5 money moves you should make in 2024
As a new year begins, now is the perfect time to get your finances in order and solidify a wealth-building plan.
There are things you can start doing now to start the year strong that will translate into healthy money habits for the years to come.
We’ve compiled a list of timeless ways to up your money game without significantly altering your day-to-day life. From saving to spending and even investing, here are five essential money moves you should make now.
1. Grow Your Wealth and Retire Early with a Trusted Advisor
Secure your financial future with confidence through a personalized plan designed to optimize investments, navigate taxes, and ensure a comfortable retirement.
And don’t feel like you have to do it alone. Studies show that working with an advisor can add as much as 3% more to your annual returns.
Zoe Financial is an online platform that simplifies the process of finding a financial advisor you can trust. They match you with a network of vetted fiduciary advisors who are evaluated based on their credentials, education, experience and pricing.
The best part? It won’t cost you a dime to find your perfect advisor through Zoe.
2. Pay off credit card debt with a personal loan
When you have control over your debt, you can enjoy peace of mind and look forward to the future.
Credible makes it easy to streamline your debt repayment at an affordable rate. Their online marketplace of vetted lenders provides personalized debt consolidation loan offers based on your needs, allowing you to pay off your debt more efficiently at a fixed rate without juggling multiple bills.
All you need to do is provide some information about yourself, and Credible will present you with a list of loan options to start tackling your debt.
3. Stop wasting money on overpriced car insurance
Car insurance is likely taking a big chunk out of your monthly budget, but it could be keeping you safe for less. Insurance companies tend to pile on confusing add-ons and lingo, which leads you to pay more than necessary.
OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.
You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results.
Find offers as low as $29 a month.
4. Get in on private markets
Wealthy millennials have discovered investment opportunities that were once the exclusive domain of hedge funds. According to Bank of America, young investors allocate three times more space in their portfolios to alternative investments – such as private equity and real estate – than their older counterparts.
If you want to follow this allocation strategy, Fundrise grants access to a diverse world of alternative investments, including real estate, private debt and even venture capital.
With over 2 million people investing on the platform and $7 billion worth of real estate assets alone, Fundrise uses its unique software-enabled systems to lower overhead and potentially deliver superior returns.
When you answer some questions about yourself, your finances and your investing style, Fundrise will recommend an investment plan tailored to your needs.
5. Invest your spare change
Acorns is an investing service and savings tool rolled into one.
When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.
Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. That’s all there is to it.
Your spare change may not seem like much, but look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.
Plus, if you sign up now you can get a $20 bonus investment.