240-428-1622 | info@shermanwealth.com

THRIVING PROFESSIONALS &
SMALL BUSINESS OWNERS

According to studies, net worth (wealth) is mostly tied to income in up until your late 30’s, but after that the correlation between the two drops off quite a bit. However, for the working professional who is balancing the demands of building (and maintaining) a career while also building (and maintaining) a family, there is such little time to focus on your finances.

The inflection point…

Many professionals, whether it be attorneys, doctors, engineers, executives, and entrepreneurs, begin earning high enough incomes in their 30’s and 40’s that they should start thinking about their long-term financial needs and goals.  Unfortunately, many professionals also face personal financial burdens such as student debt, large mortgages, equity buy-in debt, childcare, education, and and the ever-increasing costs of living.

Has your marital status changed?

Any change in marital status is a significant life game, and therefore it is a prime reason to reevaluate your finances. Whether you are recently married, going through a divorce, or are now widowed, you will need to update your estate and insurance. On top of this, any big change in our lives also gives us a great opportunity to reassess our investment portfolios, family trusts, and overall planning.

black couple

For when life gets busy…

You work hard during the day and come home to a busy life after that. If you have children in the household, it can be even more of a demand to keep it all in order. You are a successful professional, but probably may have many competing demands when it comes to finances, such as retirement savings and college funding. With success comes complications. You simply want to know that you are on track to meet your goals. However, being successful in today’s world be costly. . Amid this “tug of war” between your personal life and your career, attention to your financial well-being (tax and estate planning, insurance, investments, etc.) often gets put at the bottom of the priority list. As a fiduciary, it is our duty is to relieve our clients from these overwhelming decisions and allow them to enjoy the best aspects of their lives.

man looking at computer

Owning a business…

It’s not rare for small business owners to assume they will work forever.  After all, they’re already doing what they love, so why not simply keep doing these things forever? On the other hand, they may see the business as their retirement plan, a large bucket of capital that will fund all their needs.Unfortunately, this can be a big mistake. To the contrary, a business owner probably needs more retirement planning versus less. Why? Because there will eventually come a time when he or she can longer work or just does not want to work. In this situation, the business cannot fully provide for their day-to-day financial needs. The good news is that business ownership allows for many tax-advantageous ways to build a plan for retirement. This also presents the opportunity to save considerably larger amounts of money than what is allowed to non-business owners.

Work with us…

Leave the humdrum and set out on a path toward the life you dream about. At Sherman Wealth Management, we build actionable financial plans for busy professionals who have become overwhelmed with the complex decisions they are required to make regarding their assets. This allows them to free up time and energy to focus on their family and friends and get back to what they love doing most.