Yahoo Finance Jaspreet Singh’s Vacation Rule That Helped Him Get Rich — How You Can Follow It
In an exclusive interview with GoBankingRates, Jaspreet Singh, CEO of Briefs Media and host of “The Minority Mindset Show,” revealed a strategy that helped him grow his wealth in his youth. It was a simple rule: He went on vacation only if he was getting paid for it.
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Not everyone can get paid to go on vacation. However, Singh’s advice might apply to your life in more ways than you think. Here are three ways you can use Singh’s “vacation rule,” building wealth without missing out on the things you love.
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Singh’s Vacation Rule
When Singh spoke with GoBankingRates, he told a story about his youth.
“When I was in college, I had a rule that I wouldn’t go on vacation unless I was getting paid to go on a vacation,” the money expert said. He went on to describe his job playing a traditional Punjabi drum in wedding ceremonies. The work kept him busy while his friends planned spring break trips. But as Singh built a name for himself in the wedding industry, he began traveling to destination weddings to play, essentially earning all-expenses-paid vacations while earning money.
“If you’re looking for unconventional ways to save money, you have to do something that most people are not doing,” Singh said. In other words, he found a niche way to save and earn money while traveling the world.
This rule doesn’t apply only to vacations. Think of it this way: Don’t spend money on an experience or luxury until you find a creative way it can help you save.
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3 Ways To Apply the Vacation Rule to Your Life
Getting paid to go on vacation might seem like an unrealistic goal. But remember, Singh didn’t get random invitations to destination weddings. He worked hard, sacrificed and developed his career until he could get paid to travel.
If you are passionate about traveling or another experience, you can find ways to do it without overspending. It just takes a little creativity and hard work. Here are three ways to adapt Singh’s vacation rule to your life.
Get Paid To Travel
Like Singh, you can find ways to explore the world without splurging on expensive vacation costs. The most obvious way to get paid to travel is to pursue a career that requires traveling, such as a travel journalism role, jobs in the wedding industry or a role in an international organization.
However, you don’t have to change career paths to get paid to travel. Consider your skills and potential side hustles you can use to balance the cost of your vacation. Here are some ideas.
Start a travel blog.
Take on a remote side hustle, such as writing or transcribing.
Sell photos of your destination.
Rent out your home while you travel.
Any earnings you make on your trip will help offset your travel costs and support your savings goals.
Get Paid To Dine Out
Cooking at home is one of the best ways to save money. But if you love dining out, consider ways you can enjoy trying new restaurants while still building your wealth. As with traveling, this doesn’t mean you have to switch to a career in the restaurant industry. Many food-related side hustles can turn your culinary experiences into profit, including:
Starting a food blog
Reviewing local restaurants through a vlog or social media account
Becoming a food photographer.
Additionally, look for ways to make dining out a part of your current career. For example, offer to take out your company’s new client or hold casual meetings at a local restaurant. Great food can be an enjoyable part of your job in any industry.
Get Paid To Shop
Love to shop? Aside from sticking to secondhand and low-budget options, there are ways to offset your shopping costs.
Mystery shopping companies pay people to shop at top retailers and provide feedback about their customer experience. Many companies pay an hourly rate or refund the cost of your purchases. You can also consider browser extensions that provide coupons and cashback deals when you shop online, like Rakuten.
What’s Your Vacation Rule?
To build wealth in his youth, Singh set a simple rule for himself: Don’t take a vacation unless you’re getting paid. Setting rules for yourself is a great way to stick to your goals while still enjoying the things you love, like traveling, shopping and dining out.
Your rule might look different from Singh’s. It could be simple: Don’t splurge on new clothes until you’ve saved a certain amount of money. Or it could be more ambitious: Dine out only when your side hustle covers the cost. What matters most is finding a strategy that fits your lifestyle.
So what’s your personal rule? And how is it helping you save? Like Singh, you can get creative to earn and save more.
Jaime Catmull contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Jaspreet Singh’s Vacation Rule That Helped Him Get Rich — How You Can Follow It
