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Table of Contents
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Keytakeaways - Paper assets, such as Vanguard's S&P 500 ETF (VO), Information Technology ETF (VGT), and Total Stock Market ETF (VTI), provide a passive investment strategy.
- The Magnificent Seven stocks—Tesla, Amazon, Alphabet (Google), Meta (Facebook), Microsoft, Nvidia, and Apple—offer a streamlined approach to diversifying individual stock investments.
- Starting a business is a viable but challenging alternative investment avenue that requires specific skills and problem-solving abilities.
- Reflecting on 2023 activities and outcomes is crucial for pivoting and developing a more effective wealth-building strategy for 2024.
- Investing in a combination of paper assets and individual stocks, along with personal self-improvement, is recommended for building wealth in 2024.
- Always conduct thorough research and consult with financial advisors before making any investment decisions.
The Importance of Paper Assets Over Real Estate
Real Estate Challenges
Many people consider real estate a go-to investment, but let's face it—buying property isn't as viable as it once was. Housing prices continue at all-time highs, and with fixed-rate mortgages lingering around
8%, it's impossible to secure a profitable cash flow. This circumstance makes real estate a less appealing alternative for many, including me.
Advantages of Paper Assets
So, where should you turn? Enter
paper assets, a 100% passive investing method that requires just earned or passive income. Companies like Vanguard offer excellent options like the, S&P 500 ETF (VO), Information Technology ETF (VGT), and Total Stock Market ETF (VTI). These investment opportunities allow you to diversify your portfolio without the headache of property management or exorbitant interest rates.
Diversifying Investments
Individual Stocks: The Magnificent Seven
Now, let's talk about specific stocks. I've identified what I like to call the "Magnificent Seven": Tesla, Amazon, Alphabet (Google), Meta (Facebook), Microsoft, Nvidia, and Apple. Investing in these seven equities through a single portfolio simplifies your strategy, making it easier to manage and analyse your assets.
Alternative Investment Avenues
While paper assets are my major emphasis, I appreciate that some of you could be investigating other routes, like establishing a business. However, keep in mind that beginning a firm demands a unique skill set and problem-solving talents that not everyone possesses.
Building Wealth in 2024: Creating a Game Plan
Reflecting on 2023
As 2023 comes to an end, it's vital to review your efforts and accomplishments objectively. If your methods didn't deliver satisfying outcomes this year, it's time to pivot. Remember, if you keep doing what you did in 2023, you'll likely receive the same outcomes in 2024.
Developing a Strategy for 2024
My game plan for 2024 relies on investing in paper assets, notably Vanguard's ETFs and the Magnificent Seven equities. Additionally, I believe in making a personal investment in self-improvement to become a better investor and person overall.
Conclusion
To finish things up, 2024 promises to be an amazing year for creating money. Share your ideas in the comments below using the topics we covered, and don't forget to subscribe to our newsletter and this post.
