Latest news with #financialwellbeing
Fast Company
6 days ago
- Business
- Fast Company
14 myths about business wealth management, debunked
At its core, wealth management is about making thoughtful decisions to grow, protect, and pass on what you've built. For business leaders, that means managing not just personal finances but also how money moves through their companies, covering everything from tax strategy and risk management to succession planning. However, several common and persistent myths and missteps can stall or even hinder your financial well-being. To help you avoid these pitfalls, 14 Fast Company Executive Board members debunk the most common business wealth management myths and share what leaders should remember instead. 1. TRADITIONAL INVESTMENT ADVISORY GUARANTEES SUCCESS. Investment advisory is a myth in itself. Screenplays, private stock, and indices in retirement portfolios can all be optioned. Payout structures to equity holders in movies can be more certain than private equity, since royalties are paid in the absence of liquidation preferences. The velocity from derivatives and private equity can generate wealth more quickly, but the distribution varies. – Sean Adler, SWN 2. WEALTH GROWTH AND MANAGEMENT IS STRAIGHTFORWARD AND GLAMOROUS. There isn't one perfect path. Sometimes the product or service that gets you there isn't glamorous. Know that wealth isn't just what's earned—it's what's built sustainably, passed along wisely, and anchored in purpose and people. Managing wealth isn't simply about tracking the cash flow or accumulating assets—it's about stewarding value, passing it on, and uplifting others along the way. – Larry Brinker Jr., BRINKER 3. YOU SHOULD WAIT UNTIL YOU'VE BUILT UP 'ENOUGH' CAPITAL. The biggest myth is thinking you need to wait until you've built more wealth to start managing it. Leaders overlook how far ahead you get by having capital to work with early and investing in things you know you'll need. It's like housing. If a $1M home rises 10 percent in a year, you'd need to save $100K just to keep up. Delaying can cost more than starting with what you've got. – Travis Schreiber, 4. BUILDING WEALTH MEANS NEGLECTING OTHER ASPECTS OF YOUR LIFE. Chasing account balances while their health crashes, marriages crumble or souls are empty is not a 'rich life.' True wealth integrates everything. You're broke if you're rich but can't sleep, disconnected, or dead inside. Real wealth management means investing in vitality, love, and purpose. The fullest accounts mean nothing if you're too depleted to enjoy them. – Dr. Camille Preston, AIM Leadership, LLC 5. WEALTH MANAGEMENT IS SOLELY FOR THE WEALTHY. One of the biggest myths is that wealth management is only for the ultra-wealthy. In reality, strategic planning is crucial at every stage of business growth. Many leaders overlook how early tax planning, investment diversification, and succession strategies can protect assets and fuel long-term sustainability, even before they reach peak revenue. – Maria Alonso, Fortune 206 6. BUSINESS WEALTH MANAGEMENT IS ALL ABOUT INVESTING PROFITS. The biggest myth is that business wealth management is only about investing profits. In reality, it's a holistic strategy that includes tax planning, risk management, succession planning, and aligning personal and business finances. Ignoring this broader view can lead to missed opportunities and long-term instability. – Stephen Nalley, Black Briar Advisors 7. THERE IS A SINGLE GUARANTEED FORMULA FOR SUCCESS. The biggest myth in business wealth management is believing there is a singular, proven process everyone follows. You benefit mostly from close fiduciary advisors who ask deep questions on how you view financial success, and then help you create a specific plan customized for you. It sounds simple, but remember, wealth management is not 'one way/right way'—it's what way is best for your goals. – Rich DePencier, Brand Growth Accelerators 8. YOUR WEALTH DATA IS INHERENTLY SAFE. The biggest myth is that wealth data is automatically safe. Leaders often overlook backup strategies for financial records, risking catastrophic loss. Diversify storage locations and test recovery processes regularly—your wealth management is only as secure as your data. – Chongwei Chen DataNumen Inc. 9. YOU DON'T NEED TO THINK ABOUT WEALTH MANAGEMENT FROM THE START. There is a lot of misconception where people think business wealth management only matters once you're making serious money. Early cash flow management, reinvesting wisely, and keeping your business and personal finances separate can save you from running into issues later in the business journey. Often, it's the difference between just getting by and building something sustainable. – Gianluca Ferruggia, DesignRush 10. WEALTH MANAGEMENT BEGINS AND ENDS WITH INVESTING FUNDS POST-SALE. The biggest myth? That business wealth management is just about investing the money after a sale. In reality, it's about preparing for the emotional, financial, and family impact of that transition—ideally, years in advance—to avoid surprises and protect what you've built. – Mark Valentino, Citizens 11. A FINANCIAL ADVISOR ISN'T NECESSARY. The biggest myth that most leaders fail to realize is the value that a competent financial advisor can provide, and that the business leader is capable of doing it on their own. This may be true, but in most cases, business leaders realize what they excel at and understand those areas where they need help and hire the best to be around them. The same is true with hiring a financial advisor. – Richard McWhorter, SRM Private Wealth 12. YOU SHOULD FOCUS SOLELY ON MAXIMIZING PROFITS. Effective wealth management is about strategically balancing risk, aligning financial decisions with long-term business goals, and safeguarding the organization's economic stability and sustainability. Leaders who narrowly focus on profit maximization often overlook essential factors, such as risk mitigation, succession planning, liquidity management, and tax optimization. – Britton Bloch, Navy Federal Credit Union 13. GROWING YOUR SURPLUS FUNDS IS ENOUGH. Wealth management is not solely about investment returns; it also involves optimizing cash flow and tax strategy. Focus on maximizing profits and retaining them. Prioritize capturing all available business deductions, optimizing tax efficiency, and maintaining adequate cash reserves. True wealth management begins by maximizing operational earnings and keeping, not just growing, surplus funds. – Joynicole Martinez, The Alchemist Agency
