If anyone knows how to grow wealth, it’s self-made millionaires. While some prefer to keep their secrets close to the vest, Jaspreet Singh, host of the “Minority Mindset” show on YouTube and CEO of Briefs Media, is more than happy to share how he keeps his money flowing, especially with regards to how he sets up his bank accounts. He’s also here to tell you that you don’t need a degree in economics or finance to successfully manage your money and grow your wealth.
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Singh’s lessons come from hands-on experience as an entrepreneur — including a hard-earned one when scammers cost him thousands of dollars during a product launch. His experiences have inspired him to make financial education more accessible to everyone, including you.
Great, you think, but who has the time or inclination to start a world-renowned business? You don’t have to. Singh says one of the simplest ways he grows his wealth is by setting up his bank accounts to help do it for him. He’s got easy-to-follow tips that can help you get started.
Keep Multiple Bank Accounts
Think of your bank accounts as more than just a place to stash cash. They can be powerful tools to organize and grow your money. The trick? You’ve got to have more than one.
“I keep three bank accounts. One is for my spending money. One for my investing money. And one for my savings,” Singh says.
You can start with this divide and conquer approach by first tracking your income. List all your earnings, expenses, and anything left over to save, invest, or give to charity. Once you know what you have, you’ll be better equipped to allocate it into separate accounts.
By splitting your money into these three accounts, you make it easier to track your money and grow your wealth.
Automate Your Accounts
Singh is a big proponent of automating your finances to ensure your money is automatically divided between your separate accounts. Automation brings peace of mind — no more worrying about accidentally dipping into your investing funds.
He encourages you to set up automatic transfers so your income flows seamlessly from your checking account to your savings and investing accounts. While you could certainly manage this manually, think about how easy it is to forget a task on a busy day. Automation frees your mind to focus on other priorities.