Take a look at some of these tips and strategies that will help you make some money this year.
How to Double Your Money in 2023
How many people have claimed 2023 as their year? After a rough few years for most of the world, it’s time for a great one, right? When it comes to your money, 2023 might just be the year that you put it to work. There are some really great strategies to check into for the year.
The professionals are making some pretty incredible predictions for 2023, and it’s quite possible we’re going to see a market correction. If a correction occurs and you’re in the right investments, you might just be able to double your money in 2023.
While it’s certainly not guaranteed, take a look at some of these tips and strategies that will help you make some money this year!
Top Strategies to Double Your Money in 2023
There are many different strategies out there. There are also thousands of different stocks and funds to choose from. Remember that nothing in the stock market is guaranteed. However, with these ideas and a market correction, you’re like to see money double in 2023, or within a few years. That’s pretty amazing.
May the odds be ever in your favour, right? Here are our strategy picks.
Stocks are designed to make you money, but the challenging part is choosing stocks that are actually going to go up in price. And just like anything else in the market there isn’t any stellar guarantee that this will happen.
However, the advisers and financial analysts can certainly make their predictions and try to figure out just where the hottest choices are going to deliver results amongst stock options throughout 2023.
A lot of the stocks out there took a hard nosedive throughout 2022, so it’s safe to say there’s going to be some upside potential this year to recover from the trenches. But which stocks are going to recover the best? Which stocks will see major correction and upside to help make you some money?
It’s a real mystery and no amount of predicting could tell us for sure. But that doesn’t mean we can’t speculate a little bit based on charts and analytics.
Here are a few options.
- Roku — thanks to streaming services across the world, this is a winning stock. They certainly took some hits in 2021 but their revenue continues to increase, and if they play their position right in 2023, they should see a rise.
- Coinbase Global – as the popularity of cryptocurrency continues to rise, companies like Coinbase are going to reap the benefits. Their shareholders can get a piece of that if they get in while the numbers are down. Investors are looking for alternatives just like this to dip into and you can support crypto without actually buying crypto.
- Meta Platforms — met took a hard hit in 2022 and didn’t go over nearly as well as they really expected it to. For such a popular social media database, they were sorely disappointed. But perhaps it just wasn’t quite their time? Their financial position is better than ever and we expect them to see a turnaround similar to Roku in 2023.
- SentinelOne — this is truly the digital age. More and more people are working from home for their companies. Everything is internet based and security is a major component. With their AI tech and 100% rating for the past year, we expect them to really skyrocket this year.
- Hims & Hers Health — telehealth services are taking the world by storm and we think they are just getting started. This one is subscription based, but the concept is geared towards quality service and meeting the needs of your healthcare without having to be inconvenienced or spend hours in a doctor’s office.
While these are some stock picks that just might prove promising in 2023, there are plenty more out there.
The past year revealed major growth and improvement for the utilities and energy sectors, but in the coming year, a shift is expected towards technology-based derivatives as marketing and preferences start to manoeuvre and the market corrects.
2. Gold ETFs
A lot of people are looking for alternative markets to invest in. Looking for things like gold and silver, cryptocurrency, futures, and other different items has become far more popular. With worries of a recession and clear indicators of upcoming market corrections, it just makes sense. And let’s not even talk about the inflation occurring globally right now.
You can go out and purchase physical gold, but you can also set yourself up in the gold industry with some ETFs that include gold, or are heavily invested in gold. There are a few really great choices out there so do some basic research and pick out the one that seems the best for you.
Gold ETFs, as well as gold bonds, might just be a great investment to add to your portfolio for 2023. If the market plays out right, you might double your money in as little as five years. However, you should also know that gold can be pretty volatile so it may be a bit of a ride.
3. Top Choice Mutual Funds
Another great option that will catch you by surprise is mutual funds. Not just any mutual fund will do though. If you’re looking to double your money, you need to get into the right sectors and find some high-quality growth mutual funds to do so.
What you choose might depend on what you’re trying to accomplish. Do you want a high rate of return and dividends to double your money? If so, then you want to look for high yielding funds.
If you want to double your money with growth, then start looking for some growth funds that don’t scare you. You might also keep your eye on equity-based funds for the current markets.
Equities can be a little bit scary, but you can do a little bit of research and choose wisely too. The equity market was hit hard in the past. We touched briefly on the stock market, but wanted to touch on equities in general as well.
