Jaspreet Singh Says Fix These 7 Things or Stay Broke Forever
Written by
Jake Safane
Edited by
Maria Concepcion
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Too many people are simply treading water financially. Their earnings might be relatively high, yet their net worth remains low. A recent GOBankingRates survey found that 60% of Americans don’t have more than $500 in their checking accounts, while nearly half have $500 or less in their savings account.
If you find yourself in this type of situation, where you can’t seem to get ahead despite earning a good income, attorney and financial influencer, Jaspreet Singh suggested in a YouTube video to fix the following seven areas:Â
1. Spending
The first area to fix is your spending, said Singh, particularly getting past what he called net zero thinking. By that, he means moving from thinking that if you have $1,000 in the bank, you can spend all that $1,000, leaving you with a net of $0. Instead, you need to save some of what you make to have money left to invest and build wealth.
2. Credit Card Usage
As Singh pointed out, roughly half of Americans have credit card debt. If you want to avoid being broke, you need to fix your credit card usage. Carrying debt, especially credit card debt, which typically has high-interest rates, can greatly strain your finances. You can either pay off the balance of your cards in full every month, meaning you don’t pay interest but get perks like credit card points, or you can be the one paying interest and effectively paying for the perks for other credit card users.
3. Investing
You also need to fix your approach to investing if you want to build wealth. Too many people focus too much on finding the perfect investment but then make the mistake of not investing at all, said Singh. He said that Investing carries risk, and you might make mistakes, but you have to learn by doing. There are many great resources for investing, and if you want to build wealth, you can’t sit on the sidelines forever.
4. Your Attitude
Another thing to fix is your attitude about money. Some people have a very negative view of money, thinking it’s evil or something along those lines. But as Singh pointed out, money itself doesn’t have an emotion. It’s what you do with money and how you approach money that matters. Try to understand, appreciate and respect money, he said.Â
5. Your Earning Ability
Investing in securities like stocks isn’t the only way to invest. You can also invest in your financial education and your business or career skills to boost your earning ability, said Singh. Plenty of free resources, like YouTube videos, or you can read books, buy courses, etc.
6. Mindset
To boost your wealth, it can also help to change your mindset around money. There are plenty of opportunities to be successful and earn money, and just because someone else is doing well doesn’t block you from succeeding, either. But you need the right mindset to believe you can earn money, rather than having a scarcity mindset, said Singh.
7. Tracking
Lastly, Singh suggested proactively tracking your income and expenses, rather than waiting until you’re in a bad financial situation. If you do this, you’ll see if your expenses are too high, and you can identify changes to make that will better position yourself.
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