YouTuber Jaspreet Singh got his start working as a financial content creator when he launched the “Minority Mindset“ channel. Since walking away from medical school and deciding to become an entrepreneur, Singh has used his platform to help inform others on how to break free from the majority mindset and adopt the minority mindset.
What exactly is the minority mindset? Here are four key components of Singh’s philosophy on wealth building.
“You have to really be willing to think differently,” Singh said in an interview on The White Coat Investor podcast. “If you want to understand money, whether you want to be an entrepreneur or just have that sort of financial education, you have to be willing to ask the question ‘why’ — and the majority of people will not.”
Going against the grain is one component of the minority mindset that Singh often speaks of. Singh has brought up many instances where he had to defy expectations in order to start earning money as an entrepreneur.
Initially, his parents were upset that he had chosen to drop out of medical school. Singh had to shed the majority mindset and develop a minority mindset in order to find faith in himself. Dropping out of medical school allowed him to build his platform and educate others on how to make informed financial decisions.
Singh is all for giving yourself what you want — that is, if you can afford it.
“I have no problem if somebody wants to spend $500,000 on a car,” Singh said on the podcast. “I have no problem if you want to spend $100,000 on an engagement ring. It doesn’t bother me. The only thing that bothers me is when people spend lavishly when they don’t have the money to do so.”
Do not spend beyond your means. By doing that, you are choosing to adopt the majority mindset.
According to the minority mindset, you must be first able to generate passive income. Spending money on things you cannot afford — things that look nice and will make you feel good in the moment — is not a wise use of your hard-earned money.
Use that money to invest, Singh says. Once you generate income through investing, you can make those lavish purchases.
“I invest my money in five places: real estate, stocks, businesses, cryptocurrency and commodities,” Singh said in the interview.
This glimpse into Singh’s portfolio paints a picture of what kind of person he is. Many people are not educated on investing and do not know the best places to invest their money.
Singh, using his minority mindset, invests in things that will help him generate a passive income.
He does his research before investing and is aware of the risks each time he invests. By committing to researching the best places to invest, you are breaking away from the majority mindset and figuring out how to make your money work for you, he says.
“Understand that if you can build wealth yourself, if you can understand how to use your money, you can give back and you can help out in many different ways,” Singh said on the podcast.
Raised in a religion that is focused on giving back, Singh says generosity is an important facet of the minority mindset. However, he is generally distrustful of corporations and government and instead seeks out causes where his money is directly impacting those in need. Singh recommends donating only to places that will make great use of your donation.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: What Is the Minority Mindset? 4 Key Components of Jaspreet Singh’s Philosophy