We’ve talked a lot about getting financially fit for the new year and how Groundfloor helps you get there. Our 10% historic returns get you 100% steady passive income, so you can elevate your earning potential without breaking a sweat.
So start 2024 on the right foot, unlocking your earning potential and the door to financial freedom. Here’s a quick recap before the end of the year:
Step 1: Create or reevaluate your budget.
First and foremost, you need to know how much you can spend, save, and invest. It’s essential for boosting your personal wealth and achieving your goals because you need to know how much money you’re working with. When you’re evaluating your budget, keep in mind your annual net worth, prepare for any upcoming large expenses, plan for emergencies, and figure out your ideal investment risk level.
Step 2: Get a handle on any debt.
Your debt should be more of a tool rather than a burden. Stay in control of your debt by paying off high-cost, non-deductible debt first.Set a manageable payment plan with auto withdrawals that align with your budget. As you pay it back, remember that just because you can borrow it, doesn’t mean you necessarily should.
Step 3: Prepare for emergencies.
Managing risks will always be a part of life, so the best way to handle them is through preparation. Revisit your company benefits, life insurance policies, health coverage, and more to ensure you’ve got enough coverage. You don’t want to be hit too hard if something unexpected happens.
Step 4: Diversify your portfolio.
Diversifying your investment portfolio is a significant strategy of seeing stronger, consistent returns. One of the steadiest types of investment is real estate. Apps like Groundfloor make it easy for anyone to invest in an array of properties, and our set-it-and-forget-it model helps you earn passive income without the hassle.
Ready to get financially fit with Groundfloor? We’ll be posting tips and tricks throughout January, so make sure to check in regularly. To help you even more, we’ve created a weekly calendar for the first three months of the year so you can follow along with a concrete plan in place.
Here’s to a wealthier 2024!
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