5 Tips to Set Yourself Up For A Fantastic 2023

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5 Tips to Set Yourself Up For A Fantastic 2023

The new year has arrived, you’re re-charged, it’s time to release the hand brake and get moving!

Welcome back for another episode of the Financial Autonomy podcast, where our goal is to help you gain choice in life – perhaps that’s the choice to cut back to working 3 days per week, maybe it’s making a career change, or being able to retire at 60 and travel around Australia. Whatever the choice it is that you are seeking, this week’s episode should help ensure 2023 is a year where you make strong positive strides in the right direction.

1.      Set Goals (and Milestones)

 

What do you want to achieve this year? Perhaps it’s mastering vegetarian cooking, getting the offset account to a certain level, running 10km, building your share portfolio, or finally paying off the mortgage. The best way to make progress is to determine some goals, break them down into bite-sized milestones, and then hold yourself accountable.

Goal setting is without doubt the most powerful way to make progress on a goal. Guaranteed there’s no Olympic gold medallist who just happened to be walking past the try-outs on a day off, had a crack, and found themselves with a medal around their neck.

Success in any pursuit requires clarity around what it is that you want to achieve, then working back, breaking down the steps needed into bite sized milestones and determining the actions required to reach each milestone.

If you did nothing else, setting goals and milestones will have a huge impact on how your 2023 unfolds.

 

2.      Find a Cash Flow strategy that works for you

 

If you’ve had a chance to read my book you will know that I believe very strongly that there is no single right way to manage your cash flow – budgeting if you prefer. Some people love a spreadsheet and tracking every dollar they spend, but such a person is about as common as an Emu wandering around suburban Melbourne.

Fortunately, there are many other approaches. In my book I give you 5, and I’m sure there are more. Try a few different approaches and find the one for you. Maybe your solution is a combination of several approaches. It doesn’t matter which approach you find successful, but somehow you need to find a way to ensure your expenses are less than your income, and you then set aside the difference for saving and investing.

 

 

3.      Book a holiday

 

This might seem like a strange one after just talking about the importance of saving. Anticipation often brings more happiness than the actual event itself. Adding a holiday in the diary, something to look forward to, will give you little bursts of happiness for months in the lead up. Booking something now for the second half of the year will ensure you get maximum joy out of this expenditure whilst also helping you stay on track with your goals, one of which would no doubt be to provide some spending money for your trip.

So whether you’ve got in mind a trip to Broome, some snorkelling in Fiji, or exploring the Colosseum in Rome, book that holiday and milk those anticipation good vibes for all they’re worth.

 

4.      How could you develop your career?

As I’m sure you would have heard before, your ability to earn an income is likely your greatest financial asset. With that in mind, what could you do in 2023 to help develop your career?

Earning an extra $30,000 a year for the remainder of your career could be the difference between retiring at 60 rather than 65, or having the mortgage paid off in your 40s instead of your 50s.

Can you see a pathway forward in your career right now? The employment market at present is strong. Do you need to change employer to broaden your experience? Is it time to do some extra study?

Investing in yourself could be the most impactful investment that you ever make. Give some thought  to how you might develop your career in 2023 and incorporate these ideas into your goals.

 

5.      Recognise how lucky you are

My 5th and final tip to set yourself up for a fantastic 2023 is to take a moment to recognise now very lucky you are. Whether it’s Ukrainians worried about freezing to death or Russian bombs falling on their head, masses of the world susceptible to the worst effects of COVID due to a lack of effective vaccines, political corruption, poverty, and hunger, it’s worth taking a moment to recognise that we are amongst the luckiest people on our planet.

Sometimes we can beat ourselves up, feel like we’re underachieving or not keeping up sufficiently with those around us. The best way to hit the reset button on these negative thoughts is to take a moment to reflect on just how lucky we are. With this positive outlook you’re much more likely to have a successful 2023. Optimism is contagious. Positivity has immense value. It is the fuel that lets you make progress on your goals. Harness that positivity whenever you can.

 

I hope you enjoy a wonderful 2023.

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