Watch This to Get Rich in 2024 (My 5-Step Checklist)

I want

2024

to be the year you fix your finances once and for all. Imagine being able to finally live a

rich

life in

2024

. Well, I will show you my exact

checklist

that has helped change the lives of thousands of people and I have broken it. If you follow them, you will be able to finally achieve your financial goals

this

year, so let's go straight to

step

one, take a look at the past year and create a vision for

this

year every year, my wife. and I spend a few hours reviewing our year and we look back, we talk about what went well, what we would change and then we plan our next year and personally this is the best part of our year review because you can look back.

In the memorable moments when you share your favorite photos, you can dream and then you can adapt your finances to make your dreams come true. By the way, you can do it alone or with a partner. It works either way, so for starters. I want you to ask yourself a couple of questions and don't be afraid to dream big. This is not the time to minimize your dreams. Oh, one day I would like to have a house on the beach, it doesn't really need to be close. the beach actually doesn't even need to have a roof there's no running water I really just need four walls it'll be fine it'll be fine I'll find a way to make it go to the beach no, this isn't the It's time to minimize your dreams, it's time to be expansive.

What if we had an amazing year? What would it be like for us? Take some time to think about your answers and write them down somewhere. Question one, what was your most memorable moment this year? Set the stage for you to have a fun, positive conversation about money and as an added bonus, you can review your photos from the past year before you meet up and each of you can bring a photo and talk about it. Here's why I remember this. This is what I loved. About it, whether you're doing this alone or with a partner, this makes the memory really vivid.

Question two, what did we do well and what could we have improved? When you come to this question, make sure you don't judge about it. I'm just stating facts, for example, you know, we said we were going to spend $100 a month on eating out and we did it excellently, an area where I think we could improve. I know I was supposed to be in charge of purchasing and honestly. I didn't really live up to that, I slipped, here's what I'm doing to change that next year or I think we both said we wanted to spend more time with our kids or at church or seeing friends.

I feel like that's an area we can both improve on, so at this point you should feel pretty good. Yes, you've talked about what was memorable and yes, you have things to improve, but you're doing it together. Question three, how do our numbers align with our plan now? this question you need to be prepared ahead of time with your numbers, for example, here is a conscious spending plan with real numbers now, if you already have this set up, this is the perfect time to pull it out and see how it adds up, by the way, if Yes You haven't used the Conscious Spending Plan before, you can download a free copy of the template in the description below, so, for example, maybe you said you're going to save 7% a year and, just to make the math easier, Let's say your household income. it's 100k well you saved $77,000 if you did a great job take the win if not own it say we need to fix that in fact make the changes to your automatic savings right after this meeting now as for the expenses that we said we were going to make. to spend $500 a month on groceries, this is what we actually spent, so at this point you're having a conversation to see what you plan and what the actual results were, and when it comes to deviating, you usually find that there are three to five The areas that really need your attention for most people are discretionary spending, like eating out and traveling, those are the consistent areas where people spend too much, but if you find yourself in the weeds, we add $ 13 additional ones here that we didn't take into account. 18 months ago you probably took a wrong turn and want to focus on the big picture, most of your expenses should already be planned, they should be relatively static over the course of 12 months, for example, the cable that doesn't really change or your cell phone .

Bill, all of these things are discussed in chapters four and five of my book, this is how it's done, it's together, don't blame each other, it's not about calling anyone a failure in life, this is just what What happened, let's analyze it and learn from it. so we can improve for next year question four going forward, what do we want to do more of now? Remember you are not jumping to the numbers in this section, you are asking what is our

rich

life for 2024, what do we want our life to be? It looks like we're going to paint the picture and here's a tip: you can decide where you really want to spend the most money by calculating your money dial.

