Jaspreet Singh: 6 Best Things You Should Buy While You’re Young To Grow
Written by
Laura Beck
Edited by
Zuri Anderson
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Want to build serious wealth in your 20s? Forget the fancy watches and luxury cars.
Financial expert Jaspreet Singh has some surprisingly practical advice about what young people should buy first.
The S&P 500
“Instead of trying to find the next hot stock, buy the economy,” Singh said. He noted that despite market crashes and recessions, the S&P 500 has grown by around 10% yearly on average. His math shows that investing just $250 monthly for 40 years could grow to over $1.4 million.
A Rental Property
Before buying your dream home, Singh suggested considering an investment property first.
“When you go out and buy a rental property, now what you’re doing is buying a property not to live in yourself but to rent it out to somebody else,” he explained, emphasizing that the tenant’s rent should cover all expenses including taxes, insurance and maintenance.
A Reliable Used Car
“A cheap but reliable car, something like a Toyota Corolla, a Toyota Camry, a Honda Accord,” Singh advised, noting these should be “used, in good working condition that you don’t have to worry about the payments for.”
Protection
As your wealth grows, you need the right team. Singh emphasized getting “a good tax advisor… a good estate planning attorney” and “a good attorney to protect you,” especially when investing in real estate or starting a business.
Your Time Back
“Time is your most valuable asset, it’s the only thing that you cannot get more of,” Singh explained. He suggested using money to buy back time by outsourcing tasks you either don’t like doing or that prevent you from earning more.
Books for Knowledge
Singh recommended getting “five books on personal development, five books on money management and investing, five books on starting a business if you’re an entrepreneur or five books on growing in your career — if you are not an entrepreneur, five books on leadership, and then five books on biographies from people who are successful that you admire.”
The Bottom Line
Building wealth isn’t about buying status symbols — it’s about making smart investments while you’re young enough to let them grow. Start with these fundamentals, and the luxury cars can come later.
More From GOBankingRates
