Blog #1 - How to make money in 2024 - January 10th, 2024

 Blog #1 - How to make money in 2024 - January 10th, 2024

It's now 2024 and time to move forward on our financial journey's. But the question is, in 2024 when the world seems to be so dark and failing and depressing, how can we overcome it all and somehow come out in a better financial position heading into 2025 and beyond?

Well, That's sort of what this new blog is for, to create something, to grow together. To both learn and teach and hopefully get to a better place moving forward.

So far we are 10 days into 2024 and Government caused inflation is still high, interest rates are still high, the cost of living is terrible, in Canada we have a useless carbon tax that is adding to everyone's financial issues and our useless Government is continuing to fail on every level possible.

That may sound quite sad to most and is likely very discouraging. However, I for one like to be a positive thinker and I believe that on an individual level we can all do a few little things to come out ahead.

Before I start getting into my actual points, I'd like to make one thing clear by saying that the point of trying to earn extra income in 2024, is separate from a normal day to day job or career. Obviously you have to have an income to earn money, I'm talking about paying down debt so you have more disposable income, saving and investing for the future and how we can do that in 2024.

Firstly, and I think the most important lesson I could tell anyone... Just get started.

Yes it's that simple, I don't care if you are trying to pay down debt, saving or investing. The key is to start doing it. If you are trying to pay down debt, even if it's $20 at a time, start now and when you get paid next, keep going.

Same with saving and investing, if it's $20 at a time or $2000 at a time, just start now. Over the months of 2024 if you get started now and stay consistent, you will be shocked at how much it adds up over the year and gets a bit easier every time.

A perfect example of this is going to the gym. The most difficult part, you'd think would be the workout and the pain and soreness, etc. But it's not, in fact that part sucks, but is also the most gratifying because it shows you are actually making process and a difference. But the most difficult part is actually getting up and going to the gym. Once you get over the mental hurdle of getting there... you might as well workout.

Secondly, stay consistent. It's sort of like keeping your house clean, if you put in a little bit of effort often, then putting in a lot of effort all at once wont be as necessary or a daunting.

Thirdly, create a side project or hobby that doesn't cost to much or may even make you a secondary income. This will do three things. Potentially earn you a little bit of income, keep you busy so you wont spend a lot of money elsewhere and it'll provide a sense of accomplishment to keep you feeling positive.

Finally my last point is something that I think everyone should be doing and the earlier you start the more it'll compound and grow... When it comes to investing there are these things called "Dividends". I will get more into what a dividend is later in another blog, but in a nutshell, a dividend is a thank payment from a company for you owning their stock. They are extremely important to building a stock portfolio and the final lesson here is... always reinvest your dividends. 

The reinvestment process will take years to really build up to anything substantial. So the sooner you get started the faster it'll happen. However, the compounding effect of a dividend snowball years from now will be massive. It's one of the best ways to both create a side income, build wealth moving forward and hedge against inflation.

If you don't believe me, go search on Youtube "Dividend snowball effect" for a ton of videos that explain it much better than I can. It's a powerful tool we should all be using to gain wealth and to set ourselves up for future success.

In closing, you may be asking who I am and what the purpose of this new blog is? Well, I'll get more into who I am in later blogs and the purpose of this blog will be a casual post from time to time that is meant to teach, encourage and grow.

I know this is my first blog and I promise there will be more to come but I wanted to keep it short and simple to get started.

As we go through our financial journey's together, I hope we can all learn from each other and grow.

See you in the next blog and on socials.

I hope all is well,

Brett Rae