On The Money 2021 by Volume One Magazine

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Are you doing all you can to assure that your finances are in order? Do you need some help learning tips on safe money-handling to rest assured, knowing you’re financially in the right spot? Well, most of us need a little help in that area, so we talked to local finance experts and they’ve agreed to share some knowledge. Use their smarts and a little bit of your own to get your money lined up so you can breathe easy and spend wisely.

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BUDGETING DURING TOUGH TIMES Now more than ever, personal budgeting is necessary. Some local experts offer their advice. WORDS: FELICITY BOSK Creating a budget can seem like a daunting task, but in financially insecure times, it’s an important skill to have. People talk a lot about the importance of creating and maintaining a budget, but why does it really matter? “Its important to keep track of financing,” said Thomas Kemp, professor and chair of the department of economics at UW-Eau Claire. “A simple budget can be as basic as opening a spread sheet on Google Docs or Excel and just trying to jot down about how much money you have each month, or how much you think you have. It doesn’t have to be perfect. And then write down how much you spend in certain categories.” Kemp said to create a category for “needs” like rent, loans, utilities, travel, and groceries, but also “wants” like entertainment and small impulse purchases. He said that a budget is a way of asking yourself, “What do I value in life?”

and allocating your money in a way that works for that. Once you have an estimated budget, he said, you can go a week or two and come back to it and see how your spending ended up aligning with how you wanted it to. Joseph Clark, a certified consumer credit counselor at FamilyMeans, said one mistake young people tend to make is biting off more than they can chew financially. “There’s an old cliché: You don’t plan to fail, you fail to plan,” Clark said. “People I meet in financial distress ended up there due to lack of planning, so it’s good to pause and take stock of where you are, and take assessment of what’s going in and going out.” When asked how to best prioritize student loans in a budget during a recession, Clark said it is never good to not pay your loans. If you have a federal student loan, it is in deferment right now – meaning they aren’t asking for payments and

THERE’S AN OLD CLICHÉ: YOU DON’T PLAN TO FAIL, YOU FAIL TO PLAN.

interest is not accruing. Some private loans are deferred at this time as well, so it’s best to contact your creditor to find out. If not, it’s good to be in contact with them about how to make payments you can afford. Clark said that most creditors are willing to work with you if you are willing to work with them. In a strong economy where you know you have enough money after bills, it might not seem like a big deal to keep track of your financ-

es. This can change dramatically during times of uncertainly, such as during the current pandemic. People learned during the 2007-09 “Great Recession” that it is important to save as much as you can in case of a job loss and to avoid financial risks. While creating your first budget can be overwhelming, it’s less overwhelming than not knowing exactly how much money you have coming in and going out.

MAKING SAVINGS AUTOMATIC: NEW STATEWIDE EFFORT PROMOTES SPLIT DEPOSITS WORDS: V1 STAFF It’s easy enough to pay your bills automatically these days, so why shouldn’t saving money be automatic, too? That’s the basic concept behind the new Wisconsin Saves Automatic Saving Initiative. Created by a coalition of state officials, bankers, and business professionals, Wisconsin Saves aims to encourage Wisconsinites to put their savings on autopilot. Specifically, the program educates both employees and employers about how to set up split deposits, which direct a specific dollar amount of share of a worker’s paycheck into a savings or investment account each pay period. Such savings could be used to pay down debt, to invest for retirement, to create a college fund – or to cover the cost of an unexpected emergency. “Many Wisconsinites experienced economic hardship as a result of the COVID-19 pandemic,” said Kathy Blumenfeld, secretary of the Wiscon-

