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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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Career coaches assess skills and values to align them with suitable career paths. They offer strategic advice on job search activities, including crafting compelling resumes and cover letters. Career coaches can also assist with overcoming workplace challenges and fostering professional development.
If you find yourself feeling stuck, unfulfilled, or uncertain about your career path, a career coach can provide valuable insights and strategies to help you make informed decisions. Whether you're considering a career change, seeking professional growth, or looking to improve your job search techniques, a career coach can be a valuable partner in your journey to success.
The duration of career coaching varies depending on your unique circumstances and objectives. Some clients find value in a few focused sessions, while others choose ongoing support over an extended period. Your career coach will work with you to determine the most suitable timeframe and frequency of sessions to ensure maximum benefit.
There are benefits to both salary and hourly. The benefits of having a salary is the security of steady paychecks and on average salary employees tend to have a higher income than hourly employees.
When you have employees who are getting paid salary they are usually more productive if they are paid right. That is why salary negotiations are much more important. A salary increase plays a crucial role in productivity.
When negotiating salary there are mutliple ways you can be productive. These can include: becoming familiar with your industry, staying positive, practice, and more.