5 Steps to Financial Success in 2024: Decade Investor's Guid
2024 is less than 30 days away.
Follow this 5 step process to win with your money in 2024:
1. Write down your money goals.
What do you want to do with your money? What are you saving for? What big purchases are coming up in the year?
Once you have a direction for your money it helps you work backwards to figure out how you need to get there.
2. Review your expenses.
Write down your fixed expenses (like house payment, car insurance, car payment) as well as your variable expenses (like groceries, gas, electric).
Figure out a rough estimate of how much you have spent each month in 2023.
3. Make necessary changes.
Based on your 2023 performance, were you spending MORE or LESS than you make each month?
If you make $5,000 a month but have spent $5,200 a month, you NEED to make a change. To build wealth, you must spend less than you make.
4. Create a 2024 Budget.
Write down your income vs expenses. Set goals for how much you want to save/invest each month.
Pay yourself first into savings/investments, then focus on not spending more than you have left.
5. Update as changes happen.
Life happens. Things change. The person with a plan that allows for changes to happen is in a better spot than the person who can’t adapt.
If you get a raise, update your budget. If you pay off a debt, update your budget.
Those who do well in 2024 with their money are making their plans now.
Don’t be left behind yet again in 2024.
Link to the X thread by Decade Investor:
