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The 5-Step Blueprint to Generational Wealth — Plus One Big Mistake To Avoid, According to Jaspreet Singh
By Heather Altamirano,
1 day ago
PixelsEffect / Getty Images
Over the last five years, compound inflation has made everything from groceries to housing to cars more expensive, while incomes have not kept up with the rising prices. Some Americans have continued to spend money and rack up debt, while others have tightened their budgets and cut back. Both situations have created a financial strain on families, and with the cost of living increasing, many find it difficult to save money and build generational wealth — sustainable wealth you can pass down through generations of family members.
Jaspreet Singh, an entrepreneur turned lawyer who often shares information about financial education on his YouTube channel Minority Mindset, believes people can grow wealth with the right plan.
“Our economic system is designed to make investors rich,” he explained in a recent YouTube video .
“If you want to break out of this system of constantly just working to pay your bills, you’ve got to spend less money so you have some more money. Take that money and invest it, then work to earn some more money so you have more money to invest.”
The second step is to keep what you earn. “Don’t spend all your money,” he stated. “You want to spend as little as possible if you’re starting your wealth journey.”
Buy Assets
Next, with the money you’ve saved by not spending unnecessarily, buy assets. “These are things that you purchase for the sole reason of making money,” Singh explained.
Earn More Money
According to Singh, after buying assets, it’s time to earn more money to invest. “I want you to make more money so you can make yourself richer,” he said.
Hire Smart People
Singh’s five-step blueprint for building wealth concludes with the advice to guard your wealth and be mindful of the people you allow to enter your financial world.
“If you really want to build sustainable and scalable wealth, you have to protect the wealth by hiring smart people,” Singh said.
The Big Mistake To Avoid
Once you start making money, it’s easy to get caught up in wanting to buy the nice things you’ve had to sacrifice during this process, but Singh warned against doing so.
“The mistake that so many people make is … to earn more money so they can drive a faster car,” he explained. But the extra money you’re earning isn’t for a new ride; it’s to invest more to grow your wealth.
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