Yahoo
12-07-2025
- Business
- Yahoo
How To Stop Being Cheap and Start Being Frugal, According to the CEO of The Financial Diet
Chelsea Fagan, CEO of The Financial Diet, makes no secret of the fact that she used to be cheap. She also says that she no longer is — but she is frugal, and that's much better. 'Cheapness is really a completely separate concept from frugality,' Fagan said. 'Often, those two things are conflated, especially when people are trying to get good with money. But I think that's ultimately to our detriment.' Learn More: Read Next: In a YouTube video, Fagan had some advice for those who want to stop being cheap and learn to be frugal instead. Fagan drew a distinction between being cheap and being frugal, explaining that it is about your mindset. 'Being cheap,' she said, 'is really choosing to exist in a scarcity mentality.' Fagan defined this cheap mindset as a refusal to invest in better-quality things, even when you have enough money to do so. Cheap people, she said, are too focused on paying the least possible amount that they can in the moment. 'Being cheap fundamentally comes down to a sense of competition, or a sense of scarcity, rather than a sense of abundance,' she said. According to Creative Planning, a scarcity mindset can actually harm financial well-being, as it can lead to poor financial decision-making and impulse spending. Frugality, on the other hand, is 'all about not just living below your means whenever possible, but thinking about the most financially intelligent way to go about any given decision,' according to Fagan. Check Out: 'I really think in terms of quality and value, but something can be very inexpensive and still have a ton of value,' Fagan said. She emphasized that you have more options and more opportunities to spend money on things that are really meaningful to you if you're willing to be more patient. 'The more you … separate out quality and cost and you understand how often those things are conflated when they shouldn't be, or how often you're sacrificing quality, you really … shift your mentality of what is actually worth spending on,' Fagan said. In order to move toward abundance and the ability to be frugal, Fagan recommended adhering to the 'pay yourself first' mentality of budgeting. She confessed that, although she once used a strictly segmented budget, she found that she doesn't love it now. Now, she pays her monthly expenses, which include her retirement and her general savings, and considers what's left to be hers to spend as she likes. She explained that this method often results in her spending less than she otherwise would, since she doesn't feel constrained, as she did when she had every dollar accounted for in her budget. Fagan recommended finding the right budgeting method for you — the method that 'allows you to have a sense of peace and calm about your monthly expenses so that it's not just constantly on your mind,' she said. In a recent video, money expert Rachel Cruze offered advice about spending money and enjoying life on a budget. She explained that while budgeting can make people initially think of being cheap, a budget can actually help you use your money for things you want. Because you're no longer operating from a mindset of scarcity, having a sustainable budget that you don't have to think about all the time keeps you from obsessing about the price of every purchase. According to Fagan, this allows you to focus on that which has value for you. She offered this sage advice: 'Let life take the driver's seat and let money just kind of be the gas in the car, rather than the reverse.' More From GOBankingRates 10 Used Cars That Will Last Longer Than an Average New Vehicle This article originally appeared on How To Stop Being Cheap and Start Being Frugal, According to the CEO of The Financial Diet
Yahoo
10-07-2025
- Business
- Yahoo
This is the minimum amount of savings you need to improve your financial well-being
When you don't have a financial safety net in place, an unexpected medical bill, car repair, or job loss can take a toll on your mental health and throw your budget for a loop. That's why experts recommend putting aside some money in an emergency savings fund. And according to a new survey by Vanguard, even a modest emergency fund can dramatically lower stress and elevate your financial health. So what's the magic number for improving financial well-being? And what can you do to achieve it? This embedded content is not available in your region. Vanguard researchers surveyed more than 12,400 Vanguard investors to understand the impact of emergency savings on financial well-being. They found that respondents who had at least $2,000 saved showed a 21% increase in financial well-being, while those with three to six months' worth of expenses saved had another 13% increase, even after accounting for income, debt type, and financial assets. 