Episode 155: The Investment Most Small Business Owners DON'T Need Artwork

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

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Therapy For Your Money

Episode 155: The Investment Most Small Business Owners DON'T Need

November 15, 2024 • Julie Herres • Season 5 • Episode 155

Navigating Retirement Plans: Avoiding Costly Financial Pitfalls

In this episode of Therapy for Your Money, host Julie Herres dives into the complexities of retirement plans, focusing on the pitfalls of cash balance plans and the benefits of simpler options like 401ks and IRAs. Triggered by a recent client experience, Julie passionately argues against high-fee plans pushed by financial planners who are more interested in commissions than client welfare. She offers actionable advice, including three critical questions to ask your financial planner, and highlights the importance of choosing low-cost, high-value options like Gusto's integrated 401k plans. As Julie puts it, 'If anyone tries to force you into a cash balance plan, you need to run away. Do not walk, run.'

Three Questions to Ask Your Financial Planner

Episode Highlights

00:00 Introduction to Therapy for Your Money
00:47 A Rant on Cash Balance Plans
01:41 Understanding Retirement Plan Options
04:02 Questions to Ask Your Financial Planner
06:24 The Pitfalls of Cash Balance Plans
08:20 Simple and Effective Retirement Solutions
12:13 Client Success Story
13:42 Conclusion and Resources

Links and Resources

Gusto: https://gusto.com/r/julie4343
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio