8 Best Investments (2024)
Summary
TLDRThe video discusses eight top investment strategies for 2024 to maximize returns. The host, Jeff Rose from Wealth Hacker Lab, highlights paying off debt, investing in the stock market through strategies like dollar-cost averaging and dividend Aristocrats, finding high-yield savings accounts, real estate opportunities, and Bitcoin. He also emphasizes the importance of investing in your health and education, starting side hustles, and creating digital products. Jeff aims to help both new and experienced investors navigate uncertain economic times by diversifying their portfolios and investing wisely.
Takeaways
- 📉 Start with paying off debt: Total household debt in the US is over $17.2 trillion, and paying off high-interest debt is crucial before investing.
- 📊 Stock market investment: Dollar cost averaging is a safer strategy to invest in stocks without worrying about timing the market.
- 💰 Dividend Aristocrats: These are reliable dividend-paying stocks that have increased dividends for 25+ years, providing both growth and passive income.
- 🏦 High-yield savings accounts: Find accounts that pay over 5%, as many standard banks offer much lower returns, often less than 1%.
- 🏘️ Real estate investment: Real estate is a proven wealth builder, and crowdfunding platforms like Fundrise offer an entry point without direct property ownership.
- 💻 Bitcoin: Despite volatility, Bitcoin showed a 155% return in 2023, and new Bitcoin ETFs offer safer ways to invest without relying on exchanges.
- 🏋️♂️ Health investment: Physical and mental well-being are essential for long-term success; therapy, exercise, and healthy eating are valuable investments.
- 🎓 Invest in yourself: Whether through education, certifications, or mentorship, investing in self-improvement accelerates personal growth and success.
- 💼 Side hustle: Creating a digital product or starting a content-based business (YouTube, blog, etc.) can generate passive income over time.
- 🚀 Automation and digital products: 2024 is ideal for creating scalable digital products using tools like Canva, system.io, and AI tools like ChatGPT.
Q & A
What is the first investment strategy mentioned in the video?
-The first investment strategy is paying off your debt. This is considered a guaranteed rate of return since it helps to eliminate high-interest payments, allowing your money to work for you more effectively.
Why is paying off debt considered a crucial investment?
-Paying off debt is crucial because you cannot effectively invest and grow your wealth if you are drowning in debt, especially with high-interest debt like credit cards. Having a debt payoff plan is essential to financial stability.
What is dollar cost averaging, and why is it recommended for stock market investments?
-Dollar cost averaging is a strategy where you invest a fixed amount of money regularly, regardless of the stock market's highs and lows. It allows you to avoid trying to time the market and helps smooth out the volatility by purchasing at different price points.
What are dividend Aristocrats, and why are they a good investment option?
-Dividend Aristocrats are companies that have consistently increased their dividend payments for at least 25 years. They are considered a safer investment because they offer both potential price growth and regular dividend income, making them attractive for investors looking for steady returns.
What does the video suggest about investing in traditional bank savings accounts?
-The video suggests that traditional bank savings accounts offer very low interest rates, often below 0.5%. Instead, the recommendation is to look for high-yield savings accounts or certificates of deposit (CDs) that offer rates of 5% or higher to maximize returns on your savings.
What alternative does the video offer for investing in real estate if you don’t want to physically buy properties?
-The video suggests using crowdfunding platforms like Fundrise, which allows investors to put a small amount of money into real estate projects without owning physical properties. This offers the benefits of real estate investing without the hassle of managing properties.
Why is Bitcoin still considered an investment option despite the turmoil in the cryptocurrency market in 2023?
-Bitcoin is still considered a valuable investment because of its long-term potential. Despite the collapse of major crypto exchanges like FTX and Celsius, Bitcoin itself has shown resilience, and the introduction of Bitcoin ETFs offers a safer way to invest without relying on potentially unstable crypto exchanges.
How does the video emphasize the importance of investing in personal health?
-The video highlights that investing in your physical and mental health is critical because without it, financial wealth becomes meaningless. It encourages activities like joining a gym, hiring a personal trainer, or engaging in therapy as part of a holistic approach to well-being.
