Five Money Goals for 2024

Number one: Keep your wealth.

Make sure you keep what you have, and you don’t lose it. You’ve got to be safer with your money.

Number two: Don’t risk all your money all the time.

What this means is, don’t leave all your money in something that’s risky. People’s biggest assets are their house, their 401(k) or their IRAs. You’ve got to control your risk level and the fees.  You need to have true diversification, which means some of your money can lose money, and some of your money cannot lose money. 

Number three: Make sure your money is working for you.

Don’t leave your money in your checking account. It’s just sitting there doing nothing. You’ve got to earn interest on all the money you can. 

Number four: If you’re not at your old job, your money shouldn’t be there either.

People have worked at different jobs over their career, I’ve had clients who have had three 401(k)s from three hospitals. One person recently called me, they had a 403(b), a 401(k), and an IRA. And they said, “Can I just combine all these?” Yes, you can combine qualified money, it’s qualified money! 

Number five: Don’t gamble with your retirement.

Most people tell me they’re not gamblers. But do you know every day they’re gambling 10s of 1000s of dollars a day in the stock market? If you don’t think you’re a gambler or don’t want to be a gambler, there are safer ways to protect your money. 

Be careful with your money in 2024. From now, until you retire, when you’re retired, you’ve got to be careful with your money, your IRA, your 401(k) or your bank accounts. 

*Blog Disclosure: It's not the purpose of this blog post to provide tax, legal and/or financial advice and you should always seek counsel from your CPA, attorney, and/or advisors as these topics relate to your specific needs. This information is being presented in a very general way and it's for illustrative purposes only.