Once again, we delve deeper into the world of alternative investments. So far on our journey, we’ve explored REITs, Structured notes, and private equity in previous articles. If you’d like to read about those products, here are direct links to take you there: REIT – Real Estate Investment Trusts (whitakerwealth.com) Alternative investments – Structured notes (whitakerwealth.com) Alternative-investments-private-equity (whitakerwealth.com) In this post, we’ll explore another unique product, private credit. The potential is great I’m keeping this header like last week because private credit has seen a significant upside in this environment. Similar to private equity, private credit investments involve aggregating capital from investors. However, private credit provides a loan instead of acquiring equity from companies for the investment. Like getting a loan from a bank, there are similar stipulations. Imagine yourself being the bank and receiving a percentage of the interest rate as profit based on the loan provided. Unfortunately, all of us can’t be a bank (unless it’s Monopoly!). However, we can still reap some of the benefits when investing in the private credit market. Private credit investments are typically made by large private credit firms, which manage funds from institutional investors, high-net-worth individuals, and sometimes retail investors. Let’s take a look at it in more detail Private credit investments act as the lender. As you can imagine, the clientele that walks into the bank for a loan can include individuals, startups, mid-sized firms, large companies looking to expand, or companies with liquidity/financial distress. The difference here is the borrowers may have already tried to get a loan from a traditional bank with no success. They may not have well-established credit or good investment grade credit and thus are considered too risky for the banks. This isn’t always the case, but we’ve seen much stricter lending in the banking sector, leaving the door open for this industry. Private credit can step in and underwrite the loan, which would generally include a higher interest rate to compensate for the increased risk. Many of these loans are written with floating interest rates, and in today’s interest rate environment, this has greatly benefited investors in the private credit market. I mentioned this last week, but it must be repeated. This market and alternatives as a whole are very complex. This is why finding a manager or financial advisor who knows how to invest appropriately in alternative investments is essential. Our team at Whitaker-Myers Wealth Managers conducts the necessary research and due diligence so you, as the investor, do not need to. Having the proper guardrails and boundaries can be a significant game changer in the private market. Pros of Private Credit Investments Potential predictable returns Loan interest payments function similarly to fixed income payments in your portfolio, with predictable monthly/quarterly payments. Diversification benefits Since these assets are poorly correlated to the public markets, they can provide an opportunity to increase diversification and exposure to alternative alpha (yes, we’ll explore this in a post coming soon). To understand correlation better, here is an article to help - Correlation of Assets in Your Portfolio (whitakerwealth.com) Senior secured loans One of the most significant risks is default risk. If the loan defaults, the creditor has a senior secured loan that gives them the first payout upon liquidation. Sub-diversification into sectors/categories Diversifying by adding alternatives to your portfolio has its benefits. Private credit firms also diversify their risk by investing in multiple sectors and companies. Cons to Private Credit Investments Default risk As mentioned above, this inherent risk is mitigated (primarily) by the underwriting process and loan terms. High minimum requirements Including net worth, investment capital, and income. Illiquidity or semi-liquidity Some funds may have redemption limitations and have minimum investment time horizons. Some may apply a ‘haircut’ on the investment if taken out before (usually around 2%). Fees Including some frontend, backend, and management fees. Transparency This is becoming less of a concern as most information is available on the investment company’s website and their fact sheets. Complexity Investing in private credit isn’t as easy as the public market and certainly has a learning and investing curve. How do I know if Private Credit investments are for me? The best answer here is to discuss it with your financial advisor. Our team at Whitaker-Myers Wealth Managers is always ready to field your questions and guide you with the heart of a teacher. Private credit investments have gained popularity in today’s interest-rate environment and will likely be around for quite some time. This alternative investment functions as a bank providing loans to companies seeking capital. This investment class, as a whole, can be a great addition to your portfolio diversification strategy.  While they offer the potential for high returns, they come with significant risks and require a long-term commitment. As mentioned earlier, there certainly is an opportunity with private credit or any alternative asset investing, but discuss it with your advisor to see if it is a good fit for you.

Are you thinking about selling your small business and sailing into the sunset?  Have you poured blood, sweat, and tears into your small business over the years and are now ready to settle into retirement?  That’s great, but where should you begin?  In this article, we will discuss a few simple questions that will help you in the planning of the sale of your small business. Question 1 – When Do You Plan To Retire? This question sounds relatively easy, but the reality is that over 70% of small business owners don’t know how to answer it. Fear of the unknown is a real thing.  Questions like, “If I sell my business, will I have enough to live on?  Will I be able to find the right buyer?  What are the tax implications of the sale of my business?  What is my business worth?  How do I plan to retain key employees?”  Facts are your friend, so let’s start putting some data together to help you in the decision-making process. Question 2 – What Is Your Exit Strategy? These questions build on each other, and there is some overlap in the responses to some of them.  However, this question starts to help you gather relevant data about your business, which will, in turn, help you answer the question, “When do you plan to retire?” In this stage, you will begin to answer questions about the future of your business, management, and ownership structure.  Can you sell your small business outright?  Do you have equipment to sell?  Do you need to stay on as a consultant for several years? These are just a few simple questions to ask yourself as you begin to plan to exit your business. Question 3- Have You Planned Your Exit Strategy? Did you know that the average small business owner has 90% of their wealth wrapped into their business?  No wonder it is hard to answer the question, “When will you retire?” Here is another stat for you: 70% of Baby Boomers (roughly ages 60-78) don’t have a plan for exiting their business.  Maybe some enjoy what they do, and they don’t intend to slow down at the moment.  Others can’t fathom the thought of not having an income and they don’t have a retirement plan in place.  Some don’t know if they have saved enough for retirement. A wise and smart business owner will plan for their retirement about five to six years before actually retiring.  Why?  Part of that question is answered in Question 4 (Do you have three years of financial audited statements by a reputable third party?), and part of that answer is in Question 2 (Will you need to stay on as a consultant for a few years?). Question 4 – How Do You Plan To Maximize The Value Of Your Business? Do you know what your company is worth?  Before selling your business, you should have three years of financial audited statements by a reputable third party to get an accurate valuation.  Most small businesses have their books done by a spouse, the owner, a friend, etc., but to maximize the sale of your business, you need to have a professional “sure things up.” Question 5 – What Is Your Plan When You Exit The Business? Lastly, for the purposes of this article, what does retirement look like for you?  How much can you spend in retirement?  Are you going to outlive your money?  Being able to quantify this in our brains is impossible.  We all know that saving in an employer-sponsored retirement account is good, and saving in a Roth IRA is also good.  But what does it really mean in the end? This is where a Financial Advisor can help create some projections for you on paper that will aid you in the decision-making process of planning for life after retirement.  Maybe you aren’t retiring. Perhaps you are just selling the business and moving on to something else.  Either way, you need a plan that answers the question, “What will I do after I sell my business?” Conclusion Have you figured it out yet? Many of these questions can be answered by meeting with a Financial Advisor and CPA, and many more need to be answered. As a small business owner, you probably feel like you work 80 hours a week, and maybe you do; so, when do you have time to plan for the sale of your business?  Here at Whitaker Myers Wealth Managers, we will do our best to help you in the sale of your small business, and we have a 3-step process to help you maximize the valuation of your business, mitigate the risk during the sale of your business, and map out the future as you sail into the sunset.  So please reach out to an advisor today so you can be confident in the timing of your decision to sell your business.

