1) Automate your savings and investing. Make the money come out of your paycheck or checking account automatically, that way you can’t spend it. This is called paying yourself first.

2) Invest Wisely: Explore investment opportunities aligned with your risk tolerance. Smart investment decisions can make your money work as hard as you do. For me personally, I’m in stocks all the time because I’ve lived through a lot of market ups and downs over the last 30+ years. However, this may not be suitable for you. It depends on your personality.

3) Debt Management: Make 2024 the year to tackle debts strategically. Whether it’s student loans or credit card balances, a proactive approach can pave the way to financial freedom.

Always, always, always pay off your credit card balance at the end of the month. Many credit cards charge interest that is 30% per year. I’ve seen way too many people have their finances destroyed by this.

4) Contribution Maximization: Maximize your contributions to retirement accounts. In 2024, you can contribute up to $23,000 to your 403(b),457 and 401K plans and up to $6,000 to your IRA. For those 50 and over, catch-up contributions are your secret financial weapon. You can add an additional $7,500 for a total of $30,500. For an IRA it’s an extra $1,000.

If you want to turbocharge your investing you can have a 403b and a 457 and contribute the max to both.

5) Open a Roth 403b or 401K if your school or employer allows. The money will grow tax-free for life. Probably the best investment choice out there.

If you need any guidance or have questions about your financial journey, I’m here to help!

Here’s to a prosperous and joy-filled 2024!