I've mentioned the money dial several times. Basically it's an area that you love to spend money on and I would actually love to spend more. Here are 10 common money dials. The most common is food, usually eating out, then travel, then health and wellness. My personal convenience for marking money. And there are many more. Look at these money dials. Which of these excite you? and then look at your own expenses, if they match, it could be spending more time with family traveling, working on hobbies, convenience, whatever it is, you can decide what is meaningful in your life and then you can check it off and then we go. to make sure your money really matches your vision of a rich life, for example, my wife and I decide that we want to have more amenities in our life, so what would that look like on a day-to-day basis? that are seen throughout the year, more important things that we think about and that are also convenient: we want our clothes taken care of or when we travel we want to have a car waiting for us at the airport, just list everything you can think of be abundant, we're not talking about whether you can afford it right now, we're creating a vision and by the way, that's powerful.

This would be a good time to use my journal to help you dream big. You can download the first one. chapter of it by clicking the link in the description, you now have an overview of what you want to do more and less of in the coming year and you can now get into the details of the planning process so you can actually use your money. To make those dreams come true, the second

step

evaluates your expenses. Following this step will change your financial life in 2024 and you won't have to keep track of every last expense.

A conscious spending plan can save you hundreds or even thousands of dollars a month while still being able to spend money in the areas you love, so this is where you get into the numbers and decide how you're going to achieve your goals. Your conscious spending plan or CSP is basically your roadmap to your financial goals now if you find that your spending doesn't align with your goals, your spending will take you in other directions and you'll wonder where all the money is going. I don't want that for you. I want you to live your rich life.

In any given month or year, you can look at your life and say yes, we are spending time and money on the things that are important to us now. It may take you a little time to look at your numbers, but this is important, it's crucial to be honest about where you spend your money because then you can figure out how to make it go where you want it to go, for example if you want a babysitter so you can have a date night once a week. to your expenses, we're not going to do that at all, in fact we're spending a lot more money eating out, but part of our rich life is having time to connect, so let's look at CSP, how much would this cost?

In fact, let's do it right now, let's get into the conscious spending plan, where would that money come from to achieve this goal? Well, looking at this, we'll probably have to cut back on our purchases if we want to do it, you can do it. Make those decisions and trade-offs together and maybe after looking at your numbers you don't think you can do it once a week, but maybe it's more practical to do it every two weeks, that's how you redirect money toward what's important to you. So, use the percentages listed in the conscious spending plan as general guidelines, but take them seriously if your money follows them—that's a big win toward a rich life.

When using the Mindful Spending Plan template, when you fill in your numbers, your percentages will be calculated automatically. Let me break it down into the fixed costs of the first segment. This group should represent 50-60% of your take-home pay. If your fixed costs are too high, you will feel like you have no money left for most people. whose fixed costs are too high are generally housing and vehicle costs, so if your fixed costs are over 60%, surgically focus on these areas, first segment number two. Investments, this is where real wealth is created and the sooner you start investing the more you can have time and capitalize on your side, in my opinion this bucket should represent at least 10% of your take home pay and if you are not investing at minus 10%, I would stop and look at what is happening, are we spending? too much on fixed costs, are we spending too much on guilt-free expenses or basically we just don't set up any investments and therefore every month we feel guilty but we don't actually automatically send money to our investment accounts if your The employer offers a 401k match.

Make sure you contribute enough to get at least 100% match. Of course, more is usually better. A 401k match means that for every dollar you contribute to your 401k, your company will match your contribution up to a certain amount. For example, let's say you earn $100,000 and your employer offers a one-to-one match up to $5,000, which means that if you contribute $5,000, your company will match it for $5,000, meaning free money. You have to do it, you also have to make sure that your money is being invested, don't leave it there. Target date funds are fantastic. The investments I recommend to my own family.

Index funds are great too. You can see the relationship between the two in chapter 7 of my book, just remember the money you invest. A retirement account like an IRA or 401k still needs to be invested, speaking of which, confirm that you are contributing the maximum to your Roth IRA. If you're eligible for a Roth IRA, you can simply look up Roth IRA contribution limits to find out. the exact amount you can contribute back, make sure the money is being invested, then there are other options you have available on my investment scale, in fact you may have options like an HSA, a health savings account that can really be invested, it is an incredible account with triple tax advantage.