'People with emergency savings have a higher level of financial well-being, spend less time thinking about and dealing with their finances, and are less distracted at work,' said Paulo Costa, Vanguard's senior behavioral economist, in a statement. According to the research, investors without emergency savings reported higher levels of financial stress. On average, they spent 7.3 hours per week thinking about and dealing with their finances, compared with just 3.7 hours for those with at least $2,000 in emergency savings. Although $2,000 isn't a particularly large sum, many Americans have even less than that in their savings accounts — or nothing at all. According to our 2025 State of Savings Report, one-third (33%) of Americans couldn't cover bills for even one month if they lost their income. Meanwhile, only 26% said they had enough savings to cover one to three months of expenses. Read more: How much money should I have in an emergency savings account? If you have competing financial obligations like housing, debt payments, school tuition, etc., saving for emergencies may not be a priority. But that's the thing about emergencies: You can't predict when one will happen, but you can be certain it will happen at some point. When that day arrives, you'll be better prepared to cover the cost, avoid racking up debt, and protect your mental health with an emergency fund in place. Whether your goal is $2,000 or $20,000, it's never too late to get started. Here are a few best practices for building and maintaining an emergency fund: Experts typically recommend saving three to six months of essential expenses in an emergency fund, but the right amount depends on your personal situation. For example, if you have an unsteady income, you may want to aim for nine to 12 months' worth of expenses. Also, keep in mind that the amount of money you're able to comfortably save each month may fluctuate depending on how your income and financial obligations change over time. It's important to be flexible when it comes to your savings strategy and adjust it as your financial situation evolves. Once you've built a nice financial cushion, you may be tempted to dip into it. But this defeats the purpose of an emergency fund. Be honest with yourself about what constitutes a financial emergency and when it's appropriate to use that money. If you use your fund for an unexpected expense, make a plan to rebuild it. For example, you might decide to set aside a portion of your next few paychecks or temporarily cut back on discretionary spending to increase your savings contributions. It's important to have a clear separation between the money you use for everyday transactions and your savings. That means you should keep your emergency savings (and any other type of savings) out of your checking account. That said, your emergency funds should be easily accessible in a pinch — and ideally, earning interest while sitting in the bank. That's why a high-yield savings account is a great place to keep emergency savings; your money stays safe and grows over time, but can be withdrawn whenever you need it. Read more: The 4 best (and worst) places to keep your emergency fund
Associated Press
08-07-2025
- Business
- Associated Press
OneMain Holdings Announces Date of Second Quarter 2025 Earnings Release and Conference Call
NEW YORK, July 8, 2025 /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, plans to report its second quarter 2025 results before the market opens on Friday, July 25, 2025. The earnings release will be available on OneMain's investor relations website at A conference call to discuss the company's results, outlook and related matters will be held that morning at 9:00 a.m. Eastern. The general public is invited to listen to the call by dialing 800-579-2568 (U.S. domestic) or 785-424-1222 (international), and using conference ID 67083, or via a live audio webcast through our investor relations website. For those unable to listen to the live broadcast, a replay will be available on our website after the event. About OneMain Holdings, Inc. OneMain Financial (NYSE: OMF) is the leader in offering nonprime consumers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today's problems and reach a better financial future through personalized solutions across 47 states, available online and in 1,300 locations. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit Contacts Investor Contact: Peter R Poillon, 212-359-2432 [email protected] View original content to download multimedia: SOURCE OneMain Holdings, Inc.
Yahoo
08-07-2025
- Business
- Yahoo
OneMain Holdings Announces Date of Second Quarter 2025 Earnings Release and Conference Call
NEW YORK, July 8, 2025 /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, plans to report its second quarter 2025 results before the market opens on Friday, July 25, 2025. The earnings release will be available on OneMain's investor relations website at A conference call to discuss the company's results, outlook and related matters will be held that morning at 9:00 a.m. Eastern. The general public is invited to listen to the call by dialing 800-579-2568 (U.S. domestic) or 785-424-1222 (international), and using conference ID 67083, or via a live audio webcast through our investor relations website. For those unable to listen to the live broadcast, a replay will be available on our website after the event. About OneMain Holdings, Inc. OneMain Financial (NYSE: OMF) is the leader in offering nonprime consumers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today's problems and reach a better financial future through personalized solutions across 47 states, available online and in 1,300 locations. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit ContactsInvestor Contact:Peter R Poillon, View original content to download multimedia: SOURCE OneMain Holdings, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
