How To Reset Financially For 2023
Intro
As 2022 wraps up, it is important to take account of how the past year has been. In this third and final week of our financial wellness series, we are talking about resetting financially for the upcoming year. What are some practical tips for generating wealth that you can use in 2023? Join us and learn how to thrive in your financial life!
Point 1: Money vs. Wealth
Money is the everyday currency that we use. It is what is in our bank accounts and how we pay for our food and shelter. Wealth is anything that provides financial benefit in abundance. That could be real estate or gold or even things that are not traditionally thought of as wealth such as personal wellness. We all have money, but do you have wealth to leave behind?
Point 2: Practical Steps to Generate Money & Wealth (from The Richest Man in Babylon)
The first step is to pay yourself first. Set aside 10% of what you make and save it for future use. While that may not seem like very much, over time it will grow into a substantial sum.
Another helpful tip is to live below your means. When you get a pay raise or gain another source of income, it is tempting to raise your expenditures to match. Do not do this! Set aside the extra money. You can survive with the lower amount, and the savings will be more useful later.
A third tip is to invest wisely. Let your money compound. It is a better to invest in something that will grow your money instead of sitting stagnant in a bank account. In addition, invest in things you understand. That is the best way to avoid risk and scams. Just because it seems like everyone is investing in something, if you do not understand it, avoid pouring money into it.
Finally, invest in yourself and in your skills. Material things can be lost, but skills you learn will be with you forever. Make time to improve yourself and your skills. Even if you lose your job or material possession, having applicable skills means that you can still provide for yourself and your family. Materials are temporary; skills are permanent.
Summary
As 2022 draws to a close, it is time to look forward to 2023. What can you do to make the next year better than the previous one? Use the tips above to improve your finances. It may seem difficult in the moment, but the results will be worth the struggles. Once, your finances are thriving, you will have more opportunities to improve the rest of your life. So, what are you waiting for? Begin to improve your finances and thrive with us in the upcoming year!