39%

Share of Americans who could cover a $1,000 emergency expense from their savings. sin Department of Financial Institutions. “Our goal with Wisconsin Saves is to make sure more residents are financially prepared for those small and large emergencies that we all know will happen from time to time.” It’s a timely initiative: According to Bankrate. com, the pandemic has been a reminder to Americans of the importance of saving for the unexpected. For example, a nationwide survey by Bankrate conducted in January found that more than half of Americans now have more in their emergency

savings than on their credit card balances. While that’s a positive sign, that doesn’t mean that most of us have much saved for an emergency: According to the same survey, “only 39 percent of Americans could pay for an emergency expense of $1,000 from their savings account.” Initiatives like Wisconsin Saves are aimed to increase that percentage. According to the Wisconsin Bankers Association, “The campaign encourages small- and medium-sized employers to promote to their employees the ease and benefits of saving automatically for emergencies through split deposit. … Wisconsin Saves provides employers who sign up for the program with easy-to-use tools to help educate employees about split deposit and the importance of starting to build savings today.” Employers can learn more and sign up at AutoSave.WisconsinSaves.org. Find more information about building savings at americasaves.org.

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FINANCIAL PROFILES FROM MAIN STREET TO WALL STREET

N ORT H W E ST E R N BA N K C hip p e wa V a lle y -ba s e d b a n k presiden t ta kes o n h igh - pro f ile ro le w i t h nat i o nal i mp ac t

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NORTHWESTERN BANK OFFICES IN CHIPPEWA FALLS, RIVER PRAIRIE, L AFAYE T TE, BOYD, CORNELL , AND THORP

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( 7 15) 723-4 461 (CHIPPEWA FALLS) (715) 839-8642 (RIVER PRAIRIE) W W W.NORTHWES TERNBANK.COM

he Federal Reserve might seem like a mysterious entity that sets monetary policy behind a curtain of secrecy in Washington, D.C., but one person with influence on the Fed can be found working hard in an office right on Bridge Street in downtown Chippewa Falls. Northwestern Bank President Jerry Jacobson – who has been with the bank for 43 years – was elected last year to the board of directors of the Federal Reserve Bank of Minneapolis, one of 12 Federal Reserve districts. His three-year term started on January 1. Jacobson is one of three bankers serving on the nine-member board, a position that gives him a unique Jerry Jaco bso n , opportunity to learn about – Ba n k President and impact – the economy of the region, district, and even the nation. “Essentially, my role is to bring back to Minneapolis what’s going on in my area, meaning this part of Wisconsin,” he said. “Everybody else’s role is to bring back their viewpoints. And then that’s supposed to filter all the way back to Washington.”

o l t m a v d s p d No rt hwestern Ba n k’s Busi ness Ba n ki ng Tea m

home and business loans, checking and money market accounts, savings and CDs, IRAs, and many other financial services. Over the past year – as the housing market boomed and interest rates hit historic lows – Northwestern Bank has seen a record number of mortgage loans and refinances, Jacobson said. “I still am amazed at all the housing projects happening in the Valley. It’s just mind-boggling,” Jacobson said. “Everybody who can hammer a nail must be hammering a nail.” When the pandemic hit last year, Northwestern Bank worked fast to make hundreds of loans through two rounds of the federal

BUILDING STRONG COMMUNITIES WHERE PEOPLE MATTER. For example, Jacobson was recently tasked with assessing the status of the labor market in western Wisconsin: Are employers having a hard time getting adequate candidates? Are workers finding jobs that meet their needs? With more than four decades of experience at the Chippewa Falls-based Northwestern Bank, Jacobson is uniquely qualified to answer such questions. Likewise, the bank he leads – which was founded in 1904 – has served generations of Chippewa Valley businesses and individuals with

Paycheck Protection Program, helping keep Chippewa Valley businesses large and small afloat during challenging times. “The second round really supported the small businesses,” said Jacobson, noting the bank facilitated many loans to businesses that had just a handful of employees. “Everyone needed assistance, but this round’s primary focus was small business customers.” While Northwestern Bank is a large institution in the Chippewa Valley, in the banking world PARTNER

