2023 Wealth-Building, Investing Strategies From Successful … – Business Insider
- My job involves talking to successful people and asking them how they manage their money.
- I’ve selected two expert-backed, wealth-building strategies to implement in 2023.
- One is to diversify my income and the other is to set specific money goals.
My job involves talking to successful people and asking them how they manage their money.
A former equities trader, who also happened to make history as the youngest female trader at the New York Stock Exchange, told me that she invests in alternative assets like fine art and luxury handbags. A single father of three who lived paycheck-to-paycheck for most of his adult life shared the story of how he achieved financial independence via buy-and-hold real estate investing.
After seven years of asking early retirees, self-made millionaires, and “super savers” how they’ve managed to build wealth, you start to pick up on common threads.
They dish out a lot of good advice, some of which I’ve already implemented in my day-to-day to free up more cash.
In the spirit of keeping things simple and not getting overwhelmed by too many resolutions, I’ve selected two wealth-building strategies to try out in 2023.
1. Continue diversifying income and build at least one passive income stream
One of the most common strategies that comes up in interviews is to focus on increasing your income.
What I hear over and over again is: There’s a cap on how much money you can save. However, there’s no limit on how much you can earn.
No matter what your financial goal is — paying off debt, buying a home, or retiring early — finding ways to earn more money will likely speed up your timeline.
I’ve had either a side hustle or part-time job since I started my career back in 2015. My very first side gig was stringing tennis rackets at a pro shop in New York City, which I did mostly out of necessity. At the time, I earned an hourly wage as an intern and was living in one of the world’s most expensive cities.
Over time, though, as I started earning an actual salary and got various pay bumps, the purpose of me having a side hustle evolved: It went from a necessity to a choice — and I chose to keep doing it.
There’s a cap on how much money you can save. However, there’s no limit on how much you can earn.
All that is to say, my goal for 2023 is not to simply have a side hustle. It’s to find a more passive way to earn money on the side …….