Once again, we delve deeper into the world of alternative investments. This large class of investments has many unique characteristics that can further diversify your portfolio and provide the sought-after alpha potential. We’ve explored REITs and Structured notes in previous articles. If you’d like to read about those products, here are direct links to take you there: REIT – Real Estate Investment Trusts (whitakerwealth.com) Alternative investments – Structured notes (whitakerwealth.com) In this post, we’ll explore the private equity capital market. The potential is great Private equity investments involve aggregating capital from investors to acquire equity ownership in private companies. Fun fact: more than 85% of companies valued at and above $250M are NOT publicly traded. This means that public market investors only have access to 15% of the whole market; there is a great opportunity out there! Private equity investments are typically made by private equity firms, which manage funds from institutional investors, high-net-worth individuals, and sometimes retail investors. Let’s take a look at it in more detail Private equity investments can include startups, mid-sized firms, or large private companies looking to expand, restructure, or go private from public markets. Usually, these companies are looking to raise capital for expansion, growth (M&A), innovation, and, in some cases, to navigate distress situations. This is why finding a manager or financial advisor who knows what companies are being invested in and why is essential. Our team at Whitaker-Myers Wealth Managers conducts the necessary research and due diligence so you, as the investor, do not need to. Having the right guardrails and boundaries can be a significant game changer in the private market. Private equity investors often take an active role in managing the companies they invest in. This can include strategic guidance, operational improvements, financial restructuring, and other forms of hands-on management to increase the company's value. With this type of support and due diligence (when selecting the right company to invest with), private equity investments have often outperformed the S&P 500. Pros of Private Equity Investments Potential for higher returns With access to a wide range of investments and active management by the investing organizations. Diversification benefits Since these assets are poorly correlated to the public markets, they can provide an opportunity to increase diversification and additional alpha. To understand correlation better, here is an article to help - Correlation of Assets in Your Portfolio (whitakerwealth.com) Aggregation of funds Allows for investment opportunities for those who are typically unable to. Cons to Private Equity Investments Increased risk Investing in startups or small/mid-cap businesses has inherent risks; compared to investing in the S&P500 index, it has increased risk. May have high minimum requirements Including net worth, investment capital, and income. Illiquidity or semi-liquidity Some funds may have redemption limitations and have minimum investment time horizons. Some may apply a ‘haircut’ on the investment if taken out before (usually around 2%). Fees Including some frontend, backend, and management fees. Transparency This is becoming less of a concern as most information is available on the investment company’s website and their fact sheets. Complexity Investing in private equity isn’t as easy as the public market and certainly has a learning and investing curve. How do I know if Private Equities are for me? The best answer here is to discuss it with your financial advisor. Our team at Whitaker-Myers Wealth Managers is always ready to field your questions and guide you with the heart of a teacher. Private equity investments play a crucial role in the financial ecosystem by providing capital and expertise to private companies and fostering innovation, growth, and economic development. While they offer the potential for high returns, they come with significant risks and require a long-term commitment. As mentioned earlier, there certainly is an opportunity with private equity investing, but discuss it with your advisor to see if it is a good fit for you.

With markets nervous about stubborn inflation, a gradually slowing labor market, and the timing of the first Fed rate cut, investors are more focused on this corporate earnings season than usual. This is because while the economy has avoided a “hard landing” corporate earnings only began to rebound in the second half of 2023. Since the stock market tends to follow the trajectory of earnings in the long run, many investors are hoping for signs that corporate profits will grow sustainably in the coming quarters. What do investors need to know today about how earnings might impact the stock market and economy? With 92% of S&P 500 companies having reported their first quarter earnings results, the trends are positive. According to FactSet, 78% of large cap companies had positive earnings-per-share surprises last quarter which is better than the 10-year average. Blended earnings growth is coming in around 5.4% year-over-year, the highest in almost two years, making this the third straight quarter of earnings growth. On a full-year basis, the consensus estimate for S&P 500 earnings in 2024 is now $239 per share according to LSEG data. If this is achieved, it would represent a 10.2% increase from last year. Wall Street analysts also expect continued growth of 14.0% and 11.7% in 2025 and 2026, respectively. The hope of an earnings rebound is one reason the stock market has rallied over the past year, driving up valuations. Thanks in part to steady earnings growth, the S&P 500 is now only about half of one percent below its all-time high. In this environment, there are three key points long-term investors should keep in mind. Earnings growth supports the stock market over time First, while investors focus a great deal on topics such as inflation, the job market and GDP, investors do not directly invest in the economy. Issues such as the impact of higher interest rates, a slowdown in the labor market, or a “hard landing,” affect investors through the financial performance of companies. In turn, this affects stock prices which then impact the overall market and investor portfolios. The accompanying chart shows that while they do not mirror each other exactly, there is a strong relationship between corporate earnings and the stock market. The stock market tends to follow the trajectory of earnings, with differences between the two lines the result of changes in stock market valuations and investor sentiment. This is why economic cycles matter for long-term investing: when the economy is growing and consumers are strong, company sales tend to improve. Conversely, spending tends to slow during economic downturns, hurting corporate profits. For investors, focusing on these longer-run trends is far more important than trying to guess what the market might do over a day, week or month. These dynamics can also impact how markets behave during pullbacks. If the market does experience a decline when the economy is otherwise strong, valuations will grow more and more attractive. Eventually, investors will find it appropriate to add to their portfolios, helping to stabilize the market. In contrast, market pullbacks are much more challenging when they are the result of economic challenges such as recessions. This is why bear markets have typically only occurred when there has been a significant recession or economic shock. Earnings growth reached an inflection point last year Second, as the accompanying chart shows, the growth of corporate profits reached an inflection point last year and has begun accelerating again after