What are some ways to invest in yourself mentioned in the video?
-Some ways to invest in yourself include pursuing higher education (e.g., getting an MBA or certification), hiring a mentor or business coach, and buying courses to accelerate your learning in areas like SEO, social media, or strategic planning.
What is the suggested approach to starting a side hustle in 2024?
-The video recommends starting a side hustle that can eventually become an income-producing asset, such as a YouTube channel, blog, podcast, or creating digital products. The goal is to build something that can generate passive income over time.
Outlines
📅 2023 is Over, Let's Talk 2024 Investments!
The host, Jeff Rose, reflects on the chaotic year of 2023 and the current state of the economy in 2024. He emphasizes that it's a great time to start investing, despite challenges like high mortgage rates and rising debt. This video will cover eight key investment strategies to achieve high returns in 2024.
💳 1st Investment: Paying Off Debt for a Guaranteed Return
Jeff dives into the importance of paying off debt as the first and most secure investment strategy. With U.S. household debt surpassing $17.2 trillion and credit card debt over $1 trillion, Jeff urges viewers to create a debt payoff plan. He clarifies that it's okay to invest while paying off debt, as long as there's a clear strategy in place.
📈 2nd Investment: The Stock Market and Dollar-Cost Averaging
The stock market is Jeff’s second investment recommendation. While the S&P 500 has hit an all-time high, he warns against timing the market. He advises using the dollar-cost averaging method to invest gradually. Jeff also suggests considering safer options like dividend-paying stocks, particularly Dividend Aristocrats, which have consistently increased dividends for 25+ years.
🏦 3rd Investment: High-Yield Savings and CDs
Jeff critiques traditional bank savings accounts for offering low returns, with many major banks paying as little as 0.1%. He recommends seeking high-yield savings accounts or CDs that pay at least 5%. He mentions platforms like Raisin, which help customers find better rates through various banks.
🏘️ 4th Investment: Real Estate – Traditional and Digital
Real estate remains a lucrative investment, with 90% of millionaires having made their wealth from it. Jeff admits he hasn't focused on physical real estate but has invested in digital real estate and platforms like Fundrise, which allow for small investments in commercial and residential properties. Despite a down year in 2023, Jeff still advocates for real estate investment diversification.
💰 5th Investment: Bitcoin's Resilience in 2024
Despite the collapse of major crypto platforms like FTX and Celsius, Jeff still believes in Bitcoin's long-term potential. Bitcoin saw a 155% return in 2023, and new Bitcoin ETFs provide safer ways to invest in the cryptocurrency without using risky exchanges. Jeff shares his own experience of losing money in Celsius but remains optimistic about Bitcoin’s future.
🏋️♂️ 6th Investment: Investing in Physical and Mental Health
Jeff stresses that investing in one's health is as important as financial investments. He recounts a cautionary tale about a millionaire who died shortly after retirement due to poor health. Whether through gym memberships, meal prep services, or therapy, Jeff encourages viewers to prioritize both physical and mental well-being.
🎓 7th Investment: Investing in Yourself Through Education and Mentorship
Jeff explains the importance of self-investment through education, certifications, or mentorship. He highlights the value of credentials like the Certified Financial Planner (CFP) certification and recommends hiring mentors or buying online courses to accelerate learning. Jeff emphasizes that learning from others' experiences can prevent costly mistakes.
💼 8th Investment: Building a Side Hustle and Digital Products
Jeff’s final recommendation is to create a side hustle, but not through gig jobs like Uber. Instead, he advocates for building income-generating assets like YouTube channels, blogs, or digital products. He explains the benefits of digital products, which can be automated and scaled. Jeff provides a free guide for starting a digital product business to help viewers get started.
Mindmap
Keywords
💡Debt Payoff Plan
💡Stock Market
💡Dollar-Cost Averaging
💡Dividend Aristocrats
💡High-Yield Savings Account
💡Real Estate Investment
💡Bitcoin
💡Bitcoin ETFs
💡Investing in Health
💡Side Hustle
Highlights
2023 was a crazy year with soaring mortgage rates and housing prices becoming unaffordable.
