EP80: 3 Personal Finance Practices That Will No Longer Work in 2023

Boss Of My Money

I think we can all agree that in 2020 and 2021, a lot of people were ballin’!

Many 9–5 professionals were furloughed; business owners got over £10K in grants; mortgage payments were frozen, and many of you started new businesses.

However, 2022 has been a more difficult year as the economy reacts to the printing of money, inflation, war, and so on.

As we approach 2023, we must not do so blindly! So in today’s podcast episode, I share 3 personal financial practices with you that will no longer work in 2023!

1. You can no longer just have one average income

Indeed reports that the typical annual wage in the UK is £38,600.

An average income will mean an average lifestyle.

The average income means living paycheck to paycheck.

An average income will only keep you stable and pay your bills every month.

This is why people find it so hard to save, get out of debt, and invest.

2. You can no longer just work for money

You need to create a money machine that will replace your income.

That should be the goal for your money: to make money and get that money to work for you.

When a farmer plants an apple tree, he plants it once, and that tree continues to produce fruit for him.

Imagine that every time he planted a tree, he only got one fruit and had to plant another tree to get another apple.

3. You can no longer ignore financial management

Here is the thing: So many of you were excited about 2022—you know, 2020 and 2021.

A lot of you were balling; you were furloughed; business owners got given over £10k in grants.

Mortgage payments were frozen, many of you started new businesses, and 2022 was looking promising.

We were like the children of Israel, crossing the Red Sea, escaping Egypt, and entering the promised land.

The only issue is that you have not prioritized financial management: you have spent money you don't have, ignored your debts, not saved, not invested, and not had those conversations with your partner

Listen in 2023—things could get worse, and you cannot ignore financial management—you cannot NOT budget every month; you cannot NOT save and invest; you cannot NOT deal with your debts. You can no longer ignore financial management.

So, you need to prioritize financial management

So there you have it. If you cannot ignore these three things in 2023, then you are on your way to financial freedom and, most importantly, financial wellness!

Thank you for tuning in today; I would love to hear from you about this Podcast episode. Send me a DM on Instagram or an email to [e-mail]

It's A Wrap

I think we can all agree that in 2020 and 2021, a lot of people were ballin'! Many 9–5 professionals were furloughed; business owners got over £10K in grants; mortgage payments were frozen, and many of you started new businesses.

However, 2022 has been a more difficult year as the economy reacts to the printing of money, inflation, war, and so on.

As we approach 2023, we must not do so blindly! So in today's podcast episode, I share 3 personal financial practices with you that will no longer work in 2023!

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