3 Strategies to Grow My Wealth

Have you taken a good look at your expenses for 2022? Did you manage to save?

In this post, I will share a summarised review of my 2022 budget, expenses, and 3 strategies to grow my wealth for the coming years.

Now that 2022 has ended, it is an excellent time to look at my expenses. Knowing where you spend your money to avoid making the same mistake in the new year is good. My expenses increased in 2022, partly because borders had reopened, and I had travelled twice.

Here's an overview of my expenses and savings for 2022:

I am glad that I managed to have some savings. One thing for sure is I spent more in the last quarter of the year due to inflation. The cost of food, including ingredients and daily necessities, had increased. I am sure I am not the only one affected.

I plan to reduce the percentage of my expenditure slightly in the new year to invest more. I know the current market is in the red, but it's not wise to time it; you never know when it will be a bull market. So I will invest a little every month.

For the new year, I would love to increase the percentage of my investment and emergency savings. I had saved 6 months' worth of the emergency fund. However, due to inflation, I should save more towards my emergency fund to have sufficient funds for my future.

I have 3 strategies in mind to help me to save and invest more in the coming years!

Strategy 1: Create additional income streams.
Strategy 2: Reduce expenditure on the wants.
Strategy 3: Invest more to grow my money.

Strategy 1: Create additional income streams.

I had felt the impact of inflation. So my expenses for my needs will increase. Hence, I will have to earn more to invest and save more. With more money in my pocket, investing and saving more will be easy.

To earn more money, I have to create more income streams. This will take a lot of work, but it can be done! I am still working on a concrete plan. I have a lot of ideas that I want to play with. Right now, I am simply doing the work, testing the market, and I will see how things go. There might be better ways to go, but who knows where this might lead me.

Strategy 2: Reduce expenditure on the wants.

Secondly, I do want to reduce my expenditure on my wants. This will be tough because I parked my "travel plans" under my wants. I plan to travel to at least 2 countries next year. Therefore, I would be happy if I reduced my overall expenditure on my wants by 1%. Then, I can save that money or even invest it. The whole idea is to grow my pot of gold for my future.

Strategy 3: Invest more to grow my money.

Lastly, the most crucial step in growing my wealth is to invest more and grow my money. To do this, I would need more cash. So, I will have to work towards my first strategy, which is to create additional income streams.

Of course, investment comes with a risk. You need to study and invest in areas that you believe in. It's equally important to diversify too. Currently, I have invested in stocks, ETFs and bonds. I did not invest in cryptocurrency because I need to understand how it works despite reading up and listening to experts. The risk is too high. I would consider entering the crypto markets when I lay a solid foundation for my investment portfolio and a better understanding of cryptocurrency.

These are my 3 strategies to grow my wealth in the coming years. It gives you some ideas on how to build your wealth as well. I may share more about my financial journey in the future. So remember to like, share, and subscribe to my channel if you enjoy this video.

I wish you well.

x, Esther