Growing, employing, transferring wealth

Growing, employing, transferring wealth

BY MATT MACKINDER
Clarkston News Editor

Henry Woloson knows a thing or two about finances.
As the head of Woloson Financial Management, located in town at 7608 Dixie Highway, Suite 100, for the past 28 years, Woloson found the pandemic the perfect time to pass on his knowledge of the industry in book form, recently completing “How to Grow, Employ and Transfer (GET) Wealth.”
“I have wanted to write a book about personal financial management for several years,” Woloson said. “In March 2020, COVID-19 reduced the number of face-to-face meetings taking place at my office and closed restaurants, health clubs and several other places I normally visited. With more free time, I was able to write virtually every morning, frequently starting around 4 a.m.
“COVID-19 also increased the amount of financial stress many people were experiencing. At the same time, there has been increased discussions regarding the need for financial literacy. Between having more time to write and seeing a potential need for greater financial education, I felt writing this book was timely.”
The book is divided into three main parts: 1) Growing your wealth through savings, investing, 2) Employing your wealth by making your money work harder for you. Chapters discuss taxes, Social Security, and health care and 3) Transferring your wealth to your family, friends, and charities through effective estate planning.
“As a registered financial advisor, the chapters on growing your wealth explain concepts I deal with daily at Woloson Financial Management concerning saving and investing,” said Woloson. “The chapters on employing your wealth have become more important given the complexity of tax matters, how to better manage credit card and college loan debt, when to apply for Social Security and what health care options are available in retirement.
“As an attorney whose focus is on estate planning, the chapters on transferring your wealth involve concepts we discuss with clients frequently when preparing their wills, trusts and powers of attorney. The chapters on charitable giving have also become important as we are involved with administering a private foundation and have assisted in establishing several donor-advised funds.”
Woloson’s professional career also includes several years at NBD Bank (now Chase) where he was a trust officer and a manager in the department that offered municipal bonds and securities.
Now an author, Woloson hopes his book can help anyone looking for advice and insight.
“Many individuals lack the time to research some of the topics covered in this book,” Woloson said. “It is intended to provide a broad overview of personal financial management subjects with the hope that people are encouraged to get more involved with not just saving funds but also managing their wealth more effectively.
“The book discusses creating a legacy. Writing a book can be part of a person’s legacy. People should consider becoming an author since most individuals have many experiences and knowledge to share.”
Information about the book can be found at GETWealth.net, which includes a table of contents. The book is available through Amazon. Simply navigate to the Books section and type in “Henry Woloson.”

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