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Delyanne Barros has a goal to reach a net worth of $1.5 million in 2022, something she never thought was possible when she had $150,000 in student debt in 2008.
“All my life I assumed that I would be working full-time until I was 65 years old,” she says. “Changing that narrative is like having a second chance at life.”
If you want 2022 to be a better year for your money, a New Year’s money resolution might be a good place to start.
New Year’s resolutions aren’t for everyone, and there’s a lot of space between being thousands of dollars in debt and growing your net worth to $1 million. But for some people, resolutions can be a way to kickstart a new year — especially when it comes to money.
If you’ve got a New Year’s money resolution in mind, you can help yourself by keeping your goals realistic — with specific numbers attached to them — and being compassionate with yourself if you fall off the horse at any point. Simply get back on, but maybe approach it differently, says financial therapist Carrie Rattle.
“It takes a little while to build self-awareness,” Rattle recently told NextAdvisor in an interview on how to stick to New Year’s money resolutions. “Go back to the triggers or the event that derailed you, or the size of your goals. Is it too much? You took your best guess, and now let’s try something new.”
In the final weeks of 2021, we asked 10 people to share their money resolutions for 2022. Here’s what they said, along with some tips you can apply in your own life.
Point of View: Personal finance expert and founder of the Money Coach
2022 Resolution: Reach FIRE (Financial Independence/Retire Early) goal of $1.5 million
How: Barros plans to achieve financial independence through her business and investments, which she says generated 7-figures in 2021. Barros says she’s diligent about not inflating her lifestyle too much and funneling most of her money toward her investment accounts, which are primarily comprised of index funds and ETFs.
What You Can Do: FIRE is a movement that encourages people to live below their means, so they have more money to invest toward early retirement or part-time work. Determining your own …….