William Reynard

Today, only four in seven Americans possess a basic understanding of financial concepts. Without a fundamental understanding of finance on a community level, personal financial skills and the lack thereof become impactful on a national scale. William Reynard, a financial coach with more than 20 years of experience in the financial industry, has long held the belief that financial literacy is essential in combating the imbalance of wealth present within the United States. For this reason, William Reynard has embarked on opening his own financial coaching business within the Fort Washington area near Philadelphia, PA. Through his financial coaching business, William Reynard hopes to help clients develop a solid foundational understanding of financial concepts, minimize taxes, build wealth management skills, and plan for retirement. This site will include many of the topics William Reynard often discusses with clients and will hopefully serve as a reference point for others looking to accomplish their own financial goals. Below are some of the many topics William Reynard hopes to discuss in-depth in upcoming entries. 

Budgeting and Cashflow

Learning how to budget is a relatively simple process; however, implementing a budget is something else entirely. A good financial coach can teach their clients not only how to develop a budget but the steps needed to stay on track and keep expenses at a minimum. Learning how to budget well is essentially a lifestyle change and must be practiced regularly. Daily tasks that often help individuals to stay within their budget include: 

– Establishing SMART (specific, measurable, achievable, reachable, and timely) goals, and determine and potentially compromise your priorities, especially for couples as they often differ

– Using a tool, such as William Reynard’s client portal, to manage daily expenses 

– Creating a plan as soon as possible 

Debt Management and Elimination

Today, US personal debt has reached an all-time high with more than $14.9 trillion of debt relating to credit cards, auto loans, mortgages, and student loans. Debt and interest payments are often the most significant expense for an individual’s cash flow planning and often one of the biggest challenges for families striving for financial freedom. In order to manage debt, families are encouraged to meet with a financial planner and create a personalized strategy to reduce debt and interest payments. Some of the many families financial planners use to help families dealing with debt include negotiating for lower interest rates, paying off collections, and creating a comprehensive debt calendar. 

How to Maximize Your HSA Contributions

One of the most effective ways to save on taxes is by utilizing a tax-advantaged account. Deposits that are paid directly to your health savings account, otherwise known as an HSA, can result in a significant tax deduction. However, it is important to note that all contributions paid through an employer are already excluded from your income on W-2s, meaning the deduction rules do not count for additional deductions. Individuals who use the HSA account to pay medical expenses cannot itemize medical deductions for the same expenses; however, if an individual has enough medical fees not paid with the HSA, they can claim them as an itemized deduction. Currently, the annual limit on HSA contributions is $3,600 for self coverage and $7,200 for family coverage, a 1.5% increase from 2020. 

Those interested in learning more about financial matters, such as debt and risk management and other foundational financial topics, are encouraged to return to williamreynard.com for future updates.