7 Things You Must Accomplish to Become Wealthy in 2025

If your goal in 2025 is to build wealth in your life, and it should be everyone's goal, in this video, I'm gonna share a checklist of seven goals that you need to accomplish in order to make 2025 a wealth-building year. And I'm also gonna share a plan on how you can accomplish them. And so let's start off with our first goal. Come up with a retirement investing plan. Now, the number one purpose of building wealth is not so that you can live large and have every possession in the world, but it's to make sure that once you get older, you have enough money to retire comfortably. No one wants to reach old age and be forced to work because they do not have any money set aside for retirement. And so the first goal that you need to accomplish in order to build wealth in 2025 is to create some sort of retirement investing plan. And it should look something like this. The first thing you need to do is contribute the maximum to your employer-sponsored 401k plan. For example, if your employer offers a 5% match, then you should match 5%. The second thing you should focus on is maxing out your Roth IRA. The current contribution limit is $7,000 if you're under 50 and $8,000 if you're over 50. Then if you did those two things, return to your 401k plan and try to max out that. The current contribution limit is $23,000. And don't just contribute money to these retirement accounts, but make sure that that money is invested in the market to grow. For me personally, I invest my retirement accounts in a simple S&P 500 index fund, like VFIAX or SWPPX. And if you're new to investing and wanna learn a little bit about it, I made this video on how I invest my money, which is through index investing that you can watch after this video. But the point of building wealth is so that once you get to old age, you can retire comfortably. So the first goal that you need to accomplish is simply coming up with a retirement investment plan. Now, the second goal is prioritize your health. Now, building wealth is not just about making the right financial moves, but it's also about taking care of your health, eating the right foods, exercising your body, and focusing on your mental health. As the saying goes, you can't wealth with bad health. In order to build wealth, you have to prioritize your health in 2025, because when you're in bad health, it's very hard to build your wealth. You don't have the energy to do the work needed to make money. You don't have the headspace to focus on being organized, and you're not always able to make the best decisions. And not to mention, your medical costs will be extremely high. Building wealth requires energy, and when you put your health on the back burner, it's much harder to focus on making the right decisions in order to build your health. And so a goal you must set on yourself this year is to prioritize your health. Take the necessary steps to be in good physical and mental shape so you have the energy and headspace to keep at your goals. And for me personally, on top of exercising, eating right, and taking care of my mental health, one thing that has helped me fill in the gaps that I may be missing from my diet that helps support my energy levels, digestion, and generally my overall wellbeing, is drinking AG1, who is also the sponsor of today's video. AG1 is a research-backed daily drinkable scoop containing 75 vitamins, minerals, and whole food sourced ingredients that help me fill in the gaps of my diet to keep my body nourished. Instead of spending a bunch of money on a variety of different supplements, AG1 is a comprehensive nutrition supplement that provides nutrients to support body, brain, and gut health. For the past month, I have been including AG1 as part of my morning routine and drinking it first thing in the morning. And it's extremely easy to use. All you have to do is take one scoop every day, mix it with some water, and give it a shake. And it tastes very good. It's fruity, sort of like pineapple with a little bit of vanilla. And they also gave me these cool travel packs that I can bring with me when I travel. And since drinking it, I have felt a boost in my morning energy levels. I have some peace of mind knowing that my immune system is being supported, and I generally feel more full throughout the day. And AG1 is gluten-free, dairy-free, vegan, and NSF certified for sport, meaning they source the highest quality ingredients. If you are interested in trying AG1 yourself, click on the link in my description or go to drinkag1.com slash Austin Williams or scan this QR code, and you will get $20 off your first order, as well as a welcome kit, five free travel packages, and a year supply of vitamin D3 plus K2. And thank you, AG1, for sponsoring this video. Now, the third goal is come up with a plan to pay off high-interest debt. Now, the next goal that you should focus on in order to build your wealth is paying off any high-interest debt that you may have. And you might be thinking to yourself, oh, Dean, I would rather grow my money in the market. Well, before you focus on investing your money in the market, you have to focus on paying off your debt. And the reason is because the interest that you're paying on debt is far more than any that you're gonna gain in the market. For example, on average, the market returns 10% a year, but a credit card has an interest rate of about 20%. And so before anything else, you wanna focus on paying off your debt. And there are two strategies when it comes to paying off debt. The first strategy is called debt snowball, where you list all your debts from smallest amount to largest amount and focus on paying off the smallest amount while paying the minimum payments on the others. And once you pay it off, do the same for the next one and so on. And there are two benefits of this method. One, you