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President's Message


A New Year's resolution is a fun way to start a new year, but it takes a lot of work and motivation to make it achievable. I would have to admit that personally over the past several years I have failed several times when it comes to setting and sticking to a New Year's resolution. According to Statistic Brain, an online data collection agency, only 44.8% of people maintain their goals for greater than six months. I then looked up the stats on the top three New Year's resolutions that were selected. They are listed from the most popular to least popular, and include: eating healthier, self-improvement, and making better financial decisions. I have to be honest, there are no real surprises here, in fact I have made New Year's resolutions in each one of these categories. All of these topics are wonderful life changing events that could truly make a difference in someone's life, but of course, the one that I would like to discuss in this letter is making better financial decisions.

What motivates people to make positive change? This could be answered many ways, but I would love to share with you some ideas that you may find beneficial. The first thing is answering the question WHY? Why do you want to make a change in your finances? We all know HOW to save money; we need to put extra money into a savings account. We all know WHEN we should save money; we need to start saving money as soon as possible! These are both important things to think about, but the fun starts and the dreams arise when you start with WHY!

Such as: "I want to start planning a dream vacation." "I want to build up my savings account to pay for all the unexpected things that can derail my life." "I want to retire with enough money to live comfortably." "I would like to help pay for my kids' college education." Once you have decided WHY you would like to make a personal lifestyle change you need a plan and you need to make it happen.

The first and most important thing that you need to do is write down your goal(s). It seems simple but most people don't achieve their goals because they don't write them down and they don't take the correct actions needed to be accountable. At the Gothenburg State Bank, we work hard to educate financial literacy to young adults because we want them, at a young age, to feel accountable and responsible with their money. I can tell you that there is no greater responsibility that we focus on than providing our area youth with the financial tools they will need for their future financial success. The Gothenburg State Bank contracts with a company names EverFi (www.everfi.com) to provide the most up to date, interactive, and successful financial education available. We spend the time and money to provide this education to these young adults because it is our desire to have them become more intentional with their money and more accountable to their future.

It doesn't matter if you are trying to eat healthier, wanting to make some self-improvements, or desiring to make better financial decisions. You don't need to start a new year to get excited to make a change. All you need to do is decide that now is a great time to start making a positive change. Answer you WHY, write down your goals, get motivated to improve your life--and, do it today! It is up to each of us to make a personal goal a reality.

Luke Signiture

Luke Rickertsen

Past Messages

3rd QTR 2016
2nd QTR 2016
1st QTR 2016
4th QTR 2015
3rd QTR 2015
2nd QTR 2015
1st QTR 2015
4th QTR 2014
3rd QTR 2014
2nd QTR 2014
1st QTR 2014
4th QTR 2013
3rd QTR 2013
2nd QTR 2013
1st QTR 2013
4th QTR 2012
3rd QTR 2012
2nd QTR 2012
1st QTR 2012

Bank President Luke Rickertsen