The first investment strategy for 2024 is paying off debt. The U.S. household debt surpasses $17.2 trillion, making it crucial to have a debt payoff plan.
Investing in the stock market through dollar-cost averaging can reduce the risk of buying at market highs.
Dividend Aristocrats, part of the S&P 500, are reliable stocks that have consistently increased their dividends for over 25 years.
Avoid traditional banks for savings. High-yield savings accounts and CDs should offer at least 5% returns, much higher than most bank offerings.
Real estate is one of the best ways to build wealth, with 90% of millionaires owning property, but digital real estate like Fundrise can be a good alternative for those who prefer not to manage physical properties.
Fundrise allows for investment in commercial and residential real estate through crowdfunding, though it had a rare down year in 2023.
Bitcoin saw a 155% return in 2023, despite setbacks with crypto exchanges like Celsius and BlockFi, and new Bitcoin ETFs are making it easier to invest in crypto without using exchanges.
Investing in your health, both physical and mental, is crucial to maintaining long-term wealth and happiness. Prioritize therapy, fitness, and healthy habits.
Investing in yourself through education or certifications, such as an MBA or specialized training, can significantly elevate your career and earning potential.
Hiring a mentor or joining a high-level mastermind can accelerate your personal and professional growth by learning from others who have already succeeded.
Consider buying courses to fast-track learning new skills instead of piecing together free resources from the internet, which can be time-consuming.
Starting a side hustle that creates an income-producing asset, like a YouTube channel, blog, or podcast, is a key strategy for generating additional revenue.
The most promising side hustle for 2024 is creating digital products, which can be sold repeatedly with minimal ongoing effort.
Automation tools like Canva, System.io, and ChatGPT can help streamline the creation and marketing of digital products, making it easier to scale your business.
Transcripts
wait 2023 is already over what the yes
2024 is here and what does that mean
that means it's as good as time as ever
to start investing in today's video I
want to break down what are the eight
best investments that you can put your
money in 2024 to get the highest return
possible let's find out what those eight
investors are right now what's going on
y'all welcome back to the channel This
Is wealth hacker lab the channel
dedicated to teaching you new ways to
build wealth has not taught you in
schools or by your parents I'm your
grateful host Jeff brose and let's just
say it
2023 was a crazy year that's crazy we
had predictions that the next recession
was coming to completely knock out the
US economy we had mortgage rates soaring
to record highs we've seen the prices of
housing become completely unaffordable
whether you're trying to buy or rent and
Elon Musk is still on Twitter so whether
you are a new investor or you are
experienced I want to share my thoughts
on the eight best ways that you can
invest your money in 2024 so let's go
ahead and get started with number one
number one is a guaranteed rate of
return so as long as you follow through
with it and that is paying off your debt
here's some staggering numbers for you
total household debt in the US surpassed
17.2 trillion the average household has
over
$103,000 of debt what about credit cards
credit cards are over
$1.08 trillion with the average American
having just over 6,300 $100 of credit
card debt I don't know about you but
those numbers make me want to puke like
[Music]
literally in all seriousness the debt
situation is not improving here in the
US so if you have money and you want to
start investing and you want to start
making money or have your money make
money for you you can't do that if
you're drowning in debt let me say this
you don't have to have all your debt
paid off before you start investing the
most important thing is to have a debt
payoff plan no know exactly how much
debt you have what the interest rate
that is on that debt how much interest
that you're paying and then come up with
a plan so that you know how quickly you
can pay it off now if you want to take a
small portion of your money and use that
to invest in the stock market I'm
totally fine with that so long as that
you have once again a debt payoff plan
investment strategy number two is
investing into the stock market now one
of the crazy things that's already
happened here in 2024 is that in the
first 3 weeks we've already seen the S&P
500 hit an alltime high so does that
that mean now is the best time to pump
all your money into the stock market
when it's hit an all-time high don't
they usually say that you want to buy
low sell High not buy high sell low
that's usually how you lose money now
personally I wouldn't feel confident
putting all my money into the stock
market right now but there are a few
different ways that we can get around
