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Jaspreet Singh shares 6 ways to invest without money

Jaspreet Singh shares 6 ways to invest without money

Jaspreet Singh / Jaspreet Singh

Jaspreet Singh / Jaspreet Singh

Putting your own hard-earned money into investing is risky enough. But if you have no money but still want to invest, you can only borrow it from the bank or others. Losing other people’s money (OPM) is doubly dangerous. Not only do you lose your (their) investment funds, but you also have to pay back everything you borrowed, with interest, while you have no money yet.

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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 yourself is the first step in learning to invest, but a person’s ability to work hard makes the difference between success and failure. It’s one thing to believe in yourself, but most people aren’t willing to go to great lengths 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 best-kept secrets of the highly successful people is that they continually invest in their minds. Furthermore, anyone can become a better version of themselves if they decide to expand their knowledge base.

If you’re serious about earning more and building wealth, Singh says you should focus 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 finally: negotiating and how to sell.

2. Invest in your debt

Wealth killers are habits or decisions that can significantly affect your financial health over time, and the biggest wealth killer is debt. It depletes your resources and leaves you with less capital to save and invest.

For homeowners, Singh suggests switching to a biweekly payment plan. This can reduce the borrower’s overall interest costs, and the additional payment each year can accelerate debt payoff and result in interest savings over the life of the loan. For those who want to aggressively pay down their credit card debt, he recommends transferring a balance to a card that offers a six- to 12-month 0% APR period.

3. “Stop paying the stupid tax”

In an October 2023 Minority Mindset YouTube video, Singh mentions three things in particular that you shouldn’t spend money on: alcohol, drugs and Netflix. But they were examples of a broader set of things that take away your money and time. “If something isn’t adding value to your life and it’s sucking a lot of money out of your life, you might want to rethink whether that’s something you need in your life,” he said.

When you waste excessive amounts of money on the lottery, cigarettes, alcohol, drugs, overdrafts, gambling and late payments, you are making money for other people and fattening the bottom line of a company or bank.

4. Invest time in making some money

Singh promotes smart spending and saving habits, but people’s ability to work hard and put in the time makes the difference between success and failure. Time is something that most people have at their disposal. By encouraging individuals to pursue side hustle and entrepreneurial ventures, Singh believes that having additional sources of income can significantly increase financial security and growth. If you don’t have money, you still have something to offer someone.

“It’s all about thinking a little strategically because there are many ways to make money,” says Singh. “But the question is: how can you differentiate yourself and offer something different or serve a specific group of people?”

5. Invest in meeting people

“I didn’t really understand the value of this until I really started building my own business,” says Singh. “What I realized is the biggest differentiator of a successful company, and an unsuccessful company, is the people who work within that company.”

You can’t do everything yourself, and if you don’t have money, you have to join those who have money or the means to earn it. Changing your environment to include people from whom you can learn and grow is possible by networking in various digital and social communities, attending conferences, and interacting with innovators or people who are financially see things from a different perspective. Expand your circle to include those who 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 by improving the ‘non-financial’ aspects of your life. By improving the physical, mental and spiritual parts of your life, you will quickly see the benefits in all aspects of your life, including your personal finances and business endeavors. “As you work on your financial journey, I also want you to live a happy and fulfilled life,” said Singh.

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