Your employees newest benefit: Help with saving money
How to get your founders & teams higher deposit rates + free financial planning
Whether you run the business or are a new hire, you are there to make money & hopefully enjoy doing it.
Yes, some people don’t work for the money and just pursue their “passions”. They are called future poor people.
Jokes aside, if you don’t get your financial shit together from the start, you set yourself up for failure later.
That’s where small business owners can step up.
If we all of the same problem then it’s about time we address it.
I think we live in a crazy world where Uncle Sam has to pull X% from our paychecks every month so the “future poor” people can tell their significant other (or parents) that they are “saving”.
Governments have no business managing your money as they have proven for 250 years that they can’t do it well themselves.
But they did get one thing right. The optimal place to address this issue is where the money is made & paid.
As an employer, you should be well aware that happy employees are productive employees. As you can’t get involved in their dating life, the best way for you to make them happier is to make them as rich as possible.
I know, this sounds like a shitty sales pitch but hear me out.
If you (as the employer) assist your employees in managing their wealth, they can then earn more, save more, and have less debt.
Although this may result in them leaving you when they retire early, it may also be the reason they stick around or join you in the first place.
The cost of finding and retaining good talent is crazy so this is a risk worth taking, in my opinion.
So how can we actually do this
If you’re an employee/team member of a small business — refer your founder/owner to this article.
If you are the founder/owner, you’ve got a couple of options.
With regard to higher rates on your business and personal savings (“your” being your own and your team’s savings), you can:
Hold a quarterly session or send out a quarterly email that displays the best banks (based on APY offered) for them to park their cash
Use the team business account on www.Froogal.us, which will allow for the entire team to save for the business & for their own personal finances together + allow everyone to easily earn higher rates at all times
Pay for financial advisor or wealth management services for your small business & your team members (could be costly but this would be the most comprehensive way).
The highest personal savings deposit rates and business savings deposit rates are pretty much always the same but rarely (if ever) offered by the same bank/credit union.
With regard to financial planning, you can:
Make personal finance planning part of your quarterly meetings or reviews (best conducted 1-on-1), if you have the know-how
Retain the services of a financial planner for the business that can be used for both business planning & for each team member’s personal finances planning
Use the detailed financial planning features available on www.Froogal.us for both the business savings goals/projects and for each of your employee's personal savings goals (everything is private unless shared on their website)
Financial planners can be expensive so unless you are solid with personal & business financial planning as an owner, I would defer to Froogal (it has hundreds of templates for every savings goal/event for your business and personal life).
Although paying for professional help, using precious company time to hold one-on-one meetings with your team members to help with personal finances, and the thought of opening a team business savings account with Froogal may seem like a lot, it will pay off quickly.
People are not shy about talking about the small business that is helping them earn even more money/manage their personal finances so you will immediately see a shift in the desirability of your company.
As I mentioned before, no one really likes to have to deal with the annoying little tasks that are crucial to becoming wealthy. You eliminate these steps, you eliminate their stress. You eliminate their stress, they can focus on scaling your company.