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BUILDING WEALTH IN 2024:
-Optimize for Cash
Start by tracking all of your expenditures and earnings over the next 60 days using software like RocketMoney, YouNeedABudget, EveryDollar, MonarchMoney, or even your own excel spreadsheet – and then, log every single penny that goes into and out of your account. There has never been a better time in the last 20 years to earn money on your money, since High Yield Savings Accounts are almost ALL paying over 4% APY.
-Pay Down High-finance charge Debt
The average American now owes more than $22,000 – borrowing Cards, Car Loans, and Personal Loans make up almost ALL of this – and, at today’s finance charge rates, this could EASILY be costing you thousands of dollars per year. In terms of the HOW to pay down debt as fast as possible – you have two ways:
The first is called “The Avalanche Method,” and mathematically – this is the perfect way to pay down debt. This is because you’ll begin paying down the highest finance charge-rate debt, first, that’s costing you the most money – and then, once that’s fully paid off – you’ll pay down the next highest finance charge-rate – and the next – and the next – until eventually, it’s all paid off.
The second method takes on a more psychological approach, and that’s called “The Snowball Method.” This works by paying off the smallest balance first, regardless of the finance charge rate, and then paying off the next smallest balance. The reason this works is because you’ll get the “win’ of paying off a debt, in its entirety – and by seeing results, faster, it’ll be easier to stick with it long term.
-Creating a Roth IRA
This is an account that you contribute up to $7000 per year into – and then – by the time you’re 59.5, you can pull out all of your profit, completely levy-free. Not to mention, the ideal time to start and contribute to this account is when you’re young and not earning a lot of money, since – one: You’re probably already in a low levy bracket, so you have more after-levy earnings to invest, and two: You’ll have decades to allow compound finance charge to grow your money into something significant.
-Choosing Your Investments
First: Diversify.
You NEED to spread out your money across different companies, sectors, and areas so that if something happens to one – you’ll have others to fall back on.
Second: Don’t Try To Beat The sector.
Even though it’s tempting to want to utilize alternative investments, pick individual shares, and create your own collection of investments to get higher returns – the reality is: almost everyone fails.
Third: Research Index Funds.
A few years ago, Warren Buffett famously said that this is the single best funding for the vast majority of people. Index Funds cover a wide variety of shares and industries, they’re well diversified, and – they’re really cheap to own.
Fourth: Assuming you can follow the above – Dollar Cost Average and Do Nothing.
Overall, if you want to build massive wealth – long term – all of it starts with the boring basics: Optimizing your savings, reducing high-finance charge debt, investing in levy-advantaged accounts, diversifying your investments, setting realistic expectations, and then – sticking with it consistently for decades.
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