Anchor: Project Economy News for you now, one of your New Year’s Resolutions may be to finally get your finances in order.
Anchor: Lucky for you Kurt Pearson is here for some advice for us. Kurt tell us some of the most common – the really financial goals that people set at the beginning of the year.
Kurt: Well, one big one of course is A, I would like to get out of debt in 2014. Sometimes if a New Year’s resolution doesn’t go beyond just the statement stage, it can easily get, you kno, pushed under the rug, so to speak. So it’s very important that you take not only the statement phase of the resolution and really down into some of the habits and behaviours that you’re working on every day, every week, and every month.
Kurt: Yeah, exactly.
Anchor: Well as we begin the New Year, what are some of the financial trends that you’re seeing so far.
Kurt: Well, of course one big one is related to insurance and specifically healthcare. As people adjust to the new law that is in effect, they’re beginning to see changes to premiums. They have to factor that into their budget and to what happens to their pay check. That’s one; Another one of course that everyone’s talking about is the incredible year that the stock market had and so it’s very important for people to have a strategy; the year after, a year of almost a 30% of return, traditionally it’s been a 7% return to the market will come back to its average mean over time, so it’s very important if you like those profits that maybe you take them off the table and capture them.
Anchor: Again, we’ve had the experience of setting a goal and – but then there’s it’s different to kind of follow through with something throughout the year. What can we do to kind of get our mind set right for that?
Kurt: Well, one big one is to share it with someone and to have someone that can check in with you and say “How are you doing?” It’s very important I think when we analyse the new year’s resolution idea, is to look at what we had been doing right and to make sure that we’re continuing that so we don’t leave good habits behind in the favour of something new and different. And so, those are a couple of tips for the viewers this morning.
Anchor: Yeah. It’s important to have sort of team support, team effort maybe when you’re doing any goal for that matter, especially financial.
Kurt: It’s hard to be alone with any new endeavour that we’re trying to work on so having some accountability and a partner along the way can help.
Anchor: Alright. Thanks so much Kurt. Well if you have any questions that you would like Kurt to answer or you want to get in touch with him, he is at Compass Financial in West Des Moines and the number there is 327-1020.