get a sense of accomplishment, and two, it's simple to follow. The second strategy is called debt avalanche, where you list your debt from highest interest rate to lowest interest rate and focus on paying off the highest interest debt while paying the minimum payments on the others. And once it's paid off, move on to the next one and so on. And there are two benefits of doing this method. One, you pay less in interest, and two, you pay off debt faster. Building wealth is very hard to do when you have debt. And if you have debt, focus on choosing one of these strategies in order to pay off your debt, whichever one works for you. And once you have no debt, it's much easier to focus on building your wealth. The fourth goal is save your first $10,000. So once you pay off your debt, you might be asking yourself, Agutin, can I start investing in the market now? Well, the truth is before you start investing outside of these retirement accounts, it's very important that you focus on saving your first $10,000. And the reason for this is because if you start investing, you don't have any savings. You could be forced to withdraw your investments at a loss. And so to avoid being forced to do that, you need to create a solid savings account that you can withdraw from if an emergency comes up. And I think a good number to shoot for is $10,000. And the reason is because there are a few surprise expenses in life that are gonna cost you over $10,000. If you need a root canal, you're covered. If you need to take an unpaid week off, you're covered. Or if you need some car maintenance, you're covered. There are a few surprise expenses in life that are gonna cost you over $10,000. And so in order to save your first $10,000, I made this video on the 10K challenge on how you can save your first $10,000 that walks you through my free spreadsheet. You're welcome. I ain't just doing this for me, but I'm trying to help you as well. Building wealth requires risk. And in order to deal with that risk, it's good to have a solid savings of $10,000 first. Now the next goal is invest outside of retirement. All right, so once you pay off your debt and save your first $10,000, you can then start making investments outside of retirement accounts. But ideally for the average person that doesn't wanna build this giant investment empire, you should really focus on investing in retirement accounts first because you wanna give your investments a long time to grow. However, in other cases, it might make more sense to invest outside of retirement accounts. For example, investing in a brokerage account makes it easier to access the money if needed and can generate passive accessible income, whereas retirement accounts can't be accessed until you're 59 and a half. And depending on your goals and risk tolerance, you can invest in stocks, bonds, index funds, real estate, cryptocurrency, metals, peer-to-peer lending, CDs, dividend stocks, which all have the potential to help you build your wealth. I personally am a very conservative passive investor and choose to invest all my money in index funds. I am not a millionaire with a giant investment empire, but I am an average person like you, unless you aren't an average person watching this. In that case, let me know in the comments. But building wealth doesn't come from putting money in a savings account, but it comes in putting your money in things that increase in value. And of course it comes with risks, so do your own research. But once you are ready to invest outside of retirement accounts in order to build wealth that you wanna have more easily accessible, come up with a plan, invest in some of these things that I have mentioned, depending on your risk tolerance, and that will help you build your wealth. The sixth goal is complete your emergency fund. So we have spoken about the basics of saving your first $10,000, so that if emergency comes up, you do not need to withdraw from your investments. But your savings shouldn't stop there, but you should have an emergency fund of six to 12 months of living expenses. So if you lose your job or something catastrophic comes up, you have this money to fall back on and don't have to withdraw your investments. In what is six to 12 month emergency fund looks like is different for everyone depending on your life needs. For example, for a single person, it might mean 18 to $36,000, but for a family of four, it could mean 36 to $72,000. The foundation of wealth building is making sure that you are never in a spot where you need to panic sell or make decisions out of scarcity. And having a fully funded emergency fund gives you the peace of mind that if anything happens, you are still able to protect your wealth. Now, the final goal that you need to accomplish in order to build wealth in 2025 is make your spending less than your income. So this goal is very obvious and should be the first thing on this list. But regardless of your income, in order to build and maintain wealth, it is important that your spending is less than your income or you're living below your means. In doing this involves sitting down and creating a budget where you write down your income, your fixed expenses, variable expenses, saving contributions, and debt repayments, and then make sure you balance the budget. And not just stopping there, but also making sure that you write down the financial goals that you wanna accomplish, some of which might be the goals that we have spoken about in this video. But others might include increasing your income, generating passive streams of income, or paying off your mortgage quicker. Building wealth is attainable for everyone. And if you set these seven goals as mentioned in this video and focus on accomplishing them, you will have a wealth-building 2025. And with that, muchas gracias, que tenga un buen dia, last video of 2024. Nos vemos, chicos.