struggling in 2022. While the economy avoided a recession that year, the stock market did enter a bear market partly because there was an “earnings recession” among large cap companies. While the historical average earnings growth rate is 7.6% since the mid-1980s, earnings growth tends to fluctuate in cycles tied to the business cycle and shorter-term industry trends. Earnings growth rates also affect whether the stock market appears "cheap" or "expensive.” The price-to-earnings ratio, for instance, is simply the price of a stock or index divided by some earnings measure, such as expected earnings over the next twelve months. What this means is that even if prices don't change, increasing earnings will make the market more attractive, and vice versa. Of course, stock market prices have risen significantly over the past 18 months. The current S&P 500 price-to-earnings ratio is just under 20 times next-twelve-month earnings partly due to the strong bull market rally pushing up the numerator, and partly because earnings growth is only now supporting the denominator. So if earnings growth does continue to accelerate, valuation measures such as the price-to-earnings ratio could improve. Economic fundamentals remain strong Third, concerns over a recession or “hard landing” have moderated in recent quarters. According to FactSet, the term “recession” showed up in only 100 transcripts of earning calls of S&P 500 companies compared to 302 a year ago. This is the fewest number of mentions in two years and mirrors the improving sentiment across financial markets. Fed funds futures, for instance, are now anticipating mild rate cuts this year compared to the start of this year when many investors expected the Fed to cut rates rapidly in response to a possible recession. Additionally, data from the Federal Reserve Bank of Richmond’s CFO Survey echoes this sentiment – optimism about the economy reached its highest level since the second quarter of 2021. Estimates by Chief Financial Officers for real GDP growth for the next year average 2.2%, up from 1.7% at the end of 2023. Only 10.1% of CFOs believe that a recession will occur over the next year. While these projections are not always correct and are subject to change, they provide additional insight to how corporate executives view the current economic climate. The bottom line? The latest earnings figures show that companies are performing well which is a positive sign in this uncertain market environment. In the long run, investors should focus more on trends around economic fundamentals such as earnings than on day-to-day stock moves. Should you want to discuss your portfolio with one of our Financial Advisors or Planners, please click here.

Health Savings Accounts (HSAs) have emerged as a popular option for individuals and families seeking to manage healthcare expenses more effectively. These accounts offer a range of features designed to provide flexibility, tax advantages, and long-term savings potential. Understanding the key features of HSAs is essential for maximizing their benefits. Eligibility Let’s first establish who is eligible for an HSA.  An individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,600) can contribute up to $4,150 — up $300 from 2023 — for the year. The maximum out-of-pocket is capped at $8,050. An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $3,200) can contribute up to $8,300 — up $550 from 2023 — for the year. The maximum out-of-pocket is capped at $16,100. If you are unsure of your deductible, you can contact your company's human resources contact(s) or those dealing with the benefits and health insurance. If you have chronic health issues or are expecting a significant medical expense (surgery, birth, etc.), it may not make sense to elect into an HSA-eligible plan and it is potentially cheaper to enroll in a low-deductible medical plan or one that offers a Flexible Spending Account (FSA). Flexibility in Contributions HSAs offer flexibility in contribution amounts and timing, allowing individuals and families to contribute up to a specific limit each year. The IRS sets these contribution limits and may vary depending on whether the HSA is for an individual or a family.  There are two ways to make HSA contributions: Payroll deductions through your employer Making direct contributions to the HSA from a linked bank account Like IRA contributions, where you have until the tax filing deadline to contribute for the prior year, an HSA can also be done this way.  The difference for an HSA is when you make it for the preceding year, you cannot contribute through your payroll and instead would need to make it through a linked bank account. Tax Advantages One of the primary attractions of HSAs is their tax advantages. Contributions to an HSA are typically tax-deductible, reducing the account holder's taxable income for the year.   Additionally, funds in an HSA can be invested, and any earnings grow tax-free. Withdrawals used for qualified medical expenses are also tax-free, making HSAs a triple-tax-advantaged savings vehicle. You can save on all income tax levels: federal, state, and local, by contributing to an HSA.  In addition, when contributions are made through your employer’s payroll, you also avoid paying 7.65% on payroll or FICA taxes (6.2% Social Security and 1.45% Medicare). Below is what an individual/family who is in the following marginal tax brackets (the rate paid on your last dollar): 22% federal, 4% state, and 2% local would realize in tax savings if they contributed the maximum available based on your age and individual/family plan eligibility. Portability and Ownership Another notable feature of HSAs is their portability and ownership. Unlike Flexible Spending Accounts (FSAs), which are typically tied to an employer and may have "use it or lose it" provisions, HSAs are owned by the individual. This means that funds in an HSA belong to the account holder and can be carried over from year to year, even if they change jobs or health insurance plans. Since there is no time length that you’re required to reimburse yourself for medical expenses, you can pay for a medical bill in 2024 out of a bank account and reimburse yourself from the HSA in 2034.  This allows your dollars to be invested and grow as long as you’re alive! Use for Qualified Medical Expenses HSAs can be used to pay for a wide range of qualified medical expenses, including deductibles, copayments, prescription medications, and certain medical procedures not covered by insurance. Additionally, HSA funds can cover qualified dental and vision expenses. The flexibility in using HSA funds for various medical needs makes them a valuable tool for managing healthcare costs. Long-Term Savings Potential Beyond covering immediate healthcare expenses, HSAs offer long-term savings potential. Individuals can build a significant balance over time because funds can be invested and grow tax-free. This can provide a valuable source of funds for healthcare expenses in retirement when medical costs tend to increase. For those able to contribute consistently and invest wisely, HSAs can be a powerful tool for building financial security. Closing Thoughts In conclusion, Health Savings Accounts offer a range of features that make them an attractive option for individuals and families looking to manage healthcare expenses effectively. From tax advantages and flexibility in contributions to portability and long-term savings potential, HSAs provide a valuable tool for addressing both current and future healthcare needs. Understanding these features and discussing them with your financial advisor at Whitaker-Myers Wealth Managers is essential for maximizing the benefits of HSAs and making informed decisions about healthcare planning and savings strategies.