this number one is utilizing a strategy
called dollar cost averaging this is a
very simple streamlined way to invest
where you're putting in a small amount
of money each month or each quarter so
that you're not always buying when the
Market's high so as the market starts to
fluctuate a little bit you're buying in
at different prices now you might be
wondering why wouldn't I just wait until
the market drop you could do that but
most people don't have the ability to
actually pull that off because if you
think you're one of those that's going
to time the market where you're going to
get in at the absolute right time it
ain't going to happen dollar cost
averaging allows you to participate in
the market without having to try to time
the market which you're never going to
pull off successfully another way that
you can invest which a little bit more
on the safer size is instead of putting
your money into high growth high tech
stocks you can invest into dividend
paying stocks but not just any dividend
paying stocks what I like are the
dividend Aristocrats ooh Aristocrats
that just sounds so proper the dividend
Aristocrats are a part of the S&P 500
they are 68 stocks that all pay a
dividend but that's not what makes them
attractive it's the fact that they have
continued to pay an increase on that
dividend for the last 25 years so not
only are you getting growth on the price
of the company but you're also getting
that dividend yield on top of that and
as they say that is getting your cake
and eating it too is that what this says
why would I get cake and not eat it like
what's the point of that I like cake now
the cool thing about dividend
Aristocrats that these are a lot of
companies that you've probably heard of
companies like Walgreens 3M AT&T Chevron
IBM as I mentioned the dividend
Aristocrats are already a part of the
S&P 500 so they are part of the 500
largest companies that exists in the US
they're not small cap they're not
startups they're not going to disappear
overnight now the third option that you
can invest to is your bank because your
bank is by far paying you the highest
rate possible yeah right so if you go to
fdic.gov you can see that the national
savings rate right now is 47% and then
the 12 month CD rate is 1.86% and just
out of curiosity I went to my bank which
is US Bank which is a very large Bank
maybe not the largest bank of the US and
currently my bank is paying
0.1% that's right let me check that
again 0.1% on their savings accounts now
chances are if you look at your bank and
what is paying it's probably about the
same so if the national rate is 47 and
my bank is paying 01 what am I missing
or more importantly what are you missing
don't ever assume that your bank is
paying you the highest rate of return
remember the banks are in the business
of making money by loaning out and
lending your money so they have to make
that spread try to find a high yield
savs account that's paying you at least
four if not 5% right now and also if
you're taking out a CD it should be also
paying you at least 5% if you're having
difficulty trying to find the highest
rates whether it be savings accounts
money market rates or CDs check out
raisin formerly known as save better
I've done a video on them I also have a
blog post where I've reviewed them but
what save better basically does is they
broker out different CDs or banking
products to Banks all across the us so
you can open account with save better
and you can get a high yield savings
account you can get a money market
account or CDs whether it be 4 month 12
month no penalty they basically have
everything that you're looking for I did
a quick search on their site and right
now all their savings accounts are
paying 5.3% or higher that's much larger
than the national rate and obviously a
whole lot higher than whatever my bank
is paying and then also they're they
have a 14mon CD right now with Sally May
that's paying
5.4% so once again if your bank is
paying you less than five you need to
find a new bank moving on to number four
number four is real estate there's no
denying you can look at the statistics
all day long 90% of millionaires have
achieved their wealth because they own
some sort of real estate now truth be
told I'm not one of them the only
physical piece of property that I own is
the house that I'm currently living in
I've achieved most of my wealth because
of digital real estate more on that in
one sec but there's no denying how
fruitful real estate is so if you have
the ability to be mentored by somebody
that can show you how to buy rental
properties or flip properties it's
definitely definely worth your time now
if you're one of those that you just
know man that sounds great but that's
not for me and that was the camp that I
fell into I started looking at how do I
actually invest into real estate without
having to leave my house so for me that
was fundrise fundrise is a crowdfunding
real estate platform that allows you to
put in a small amount of money and to
invest into commercial property it could
be rental malls it could be Residential
Properties one of the reasons I've
