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How to Reach Your Financial Goals For 2023 in 3 Simple Steps

January 17, 2023

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Even RIAs and accredited investors need to remember the basics. Photo by Andrew Neel on Unsplash

Eliminating debt, ramping up investment, and building net worth are fantastic financial goals with potentially life-changing outcomes.

This blog distills the best expert advice for how to achieve your investment goals for 2023 into 3 clear steps. We hope you can use this guide to make your money resolutions a reality.

If Dry January is more your thing, we cover that here. Good luck!

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1. Concentrate on the basics

Our clients are financial advisors and RIAs – people with significant knowledge and expertise regarding investments. But even professionals need to be reminded to bring it back to basics from time to time.

In fact, finance professionals might be even more at risk of over complicating their investment and wealth-building strategies because they have access to so much information and knowledge about different investment vehicles.

Concentrating on the basics means:

Green shoot growing from savings pile
When was the last time you evaluated your emergency fund? Photo by micheile dot com on Unsplash
  • Look at your emergency fund pot and evaluate whether the amount you currently have allocated is appropriate. The standard advice is to have 3-6 months’ worth of expenses available in cash, but considering the amount of uncertainty in the economy and the ongoing effects of inflation, you might want to consider upping this to 6-9 months.
  • Think about what would make sense for you; do you have a family to provide for or any new recurring costs like debt repayment that were not factored in the last time you decided on an emergency fund pot amount?
  • Going back to basics also means thinking about whether you might be trying to do too much at once. For example, you might want to think about cutting back on your long-term (10-year+) savings so that you can invest for your short-term (12-24 month) goals in a way that makes sense and doesn’t leave you overstretched.

A renewed focus on the fundamentals of your investment strategy ensures a robust and logical plan for 2023’s money goals and boosts your chances of success.

2. Think with a ‘comprehensive financial ecosystem’ approach

Because income, spending, savings, investments, and taxes are all interconnected, we need to piece together all of the relevant information before we can get a clear image of the big picture.

Increasing bar chart showing personal wealth
Simple steps to grow your wealth in 2023. Photo by Morgan Housel on Unsplash

Realistic expectations and a firm grasp of the overview of your entire financial life are vital to succeeding in your 2023 wealth-building goals.

Although the majority of investors anticipate decreased inflation and an uptick in the stock market in 2023, it’s crucial to keep your expectations in control. The risk and return characteristics of your investments should be in line with when you anticipate needing the money.

For instance, if your investment goal is stability and liquidity rather than growth and income, you may want to avoid the stock market in the short term.

Similarly, if your household income changes this year, that may impact your tax bracket. Could you make adjustments to your financial ecosystem by getting a different accountant, negotiating a raise, or increasing your car repayment amounts to eliminate your consumer debt more quickly?

By taking a complete look at your finances, you can get a clear picture of where you stand and be better able to make well-informed decisions going forward.

3. Stick to the plan

Once you have gone back to basics and taken a systems-thinking approach to your personal financial planning, the most important thing to do is stick to the plan you have made.

News is constantly breaking bringing fresh insights into financial markets and, more often than not, bringing doom & gloom.

If you have prepared diligently and honestly in steps 1 and 2, you can have confidence in your wealth-building strategy. You do not need to be swayed by headlines or volatility. Stick to the plan and reap the rewards.

Interested in how MCAs could help you reach your 2023 investment goals? Email or call us and let us talk you through it.

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