Last week, we defined alternative investments and explored one of the most common products within this category: REITs. If you would like a refresher or haven’t had a chance to review it, it’s a short 3-minute read here. This week, we’ll explore another product under the alternative investment umbrella: the structured note. What is a structured note? A Structured note is a financially engineered product (or vehicle). Sounds made up, right? Well, from my experience, if there is a creative method of making money, someone is bound to find it! Structured notes are engineered, but they are engineered with the goal in mind. These products usually consist of at least two components. The first is a bond, and the second is a derivative. Most of you have likely heard of bonds but may not be familiar with the term derivative (in finance lingo). Derivatives are where a majority of returns come from within the structured note product. A derivative ‘derives’ its value from an underlying asset or index. This can be a market index such as the S&P 500 or individual stocks, currencies, commodities, or other equity products. These derivatives are most commonly purchased as call or put options. We’ll keep the discussion around put and call options for a future post, but let’s explore the composition of structured notes in more detail. Here's how structured notes work: First and foremost, there are multiple different kinds of flavors of this ice cream, and we’re not going to explain them all. However, for this example, we’ll keep it reasonably simple, discussing the use of a principal-protected structured note. As mentioned above, the structured note includes a bond and a derivative. Specifically, in a principal-protected structured note, the bond is a zero coupon bond. Hold on there, Summit, you can’t throw around terms like that! Ok, well, a zero coupon bond has the same components as a traditional bond (coupon, maturity date, and face value), but there are zero annual or semi-annual coupon payments in this fixed-income security.  In most bonds, there are coupon payments that support as a form of income for the investor; for this principal-protected structured notes, the zero coupon component is engineered to protect the principal. Let’s walk through an example calculation To illustrate how this works, let’s say you’ve got a cool $10,000 ready to invest.  You’d like to get good market exposure but don’t want the downside risk and volatility of the market. So, you decide to purchase a zero-coupon bond. Since the bond does not have a coupon, you can get it at a discount. Who doesn’t like a good deal/sale!?  For the sake of this example, we’ll assume that interest rates were 5% on a two-year treasury. This means you could purchase the bond at approximately 90% of face value ($9,000 minus fees) and then invest the remaining 10% as a 2-year call option with a strike price at current value where you’d like. To get good market exposure, let’s say you pick an index like the S&P500. So, if the S&P 500 index declined in value (from the day of purchase) through the end of the term, you would not exercise the call. However, if the S&P 500 went up in value, you would have an option to exercise the call. In both cases, the original principal would still be ‘protected’ at the maturation of the bond, and if the index outperforms, the upside is also realized. Summary Structure They are complex products that combine a bond with a derivative element. The bond component provides a basic level of security, while the derivative allows for the return to be linked to the underlying asset's performance. Return The payout you receive depends on how the underlying asset performs. Various types of structured notes are designed for different goals, such as growth or income. Benefits Structured notes can allow investors to access specific market segments or gain exposure to assets they might not otherwise invest in directly. In certain situations, they can also potentially provide higher returns than traditional fixed-income investments. Risks Keep in mind that structured notes are not without risks. They can be complex and challenging to understand, and they may involve lower liquidity and issuer default risk compared to other investments. I’m a chocolate chip guy We’ve only tried/explored one flavor of ice cream at the shop. The principal protected note is maybe the chocolate chip ice cream. Still, we can continue to add a peanut butter drizzle (like our Financial Coach Lindsey prefers), sprinkles (like buffers), waffle cones (put options), or combine multiple structured notes to come up with the competition to Baskin Robin’s 31 flavors. The flavor you pick is all based on your risk tolerance, goals, and time horizon. Structured notes are complex products, and I don’t recommend them to anyone early in their investing journey. Set your foundation and then explore the alternative investments when ready. Our Financial Advisor Team at Whitaker-Myers Wealth Managers is well-versed in alternative investments, and we are here to guide you with the heart of a teacher. Schedule some time with one of our team members to walk you through various investment strategies to align your finances with your life goals.

Owning a small business is a rewarding investment Americans can make.  Ideally, you get to work for yourself, set your hours, do what you want to do, and ultimately be your own boss.  However, with this freedom, small business owners are stuck with a very important reality: they are responsible for their destiny.  They are responsible for making sales, payroll, tax preparation, retirement savings, and providing reliable and quality services to customers, and if they drop the ball in any of these areas, customers, employees, and their own families can significantly suffer the consequences. Whitaker-Myers is here to help lighten your load, from tax preparation with our CPA Kage Rush to Retirement planning with our team of Financial Advisors to our dedicated Insurance team.  Although it would be great to do a deep dive into each of these areas, we will focus on retirement savings and ways you, as a small business owner, can save for retirement using tax-advantaged employer-sponsored retirement plans. The four main Retirement plans for Business owners are: SEP IRA Simple IRA Solo 401k 401k or 403b (pending if you are non-profit vs. profit; for the sake of this article, we are going to refer to it as 401k) Simplified Employee Pension IRA (SEP IRA) This is a retirement account where an employer can make contributions for eligible employees and claim those contributions as tax deductions.  Another tax benefit of the SEP IRA is that the earnings grow tax-deferred. Pros: Can contribute up to $69,000 annually or 25% of annual income (lesser of the 2). This means if your annual income is $200,000, the max you can contribute is $50,000 (25%).  However, if your annual income was $400,000, you could contribute $66,000. Inexpensive to set up and maintain Flexible investment options $500 per year tax credit for employers who set up automatic enrollment Cons: Contribute equally to all qualified employees Eliminates Backdoor Roth option Savings Incentive Match Plan for Employees of Small Employers (SIMPLE IRA) SIMPLE IRAs are retirement savings plans where employers can capitalize on tax deductions by making contributions for their employees.  Employers are required to contribute every year until the plan is terminated.  The employer can make non-elective contributions of 2% of the employee’s salary or match dollar-for-dollar up to 3% of the employee’s salary. Contributions made by the employer and the employees grow tax-deferred. Pros: Low administration and set-up costs Flexible investment options Little employee funding required $500 per year tax credit for employers who set up automatic enrollment Cons: Low annual contribution Limits $16,000 with a $3,500 catch-up for people 50 years or older Eliminates Backdoor Roth IRA option Only for businesses with fewer than 100 employees Solo 401(k) The Solo 401k is a tax advantage plan utilized for small business owners who never plan on hiring employees other than their spouse. Additional requirements for opening a Solo 401(k): you must produce your income from your business, and you or your spouse are responsible for running the business. Pros: Can contribute both as the employer and employee People under 50 can contribute up to $69,000/annually With a catch-up contribution of $7,500 for those 50 years or older Still only have the tax advantage up to the IRS limit (2024: $23,000) Can make Pretax or Roth Contributions Can contribute to a Backdoor Roth IRA Unlike the SEP IRA and SIMPLE IRA Flexible investments Cons: As an employer, you can only contribute up to 25% of your compensation Running a business is hard work, and preparing for retirement and running the business simultaneously makes it even harder.  When trying to navigate retirement planning, here at Whitaker-Myers Wealth Managers, we have financial advisors trained to help you identify which plan is right for your situation and help educate your employees, preparing them for retirement.  In business, we all know the most valuable asset is experienced, dedicated employees, and what better way to boost morale and provide an incentive to stay than to help prepare them for the future?

