Jaspreet Singh: These 3 Money Habits Are Keeping You From Building Wealth
Written by
Adam Palasciano
Edited by
Nicholas Morine
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Many of us aspire to be wealthy. The idea of not worrying about making ends meet or how much things cost seems like a dream. While this seems far-fetched, there are ways that you can turn this dream into your financial reality.
Understanding several myths that might keep you from building long-term wealth and understanding how to change your financial mindset. Let’s dig a little deeper into some of Singh’s recommendations for building wealth.
3 Money Myths That Are Keeping You Poor
Here are three money habits that are keeping you from truly building wealth, according to Jaspreet Singh (via YouTube):
- Spending (or saving) all your money: The reality is that most Americans have little to no savings (and few investments). In America, there’s a normalized culture that it’s okay to spend all your money on things that you can’t really afford, which can lead to debt. Spending this way will keep you poor. At the same time, you’ll never become wealthy if you just save all your money. Even if you park your money in a high-yield savings account, the value of your money may not keep up with inflation. If the current rate of inflation is higher than the interest you earn on your savings, your money is losing value every day.
- Blindly following and trusting “the system“: “The system” tells us to go to school, get good grades, get a good job, and then climb the corporate ladder. Many people follow suit without questioning how the system works. However, simply following “the system” isn’t necessarily the right way. The reality is that there are other ways to become successful, such as through smart investing and entrepreneurship.
- Not understanding what money is and how it works: Many people don’t understand that money loses value. There are two different aspects when it comes to money: money as a currency and money as a store of value. Too many people assume that the currency itself is a store of value, meaning that it maintains its value. However, thanks to high inflation these days, the currency is no longer a viable store of value since it’s being devalued over time. By purchasing an asset like gold, you can turn currency into a viable store of value. Fully understanding this concept can help you build wealth over time.
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