and hoping to go out on your own and start a business one day.
- Having the right mindset
Obviously, this concept is near and dear to Jaspreet’s heart. He says that if we think like the majority, we’ll end up just scraping by like the majority. Thinking big, believing your ideas can succeed, and financially educating yourself all contribute to a minority mindset that Jaspreet says will take you far.
- Continuing to learn
“Education is the backbone for your success,” Jaspreet encourages. He says that your financial education, when found in the right places, can be transformational. YouTube is continuing to decentralize education, and if you pick your YouTube teachers wisely, you can get an entire financial education for free online.
- Using your finances well
Most of us know how good it feels to find our niche or our stride in life and business. Jaspreet encourages us to find where we thrive, whether that’s as an entrepreneur or just living within our means and investing what we can. Being consistent with continuing on in building equity, and thinking long-term rather than daily playing the stock market are two keys to success in using your finances well.
- Taking risks
This might seem counterintuitive when we’re talking about making money, but taking risks is a big part of building wealth and getting your money to work for you. Most people are afraid to take the leap and start investing in the first place, but taking this first risk can have huge payoffs. Jaspreet cautions that without taking risks in this economy, you’ll be unlikely to outrun inflation, and your wealth won’t grow but dwindle.
Making money from capital rather than labor is something most of us haven’t heard a lot about. We were told to get a good job, work hard, and save up. That’s just not cutting it in these inflationary times! Jaspreet encourages us to set up a successful financial future by doing what the minority does, and setting out to get our money to work for us.
