Self-made millionaire shares his top five tips for financial success in 2023 | Personal Finance | Finance
An influencer and entrepreneur is hoping to help other have a more fortunate 2023 by sharing his five secrets for a successful side hustle. Thomas Kralow from University Grade Trading Education spoke to Express.co.uk about how anyone can turn their life around with the right habits.
While many people will be worried about their financial situation coming into 2023, it could be a good time to start new habits.
Influencer Thomas Kralow says that “with the right approach, anybody can achieve financial success and stability”.
He added: “Yet, rather than suffering through the winter blues and hoping there’s a pot of gold at the end of the rainbow, why not kick those poor financial habits, invest in knowledge and put your money to work?”
Thomas Kralow shared five essential tips for people looking to improve finances in 2023 including diversifying income streams.
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While it’s easy to get into debt, it should be avoided unless it’s going to increase someone’s earning potential.
He explained: “It’s never been easier to get into debt with buy-now-pay-later enticing us to spend money that we don’t have on things we don’t need.
“Is that fancy meal or shopping trip worth months of repayments inflated by high interest?
“Avoid debt at all costs, unless it’s going to increase your earning potential. For instance, getting a loan to pay for a laptop to work on or an educational course to expand your knowledge may be a worthwhile investment, but the rest is a no-go.”
He also said that it’s important to take calculated risks and that “the comfort zone should really be renamed the ‘stagnation zone’”.
He added: “If you’re not taking risks and exploring new opportunities, you’re missing out.
“For instance, research shows that staying in the same job will get you a three percent salary increase a few times a year, while those that switch are growing their salary by almost 10 percent.
“Which would you prefer? You miss 100 percent of shots you don’t take, so change careers, start a business, and take those investment opportunities.”
