Investment Mastery Founder and Chairman Marcus de Maria shares his tips on financial literacy and how to get comfortable making decisions about money so you can have a secure future. Let 2023 be hassle-free with these helpful tips.
1. Educate yourself
Money is often regarded as inappropriate to discuss, but when you start having conversations, you realise how little you know. Investing in yourself should be a priority for 2023, and you can do this by gaining a financial education. Start by taking time to read books by experts, such as Think and Grow Rich by Napoleon Hill and Rich Dad Poor Dad by Robert T. Kiyosaki, and you will begin to see a shift in your mindset about money and a change in attitude towards wealth building. Podcasts are also a good place to boost knowledge and keep informed about current markets and personal finance. I’d recommend the Iced Coffee Hour podcast by Graham Stephan, especially if you are under 30 as he appeals to the younger audience. He interviews entrepreneurs and YouTubers, offering a broad spectrum of people to learn from.
2. Use Financial Management Tools
Nowadays there are many apps available to make money management easier. Whether to track spending, look for discounts, analyse the stock market, receive alerts about investment news etc. they all will help you get a clearer picture of your finances. So in 2023, we’d highly encourage installing one of these apps to visualise your money goals and most importantly start reaching them.
3. Budget Better
With the cost-of-living crisis affecting many people, any measure to reduce costs, save money and pay off debts is essential in 2023. If you have the means, saving more than you spend is the best way to keep track of your finances. Get to know your finances better by working out where you can divert cash to build wealth. Simple reductions like not getting a coffee every morning, spreading out your social calendar and cooking at home instead of eating out every week or getting takeaways, are simple ways to start saving or to divert money to start an investment fund. In doing this, you are balancing the risk as any money you may lose would already have been spent meaning you will be no worse off than before.
4. Learn some good strategies
Low-Value Averaging is an effective method taught across financial education programmes. Getting familiar with such terminology will greatly benefit you in 2023, so we encourage you to look into these methods to boost your financial goals. Low-Value Averaging is an investing technique that involves buying shares when they hit a low cost, as that’s when they are at a discounted rate, meaning the potential to grow and make more money is maximised. Take the time next year to learn and practise investing strategies until you are confident you can do it alone. You can even start demo accounts so that you can test your strategies without investing any real capital.
5. Invest in new means
Now that you have invested in yourself, and your education and got a hold of your finances, you should look to diversify your investment portfolio in 2023. Look at sustainable investments, and new technologies such as Medtech, edtech and spacetech or choose a brand you are familiar with, that can’t go to zero. As ever though, we advise caution as all investments come with risk, and no prediction is certain. As the country is in a recession, it is a good time to diversify as many stocks, shares and cryptos are down, meaning more money can be made.
6. Don’t just sit back and watch
In order to make progress in 2023, you need to be proactive when searching for positive investments and ways to increase your income. Simply analysing the news and markets won’t do much. Applying what you have learnt is what ultimately leads you to reach your goals, so don’t sit there and wait for things to happen, grab the opportunities that are out there.
Featured Photo by krakenimages on Unsplash
