Part 5/9:
With startling statistics revealing that 78% of Americans live paycheck to paycheck, Singh emphasizes the necessity of saving and investing—even small amounts—rather than falling into a cycle of debt and financial dependency. Implementing a savings system can be transformative, allowing individuals to build a safety net and present opportunities for investment.
Building a Financial Strategy: The 75151 Plan
A foundational element of Jaspreet’s advice is the 75151 plan, a strategic approach to managing one’s income. By allocating 75% of income to expenses, 15% to investments, and 10% to savings, individuals create a flexible framework designed to generate wealth and navigate unexpected expenses.