What's Holding You Back from Achieving Financial Freedom?

Welcome to our channel, thanks for tuning in. Hey, are you ready to transform your wealth in 2024 and beyond? Today we're going to bring you a show with seven accelerators to help you do just that. But before we get started, take a minute to subscribe to our channel, give us a thumbs up if you like this kind of content, and ring that bell so that you never miss a great episode. All right, let's get started.

So accelerator number one: you've got to set goals. You need to define what you're trying to accomplish. If you don't write it, chances are you won't remember it. Make sure they're clearly defined and then go after them.

Accelerator number two: you've got to automate your savings, and you have to be intentional when it comes to saving money. So you need to set the amounts, whatever it is that you can do, whether it's a small amount or large amount. Set the amount, automate it. If you're doing it in your 401k plan, automate it, set it so that it goes up every year. If you're doing it outside of a 401k plan, automate it. Use technology to your advantage. Set your savings rate right now and don't stop. If you do anything, you raise it. That's going to make a huge difference in 2024.

All right, accelerator number three: you've got to maximize your investments, and that means you've got to know what you're doing. If you don't have a wealth advisor or an investment manager to help you with this, make sure you're reading, educating yourself, learning what's out there, knowing what fits your situation. When you invest, you want the gains, of course, but you won't get them unless you do your homework and make the right investments for your situation.

All right, accelerator number four, this one's important: you need to build multiple income streams. Now, a lot of people don't understand what that means. Of course you have a job, you're working, you have W2 income, but there's more to it than W2 income. You can have rental income; that means you buy a rental property. You can have other forms of passive income. That could be simply things like dividends on the stocks where you're investing, or it could be using derivatives. Covered calls, for example, can create extra income in addition to those dividends on your stocks, and that is considered passive income.

You can jump into a side hustle. If there's something that you love doing, you think you can make money at it, consider it. If you have an opportunity for a partnership, that might be something to consider. Whatever you do, think multiple streams of income. You'll be able to grow your assets more efficiently and more rapidly, and that means greater wealth.

Accelerator number five, now this one's important, so please pay attention. Most everyone in America has debt these days. In fact, around the world you'll find that debt is sort of a normal thing anymore; it's a household term. Debt's not always bad, but you need to prioritize your debt. If you have high-interest credit cards, and right now in America anyway the average cost of a credit card interest rate is 21%, that's huge. So if you have high-interest credit cards, make sure that you prioritize getting these things paid off before anything else. If you have other loans that come with a high interest rate, you got to add those to this list of priorities. Start with the highest, get it paid down, and don't go back to that credit card. If it has a high rate, you don't want to use it. That is going to transform your financial life.

Accelerator number six: it's technology. Technology in the financial space, it's huge. You can find apps that'll help you budget, trade stocks, keep an idea of what your balance is in terms of net worth. You can see all of this, and it literally creates a living balance sheet for you. Now, some of these apps are free, others cost a little bit, but whichever you choose, choose one that's easy to use, one that you enjoy using, so that you'll be motivated to get into that app regularly and track how your wealth is changing. And you want to see it going up.

Visit our website, omnistarfinancial.com, and you can scroll down on the homepage and find a place to try out a system similar to what I'm talking about. Gives you a chance to see where you are today. It also would allow you to connect with us and use our technology, which does all the things that I mentioned, and it doesn't cost anything. We call it OmniCAP, and CAP stands for centralized advanced planning. It's killer technology. It'll help you gain an advantage when it comes to your wealth planning.

And finally, accelerator number seven: it's education. And I don't mean going to class at the local college. What I mean is getting into good reading as it relates to wealth building, as it relates to financial management. And if you don't know where to start, reach out to us. We're happy to give you some guidance. We'll share with you some of our favorite reads, and those types of things can help you become better educated. And if you get better educated, you'll make better decisions.

Well, there you have it: seven powerful accelerators that will truly help you grow your wealth in 2024. Now, I promise you, if you'll put these accelerators to work, you'll see a difference in 2024 and beyond. These don't get old. And listen, subscribe to our channel. I know that our videos will help you make better decisions, and we come out with new content every week. Give us a thumbs up, ring that bell so you don't miss a great episode, and I'll see you next time on We're Talking Money.

Thanks for joining us on We're Talking Money. Be sure to visit us at omnistarfinancial.com, where you can learn more about how we provide value to our clients. Subscribe to the show and our newsletters, and drop us a line with topic suggestions for upcoming shows. If you enjoyed the show, we would appreciate you passing it on to a friend and providing a rating on iTunes.

This podcast is a publication of OmniStar Financial Group. The content is developed from sources believed to be reliable and accurate with all information. The information in this material is not intended as tax or legal advice and may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security or service provided by OmniStar. All expressions of opinion reflect that of the authors and are subject to change. Any distribution, use or copying of this podcast other than the intended recipients is prohibited.