The point is that you have many tax-advantaged accounts in which you can invest. These things are not so confusing. You can learn about it. Take a couple of days and you'll be ready for the rest. your life let me show you an example check out the difference between these two examples Savvy Sally actually invests less but ends up with $60,000 more because she invests $200 a month from age 35 to 45 and never touches that money again now we have a little smart Dan, you've been too busy to figure out how investing works, you never said, hey, I want to sit down and buy just one book on personal finance.

Is there a book called I Will Teach You to Be Rich that sells a million copies? No, he never had time to read that anyway, unintelligent Dan doesn't start investing until he's 45, at which point he invests the same amount. $200 a month until age 65, so instead of 10 years, invest for 20 years, what does that mean? That means Savvy Sally still has a lot more money because she started early and that's what I want for you. I want you to start now because time is on your side. Savings number three. I recommend saving at least 5 to 10% of what you take. pay at home and that's how you pay for those big-ticket items the family vacation the shoes if that's what you want the tasting menu review your savings goals are you including an emergency fund?

Are you saving the right amount for the right period of time if not? This is a good time to adjust your contributions to your savings accounts. Now, one savings goal you should always work toward is saving three to six months of living expenses in an emergency fund. Now I want to remind you why three months of work can be overwhelming. Expenses that are going to take forever It usually takes years to fill up your emergency fund This is my suggestion, take your time, just make sure every month you are automatically saving money and that is the important part of saving.

Most people go through life. Oh, I try. to save every month I don't try anything with my money I don't try to brush my teeth I don't try to save I set up a plan like you're doing now and then I set up automatic savings and investments so my money goes exactly where it needs to go. I'm not going tolog into my savings account every month. What a waste of time. Set it to be automatic and then go about your life, which brings me to my favorite bucket number. four spending this cube without feeling guilty should represent between 20 and 35% of your take-home pay and you can spend it on whatever you want, nice clothes, trips, eating out whatever you like now, when I tell people these figures, between 20 and 35% of net salary are surprising, it is a lot of money.

I go, yes, it's a lot of money. You just need to make sure you hit your other numbers and that gives you the flexibility of 20 to 35% monthly in case of at-fault. -Free spending, so here's what you should do: look at your current spending guilt-free and take everything into account that anniversary dinner, you had that extra trip you took and didn't plan for and make sure you take everything into account in your plan Conscious spending, all this will help you have a good life. operating system where every month you are saving, you are investing and yes you are also spending money on the things you love, which brings me to step number three: negotiating bills and fees, now you can easily save hundreds, sometimes thousands of dollars , by doing this.

That's why I'm adding it to the

checklist

. Many companies now spend over $1,000 to acquire you as a customer, which means they don't want to lose you and often have introductory fees or lower monthly fees if you just ask this. It's especially helpful if you're currently paying off credit card debt, as doing this can result in finding an extra $000 a year that can go toward your bills, so let me show you some bills and fees you're currently paying that you can try. . To negotiate down, they could include things like your cell phone bill, car insurance, cable and internet, bank fees, and your credit card annual fees.

Pick up a copy of my book and go to the index to find the negotiation in which you will find each of them. word for word script that you can use to negotiate your rates, let me show you an example of a word for word script that you can use right now to call these companies and negotiate their accounts. One last thing, be sure to take the money you're saving now and redirect it to where you want it to go in your conscious spending. Step four. Use the benefits of your credit card and crush your debt.

I want you to make the most of your credit cards. Now there are some people who say no. I don't use credit cards at all, they are evil, okay they can be evil, but I want you to learn to use them for your benefit and not to drive you away. Oh, I'm so scared I don't know if I can handle it. I'll hide like an ostrich and hope the evil credit cards don't stop me. Let's learn how to use the benefits of credit cards that help us build credit and offer tons of benefits, such as automatic guarantee duplication, cash back, travel. points out all those things, but yes, you need to spend responsibly and stay away from credit card debt.

Well, here's what you should do: Call your credit cards and ask them what benefits the credit card offers that you haven't taken advantage of, for example. I did this over the weekend. I looked up MX Platinum perks and thought, "Oh wow, I forgot they cover my New York Times subscription, they also cover a Disney Plus subscription, there are a ton of perks I didn't sign up for, so I went." I went ahead and made a change to my am X Platinum. Your credit card also offers perks like automatic collateral doubling, which means you don't need to purchase additional collateral, and a bunch of other things that most people don't know about as part of their secret credit card benefits now.

