Money guru Jaspreet Singh is all over the internet — doling out savvy money advice to his followers.
But it isn’t just his online presence that’s proven fruitful. Financial advisors have found success following his advice as well.
GOBankingRates spoke with Dennis Shirshikov, head of growth at GoSummer and finance professor at the City University of New York and Chris Young, personal finance consultant and co-founder of Coins Value Checker, to discuss some of the ways Singh’s advice can make you thousands. Read below for their insights.
Also see seven habits that Singh said could be keeping you from growing wealth.
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The Power of Compound Interest
“Jaspreet Singh often emphasizes the importance of understanding and leveraging compound interest,” Shirshikov said.
He said this principle is fundamental to building wealth over time.
“By consistently investing small amounts of money, individuals can take advantage of compound interest, which allows their money to grow exponentially,” Shirshikov said.
“For example, if a person invests $500 monthly into a diversified portfolio with an average annual return of 7%, they could accumulate over $600,000 in 30 years.”
This highlights the importance of starting early and being consistent with investments.
Young agreed. “I’ve helped countless clients implement strategies to build significant wealth, including many inspired by thought leaders like Jaspreet Singh.”
He said Singh’s advice on leveraging the power of compound interest is a game-changer for wealth accumulation.
“By investing early and consistently, even small amounts can grow into substantial wealth over time. This approach has helped many of my clients amass impressive nest eggs,” Shirshikov said.
“Following Singh’s guidance, one client — Teddi — began investing just $200 monthly in low-cost index funds at age 25. By age 45, her portfolio had grown to over $150,000, demonstrating the remarkable power of compound interest when combined with patience and discipline.”
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Diversification of Income Streams
Another key piece of advice from Singh is the diversification of income streams.
“He advocates for not relying solely on a single source of income, such as a primary job,” Shirshikov said. “Instead, he suggests exploring additional income sources like side businesses, freelance work or investments in real estate.”
For instance, Shirshikov said an individual could start a small online business that generates an extra $1,000 per month.
“Over a decade, this additional income can significantly contribute to financial security and wealth accumulation, especially when reinvested wisely,” he said.
Young shared a similar experience.
“Another key piece of Singh’s advice is to focus on building multiple income streams,” he said.
Young said this strategy not only increases earning potential but also provides financial security.
“One of my clients, Mike, took this advice to heart and started a side business in addition to his day job. Within three years, his side hustle generated an extra $3,000 monthly, accelerating his path to financial independence,” he said.
Financial Literacy and Continuous Learning
Singh also stressed the importance of financial literacy and continuous learning.
“He encourages individuals to educate themselves about personal finance, investing and economic trends,” Shirshikov said.
This knowledge empowers people to make informed decisions and avoid common financial pitfalls.
“For example, by understanding the basics of the stock market, an individual can better evaluate investment opportunities and risks, potentially leading to higher returns,” he said.
Shirshikov explained that regularly reading financial books, attending seminars or following reputable financial advisors can greatly enhance one’s financial acumen.
Young also found this advice helpful. “Singh’s emphasis on financial education is equally crucial.
“He advocates for developing a robust understanding of personal finance, taxes, and investing,” he said.
Young noted that this knowledge empowers individuals to make informed decisions and avoid costly mistakes. “I’ve witnessed firsthand how clients prioritizing financial literacy consistently outperform those not.”
Living Below Your Means
Living below your means is another crucial piece of advice from Singh.
“He often highlights the importance of controlling expenses and prioritizing savings and investments over unnecessary spending,” Shirshikov said.
This approach involves making conscious spending decisions, budgeting effectively and avoiding lifestyle inflation.
“For example, instead of upgrading to a luxury car, one might choose a reliable, more affordable vehicle and invest the savings,” he said.
Over time, these small decisions can lead to substantial financial gains and long-term wealth.
The Importance of Asset Allocation
Finally, Singh advised on the importance of proper asset allocation. Diversifying investments across various asset classes such as stocks, bonds and real estate can help mitigate risk and enhance returns.
“By adjusting the portfolio allocation based on market conditions and personal financial goals, individuals can optimize their investment strategy,” Shirshikov advised.
“For instance, a balanced mix of growth stocks and income-generating bonds can provide both capital appreciation and steady cash flow, contributing to overall wealth building.”
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This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: This Money Advice From Jaspreet Singh Could Help You Make Thousands