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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”

Investing and Time are a powerful combination.

– The Missing Second Semester

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.

When interest rates rise, the amount you owe on variable rate debt also rises.

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

Gene Natali
Gene Natali

Gene is Co-founder and CEO of Troutwood, a software company founded out of the Carnegie Mellon University Swartz Center.  He is a Chartered Financial Analyst, board member of CFA Society Pittsburgh, Executive in Residence at the Black School of Business|Penn State Behrend and a part-time lecturer at the University of Pittsburgh, where he has taught Personal Finance since 2015.

Prior to founding Troutwood, Gene spent 17-years personally working with some of the largest and most sophisticated institutional investors and retirement plans in America.  He is an award-winning author (The Missing Semester), has spoken in over 1000 unique high school and college classrooms, and regularly keynotes investment and education conferences across the country. 

Gene holds an MBA with a concentration in finance from Carnegie Mellon University and a bachelor’s degree with a concentration in economics from Allegheny College. 

Disclosure: All investments have the potential for loss. Past performance is no guarantee of future results.

DISCLAIMER: The information presented on or through this blog is made available solely for general information purposes. We do not warrant the accuracy, completeness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the video, or by anyone who may be informed of any of its contents.

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