Finance
I set 2 money goals in 2023 to improve my finances. A major life event derailed my progress and changed how I think about money.
At the end of 2022, I decided to set some money goals for myself.
One key takeaway after a nearly nine-year career writing about people who are good at managing money is that they have multiple income streams. While there’s a cap on how much you can save, there’s no limit on how much you can earn. The wealthiest individuals dream up ways to make more money, rather than think about how to tighten their belt.
With that in mind, I came up with two objectives for 2023: diversify my income streams (ideally, create at least one passive stream) and buy my first property (ideally, an investment property; at minimum, a primary residence that I could “house hack” to offset my mortgage). I even wrote about these goals to hold myself accountable.
In a perfect world, they would go hand-in-hand: succeeding at objective No. 2 would mean creating another revenue stream (in the form of rental income) and, therefore, achieving objective No. 1.
And so in January, overcome with that inflated optimism one feels at the turn of the year, I got to work: I spoke to multiple lenders, got pre-approved for a mortgage, found a realtor, started looking at properties, and continued putting cash into a savings account earmarked for my down payment.
Fast-forward 12 months and I’m still a tenant, I don’t own a primary residence or an investment property, and while I have multiple revenue streams, none of them are completely passive.
I could write 2023 off as a financial failure, but I’m an optimist (even after the new-year enthusiasm wears off) and refuse to frame it that way.
I learned a lot: getting pre-approved for a loan is a shockingly simple process; it really is difficult to buy a home in America right now; and having accessible cash savings for when life inevitably happens is exceedingly important. I also got closer to hitting my goals, which have evolved, as has my perspective on money.
How a cross-country move to NYC derailed my progress and affected my financial goals
The first half of 2023 was business as usual: I was renting an apartment in Los Angeles, splitting housing costs with two roommates, bringing in an extra thousand dollars a month from my side hustle (teaching tennis), and living well within my means.
My finances were on autopilot. I had money going into three different accounts for three time horizons: a 401(k) for long-term savings, an investment account for medium-term savings, and a high-yield account for short-term savings goals (including the investment property) that also acted as my emergency fund.
If January through June represented stability, July through the rest of the year was characterized by transition — or, perhaps more accurately, chaos.
In July, I moved across the country, from one expensive city to an even more expensive one: New York City.
Courtesy of Kathleen Elkins
It was my choice — the impetus was to be closer to my family, who all live on the East Coast — and the optimist in me figured it wouldn’t change my financial standing or goals significantly. Sure, I wouldn’t be house-hunting in California anymore, but I could look at primary residences in New York or investment opportunities in Charlotte, where most of my family reside. I reached out to realtors in both areas.
In reality, the cross-country move was more of a major life event than I gave it credit for — and it completely derailed my financial goals.
For starters, a major move is a major expense, no matter how much DIY is involved. I didn’t hire movers — my dad and I packed up my 2007 Toyota and drove all of my belongings from one side of the country to the other — but I did get hit with a slew of moving-related expenses: furniture, miscellaneous items you end up buying during every move (shower curtain hooks, paper towels, a vacuum, hangers), and the gallons of gas required to drive 2,800 miles across the country.
Plus, since I was moving to New York City, I paid the inevitable and egregious broker fee (15% of my annual rent) when I signed a lease on an apartment. Along with the broker fee, I had to put down a security deposit and pay first month’s rent, meaning I was transferring nearly five-figures over the course of one week. I felt grateful I’d built up a decent cash cushion and never felt stretched but guilty for dipping into savings that could go towards a down payment.
That brings me to the next major change my personal finances underwent: higher fixed costs. Moving from a three-bedroom apartment with roommates in west LA to a studio apartment in Brooklyn doubled my rent. I couldn’t save nearly as much as I wanted to.
I should note that I sold my car after the move, which helped offset the moving expenses, and removed some transportation-related line items from my budget: gas, parking, and maintenance.
