8 Ways To Grow Your Wealth In 2023

Grip Invest
Published on
Mar 22, 2023
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    Grow Your Wealth

    As you step into the 2nd fiscal quarter of the year 2023, ask yourself these questions!

    1. Is your current investment plan sustainable?
    2. Is your portfolio diversified enough?
    3. Do you have enough savings to embark on this period of uncertainty?
    4. Do you have new/existing plans to generate additional income?

    If you find yourself struggling to find a definitive answer for at least two of these 4 questions then here are 8 surefire ways you can grow your wealth while maintaining a sustainable and diversified investment portfolio.

    1. Avoid Making A Big Purchase

    Planning to buy a car or taking a trip abroad? Making a purchase during an inflationary period is never an ideal choice as the prices of commodities, particularly cars, travel, and food, tend to go up.

    If you’re thinking about buying a new car, compare the cost of the same to the cost of keeping your current vehicle for another year or so. Compare the ownership costs of luxury, performance, and SUV models to more economical alternatives. Maybe you’d enjoy regularly adding more to your investments than driving a high-cost vehicle.

    The travel industry is still recovering from the pandemic. The airfare, dining, hotel, and fuel prices are still higher than they were in the pre-pandemic period. Consider travelling with friends or family and splitting the cost of your travel.

    2. Pay Off High-Interest Debt

    Your short-term investments might be contributing to your wealth creation goal but is your high-interest debt chipping away at it?

    Credit cards, student loans, car loans, and business or collateral-backed loans generally carry high-interest rates that can make it difficult to save money. Paying off your debt will enable you to earmark more of your income towards savings and investment. Getting a balance transfer of your credit cards and paying off high-interest loans by getting a line of credit are some of the ways you can pay down your debt.

    3. Invest In Real Estate

    According to the Ministry of Housing and Urban Affairs (MoHUA), India’s real estate sector is expected to be valued at $1 Tn by 2023. Additionally, real estate is considered to be the less volatile investment when compared to other market-linked options such as stocks and mutual funds.

    Due to its tangible nature and minimal risk, real estate is still a go-to option for most investors despite the volatility and turbulence caused by covid.

    Interestingly you don’t have to accumulate a large corpus to make a real estate investment. Low-cost investments in real estate like Fractional ownership of property and Real Estate Investment Trusts are some of the more viable options for retail investors who want to reap the benefits of real estate appreciation.

    4. Generate Passive Income

    In today’s time, it’s rather difficult to generate sizable wealth from a single source of income. To build wealth fast, set up multiple revenue streams. In addition to your day job, you can pick up a side hustle that best suits your skills and interests. If you are someone who is tied up for more work, opt for investments that generate fixed income. Options like Asset leasing, bonds, and inventory finance are some of the best ways to do so. 

    You can check out some of these options at Grip and generate fixed monthly returns of up to 22% IRR. Not only will this bring you additional income, it will also help protect you during economic downturns if you happen to lose one of your sources of income.

    5. Minimise The Impact Of Taxes

    Taxes are an often-overlooked drag on your wealth-building efforts. Of course, we are all subject to income tax and sales tax as we earn and spend money, but our investments and assets can also be taxed. That’s why it is essential to understand your tax exposures and develop strategies to minimise their impact. 

    Some of the easiest and legally adoptable ways to reduce your tax liability are - Investing in PPF and Citizen Investment Trust, buying insurance packages, and claiming exemptions for medical expenses.

    6. Hold Wealth In Assets

    Driving flashy cars or owning big houses or material possessions may look exuberant but will often suck your wealth dry. The money you spend on managing your possessions might end up making you lose wealth instead of helping you generate more of it. 

    If you want to grow wealth, focus on growing wealth – not spending it to show off how much money you have coming in each month. Invest in real estate, Real Estate Investment Trusts, or high-growth businesses to actualise your wealth.

    7. Add Bonds To Your Portfolio

    With rate cycles nearing a peak, experts believe that the debt market has become an attractive investment option for retail investors. Investments done in debt funds during rate hikes generate higher returns. Given the recent hike in interest rates, 2023 is the best time to add bonds to your portfolio.

    However, if you are an existing investor then you should be mindful of tax implications while shuffling your debt portfolio and reinstating focus on the credit quality of the underlying assets. And if you are new to debt funds then you should opt for high credit quality short to medium-term funds.

    8. Create Realistic Financial Goals (And Means To Achieve Them)

    The last and most important aspect of generating steady wealth is to set realistic and achievable financial goals. Setting goals is an essential first step in building wealth. Having a clear vision can enable you to create a plan that will actually get you there.

    Start by defining your financial goals, such as retirement savings, buying a home, or paying off debt. Be specific about the amount of money you need to achieve each goal and the time frame in which you hope to achieve it. Your financial goals can be both long-term and short-term.

    Once you have set your goals, you should develop a concrete investment and savings plan to accomplish these goals in their stipulated time.


    While get-rich-quick schemes sometimes may be enticing, the tried-and-true way to build wealth is through regular saving and investing—and patiently allowing that money to grow over time. It’s fine to start small. The important thing is to start and to start early. Earn money and then save and invest it smartly. 

    By incorporating these simple tips in your financial planning not only will you be able to generate more wealth but you will also have built a diversified portfolio with an agile and combative strategy for market volatility.

    Personal Finance
    Grip Invest
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