Five Steps to Ring in a Prosperous New Year

Lindsey Sharpe • January 5, 2024

As the festive glitter settles and the echoes of "Happy New Year!" fade, a question whispers amidst the resolutions: how can we make this year a financially prosperous one? With a little planning and some small steps, the new year can be more than just a fresh start; it can be a springboard to a financially sound future.


Step #1  Know Your Score: Let's begin with a foundation. Checking your credit score is like taking your financial temperature. Identifying any blemishes can help you prioritize tackling issues like overdue payments or incorrect information. Aim for a healthy score to unlock better loan rates and potentially boost your insurance premiums. You can get a free score check on Experian. Continue to take a look every year!


Step #2 Budgeting Buddy: Budgets are not boring! Think of them as your financial roadmap. They are crucial to track your income and expenses, categorize spending, and identify areas for potential savings. There are many tools and apps to make budgeting fun and interactive. Remember, a budget is a living document – adjust it as your needs and income evolve. If you need a budgeting calculator, let me know, and I will email you what we use. 


Step #3 Savings Sizzle:  Every budget needs a savings sidekick. Start small, perhaps with a round-up app that funnels spare change into a high-yield savings account. Consider automatic transfers to build a safety net or fuel-specific goals like a down payment or vacation. Remember, even small, consistent savings can turn into big bucks over time. Banks seem to be lagging on savings interest rates; ask us if you have cash sitting around making less than 5%. We can help!


Step #4 Debt Demolition Crew: High-interest debt is a financial gremlin, siphoning off your hard-earned cash. Debt is a thief looking to take away your money. Prioritize paying off credit card debt if you have it. Start with the highest interest rate and start chipping away. Also, explore consolidation options and consider strategies like the snowball or avalanche method to gain momentum. There are many zero-percent credit cards to which you can transfer the balance to. Usually, there is a fee to do this, but you can get ahead of a 20% interest rate if you look at this method. Every chunk of debt conquered gives you financial breathing room. Let’s get the thieves out of our household!


Step #5 Investment Inspiration:  The new year is a perfect time to explore investing. Even with small amounts, starting early can reap the benefits of compound interest. Remember, investing is a marathon, not a sprint. If your company has a retirement account, make sure you ask if they have a match and do as much as you can. If they match 100% up to 3%, put in the full 3%. Investing can get complex, so please use us as a resource. This is what we shine at! We can put together a financial plan and help you get to the finish line!


Financial Finish Line! 


You did it! Making smart financial choices is a lifestyle, not a one-time resolution. However, hitting the reset button at the beginning of every new year is a healthy habit. 


Stay focused by setting SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound). Reward yourself for milestones reached and track your progress. Education is crucial – read financial blogs, listen to podcasts, and learn from experts. Also, reach out to me and let me assist you on your journey to the finish line. 


Finally, remember everyone's financial journey is unique. Don't compare yourself to others; celebrate your own progress, big or small. Embrace the new year as an opportunity for financial growth and make smart choices that lead to an amazing year. So, raise a glass (a celebratory mocktail perhaps!), and say cheers to a financially fit and fabulous new year!


