9 minute read
Your Investments Can Succeed in 2023
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 recessionproof 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.
Christmas City Lights the Way
Prescott’s reputation as Arizona’s Christmas City is growing even more in 2022, as the community adds yet more activities to the holiday festivities.
The City of Prescott, acknowledging the holiday season has major positive economic impact estimated to be more than $52 million annually, initiated support this year when the City Council increased its contribution from $40,000 to $50,000.
Prescott Chamber of Commerce President-CEO Sheri Heiney said a major factor has been that the Christmas event is now working under one banner, not several.
“Cooperative effort among all the groups is more functional,” she said, adding cooperation is making it possible to coordinate events for an estimated cost of $200,000 annually. That includes infrastructure expenses, operating costs, marketing and related charges.
Heiney also said it’s estimated that Christmas City activities generate significant City bed taxes and other taxes.
Signature events included: the Holiday Light Parade and Bonfire, Nov. 26; 40th Christmas Parade, Dec. 3; 68th Courthouse Lighting, Dec. 3; and 34th Acker Night Musical Extravaganza, Dec. 9. Still up: • Christmas Village and
ChristkindlMarket, 4 to 8 p.m.,
Dec. 16; 11 a.m. to 8 p.m., Dec. 16, and 11 a.m. to 3 p.m., Dec. 18 • New Year’s Eve Whiskey Row
Boot Drop, Dec. 31.
Several other holiday events are worth seeing. One is the 30th annual Gingerbread Village at the Prescott Resort on display until Jan, 2, 2023.
Also attracting thousands of visitors is the Valley of Lights, with holiday scenes created in lights along a casual drive-through roadway in Prescott Valley through Dec.30.
All Kids Need Free Books
Generosity from people throughout the county is making it possible for kids from birth to age 5 in Yavapai County to have a free book a month sent to their home. Dolly Parton is behind much of that generosity. Through a program called Dolly Parton Imagination Library of the Prescott Area, an affiliate of the international nonprofit organization, no cost and age-appropriate books are provided once a month, said Tara O’Neill, president of the local group.
O’Neill, director of the College Education and Early Childhood Education program at Yavapai College, said the local Imagination Library has served more than 1,250 kids countywide since 2019.
“To keep up with growth, we need to raise between $35,000 and $40,000 annually,” O’Neill said. “We especially appreciate the support we get from the Frontier Rotary Club, the Prescott Rotary Club, the Prescott Sunup Rotary Club and the Arizona Community Foundation. Our board also values support from the Prescott Public Library, where Blair Runion works. She also serves on our board as the treasurer.”
O’Neill said the Imagination Library, since its founding in 1995, has become a major international philanthropy: “It functions in five countries — the United States, Canada, the United Kingdom, Ireland and Australia. Internationally it serves more than 2,200,615 kids.”
She said it all stems from Parton, who has said: “When I was a young girl growing up in Tennessee, I had dreams. Some of those dreams came from seeds found in books. The seeds you help plant in your communities from giving books to kids can spread across the world.”
Stories by Ray Newton The Prescott Pioneer
ERAU Sets Records for Growth
Record-breaking fall enrollment marked the beginning of the 2022-2023 academic term at Embry-Riddle Aeronautical UniversityPrescott.
ERAU President P. Barry Butler and Chancellor Anette Karlsson praised the faculty and staff for creating an educational atmosphere that continued to attract some of the brightest university students in the nation.
They did so during the fall Board of Visitors meeting, Oct. 5 to Oct. 8, on campus. Butler, who had flown in from his office at the Daytona Beach campus in Florida, praised the Prescott campus for continuing to gain international recognition for its various programs during the OctoberWest festivities.
U.S. News & World Report Rates ERAU among Best
The Embry-Riddle Aeronautical UniversityPrescott campus was rated No. 1 in the United States in three separate categories in this year’s ranking of residential campuses. It also received other commendations: • Best Regional College in the Western
Region. • Best for Veterans in the Western
Region (second consecutive year) • Most Innovative Schools in the Western
Region.
It was cited as: • No. 2, Best Undergraduate Aerospace
Engineering Programs for schools without the Ph.D. option • No. 5, Best Value Schools
When combined with the Worldwide Campus program, ERAU was ranked No. 1 for Best Online Campus programs in the nation.
Total fall enrollment was 3,166 students, 194 more than same time last year.
By class, the breakdown was 744 freshmen, 718 sophomores, 647 juniors, 1,014 senior, and 43 graduate students. By gender, there are 2,287 males and 879 females.
Karlsson said, “This is a record-setting year, the largest enrollment ever on campus. Our students enjoy the opportunity to learn in our experiential environment while working on scientific, technical and leadership challenges for the future.”
She discussed the new five-year plan for growth and expansion that will soon be announced. She cautioned that plans are tentative as to when actual construction or renovation would begin. Supply chain breakdowns, in addition to building and construction material shortages and labor shortages have caused major price increases, with consequent slowdowns, she said.
Projects include construction of a new wind tunnel to replace the one that has reached its lifetime. A new student union building is planned. At some point a new residence hall will be constructed to meet the increasing student growth. Renovation as well as demolition of some older buildings on campus is being considered.
Also, considerable expansion of ERAU flight line facilities at the airport is under consideration.
Deans Describe College Growth
Deans of the four academic colleges — engineering, aviation, business-security and intelligence, and arts and sciences — talked about growth in those programs. Dean Ron Madler, engineering dean, described ongoing internships and partnerships students and faculty had with NASA and other major research and industry leaders in engineering.
Aviation Dean Tim Holt shared numbers demonstrating that students training to become pilots had grown substantially. He anticipated 1,100 or more next year and has purchased more airplanes.
Dean Tom Drape, business-security and intelligence, said the university is adding a degree program. It is the only college with its unique emphasis in the nation.
Arts and sciences Dean Zafer Hatahet said his college also is adding new degree programs.
University on Solid Financial Base
Steve Bobinsky, executive director, Office of Development-Prescott, told board members that philanthropy support continued to increase for the university. He noted that the institution awarded $2.3 million in scholarship support to students and expects those numbers to increase.
“Generous contributions help support undergraduate research, and also support networking and internship opportunities and STEM outreach efforts, especially in our surrounding neighborhoods and Northern Arizona and the greater Phoenix metro area,” he said.
President Shares State of University Address
President Butler said, “Our No.1 priority on all of our campuses and centers, is giving personal attention to student success. Our independent ranking by U.S. News & World Report demonstrates our unwavering commitment to prepare tomorrow’s leaders in aviation aerospace, business, cybersecurity, engineering and STEM fields.”
Butler also said ERAU had received full accreditation from the Southern Association of College and School Commission on Colleges.
Following a series of visitations and activities in various departments and schools across campus, OctoberWest weekend ended with an Eagle Alumni Award Dinner. Michelle Day, director of alumni relations for the western region, introduced six past graduates who were honored for their personal and professional accomplishments.
The dinner was following by a “Drone Show,” which replaced the traditional fireworks display. As Chancellor Karlsson phrased it, “Fireworks are so 14th century technology. Drones more embrace what Embry-Riddle is about.”
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