Jaspreet Singh Shares 6 Ways To Invest Without Any Money

Sinking your own hard earned money into investing is risky enough. But when you don’t have money but want to start investing, the only thing you can do is borrow it from the bank or others. Losing other people’s money (OPM) is doubly dangerous. Not only have you lost your (their) investment funds, but you have to pay back everything you’ve borrowed, with interest, while you still have no money of your own.

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If you really want to start investing but are broke, there are ways to “invest.” Jaspreet Singh, often known for his financial education platform Minority Mindset , shares a philosophy that revolves around financial literacy, wealth-building strategies and entrepreneurship.

For Singh, investing in oneself is the first step towards learning how to invest, but a person’s ability to work hard makes the difference between success and failure. It’s one thing to believe in oneself, but most people aren’t willing to go above and beyond to become the individuals they want to be.

Always motivational and practical, Singh aims to help individuals take control of their finances and build wealth through informed decisions. This week, the entrepreneur, founder of Briefs Media and one of GOBankingRates’ “ 100 Most Influential Money Experts ,” posted a new YouTube video offering six ways to invest when you have little to no money.

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1. Invest in Your Mind

One of the top kept secrets of the very successful is that they continuously invest in their minds. Furthermore, anyone can become a better version of themselves if they decide to expand their knowledge base.

According to Singh, if you are serious about earning more and building wealth, you should concentrate on five areas: money management and investing, mindset and self-development, how to grow in your career, how to start and grow a business and lastly, negotiating and how to sell.

2. Invest in Your Debt

Wealth killers are habits or decisions that can significantly erode your financial health over time, and the number one wealth killer is debt. It saps your resources and leaves you less capital to save and invest.

For homeowners, Singh suggests switching to a biweekly payment plan. This can lower the borrower’s total interest expenses, and the additional payment each year can accelerate debt payoff and result in interest savings over the loan’s term. For those committed to aggressively pay down their credit card debt, he recommends transferring a balance to a card that offers a six to 12 months 0% APR period.

3. “Stop Paying the Stupid Tax”

In a Minority Mindset YouTube video from Oct., 2023, Singh mentions three things in particular that you should quit spending money on: alcohol, drugs and Netflix. But they were examples of a wider set of things that drain your money and time. “If something is not adding value to your life and it’s sucking a lot of cash out of your life, you might want to start rethinking if that’s something you need in your life,” he said.

When you waste excessive money on the lottery, cigarettes, alcohol, drugs, overdraft fees, gambling and late fees on bills, you are making other people money and fattening a corporation’s or bank’s bottom line.

4. Invest Time in Earning Some Money

Singh promotes smart spending and saving habits, but person’s ability to work hard and put the time in to makes the difference between success and failure. Time is one thing most people have at their disposal. Encouraging individuals to pursue side hustles and entrepreneurial ventures, Singh believes that having additional income sources can significantly enhance financial security and growth. If you have no money, you still have something to offer someone.

“It’s all about thinking a little bit strategically, because there’s a lot of ways to make money,” said Singh. “But the question is, how can you differentiate yourself and offer something a little bit different or cater to a specific subset of people?”

5. Invest in Meeting People

“I didn’t really understand the value of this until I started really building my own company,” said Singh. “What I realized is the biggest differentiator of a successful company and a non-successful company are the people that are working inside that company.”

You can’t do everything yourself, and if you have no money, you have to align yourself with those with money or the means to make it. Changing your environment to include those you can learn from and grow with is possible through networking in different digital and social communities, attending conferences and interacting with innovators or those who look at financial matters from a different perspective. Expand your circle to include those that help and motivate you.

6. Invest in the “Non-Financial”

For Singh, it’s all about a growth mindset by encouraging continuous learning and self-improvement. A bonus way to invest is to improve the “non-financial” aspects of your life. By bettering the physical, mental and spiritual parts of your life, you’ll soon see the benefits in all aspects of your life, including your personal finances and business endeavors. “As you’re working on your financial journey, I also want you to live a happy and fulfilled life” Singh stated.

This article originally appeared on GOBankingRates.com : Jaspreet Singh Shares 6 Ways To Invest Without Any Money