Alternative Investment Class In a previous post, we explored Dave’s recommended four asset class selections for your investments: growth, growth and income, aggressive growth, and international. If you’d like a refresher, enjoy the quick read here. These asset classes provide good diversification and exposure for most investors. However, I introduced the alternative asset class towards the end of that post. This class of investments doesn’t fit in the conventional equity, income, or cash categories (hence the name). However, they can provide additional exposure and opportunity when searching for that ever-elusive alpha. Alternative asset classes come in a variety of flavors and have their own nuances to understand. Consider discussing these with one of our Financial Advisors to determine if they fit your strategy and portfolio well. Specifics around liquidity, taxes, redemption fees (if present), hold period, NAV (net asset value), and minimum investment requirements have made these more difficult to obtain for the general investor. Certain funds within this class are often only available to high-net-worth individuals. However, we are seeing more and more alternative investment funds maintaining lower QP (qualified purchaser) requirements. We will explore all angles of alternative investment class assets in future posts (including private vs. public equity, a very hot topic right now). Still, for today’s discussion, we’ll focus on REITs. REIT – Real Estate Investment Trusts Real Estate Investment Trusts (REITs) have become a popular investment vehicle, offering individuals a unique opportunity to invest in real estate without the burdens of property management. REITs typically own and operate income-producing real estate, such as office buildings, data centers, shopping malls, apartments, student housing, and hotels. Investors can buy shares of publicly traded REITs, similar to stocks, or invest in non-traded REITs through private placements.  One of the most enticing aspects of REITs is their potential for high dividends, as they are legally obligated to distribute a significant portion (90%) of their income to shareholders. Diversification is a significant advantage of investing in REITs. By pooling funds from multiple investors to invest in a portfolio of properties across different sectors and geographic locations, REITs offer investors exposure to a diverse range of real estate assets. This diversification helps reduce the risk associated with investing in individual properties and markets, making REITs an attractive option for those seeking to spread their risk. Another benefit of investing in public REITs is their liquidity. Unlike owning physical real estate, which can take time and effort to buy or sell, investors can easily buy and sell shares of publicly traded REITs on stock exchanges. This liquidity allows investors to adjust their real estate exposure quickly in response to changing market conditions or investment objectives. Unlike public REITs, private REITs are semi-liquid. In a future post, we’ll explore the differences between public and private REITs. REITs also offer the potential for capital appreciation. While the primary source of returns for REIT investors is typically dividends, the value of REIT shares can also appreciate over time as the underlying real estate properties increase in value. This potential for capital appreciation, combined with the steady income from dividends, can make REITs a compelling investment option for both income-oriented and growth-oriented investors. Remember that REITs' tax benefits are also important to consider. As income is distributed, it can be categorized as ordinary income, capital gains, or return of capital. We suggest you consult your tax advisor or our in-house CPA for advice. As with all investments, it's important to carefully evaluate REITs before investing. Understanding the risks, benefits, and alignment with your strategic goals must be considered. Risks with REITs to consider are changes in interest rates, property values, occupancy rates, and economic conditions. Additionally, not all REITs are created equal, and you should conduct thorough research to understand if this investment class is right for you. Luckily, our team at Whitaker-Myers Wealth Managers has conducted this research and can help determine if this investment class is a good fit for your portfolio.

A few years ago, I had a choice to make. Not a super important one, but even still it was going to affect our family’s monthly budget and was potentially going to make an important impact on our life. Should I hire a very reputable, entrepreneurial, young man and his business to mow my lawn or should I save the money and continue sacrificing the 1.5 hours by doing it myself. Of course, some of you are screaming, are you kidding me, pay $50 per week for someone to mow your lawn? Let me explain. I’m in a career where a 40-hour work week is not the norm. Many evenings are spent around the table with families helping them figure out their financial picture and plans. Thus, time with my wife and kids is precious, therefore taking another 1.5 hours a week away from them was a very important decision. Then in true financial advisor fashion, I sat down and calculated my hourly pay (because like some of you I’m paid a salary) and when figuring that out, it was actually better for me to use the hour I would have spent mowing, on work related tasks (such as my writing!) and free up more time throughout the week for my family. All in all, I was better off financially and relationally to pay someone to do a task I didn’t love! To make it better, he did a significantly better job than me on my lawn. In much the same way, you as a client or potential client, have the decision as to whether to hire a financial advisor or not. You could certainly invest yourself at a lower cost, but are you necessarily better off doing so? Or like me, does the outsourcing of something you’re not trained to do, provide you better value than the cost of that service? The purpose of this article is to help you unpack that question. Assisting me in providing the data that I’ll provide you with, is the Vanguard Advisor Alpha Study. Alpha, according to Investopedia is defined as, “a term used in investing to describe an investment strategy’s ability to beat the market, or its “edge”. Thus, when Vanguard created the Advisor Alpha Study, which was last updated in 2019, their intention was to quantify the value they felt Financial Advisors brought, not through investment outperformance, but rather through things such as financial planning, discipline and guidance. Additionally, there are different levels of Alpha that can be created by financial advisors. It's the same reason that two cars, both with four doors and wheels, can range in price from $30,000 to $300,000. That is the reason, why we have tried to continually improve our service model, such as adding things like a CPA to our staff, to provide tax planning and preparation, an attorney to our staff to provide estate planning guidance and a Ramsey Solutions Master Coach to our staff to help with budgeting, debt paydown and other behavioral financial issues that may arise, because we want to become more like that $300,000 car, not in cost, but in value provided to you, our client or potential client. Based on Vanguard’s analysis, through seven quantification modules, they believe Advisors can potentially add about 3% in net returns by using the Vanguard Advisor’s Alpha framework. Those seven modules, which I’ll unpack briefly below are: (1) suitable asset allocation using broadly diversified funds / ETF’s, (2) cost-effective implementation, (3) rebalancing, (4) behavioral coaching, (5) asset location, (6) spending strategy (withdrawal order) and (7) total-return versus income investing. Suitable Asset Allocation – Vanguard Estimate of Alpha > 0* Investopedia defines Asset Allocation as, “an investment strategy that aims to balance risk and reward by apportioning a portfolio’s assets according