Lucas Presson

Lucas Presson is the assistant publisher of the Southeast Missourian.

Despite turbulent times, there’s still opportunity heading into the New Year

On the cover: Michael Seaman is co-founder and CEO of Swipesum, a service that negotiates contracts between businesses and credit card processors. Seaman got the idea for the company after working as a salesperson for one of the nation’s largest credit card processing companies. He says he saw a way to do it better, and now, his company is projected to reach $12 million in annual revenues within the next 12 months. In this issue of B Magazine, we speak with Seaman about his career as an entrepreneur in the finance world. He also talks about his time with Codefi, as one of the 1ST50K recipients, and what Cape Girardeau can do to attract and retain more young talent.
Photo by Aaron Eisenhaurer

It’s not uncommon for financial changes to be part of an individual’s New Year’s resolution. And with the market volatility and persistent challenges with inflation since mid-2021, you’d expect this to be among the most important issues heading into 2023.

Fidelity Investments released its annual Financial Resolutions Study results recently and noted two-thirds of Americans are considering a financial resolution for 2023.

More than one-third of those surveyed said they are worse off financially now than last year. Inflation is the top concern (43%), followed by economic uncertainty/recession (39%), unexpected expenses (38%) and political uncertainty (25%).

Among those who plan to have a financial resolution, 94% will approach their strategy differently because of the last two years. And 45% are looking at more conservative goals. Top financial resolutions include: Save more money (39%), pay down debt (32%) and spend less (28%).

In politics, a common question posed by candidates is if you’re better off today financially than a previous period of time. The Fidelity survey noted 27% believe their family is better off today compared to last year, with 36% saying a worse financial situation and 36% saying no change.

Baby Boomers ranked the highest (43%) in saying they are worse off financially than last year. Younger individuals were more bullish, but still had sizeable percentages agreeing they are worse off now compared to last year with Generation Z at 27%, Millennials at 32% and Generation X at 38%.

Overall, 65% expect to be better off in 2023. Last year that number was 72%.

There are some other interesting statics in the survey results, and you can find the report online on the Fidelity website.

In this edition of B Magazine, we take a look at many of the top financial questions facing individuals and businesses.

Southeast Missouri State University economics professor David Yaskewich provides a deep dive on inflation, its causes and what to expect heading into 2023.

Several area financial advisors share their thoughts on investing and how to plan for your financial future.

Trudy Lee, the former vice president for Advancement and executive director of the Southeast Missouri University Foundation, shares several examples of how planned giving can be a financial win and what strategies should be considered.

Jakob Pallesen with the Small Business Development Center writes about issues entrepreneurs should consider before launching a new business venture.

You’ll also find a story about retaining talent in Southeast Missouri, our cover story on Swipesum founder Michael Seaman, and a fun outside the office story about cave explorer Gerry Keene.

Despite market volatility and the challenges with inflation, there are still opportunities to prosper heading into the New Year. As several of the financial advisors noted, the best financial advice applies regardless of the economic environment. Paying down debt and following a long-term strategy remains vitally important.

Here’s wishing each of you a healthy and prosperous 2023.

Lucas Presson is the publisher of B Magazine and assistant publisher of the Southeast Missourian.