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Rich Habits Podcast
43: Our 3 Favorite Rich Habits to Implement in 2024
Dec 18, 2023
The hosts of the podcast share their three favorite rich habits to implement in 2024, including tracking net worth, optimizing monthly spending with credit cards, and owning stock in companies you love. They also discuss the benefits of investing in artwork and provide insights on retirement savings strategies, including diversifying investments beyond a 401k and opening a mega backdoor solo Roth 401k.
36:18
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Quick takeaways
- Tracking your net worth helps you understand your financial situation and make better money decisions.
- Optimizing monthly spending using credit cards can lead to significant savings.
Deep dives
Tracking Net Worth: A Key Rich Habit
By tracking your net worth, you gain clarity on your financial situation. Calculate your assets (house, investments, car) minus liabilities (loans, credit card debt) to determine your net worth. Tracking your net worth helps you understand where you currently stand financially and make better decisions with your money, whether it's paying off debt or investing. It can also boost your confidence and motivation as you see your net worth grow over time.
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