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In 2024, I would like to put more money into my brokerage account. After focusing on other financial goals like buying a home this year, you want to switch your focus to more long-term goals like putting more money into the stock market where you can get better returns. I am.
However, finding more cash to invest isn’t always easy. Here’s how I plan and the steps I’m taking to ensure I reach my goals.
This is the most important step I am taking to aim for further investment
I’d like to invest about $5,000 more in my brokerage account this year. many of money. But as the table below shows, that $5,000 can add up to a significant amount over time, so it’s well worth the effort (assuming an average annual return of 10%). (which is what the S&P 500 has produced fairly consistently over time).
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|
After all these years… |
Your $5,000 investment could be worth so much… |
|---|---|
|
Ten |
$12,968.71 |
|
20 |
$33,637.50 |
|
30 |
$87,247.01 |
Table source: Author’s calculations.
I look forward to seeing all the extra cash accumulate in my account over time. And to make that happen, I intend to take significant action. I will do my best to increase my income.
To invest another $5,000 by 2024, you’ll need to find about $416.66 more each month.now i did it Therefore, try to reduce expenses. Unfortunately, it would be very difficult to reduce spending that much. And since you have a mortgage and no plans to move, you can’t reduce your housing costs.
You can eat out less and spend less on entertainment, but neither is enough. In fact, the average American spends about $166 per person per month on eating out, and my girlfriend’s family of four comes pretty close to that. So basically he has to stop eating at restaurants for a year, which probably won’t be possible. happen.
Rather than trying to deprive myself of the whole year, and it would probably be too difficult to cut back on spending so much that I wouldn’t be able to do that, I’d rather try to increase my income.
In theory, there is no limit to the amount that a person can earn each month (depending on the available time), although you will have to work a little more to increase your income. It’s much easier to spend a few hours each month at work than to spend 30 or 31 days sacrificing every day of your life struggling to reduce your spending.
In fact, the average side hustle earns about $483 a month, so most people willing to put in a little extra work can join me in ending 2024 with an extra $5,000 in their brokerage account. (or you can invest towards a financial goal you think is important).
We also plan to automate the process.
There is also one more step you can take to ensure you invest the amount you want. Let’s automate the process. Once you’re sure you can make an additional $417 a month, you’ll have the money transferred from your checking account to your brokerage account on the day you get paid. That way, you won’t be tempted to spend your hard-earned extra cash on building a secure future.
If you want to reach your financial goals this year, consider taking these steps yourself. Whether it’s working overtime, finding a side hustle, or trying to increase your rates on freelance work, look for ways to make a little more money this year and spend it on the things that matter to you.
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