Quick client situation with details:
Cal & Julia Clemens, 37.
They have a toddler at home, another baby on the way.
Cal makes great money, $400,000/yr., Julia’s at home with the little guy.
Their household spend is about $12,000/mo., they’re certainly living a full (and fast) life.
Zooming out quick, they appear to be in great financial shape, on paper.
After talking with them, however, it was obvious Cal was completely overwhelmed.
While their income was growing, so was their complexity:
- Stock options
- Increased and more complicated tax situation
- Questions about adding additional life insurance
- Save more or invest more, what’s the right balance?
Exact word: “Bottom line Nic, I have no idea if I’m doing this right, we could use some help.”
Cal and Julia became Know My Plan clients and the first thing we did was build a financial plan that answered all the questions:
- What to do with and how to navigate the stock options
- Understand and minimize the tax burden
- Increased life insurance
- How much should we be saving?
- Risk exposure…
- Is the annual beach trip irresponsible (No!)
- Can we begin looking for a bigger house?
- How do we make the most of these next 10 years without missing the moment?
After we put the plan on paper, Cal and Julia were good to go, the allocations were set and overwhelm was removed.
We were concluding the meeting and Cal said something that stuck with me:
“Babe, you don’t have to go back to work.”
That’s not just a financial win, that’s a life win. Those moments make me happy. Good for you guys.
If you’re feeling the pressure of a fast-moving life and rising financial complexity, you don’t need to figure it out alone.
Let’s build a plan that makes life clearer, not busier.
–Nic
P.S. If this story reminds you of someone you care about — a colleague, friend, or sibling — feel free to forward it along. Sometimes the right story shows up at just the right time.
Please add the following: This is a hypothetical situation based on real life examples. Names and circumstances have been changed. 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.
