8 Ways You Can Go From Broke to Rich in 2024
8 Ways You Can Go From Broke to Rich in 2024
Cindy Lamothe Thu, February 15, 2024
Trying to get to a place of financial stability when you’re broke can feel like an uphill battle. But according to experts, you shouldn’t give up hope. With the right mindset and strategies, you can dig yourself out of financial struggle and significantly grow your wealth this year.
Here are some ways you can get ahead in 2024.
Identify Your Limitations
“In my experience as a finance expert, I have gathered that there are two major reasons individuals are broke and living paycheck to paycheck,” said Mafe Aclado, general manager of Coupon Snake.
“It is either they are not earning enough, or are like so many others who bring home a pretty decent income, but neglect to budget their expenses,” she explained.
“Without first identifying why you are broke and why you always blow through your earnings before the next paycheck arrives, it would be next to impossible to make any significant strides in your finances, much less go from broke to rich in 2024.”
She said finding out what aspect of your finances, or spending habits is limiting and hindering your financial growth, is the first step toward going from broke to rich this year.
That said, she noted that one way to tremendously improve your finances this year is to become dedicated and ready to put in the hard work that is required.
“You would just have to realize and be ready to make the necessary changes both in your spending and saving habits,” she added. “You would also have to be realistic and adopt a growth mentality because your money mindset is crucial to how much financial success you are able to achieve within one year.”
Start Investing Wisely
“I would say one of the best, and perhaps only, ways to go from broke to rich in a single year would be through making lucky picks when it comes to investments,” said David Kemmerer, CEO of CoinLedger.
“I have seen some of these types of results from crypto investments, but these do tend to be riskier and you should never be investing money you can’t afford to lose,” he noted.
“However, if you’re looking to accrue wealth and improve your financial situation through passive income, I would highly recommend investments as one way to grow your money and escape the paycheck-to-paycheck cycle in 2024.”
Ethan Keller, president of Dominion, also recommended you start investing as soon as possible to take advantage of the compounding growth.
“In order to reduce the amount of risk you are exposed to, you should diversify your portfolio and investigate low-cost investment options such as exchange-traded funds (ETFs) and index funds.”
Live Frugally
“Make the decision to live a frugal lifestyle and fight the urge to spend more than you can afford,” Keller said.
By living below your means, he said you’ll be able to save and invest more money, which ultimately speeds up the process of reaching your goal of becoming financially successful.
Begin Networking
To continue reading, please go to the original article here: