It’s that time of the year again!

The time we reflect, review, and replan our lives for the next year.

2023 was an amazing year for our team at Investing at 25:

• Our team traveled to different regions like UAE, Egypt, and Eastern Europe.

• We scaled our content on various platforms like Instagram, LinkedIn, TikTok, Twitter, YouTube, Spotify, and Apple podcasts!

• We collaborated with the best individuals and brands for our podcasts and newsletters

And now, we’re working on something MUCH bigger – something that can genuinely be life-changing for all those looking to build an additional income in 2024… but more on that later. 😉

This coming year, it's time to turn the dream of financial independence into reality. 

That’s why in this article, we’ll explore 7 key ways to build wealth fast in 2024.

Note: When I say ‘fast’, it doesn’t mean overnight. It’ll still take time, but if you play your cards right then it can come sooner than expected. 🤝

Anywho, let’s get going. 🚀

1. Establish Concrete Financial Objectives

Starting New Years off without setting goals feels incomplete, doesn’t it?

When you stop to create your yearly personal and professional goals, I want you to make a separate category for FINANCIAL goals. 

‘Begin with the end in mind’ 

This timeless wisdom I learned from Stephen Covey should be your north star with wealth-building! 

It's crucial to clearly define what you wish to achieve: be it accumulating wealth, buying a house, retiring early, or launching a business venture. 

What does ‘clearly define’ mean? It means you should be able to quantify and visualize it.

If someone says ‘I want to be rich’, that’s an unclear and vague statement.
But if someone says ‘I want my income to get to $10k/month within 12 months’ is more concrete.

And these concrete goals give you a sense of direction and motivation for your financial goals!

2. Maximize Every Dollar

There’s a concept I learned from Dave Ramsey, one of the biggest financial advisors in the game!

He pointed a strategy out for budgeting: make sure you know where every single dollar is going.

…But what does that mean?

It means people usually take their income and have no clear idea WHAT and WHERE they should spend it, and that’s why they end up confused about where all their money went at the end of the month!

Making smart financial decisions compounds over time and only helps in building wealth more. Stay proactive in keeping track of your expenses, creating a 50/30/20 budgeting rule, and cut back on nonessentials so you can significantly grow your savings and investments in the future.

In short, maximize every dollar. 

3. Self-Education and Upskilling

As Alex Hormozi once said…

“S&Me 500 > S&P 500”

In other words, investing in your skillset and education can maximize your income more than any investing option can do.

Think about it: Let’s say you invest $100 in a 4-week AI-based social media marketing training boot camp. You’d go from $0 to potentially $1000 within 2-3 months easily if you focus on the process. That’s a 10x return within 3 months.

On the other hand, if you invest $100 in an index fund, you’d most probably get only a 10% return after a whole year. 

While yes, I don’t want to undermine the importance of investment options, I do firmly believe that investing in your education and skillset trumps all other options!

4. Diversify Your Income Streams

This is kind of an extension of the last point.

In the initial parts of your journey, your goal should be to jump from 0 to $1k/month in income at least. 

Then 2k, then 5k, then 10k, and so on.

And all of this is done mainly by upskilling yourself and selling your services online.

But there will come a point where you’ll have limited hours in your day and will still want to generate income – this is where your investments come in.

As you grow your income, a foolproof way to build faster wealth is to diversify your income into different investments. This can be index funds, mutual funds, side hustles, becoming a silent partner in small-scaled businesses, whatever. The possibilities are virtually endless.

In short, grow your income to a certain point, then explore ways to create multiple additional streams of income where you detach your time from the money you make.

5. Live Below Your Means

This is what it looks like getting our first paychecks in our 20s:

1. Spend 95% of the income in the first 10 days.
2. Utilizing the 5% in the last 20 days of the month.
3. Repeat.

As funny as it looks, it’s true. 😅

In our 20s, we often lie in a dilemma of ‘enjoying our lives’ and ‘saving sustainably’

My opinion is you can do both at the same time.

And the biggest principle to this is to avoid lifestyle inflation, especially as your income increases, and strive to save and invest the difference.

My honest suggestion would be to prioritize experiences over products. Save for things like traveling rather than spending lavishly on clothes, food, or other consumer items. 

Trust me – this is a game-changer in your journey to financial freedom! 

6. Stay Disciplined and Patient

I know the title of this article is to ‘build wealth fast’, but what is fast anyway?

It’s not about becoming rich overnight. People jump from one idea, strategy, and goal to another, which resets your progress and all the effort you’ve made (do read about Shiny Object Syndrome).

This coming year, try adopting a simple mindset: The slow path, is the fast path.

In other words, try to fully internally believe that going slowly and steadily is the fastest way to growing wealth. Consider it the same as working out and building muscles. 

The slower, more patient, disciplined, and persistent you are, the more the odds will be in your favor.

Building wealth is a gradual journey. Embrace the ups and downs.

7. Find a Mentor or Coach

No matter where you're at in your wealth-building journey, finding a trustworthy professional or coach to guide and mentor you can speed up your progress toward financial independence.

Think of it like this: You can either spend months and years of trial and error in different areas or strategies, or you can choose to have a mentor to check up on your progress, and your overall growth as you proceed.

Remember: this person should be someone who was in the same situation as you are, and/or is currently where you want to be. They’d be more likely to understand your situation and help you overcome your biggest obstacles! 

Getting paid coaching is accelerated learning, invest in it!

And just like that, the 2023 season, comes to an end…  cheers to the last Investing at 25 newsletter for 2023! It’s been a magical year for our team collectively and individually. We wish you all the best in your financial journey and we’ll be there next week like we’ve been here in the past 1.5 years. 😉

Happy New Year from our team to yours! ❣️💸

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