As a 31-year-old millennial, what’s the best way to build wealth in 2023? Not necessarily the fastest or safest, but the most feasible with a few grand and no other resources.
Growing up, I was told property was key, and most of America’s wealth is in real estate. But now, the market feels different .
Should I wait for a “crash” to buy a home, or is that just wishful thinking?
At my age, I feel stuck without feasible options for passive income. Property was my plan, but I’m discouraged. I don’t want to be Warren Buffet, but I’d love some financial freedom .
I tried stocks, but they’re not for me. I have $2k in Robinhood, but it’s not doing much .
Here are the most feasible ways to build wealth in 2024: Investing consistently in a diversified portfolio of stocks and bonds through retirement accounts like 401(k)s and IRAs is one of the best paths to long-term wealth. Maxing out tax-advantaged retirement contributions can help your money grow faster. Buying a home and paying down the mortgage is another proven wealth-building strategy, as real estate tends to appreciate over time. Developing multiple income streams, such as a side business, freelance work, or rental properties, can accelerate wealth creation. Living below your means, minimizing debt, and saving diligently are essential habits. Seeking professional financial advice can help optimize your wealth-building plan. While there are no shortcuts, consistently implementing these strategies over many years is the most reliable way to accumulate significant wealth.
I believe there is a market for developing something involving baby boomers because of the aging population and falling fertility rates.
Taking care of their yard, driving them about, and providing IT support. Any services that enable people to remain in their houses rather than moving into retirement communities, as it appears that this is their preference.
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