Tag: Money Goals

How to Get Your Money Right in 2023

December 30, 2022 / Frank Nez

As the new year approaches, many people take the opportunity to reflect on their financial goals and make resolutions for the coming year.

Whether you are looking to save more money, pay off debt, or invest in your future, there are many strategies you can use to improve your financial situation.

In this article, we’re going to go over 5 key things that will help you get your money right in 2023.

#1. Budgeting is Underrated

One of the most important things you can do to improve your finances is to create a budget.

A budget is a plan that outlines how you will spend and save your money each month.

By keeping track of your income and expenses, you can ensure that you are living within your means and making the most of your money.

One key aspect of budgeting is to track your spending.

This means keeping a record of everything you spend money on.

By paying attention to where your money is going, you can identify areas where you may be able to cut back or save more.

Or if you’re like me, identify what it is you really like spending money on, and let that be a drive to increase your income.

But more on that later.

#2. Setting Financial Goals

Another important aspect of budgeting is setting financial goals.

Whether you want to save for a down payment on a house, pay off credit card debt, or save for retirement, having specific goals in mind can help you stay motivated and focused on your financial progress.

Getting your money right in 2023 is going to require you to really narrow down on what you’re trying to accomplish financially for the new year.

It’s important to note that it is never too late to set financial goals.

However, the earlier you get serious about meeting your financial goals, the sooner you will be able to realize your potential.

As soon as you’re done writing these goals, begin creating a plan of action.

Write down what you will be tackling with sheer focus for the new year to meet these goals.

Don’t just make it a goal, create a real plan.

#3. Increase Your Income

In addition to budgeting and setting financial goals, there are many other strategies you can use to improve your finances in the new year.

One strategy is to increase your income.

This could involve asking for a raise at work, taking on additional freelance or part-time work, or starting a side hustle.

When I was working for the family business, I was still looking for ways to increase my income.

Although my income was going up every year and I had a ‘safe’ career, I wasn’t satisfied.

I started a blog, learned how to earn 6-figures with it, and created time-freedom.

Increasing your income is going to provide you with opportunities to create an income generating side hustle on the side and give you the means to save or invest more for the new year.

#4. Reduce Unnecessary Expenses

Another strategy is to reduce your expenses.

This could involve cutting back on unnecessary expenses, such as subscription services or other bad habits that aren’t serving you.

Finding ways to save on everyday expenses, such as by shopping around for the best deals is a great way to keep your money in check.

Anyone can be wasteful or careless with their money.

Keeping an eye on where your money is going at all times separates careless spenders from responsible spenders.

#5. Invest Your Money

Another way to improve your finances is to invest in your future.

While investing carries risks, it can also provide the potential for long-term growth and financial security.

Investing in index funds such as the S&P 500 will not only yield dividends, but your portfolio’s value may also grow substantially in the next bull market.

While investments tend to fluctuate, the greater markets tend to trend up long-term.

Never invest more than you’re willing to lose, work towards generating and increasing your income, and you’ll feel on top of the world.

#6. Build a Strong Emergency Fund

Finally, it’s important to have an emergency savings fund in case of unexpected expenses or emergencies.

This could be a savings account or other liquid investment, such as a money market fund, that you can access quickly in case of an emergency.

Having a strong emergency fund is like wearing strong armor in life.

An emergency fund will help you pivot when you’ve taken financial hits, such as losing a job, drop in business revenue, or losses in the market.

Your emergency fund should help you get on your feet if you happen to experience a financial bump in your journey.

Nothing feels greater than when you increase your income, know where your money is going, have your money working for you, and have a strong emergency fund to back you up should you take a small or big hit.

Stay Focused and Patient

As you work to improve your finances in the new year, it’s important to be patient and consistent.

Building wealth and improving your financial situation takes time, and it’s important to stay focused and dedicated to your goals.

It can also be helpful to seek the guidance of a mentor or people who are already where you want to be.

Overall, the new year is a great opportunity to take control of your finances and work towards a more secure financial future.

By setting goals, creating a budget, increasing your income, reducing your expenses, investing in your future, and building an emergency savings fund, you can take steps towards improving your financial situation and achieving your financial goals.

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Things You Can Start Now to Earn More Money in 2023

November 25, 2022 / Frank Nez

ways to make more money in 2023. — Ways to make more money in 2023.

The year is almost over but it’s not too late, there are still things you can start now to earn more money in 2023.

In this article, I’m going to walk you through 5 different ways you can begin to set yourself up for financial success next year.

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#1. Write a Financial Plan with Intention

One of the most important things you can do right now is to begin writing a financial plan with intention.

The intention has to be there.

What are your financial goals?

What are your income goals?

Journal them and create a plan on how to make those visions become a reality.

Perhaps you’re looking forward to saving your first $1,000, your first $10,000, or want to hit your first every $100,000+ in capital.

