A year is a good timeframe to get things done: It’s not too long that we end up procrastinating. And it’s not too short, so we can set more ambitious goals.
With all the talk about a recession and economic downturn, people want to have more peace of mind by prioritizing financial independence.
If you want to increase your earnings potential in 2023, here are the 3 skills you’ll want to invest in. You can develop these without spending a lot of money.
While books and courses cost money, your success is primarily a matter of putting in the time and effort.
Never let excuses hold you back.“I don’t have the time”
“I’m too busy doing X”
“I’ll just start it tomorrow [or another future date].”
Why make excuses when your own financial future is on the line? Here are the skills.
1. Your ability to focus when you need it
People often talk about all kinds of money making schemes and tactics. But those are useless unless you can make yourself focus on an important task.
Remember, in the world of business it’s not a matter of WHAT you do. It’s HOW you do it.
This is one of the most important things I’ve learned. I’ve seen people fail with creating the same type of business. One just excuted differently than the other.
When you can focus on what matters: Whether that’s learning new skills or building an online business/side hustle or improving certain relationships, you can do more.
“I made so many plans but I never got to finish or execute them!”
That’s what people say when they don’t achieve what they started or planned. It’s a common theme. They don’t know how to improve their focus.
So how do you do it? There are three basic steps.
A. Prioritize what’s truly important — Do less. That’s the key. When you think about it, most of the things we do aren’t essential. If you want to have more focus, list your top 3 to 4 most important things to finish during the day. And stick to that. The rest of the stuff; you can do after you finish with the most important tasks.
B. Avoid distractions — We’re compulsive beings. That’s why smartphones and gadgets have taken control of most people’s lives. When you’re working, remove anything that could distract you. How many times have you browsed your phone to take a “break” from work? Only to have it consume most of your mental energy afterward? So remove distractions. Most things can wait.
C. Manage your serotonin — People often fail to focus because they ignore the biological mechanisms that help them get things done. Serotonin is a complex chemical that manages your mood, among other bodily functions. When you’re lacking in it, your productivity, performance — everything gets affected! So how do you keep it at a good level? As long as you don’t have clinically-diagnosed chemical imbalances, healthy food, exercise, and sleep are the key. And a good amount of probiotics, according to recent research.
When you combine these there aspects, you will get a lot better at focusing on the task at hand when you need it. When it’s time to work, you will work.
2. Better decision-making
In 1929, when a massive stock market crash happened that kicked off the 1930s depression, most people suffered. But not a guy in Wall Street named Jesse Livermore.
He shorted (bet against) major companies in the stock market. So when the crash happened, he made a profit of around $100 million (which is worth over $1.5 billion in today’s money) in just a few days.
But by 1940, Livermore was broke. He later committed suicide. The source of his financial problems? One bad decision after the other.
For one thing, he should’ve retired when he made that $100 million. He was 53 years old, still young enough to do other enjoyable things. But he let his greed take over his decisions.
It doesn’t matter how much money you make. If you make bad decisions, you’ll get wiped out in the end. The key to building inevitable wealth is to avoid financial ruin. As Warren Buffett said:
“We think in terms of not exposing ourselves to any mistakes that could really hurt our ability to play tomorrow… We have to think about whether we’re doing anything really big that could have really terrible consequences.”
The tricky thing with decision-making is that you don’t have full control over your results. You can make bad decisions and get lucky and still end up a winner.
Or make the best decision and still have bad results.
That’s because all kinds of factors are at play in the real world that we have no control over The economy, what politicians do, viruses, and so forth.
So the best thing you can do is ensure that your decision-making process is the best it can be. That’s totally in your control.
I created a complete decision-making guide. You can check that out to see how you can make decisions you won’t regret.
3. Persuasion
Persuasion is a critical skill for generating income. As the legendary sales trainer, Zig Ziglar puts it:
“If people like you they’ll listen to you, but if they trust you they’ll do business with you.”
Whether you’re selling yourself, your ideas, or simply trying to convince someone to see things your way, persuasion is an essential part of daily life.
But it’s important to remember that people don’t want to be “sold” in the traditional sense. Instead, think of selling as a way to solve problems for others.
Persuasion is all about communicating in a way that resonates with people. It’s the art and science of communicating our thoughts in a way that people find useful and even inspiring.
That’s how you convince people to buy into what you make, whether you’re selling a product, service, or idea.
Great persuaders eventually become effective leaders, salespeople, public speakers, writers, and entrepreneurs. And they’re a great company in casual conversations. When you learn the skill of persuasion, you become a much better person overall.
All good things take time
Here’s a harsh reality check: You can’t learn how to become richer by reading one article or even a book. I wish it were simpler and that I could teach you “all you need to know” in a single piece.
But learning and mastering hard skills take time and a lot of trial and error.
All good things take time. And one year is a good time to become better at all these three skills.
Do that and you’ll be in a much better position to improve your finances and earn more by the end of the year.
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