I’m a Self-Made Millionaire: These Are the Smartest Moves You Can Make Next Year
Written by
Heather Taylor
Edited by
Carly Brashears
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If you want to get smart with your money, there’s no better time than the start of the new year to begin using your dollars wisely to build wealth.
GOBankingRates spoke to two self-made millionaires about the best opportunities available for your money in 2024 and what makes these money moves worth prioritizing in the new year.
Diversify Your Investments With Bonds
Self-made millionaire Dr. Ann Kaplan said those who want to receive a substantial return on their investments in 2024 will need to look closely at where there are risks and opportunities.
Rather than put money into speculative investments like cryptocurrency, Kaplan recommends moving excess cash to government bonds or bond EFTs (exchange-traded funds). Those who choose to invest in bonds may consider making a portion of these investments cashable. Kaplan said a cashable bond provides a smaller coupon with no penalty for withdrawal.
As an added benefit, having cash on hand better prepares individuals to jump on other opportunities where they can continue growing their money.
Seek Out Real Estate Opportunities
Be prepared to jump if an opportunity comes up in real estate next year. (Kaplan’s pro tip of having cashable bonds handy offers up an extra advantage in removing one layer of an offer.)
Self-made millionaires Richelle and Will Peña run a business consultancy called RPW Consultants in South Florida. Previously, the couple ran a pediatric dental group which they sold for more than $20 million. In 2024, they plan to invest in medical office commercial real estate.
There are several reasons why the Peñas are choosing this investment. Richelle told GOBankingRates they already own commercial real estate in this asset class and understand how it functions. Other benefits include the stability of the healthcare industry, where its tenants sign long-term leases and where rent escalations provide a hedge against inflation.
There’s also a triple-net opportunity available in commercial real estate. Richelle explained to GOBankingRates this means the tenants pay for taxes, insurance and maintenance of property, which creates passive income for the investor.
Invest in Businesses Solving Problems
In 2024, Americans will need to get smart about how and where they invest their money to enjoy significant returns.
One of Kaplan’s recommendations is to look at companies which are solving problems and invest in them. A good example of this is an online platform like Amazon.
For those who are more entrepreneurial, it’s also worth looking at the current markets.
Which problems do you see where finding solutions can create opportunities? Kaplan said you might consider grasping the opportunity to start a business which helps solve these problems, such as a solution-driven platform like a rideshare or delivery service.
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