August 2022 – NEWSLETTER

Helping people intentionally design their wealth in a way that shapes their most inspired life.

Bright days, and bright ideas to keep your finances on track

It’s summertime! Thoughts of warm sun on your face may be top of mind – but a financial check-in might not be.g event, but do you know the origin of the song?

While a financial check-in may sound less relaxing than a day at the beach, assessing your current situation proactively and recalibrating as needed, with the help of your advisor, will keep you on top of your game.

Click Here for a few simple questions to identify small tweaks to your financial plan that could pay dividends.



Important Dates

Sept 3

Joe the Show concert at Ella Sharp

More information below

Sept 5

Paramount Office closed for Labor Day

RSVP Today – Concert for Clients & Guests!

Kick off your Labor Day weekend with a free concert exclusively for our clients and guests! “Joe The Show”, all the way from Key West, will be performing on the Granary Patio at Ella Sharp Museum.

Light snacks and soda will be served. A cash bar will also be available.

This is a great opportunity to bring family or friends that you want to introduce to our practice!

Ella Sharp Museum, 3225 4th Street, Jackson, MI

Friday, September 2

LIVE music 6:30-8:30 pm

Stay and mingle until 9:00 pm

RSVP today

[email protected] or 787-4444

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The Story Behind the Suit of Armor

Since 1998 the Suit of Armor (pictured right) has greeted clients and guests in our lobby at Paramount Wealth. Have you ever wondered the story behind it? Many of our clients ask, so we thought this would be a great opportunity to satisfy your curiosity.

Don Hershberger, the founder and president of Paramount Wealth, has always been enamored with the Renaissance. As far back as he can remember he was reading books and watching movies about the era, always enjoying the history. His wife, Mary Anne, knew this about him, and set out to find the perfect Christmas gift.

Mary Anne and her mother went to a store in Holly, MI, which is where the annual Renaissance Festival is held. They didn’t find anything in the first store, but a lady overheard them discussing the gift and suggested they look at Canterbury Village. As the name suggests, Canterbury Village is a little “village” that hosts festivals throughout the summer and has a number of shops and restaurants. And there, in a store called, “Toys for Big Boys”, Mary Anne found the Suit of Armor. She knew it was perfect and had it shipped to the office.

As you can well imagine, the package arrived at the office in a huge box. At first Don was frustrated by the delivery, wondering what on earth had been ordered. When it arrived, he called Mary Anne and said, “We just got a huge box delivered that looks like a coffin! How am I going to get it home?” (Mary Anne, knowing what was inside, laughed to herself at the coffin reference). But once he opened it, he was very happy with the gift, and it has proudly stood guard in our lobby ever since.

And, as the great Paul Harvey used to say, “Now you know the rest of the story”.

Make your retirement contributions count

For the 2022 tax year, individual investors can contribute up to $6,000 to either a traditional or Roth IRA. If you’re age 50 or older, you can contribute an additional $1,000. We wanted to remind you so you can take full advantage of your ability to save toward retirement. Contributing as much as you can as early as possible allows those assets more time to potentially grow and compound. Keep in mind that contributions generally must be made before you file your tax return the following April.

You may also contribute up to $20,500 to applicable 401(k), 403(b) and 457 plans, SAR-SEP plans and the federal government’s Thrift Savings Plan. The catch-up contribution limit for individuals age 50 or older is $6,500. Employee contributions to qualified plans generally must be made by December 31.

4 Priceless Money Lessons for Kids

Financial tradeoffs, interest rates and the importance of having an emergency fund: Our current economic circumstances are full of teachable moments we can and should share with our children. After all, they’re probably not learning these topics in school. Only 1 in 6 students will be required to take a personal finance course before earning a high school diploma, according to nonprofit Next Gen Personal Finance.

That’s why we’re equipping you with money tips and topics to discuss with the children in your life, plus independent study materials (ahem, videos and games) that will hold kids’ attention while teaching them money management. Keep reading to get to the head of the class.

Being in Charge of the Budget
Are your children constantly asking you for money? One Florida father found a way to nip that in the bud: He had his teen and preteen sign a contract stating what expenses he would pay for, then gave them a set amount of money to spend each month for clothing, cellphone bill and extras. “My son’s hard lesson came when his friend pushed him into a pool along with his cellphone. He learned why it’s important to build a reserve for unexpected expenses,” the father said. Giving your kids a paycheck allows them the chance to make financial decisions – and experience the consequences firsthand.

The Economics of Higher Ed
We’ve all asked a kid, “What do you want to be when you grow up?” Instead ask what their interests are, and help them explore how they might be applied in a future career. This teaches them adaptability, something of value in a changing economic landscape.

As they get closer to making a decision about whether to attend college or trade school, help them think through the costs and benefits. Junior Achievement’s Access Your Future app can help them crunch the numbers. And if you have a child already attending college, know that timing is everything. Yale researchers have found that graduating from college in a bad economy has a lasting negative impact on wages – and many students are considering gap years and grad school because of this.

The Roots of Retirement
Raise your hand if you want to raise a child who will hit the ground running when it comes to saving for retirement. Personal finance experts say we should let our children know that retirement is the biggest expense they’ll ever save for, and it’s important to start early. To help them understand the value of compounding, help them open a savings account (or guardian-type brokerage account) where they can experience the power of this phenomenon for themselves.

Extra Credit Knowledge
When you’re young and don’t have much money, it’s easy to rely too much on credit and jeopardize your financial future. Help your child understand the importance of a good credit score, and explain how you keep yours up. Share stories about how you financed your first car or house, and explain in concrete terms how the interest rate affected the overall purchase price. Finally, consider adding your teen as an authorized user on your credit card and teaching them how to read a statement and pay the balance in full each month.

Homeschool Resources For teens:

Search for web-based games like “Money Magic,” “Payback,” “Stax” and “Credit Clash”

For younger kids:

Schoolhouse Rock! vintage videos like “Budget” and “Dollars and Sense” offers Money Smart Kids videos like “Do it Passionately” and “Saving for Success”

In giving your child the gift of financial literacy, you’re helping set them up for a brighter future. Through a purposeful approach, we can all do our part to raise the next generation of resourceful citizens.

Next Steps

  • Have family or friends share stories of how they thrived during a recession or found creative ways to stretch a budget.
  • Consider helping your child get started with investing, keeping in mind their investments will change calculations for college aid.
  • Introduce your family members – even the younger ones – to your advisor, who can act as a teacher’s aide for financial literacy.
The Paramount Wealth Management Team

Don Hershberger, CFP®, AIF®, CRC®, Founder and President, PWM, was named on the 2022 Forbes Best-in-State Wealth Advisor list.

420 South Brown Street Jackson, MI 49203
Phone: 517-787-4444
Fax: 517-795-2530
[email protected]

Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Paramount Wealth Management is not a registered broker/dealer and is independent of Raymond James Financial Services.

The Forbes ranking of Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 34,925 nominations, more than 6,550 advisors received the award. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit for more info.

 Any opinions are those of the author and are not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. All opinions are as of this date and are subject to change without notice. All opinions are as of this date and are subject to change without notice.

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