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Your Investments Can Succeed in 2023

December 14, 2022
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by Blake Herzog

After the ups and (primarily) downs of 2022, the stock market is no longer looking like the sure thing it never really was, and real estate is getting more unpredictable by the minute.

Inflation and interest rates are taking major bites out of your spending power and the whispers of recession are deafening.

What can you do to shore up your finances in 2023?

It’ll be a combination of ensuring your foundation is solid and making smart investments based on the amount of risk you can afford. First, the basics:

• If you aren’t already following a budget with your spending, this is an excellent time to start. Start setting up your own spreadsheets or investigate apps and other programs designed to make it easier, such as Mint, YNAB or EveryDollar.

• Set a goal of putting aside enough cash in a savings account or short-term CDs to cover three to 12 months of expenses to protect yourself against unexpected job losses or medical bills. Save even more if you’re working in a field where job openings are sparse. Look into every type of retirement savings account available to you.

• Know how much you want to save for retirement, which will depend heavily on the kind of lifestyle you want to have once you are done working.

• Carry all the insurance you’re going to need, including life, health, home and vehicle.

Wise investing will require a diverse portfolio.

• You should be in the stock market but focus on some of the more recession-proof sectors including utilities, health care, basic consumer goods, discount retail and transportation services.

It’s especially tempting to bail if you’re near or beyond retirement, but you should have at least some of the funds you won’t need for three to five years invested so you can benefit from longer-term gains.

• Real estate can stay part of your portfolio as long as you’re not anticipating a profitable quick flip. Buy whatever will be in your means, and be prepared to rent it out for a few years so you can benefit from that consistent revenue stream before venturing out to put it back on the market.

If you’re not looking for that level of involvement look for real estate investment trusts (REITs), which often offer above-average returns.

• If you do move at least some of your money out of stocks, you can put it instead in some of the typical investment havens like short-term treasury bonds, money market accounts and municipal and corporate bonds while looking at some alternative investment options for funds you won’t need to access in the near future such as commodities and managed futures.

• Get help from wealth and financial management pros whenever you can. Economic conditions are become more unpredictable even for those who do it for a living so it’s more important than ever to rely on those with the training to steer your investment portfolio through choppy waters.

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LOCAL NEWS: The Northern Arizona VA in Prescott has provided an update on their Homeless Veteran Program. . . .PRESCOTT, Ariz. – The Northern Arizona VA Health Care System’s Homeless Veteran Program, along with its community partners, housed 445 Veterans in 2022, exceeding their target goal by 157%.Nationally, the 2022 goal was to house 38,000 homeless Veterans— a goal that was exceeded by 6.3%. The Department of Veterans Affairs remains committed to ending Veteran homelessness and increasing housing placements is critical to achieving this goal.“This success is a result of efforts built on the evidence-based ‘Housing First’ approach, which prioritizes getting a Veteran into housing, then provides the Veteran with the support they need to stay housed,” said Steve Sample, Medical Center Director.In Northern Arizona, there are a variety of services designed to house homeless Veterans. The VA’s Health Care for Homeless Veterans (HCHV) Program includes VA Supportive Housing (HUD-VASH) vouchers that provide formerly homeless Veterans with subsidized housing and a wraparound, interdisciplinary case management team to address issues that may have contributed to homelessness. The program provides justice outreach services, employment services, health care services through the Homeless Patient Aligned Care Team, outreach, and transitional housing support. The VA also works closely with community partners to house homeless Veterans through a system called Coordinated Entry, where community agencies along with the VA regularly meet to coordinate efforts and ensure homeless Veterans do not fall through the cracks.“We are fortunate that there is so much support for helping homeless Veterans in our area,” said Jessica Taylor, Homeless Program Coordinator for the Northern Arizona VA. “This success could not have been possible without great collaboration between our community partners, Housing Authorities, Tribal partnerships, and support from our local communities.”Looking ahead, the VA will continue to explore new avenues to house homeless Veterans and overcome housing barriers. In collaboration with U.S VETS, Gorman & Company, and the Arizona Department of Housing, a supportive housing project on the grounds of the VA’s Fort Whipple campus is in the initial planning stages. The VA is also expanding outreach to ensure that homeless Veterans are aware of services available to them. For Veterans who are homeless or at imminent risk of homelessness— or if you know of homeless Veterans in need of assistance, call 877-424-3838.For more information on renting to or hiring homeless Veterans, visit: www.va.gov/homelessAbout the Northern Arizona VA: Through its main campus in Prescott, along with Community Based Outpatient Clinics (CBOCs) in Cottonwood, Flagstaff, Kingman, Lake Havasu City, and Anthem— with additional clinics in Tuba City, Page, Kayenta, Chinle, Holbrook, and Polacca, the Northern Arizona VA provides services to approximately 33,000 Veterans over a catchment area of more than 65,000 square miles.. . .www.facebook.com/VAPrescott ... See MoreSee Less

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Empty Bowls of Prescott Arizona has announced that it will distribute $24,000 to local foodbanks! Their 2022 Empty Bowls fundraising event took place in September, and donations can be made year round on their website.prescott-empty-bowls.square.site ... See MoreSee Less

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