always found fundrise more attractive
than a Vanguard e ETF or a closed end
mutual fund is because of transparency I
love the fact that I can log into my
fundrise account and I can see actual
properties that I own if you buy an ETF
or a mutual fund that invest into real
estate you never actually get to see the
actual properties now if there's one
Downer about fundrise 2023 wasn't a
great year fundrise is not Invincible in
fact they had their first down year or
the first down year that I've
experienced with them being down around
7% now I started investing with them
back in 2018 and even despite that down
Year my net return that is net of all
fees is more than 7% now is that great
eh is that something that I'm going to
run outside and scream it out to my
neighbors I made
7% probably not but I am a big believer
in diversification and for me I have
peace of mind knowing that I have a
portion of my portfolio that's invested
into real estate whether it be through
fundrise or other private reats on to
number five
moving on to number five and number five
is crazy that I'm even mentioning this
and that is Bitcoin Bitcoin is not
something I talked a lot about in 2023
in fact I just want to put my head in
the sand and just pretend like Bitcoin
didn't exist now if you're wondering why
in case you missed the news there were
several crypto exchanges that blew up
FTX block Celsius Network binance just
to name a few and for me I had a good
chunk of my Bitcoin held in Celsius
Network and also blockfi let me just say
whenever that all went down like I said
earlier literally wanted to
puke I think at its peak I had around
$250 to
$300,000 tied up in both Celsius Network
and also blockfi with majority of that
being in Celsius Network so I truly
thought I lost everything now thank
thankfully I've already had my money
return from blockfi they've already gone
through their bankruptcy proceedings
Celsius network is going through their
process I'm still going to lose some but
thankfully not lose at all so with all
that being said you're probably
wondering why in the world would I still
want to invest into Bitcoin I never
stopped believing in Bitcoin I knew
eventually that some of these players
would be eliminated if you think about
if you believe in the stock market but
you don't want to invest your money with
Merill Lynch or Leman Brothers that's
what happened with all the different
crypto exchanges if you look at the
price of Bitcoin in 2023 it started the
year around
166,000 closed to about 46,000 for a
whopping
155% return now obviously if you bought
Bitcoin over 50,000 then you're still
waiting for it to get back but there are
still several like myself that invested
in Bitcoin when it was below 10,000 so
I'm still doing very well for my
original investment even after losing
what I lost with both Celsius and blocki
and what makes Bitcoin even more
exciting is that recently they have
launch several different Bitcoin ETFs
now I already own one Bitcoin ETF the
pro share strategy which I currently
hold in my M1 finance account which you
can check out that video for more but
the SEC recently approved all these new
Bitcoin ETFs and at the time of this
recording there's over 30 different
Bitcoin ETFs that you can invest your
money into to so if you don't want to
open an account with coinbase or any
other quote unquote crypto exchange that
could go under this is a safer way to
allocate some of your funds into Bitcoin
by buying a Bitcoin
ETF oh my bad we're still doing a video
aren't we number six is investing in
your health whether that be physical or
mental for whatever reason people really
struggle with this they think that
buying gym equipment or a gym membership
or buying healthy food is a sunk cost
but listen if you're not investing into
your well-being then it's really
pointless to invest at all I'm reminded
by a former client of mine that had a
really good family friend who hit
millionaire status in his 60s something
that he had worked his butt off to get
to he worked weekends he worked holidays
he did everything that he could to hit
this coveted millionaire stat fast
forward 2 months into his retirement two
months of becoming the ultimate
millionaire there he died he died of a
heart attack why because he didn't take
care of himself investing into your
health could be joining a gym getting a
gym membership hiring a personal trainer
buying gym equipment that you know that
you're going to use at home maybe that's
hiring a personal chef to cook you
delicious and healthy meals it could
also be a meal prep service that just
saves you tons of time now those are all
physical but you also want to invest
into your mental health now for me one
of the ways I've done that is through
therapy now it's funny that therapy
still has this weak connotation attached
to it as if oh if you need therapy then
you are messed up now I ain't going to
lie like I I'm a little messed up and as
I've learned many of us are messed up
but not because anything that we did
wrong it's just because that our parents
or the people that raised us didn't give
