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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.
Therapy For Your Money
Episode 155: The Investment Most Small Business Owners DON'T Need
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