Welcome!  You’re here because you’ve asked yourself, “Why should I hire a financial planner?”  There are plenty of good reasons why you should hire a financial planner.  Many people think that a financial planner helps them make more money.  This is typically true, but there is so much more to financial planning than making money. ... The post Why Should I Hire a Financial Planner? appeared first on Sherman Asset Management ..read more

It’s something that every business owner must grapple with at some point.  What happens to my business when I die?  It depends on a lot of factors, but when it comes to solopreneurs there are potentially even greater stakes.  Often your active contribution is what drives the business’s value.  Without you then you are at... The post What Happens to My Business When I Die appeared first on Sherman Asset Management ..read more

It’s a great question nowadays: What happens to my social media when I die?  It’s a question none of our ancestors had to deal with, but is now an important part of your estate plan.  So, what actually happens to your social media when you die? Passwords Keeping a list of passwords available to a... The post What Happens to My Social Media When I Die? appeared first on Sherman Asset Management ..read more

Here we will go over the basics of your estate planning, along with any special context for you as a solopreneur. Living trust How it works A living trust is a legal instrument that you establish while you are alive to protect your assets and simplify their distribution after you die.  It helps your family... The post Basics of Estate Planning appeared first on Sherman Asset Management ..read more

A Health Savings Account (HSA) is a tax-advantaged account that can help you save for medical expenses.  You can only use it if you have a high-deductible health plan (HDHP).  HDHPs are defined as health plans that have a deductible of at least $1,400 ($2,800 for a family) and total out-of-pocket annual costs of no... The post Health Savings Account appeared first on Sherman Asset Management ..read more

A 529 plan is a tax-advantaged investment plan designed to help families save for a beneficiary’s (typically one’s child or grandchild) future higher education expenses or private K-12 expenses. There are two basic types of 529 plans: educational savings plans and prepaid tuition plans. 529 plans are sponsored and run by 49 states and the... The post 529 Plan appeared first on Sherman Asset Management ..read more

This post shows you how to fill out a 5500-EZ for your Solo 401k.  You may be aware of this from the documents you received from your custodian or Solo 401k administrator.  If not, this is a form that you file with the government every year showing the value of the balance of your Solo... The post How to Fill Out a 5500-EZ appeared first on Sherman Asset Management ..read more

You probably hear about S-Corp tax savings all the time, as a solopreneur.  Has anyone ever broken it down for you?  Look no further.  Here is how S-Corp owners pay less tax than sole proprietors. It most comes down to self-employment taxes, although there are some opportunities for tax savings with Solo 401k plans.  In... The post S-Corp Tax Savings appeared first on Sherman Asset Management ..read more

Some people get this wacky idea to pay down their mortgage faster than their original schedule of payments.  This is a bad plan in many cases!  Why? Let’s assume some variables first: Original mortgage balance – $500,000 Remaining mortgage balance – $478,804 Interest rate – 3% Monthly payment – $2,108.02 Payments made – 24 Payments... The post Why Paying Down Your Mortgage Quickly is a Bad Idea appeared first on Sherman Asset Management ..read more

Have you ever asked how to manage your investments yourself?  Look no further.  You are about to learn how to manage your investments with eight important steps to build wealth and reach your goals. Remember, it’s not just about learning these techniques, but using them effectively.  All the knowledge in the world is useless without... The post How to Manage Investments Yourself appeared first on Sherman Asset Management ..read more