If you have credit card debt I want you to pay it off aggressively credit cards often charge 22 26 28% that is crazy and it means that if you are only paying the minimum your debt will keep piling up now if you already created a payment plan debt or are paying your debt, that means you know the exact month and year your debt will be paid. Review that plan. Is it still on the way? Can you put in an additional plan? $100 or $500 a month for that now for most people, like 95% of people, they never even heard the phrase debt repayment plan, they do what I thought.

I will pay the minimum forever. I think you are going to be 255 years old. old man before that stupid debt you use to get an Ikea table is paid, let's make a plan, get online, find a debt payment calculator, enter your numbers if you're going to remet sat, that would be nice if I knew the numbers , but I'm so overwhelmed call your credit card and tell them I need your help what is the balance what is the interest rate how much am I currently paying make them work for you enter the numbers now you will know the exact month and year that Your credit card debt is going to be paid off now many of you are going to start crying right now oh my god I'm so sad this is so horrible.

I never faced my numbers before, I just prefer to keep my head in the sand REM say why you make me cry I love making you cry 'cause what you're going to do next is wipe away those tears, okay, wipe away, in fact, lick, lick, because I want you to remember the taste of those tears. I don't want to taste those tears again, so here's what you'll do next. Damn, why did I let myself get into this situation? What I'm going to do now is create a debt payment plan, enter your numbers. figure it out, oh my god, it will take me 2 years, 8 months or 28 years to pay off this debt, you know what?

I'm going to contribute an extra $100 a month, oh my gosh, I reduced it by 15%, what's up? If I add $250 per month, where will I get the money from? Now that I have a conscious spending plan, I know that I am in control of my money, my money doesn't control me, I can push levers and control it. you are going to cut back and reallocate your money towards debt. Are you going to make more money and put that extra income toward your debt? That is your choice. The point is that you are now taking control. Then check your credit report.

Now you can get your credit for free. credit report once a year at annualcreditreport.com. This is a good time to do this on your credit report. You'll want to look for any errors, correct them immediately, and then check your credit score, especially if you plan to take out a loan. or buy a car or a house within the next year, it is important to know your credit score, as this affects how much you will pay in interest and your credit score can affect you to the tune of hundreds of thousands of dollars, for example, how much The higher your score, the better interest rate you will get on your mortgage, the better your interest rate will be, the lower your payment will be each month.

Good credit means lower monthly payments, as well as a lower overall cost. Just take a look at In this example, look at how much it will cost you to have a low credit score between 620 and 639 on a mortgage compared to a high credit score based on the current median home price in the US, which is about $400,000 if you put 20% down on a 30 year fixed rate mortgage your loan amount would be $320,000 but based on your credit score you would end up paying thousands of dollars more if you have bad credit, in this case, having a low credit score would cost you 2,300 a month and having high credit.

The score would cost you $1,959 a month, which isn't a huge monthly difference, but by going out 30 years with a low credit score, you'd end up paying $123,000 more for the same home than someone with a high credit score. Remember this. before sending me an email in a week saying RIT numbers have changed what are you talking about? Please don't email me saying these numbers change all the time to get the most recent figures. You can look at my FICO Loan Savings Calculator or my Mortgage Calculator and you can enter the latest numbers now that you understand why it's important to have your credit score.

To find your current credit score, you can get it at myfico.com. Now here's an extra tip that's especially helpful if you currently have credit card debt. Try to renegotiate. your credit card APR, did you know you can do this? Sometimes it can lower your APR. It can save you hundreds, sometimes thousands of dollars in interest payments, depending on how much debt you have now. The better your credit score and history of on-time payments, the better your chances. They are negotiating a lower APR Call the number on the back of your card Tell them you are serious about paying off your debt Ask them if they can lower your interest rate Sometimes it works Sometimes it's not right Either way way, but unless you ask, you'll never know, okay, we have one step left, but before we get into that, if you're not subscribed, do me a favor, click subscribe or follow so I can continue making these videos to you.