us the tools that we needed to learn and
know how to navigate when life throws
some stuff at us that we're just not
ready to deal with therapy is not for
the weak therapy is for those that want
to become mentally strong number seven
investing in yourself now as we just
talked about investing into your health
whether it be physical or mental that's
also a way of investing into yourself
but another way that you can invest into
yourself is by investing into your
experience by elevating your credentials
by elevating how people perceive you few
ways that you can do that is getting a
degree maybe that's getting an MBA or
getting a doctorate degree or maybe
there's some sort of search C ification
that you can get that can give you some
alphabet soup behind your name one of
the certifications that has completely
changed my life is becoming a cfp
certified financial planner even though
I'm no longer a practicing financial
advisor having those credentials is huge
another way that you can invest into
yourself is accelerating your education
accelerating your knowledge a few ways
that you can do this and this is all
what I have done through my own
experience is that hiring a mentor this
could be a business coach it could be a
coaching program it could be a highlevel
mastermind the whole point here is that
there are other people that have
achieved a level of success that you
look to acquire so if you can pay for
their time and learn through their own
experience their own trials and
tribulations to prevent you from having
to figure it out on your own that is a
huge investment and a well worthwhile
investment of your time and money now
another way that you can do this which
for some reason people just despise this
idea is buying a course and I get it
there's so much free information on the
internet right now whether you're on
YouTube or on Instagram or Tik Tok but
in my own experience whenever I was
trying to learn something and I wanted
to learn it on my own but didn't want to
go out and try to find out the best
resources and try to figure out does
this really make sense does this work I
bought specific courses on whatever
skill that I was trying to learn so for
me that was SEO that was YouTube that
was social media it was strategic
planning like all of of these different
courses that I bought gave me the
framework where I didn't have to try to
create my own template or create my own
framework I just went through the course
went through the steps next thing I know
I'm achieving success a whole lot faster
than me trying to figure out by watching
countless YouTube videos but that
doesn't mean that you shouldn't like And
subscribe to my channel right so want
you go and do that right now number
eight is starting a side Hustle but I'm
not talking about driving for Uber or
instacart or delivering for door no our
goal here is to create eventually an
incom producing asset so what does that
mean so for example if you want to start
a YouTube channel over time and
consistency eventually your YouTube
channel could become an incom producing
asset through ads sponsorships or
affiliate marketing you could do the
same thing by starting a podcast or
starting a blog these are all three
things that I have done personally the
side hustle that I'm most bullish on in
2024 is creating your own digital
product now digital product products
have existed since the beginning of the
internet essentially you're creating
some sort of template worksheet guide
you're creating an asset for yourself
but also an asset for your Target
customer we want to be able to create
something one time and then sell it to
hundreds if not thousands of people what
makes this so attractive especially
right now is because there are so many
tools nowadays that you can use to build
a process and truly systematize your
business whether you're using canvas
system.io you also have chat GP and all
these other tools that just simply
automate the business automate the
systems so that you're not doing all
these mindless activities just draining
your energy and wasting your time now I
have dabbled and had success in all
these different online revenue streams
but there's no doubt to me having your
own digital product is the direction you
want to go if you want to learn more on
how to get started with creating and
selling your first digital product I've
created a free guide that walks you
through it I show you how we created a
sixf figure business utilizing digital
products and in case you don't have any
ideas and don't know where to start
don't worry we got you with this free
guide you'll get access to 70 digital
product ideas just to get your wheel
spinning those creative juices flowing
on how you can get started once again
this is completely free I'll have a link
in the description that you can check
out that free guide to get you started
all right you hope in 2024 is your year
as always this is Jeff Rose reminding
you that it's your money it's your life
and only you can make it awesome until
next time peace
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