Jaspreet Singh: How To Go From No Money to $100,000 in 2024

Jaspreet Singh / Jaspreet Singh

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If you didn’t save money in 2023, that doesn’t mean it’s not possible in 2024. Entrepreneur Jaspreet Singh explained how to build up a very sizable amount — $100,000 — in a step-by-step video on his YouTube channel, Minority Mindset. Here’s a breakdown of his advice and how you can hit this milestone in just one year.

Do the Background Work

Getting your savings to $100,000 from nothing, or very little, means you need to first do the work to figure out how you can meet that goal — especially if your timeline is one year. Jaspreet has five steps for doing that, as follows:

1. Start with simple mathematics: Every complex thing becomes simple when broken down. Saving $100,000 in a year means you need to pocket around $274 per day, and that means you have to generate at least $274 per day to hit the $100,000 target. Likely more, in case you plan to spend any of the money you make over the course of the year, which most people need to do to get by. So really, you need to make enough money to cover your expenses plus $274 every day. The next step is putting yourself on the path to generate that amount of money.
2. Grow your income: What means are you employing to generate income and hit this target? You can do something different like upskilling, getting a promotion or adding a side hustle if you’re already working. Multiple means of income generation will help you to meet and even exceed your goals.
3. Don’t blow your money: After building your income, you mustn’t start spending lavishly or living a luxurious life. Because you’ll find yourself back to average living conditions or worse. Singh advises people to follow the 75-10-15 rule. “For every dollar you make, spend a maximum of 75%, save a minimum of 10% and invest a minimum of 15%,” he said. This way, you’re always building a cycle of income generation.
4. Learn: Learn how to use your money. When you’re building your income, you are not going to know what to do to make your money work for you by budgeting properly, saving and investing. You also shouldn’t expect to pick these things up naturally just because you’re earning more money. You have to go out and learn that either through free or paid resources.
5. Stick with it: Starting any habit is the easy part, but consistently doing that habit until it sticks is the hard part. And when it comes to growing your income, the same applies. “You can be in a completely different place financially in the next 12 months if you stay disciplined and consistent. But the problem most people have is doing something beyond 30 days,” Singh said.

10 Ways To Generate $274 or More a Day

In order to meet the $100,000 in a year goal, you will need to generate at least $274 a day, and probably more if you have expenses. Here are some different ideas for how to increase your income to accommodate this amount of savings.

1. Learn how to create 3D virtual tours of homes and sell them to realtors and real estate agents — especially those that cater to high-net-worth clients. 
2. Create and manage social media accounts for chiropractors, physiotherapists, massage and beauty parlors. 
3. Paint/clean rental properties. After a tenant moves out, landlords usually have a hard time finding handymen to clean their property for turnover.
4. Become a Facebook or YouTube advertising manager. Medium-sized businesses are not able to hire full staff to handle their ads so they’re happy to pay for the services on contract at a fraction of the full-time cost providing the best return on ad spend.
5. Provide car detailing to doctors, lawyers and other high-earning professionals who don’t have the time to take their cars to the car wash.
6. Learn SEO to help e-commerce brands get their products on Google’s first page. This is a viable field as SEO is always changing.
7. Become a skilled home renovator to help people who work from home build or renovate their home offices, or expand that into other types of renovations like bathrooms and kitchens.
8. Run a virtual assistant agency. Help busy professionals manage their calls, emails or digital tasks.
9. If you have a truck and are physically fit, charge people to move their stuff from their office or home to another location. Many people, especially those with the cash to pay for a moving service, do not want to do this on their own.
10. Start a YouTube channel or podcast centered around a niche topic or idea that people find value in. With social brands, you have to put in hard work consistently to start earning, so this may take awhile to actually bring in money.

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