5 THINGS NEARLY EVERY WEALTHY PERSON DOES, ACCORDING TO JASPREET SINGH
What’s the secret sauce that allows some people to achieve ridiculous levels of wealth? Not just rich people with fancy cars and big houses — but the ultra-wealthy who’ve reached that level of “screw you” money that lets them live exactly how they want.
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Jaspreet Singh has spent years up close studying the mindsets and habits of these heavy hitters. An entrepreneur, investor, and personal finance educator himself, Singh has identified 5 key things the truly rich tend to do very differently. Some may surprise you, because legitimate wealth often demands an entirely different life approach.
1. Imbalance Is the Path to Balance
Most of us are taught to pursue some mythical “balanced lifestyle” where you split your time between work, family, health, hobbies and so on. But Singh says nearly every wealthy person disregards that notion early on in their wealth-building journey.
When they’re hustling to get businesses and investments off the ground, the rich embrace intense imbalance and obsession over their craft. Singh used to work soul-crushing 20-hour days when younger, with zero time for anything other than work and school. He’d sleep a mere 4 hours each night. But he wasn’t complaining – he was maniacally focused on his goals. That temporary imbalance gave him a vertical leap that balanced people couldn’t match.
2. Luck Is the Residue of Effort
Non-wealthy folks tend to view success as mostly luck-driven. But the rich understand that effort, skills, and calculated risks account for the vast majority of their results. Sure, chance events can tilt the playing field. But as Singh explains, “The harder you work, the more opportunities you’ll see, because most haven’t gotten there yet.”
When the housing crash hit, Singh could pounce on cheap property because he’d spent years saving cash and building expertise – putting in the “luck” reps. To outsiders, it looked like dumb luck. But Singh’s “luck” was earned through intense, years-long preparation for that moment.
3. Guru Blueprints Are Useless
The wealthy are skeptical of gurus selling step-by-step blueprints for success, Singh notes. While these can teach you to mimic tactics, they rarely impart the deeper understanding required to adapt those tactics to your unique situation.
Even billionaire investors’ disclosed trades are useless, Singh argues, because you lack context into their rationales, time horizons, and risk tolerances. The rich scrutinize the core principles behind others’ success, then adapt and apply them in their own unique ways. Blindly following blueprints is a path to mediocrity.
4. It’s Not What You Know, It’s Who
At a certain level of wealth, success becomes impossible without an incredible network of people aligned behind your vision. Singh highlights how the rich nurture key relationships — employees, partners, vendors — by providing immense value.
The wealthy pick up tabs at group meals to avoid perceived imbalances or debts in relationships. It’s not just what you know, but who you know that’s vital.
5. Calculated Risks Only
Finally, while the wealthy might appear reckless in their risk-taking, Singh says they’re calculated to a tee. Where most people recklessly rack up debt or gamble, the rich prudently risk their time and effort first when testing new ventures. Only once they gain traction through hard work do they start deploying more serious capital.
Singh worked minimum wage jobs throughout college to internally fund his first businesses, rather than borrowing. Even the rich’s “big bets” are thoroughly researched ahead of time and fit deliberate long-term plans. Their bravado comes from diligent preparation.
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The path to epic wealth demands an unconventional lifestyle. But as Singh’s insights reveal, those willing to make the sacrifices required — embrace intense imbalance early, relentlessly execute, adapt to their own situations, nurture their networks, and take calculated bets — can achieve the riches and freedom afforded to so few.
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This article originally appeared on GOBankingRates.com: 5 Things Nearly Every Wealthy Person Does, According to Jaspreet Singh
2024-04-06T18:02:07Z dg43tfdfdgfd