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it’s comparatively small, which means that on the Minneapolis Fed’s board of directors Jacobson is the de facto representative of smaller banks in the Ninth District. In addition to bankers, board members are chosen to represent business, industry, labor, consumers, agriculture, and other constituencies – a broad cross-section of society, meant to provide input on all parts of the economy of a large region. The Minneapolis Fed serves a six-state district, which encompasses all of Minnesota, Montana, North and South Dakota, Michigan’s Upper Peninsula, and 26 counties in northwestern Wisconsin – including Chippewa, Dunn, and Eau Claire. In addition to providing information and advice about the region’s economy to the Federal Reserve, Jacobson and other board members also offer another critical piece of input: “The other role is to vote every time on whether we should keep the interest rate the same, or raise it, or lower it,” he said. The regional board’s decision is then carried by the Minneapolis Fed’s president, Neel Kashkari, to the Federal Open Market Committee, whose voting members set the federal funds rate eight times a year. In other words, Jacobson’s assessment of the Chippewa Valley’s economy may indirectly influence federal-level interest rate decisions. The influence of a Main Street banker can have national implications. Jacobson commented, “The Chippewa Valley is booming and people’s confidence is back.”

on the money

TEST DRIVING ADULTHOOD RCU wins state award for virtual financial literacy program WORDS: V1 STAFF Creative educational thinking driven by the pandemic recently led to a statewide award for Royal Credit Union – and now the Eau Clairebased financial institution’s award-winning program will be available to students across Wisconsin. Royal Credit Union received a Wisconsin Governor’s Financial Literacy Award in April for “Test Drive Digital,” a virtual version of its in-person reality fair, “Test Drive … Next Stop Reality.” Whether virtual or in-person, “Test Drive” gives teens a taste of the real-life financial decisions they’ll face within just a few years. According to RCU, “This real-life simulation offers high school students a glimpse of what it’s like to manage a monthly budget at age 25. Using their chosen education level and career, students manage expenses such as student loans, insurance, housing, and groceries by watching short video lessons about each subject. They are randomly assigned a family status and credit score so they can see how these factors affect their purchase choices. Students make their purchase decisions and record each credit and debit on a

digital income and transaction log. The goal is to get through the month without running out of money. Pre- and post-tests help measure knowledge gains and attitudinal changes.” “Our team developed Test Drive Digital in May 2020 in order to be able to continue offering a reality fair experience to high school students during the pandemic,” said Brandon Riechers, RCU’s president and CEO. “The benefits of this program will extend well beyond its initial intent. The innovative design of the program and digital delivery have made this important financial education resource far more accessible and inclusive, and will provide an impactful learning opportunity for high school students for years to come.” RCU was among 13 individuals and groups around the state honored by Gov. Tony Evers. Recipients of the Financial Literacy Awards were nominated based upon criteria that included implementing innovative financial literacy programs, demonstrating measurable results, and designing programs that are scalable. Just a few weeks before receiving the award, RCU launched a joint effort with the Wisconsin

Department of Public Instruction to offer the program via Xello, an academic and career planning website operated by the DPI. Now, teens at high schools around the state will be able to test drive adult life free of charge. To learn more about the program, visit rcu.org and search for “Test Drive Digital,” or email WTestDrive@rcu.org.

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on the money

COLLEGE SAVINGS? NOW THERE’S AN APP FOR THAT READYSAVE 529 mobile app makes it easier for Wisconsinites to save for higher education costs WORDS: V1 STAFF

Wisconsin families can now manage their children’s college education savings right from the palm of their hands. The Wisconsin Department of Financial Institutions has announced the launch of READYSAVE 529, a new education savings mobile app available to everyone who owns an account through Edvest, Wisconsin’s college savings program. The app provides a convenient way to access information, track progress, and make contributions. “We are continuously investing in tools and technology that make it easier for parents to plan, monitor and adjust their saving strategies,” said Kathy Blumenfeld, secretary of the Wisconsin Department of Financial Institutions. “This new app provides easy and secure access to account information right from your smartphone or tablet.”

