How To Invest In 2024 (The BEST Way To Get Rich)

BUILDING WEALTH IN 2024:

-Optimize for Cash
Start by tracking all of your expenses and income over the next 60 days using software like RocketMoney, YouNeedABudget, EveryDollar, MonarchMoney, or even your own excel spreadsheet - and then, log every single penny that goes into and out of your account. There has never been a better time in the last 20 years to earn money on your money, since High Yield Savings Accounts are almost ALL paying over 4% APY.

-Pay Down High-Interest Debt
The average American now owes more than $22,000 - Credit Cards, Car Loans, and Personal Loans make up almost ALL of this - and, at today’s interest rates, this could EASILY be costing you thousands of dollars per year. In terms of the HOW to pay down debt as fast as possible - you have two ways:

The first is called “The Avalanche Method,” and mathematically - this is the perfect way to pay down debt. This is because you’ll begin paying down the highest interest-rate debt, first, that’s costing you the most money - and then, once that’s fully paid off - you’ll pay down the next highest interest-rate - and the next - and the next - until eventually, it’s all paid off.

The second method takes on a more psychological approach, and that’s called “The Snowball Method.” This works by paying off the smallest balance first, regardless of the interest rate, and then paying off the next smallest balance. The reason this works is because you’ll get the “win’ of paying off a debt, in its entirety - and by seeing results, faster, it’ll be easier to stick with it long term.

-Creating a Roth IRA
This is an account that you contribute up to $7000 per year into - and then - by the time you’re 59.5, you can pull out all of your profit, completely tax-free. Not to mention, the ideal time to start and contribute to this account is when you’re young and not earning a lot of money, since - one: You’re probably already in a low tax bracket, so you have more after-tax income to invest, and two: You’ll have decades to allow compound interest to grow your money into something significant.

-Choosing Your Investments
First: Diversify.
You NEED to spread out your money across different companies, sectors, and areas so that if something happens to one - you’ll have others to fall back on.

Second: Don’t Try To Beat The Market.
Even though it’s tempting to want to utilize alternative investments, pick individual stocks, and create your own portfolio to get higher returns - the reality is: almost everyone fails.

Third: Research Index Funds.
A few years ago, Warren Buffett famously said that this is the single best investment for the vast majority of people. Index Funds cover a wide variety of stocks and industries, they’re well diversified, and - they’re really cheap to own.

Fourth: Assuming you can follow the above - Dollar Cost Average and Do Nothing.

Overall, if you want to build massive wealth - long term - all of it starts with the boring basics: Optimizing your savings, reducing high-interest debt, investing in tax-advantaged accounts, diversifying your investments, setting realistic expectations, and then - sticking with it consistently for decades.

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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.

[Justinfred]

As always, a great analysis. Newcomers often wonder if it's too late to navigate the financial market, but the market is always unpredictable. Trading has more advantages than simply holding, so it's important to learn before diving in. Active trades are necessary to ride the market's waves. Thanks to Zachery M Demers’s insights, daily trade signals, and my dedication to learning, I've been increasing my daily earnings. Kudos to the journey ahead!

[iamlaurenmoe]

I'm curious about the greatest investment prospects right now. I read certain perspectives, but I soon learn that these opinions are meaningless because the stocks they mentioned took a completely different turn.

[Dantursi]

Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.

[JefferyDuns]

My expectation for 2024 is that markets starts to broaden out more, ” what if the interest rates go up? i have a ton of questions....can I safely invest $220k? What should I do differently?

[blaquopaque]

Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!

[Elizabeth-mhdj]

I have been a dividend focused investor for a long time. This does not mean I don't own growth stocks, I do. A well rounded portfolio should be a mixture of both categories. One way to minimize the anxiety out of stock market investing, is to make sure you keep a large cash cushion. I invest in the market, but never put all my money in market.

[ErinWarner-zcjy]

It's a common misconception that when a stock you buy skyrockets, the smart thing to do is sell it (or at least sell some of it) to lock in your profits. But the context matters. If the stock has increased sharply because the business is performing exceptionally well, it could still be a bargain. I'm still looking for companies to make additions to my $350K portfolio, to boost performance. Here for ideas...

[danforyou]

Address the Yotta situation immediately. We invested bc of you Graham, we will make your life living hell bc of what you have done to us

[Jaymilnere]

I really do have a question, for someone with less than $300, 000 to invest, how would you recommend we enter the market? I am looking at studying some traders and copying their strategy rather than investing myself.

[djdshhsghg]

FTX and Yotta, you sure do know how to pick them

[RickMckee-nqni]

What I don’t understand is, on one hand we are told the stock market will crash and yet on the other we are told ways of investing in the stock market. Oxymoron or paradox? I'm considering investing over $300k, but I'm uncertain about risk mitigation strategies.

[yungzynofficial]

Graham you’re cooked. You’re involved in Yotta and you’re giving financial advice? 😂

[ap]

We're waiting to hear your opinion on this YOTTA crisis.

[TheJackCain-]

Great video, I've been interested in investing ever since I came across articles of people making up to $150, 000 and more in this period, thanks for the video but is it really possible for a retail investor to achieve this in months?

[Christensen]

I put in 20k into various assets late last year and flipped into six figures within a few months and still going. I’ve always been an advocate of investing because it has been rather rewarding. I hope to attain financial freedom soon. One more thing, keep up the good work brother.

[SeanTalkoff]

Given the uncertain economic conditions and heightened global tensions, I'm considering investing over $400k in stocks. However, I'm uncertain about how to minimize potential risks.

[JakobEslinger]

Really hard to pay for an emergency when yiur funds are frozen in a yotta account

[Unrealisednostalgia]

Commenting to remind you that this guy has made millions giving unlicensed advice and has no problem promiting scams as long as he lines his pockets.

[robertvanleeuwen]

Yotta bank is the only way to get rich in 2024 😂

[FreeWaves]

DONT LISTEN TO A THING THIS MAN SAYS! he is involved in almost every major fraud, FTX to now Yotta!