Jaspreet Singh: 3 Things To Do in Your 20s To Be Rich in Your 30s
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Cindy Lamothe
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Molly Sullivan
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Many of us wish we had a time machine that would let us travel back in time and impart some financial wisdom to our 20-year-old self.
According to money guru Jaspreet Singh, while we can’t time travel, he has much advice to offer those who are still navigating their 20s. Primarily, the top things they should do today to become rich in their 30s.
In a recent episode of his YouTube channel “Minority Mindset,” he outlined some steps to follow to achieve greater wealth down the line.
Know What You Want
“I knew since I was young that I wanted to be my own boss,” Singh said. “I didn’t know what that meant.”
He said he never had an entrepreneurship education growing up, but even when he thought about becoming a doctor, he always imagined opening his own clinic.
“And so I knew I didn’t want to work for somebody else.”
When he got to college, he said that’s when he truly began his entrepreneurial ventures, as he realized that not only did he not want to work for someone else, but he also didn’t want to become a doctor.
“I started my entrepreneurial journey early on because I knew I didn’t want to work for somebody else. During my 20s, that was my focus, that I wanted to build something that I could run, that I could create my way and didn’t have to work with somebody else.”
The money expert recognizes that because he knew what he wanted, he was willing to take risks.
Control Your Spending
A pivotal moment in Singh’s experience as a young man came when his dad gifted him a copy of Robert Kiyosaki’s “Rich Dad, Poor Dad.”
Up until then, he was spending exorbitant amounts of money on liabilities like new cars and watches. Afterward, Singh said he realized all of his money was going toward things that didn’t make him any money.
“That was the first time it really clicked for me that I was spending all this money on all these things that don’t really do anything for me.”
Singh noted that while growing up, coming from an immigrant household, his parents rarely could afford to take days off.
“I knew I wanted to become financially successful, because I wanted to give back to my parents,” he said. “When I understood the spending concept — I completely flipped how I was spending my money. Before I went from earning money and spending everything to spending nothing.”
Singh said he understands that this is a very difficult concept to grasp but noted that if you’re not doing something with the money that you earn, you’re just earning a paycheck.
“The problem is, if you ever stop working, that money stops coming in. But you still got payments.”
Instead, he asks you to reflect on this question: “How can you keep getting paid even if you’re not working?”
Focus On the Income Side
“It’s not how much money you make, it’s what you do with the money you make,” Singh said.
After noticing a slew of low-paying jobs after college, he said that as a young man, he was constantly focused on ways he could grow his income.
“Can I do something on my own to create more than $20 an hour?”
One of the mindsets that shifted his way of thinking was coming up with ideas for making money without working more than 40 hours per week.
“It goes back to focusing on that income.”
In his 20s, Singh tried different career paths, from working in the event planning industry to getting into real estate and e-commerce — before eventually creating his current company.
“It took me a lot of tries and iterations because I didn’t have the traditional guidance or mentor — I had to go out and figure this out myself,” Singh said. “What I want to remind you is that what worked for me was focusing on the income in the sense that one: keep learning how I could grow the income.”
He said all of that started with reading books, buying classes and hiring consultants and coaches.
“Books will cost you $10 to $25 a book. A class will cost you $200 to $2,500. Hiring consultants and coaches is going to cost you $5,000 to $500,000,” Singh said. “Now, you don’t got to go out and start spending hundreds of thousands of dollars on coaches yet, but start by reading books.”
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