September 2022 – NEWSLETTER

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

529 Plans – Which Education Expenses are Considered Qualified?

September is traditionally back to school month, and whether your child is K-12 or attending college, it can mean big expenses for parents.

529 plans are valuable education savings tools – they allow you to invest after-tax dollars in an account that will grow tax-deferred and can be distributed tax-free for qualified expenses. However, it’s important to understand which expenses are qualified and which ones aren’t. Click here to find out more.


  • 401k INVESTING

Joe the Show

Thanks to all of our clients and guests that were able to attend our first ever client appreciation concert event. We had almost 100 people attend!

We are honored to have such great clients and hope you enjoyed the evening as much as we did!

How Are 401(k) Plan Participants Investing Their Money?

Created in 1996, National 401(k) Day has historically been celebrated on the Friday following Labor Day to shine a spotlight on this important employee benefit. Since the late 1990s, plans have evolved substantially, and most participants can now choose from a diverse variety of investments. The chart below shows how 401(k) and profit-sharing funds were invested in 2020.

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Who Is “Raymond James”?

As clients of Paramount Wealth, you know that Raymond James is our Broker Dealer, but do you know anything about who “Raymond James” is, or how the company got it’s name?
To this day, people interacting with Raymond James for the first time often assume that, somewhere in the firm’s past, there was a founding father named Ray James. In fact, there never was such a person.

Raymond – Edward Raymond – was a lawyer and financial planner who ran his own 15-employee mutual fund sales group, Raymond and Associates, in Bradenton, Sarasota and in other cities and towns across Florida’s west coast. Wanting to retire, Raymond sold his company to Bob James on July 15, 1964, with the agreement that James would change the name of the surviving firm to Raymond, James & Associates.

Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident, from which no one expected him to recover. A year and half later, Ed had in fact recovered, but he never rejoined the firm. Nonetheless, even after Ed passed away, Bob James insisted that the “Raymond” name remain on the door – ahead of James’ own. That was a promise he had made to Ed three days before the accident, and Bob James was a man who kept his promises.

A Brief History of Labor Day

Labor Day can mean different things to different people. For some, it’s an indication that the bright, hot days of summer are drawing to a close. Others view it as the perfect occasion to host a barbeque with friends and family as they enjoy a day off. At its core, Labor Day is a celebration of the deserving men and women whose day-to-day efforts have helped build this great and thriving country.

The first Labor Day in the U.S. was celebrated on September 5, 1882, in New York City. Some say the holiday was founded by Peter J. McGuire, the general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor. Others suggest it was actually proposed by the similarly surnamed Matthew Maguire, a machinist who was serving as secretary of the Central Labor Union at the time. It was the latter organization that agreed to celebrate it.

Two years later, Labor Day was moved to the first Monday of September by the New York Central Labor Union. In 1894, President Grover Cleveland and Congress officially declared Labor Day a national holiday.

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]

ent 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 based upon the period from 6/30/20 to 6/30/21 and was released on 4/7/22. 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.

Securities offered through Raymond James Financial Services, Inc. member FINRA/SIPC. 

Please visit for Additional Risk and Disclosure Information. Raymond James does not accept private client orders or account instructions by email. This email: (a) is not an official transaction confirmation or account statement; (b) is not an offer, solicitation, or recommendation to transact in any security; (c) is intended only for the addressee; and (d) may not be retransmitted to, or used by, any other party. This email may contain confidential or privileged information; please delete immediately if you are not the intended recipient. Raymond James monitors emails and may be required by law or regulation to disclose emails to third parties.  

Investment products are: Not deposits. Not FDIC or NCUA insured. Not guaranteed by the financial institution. Subject to risk. May lose value. 

 All investing involves risk, including the possible loss of principal, and there is no guarantee that any investment strategy will be successful.

Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.

 Raymond James and its advisors do not offer tax or legal advise. You should discuss any tax or legal matters with the appropriate professional.

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