Jaspreet Singh Says Taking These Two Actions Can Make You a Millionaire Regardless of Your Income
Written by
Adam Palasciano
Edited by
Nicholas Morine
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Oftentimes, being or becoming a millionaire seems like a feat many people may never achieve. Instead, the reality is that becoming a millionaire is more attainable than you think. In one recent YouTube video, financial guru, attorney, and entrepreneur Jaspreet Singh spoke about Ramsey’s National Study of Millionaires — research based on the largest survey of millionaires ever, with 10,000 participants.
“Most people will tell you that the bigger your salary is, the better your chances to become a millionaire. Well, it turns out, that’s wrong,” reported Singh. Becoming a millionaire is often not indicative of your title or even the amount of money you earn. Rather, it’s about your financial decisions, including consistent investing and smart spending.
Teachers Become Millionaires More Often Than Doctors
Surprisingly, this study indicated teachers as one of the top 5 leading careers of millionaires, along with engineer, accountant, management and attorney.
The average public school teacher salary in the U.S. is ~$66,000 a year and the average primary care physician is making ~$265,000 a year, reported Ramsey. Yet, a doctor was not listed as one of the top professions of people who indicated they were a millionaire, but a teacher was.
Why? Teachers are demonstrating that they’re investing more consistently and spending smarter than doctors. In addition, another difference between high-income earners and the average-income earners is the cost to “get that income.” The average physician pays $135-440K for an educational loan plus interest.
“It’s not just how much you make that matters, it’s what you do with the money that you make,” said Singh.
Consistent Investing and Smart Spending Indicate Wealth
Singh further explained that those who committed to consistent investing, week after week and month after month, and smart spending (no matter what) are the people who become millionaires. To add, CNBC reported that starting to invest and gradually increasing that amount over time is a key method to becoming wealthy.
In the pursuit of financial success, it’s crucial to recognize that salaries alone do not necessarily indicate wealth. While a high income can certainly be a stepping stone to building wealth, it’s just one piece of the puzzle. Wealth is often determined by how effectively individuals manage and invest their money, rather than the sheer magnitude of their earnings.
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