How to Go From No Money to 0,000 in 2024

How to Go From No Money to $100,000 in 2024

Jaspreet Singh / Jaspreet Singh

Jaspreet Singh / Jaspreet Singh

If you didn’t save money in 2023, that doesn’t mean you can’t do it in 2024. Entrepreneur Jaspreet Singh explains how to make a huge amount – $100,000 – in a series of videos on his YouTube channel, Minority Mind. Here’s a breakdown of his advice and how you can hit this milestone in just one year.

See: 5 Ways The Middle Class Can Build Wealth Within The Next 5 Years
More: 3 Things You Should Do When Your Savings Reach $50,000

Sponsored by: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.

Do the Background Work

Getting your savings to $100,000 from nothing, or very little, means you need to do the work first to figure out how you’re going to reach that goal — especially if your timeline is a year. Jaspreet has five steps to do that, as follows:

  1. Start with simple math: Every complex thing becomes simple when broken down. Saving $100,000 a year means you have to pocket $274 a day, and that means you have to begets at least $274 per day to hit the $100,000 target. More likely, if you plan to spend any money you earn over the course of the year, which most people have to do to get by. Ideally, you should earn enough money to cover your expenses plus $274 per day. The next step is to put yourself on track to generate that amount of money.

  2. Increase your income: What method do you use to generate income and hit this target? You can do something different like upskilling, get a promotion or add a side hustle if you’re already working. Many ways to generate income can help you reach and exceed your goals.

  3. Don’t blow your money: After establishing your income, you should not start spending extravagantly or living a luxurious life. Because you will find yourself back to the average life situation or worse. Singh advised people to follow the 75-10-15 rule. “For every dollar you make, spend a maximum of 75%, save a minimum of 10% and invest a minimum of 15%,” he said. This way, you are always building a cycle of generating income.

  4. Learn: Learn how to use your money. When you are building your income, you don’t know what to do to make your money work for you through proper budgeting, saving and investing. You also shouldn’t expect to take these things for granted just because you’re making a lot of money. You should go out and find that out through free or paid resources.

  5. Keep it: Starting any habit is the easy part, but consistently doing that habit until it sticks is the hard part. And when it comes to increasing your income, the same applies. “You can be in a completely different place financially in the next 12 months if you stay disciplined and consistent. But the problem with most people is doing something beyond 30 days ,” Singh said.

Suze Orman: Young People Can Retire Millionaires By Doing This One Thing

10 Ways To Make $274 or More in a Day

To reach the $100,000 a year goal, you need to generate at least $274 a day, and probably more if you have expenses. Here are some different ideas on how to increase your income to accommodate this amount of savings.

  1. Learn how to create 3D virtual tours of homes and sell them to realtors and real estate agents — especially those who cater to high-net-worth clients.

  2. Create and manage social media accounts for chiropractors, physiotherapists, massage and beauty parlors.

  3. Paint/clean rental properties. After a tenant moves out, landlords often struggle to find handymen to clean their property for turnover.

  4. Become an advertising manager on Facebook or YouTube. Medium-sized businesses cannot afford to hire full-time staff to manage their ads so they are happy to pay for contract services at a fraction of full-time costs that provide the best return on ad spend.

  5. Provide car detailing to doctors, lawyers and other high-income professionals who don’t have time to take their cars to the car wash.

  6. Learn SEO to help e-commerce brands get their products on the first page of Google. This is a very practical field because SEO is constantly changing.

  7. Become a skilled home repairer to help people who work from home build or renovate their home offices, or expand that to other types of renovations like bathrooms and kitchens .

  8. Run a virtual assistant agency. Help busy professionals manage their calls, emails or digital tasks.

  9. If you have a truck and are in good shape, order people to move their things from their office or home to another location. Many people, especially those who have the money to pay for a moving service, don’t want to do it themselves.

  10. Start a YouTube channel or podcast centered around a niche topic or idea that people find value in. With social brands, you always have to work hard to start earning, so it can take a while to actually bring in money.

More From GOBankingRates

This article originally appeared on GOBankingRates.com: Jaspreet Singh: How to Go From No Money to $100,000 by 2024

Leave a Comment

Your email address will not be published. Required fields are marked *