You Need To STOP Doing These Things If You Want To Get Rich In 2024!
Explaining 10 Things To Stop Doing To Get Rich and Achieve your Goals in 2024
There's no doubt that anyone can create an abundant, prosperous life with the right mindset and strategies. As we approach 2024, it's time to rethink our financial habits and set the stage for extraordinary success. As an experienced consultant helping numerous wealthy clients maximize their career or businesses I have created this list of the habits the wealthy have avoided or stopped to facilitate their success. This comprehensive guide will help you navigate your journey to building wealth in 2024.
1. Stop Having No Concrete Financial Goals
As in any endeavor, the first step towards financial prosperity is defining your goals. It's essential to crystallize what you want to achieve, whether that's wealth accumulation, purchasing a home, retiring early, or launching a business, you need a clear sense of direction or something to aim for. Clear financial goals offer direction and motivation, propelling you towards financial success. Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART) to increase their chances of realization.
SMART goals play into our psychology in a positive way. However, the science is clear, it is worth considering if you have a goal you are aiming for as well as a place you want to stay the hell away from. Whether you have positive or negative psychological motivations it is important to use what you have. The closer you get to the place you want to avoid the more likely it is you will be leaning into negative psychology. The closer you get to where you want to go the less you will have to rely on trying to avoid the pain of failure. Having a place to avoid at all costs and a place you are dying to go starts is the start of creating a map for you to follow.
2. Stop Living Without A Budget
Making savvy financial choices can significantly impact your wealth over time. As you have set SMART financial goals, you are going to need a budget to measure your progress. Budgeting, tracking expenses, and cutting back on non-essentials would free up more money for savings and investments, accelerating your path to wealth. Relating this back to the Map analogy your budget puts the landmarks on the map to ensure you are oriented properly. The budget is going to be the highest leverage activity, but once this has become a habit you can devote time and effort into joining points and free membership clubs that offer discounts, rewards, and even cash back. Do not fall victim to the idea that each dollar saved is a dollar earned as companies use discounts as marketing tactics to make you spend more. However if you can get 1-5% back on the items that are non-negotiable or necessities in your budget you can make every dollar count.
3. Stop Neglecting A Savings Account
Begin by setting aside a small portion of your paycheck for savings, and gradually increase this amount. Initially, try saving 5%-10% and work your way up to 25%. If you have specific savings goals, start saving 1%-2% for each of those. Your aim should be to comfortably support yourself on around 50%-60% of your net income. Saving 50% of your income will make you a financial mutant, you will be living like nobody else, so you will get to live like nobody else. Delaying your gratification as you are young, when your dollars are worth so much more because of the compounding effect of interest, will allow you to create wealth for an incredible retirement.
4. Stop Living Above Your Means
Living below your means doesn't imply a lower standard of living. Instead, it's about making mindful spending decisions and avoiding lifestyle inflation, especially as your income increases. Remember, the more money you save and invest, the more your wealth grows through compound interest. This is where a lot of difficult decisions will need to be made in terms of how long you will delay gratification, but it is an essential part of creating a healthy budget.
Making every dollar count is incredibly important, but the unfortunate truth is you can only bring your expenses down to zero. Luckily the flipside to that is you truly have an unlimited earning capacity. Make it easier on yourself and start learning how to increase your earning capacity by reading How To Negotiate A Higher Salary.
5. Stop Being Financially Illiterate
Knowledge is power. Equip yourself with a solid understanding of personal finance, investment strategies, and wealth-building principles. This self-education will enable you to make intelligent financial decisions and adapt to changing economic conditions. The above points are a great start to becoming financial literate. There are various resources available, both online and offline, to boost your financial literacy. Some great places to start learning more about how to be financially literate are Dave Ramsey and The Money Guy Show.
6. Stop Earning Linearly
Most of us start our careers trading our time for money. If you are still trading your time for money make sure you have maximized your time by negotiating a higher salary. However even if you maximize your salary this approach puts a cap on our income potential. Instead of selling your basic time, consider selling your expertise or specialized skills to create multiple streams of income. Creating multiple income streams is a powerful strategy for building wealth. This could involve freelancing, turning a hobby into a side business, or joining the gig economy. Consider investing the money earned from these side gigs into income-generating assets for additional financial growth.
- Specialized skills as a Consultant: Offer your unique skills and knowledge as a consultant. If you take this route you will need to determine the proper pricing structure, avoid charging by the hour, to earn based on the value you provide, not the hours you clock in. unless you are using this as a stepping stone to refine your service for the next two options.
