Ep. 52 Launch Financial- The True Value of A Financial Plan

Overview: 

Join us for a special Friday edition of Launch Financial with Ashley & Brad as we discuss the true value of a financial plan, understanding your employee benefits, inflation, and more! 

What You’ll Learn:

  • Understanding the true value of a financial plan 
  • What employee benefits you should look for 
  • How you can utilize financial planning software to your benefit 

Show Notes:

Improving Your Employee Education As a Small Business Owner

Understanding The True Value Of A Financial Plan

End of Summer Reflection & The Importance of an Emergency Fund

Check out this episode!

Improving Your Employee Education As a Small Business Owner

As part of small business week and also being a business owner ourselves, we feel that financial education and empowerment of everyone, including your staff, is extremely important. As a small business owner, do you ever feel that there’s more you can be doing to better and further the financial education of your employees? Creating a work environment where your employees are given the proper resources to understand the full scope of their benefits and become financially literate is key to creating a team that can make sensible and educated decisions regarding their financial futures.

It’s easy to let your finances get away from you, especially when you are busy with day-to-day life and feel comfortable paying bills with your current monthly income. However, as a business owner, we encourage you to help your staff see beyond that financial comfortability and challenge them to set themselves up for financial success by contributing to their 401(k) for retirement, seeking financial advice, and asking questions about all the benefits you may offer. 

According to a report by Gallup, “56% of US employees reported themselves as thriving.” But they also found that “workers’ daily stress reached a record high, increasing from 38% in 2019 to 43% in 2020.” Additionally, GoBankingRanks asked respondents about retirement and their savings and “When asked to estimate how much money they had in retirement savings, close to half of all respondents — 45% — claimed they had no money put aside for retirement, while 19% said they’ll retire with less than $10,000 to their name.”

This data clearly proves that a stronger financial education is necessary, especially when it comes to retirement and setting financial goals. As a business owner and entrepreneur, it is easy to get sidetracked with miscellaneous tasks and other aspects of keeping your company running, but The Gallup report examines the importance of “focusing on employee engagement and wellbeing to build organizational resilience for tomorrow’s workplace.” If you find yourself too overwhelmed or don’t feel you have the necessary expertise to educate your employees regarding their finances, consider hiring a financial planner or 401(K) consultant as a guide. At Sherman Wealth, we specialize in 401(k) education and can also serve as a financial fitness coach for your company. If you feel that your staff needs more financial empowerment, coaching and guidance, contact us at info@shermanwealth.com or schedule a complimentary 30-minute consultation to discuss your company’s financial needs here.

 

Understanding The True Value Of A Financial Plan

In our previous blog we discussed the importance of having a diversified portfolio in terms of having a solid emergency fund while also investing and not sitting on too much cash. It’s often hard to see the whole scope of your financial picture on your own, which is why we want to discuss the value of establishing a financial plan. 

Whether you work with a financial professional or build a financial plan on your own, having all your finances in one place with a strategic plan and goals in mind is crucial. Financial literacy in this country is lacking, so it’s extremely important to educate individuals on the true value of financial planning. Financial planning isn’t as daunting and scary as you might think – it’s actually quite a seamless process that allows you to organize yourself and set you and your family up for financial success in the future. 

As mentioned in the previous blog, we know many people sit on too much cash that is not growing as inflation rises, while others find themselves with too little cash when an emergency pops up. It’s okay not to know what to do with your money, but it’s important to seek advice or ask for help. A solid financial plan can help you separate your needs from your wants and create a budget that allows you to put your money into “buckets” – one for saving, one for investing and one for spending. 

Many people think they are in a good financial situation if they can simply pay their monthly bills and have some money in a savings account; however, oftentimes, this mindset won’t allow you to reach your financial dreams. While this isn’t necessarily a bad position to be in, creating a financial plan can help you learn some different ways to grow your money and how to save for retirement. 

At Sherman Wealth, we say that life is complicated, but your finances don’t have to be. We have designed a customized and comprehensive financial plan system that helps you see your whole financial picture and makes sure you don’t forget about things such as investing, employee benefits, and more. Encourage your friends and family to start thinking about their personal finance and empower them to seek help to better their financial future. If you have any questions or would like to demo our financial planning software, email us at info@shermanwealth.com or schedule a complimentary 30-minute consultation here

 

Ep. 51- Launch Financial- Back To School & Fall Financial Planning

Overview: 

Happy Fall-We missed you all! Join us this week for our back to school & fall financial planning episode of Launch Financial as we discuss how to get your financial life organized for the last third of the year, emergency funds, investing, tax planning, bitcoin, and more! 

What You’ll Learn:

  • How to find the balance between your emergency fund and cash
  • The value of financial planning 
  • Access to determine your risk tolerance 

Show Notes:

Determine your Risk Tolerance Here

Ep. 49 Launch Financial-How To Assign Familial and Financial Duties within a Relationship with David Pearl

Check out this episode!

End of Summer Reflection & The Importance of an Emergency Fund

How are you feeling now that summer is officially over, your kids are back in the physical classroom, and you may be heading back into the office? There is certainly a lot to reflect on about the last year and a half. One thing that we are hearing a lot about from clients, families, and friends is that they wish they had entered the pandemic with a greater emergency fund. Do you wish you had a greater emergency fund during the pandemic? Did having an emergency fund make you feel more secure over the course of the last year and a half? 

If the pandemic showed us anything, it is the great impact that such an unprecedented event can have on our world, its economy, and health. As we head into the fall and life returns to somewhat of a sense of normalcy, we want to discuss how your finances are going to begin to change and how your priorities may shift moving forward. For many of us working from home, there has been a substantial decrease in daily costs such as transportation, child care, extra curricular activities and more. Now that these activities are beginning to resume, are you thinking about how to incorporate those costs back into your daily and monthly budget? Take the next few weeks to think about your wants versus your needs and how to allocate your budget across all your costs. 

If you dipped into your emergency fund during the pandemic, this is also a good time to start thinking about your strategy to replenish those accounts back to where they were prior to the pandemic. It is also important to think about how much money makes you and your family feel comfortable in case of emergencies that arise or come up. On the contrary, it is important that your portfolio is diversified and you are not sitting on too much cash that is not earning any interest. With inflation constantly rising, it’s important that as you grow older, your money is growing with you.  The earlier you start, the better. 

As we have discussed on our podcast Launch Financial with David Pearl, communicating with your partner is extremely important when it comes to your finances. Take this opportunity to think about your financial priorities, how they may be changing as we head into the fall, and make a proactive strategy that is best for you and your family.

At Sherman Wealth, we help individuals simplify their financial life and build comprehensive financial plans that are customized to each individual. If you have any questions about how to approach your fall financial priorities and how to set goals for you and your family, reach out to us at info@shermanwealth.com or schedule a 30-minute consultation here