5 Ways to CRUSH Your 2023 Financial Goals 💪
It’s been a few months since you made that 2023 New Year’s resolution to get your finances in order. So how’s it going? Are you making progress? Or is it time to make a change?
Is it Time to Evaluate Your Career?
If you’ve been feeling uninspired and stuck in a job that doesn’t excite you, maybe it’s time to take a leap and pursue a career that fills you with motivation. Think about the potential opportunity that awaits you; this could be the new start you need to breathe life into your financial journey.
But if you are content with your current employer and plan to stay, then maybe this could be the right moment to apply for a raise or promotion. It’s a brand new year, and there’s no better time than now!
And if you’re not sure how to approach the conversation, don’t worry. We’ve got your back. Check out these tips from LinkedIn for helpful strategies on getting ahead 🙂
Passive Income in 2023
Maybe 2023 is finally your year to start building some passive income! If it’s something that you’ve thought of before, here are some ideas to get the ball rolling.
Real Estate
If you’re disgruntled with the stock market, there are some real estate opportunities that you may consider pursuing:
- Flipping a “Fixer-Upper”
- Purchasing a Rental Home
- Converting Your Basement into a Small Rental Unit
- Offering a Room or Larger Space on Airbnb
- Buying a Duplex or Fourplex & Live in a Unit
Although real estate is a great option to diversify your portfolio, it’s always wise to chat with an expert to ensure that you’re making the right decision for your goals. Depending on the location and age of the property, you may be able to capitalize on a sale later on.
Internet
Real estate may not be everyone’s cup of tea, so if you have any tech-savvy skills, why not use them to generate some passive income? Check out some of these options:
Blogs
If you enjoy taking pictures or enjoy talking about certain topics (movies, local food, books, experiences, etc), you can create a website and allow it to run ads.
Social Media
Posting about your passions and knowledge isn’t always profitable, but it’s certainly a potential avenue to explore. Vimeo has a great article about how to monetize your photos and videos.
Long-Form Video
If you have any highly valuable skills or knowledge, why not monetize them by creating an online course? Just make sure that there are certain credentials required in certain
industries!
From online surveys to getting your own shop started, here are some additional ideas from NerdWallet!
Ideas to Supercharge Your Focus 🎯
Mapping Out Your Money
First and foremost, you should create a clear breakdown of your 2023 income and expenses. So I always recommend setting your savings aside at the beginning of the month and keeping it untouched! Out of sight, out of mind so you’re not tempted to spend it.
And here’s a fun suggestion: for 2023, try scheduling some “no spend” days. You can pick how many days out of the month you do this, but the objective is to decrease how many days a week you spend money. So if you spend money five days out of the week, try to cut that down to two or three. This means you’ll have to start planning your gas fill-ups, your lunches, your entertainment–everything.
Give it a go and see what you learn about your spending habits. No cheating! Maybe you’ll learn something about how and why you spend your money all week.
Free Up More Money
Now that we’ve got the basics down, let’s explore some money-saving strategies with your essential bills. Your rent or mortgage, car notes, credit card debts, child care, and other essentials.
Ideas to Consider:
- Shop Your Insurance Rates
- Ditch Your Debt Quicker
- Automate Your Savings with Direct Deposit
- Check Bank Statements Every Month
And if you want to be extra thrifty, you can look into lesser-known expenses such as streaming services or meal delivery strategies. The big takeaway here is to watch where your money goes every month.
Ready to Make Financial Progress? Let’s Take the Plunge!
👉 Keep your goals in sight 👀 Carry a note card with your goals written down, or hang them in a visible spot like the fridge or your bathroom mirror.
👉 Visualize your dreams, but don’t forget the small steps it will take to get there. Break them down into achievable goals.
👉 Consult an expert and get feedback on how you can make smarter financial decisions, so you don’t miss out on any opportunities.
Chat with The Resource Center Financial Advisors
At The Resource Center, we’re here to help you on your financial journey. We create personalized financial plans with strategies to help optimize your assets and reduce risk–all while keeping your lifestyle intact.
One of our biggest priorities is helping you feel confident and knowledgeable. With our financial planning services, The Resource Center will help develop a plan that diversifies your assets, stays consistent with your level of risk tolerance, and have a stress-free environment to turn to when you need help.
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Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 1688483 – 02/23
