6 Tips To Get Rich In 2024

There are more than 20 million millionaires living in the U.S., and I’m sure you want to be one of them as well. Recently Forbes released the top black billionaires in 2024, Michael Jordan has 3.2 billion dollars, Oprah Winfrey with 2.8 billion, Jay Z with 2.5 billion, Tyler Perry with 1.4 billion, Rihanna with 1.4, Tiger Woods with 1.3 billion, and Lebron James with 1.2 dollars in net worth.

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When you look at all these billionaires, they use that net worth to build their name. You have to render a strategy that will produce wealth over time, and you have to have patience for this strategy to work. There are 6 things that these billionaires have in common, and you can implement and practice in your life as well. 

Patience

These billionaires knew the strategy, they knew they had a special gift and special eye, but if they could take the small steps and work the strategy over a period of time, wealth would come. They understand that wealth does not come quickly or overnight. There is a difference between rich and wealthy - wealth produces another level of income and typically produces itself. 

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Wealth comes from discipline and consistency, which are the two biggest things that contribute to these peoples’ success. They were able to come up with a long-term financial plan on how to reach their financial goals. If you are going to earn your time back, you have to earn money; but how do we E.A.R.N money? Evaluate your current financial situation, arrange the vision, render the strategy, and now act. 

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Some of us are so in a rush, that we don’t even know time moves quickly. You have to have patience for the strategy to work, these billionaires had patience and they trusted the system. So, do you have patience? Not having patience is costing you so much money and stress. 

Young People: Shut Up and Have Patience 

The younger generation is so caught up with becoming a boss, that they’re not understanding the importance of learning the skills and assets of being a great employee that those skills and assets can transfer into being a great employer. Stop acting like you know it all, and be patient. If I would have quit my job at 28 when I knew I wanted to be my own boss, but wasn’t ready, I wouldn’t be where I am today. 

Gifts and talents without accountability, wisdom, guidance and knowledge are trash. These billionaires understood that patience was necessary, and they were going to build wealth overtime by gaining the assets and the knowledge overtime.

That Patience Leads to Less Debt 

With patience comes less debt. These billionaires aren’t drowning in debt, they may have some debt, but they have the money to leverage debt in a way that doesn’t hurt them, and that 98% of the world can’t do.

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I want you to take that extra $100 and use it to pay off your debt early. The largest millionaire study in the world found that out of the 13,000+ net worth millionaires it studied, 90% have no business debt and 77% don’t carry a credit card balance. Now, 98% of the world can’t do that, and you’re not doing it. 

Stop Putting Money Into the Banks Pocket 

No payment means more money in your pocket, and less money inside of the bank’s pocket. By carrying debt, you’re putting money into their pocket. You need to practice patience when making purchase decisions - you don’t need the new car, you want the new car. Patience ties into paying off debt and more money in your pocket. 

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Patience also ties into ensuring that your family’s future is secured and taken care of, which is often forgotten about, especially when you’re in debt. That being said, I don’t care where you are right now, I want you to plan and make financial room to get a life insurance policy, it’s so important. Do some research, and get a solid life insurance policy. Ethos offers great life insurance coverage, and you can also get an entire estate plan when you ensure your family is protected if something happens to you. 

Having an Emergency Fund

Most Americans can’t afford a $1,000 emergency fund, meaning they don’t have even $1,000 on reserve to cover if something happens. If you have a name brand purse, a Gucci belt, if you’re dropping $200 - $300 on a date, and you don’t have $1000 in your emergency fund, your priorities are screwed up. 

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Not having an emergency fund, the basics, can seriously set you back in your wealth building journey. If you get set back as the parent or the spouse, so does your family. When you get set back, it sends you back into debt. When you’re getting stable, you should have 1 month in your net pay inside of your emergency fund, after you get out of debt, you need to get 3-6 months of your net pay saved. If life were to happen for these billionaires, they have a place where they can go back to for reserves, so their life isn’t ruined. 

Make Strategic Investments for Your Future

These billionaires are not buying for their today only, they’re investing into assets that can produce money to buy liabilities that they enjoy. They’re investing money generating products and investments that can then fund their fun. They’re investing into their future first because they understand the power of compound interest. 

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Compound interest, plus patience and time, can turn $100 into a million, and instead of buying shoes and items that you don’t need, I want you to put that money into a NEED account. A need account is your retirement account, because when you’re 70 to 80 you’re going to need that account to live. I want you to think about your future right now, because the average person needs about $200,000 to $300,000 dollars just for medical bills when they get older. 

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If you want to be a millionaire, you must understand the power of patience, time, and compound interest. Which means you need to be putting at least 15% of your income into a retirement account, and you can come up with a detailed plan by following my tips or by working with a professional such as a financial advisor, and get your financial future secured. 

Invest in Real Estate

The first step that you can take to start a real estate portfolio is to become a homeowner. Owning a home is a pillar of wealth building in America, and most millionaires live in a paid-for home. 

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You can save money overtime for your down payment, and then you can choose a 15 to 30 year mortgage on a property that doesn’t take more than 25% of your net take-home pay each month. Over time your home will appreciate in value which will boost your net worth. You can go buy a house that has maybe two-three extra rooms that you can rent out to help with the mortgage, allowing you to “house hack”. 

Let’s Recap

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To reiterate, everything these billionaires I mentioned at the beginning have in common is patience and time. They not only understand the importance that patience has when building wealth and being financially free, but also how to make the right investments, save up an emergency fund, and invest in real estate to grow their net worth. 

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All of these things these billionaires have in common are things you can start doing today, to make yourself a net worth millionaire, secure your family’s financial future, and ensure you’re taking the right steps to stop living paycheck to paycheck and have wealth. 

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Once your bases are covered, you need to think about a business opportunity you can start or investments you can invest into where you can build your wealth apart from your 8-5. These billionaires used their career to fund their other investments and business opportunities, you can do the same thing to build your name, use your career to fund your dream and build your wealth.

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