I’d like to introduce you to Catherine, age 44, of Scottsdale, AZ.
We were introduced to Catherine by her parents, long-time clients, Ben and Erica, in 2019.
By all accounts, Catherine was doing well. She worked for a small consulting firm and appeared to be a good saver. At the time, she had a liquid net worth of approximately $400,000.
From my vantage point, it appeared that she had the “secret sauce” or the “it” factor if you will. During one of our conversations, the idea came up of Catherine “potentially starting a business”—private consultancy. What would it look like? Could she, do it? Should she take the risk? Where would she find those first, early clients that would help keep her afloat early on?
Jeff and I both emphatically encouraged her to just do it! From the outside looking in, it seemed a can’t miss opportunity. She had the relationships. She had expertise. After all, what is the worst that could happen? You burn through some savings, the business doesn’t work, and you have to go back to your former work. With her pedigree, finding a similar W2 job to the one she’d be leaving didn’t seem to be a significant risk.
Jeff and I were faced with a similar dilemma when we worked at the bank and asked the question, should we start a business (Know My Plan)—we’d been in Catherine’s shoes.
Catherine confidently made the decision; she was going to leave the comforts of her job and start her own business!
Here We Go:
We were there to hold her hand as she got started, helping to establish her Tax ID Number for her business, introduced her to a good accountant, helped establish payroll.
Fast-forward: Over the past five years, Catherine’s liquid net worth has TRIPLED!
Sure, her investments in the equity markets have been largely favorable. However, her net worth tripled because her business has skyrocketed, and her income has gone parabolic.
As a financial planner, these are all great things. However, the best part is that you can see Catherine flourishing as a person. Along the way she welcomed her first child, Cal, into the world in 2020. He is the cutest kid you’ll ever see and has brought so much joy to the entire family.
In addition, Catherine is taking amazing vacations with her friends and will be the first to admit that she couldn’t have imagined the life she’s created for herself and family.
We’re proud of Catherine and her courage to create a plan that would allow her to build a thriving business. All she really needed was a small dose of encouragement, guidance, and direction.
We’re here for you, how can we help?
Have a great weekend, Nic