to an individuals’ goals, risk tolerance and investment horizon. The three main asset classes – equities, fixed income and cash – have different levels of risk and return, so each will behave differently over time. Dave Ramsey says, Money is like manure, left in one spot it can stink but spread out, it can help things grow. Spreading money out, is something many clients want to do, however have trouble executing. We believe the asset allocation decision starts with creating a financial plan. The financial plan outlines the goal(s) of the money, thus sets proper expectations for the amount of risk that should be taken and when risk should be pulled back. This is often time consuming and tedious, thus many advisors skip it to get right to the “sales” side of investing, however that is not something we would recommend. Having a financial plan allows for less emotionally based decisions, because you can use the plan to show the impact of any market cycle on your goals and objectives and over time, short term movements in the market, while they may be scary, are not going to create major issues for your plan, should you be allocated correctly. Additionally, within each asset class, one can see the disparity between investments in a single year, by looking at this chart from Prudential. Take for example 2002, the difference between the highest stock category (Mid Cap Value) and the lowest stock category (Small Cap Growth) was 20.62%. Or in 2021 the difference from the highest stock category (Mid Cap Value again) and the lowest stock category (Small Cap Growth again) was 25.51%. What if you weren’t properly diversified? I know many, many investors that had no Mid-Cap Value exposure because of how poorly it performed over the last ten years, yet that lack of exposure could have cost them as much as 25.51% last year. Cost-Effective Implementation – Vanguard Estimate of Alpha > 0.34% There is a large investment firm that uses the tag line, “we do better, when you do better.” They use this tag line because they are a fee-based advisor, so every time there is an added cost to the investor, through an unnecessary fee or commission, the portfolio doesn’t grow as well and thus the firm doesn’t get paid as much. In that way, the investor wants the account to grow through good investments and lower fees and the investment advisor wants the account to grow (so the assets they are helping the client to manage are larger) through good investments and lower fees. This is why, most blogs will tell you to look for a fee-based, fiduciary advisor, because they’ll typically be in a position to provide you with this type of service model. This value-add has nothing to do with how the market performs (up or down) because when you pay less, whatever the market does, you’ll be in a better position. When investing non-retirement money, this value-add can be extended to reduction in tax costs as well. Investors that use Exchange Traded Funds, have the propensity to keep their costs lower and to avoid what is called the tax-drag of your mutual funds, which are the impacts of consistent capital gains on your non-retirement investment portfolio. Rebalancing – Vanguard Estimate of Alpha > 0.26% When selecting how aggressive or conservative an investor would like to be, an advisor would only be doing their job if they not only allocated investments consistent with that target but also then maintained that target allocation, over many years. Rebalancing helps one to do what Warren Buffet has often told us to do, which is, “buy low and sell high”. Vanguard studied a 60% equity and 40% fixed income portfolio, from 1960 – 2017 and found that a rebalanced portfolio (rebalanced annually) provided only a marginal lower return (9.05% vs. 9.45%) with significantly lower risks (11.09% vs. 13.76%) than one that was not rebalanced. One might ask, if the non-rebalance portfolio did better in regards to return, why would I rebalance? The risk (as quantified by Standard Deviation) is similar to an 80% equity / 20% fixed income portfolio, without the return. Meaning you had the risk level of a more aggressive portfolio, without the return. Thus, if return was the most important factor, you would have been better off originally investing in an 80% equity and 20% fixed income portfolio. As SmartVestor Pro’s we additionally believe in rebalancing the four main categories you invest in. Growth, Growth & Income, Aggressive Growth and International. These four categories have disparity in their returns (see example of Mid Cap Value and Small Cap Growth above) and rebalancing helps you to take the asset class that performed well most recently and remove the excess gains into the other three categories. Many times, over the last 20 years, the best performing asset class (growth for example) became the worst, then became the best. Rebalancing helps you to take advantage of that. Behavioral Coaching – Vanguard Estimate of Alpha > 1.50% Just last week I wrote about this and you can find it on our website, titled under the article, Warren Buffett-ism – Investing is Simple, Not Easy. This is especially important right now as the stock market last week entered correction territory (-10%) and the Nasdaq, mainly tech stocks, while not closing here, touched bear market territory during Thursday of last week (-20%). Human nature is a hard thing to beat and investing stresses one of the strongest parts of our human nature, emotions! The benefit your Financial Advisor has is twofold: First, they are not emotionally tied to your money, thus they won’t make emotional decisions, if they are grounded in facts and logic. Second, they want to keep you as a client, thus they are not in the business of making bad decisions. So, a Financial Advisor, who is telling you to stay put during a market downturn, is not doing so because they want to see you lose money but quite the opposite! They know, no one can and will predict stock market drops consistently and if you get out after the drop, you have to know when to get back into the market. Here is the problem: you got out after the market dropped, therefore what will be your indication of getting back in the market? Most likely after it goes back up a fair amount. What have you done? The exact opposite of good financial advice, you’ve bought high and sold low. Don’t anyone fool you – there never has and never will be anyone that can accurately predict when the market will go up and when it will go down. Read last week’s article for a more in-depth discussion on this. But suffice to say, this is largest value add Vanguard quantified, which may mean, you can be your own worst enemy when investing. Specifically check out, how much lower self-directed clients did in the last major market crash (2008), that were trading as a result of the drop, than those who stuck to their strategy. Asset Location – Vanguard Estimate of Alpha 0 – 0.75% Simply where you put what assets can have an impact on the total return of your investment portfolio. Let’s assume our retired client that has a 60% equity and 40% fixed income portfolio totaling about $500,000. Of their $500,000 about $400,000 is in their IRA and the remaining amount is in their brokerage (non-retirement account). Asset location would have you put all equities, through a tax managed type of investment like ETF’s, in their brokerage and put all their fixed income and remaining equities in their IRA. This is because the income from their fixed income, if left in their brokerage would be taxed at ordinary income, whereas in the IRA it’s being paid and not being taxed (until distribution) and the growth of the equities in their brokerage account, while ultimately taxed at a capital gains tax rate, has the potential to get a higher benefit to their heirs, if they were to pass away before using the assets and allows the advisor to provide tax planning on their distributions, which could result in a 0% capital gains tax. When Vanguard ran their estimate of allocating assets as described above vs. other scenario’s the difference was