This narrative below is fictitious and is presented for illustrative purposes only. The information provided here should not be construed as Financial Advice. Please schedule an appointment with us so that we may assess your personal financial situation and present a customized solution for your specific situation.
D. and K. are both 42 and have three children. While they both love their jobs and they pay well, they have started to notice as the kids get older, their expenses are increasing too. They want to comfortably afford their children’s education and activities and at the same time build their retirement savings. Since work is stressful, they also want to continue taking regular holidays with the family.
How we Help
We would work with D. and K. to complete a cash flow analysis with our professional level software to see how they were spending their money. We would then prepare a Cash Flow Plan, balancing their increasing expenses without substantially cutting back on their lifestyle and still continue to fund their Retirement Plan, and also put in some reserves so that are better prepared for any unexpected expenses.
We would complete a Personal Risk Tolerance Questionnaire to determine if the investment risk they were taking matched what they were comfortable with and with what was appropriate to meet their needs. We would then review their current Investment Portfolio to make sure it was aligned with their risk targets and financial goals.
We would also analyze their insurance coverage to make sure that it protected their family from the loss of income from either spouse which could potentially derail their Financial Plan.
The Moral of the Story: Income can be increased through better investment strategies.