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The READYSAVE 529 app allows users to view account balances and investment allocations, make onetime or recurring contributions, and see how their savings compare with peers. Users can also invite family and friends to gift to their child’s or grandchild’s Edvest account. Edvest account owners can download the READYSAVE 529 app from the Apple or Google Play stores and can log in using their existing username and password. Edvest is a state-sponsored, tax-advantaged 529 college savings plan that helps families and individuals plan for the cost of higher education. Just about anyone can help contribute including grandparents, other family members, and friends. Learn more about the Edvest program at edvest.com or by calling (888) 338-3789.

FINANCIAL PROFILES SWEET FINANCIAL ADVICE

ROYA L C R ED I T U N I O N Ro yal C r e d i t U n i o n ’ s ‘ Mone y Donut s’ podcast he l ps you g e t t he m o s t b a ng o u t o f y o u r b u c k i n sn ac k - si z e d b i ts

Steve Dayto n ROYAL CREDIT UNION LOCATIONS THROUGHOUT CHIPPE WA VALLE Y (800) 341-9911 Ja mes Plend l W W W.RCU.ORG

earn sweet financial advice – wrapped in raised, glazed goodness – with Royal Credit Union’s Money Donuts podcast, which aims to make financial planning just as wonderful as enjoying a delicious donut. The frosting on top is the show’s down-toearth podcast hosts: Steve, Cooper, and James, who talk through tough financial topics such as banking apps and how to best use them, banking security, home loans, setting SMART goals, mindful money practices, credit scores, and more. They bring in experts on many of the topics and take occasional detours to share personal insights and tips that make listening to this podcast a treat. “There is truly something for everyone,” Cooper said. “We have real conversations and often learn from each other as we’re talking. By sharing real life examples, mistakes, and accomplishments, we connect with listeners by sharing situations they have probably been in themselves.” If you don’t have time to listen to a full episode with your busy schedule, check out their Donut Holes - bite-sizes pieces of the Money Donuts podcast that squeeze a few pieces of key advice into just a few minutes. “They come with you wherever you go,” Cooper said. “From the car to the gym or a trip around the grocery store, the short episodes and bite-sized donut holes make them easy to fit in.” If you’re looking for specific financial

Coo per La rso n

tips, you can check out the nine full episodes of Money Donuts (such as “Discover Money Mindfulness” and “Don’t Be Scared Of Budgeting”) or eight Donut Hole episodes (including “Best Ways To Use Your Tax Refund” and “The Subscription Service Showdown”) – or tune in on most podcast streaming services, including Apple Podcasts, Spotify, or online at rcu. org/podcast. “Part of the reason we started Money Donuts was the education factor,” James said. “We wanted to help everyone understand more about money and finances in a fun and accessible way. To me, the experiences we talk about on Money Donuts present an opportunity to share information in a conversational setting. Just honest discussions and good, solid money advice like you’d get from a friend – a little bit outside of what you’d expect from a credit union or bank.” And that’s precisely what you get from

Royal Credit Union: above-average attention and financial resources to help you get the most bang for your buck. Royal Credit Union is a source you can trust. It can be tough to know what’s truthful and accurate, but Royal Credit Union’s team of talented financial specialists can help you with home loans, auto loans, security resources, and so much more. Learn more about Royal Credit Union at rcu.org.

PART OF THE REASON WE STARTED MONEY DONUTS WAS THE EDUCATION FACTOR.

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on the money

ASK THE EXPERTS! li s ti n g s b y j a m es j o h onn o tt

F I N A N C I A L COU NSE LOR S

F I N A NC IA L PL A NNE R S

This list features just local financial counseling services. If we missed your service, let us know and we’ll add you next time!

This list features just local financial planning services. If we missed your service, let us know and we’ll add you next time!

Catholic Charities Financial Counseling 448 North Dewey St., Eau Claire • (715) 832-6644 • eauclaire@ cclse.org • cclse.org Offers disaster relief services, bankruptcy counseling, food assistance, housing counseling, and financial literacy counseling.

