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episode 516: Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke
Want to know how to get rich but fear it could be too late? Perhaps you’ve got responsibilities, bills to pay, and a family to feed. How can you possibly get ahead? Jaspreet Singh’s message is clear: you can still build wealth, but you’re going to have to be intentional with your money, just like every other rich person. There are no shortcuts!
Today, Jaspreet is a serial entrepreneur, real estate investor, licensed attorney, and host of The Minority Mindset Show. But growing up, his parents wanted him to become a doctor. Despite the immense pressure to fulfill their wishes, Jaspreet found himself gravitating toward entrepreneurship. He started several businesses throughout adolescence and young adulthood—from playing drums at weddings and planning college parties to building ecommerce stores. He lost a TON of money along the way, but taking these risks early on paid off. Eventually, he discovered his true passion, financial education, and built an enormous online business by teaching others how to master personal finance.
America’s capitalist financial system benefits those who are willing to “play the game.” In this episode, Jaspreet shares how fostering a “minority mindset” unlocks the ability to use this country’s tax code, banks, debt, and other systems to your advantage. The catch? It’s a hard, long road. Jaspreet recommends drastic lifestyle changes, such as ruthless frugality, a “decade of sacrifice,” and the 75/15/10 rule. Make no mistake—it’s not going to be easy. But years from now, you’ll be thankful you stuck to this tried-and-true wealth-building philosophy!
In This Episode We Cover
How to foster a healthy relationship with your money
The three phases of wealth (and how to handle money in each stage)
How risk tolerance varies in different stages of wealth building
Why a “decade of sacrifice” is the foundation for long-term wealth
What you MUST do to thrive in America’s financial system
How to be “intentional” with your finances using the 75/15/10 rule
Pre-tax versus post-tax investment accounts and avoiding risk in retirement
And So Much More!
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Click here to check the full show notes: https://www.biggerpockets.com/blog/money-516
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