Yahoo Finance 6 Reasons You Should Watch Jaspreet Singh With Your Teen
Social media is full of finance influencers who share everything from stock tips to couponing advice. But it’s hard to know who to trust on TikTok or YouTube. Even when you find a trustworthy source, do their messages and lessons resonate with you and fit your lifestyle?
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One money expert in particular has emerged as a voice of logic on YouTube. His lessons can apply to people of all ages and from every walk of life. He shares complex concepts in a simple and straightforward manner on his YouTube channel, Minority Mindset.
Jaspreet Singh, a serial entrepreneur and licensed attorney, began his journey toward wealth in college, when he founded an event planning company, according to his website (TheMinorityMindset.com). After a foray into real estate investing, he invented a water-resistant athletic sock.
He was, subsequently, scammed by a marketing company in the pursuit of raising awareness around his invention. He abandoned the business idea but launched the Minority Mindset YouTube channel at age 23 to help guide others through the world of finance and entrepreneurship.
If you want to teach your kids about finance, tuning into Minority Mindset on YouTube may be a good place to start. Here’s why.
Also: 5 Frugal Money Habits Americans Can Learn From Other Countries
He Speaks in a Language Kids Understand
Singh was just 24 years old when his YouTube channel reached 100,000+ subscribers seven years ago. That makes him roughly 31 years old now.
Fitting firmly in the demographic of “young millennial,” he’s old enough to be a respected voice, yet young enough to relate to the Gen Z cohort of 11 to 26 years old.
Whether he’s digging deep into topics like how interest rate cuts in 2024 could affect the economy, as recently reported by GOBankingRates, or sharing the differences in the ways the rich, the middle class and the poor handle money, he makes these topics easy to understand.
His Whiteboard Simplifies Concepts for Visual Learners
One thing you’ll notice in nearly every Minority Mindset video is Singh’s simple whiteboard. He’ll use cute line art drawings, as he did in a video about the housing market, or simply write down key words so people can grasp financial concepts more easily.
Various studies have pinpointed 65% of Gen Z as “visual learners,” per Education Today, having grown up with copious amounts of “screen time” as digital natives. Training and teaching should hinge on diagrams, infographics, and mind maps. Singh teaches this way. Combined with his animated delivery style, his visual aids help hold the interest of today’s teens.
He Teaches About Passive Income
One of the keys to wealth, which schools often fail to teach, is how to generate passive income. In one video, encapsulated by GOBankingRates, Singh stated, “Becoming wealthy is surprisingly simple.”
He urged viewers: “The one piece of money advice I wish everyone would follow is: make yourself rich before you make everyone else around you rich.”
He pointed out that when you buy fancy cars, designer brands, and Apple AirPods, you’re only making the companies and their shareholders rich. Kids today can relate to these brands and the concept of making company owners wealthy through extravagant — and often, pointless — purchases.
Singh summarized passive income in just two sentences: “Just like how you can’t get rich by spending all your money, you also won’t become wealthy by saving all your money. You have to invest your money if you want to become wealthy.”
He Encourages People To Start Saving and Investing, Regardless of How Much Money They Have Right Now
For teenagers who just started their first job, it might seem overwhelming to start setting money aside for investments.
In a Q&A interview with GOBankingRates, Singh pointed out, “While this can sound very daunting, the good news is you can start investing with less than $100. You just have to get started!”
He also noted that the biggest money mistake people of any age make is not doing anything at all. By watching Singh, your teen may realize it’s never too early to start using the money you earn to increase your net worth.
He’s Self-Made and Shares His Struggles
Today’s society often vilifies wealthy people, whether they deserve to be criticized or not.
Singh did not grow up poor, according to most online accounts. But his family did not understand his entrepreneurial mindset, either. Singh was born to first-generation Indian immigrants who became doctors, and Singh was expected to take the same path. Instead, he struck out to start several businesses — some successful and some less so.
In his YouTube series, he shares both his successes and failures, in hopes of teaching others not to make the same money mistakes he did growing up.
His Advice Can Help Create Generational Wealth
Singh wants teens – and other viewers – to understand that you can be paid more for the value you provide than for your time. Then you can invest that money to generate passive income.
Those who embrace this simple philosophy at a young age could be on a path to breaking cycles of generational poverty or getting out of the middle-class grind by creating wealth.
In one Minority Mindset video about generational poverty, Singh pointed out, “The real reason that poverty is generational in America is because a broke mindset gets passed down generation after generation after generation.”
When you watch Jaspreet Singh as a family, it can open an important dialogue as you and your kids absorb financial lessons and shift your money mindset together.
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This article originally appeared on GOBankingRates.com: 6 Reasons You Should Watch Jaspreet Singh With Your Teen
