How To Get Rich In 2024

As the curtain fell on 2023, many of us found ourselves grappling with the harsh reality of a cost of living crisis. 

Grocery prices soared, interest rates climbed, and rents increased, leaving a significant portion of the population financially strained. 

In this week’s The Briefing, the five-part series is dedicated to helping you sort out your financial life in the new year. 

In this episode, we talked to Scott Phillips, Chief Investment Officer at The Motley Fool, unravelling the secrets and strategies that can pave the way for financial success in 2024.

Mr Scott said that wealth equates to choice. It’s the freedom to decide when and how to live life, unburdened by financial constraints.

Whether it’s breaking free from the shackles of a nine-to-five job or choosing a career that aligns with personal passion, wealth provides the autonomy to make such decisions.

However, achieving financial freedom is a challenging feat in the current economic landscape. Housing affordability, inflation, and interest rates pose formidable challenges. 

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A recent study even indicated that many Australians believe an annual income exceeding $320,000 is necessary to be considered wealthy – a figure that remains elusive for the majority.

He said the distinction between earning an income and accumulating wealth is crucial. 

Regardless of income, you only really get wealthy if you can put away a portion of that income and use that to start building passive income that you don’t have to work for,”

he said.

As for pitfalls to avoid in 2024, Mr Scott warned against speculative ventures. He drew a clear distinction between investing, which involves thorough analysis and a long-term perspective, and speculation, akin to buying a lottery ticket with improbable outcomes.

Investing is really… It’s the tortoise. It’s just slow and steady, winning the race, adding money regularly to your account, investing in quality businesses, diversifying property and letting time do the rest.”

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