How to make more money in 2023, according to the FI couple

It was 2017, the year before their wedding, when Ali and Josh Lupo got serious about their finances — and realized they owed more than $100,000 in student loans.

Despite working long, hard hours in human services, the couple was still living paycheck-to-paycheck, unsure of how they would afford the wedding or pay off their staggering debt.

“So we started having that conversation: ‘Do we want to do this for the next 30 to 40 years, or do we want to start learning to live differently?’ And that’s where our mindset around money really starts to evolve,” says Josh entrepreneur.

The Lupos began tracking their expenses and found that they spent most of their income on rent and car payments, followed by food and dining. Their first plan of attack? Implementing a strict budget: no date nights, no Netflix subscriptions, etc.

But the extreme approach quickly burned the couple out, so they went back to the drawing board. They need to find a creative way to cut their biggest expense: housing.

Self-education leads them to a solution (Ali emphasizes how many online resources, podcasts, and financial freedom books exist). If the Lupos buy a multi-family home with a low down payment, they can dramatically lower their monthly payments by renting out another unit.

So that’s exactly what they are.

In the years since, the Lupos have continued their journey to financial freedom. They operate numerous streams of active and passive income, including their work as personal-finance content creators running educational platforms.”FI couple“

If you’re ready to get your finances on track in 2023, read Lupos’ step-by-step strategy.

Define what success looks like for you

The first step is the foundation for everything else: Figure out your unique definition of success.

The couple suggests considering what your ideal day and life looks like. In other words, be clear about how financial freedom will allow you to do more of what makes you happy.

“Our lives were ‘easy’ when we had our heads in the sand, ignoring everything about our finances,” says Ali. “Our lives are more complicated and difficult now because we’re more attuned to all the responsibilities that come with it. But it’s worth it for the power and autonomy of our time, so [you have to be] Be clear with your reasons.”

Related: How to Train Your Brain and Reach the Highest Level of Success

Build a community that can help you stay the course

The road to financial freedom can be a tough one, but it’s even tougher for those going it alone.

Finding a community ready for financial wellness can make all the difference, according to Lupos.

“Unfortunately, being financially savvy isn’t ideal,” says Josh, “and pursuing financial freedom can be lonely because so many people aren’t living the same lifestyle. So whether in person or online, that community of like-minded people can be really inspiring.”

Related: Key Benefits of Building an Online Community

Know your numbers: income, expenses, assets and debts

Another critical step? Get to grips with the reality of your financial picture.

As of September 2022, consumer debt in the United States was $16.5 trillion, according to Bankrate. But many Americans don’t know how much they actually owe: A 2019 Survey US News found that one in five Americans don’t know if they have credit card debt.

Lupos emphasizes the value of making yourself known all of your number.

“So literally outlining and understanding your income, expenses, assets and debts,” Ali explains, “and a crystal clear understanding of your financial situation.”

RELATED: 5 Strategies for Entrepreneurs to Clear the Debt Trap

Find out how to cut costs and increase your income

Next, consider how you can save and make more money — “the two biggest levers a person can pull,” Josh notes.

The couple admits that significantly increasing your income may seem challenging at first, but the key is to be creative.

“We decided to focus on how we could radically reduce our expenses to increase our savings,” Josh says, “and doing so helped us pay off all our debt and buy real estate.”

“If you’re able to increase your income and decrease your expenses, you’ll have more of a gap,” Ali adds, “and what you do with that gap is the key to becoming financially independent.”

Never underestimate your earning potential.

“Coming from social work and human service backgrounds that have historically been low-income opportunities, we have long identified ourselves as human beings. [whose] The value was a little lower and [thought] Earning more wasn’t in the cards,” says Josh. “Although invisible, [the key is] Approaching the right people and understanding the various opportunity vehicles.”

Related: 10 Ways to Make Money While You Sleep

Consider which strategy makes the most sense for your lifestyle

It’s not enough to brainstorm a solution and go all in—part of the secret is choosing an approach that aligns with your values ​​and priorities.

As fundamental as real estate investing has been to the Lupos’ success, the couple admits it’s not for everyone.

“The goal of financial independence is to have enough assets to cover your overall living expenses,” says Ali. “So you must [ask], What strategy makes sense for me? Do I want to invest in stocks? Do I want to invest in real estate? Do I want to be a business owner?“

“We talk to people all the time,” he continued. “They say, ‘I want to buy real estate.’ But then we talk to them, and I say, ‘You don’t seem to want real estate. Because real estate is not as passive – and it’s a little more hands-on.’ You really have to think about which investment strategy makes sense [your] Life.”

Real estate is not always “passive”.

Then again, neither is a 40-50 hour week job

At least with real estate “hard” week still work only 2-3 hours

— TheFIcouple (@theficouple) December 11, 2022

The most important thing to remember though? Don’t forget to enjoy the journey to financial freedom.

“When we first started, it felt like a chore,” says Ali. “Through the process, we’ve learned that the journey to financial freedom is more important than the destination and that it’s really important that whatever you do to get there is sustainable and that you don’t sacrifice your quality of life to achieve it. [your] Goals because once you reach goals, what life do you have?”