Jaspreet Singh: You Can Still Become a Millionaire in Today’s Economy — Here’s How
Written by
David Nadelle
Edited by
Maria Concepcion
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You have to hand it to Jaspreet Singh — he’s anything but unpredictable. Posting regularly on his Minority Mindset channel, he tackles many personal finance and wider economic issues of concern to beginner and seasoned investors with straight facts and common-sense solutions.
This week, the entrepreneur, founder of Briefs Media and one of GOBankingRates’ “100 Most Influential Money Experts” answers a question asked by many Americans eager to build wealth in these uncertain times:
“Is it still possible to become a millionaire in America today during a time where inflation is so high, or during a time where the economy is potentially slowing, or during a time where the wealth gap is the widest ever, or during a time where it looks like everything is going wrong?” Singh asks.
“The answer is ‘Yes,'” says Singh, but you must be willing to make two important mindset adjustments.
1. “Understanding Where You Are Relative to Where the Economy Is”
Economic factors influence our financial decisions daily, but when they cloud our thinking, they become impediments to our chances of success. While the U.S. economy has remained strong over the past year, we’ve been living with the constant threat of an economic downturn hanging over our heads.
For Singh, your future wealth and financial world are separate from what’s going on economically, socially or politically. You need to concentrate on your finances and how you’ll start building wealth, things Singh addresses with his usual gusto in his video.
“Until you have some income, until you have some money, you must stop caring about what other people think,” said Singh. “All you’ve got to care about is how much cash is in your bank account and how much cash is coming into your bank account. None of the other issues matter if you don’t have that solved.”
2. “If You Want to Live Big, You’ve Got to Come in with a Different Mindset”
Learning how to invest begins with investing in yourself. As Singh notes, nearly eight out of 10 millionaires are self-made, meaning they built fortunes through learning and hard work and without the benefit of a silver spoon inheritance or free money.
Belief in yourself is one thing but putting in the work to become successful is another, and most people are unwilling to go the extra mile to make themselves into what they want to be. Putting in the work is the difference between somebody who succeeds and somebody who doesn’t.
Once you have income, you must learn how to manage and control it, which comes after building your financial education. “Now, you’ve just got to pour some gasoline on the fire,” says Singh.
“You’ve got to learn how to earn more money. And there’s an infinite number of ways for you to earn more money, whether it’s starting your own business, whether it’s through your career, whether it’s through a side hustle, it’s going to take work.”
In turn, your hard work will result in more money and, more importantly, more opportunities to make money. All workers, making minimum wage or millions, get noticed by having a great work ethic and doing things above and beyond their duties or pay grade. “You’ve got to come in and want to win with everything that you do,” states Singh.
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