Jaspreet Singh: 4 Steps To Build Wealth at Any Age
Written by
Yaël Bizouati-Kennedy
Edited by
Maria Concepcion
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
While building wealth is not achieved fast and easily. Money expert Jaspreet Singh of the YouTube Channel Minority Mindset Fame recommends four steps that will enable anyone to build wealth at any age.
Live Below Your Means and Cut Expenses
In an Oct. 26 post on X, formerly Twitter, Singh said, “One of the easiest ways to build wealth is by cutting expenses.”
“This may be moving to a smaller home, budgeting your groceries, canceling subscriptions, etc. It’s not always glamorous, but living below your means saves you more money than you think,” he wrote.
In a post on the Minority Mindset website, Singh also recommends looking closer at your budget “when money is tight and see where you can trim the fat.”
This, for instance, entails asking yourself if you really need a Netflix account, the newest iPhone or a luxury car.
“While $50 here and there can certainly add up, you’ll be better off if you can cut back across multiple categories,” he wrote. “Imagine if you could cut your bills by $50 in four areas. That would mean an extra $200 each month to put back into savings.”
Invest
In another post, Singh said that one of the most effective ways to build wealth no matter what age you are is through investing, “and the sooner you start, the sooner your money can grow!”
Save
You can start by changing your habits and “getting into good habits is such a huge part of building wealth,” according to the post.
You can start practicing this discipline with a savings account and save a portion of what you earn.
In addition, remember to build an emergency savings account for rainy days.
Get Out of Debt
Singh-and many financial experts- agree that getting out of debt should be one of the steps you should undertake.
“Payments you make towards debt you owe are holding money back from being used to build wealth – and the sooner you pay off these obligations, the better! ,” according to the post.
In addition, it’s a good idea to start on debt that involves the most interest.
Staying out of debt is key once you’re out of debt.
More From GOBankingRates
