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Investing is an imperative not just for building wealth, but for retirement. Lucrative side hustles like web programming, graphic designing, and data analysis can rake in over $50 an hour. “If you’re only making $40,000 a year, there only so many costs you can cut before you’re truly just living a miserable life,” Vivian Tu, a Wall Street trader turned finance TikToker and self-made millionaire known as Your Rich BFF, told Fortune. “It’s a lot easier to job hop every two years and get a 25% raise, and then have that additional $10,000 when it’s in your salary, than it is to try and get there by cutting out every penny off of your Netflix subscription, off of that avocado toast, or that Starbucks.”Īnd if the salary negotiation falls flat, taking the time to read up on side hustles and maximizing earning power can be the gift that keeps giving. That’s your sign to ask for a raise-even in this shaky economy. But if you keep your nose to the grindstone, there’s no limit to how much money you can earn. Regardless of how frugal you are, there will always be a limit to how many expenses you can cut, Singh pointed out. Some easy ways to do that include moving money straight from your paycheck into your savings as soon as your paycheck hits, logging each of your purchases and bills as they come, and keeping a close eye on small, day-to-day charges that can add up rapidly. But living below one’s means is critical to building wealth, regardless of income. In order to keep pace with peers, people often end up in debt-or close to it-while attempting to spend in line with their salary. Lifestyle creep is a difficult-to-avoid part of climbing the social ladder. “But if you spend all your money, you will never become wealthy.” “Most Americans work to buy nice things like fast cars, nice vacations, and luxury clothes,” he told GOBankingRates. This is where most Americans fail, he says.

Spending all the money in your bank account-much less going into debt-all but guarantees you’ll never be able to rise above your station. In a recent interview with GOBankingRates, he outlined a three-step plan for anyone, in any financial situation, to build wealth.

But becoming wealthy is surprisingly easy, Singh insists.

Singh’s guidance-which he dispenses in spades on TikTok, YouTube, and Instagram to over 2.5 million total subscribers and followers-is aimed at those without generational wealth or much prior financial knowledge to rely on. The Minority Mindset was born to teach others how not to make the same mistakes he made, centered on “thinking differently than the majority of people” about money.

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“So I went on my own quest to become financially educated.” After a good deal of trial and error (including countless pivots, opening and shuttering a business, and even getting scammed), Singh figured out his method of success (mainly real estate investing), and has made creating and spreading financial guidance his raison d’être. “I saw how hard my parents worked, and I wanted to take care of them,” Singh said in a TikTok last year. But what they did do was impart a set of values. When he was growing up, Singh said, his parents, who were Indian immigrants, didn’t instill him with guidance about investing or saving.

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Singh, a first-generation American, licensed attorney, and serial entrepreneur, is also CEO of Briefs Media, which publishes daily business and markets newsletters. That’s according to Jaspreet Singh, a money expert behind the Minority Mindset brand.