Set goals that are realistic, repeatable and achievable
By mid-January, how many New Year’s resolutions have been pushed aside as “unachievable?” As you navigate your financial journey, consider these three financial resolutions as guideposts to help you enter 2024 even stronger.
Set and implement a “savings goal”
The more you invest, and the longer you do it for, the happier you are likely to be with the outcome.
Not sure where to start? You aren’t alone! The MOST common question we receive from Troutwood App beta testers is: “How do I set a goal?” A proprietary adequacy measure helps answer this question.
Pay off variable rate debt
Interest rates have risen sharply over the past year. This has had an outsized impact on borrowers with variable rate, or floating debt. If that’s you, your monthly borrowing costs have likely increased – in some cases meaningfully.
Places you might see variable rate debt include:
(a) Private student loans, which can have fixed or variable interest rates.
(b) Mortgages can have fixed or variable interest rates. In the case of home loans, a variable rate loan is called an “adjustable rate mortgage, or ARM.
(c) Outstanding credit card debt generally sees APR increases when interest rates rise. Because this increase comes on top of already VERY high interest rates, the impact can be especially painful.
Create your first financial plan
Increase the odds of successfully implementing resolutions #1 and #2 with a financial plan that outlines the small steps necessary to achieve the big ones.
You can do it!
Own your financial future
Disclosure: All investments have the potential for loss. Past performance is no guarantee of future results.
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