FamilyMeans Financial Solutions 2194 East Ridge Center, Eau Claire • (800) 780-2890 • familymeans. org Offers tools and education so people can regain financial stability and reduce unmanageable debt. Services include budget & debt counseling, credit report review, debt repayment programs, and student loan counseling.

Freund Law 920 S. Farwell St., Eau Claire • (715) 8325151 • freundlaw.com Offering bankruptcy, debt relief, and debt collection services for individuals, farmers, and businesses throughout Western and Northern Wisconsin.

Klenz Financial Counseling • adrian@klenzfinancialcounseling.com • Find this business on Facebook Works one on one with individuals, families, and couples to deal with money issues. Areas of focus are on budgeting, the psychology of money, ending destructive money habits, credit repair, and debt negotiation.

Western Dairyland Financial Counseling 418 Wisconsin St., Eau Claire • (715) 836-7511, toll free at (800) 782-1063 • WesternDairyland.org/flip. phtml While Western Dariyland no longer provides financial counseling as a stand-alone program, they still counsel as part of the Work-n-Wheels and the Veteran’s Economic Empowerment Program.

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Affinity Asset Management 3430 Oakwood Mall Drive, Suite 200, Eau Claire • (715) 833-1884 • gedwards@ cfnmail.com • sfswealthmanagement.com/home.aspx Offers retirement planning, risk management, investment solutions, estate planning, and financial planning. Baird Wealth Management 4106 Oakwood Hills Parkway, Suite 100, Eau Claire • rwbaird.com Areas of focus include financial and estate planning, featuring retirement and education planning, tax planning, wealth transfer, and charitable giving; investment management, including portfolios, comprehensive advisement, brokerage, and cash management; and risk and liability management. Bernicke Wealth Management 1565 Bluestem Blvd, Altoona • (715) 832-1173 • bernicke.com Acts as the chief financial officer of their clients, consulting about major decisions and assets, while also contracting specialists. Services include investment management, tax minimization, estate planning, income planning, and asset preservation. Blue Granite Wealth - Raymond James Financial 4257 Southtowne Drive, Eau Claire • 715.514.2903 • bluegranitewealth.com Blue Granite Wealth offers banking & lending solutions, business planning, corporate retirement plan consulting, education planning; estate, charitable giving & trust, financial planning, fixed income services, longevity planning, portfolio management, retirement planning, and risk management. Cadott Tax & Financial Services 345 N. Main St., Cadott • (715) 289-4948 • info@cadott-tax.com • cadott-tax. com As a full-service tax and accounting firm, offering professional, personal service; expert knowledge, and comprehensive tax & accounting services. Can help with businesses, farms, families, estate planning, and life insurance. CLA 3402 Oakwood Mall Dr., Eau Claire • (715) 8321100 • claconnect.com Offering planning and guidance to help you reach your professional and personal goals. Services include audit preparation, consulting, global services, accounting, health insurance, outsourcing, tax,

