How to Invest MORE This Year | 24 Money Tips for 2024

Retirement

Retirement planning is crucial for ensuring financial stability in later years. Mindy Jensen emphasizes the importance of reviewing contribution limits for retirement accounts and planning contributions for the entire year. She notes that for those under 50, the IRA contribution limit is $24,000, while those over 50 can contribute an additional $6,000 to their 401(k) and $1,000 to their IRA 1. Kyle Mast adds that sustainable financial habits are essential to avoid burnout and maintain progress on one's financial journey 1.

   

Portfolio

Rebalancing your investment portfolio is key to managing risk and optimizing returns. Kyle Mast advises not only rebalancing but also optimizing portfolios to ensure investments align with one's risk profile 2. He explains that as certain investments grow, they may skew the balance, necessitating adjustments to maintain comfort levels. Mindy Jensen supports this by encouraging listeners to find a financial tracking system that works for them, emphasizing the importance of keeping an eye on finances to make informed decisions 3.

   

Real Estate

Utilizing real estate equity effectively can significantly enhance investment performance. Kyle Mast suggests evaluating the equity in properties and considering refinancing or reinvesting to maximize returns 4. He encourages a zero-sum mindset, questioning whether one would purchase the property again if given the choice today. Mindy Jensen echoes this sentiment, advising listeners to reassess their holdings and consider divesting from properties that no longer align with their goals 5.