Number Five Earn More If you're feeling overwhelmed by debt or if you're looking at your numbers and saying, we've cut to the bone and there's still nothing left, how are we supposed to save or invest 5-10% a month? So I want you to think about making more money. Now remember this: there's a limit to how much you can cut back, but there's no limit to how much you can make, and many of us focus strictly on how much money we have, but we rarely stray away from it. and say, “Hey, wait a second, have I really been intentional about earning more?” Let me give you three different ways you can start earning more this year.

Number one, negotiate a raise now. If you want to negotiate a raise, click this link. to our program on salary negotiation, which includes word-for-word accurate scripts to use at work, if you already have a job, negotiating a raise is a no-brainer, but it requires careful planning, don't just kick down your boss's door and tell him "give it." For me, more money, there is an orchestration before you ask for a raise, you have to establish what it takes to be a top performer, you have to set expectations with your boss and then you have to exceed them.

My recommendation is to do this 6 months before your review and you can use this email script to schedule a meeting with your boss. In that first meeting with your boss, you want to ask what it takes to be a top performer in this role. I really want to exceed expectations, but I want to be clear about what it would take and press them for specific details. Ideally, you come out of there with three specific things that you can handle that mean you're a top performer, and of course you say, look if I can do all of this. things in the next 6 months I would love to discuss a comp adjustment, but for now let me focus on doing these things.

Bosses love this because no one walks into their office and says, "Hey, what would it take to exceed expectations and be one of the best?" interpreter in this role, what would I need to make your life easier? Okay, you leave that meeting, you always email your boss a summary of the meeting notes and then you start tracking everything you do, now this is the hard part. you really need to exceed expectations you want to quantify those results you want to hit those numbers you want to send a weekly or bi-weekly update this is what we discuss this is where I am here there is a current status be sure to communicate your results and asking where you could do better if you want a raise , remember that you actually need to be a high performer, you don't get a raise just for breathing oxygen, you need to be good, and once you consistently get those great results, mention it to your boss.

After a few months, you would like to have another meeting and in this meeting you would like to discuss your performance and compensation. Now, here's a pro tip, play out your job negotiation with a couple of friends who have business experience so you can get feedback. on your performance or of course you can see how it's done in our salary negotiation program, where I actually role play with people in different situations and you can see how to become a highly effective negotiator, then it's time for the negotiation meeting, this is the culmination of all your preparation and hard work make your meeting successful by coming prepared with your current salary, competitive salaries from sites like Glass Door Pay Scale and Salary.com, your list of accomplishments, and being ready to discuss compensation fair number two, look for a higher paying job if you want to find a new job, click the link in the description which will take you to our program find your dream job if your current company doesn't offer growth potential.

I want you to consider looking for a higher paying job during the hiring process. have more leverage than ever to negotiate your salary and remember that no matter what you see people talking about on Tik Tok, it's an incredible economy, you have the opportunity to significantly improve your compensation, your responsibilities, everything you do at work, so what Please. Remember, don't just absorb all the nonsense, the economy is in a terrible place, theeconomy is incredibly strong, you need to take advantage of that and thirdly, make money when you accept the idea that you can earn more without just being limited. to what some company is currently giving you, then you will discover, oh my goodness, that you already have a lot of skills that other people would pay for and you didn't even realize, for example, if you know how to train dogs, people will pay you for that. you know how to do Excel, people will pay you for that.

There are many skills that my students have used to make more money while working full time and doing it on the side and not even realizing people would pay. If you're interested in making money on the side but aren't sure where to start, click the Find Your First Profitable Business Idea link in the description and from there you'll download 30 different successful business ideas that my students have used to launch their own. business. For those ideas that will inspire you, you will also have access to an exercise where you will develop at least 20 original ideas that you can turn into a profitable business, if you follow these five steps.

You will be on your way to finally achieving your financial goals and living a rich life this year. Remember that this annual financial checklist is not a one-time thing. Make it an annual tradition to reevaluate and keep your financial goals on track. keep it on your calendar right now and for a richer and more fulfilling year, remember to subscribe so you don't miss any of my new money videos and

watch

this video on your screen right now to see more.