I’m on Track To Become a Millionaire in 2024 — Here’s What I Did To Get Here
Written by
Laura Beck
Edited by
Chris Cluff
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Becoming a millionaire is a dream for many, but it takes dedication and smart moves to make it happen. Whether you’re starting from scratch or already have some wealth built up, 2024 could be your year to hit that coveted seven-figure net worth.
“My clients who are self-made millionaires have incredibly simple habits: They earn a lot, live on a little and sometimes own a business,” said Rachel Burk, a financial advisor with Offit Advisors. “These are things that are a minute to learn and a lifetime to master.”
Will Hatton is the founder and CEO of The Broke Backpacker, and he’s on pace to hit a net worth of $1 million by the end of 2024. He came from humble beginnings and traveled the world on a shoestring budget before launching his website.
“At the start of my journey, I was pretty much broke, hence the name of the business,” Hatton said. “I had so many plans for the way I wanted my life to go, but it didn’t pan out, and it was a real struggle.”
See how to make 2024 the year you get rich.
Maximize Your Income
As Burk observed, her clients who became self-made millionaires all shared the simple habit of earning a lot of money. While building wealth certainly takes discipline in spending and investing, increasing your income should be your priority. The more you’re able to make, the greater capital you’ll have available to invest.
The millionaires Burk works with all focused intensely on maximizing their income. They tapped into their talents and interests to find ways to make more money. They weren’t afraid to negotiate better compensation, and they made the most of every opportunity to increase their earnings.
Live Below Your Means
Millionaires tend to be prudent with expenses and avoid overspending. Get your budget in check by cutting nonessential costs.
Burk said this is easier to do “when you don’t care too much about what it looks like you are doing. You don’t have to be penny pinching, but if you don’t care about what kind of car you drive or living in the most expensive house, that will free up a lot of cash to build wealth and invest.”
It’s not about depriving yourself or penny pinching necessarily. Rather, it’s about not letting material things like cars, houses and clothes dictate your spending. If you can avoid the temptation to appear wealthy on the outside and instead focus on building actual wealth, you’ll amass money much faster.
Start a Business
Hatton started The Broke Backpacker as a way to turn his passion for traveling into a business.
When he was young, Hatton traveled to India in search of a new perspective. He lived there “with next to nothing in terms of money,” he said. “What I didn’t expect was that it would change my life.”
Hatton discovered that his true passion was traveling, even with his limited funds. He started blogging during this time, entering writing contests to earn money while getting his name out there.
“I was fortunate to have won $100 on the first contest, and I immediately used this to set up the website,” he said. “I knew that by turning my passion into a business, I could continue discovering more about myself through travel whilst having enough to maintain myself financially. I never thought that the business would grow to the scale it is today.”
Invest In Yourself
Investing in your own growth and education is a key strategy of the wealthy. However, it’s important to differentiate productive investments from frivolous expenses. Pursuing knowledge, skills or connections that increase your earning potential can be a smart move.
“My greatest wealth builders consistently invest in themselves,” Burk said. “This is tricky, because sometimes what looks like investing in yourself is mindless spending. That’s why it’s helpful to have a finance professional or business mentor or peer you trust, to check with and make sure you are making wise decisions.”
Be sure to consult experienced advisors to validate that you’re spending wisely. This will help ensure you avoid squandering funds on misguided self-improvement attempts. With guidance, you can make objective assessments of how to most effectively invest in your human capital.
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