Perhaps what set me back even more than my moving costs and increased cost of living was the toll that comes with a major transition. I feel like I’ve been “settling in” to my new city for months, focusing on establishing a routine and finding communities in New York. Everything else, including my financial goals, has taken a back seat. I stopped looking at listings; I was slow to respond to my realtors; I was overwhelmed, lost momentum, blinked, and it’s nearly 2024.
A new perspective on money: There’s no one-size-fits-all path to wealth
To be clear, 2023 as a whole wasn’t a complete financial failure for me. I added a revenue stream by picking up a part-time, weekend job and even earned my first real-estate-related cash by subletting my apartment a few weeks while I was out of town. It was my first time having a “tenant” of sorts and gave me an idea of just how hands-on and “passive” the process really is.
My big takeaway, from my experiences this year and also from continuing to interview and write about so many financially independent individuals, is that there’s no cookie-cutter path to wealth.
Courtesy of Kathleen Elkins
Looking back, one mistake I made at the beginning of 2023 was fixating on real estate as the singular path to wealth. After all, most of the financially independent individuals I speak to have built wealth through some form of real-estate investing.
My mistake wasn’t necessarily selecting real-estate investing to pursue; it was assuming it’s the only way, rather than asking myself: What’s the best wealth-building path for me and my situation?
I would still love to own real estate in some way, shape, or form within the next couple of years — and I now know how to shop around lenders, how interest rates affect your mortgage payment, and that it’s generally not a good idea to buy while picking up and moving. However, as I learned by talking to more financially independent investors this year, there are more ways to create relatively passive income streams, from building an e-commerce business to franchise investing.
Heading into 2024, I want to home in on another goal I set last year and fell short of: having a specific plan for my money. I had a semi-plan — buy a property — but not a clear vision (Do I buy a home or an investment property in LA? Oh, now I’m moving to New York; should I buy there? I can’t afford to own in New York. What about an investment property in Charlotte?). I was all over the place, which made it difficult to execute much of anything.
As successful investors have told me, you won’t get anywhere fast without any direction. That’s why a lot of them set highly specific money goals — whether that’s acquiring a specific number of properties by a particular year or earning a certain amount of monthly income from their side hustle — and then piece together a plan that will result in them achieving that goal.
Of course, there’s a major difference between knowing what steps to take and actually taking action. You can spend hours self-educating but if you never put into practice what you learn, a year can pass and you find yourself in the exact same position.
Here’s to moving the needle in 2024.

Finance
Dividend Stability and Regional Strength: The Case for Truist Financial (TFC)
Truist Financial Corporation (NYSE:TFC) is included among the 11 Best Bank Dividend Stocks to Buy.
Photo by Annie Spratt on Unsplash
Truist Financial Corporation (NYSE:TFC) is a prominent American commercial bank with a strong footprint in the Southeast and Mid-Atlantic regions. Ranking among the top ten banks in the country, it enjoys a solid market position in high-growth states like Florida and Georgia. Recently, the bank has prioritized digital innovation and technology development to improve service delivery and remain competitive against fintech firms.
Regulatory compliance remains a key focus for Truist Financial Corporation (NYSE:TFC), as it operates under enhanced prudential standards and capital requirements as a Category III banking organization. Adhering to these standards is essential for sustaining its operations and long-term strategies. At the same time, Truist’s disciplined approach to capital management allows it to maintain financial stability while pursuing strategic growth opportunities, including potential mergers and acquisitions.
Truist Financial Corporation (NYSE:TFC) is also popular among investors because of its dividend policy. The company has been making regular payments to shareholders since 1997. Currently, it offers a quarterly dividend of $0.52 per share and has a dividend yield of 4.53%, as of September 24.
While we acknowledge the potential of TFC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
EAD NEXT: 12 Best Stocks to Buy Now for Passive Income and 12 Best Retail Dividend Stocks to Buy Now
Disclosure: None.