- Group-Based Services: With enough experience providing services to individuals, consider offering them to groups. This can significantly increase your income. If you were charging $100 an hour on an hourly basis 1-1 then you would make $100 in the hour. Now if you did it to a small group of 10 people and you charge the same amount you make $1000 in that hour.
- Saleable Code: Create digital products such as software, ebooks, courses, or webinars. These can be invested in once and sold an unlimited number of times without any additional time investment on your part until you hit a certain scale.
- Residual Earnings: Consider opportunities for residual earnings, such as profit sharing or equity in a business.
It is obvious you want to build wealth otherwise you would not be reading this article. Since that is the case help yourself out and schedule a free consultation with Acquired Salary. We can help you build wealth faster, with less effort and without having to give up the things you enjoy in life. Do not just take my word for it, the statistics show it. On average our clients have seen a 30% increase in their earnings in less than 1 year.
7. Do Not Extend Your Time To Action
What is the value of shortening timelines? Imagine you are a business that helps people lose weight. How many customers do you think you would have if your customers always saw the results they wanted after working with you for 16 weeks. Sounds like a good business model so it would be reasonable to have a fair number of customers. Now imagine a competitor comes into the space. They miraculously figured out how to get their clients the weight loss results they wanted as soon as they hung up the phone after purchasing the service. All of the customers are going to flood to the business that gets things done quicker. This is one of many different examples I could provide however the point has been made.
Now apply this shortened time to action or result to your life when it comes to building wealth. Once you have learned how to build wealth, or complete whatever goal it is you are trying to complete, reducing the time to action is an incredibly effective way to combat procrastination and ensure success. Instead of thinking in weeks or months, try to think in days. This sense of urgency can motivate you to take bold action.
Remember: Preparing to do the thing isn't doing the thing. Scheduling time to do the thing isn't doing the thing. Making a to-do list for the thing isn't doing the thing. Telling people you're going to do the thing isn't doing the thing. Messaging friends who may or may not be doing the thing isn't doing the thing. Writing a banger tweet about how you're going to do the thing isn't doing the thing. Hating on yourself for not doing the thing isn't doing the thing. Hating on other people who have done the thing isn't doing the thing. Hating on the obstacles in the way of doing the thing isn't doing the thing. Fantasizing about all of the adoration you'll receive once you do the thing isn't doing the thing. Reading about how to do the thing isn't doing the thing. Reading about how other people did the thing isn't doing the thing. Reading this essay isn't doing the thing. The only thing that is doing the thing is doing the thing.
8. Stop Avoiding Discipline and Patience
Motivation can be fleeting, but discipline can carry you through. Build your self-discipline by starting small and gradually increasing your commitments. Over time, this discipline will become a habit that can drive your success.
Wealth building is a gradual process that requires discipline and patience. Embrace these virtues and remain consistent with your savings and investments. Automated contributions can help ensure consistency and propel you towards long-term financial success.
9. Stop Staying Stagnant
Lastly, don't be afraid to shake things up. Whether that means cutting toxic relationships, moving on from old mistakes, or even trying to compete against everyone else, it's important to remember that change is a part of growth. So, embrace it, and let it lead you to a better, wealthier you.
Wealth building is not a one-size-fits-all process—it's a personal journey that requires intention, discipline, and patience. As 2024 dawns, let's commit to breaking old habits and adopting new ones to usher in a year of financial prosperity.
10. Stop Neglecting Your Skills
Skills are one of the only things that can never be taken away from you. You could build wealth and have millions of dollars to your name and an institution, government or other entity could take it all away from you in the blink of an eye. Knowing this as you want to build wealth, focus on building valuable skills as they can never be taken away from you. That way if you ever lost all of the wealth you had built you would still have the skills to build it again.
One of the most valuable skills you will ever learn is psychology, more specifically the psychology of sales. Developing strong sales skills will allow you to build a thriving business, or negotiate a high salary among many other important things that can help build your wealth.
Conclusion
In conclusion, building your wealth in 2024 or getting rich in 2024 requires a strategic shift in mindset and habits. Start with one or two strategies that resonate with you and gradually incorporate more as you progress. Remember, small changes can lead to significant transformations. The journey towards financial freedom and success is within your reach. Start today, and a year from now, you'll be surprised at how far you've come.
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Remember, you're capable of creating the wealth you desire. So, start now, and make 2024 the year you become rich!
Disclaimer: Information presented in this guide is for educational purposes only. Please consult with a financial advisor or tax professional before making any investment or financial decisions.
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