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.
WHAT YOU’LL FIND INSIDE:
- IMPORTANT DATES
- LABOR DAY WEEKEND CONCERT
- STORY OF THE SUIT OF ARMOR
- MAKE YOUR RETIREMENT CONTRIBUTIONS COUNT
- 4 PRICELESS MONEY LESSONS FOR KIDS
Joe the Show concert at Ella Sharp
More information below
Paramount Office closed for Labor Day
RSVP Today – Concert for Clients & Guests!
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!
The Story Behind the Suit of Armor
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.
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
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
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.
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 ngpf.org/arcade 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”
Cha-chingusa.org 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.
- 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.
Don Hershberger, CFP®, AIF®, CRC®, Founder and President, PWM, was named on the 2022 Forbes Best-in-State Wealth Advisor list.
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 https://www.forbes.com/best-in-state-wealth-advisors for more info.
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