Finance
Financing opportunity: Q&A with Harold Pettigrew on the future of the CDFI Sector – Kresge Foundation

As the community finance field enters a new era—shaped by economic uncertainty, shifting capital flows, and growing calls for accountability—how can CDFIs prepare for what’s ahead? The Kresge Foundation spoke with Harold Pettigrew, the president and CEO of the Opportunity Finance Network (OFN) to help answer that question. This article is part of a series highlighting the impact of CDFIs and how the sector is adapting to the current environment.
MD: CDFIs play a unique role in our financial ecosystem, often serving communities that mainstream banks overlook. Why are CDFIs so critical for advancing economic growth and creating opportunities in underserved communities?
HP: In every corner of America, CDFIs show that impact and financial performance aren’t at odds—they reinforce each other. We address market gaps and go where traditional capital doesn’t: listening first, solving for need, and providing capital to people and financing projects that strengthen families and communities. Whether it’s a small business on Main Street or a housing development in a rural town, CDFIs make investments that build wealth and create opportunities that reach people and communities that need it most.
MD: CDFIs seem to have broad support in Congress, even when some administrations have looked to reduce funding or support. Is bipartisan support materially different today? What role has OFN played in telling the CDFI story and maintaining that support?
HP: Bipartisan support for CDFIs remains strong because our work cuts across political divides — we’re about creating jobs, building businesses and revitalizing communities. What’s different today is the urgency and scale of the need, and the growing recognition that CDFIs are essential partners in solving some of our nation’s toughest challenges. OFN and CDFIs tell real stories of impact—stories of people across the country whose lives and livelihoods have changed thanks to the capital provided by CDFIs. Through advocacy, research, and direct engagement with policymakers, we’ve elevated a clear, consistent message: For over 30 years, CDFIs have delivered results addressing market gaps in providing access to capital to communities across the country.
MD: Beyond federal funding concerns, what are the current challenges and needs CDFIs are facing in their day-to-day efforts to support communities?
HP: CDFIs are navigating a complex economic environment— rising interest rates, tighter capital markets, and growing community needs are stretching our resources like never before. Many CDFIs are being asked to do more with less, while also investing in their own operations to scale effectively and sustainably. OFN is working to develop diverse pools of flexible capital, make deeper investments in talent and technology, and new policy frameworks that support and recognize the unique value CDFIs bring. The demand is clear — what’s needed now is bold investments to meet the moment and craft new solutions for the future.
MD: Philanthropies and community development departments of banks and insurance companies have always been crucial partners for CDFIs — how can they best support and invest in CDFIs right now?
HP: Our partners in philanthropy and financial services have been critical to the success of CDFIs, and now they have a critical opportunity to strengthen the CDFI industry for the future. That means moving beyond transactional grantmaking to long-term, trust-based partnerships. It means offering flexible, risk-tolerant capital that lets CDFIs innovate and expand, and it means investing in the infrastructure — people, systems, data — that helps us operate at scale.
MD: What keeps you optimistic about the future of the CDFI sector?
HP: What keeps me optimistic is the impact and commitment I see every day, from the entrepreneurs we finance, to the communities we serve, to the CDFI leaders innovating with courage and conviction. The sector is growing, diversifying and deepening its impact. We’re not just responding to the moment — we’re helping define the future of expanded access to finance and financial services. And with every new loan, every new partnership, every life changed, we’re proving that when we expand access to opportunity — we don’t just finance projects, we shape the future of communities across the country.
Harold Pettigrew is the President and CEO of Opportunity Finance Network (OFN)
Finance
Reimagining Finance: Derek Kudsee on Coda’s AI-Powered Future

Derek Kudsee is a veteran of the enterprise software industry, with senior leadership roles at industry giants such as SAP, Salesforce, and Microsoft under his belt. So, when he took the helm as the new Managing Director for Unit4 Financials by Coda, ERP Today sat down with Kudsee to discuss his vision for Coda, the promise of agentic AI to make work feel lighter for finance teams, and his mission to transform the classic system of record into a dynamic system of intelligence for the Office of the CFO.
What was it about the opportunity at Unit4, and specifically the challenge of modernizing Coda, that convinced you to take this role?
