12 wishes for 2023

second and last part

Sometimes writing down our wishes can help us clarify what is most important to us. What we want to achieve. They can be a starting point for setting financial goals.

That is why I wanted to propose to you the exercise of writing what you would like to achieve in 2023 but above all that you think about why this is important to you.

I already told you four of the 12 wishes I have for my readers in 2023 and that can be an inspiration to determine yours. Here’s the rest:

5. Improve your credit history and score. Having an impeccable record can open many doors for us, because everyone wants to lend to someone who is a good payer, who doesn’t fall behind, who manages their loans responsibly. This helps us to obtain loans in better conditions. A good score implies always paying your debts on time, keeping your credit card usage low, not opening many accounts quickly, etc.

6. Have a good emergency fund that covers at least three months of spending. This gives you a good cushion so that you don’t have to go into debt if something unexpected happens (from a simple flat tire that implies an unexpected expense, to a temporary loss of income).

7. Learn about investments and start investing your money. This is important because investing wisely is a necessary condition for wealth formation. Your savings need to grow faster than inflation, otherwise you are losing purchasing power. Investing is not difficult but it does require some basic concepts to be clear. During the past year I did a very extensive series on investments in this space.

8. Invest in yourself, in your education, in growing as a person. There are tons of ways to do this. Today you can learn skills for free (although you have to search carefully) or find paid courses where all the material is organized and correctly structured.

9. Start a savings plan for one of your medium-term goals. It can be buying a property or taking that trip you want so much. It may take you several years to reach that goal, but if you don’t get started, you never will.

10. Teach your children about the value of money, how to handle it, what to do and what not to do. You must accompany that with your own example: act consistently with what you tell them. Show them the way.

11. Evaluate your protection needs. You can do this accompanied by a good insurance agent (someone who is an advisor rather than a seller). It is very difficult to find them because their income depends on what they sell. But there are. This will help you determine the right coverage for you and your family. It’s just as bad about insuring you as bad about insuring yourself.

12. Make a will. Remember that no one has bought life but sooner or later we are all going to leave this world. That is a certainty. What we don’t know is when. That is why we must be prepared and not inherit problems, uncertainty and unnecessary expenses to the people we love.

These wishes are just a few examples. You will be able to match some and not others. There will be things that have not occurred to me but that are very important to you. We all have different needs and priorities. The idea is that you know what yours are and decide what you want to focus on, to turn that into financial goals as we already taught you to write them.

Happy 2023 and much success!

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