493: 24 Money Tips for 2024: The BEST Ways to Invest Your Money THIS Year

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 18 January 2024

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Looking to be a better investor in 2024? A few simple adjustments could help your money work much harder for you this year, and our hosts are here to lend a hand! In part three of our four-part money tips series to kick off 2024, Mindy and Kyle offer some top-notch advice on how to invest your money this year. You’ll learn about the importance of tracking your finances year-round, savvy retirement planning, and, if you’re a real estate investor, putting some of your “lazy” equity to better use! Beyond investing, our hosts provide several money hacks that will help you chip away at your expenses this year—whether it’s taking advantage of autopay or annual-pay discounts or pivoting to a low-cost phone plan. Finally, they discuss how spending money can actually propel you toward your FIRE goal! In This Episode We Cover How to be a better investor in 2024 and beyond Finding the perfect method to track your finances year-round Paying a fraction of your current phone bill by switching to a cheaper plan Saving money on bills with autopay and annual pay options How to spend money, enjoy your life, and still save BIG Getting the highest retirement account benefit by planning contributions Making your money work harder by optimizing your investment portfolio Reinvesting the “lazy” equity in your real estate portfolio And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Check Out Part 1 of Our 24 Money Tips for 2024 Check Out Part 2 of Our 24 Money Tips for 2024 Ramit Sethi Revisited: Spend Like Your Life Depends on It Find a Discount Phone Plan: Mint Mobile Visible Click here to check the full show notes: https://www.biggerpockets.com/blog/money-493 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:03.6	Today is our third installation of 24 money tips for 2024.
0:08.4	My name is Mindy Jensen, and joining me today is my financial mastermind co-host Kyle Mast.
0:14.0	Hey Mindy, how are you doing today?
0:15.4	I'm great, Kyle, how are you doing?
0:17.2	I'm doing great.
0:18.2	It's going to be another fun episode of hitting these tips and just plowing through
0:22.3	him here at the beginning of 2024 to try to give people
0:25.0	a leg up right at the beginning of the year with their finances.
0:27.7	Yep, I am super excited. Let's jump in. The first tip we have today is re-evaluate the way you keep track of your finances.
0:36.2	I see so many people get so motivated to keep track of their finances and then they set up
0:41.6	these super fancy Excel spreadsheets and get really, really detailed.
0:46.8	If your system is holding you back from tracking your expenses, make a new one.
0:52.2	I was keeping track of my expenses in a notebook and that worked just
0:56.2	fine for me for a while. So there's nothing wrong with whatever you're doing as long
1:01.2	as it's something that's going to keep you keeping eyes on
1:05.1	your finances. So find a system that works for you and use it.
1:08.8	Love it. Yeah, number two, go through your bills, all of them, and look for a couple of things. See if you can put
1:15.8	them on auto pay and also see if there are discounts available for annual payments versus
1:21.6	monthly payments. Putting things on
1:23.4	auto pay will really make a difference in as far as like any late payments that you
1:28.7	might accidentally do with with different items whether it's a mortgage from the big end of things or
	...

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