The best way to start that journey is to write it down as a plan first.

Identify what it’s going to take, and the rest will follow through.

#2. Practice or Learn New Skills Now

If part of your plan involves earning more money for 2023 and you’ve identified that you’ll have to take on a whole new industry or develop a new set of skills, start now.

The only way we grow is by learning, and unfortunately there’s no shortcut for it.

You can learn new skills such as copywriting, public speaking, trading, graphic designing, website creation, sales, marketing, branding, etc.

Learning is painful because it’s slow and often times people put learning something new on the back burner to not start over again.

But the truth is you’re not starting all over.

You’re merely making yourself more valuable by elevating your standards.

If you want to make more money in 2023, chances are you’re going to have to do something different the new year than you did this year.

Remember, degrees don’t make you money, skills do.

#3. Solve Problems for Other People

how to make more money in 2023. — How to make more money in 2023.

This can be in the form of an actual business venture, or an educational or informational startup, such as an online business (blog, podcast, etc.).

You know this and I know this, there are people making a sh*t ton of money either online or through a traditional business model.

What these individuals are doing is they’re simply solving problems for other people in a particular community or niche industry.

Can you think of a way you can serve people in a manner that will solve a problem for them?

Whether their problem is they’re in the area and they’re hungry, or they don’t know how to dress themselves properly for a specific function, or they don’t know the basics of proper car maintenance.

There is something you know that can solve the problem for someone else whether that be physically or through an online platform.

#4. Start Putting Your Money to Work for You

how to put your money to work. — How to put your money to work.

If you have disposable income, the best thing you can do is to put that money to work for you.

Did you know you can buy stocks that will pay you a dividend every quarter?

These earnings then rollover and compound further growing your investment/net worth.

This of course just one example of how you can put your money to work for you in 2023.

If you have big capital at your disposal, buying a property cash could provide you with rental income while appreciating over the long-term.

#5. Create Something Original You Can Sell

how to earn more money in 2023. — How to earn more money in 2023.

One thing you can do now is create something original that you can sell.

It can be clothes, paintings, a service, a product, a book, literally anything that’s original.

You can sell on eBay, on Etsy, on Instagram Stores, or via a personalized website.

Heck, you can even sell at events or swap meets.

Your hustle is your hustle and you’re more valuable than you think.

Related: These Money Management Tips

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5 Habits You Need to Crush Your Money Goals

July 12, 2020 / Frank Nez

If you’re thinking of setting financial goals for yourself you’ll need to develop these 5 habits to crush your money goals first. Let us know in the comments section below if you’re on track.

#1. Learning to Budget

Crush your money goals by setting a budget — Crush your money goals by learning to budget

Budgeting is a great habit that will play an important role on your money goals. Learning to budget allows you to know exactly how your money is being used.

Download the mint app to keep tracking of your monthly expenses and keep track of your net worth.

This crucial habit prepares you for the discipline required to meet your financial goals. It will teach you to stay focused on your numbers and to stick to your goal.

#2. Being on Time

Your money goals will require you to be on time.

Being on time demonstrates responsibility and can show people you’re dependable.

Your money goals will require you to be trustworthy. Here are some examples being on time influences your habits:

Being on time for work (dependability & promotion opportunities)
Paying bills on time (increases your credit score | shows lenders you’re responsible)
Meeting deadlines (allows you to retain clients & enables more business opportunities)

Being on time is a great habit you can develop in order to crush your money goals because of how diverse this action influences your world.

Financial success will require you to pay your bills on time in order to increase your credit score.

By increasing your credit score, you’ll be able to easily qualify for a home, car loan, or anything of significant meaning to your money goals.

Read: How To Increase Your Credit Score | Reach Excellent

#3. Understanding Needs VS Wants

If you want to crush your money goals you’ll need to be able to identify the difference between needs and wants.

This habit will allow you to make smart purchases.

Needs Are:

Food expenses
Utilities
Affordable rent
Proper clothing
Tools for work
Means of transportation

Wants Are:

The latest iPhone and tech
Fancy and unnecessary clothing
The new car
Dining out and entertainment
Vacations

When you are setting money goals for yourself and your family, you learn to identify priorities.

Priorities are the important things that come first. Anything beyond that is a luxury.

Read: 10 Successful Ways To Save Money During a Recession

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#4. Avoiding Income Creep Lifestyle

People who lack the will to spend less as they earn more experience what is known as income creep lifestyle.

If you move into a bigger home or decide to finance your dream car as soon as you receive a promotion then you are experiencing income creep lifestyle.

Avoiding income creep lifestyle means you’ll have to be patient and develop a habit to delay gratification.

You cannot reach your money goals if you are spending more money as you earn more. This cycle will keep you in a repetitive loop leaving you with little to no funds to save, invest, or pay off debt.

