Get ready to smash your financial goals in 2023
It’s been a full year since that article went viral, but the advice still stands. As we head into December, we’re getting closer to the holidays, which means we’re more likely to spend on gifts or get carried away with emotional spending and “treat yourself” habits.
Stay on track. Stay the course. Plan your financial strategy for 2023. Now is the time to develop and write your plan so that you have a clear pattern to follow for the new year.
Keep your rent/mortgage payment at 10-15% (or less) of your net income.
Avoid car payments. If you decide to take over the payment of a car, have the money (in your bank account) to buy the car directly.
Keep your net worth positive — at all times.
Always have a minimum of 5 streams of income. But aim for at least 10+ streams. Never depend on just one source of income. To diversify. To diversify. To diversify.
Daily Budget. Keep track of your money daily. Always know what’s going on when it comes to your money. Be aware.
Stay in control of YOUR money. Never leave responsibility for your money to someone else.
Pay for everything by credit card to earn cash or points on your purchases and increase your financial security.
If you can’t use a credit card responsibly, avoid them altogether.
If you have children, open a retirement or investment account for them the day you become pregnant, adopt, or start preparing for having your child. Why not set your child up to become a millionaire by age 30?
Only buy what you really want. Don’t buy to impress. Don’t buy because everyone is buying. Don’t buy to fill a void. Don’t buy things you won’t use regularly. Always buy intentionally.
Increase your income every year. Never go a year without increasing your income. To show creativity.
Repair your car instead of buying a new one.
Keep an eye on your credit score and your credit health to make sure you’re the only one using it.
Until you achieve financial independence, live with family, friends, roommates, etc., to save money and live below your means. But you may want to continue living with others even after achieving financial independence. Extra cash flow is always good.
Beware of expensive habits.
If you have an employer, maximize your 401k match and contribute the maximum amount per year. Find a way to live comfortably from the rest.
Spend significantly less than you earn. You always have money left over at the end of the month. Avoid living paycheck to paycheck at all costs.
Be careful who you sleep with, associate with, or date; make sure they are money conscious. Make sure the person you’re with has a healthy relationship with money. Maintain firm financial limits. Don’t let others distract you from your financial goals.
Don’t have kids you can’t afford.
Take copious amounts of financial advice, but decide for yourself which advice to follow. But the one piece of advice you should always follow is: Invest now. Invest early.
If you’re in debt, invest while you’re paying off your debt, because one thing you can’t get back is time; and compound interest thrives out of time.
Never stop your financial education. Read books and articles, attend seminars, listen to podcasts, and chat with financial experts.
Make sure you constantly acquire new financial knowledge. When you know better you do better. The sooner you can learn about money, the better off you will be financially.
Don’t spend money to impress people, not even yourself. What a waste it is.
Don’t live in states you can’t afford. Instead, take a vacation locally.
Avoid student loans if you can. Aim to go to school for free, with scholarships, jobs, programs, and more.
Start a business ; this is where true wealth begins.
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