Dollars and Diagrams

Five Conversations that Caught My Attention

Financial Planning

In this week’s newsletter, I thought I’d share a few conversations that caught my attention this week at Know My Plan:

Tech Consultant, Age 47, North Carolina

People tend to be either investors in real estate or the stock market.  People are rarely passionate about both.

One of the most successful real estate investors I have worked with recently sold his property, where he realized a loss.  It’s a great reminder that even the best investors aren’t going to win every time.

Good news.  He cut his losses and found a more attractive property where the math made more sense.

Health Care Business Owner, Age 50, North Carolina

Recently acquired business with an existing retirement plan.  As the new owner of the business, he wants to ensure a solid retirement plan in place to attract & retain top talent.  In addition, he wants to ensure that the plan is structured in a way that meets his and his fellow employees’ long-term goals optimally.

Our initial proposal will save the business thousands in the first year.

Even better, plan participants will see their expenses reduced by more than 1% per year (also saving thousands).

This is one of the most dramatic retirement plan changes I’ve ever seen.

Hopefully, his fellow employees will appreciate his hard work and dedication.

Cybersecurity Executive, Age 44, Florida

My client was recently informed that his employer-sponsored retirement plan was adding an after-tax 401k contribution in 2024.

He wanted to know if this was beneficial for him and his family.

Indeed, this is incredibly powerful for this young executive.  This can potentially supercharge his savings into a tax-free bucket of money for retirement.

After re-running some quick numbers, reaching financial independence isn’t that far away!

Pilot, Age 35, North Carolina

Even with significant income, this young couple struggled with credit card debt.  They couldn’t get over the hump and make meaningful progress (one step forward – two steps back).

Earlier in the year, I proposed a challenge to motivate them to pay off debt.  I suggested they get a BIG ugly Post-it 🗉 and write their credit card balance on it every week, displaying it somewhere they’ll see it every day (bathroom mirror, refrigerator door, above the headboard, etc…) until the debt is gone.

This week, I got a message from them: the debt is gone!

I felt like I had just won the World Series when I heard the good news.

We’re meeting again soon, and it will be time to reevaluate their plan and supercharge their current situation with the anchor lifted.


Several People, Age 52+, Nationwide

The market is down. Fear is high.  The U.S. stock market just locked in three consecutive down months (August, September, & October) after a fast start to the year.

At current levels, the S&P 500 is back to April 2021 prices.

Admittedly, the past two and half years have had their fair share of both market and emotional highs and lows.

However, this was a great catalyst to sit down with these people and review their financial plan and either (1) confirm that everything is on track, (2) look for opportunities to make course corrections, or (3) engage in additional dialogue to confirm (reaffirm) dreams.

In addition, this was an opportunity to remind families of the benefits of faith, patience, and discipline.

All long-term gains in the market are earned.

If you or someone you’re close to 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.






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