A rare combination of having a deeply trusted platform and a clear opportunity to reimagine the finance function drew me to Unit4, and specifically the Coda business. Some of the largest enterprise customers have been running on this platform for decades. I’ve been brought in to help these finance teams run more efficiently and provide greater insight through agent-driven automation. We live in a world where technology has converged in our consumer and professional lives. Therefore, modernization is not only about addressing complex systems, but also about enhancing the user experience. This combination of running a deeply trusted platform, reimagining its capabilities in an AI-driven world, and modernizing the user experience was attractive.
Unit4 Financials by Coda’s goal is to deliver an “AI-fueled office for the CFO” using agentic AI. How will a finance team using Coda experience this in their day-to-day work?
When one thinks of an AI-fueled Office of the CFO, it’s about having agents deep inside those finance processes that will suggest, explain, and act within guardrails that finance teams can set. The work should feel like the machine is performing tasks that were previously done manually or laboriously.
A simple example is in an accounts payable department. An agent can automate everything from invoice capture using AI-driven OCR, verify that the invoices are within policy, queue them for approval, send them to the respective individuals, and flag exceptions along the way. Users can see how the work feels lighter because the machine handles everything from capture to the final stage, including payment release.
How do the AI functionalities offered by Coda differ from what competitors are offering right now?
Many vendors today have a finance module. However, we aim to be the best standalone financial management system, not a generic suite. We’re not trying to be finance because we want to sell an HR or CRM system. That means we need to embed intelligence deeply within the finance processes so that the software acts, takes action, and performs activities for the finance function. For that, the agentic AI needs to operate with autonomy, understand financial context, and learn from user behavior.
Moreover, fundamentally, Coda has always been built on a unified financial model. We’ve never had Accounts Payable separate from Accounts Receivable that needed to be consolidated. Our AI works on clean, structured data from day one, and that’s the foundation for accuracy. We don’t need to chase hype to incorporate AI. We’re going to redefine the finance function with AI at its core.
How do you plan to balance the introduction of these cutting-edge innovations without disrupting the core stability that Coda is known for?
The safest way to modernize finance is to add certainty around the core, rather than disrupting it. Our core is why customers have been running Coda for 20-30 years. Thus, stability is not a nice-to-have; it’s non-negotiable. Our customers run mission-critical processes, and that trust is sacred to us. Therefore, every innovation we deliver, whether it’s UX modernization or AI, will be built on one simple principle: if it compromises stability, we don’t build it. We don’t ship it.
With that rock-solid foundation in place, we can layer intelligence and usability on top. While some software providers are still determining the stability of their platform, we can offer customers the best of both worlds. They’ll have the reliability they’ve counted on for decades, and now we bring them the innovation they need to stay ahead.
What This Means for ERP Insiders
Your biggest enemy is decision latency. According to Kudsee, the primary challenge for modern finance is the gap between a business event occurring and the ability to respond intelligently. This decision latency, caused by fragmented data, batch processes, and manual workarounds that are standard in traditional ERP environments, prevents finance from being a proactive and strategic partner. Coda’s goal is to shrink that gap from weeks or days to near-real-time.
Shift the ERP mindset from system of record to system of intelligence. For decades, the primary function of ERP finance modules has been to record transactions accurately. This is no longer sufficient, as Kudsee notes. A modern financial platform must function as a system of intelligence that not only records data but also analyzes, predicts, and automates actions within core financial processes, effectively acting as the intelligent brain of the CFO’s office.
Prioritize financial depth over suite breadth. Kudsee suggests that the single ERP for everything strategy can result in a finance module that is a jack-of-all-trades but master of none. The alternative approach is to prioritize depth and best-in-class functionality for the critical finance function. Instead of settling for the generic finance module within a larger suite, consider how a dedicated platform like Unit4 Financials for Coda, focused on deep financial control, insight, and automation, can deliver more agility and tackle core challenges, such as decision latency, more effectively.
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