Recently, I met Lizzie (44) and her husband Jake (46). Lizzie is a prosecutor focused on keeping the bad guys off the streets. Jake’s a commercial loan officer at a local credit union.
The love of their life is their 10-year-old Leigha.
Leigha recently entered the time-consuming world of competitive equestrian and to say that Lizzie and Jake were busy would be an understatement.
What their average week looked like: Busy morning’s preparing for work and school, drop-off, a full day of work, shuttling Leigha to the barn for practice, quick dinner, shower, bed, repeat.
👆 Familiar schedule for many of the families we guide
Relax on the weekends, nope, those were spent traveling to competitions.
When I met Lizzie, the first thing she said to me was (confidently and emphatically I’ll add): “I don’t have time to do this. I take direction and coaching well, please tell me what we need to do.”
We walked Lizzie and Jake through our financial planning process. Taking advantage of a rare day out of the courtroom, we spent 90-minutes together.
Jake concluded our conversation, excitedly: “Nic, we accomplished more financially in 90-minutes just now than we were able to accomplish in the last 10 years alone.”
Why?
Clarity
We were able to create a visual balance sheet displaying all their financial assets on one page.
After that, we made very specific recommendations about the next steps and agreed to a time for our next scheduled meeting.
Simplicity & Consolidation
We were able to consolidate several accounts. Several of which were started by their parents over 30 years ago.
Automation
After changing the underlying investments in their retirement plans, we made sure that we selected the option to rebalance the investments annually.
We established an automated monthly investment into their new joint brokerage account and their 529 Plan.
We removed so much noise and moving pieces from their financial situation.
Most good outcomes start with a plan. Luckily, for Lizzie and Jake, they now have a plan.
We will continue to monitor their plan and adjust as needed.
If you or someone you’re close to is a high-achieving professional that could use help aligning their finances and establishing a financial plan, please reach out to us, we’re accepting new clients and eager to help.
Cheers, Nic
These are hypothetical situations based on real life examples. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing. Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. Rebalancing a portfolio may cause investors to incur tax liabilities and/or transaction costs and does not assure a profit or protect against a loss.
