Set A Financial Goal
It’s important to note that although it is critical to work. In this new year, you do need to make goals to generate more money. You should spend your time looking for a better, higher-paying job. However, we know that if we focus on finding high-quality assets or building a successful business, the money will come — and for many years, even after the work of acquiring our assets is done.
Each year, intelligent people sit down and set financial goals as to how many new assets they should purchase or what kind of profitable business, they can create. People who succeeded financially have spent many years building their portfolio slowly and steadily and investing in their financial education. Most of these people weren’t always rich, and didn’t always have the financial intelligence quotient IQ. But, they invested the time to grow their financial intelligence quotient IQ through financial education when they had no money. Intelligent people don’t put that time into a job; they invest it in their financial future.
Create And Boost An Emergency Fund
Although having easy access to cash to cover unexpected emergency situation is very important. Yet in 2022, a new survey in the United States uncovered that only 59 percentof employees have an emergency fund — a 7 percent drop from the year 2021, leaving 41 percent without any sort of emergency saving.
Starting or increasing your emergency saving for an uncertainty is important step to approach in 2023, if you don’t have money saved aside for an emergency.
Also, if you lost your job, with a layoffs and worries about a looming recession after the Covid-19 pandemic, getting a temporary job may help you start building your emergency fund. A part-time job in retail or a restaurant or doing some holiday decorating for a fee may help you come up with more money to save.
Build And Increase Saving Account
The Federal reserve’s and other central banks around the world’s interest rate hikes in 2022 have resulted in higher rates on savings accounts. Some such accounts are paying as much as 3.5 percent interest with no minimum balance. Opening a saving account or increasing your money saved in 2023 is highly recommended, in this higher interest rate condition.
Also, contributing more in retirement account, such as 401(k) retirement savings plan in the United States, is one of the most highly sought-after workplace benefits. You can contribute as maximum as 20,500 USD to a 401(k) plan in 2023 — or up to 27,000 USD if you’re 50 or older.
If you can’t afford to contribute the maximum amount to your 401(k), you must put in at least enough money to get your employer’s matching contribution, if it’s offered.
Invest In Valued Assets
Most people who succeeded financially, don’t spend much their time an employee, instead they spent their time working to build valued assets.
Valued assets mean you must create and build investments or businesses that provide steady cash flow each month. Instead of spending your life working for money, you must work to understand how to make money work for you through financial education. Very simply, the rich don’t work for money, they make money work for them.
Working to add more assets is much different than working for a paycheck. For instance, adding assets doesn’t require working longer or harder. In fact, the higher your financial intelligence quotient IQ, the less you have to work to acquire high-quality assets. These assets then provide passive income, even while you’re sleeping. This is not to say that you shouldn’t work. Rather, you must just work smartly, by using your paycheck, for instance, to buy assets that increase in value.
Start A Business
Today, most people work hard on building a career, working their way up the corporate ladder, or building a practice based upon their reputation. That’s not a bad thing.
However, in order for you to become financially successful, you need to learn to build and put together systems that could work to generate income even without your present.
There is a difference between those in the job market, who are seeking for better job opportunity, and those in the business owner and investor quadrants.
Those who are seeking for better job opportunity fall into the classic error that it’s more important to work in a great business than on their own business. By getting bogged down in day-to-day details, they never work on the business to take it to the next level. They don’t trust that anyone can do a better job than them, and they don’t trust a system that can run without them. They are the barrier to their own success.
Rather than being hands-on and working hard, rich people find innovative ways to do more with less effort—and they empower their teams to be successful for them.
If you are going to be the kind of person who creates assets that buy other assets, you need to find ways of doing less so that you can make more and build more.
If you are a person who is addicted to hard work, or staying busy in your busyness and not building a valued assets, then I would suggest learning more on how creating an investment or business can make you more successful financially in the new year.