And the reason it gets its own category is because you can buy equities in many different forms. Your trading platform will have stocks, equity bonds, equity funds, and equity ETFs that you can check out. Equities are going to make a comeback eventually.
Remember that a lot of this focus has been based on the expectation of a market correction.
By definition inflation is really meant to be temporary with a transitional adjustment. Pay and other things are also supposed to adjust when inflation is high. The supply of money has to increase for inflation to continue to stay elevated.
If the trends are to follow this definition, the idea is that inflation will start to lift slightly and that is when the market correction is going to start to show its head. Being in equities may not take you to the highest of highs, but it’s going to bring you out of these extreme lows, giving you the opportunity to double your money.
Healthy Habits for Your Money in 2023
These investment choices are just one part of making money or doubling money. You have to acquire healthy money habits as well. There is only so much of the market that can be controlled, and that’s really just your decisions for utilizing the market.
But there are things that you can do to clean up your own finances and make the most of what you have. Here are a few healthy money habits to consider in 2023.
Put Cash to Work
If you have an excess of cash sitting around, stop letting it sit around for free. The markets have certainly made people just want to hold their cash. While you don’t have to turn around and put it into a volatile market, it still needs to be working. There are several options for this.
- Money market funds
- High-yield savings accounts
These are just a few examples. There are plenty of savings options out there that leave your cash mostly liquid but at least pay you a little bit of interest on it too.
If you’re earning nothing on that cash, you are only hurting yourself.
At the very least, put it into a savings account. And we don’t just mean the savings account that is paying .01%. Find something that is yielding higher and put your cash to work for you.
Invest in Retirement
Everyone has the dream of retiring someday. You should have pensions or retirement accounts set up to help you reach that goal. We get it, sometimes it’s hard to set aside the money for the future. But if you don’t plan for the future, you won’t ever get to retire.
If your employer offers any type of retirement plan, we encourage you to take part in this. And if they don’t, start making a conscious effort to set aside funds every month or every year that you can contribute to retirement.
Don’t look at your age and think you have decades to continue planning. While that may be true, those decades are going to go quickly. Plus, it takes decades to build up small amounts to handle your future. This is why you can start investing in these so young and get the benefits when you reach retirement age.
Did you know experts recommend investing 10-15% of your income for retirement? Even if you can’t reach that number, you should be doing something.
Manage Your Budget Wisely
Maybe 2022 is the year that you nip some of that toxic spending in the bud. When was the last time you took a real look at your budget? A budget isn’t just making sure your bills are paid. It’s also managing your spending and being aware of excessive spending so you can adjust your habits.
We are not saying you can’t ever have any fun or enjoyment. You should be able to go do fun things and make memories. But spend your money wisely so that you can enjoy life even more. For example, how many TV streaming subscriptions do you have? How many of those subscriptions do you use regularly?
It might just be time to narrow down some of those. You can save yourself quite a bit of money by cancelling some of these. And you can always pick them back up or trade off with a different subscription later. This way you aren’t paying for one you aren’t actively using right now.
Take a look at other subscriptions that you are paying for, as well as other services.
Things like phone services or even your Amazon Prime might be time to consider more closely. We’re not recommending you drop everything. Just see what you can pare down and adjust to save some more money in your budget.
If you’re wasting a lot of money every payday, try tracking all of your spending and eliminating some of the waste. Again, you can still have fun, but maybe you can waste a little bit less. Tracking every expenditure might just bring it to reality how much you are just wasting.
Make Sure You Have an Emergency Fund
Even if you can’t save a lot of money, you can protect yourself from emergencies as far as expenses go. At some point, emergency expenditures happen to everyone. It might be an unexpected health condition, a loss of a job, or even just needing new tires on your car.
Emergency funds are made for these, and this should be a priority in your financial health. You can set up an emergency fund in a savings account and let it earn some interest too. Just make sure you aren’t dipping into the emergency fund for fun or other expenditures.
Set it aside and then leave it be so it can be available when you need it.
You can use some of these strategies to try to double your money in 2023. It might also take a couple of years of careful planning and investing to truly see that double your money take place. Keep in mind that nothing is promised in the stock market.
As you plan for doubling your money, take steps to keep your financial health positive. Make sure you have an emergency fund and take steps to prepare for the future. You might just be surprised at how much establishing a budget and managing your spending better will help to double your money.
It’s not just about investing; it’s about also developing positive financial habits.
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