a reduction in return anywhere from 0.27% to 0.74%. As always, when dealing with taxes and tax rates, we recommend you consult your tax advisor, such as the Tax Endorsed Local Provider, at Whitaker-Myers Tax Advisors. Withdrawal Order – Vanguard Estimate of Alpha 0 - 1.10% A large majority of investors are retiree’s; thus, they are no longer in the accumulation phase but rather the distribution phase and how they spend their assets over their retirement years can have a big impact on their ability to make their money last and/or use it in the most efficient manner possible. One item to note is that the most value is created by someone who has used all three saving buckets at their disposal. Pre-Tax, Roth and Brokerage (Taxable) accounts. This is why we highly encourage clients to follow Baby Step 4 – (1) 401(k) up to match, (2) Roth IRA or Backdoor Roth IRA (if income is too high), (3) back to 401(k), if needed. Then for any additional savings we typically do not advocate for saving above 15% in retirement vehicles, but rather we think you should use a brokerage account (taxable) in the event you’d like to do something before retirement and/or to create a bridge if you retire prior to 59 ½. Vanguard advocates for the following distribution method: RMD – Required Minimum Distribution for those 72 and older. This is money that is forced to come out of your account, regardless of your desire to take it, so that it can be taxed. Of note, read our article on reducing the tax on your RMD’s we wrote last month here. Dividend / Interest on Taxable Investments – Dividends and interest are taxable in the year received, so considering you’ll be taxed on this money anyway, one should consider using that for your cash flow and income needs. Retirement Accounts – This would be last asset to tap into for cash flow needs considering the fact that all this money is growing tax free. Here one would take from their Roth IRA assets if they felt like tax rates were going to be lower in the future. If they felt like tax rates were going to be higher in the future, they would use their Traditional IRA (pre-tax) first and then use their Roth IRA. Total Return versus Income Investing – Vanguard Estimate of Alpha > 0* With rates historically low for both fixed income and dividend rates, the value here is likely never been higher for retirees. Often times, I’ll be asked from a client why not pick a stock that has a 5% dividend yield and invest in that company to generate the needed cash flow for their retirement. While I haven’t been around forever, I’ve been in this business for two decades almost, and I’ve seen two things happen that disrupted people’s retirements (notably not people I’ve worked with). Bankruptcy and dividend cuts. My father retired from General Motors and many of his co-workers had their entire retirement in General Motors stock. Of course, GM filed for bankruptcy in 2009 because they had $82 billion in assets and $172 billion debt. Just last week AT&T cut its dividend from 7% in half to about 4.7%. Even with the dividend payment the net return on the stock over the last five years has been negative 4.25% per year (as of 2/25/2022). Other ways clients have tried to juice up their income from a portfolio, have been investing in long term bonds, which will provide higher yields but will have a much higher drawdown when rates rise. Additionally, junk bonds have been a popular investment vehicle because the poor credit quality of the issuer, necessitates a higher income payment to the investor, however these investments tend to act like stock in periods of market disruption, completely missing the point of the fixed income portion of the portfolio. Most intelligent advisors advocate for a total return type investing strategy. All the above strategies tend to do is increase the risk of the portfolio, creating a higher probability long term goals will not be achieved. Total return investing typically provides the following benefits to the investor: (1) less risk because of better diversification, (2) better tax efficiency especially for those who have taxable and tax-free accounts and (3) a potentially longer lifespan for the portfolio. Conclusion Hiring a financial advisor is not something that should be taken lightly. One should consider the range of capabilities their advisor and the advisory firm supporting them, can provide and their desire to help teach you the ways they can add value to your unique and specific situation. We are honored that you have chosen use to serve you, if you’re an existing client and we look forward to a conversation about how we can do so, if you’re a prospective client.

Suppose you work for a publicly traded company and are in a leadership or high-level professional position. In that case, you're likely compensated with some variation of stock options, grants, or units. This form of compensation can be confusing or unknown, especially if this is the first time you've received it. Dave Ramsey doesn't talk much about stock options. However, here is a clip of Ryan in Texas calling Dave and asking him what to do when they become unrestricted: Ryan (Texas), Is Now The Time to Sell My Restricted Stock? Dave, as you can imagine, tells Ryan, who is in Baby Step 6, tells the listener while he doesn't like single stocks. He wouldn't have bought this stock on his own, considering the future expectations of the stock, which might be one reason to hold onto it for a bit longer, but Dave advocates have a pre-determined exit date, so you're not sitting in this forever. If you have stock options, here is a summary of how restricted stock options work and how to best utilize them in a tax-efficient manner: Granting of RSOs: Employees are granted RSOs as part of their compensation package, often as an incentive to stay with the company for a certain period of time or to achieve specific performance goals. Vesting Period: RSOs typically come with a vesting period, during which the employee must fulfill certain conditions, such as remaining with the company for a specified duration or achieving performance targets, before they can exercise their right to buy or receive the stock. Tax Implications: The tax implications of RSOs depend on several factors, including the type of RSO (restricted stock units or restricted stock awards), the timing of vesting, and whether a Section 83(b) election is made. Generally, the value of the stock at the time of vesting is considered taxable income to the employee, subject to ordinary income tax rates. Tax-Efficient Strategies: Timing of Exercise: Consider the timing of exercising RSOs to minimize tax impact. If you believe the value of the stock will increase significantly in the future, it may be beneficial to exercise when the stock price is lower to lock in a lower tax liability. Section 83(b) Election: For RSOs subject to vesting, employees have the option to make a Section 83(b) election with the IRS within 30 days of receiving the grant. This election allows employees to pay taxes on the value of the stock at the time of grant rather than at vesting, potentially resulting in lower taxes if the stock appreciates in value. Tax Planning: Consult with a tax professional to develop a personalized tax strategy based on your individual circumstances. They can help you navigate the complex tax implications of RSOs and identify strategies to minimize tax liability while maximizing the benefits of your equity compensation. 5. Diversification: Once RSOs are exercised and the stock is owned outright, consider diversifying your investment portfolio to reduce risk. Holding a large portion of your wealth in company stock can expose you to significant risk if the company encounters financial difficulties. With all that said, everyone's situation is different. You should consult your tax professional and financial planner to ensure this form of compensation is built into your financial plan. You have a strategy to maximize the benefit your employer is striving to provide you while minimizing the impact of the IRS.