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technology, business & leadership transitions, employee benefit plans, growth strategies, human resources, wealth advisory, and more. Cornerstone Financial Advisers 1109 W. MacArthur Ave., Suite 3, Eau Claire • (715) 834-5366 • Deborah Becker Insurance & Financial Services Inc. 404 S. Barstow Street, Eau Claire • (715) 835-4328 • deborahbecker.com Deborah Becker has 20 years of experience with State Farm. Offers auto, home, life, business, motorcycle, renters, condo, and pet insurance. Deborah is also licensed to offer banking and annuity services. Fries Financial Group 11 E. Central Street, Chippewa Falls • 715.720.9605 • friesfinancialgroup.com Fries Financial Group is an independent Raymond James Financial branch. They offer asset allocation, asset management, college planning, estate planning, financial planning, and retirement planning. Hall Financial Group LLC 4319 Jeffers Rd, suite 202, Eau Claire • (715) 514-2526 • info@hallfinancialgroup.com • hallfinancialgroupllc.com An independent firm offering including financial plan creation, portfolio preparation, capital preservation, ongoing monitoring, and retirement plan development. Investment Management Associates 431 E Clairemont Ave., Suite A, Eau Claire • (715) 839-1006 • drobl@ royalaa.com • imaeauclaire.com An independent advisor offering financial services to build and preserve the wealth of clients from all walks of life including business owners, executives, retirees, and more. They can choose from non-proprietary financial instruments. Jones Financial Consulting, LLC Eau Claire • (715) 577-2778 • jonesfinancialconsulting.com Helping you achieve your personal financial goals, make sound financial decisions, and achieve peace of mind regarding your finances. Specializing in comprehensive financial planning and investment guidance for pre-retirees and retirees. Jones Financial is an independent advisory firm that acts as a fiduciary. Keystone Financial 4410 Golf Terrace, Eau Claire • (715) 835-6022 • keystonecv.com KeyStone Financial is a full service financial advisory firm serving clients throughout the Midwest. Services include retirement plans, income strategies, wealth accumulation, life insurance, tax minimization, IRA & 401(k) Rollovers, asset protection, annuities, mutual funds, and bonds. Main Street Capital Management 601 S. Farwell Street, Eau Claire • (715) 834-9111 • mainstreet.capital@ lpl.com • mymainstreetlink.com Main Street Capital Management offers services like investing principles and strategies, retirement investing and distribution strategies, estate conservation issues, risk management, planning for college savings, life insurance, and more. Merrill Lynch Wealth Management 3508 Oakwood Mall Drive, Eau Claire • (715) 835-0710 • ml.com Works with individuals, families, business owners, executives, and in-

stitutions to help address wealth management challenges and opportunities. Orgel Wealth Management 2420 Rivers Edge Drive, Altoona • (715) 835-6525 • contact@orgelwealth.com • orgelwealth. com A nimble yet sizable group of financial professionals—all adept at maintaining familiarity with each client. RAI Stone Group 3504 Oakwood Mall Drive, Eau Claire • (715) 598-4340 • raistonegroup.com RCU Investment & Insurance Team Products and Services • rcu.org RCU offers mutual funds; advisory plans; fixed, index, immediate and variable annuities; life insurance, bonds, and retirement accounts. River Prairie Wealth Partners Altoona • 715.832.7715 • ameripriseadvisors.com Area of focus include retirement income strategies, tax planning strategies, and wealth preservation strategies. A financial advisory practice of Ameriprise Financial Services, Inc. Seeman Tax & Financial LLC 535 Fairfax Street, Altoona • (715) 835-1156 • seemanfinancial.com Offers accounting services, tax returns, and payroll to businesses. Stifel Nicolaus & Co Inc. 3704 Oakwood Hills Pkwy, Eau Claire • (715) 852-1990 • stifel.com/branch/wi/ eau-claire Offers services for retirement, saving for college, tax minimization, increasing income, investment management, and other personalized services. Terry Krumenauer Financial Group 2889 County Highway I, Ste. 3, Chippewa Falls • (715) 720-4900 • money. usnews.com Offering services of financial planning, education seminars, portfolio management for individuals and small businesses, pension consulting, insurance agent and brokering, and more. Thrivent Financial Advisors • thrivent.com For individuals & families, offers financial representatives, insurance, annuities, IRAs, investments, credit union, digital guidance, mutual funds, student resources, trust services, and charitable planning. Also offers services for businesses, churches, non-profits, and other agencies. Wealth Enhancement Inc. 2125 Brackett Ave., Eau CLaire • (715) 835-8800 • DanMarx@WealthEnhancementInc. com • wealthenhancementinc.com Services include IRA & pension rollovers, tax management, investment planning, retirement planning, estate conversion, debt elimination, risk management, charitable giving, and college funding. Wealth Management Group 103 N Bridge St #255, Chippewa Falls • (715) 861-7200 • wealthmanagementgroupllc.net Offerings include wealth enhancement, wealth stewardship and wealth administration.

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