{"id":6674,"date":"2023-01-09T13:02:06","date_gmt":"2023-01-09T19:02:06","guid":{"rendered":"https:\/\/schenkelberg.investments\/?p=6674"},"modified":"2023-01-09T13:02:24","modified_gmt":"2023-01-09T19:02:24","slug":"new-year-resolutions","status":"publish","type":"post","link":"https:\/\/schenkelberg.investments\/?p=6674","title":{"rendered":"New Year Resolutions"},"content":{"rendered":"\n

There\u2019s really nothing that makes January that much different from any other month of the year. However, the start of a new year often makes us all take inventory of where we are and think about starting new goals. Whether you have business or personal goals, I challenge you to include improving your financial stability in this process.<\/p>\n\n\n\n

Sometimes setting these goals can be daunting because it feels like there is so much to tackle at once. However, I find if I take my to-do list one at a time, it is much more manageable. Take one item that can have a big impact on your financial futureand make sure to follow through on it.<\/p>\n\n\n\n

I\u2019d like to propose three major areas to address that could make a huge difference in anyone\u2019s financial future. Whether you have millions of dollars or are deep in debt there are at least one or two of these items that apply to you. Remember, take one, and commit to it!<\/p>\n\n\n\n

I\u2019d like to propose three major areas to address that could make a huge difference in anyone\u2019s financial future. Whether you have millions of dollars or are deep in debt there are at least one or two of these items that apply to you. Remember, take one, and commit to it!<\/p>\n\n\n\n

    \n
  1. Consolidate or Pay Down Revolving Debt (Credit Cards)<\/em><\/strong><\/li>\n<\/ol>\n\n\n\n

    Paying down debt can always improve your financial stability (Right now we won\u2019t get into the advantages of keeping low interest debt and investing instead. There are times when this is appropriate.). However, one huge area of concern this year is credit card debt. Rising interest rates can have a huge impact on credit card debt.<\/p>\n\n\n\n

    According to creditcards.com, the average interest rate on credit cards is 20.04% as of January 4, 2023. This is up from 17.09% six months ago.<\/strong><\/p>\n\n\n\n

    Credit card debt is never advised by a financial advisor. However, we understand that sometimes situations make it hard to avoid. If you find yourself in this situation, now more than ever is a good time to look at transferring your balance to a zero interest credit card. CNBC released a list of the best zero interest cards at: cnbc.com\/select\/best-zero-interest-credit-cards<\/em>.<\/p>\n\n\n\n

    Once you have transferred the balance, calculate what it will take to pay off your debt during the zero interest time period, and pay that amount monthly to eliminate this debt. Or, better yet, pay more than that when you can to pay it off faster. Going from a 20% interest rate to 0% will save you approximately $200 a year for every $1,000 in debt. That is significant! This is not your license to spend more. Go ahead and use your old card for daily purchases, but pledge to pay this off every month. Do not add any new charges to the 0% card.<\/p>\n\n\n\n

      <\/ul>\n\n\n\n

      2. Increase Savings<\/strong><\/p>\n\n\n\n

      There are quite a few changes to retirement accounts such as 401(k)s, 403(b)s or Individual Retirement Accounts coming in the next few years. For 2023 the maximum possible retirement plan savings is increasing:<\/p>\n\n\n\n

        \n
      • The maximum savings in 401(k), 403(b) and other retirement plans is increasing:
        • From $20,500 to $22,500 for employees under age 50<\/li><\/ul>\n
            \n
          • From $27,000 to $30,000 for employees 50 and older<\/li>\n<\/ul>\n<\/li>\n\n\n\n
          • Regular and Roth Individual Retirement Accounts
            • From $6,000 to $6,500 for investors under age 50<\/li><\/ul>\n
                \n
              • From $7,000 to $7,500 for investors 50 and older<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n

                Adjusting your savings rate to take advantage of these new higher limits or just to increase your savings closer to them can make a significant long-term advantage.<\/p>\n\n\n\n

                If this is not an option, there are always opportunities to save more. A taxable account can have some nice investment advantages. And it is important to understand where you are regarding retirement plan savings. Sometimes, it may make sense to utilize a taxable investment account rather then your 401(k) or 403(b) to improve liquidity or help manage potential future tax implications. This is something to discuss with your financial advisor.<\/p>\n\n\n\n

                3. Review Your Estate Plan\/Will<\/strong><\/p>\n\n\n\n

                If you have been following my newsletter very long, you will know that I believe having a well documented estate plan or will in place is a key piece of financial stability for you and your family.<\/p>\n\n\n\n