Not Samesies For most of you reading this article, you likely have a portfolio with a mix of bonds and stocks. This is a common portfolio built intentionally to protect your investments in downturns. This type of portfolio has historically provided the protection we all look for because the bonds and stocks(equities) have had low correlation. Correlation, defined by my niece, is simply ‘samesies.’ Well, her response is more appropriately related to her agreement with what was being said than any investment definitions; however, I believe it is an appropriate semi-definition in this case. Samesies, or correlation, is more technically defined as how close two entities or assets are related and the strength of their relationship. I have written about this in the past; if you’d like to read more in detail, take a quick read of “Investing Metrics, Key Risk Metrics”. So, Summit, are you telling me I want to have “no-samesies” in my portfolio? In short, yes. The fewer assets in a portfolio are correlated, the higher the diversification. However, the complexity and interconnectedness of our global economy have increased correlations between multiple assets and asset classes. To internet or not, is that even a question? Take the internet as an example. Going without the internet isn’t really an option nowadays. Our wrists, hands (phones/rings), glasses, cars, stoves/dryers, coffee makers, and everything else around us can connect in some way to the internet. We’re all so ‘connected’ that being disconnected can create anxiety. This same type of connectivity has been seen with countries and investments across the globe. Globalization and the interconnectedness amongst markets, manufacturers, and governments have led to increased “samesies” among most countries. In many ways, dependencies. We can see the effects and impact of a natural disaster in one market ripple through to multiple markets around the globe. In most cases, the further the rippling effect, the less the impact, and of course, the fewer “samesies” (ok, fine, correlation), the less the effect. This is quite evident when war is in the picture. Many countries that depended on wheat exports from the nations felt the impact of the Russia-Ukraine war. Before the war, it was estimated that 29% of all wheat exports came from Russia and Ukraine; since the start of the war, this has only been 14.3% (consilium.europa.eu). Or the ongoing conflict and escalation of Israel-Palestine has also led to many rippling effects across the world. To learn more about the global impact of these geopolitical events, read this article from John-Mark Young titled “Israel War & My Portfolio: Pray, Give, & Stay Disciplined.” How do I protect myself from correlation risk? This is where our number gets called. You hi-five one of our Financial Advisors and tag them in to take the ball. Our team of teachers will work with you so your portfolio diversification is set up to align with your goals. “Samsies” risk is minimized by diversifying portfolios with multiple asset classes, even more than just bonds and stocks. Correlation between assets is expected due to global interconnectedness. However, our team can introduce you to new asset classes you may not have considered. To learn more about asset classes, here’s an article that should set the foundation for your next discussion with your advisor – “Asset Classes: Understanding your Investments”. As always, if you have any questions or would like to dig deeper into your portfolio, take a moment and reach out to one of our advisors. Our team is always ready to help.

Happy Mother’s Day! Congrats Grad! If you haven't already, you will hear and see these things very soon. You will also start to see many of these sayings on cards, plates, napkins, and other party supplies, which will show up very quickly in stores. And being proactive AFTER those events pass can help you score big and save money. But wait, what? Can buying these things after they have passed help me save money? How can buying after an event, holiday, or season has passed help me save money? It’s all about timing Marketers love showcasing the newest and brightest things for an upcoming event, holiday, or season. So, of course, they will put them out several weeks ahead of that time of year to get you excited and remind you that you need to purchase said items for the upcoming event, holiday, or season. They want to capitalize on your excitement to lure you in to buy items at full price, which, in turn, could break your budget. The key to being thrifty is timing up your execution of the “good buy.” You have to wait until AFTER the event, holiday, or season to strike because that is when stores want to get those remaining items out of their inventory. And since they want these items out of inventory (to bring in new inventory), they will discount said items. Depending on the store and how long past the season will determine how large of a discount, but I promise you, either way, you will be saving in the long run. The waiting game is worth it I have found shopping after a holiday or event is extremely helpful for saving money, not only on party-themed dishware but also on children’s clothing. As any parent of small children knows, kids are either rapidly destroying clothes or shoes or growing out of them. I try to shop off-season and buy up in their sizes for future use rather than wait until the season comes along and pay full price for items. I have been able to buy winter jackets at 80% off the regular price, swim suites at a fraction of the price, and play clothes for a whole bag that normally would have cost over $100 walking out the door, down to under $20. Patience is a Virtue The caveat is that you now have to hold it for an entire year or several months to be able to use it. But in my personal opinion, taking up some storage space is well worth it when you can sometimes save 50 – 75% on items. I have also been able to purchase items off-season and save them for birthday presents or holiday gifts. This makes it hard if your love language is gift-giving because your natural instinct is to give the item you just bought to the intended recipient. However, I promise, if you practice patience, it will still feel just as good giving it to them later as it does if you were to give it to them right then and there. Planning ahead Being proactive is part of the success of this plan. There is the off chance you may run into one of the off-season sales racks at the store, but your chances of saving more increase when you are mindful of the timing. Many stores put their seasonal or event-themed items on sale the day or week after. If you plan to make a trip a few days after, or even the day after, you can save on wrapping paper, party supplies, decorations, and more. Be Intentional Our friends at Ramsey Solutions say, “Don’t buy just to save.” You need to be intentional and have a purpose for the items you are buying, not just buy them because they are a great deal. If your kids already have a pair of winter boots that will work perfectly fine and still fit them next year, don’t buy a new pair because they were “so cheap!” Don’t buy out the Class on 2024 party supplies if you don’t plan on having a graduation party in 2024. To play it safe, stick to “Congrats, Grad!” if you have a high school junior this year. Yes, you can get some amazing deals, but you can also spend unnecessary money if you don’t have a plan to use the items or if they will be redundant. The purpose of shopping off-season is to help with your overall budget, not add to the total expenses. If you have never budgeted before or have tried and want to improve, our financial coach at Whitaker-Myers Wealth Managers can help walk you through the process, helping you feel more confident in your budgeting habits.