Jaspreet Singh: 2 Ways To Get People To Stop Taking Your Money Once You Make More
Written by
Chris Adam
Edited by
Daria Uhlig
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Have you ever heard the advice to surround yourself with people who are smarter than you are? Once you start making money and building wealth, it may hold more true than ever.
Jaspreet Singh, an entrepreneur turned lawyer who often shares information about financial education on his “Minority Mindset” YouTube channel, offered a warning on his Instagram account about experts with whom you associate. They could end up costing you big time.
With that in mind, here’s a look at two ways to get people to stop taking your money once you make more, plus tips for managing your growing wealth.
Hire Smart People
If you want to make sure people don’t start taking your money once you make more, one important way to do it is to hire professionals who are really great at their work. According to Singh, “You have to protect the wealth by hiring smart people.”
Singh said this includes hiring smart financial advisors, attorneys, tax accountants and estate planning attorneys.
“You have to have people in your circle that are very good at what they do,” Singh advised.
When hiring a financial professional, first consider the exact kind of expertise you need. Then you can match your needs with their backgrounds and expertise.
“When evaluating advisors, be sure to consider their credentials as well as research their backgrounds and fee structures,” Forbes Advisor recommended.
In addition to looking at reviews and getting recommendations from people in your social circle, you can look for advisors with professional memberships and certifications
Fire Bad People
Another way Singh recommends to get people to stop taking your money is to fire them immediately if you realize these professionals are not skilled at what they do. That’s right — it’s not enough to hire smart people to help you; it’s also important to get rid of those you realize are bad hires and not intelligent professionals who will help you excel.
Singh gave the example of having an accountant who may be cheap but ends up costing you a great deal of money because they’re not good at their job.
More Advice for Managing Your Growing Wealth
While you’re being diligent about hiring smart people, Singh warned against falling for an easy trap with your money. He said it can be tempting to buy something fancy like a faster car when you start earning more. Instead, he said, hold off and invest that extra money to grow your wealth.
Along the same lines, Morgan Stanley recommended you clarify your value system to help in managing your growing wealth. Look at the kind of lifestyle you prefer and set some short-term and long-term goals for using your money in a way that aligns with your values.
One final thing to consider is how you’ll preserve your growing wealth. Establishing an emergency fund, maintaining diversity within your investment portfolio and building equity through homeownership are some ways suggested by Union Bank & Trust.
Insuring against wealth-depleting risks is also a good idea. This may go further than home, auto, health and life insurance. Consider adding disability coverage as well as long-term care insurance, which can “protect your estate against the ever-rising cost of home healthcare or an extended nursing home stay,” Union Bank & Trust advised.
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