                  \n
                • Make sure \u201ctransfer on death\u201d instructions are on your bank accounts so that your heirs can have liquidity to pay bills and handle any expenses.<\/li>\n<\/ul>\n\n\n\n
                    \n
                  • Meet with an estate planning attorney to walk you through how to title all assets to avoid probate and ensure your wishes are carried out. Even if you feel like you don\u2019t want to impose your wishes on heirs, it is extremely helpful during a stressful time to take these decisions out of their hands. If you have children, this is especially important.<\/li>\n<\/ul>\n\n\n\n
                      \n
                    • Consider using a professional trust company as executor of your will. Executor can be a much heavier job for a family member or close friend if there are children or special instructions that need to be carried out.<\/li>\n<\/ul>\n\n\n\n

                      Again, like anything financial, stability and success is a process. Much like my annual new year dieting plans, we make strides forward and back. But, oftentimes, if we take it in moderation and commit to one item we can make a huge difference.<\/p>\n","protected":false},"excerpt":{"rendered":"

                      There\u2019s really nothing that makes January that much different from any other month of the year. However, the start of a new year often makes us all take inventory of where we are and think about starting new goals. Whether you have business or personal goals, I challenge you to include improving your financial stability […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-6674","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7kXxe-1JE","jetpack-related-posts":[{"id":6703,"url":"https:\/\/schenkelberg.investments\/?p=6703","url_meta":{"origin":6674,"position":0},"title":"Tips for College Graduates","author":"J.J. Schenkelberg, CFA","date":"July 10, 2023","format":false,"excerpt":"Graduating college and starting the first full time job brings many changes. Adulting can be hard, they say. But also very exciting. The first full time job comes with many decisions: health care benefits, retirement plan benefits and paying bills on your own\u00beto name a few. When it comes to\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6891,"url":"https:\/\/schenkelberg.investments\/?p=6891","url_meta":{"origin":6674,"position":1},"title":"Excuses, Excuses. \u00a0How Can I Possibly Invest Now?","author":"J.J. Schenkelberg, CFA","date":"July 10, 2025","format":false,"excerpt":"The Standard and Poor\u2019s 500 Index ended the second quarter of 2025 close to an all-time high. With stocks at high prices, conflict high in parts of the world and the U.S. political landscape polarized among families, neighbors and friends, it may seem like a difficult time to invest. Historically,\u2026","rel":"","context":"In "Market Commentary"","block_context":{"text":"Market Commentary","link":"https:\/\/schenkelberg.investments\/?cat=119"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2025\/07\/image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2025\/07\/image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2025\/07\/image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2025\/07\/image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2025\/07\/image.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":6925,"url":"https:\/\/schenkelberg.investments\/?p=6925","url_meta":{"origin":6674,"position":2},"title":"Schenkelberg Investments Ten Year Anniversary","author":"J.J. Schenkelberg, CFA","date":"April 6, 2026","format":false,"excerpt":"March 17, 2016, Schenkelberg Investments, LLC was officially recognized by the Internal Revenue Service as an official entity. By June of 2016, the Registered Investment Advisory was fully licensed, set up for business with TradePMR and the first accounts were put on the books. If you had told me then\u2026","rel":"","context":"In "News"","block_context":{"text":"News","link":"https:\/\/schenkelberg.investments\/?cat=106"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/04\/image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/04\/image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/04\/image.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6554,"url":"https:\/\/schenkelberg.investments\/?p=6554","url_meta":{"origin":6674,"position":3},"title":"Five-Year Anniversary","author":"J.J. Schenkelberg, CFA","date":"April 12, 2021","format":false,"excerpt":"Schenkelberg Investments, LLC, is officially five years old in April. In April 2016 the LLC was approved by the state of Nebraska. Following this approval, the Registered Investment Advisory and operations were set up to take on the first client. On May 24, 2016, the first client account transferred. What\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2021\/04\/AUM-Chart-041221.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2021\/04\/AUM-Chart-041221.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2021\/04\/AUM-Chart-041221.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2021\/04\/AUM-Chart-041221.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":6936,"url":"https:\/\/schenkelberg.investments\/?p=6936","url_meta":{"origin":6674,"position":4},"title":"Four Pillars of Schenkelberg Investments","author":"J.J. Schenkelberg, CFA","date":"July 6, 2026","format":false,"excerpt":"Every printed Schenkelberg Investments newsletter and business card contains the same four key words that define the mission of our firm: Integrity, Experience, Empathy and Fiduciary. After 10 years these four pillars continue to be the guiding light for how we interact with customers and seek to bring to the\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6551,"url":"https:\/\/schenkelberg.investments\/?p=6551","url_meta":{"origin":6674,"position":5},"title":"Market Highs – Now What?","author":"J.J. Schenkelberg, CFA","date":"April 12, 2021","format":false,"excerpt":"Major stock market indices are hitting all-time high prices. There are many reasons for this continued rise in prices; some of the primary ones include: Economic recovery following the COVID related slowdown in 2020.Low interest rates drive more money toward stocks, as bonds, CDs and other income-producing assets do not\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2021\/04\/Index-Performance-041221.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6674"}],"version-history":[{"count":3,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6674\/revisions"}],"predecessor-version":[{"id":6677,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6674\/revisions\/6677"}],"wp:attachment":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}