Here are some great habits you can develop if you earn a raise in income:

Keep your expenses the same
Use the additional income towards your money goals
Delay gratification and stay the course

By keeping your expenses the same you’ll be able to allocate your additional earnings towards your money goals. You can use this extra money to pay off debt, save for a home, or to pay off high interest debt!

Read: 7 Easy Ways Millennials Can Start Earning More Money

#5. Always Aiming to Increase Your Income

Increase Your Income To Crush Your Money Goals — Crush your money goals by increasing your income

When you’re looking to crush your money goals you’ll come to the understanding that it will require sacrifice to meet such goals.

You understand that increasing your income will allow breathing room to not only enjoy your money but to also meet your financial goals quicker.

Aiming to increase your income is a great habit that will help you reach your goals without a doubt as long as you avoid income creep lifestyle.

By delaying gratification, you’re setting yourself up for financial success.

Read: How To Set Financial Goals: 10 Simple Steps!

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How To Stop Living Paycheck To Paycheck (For Good)

May 9, 2020 / Frank Nez

We’ve been there. You want to save money but somehow it seems to be more difficult than it should be. Most importantly, you’re taking care of your expenses but have very little leftover before the next paycheck. As a result, you’re holding out until the next pay day. What if you never had to worry about living paycheck to paycheck again? The great news is that it is absolutely possible. Here’s how to stop living paycheck to paycheck (for good).

Look At Your Bank Statements & Budget

It is very important to know what you’re spending your money on. Look at your bank statements to see where you may begin to set limitations and write them down. Budget the amount of money you spend on eating out, on games or music, online shopping, etc. This will vary for each individual.

Cutting back on expenses will allow you to gain control of your routines and habits in order to pocket extra cash in case of any emergency.

Increase Your Income

There are many ways to increase your income. You may work for a promotion or raise, or take up a side hustle to earn extra money. For instance, by earning an additional $100-$300 a month will mean you’re up $50-$150 bi-weekly before the next paycheck. The catch here is to not fall into income creep lifestyle. Otherwise, you won’t be able to execute this properly.

Beware Of Income Creep

Income creep is when one lacks the will to retain spending additional income after a raise, sale, promotion, etc. As a result, you continue to live with the stress of never having enough. Income creep is the reason why people earning six figures a year also live paycheck to paycheck. If you continue to add or create more expenses as you earn more money, you will be stuck in this quicksand; a never ending loop. Delay your gratification and your future self will be glad you did!

Live Below Your Means

Living below your means is the responsible and most effective way to manage your personal finances. We’ve learned that this strategy goes hand in hand when you increase your income as they compliment each other very well.

So what does it really mean to live below your means?

To live below your means requires you to not increase your standard of living (bigger car, bigger home, etc.) as your income increases. Living below your means allows your expenses to stay relatively the same which opens opportunity to save money and invest it as well.

As you continue to practice these winner habits, you will gain an intuition and an understanding of when it is best to increase your standard of living. In the mean time it is very important that you learn how to stop living paycheck to paycheck first.

Increase All Your Monetary Accounts

The privilege to stop living paycheck to paycheck will depend on how well you manage your monetary accounts. As a result of implementing these strategies (budgeting, earning more income, and living below your means), earnings will roll over in your checking account due to the money consistently being replenished. By disciplining yourself to stay on this path, you will no longer be living paycheck to paycheck.

Stack the amount of money in your checking account in order to gain access to funds from which you can save and invest. In other words, increase all your monetary accounts. Tip: Pool money from your checking account into several accounts that will allow you to earn more income passively. More on that below.

If you’re curious on how to invest money in the stock market, check out this amazing post here. We walk you through step by step.

Other Means Of How To Stop Living Paycheck To Paycheck

Downsize

Stop living paycheck to paycheck by cutting back on rent and allow breathing room to save money by downsizing. Make an effort to seek the best options regarding your long-term success. Delayed gratification will come a long way.

Pay Off Debt

By paying off debt you open up opportunities and have a chance at experiencing financial growth. If you pay off a credit card, you no longer have to worry about the monthly expense. Say you owe a small amount on your vehicle. Get a payoff quote and eliminate that expense. By freeing up this money, you can beak the monthly payment into segments and pool it into checking and savings. Stop living paycheck to paycheck by eliminating payments to lenders every month.

Generate Passive Income

Generate passive income so that your small bills are paid. What if I told you the interest you earn in a money market account can literally pay your monthly Netflix subscription? We published a post on 5 guaranteed ways to earn passive income that will help you learn more so that you can take care of your bills without tapping into your earned income. Stop living paycheck to paycheck by earning extra cash on the side.

Make It A Habit

Make it a choice and a habit to stop living paycheck to paycheck. After all, it’s in your power. Implement these strategies in order to change your life and begin feeling what it is to truly be financially free. Go back in time today and secure your financial future!