Jaspreet Singh: If You Have $500 in the Bank, Do These 5 Things To Make Money
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Want to make more money with $500 in the bank? Don’t put it in the stock market.
Money expert Jaspreet Singh says there are three general things you can do to earn more money. You can save, passively invest in stocks or real estate or actively invest in your own business. Saving and passively investing will earn you some money, but actively investing by building a business and investing in it will bring you the most success, according to Singh.
But before taking an extra $500 to invest in yourself, build a financial base, he adds. Get rid of high-interest debts, such as credit card debt, and build a savings cushion to protect you against a financial emergency. The average APR on credit cards has almost doubled from 12.9% in late 2013 to 22.8% in 2024, an all-time high, according to the Consumer Financial Protection Bureau. Using a credit card may be easier, but it’ll cost you significantly more in the long run.
In a recent video on Singh’s Minority Mindset YouTube channel, he explains five ways to make more money with only $500 in the bank.
1. Start a Business
Put your money to work by starting a business. What are you interested in? Where do you see a problem in the world and where can you fix this problem? Find a pain or problem where you can provide a solution.
If you already have a business idea, go out and work on that, Singh said. If you don’t have a business idea that can make you money, something scalable, move on to number two.
2. Start Reading
Read as many business books as possible to put yourself in that environment. If you’re constantly reading and learning about entrepreneurship success, how to scale a business and business ideas, then your mind will work very differently.
“You can submerge yourself into the brain of somebody who has achieved success, and you can see how they did it,” Singh explained.
Over the next 12 months, put your $500 toward reading at least 20 books. Go onto Amazon and Audible and find top-rated business books with at least 4.5 stars. Singh suggested reading these books, broken down into four categories:
- Money management and investing
- Starting a business and entrepreneurship
- Entrepreneurship biographies
- Personal development
3. Invest in New Ideas
You need a product or service you can sell and customers who will buy your product. You can get your brand noticed through paid (billboards, Facebook ads, commercials) or organic (blog, podcast, YouTube channel) advertising. Singh claimed that getting people talking about your brand is the best type of advertising. You can get more customers at a much lower price through word-of-mouth advertising.
The biggest mistake Singh sees people make is spending all their time and money trying to perfect the product instead of getting customers. Put your time into getting more customers to tell you how to improve your product.
4. Invest in Your Business
Once your business starts making money, reinvest it back into the company to help it grow and make you more money. This can be investing in new software to make your work more efficient, hiring people to start new divisions or investing in more products to increase how much you make.
There’s a risk, but the idea is to put your money to work to grow your revenue and profit, hopefully.
5. Manage Your Risk
More money won’t always fix the problem. Success requires some risk, but you also have to put in the attention that the product needs. Sometimes, you might make bad investments, but remember how you got to where you are. Focus on the right strategies, processes and systems that will allow you to grow and scale.
“If you really want to build real wealth and real success, what you should be doing with the money you make is not going out and buying that fancy car, but taking that money and putting it back into the business,” Singh said.
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