By Jonathan McQuade April 1, 2025
Trading goods has been around for millennia - with early written documentation beginning with the silk road to the industrial and now digital revolution - the exchange of goods has led to an interconnected world where products and services change hands between cultures and countries. Globalization (the exchange of goods) started to play a central role in global Gross Domestic Product (GDP): a measure of the total value added from the production of goods and services in a country or region each year with exports accounting for approximately 13% of world GDP in 1970 and near 30% in 2023, according to the World Bank.  Tariffs have been one of the major headlines as Donald Trump entered the Oval Office for his second term as President. To prime the discussion and apply it to current events, it seems judicious to take a moment and look back at the role tariffs have played in policy for the United States. Tariffs are essentially a tax on goods and/or services imported to the United States paid for by the business importing the goods and typically passed onto the consumer in the form of an increase in price of that good. An increase in tariff rates is meant to discourage trade as it makes goods more expensive to buy from other countries compared to buying domestic goods to which the tariff does not apply. Major economies, 23 countries in total, entered the General Agreement on Tariffs and Trade (GATT) in 1947 to lower tariff rates and other trade barriers to encourage trade. This is perhaps what makes President Trump’s stance to raise tariffs more controversial. A look back in U.S. history will show that tariffs were the government’s primary revenue source prior to 1913, when the 16th Amendment introduced the federal income tax. Today, tariff revenues make up less than 2% of the $4.9 trillion in total tax revenue for 2024, with the majority coming from individual and corporate income tax. Given that tariffs are no longer a major element of domestic tax policy, what role do tariffs play in broader economic and policy goals? The implementation of tariffs are now primarily used as a tool to protect and regulate trade practices that could injure domestic industry, advance foreign policy goals or as negotiating leverage in trade negotiations, according to a paper titled: “U.S. Tariff Policy: Overview” by the Congressional Research Service. For policy, the potential benefits are clear. Economically, the benefits are less clear. Retaliatory tariffs, rising costs, and supply chain disruptions all bring into question whether tariffs will result in the desired outcome of benefitting the U.S. consumer.
By Eric Boyce April 1, 2025
Dear Clients and Friends,
By Eric Boyce March 30, 2025
This week, CEO Eric Boyce, CFA discusses: 1. earnings estimates have come down, but are still growing for the S&P 500, but not for the Russell 2000 2. valuations have come down appreciably for the S&P 500, and the good news is that it's coming from price/earnigns multipl contraxtion and not earnings 3. gold catches a bid, and there's a strong bet that interest rates will come down based on interest in 3-month SOFR futures 4. both individual and institutional investors more cautious amidst the change in leadership within the market (Mag 7 goes on sale) 5. foreign ownership of US investments has picked up, providing both a benefit and potential risk 6. FOMC more concerned with unemployment and inflation, but do not expect recession despite some estimates for negative growth during 1Q 2025 7. Regional Fed surveys highlight caution; trade figures highlight front running of imports ahead of tariffs 8. corporate profits remain high; pending home sales plunge
By Eric Boyce March 23, 2025
This week, CEO Eric Boyce, CFA discusses: 1. volatility increases within the market, market sector shifts, market concentration dynamics 2. with higher volatility from trade, etc. policy, markets can actually exhibit better risk-adjusted returns; consumer inflation from tariffs may promote higher profit margins 3. power of long term compounding - EVEN IF price/earnings multiples contract from here 4. international valuations improving relative to S&P500 5. stabilization perhaps in office RE market 6. individual investors very apprehensive about market, think business conditions, employment & income trends worsening. 7. small business outlooks more guarded, higher prices paid showing up in the data 8. housing supply improving, but prices are rising faster than inflation
Boyce & Associates Wealth Consulting March 9 Market Minutes featured image
By Eric Boyce March 9, 2025
By Eric Boyce March 9, 2025
This week, CEO Eric Boyce, CFA discusses: 1. data has been mixed as of late, reflecting some anxiety, uncertainty and conservatism on the part of both business and consumers 2. economic growth softening, although recession calls remain mild. Eyes wide open, however... 3. other data, including the ISM Services PMI, remain solidly in expansion territory 4. Fed may bein a tough spot on near term rate cuts, given the sustainability of announced tariffs. Desire to cut in anticipation of slower growth may be pre-empted by near term effect of tariffs, to the extent they are sustained... 5. generational look at income, economic power, retirement assets 6. equity market trends, including recent test of 200 day moving average and moderation in earnings estimates 7. volatility up, international return expectations higher than US large growth
By Eric Boyce March 3, 2025
This week, CEO Eric Boyce, CFA discusses: 1. expectations for growth and inflation both increasing for 2025 2. earnings transcripts show increase mention of inflation, tariffs - but also productivity gains from AI 3. labor market really appears stable at this point - firms are downplaying both hiring and layoffs (except in DC) 4. consumer sentiment remains ok, but may change. 50% of consumer spending comes from top 10% earners who have $1.3T in excess savings 5. peak impact of tariffs and DOGE likely 4Q - -0.5% to growth and +0.2% to inflation 6. regional Fed surveys reflect somewhat muted conditions with new exports expected to decline and uncertainty on the rise 7. S&P 500 and 10 year treasury yield positively correlated for the first time in a few months; 3m-10y yield curve back to inverted 8. growth v. value; international equity has weaker growth vs US, but much better valuations 9. bearish sentiment spikes at the individual investor level 10. graph on expected military spending by Europe next few years in the wake of the failed Trump/Zelenskyy meeting this past week
blog post cover: secure, smart, and successful: the financial empowerment blueprint for women
By Kelly Griggs March 1, 2025
Financial empowerment starts with knowledge and action. Celebrate International Women’s Day by taking control of your financial future with smart strategies, mindset shifts, and powerful money tools.
Boyce and Associates Wealth Consulting Charts and Chats March 2025 newsletter featured image
By Eric Boyce March 1, 2025
Dear Clients and Friends,
Boyce and Associates Wealth Consulting Charts and Chats featured image
By Eric Boyce February 23, 2025
February 23 2025 Charts & Chats with CEO Eric Boyce, CFA. Trade-war risks, inflation concerns, strong retail sales, and shifting capital spending—plus insights on tariffs, government shutdown predictions, and private equity trends. Stay informed!
Show More