The Morels have a baby on the way. That's great! Raising a child can be challenging, but we're here to make the financial challenges that come with as smooth as possible.
Save enough to pay for Little Morel's college
Be able to pay for part time child care so that Sarah can go back to work if she wants to
Take an extended family vacation each year to Tom's parents in Florida
All while saving enough money to stay on track for kid #2. And 3. And maybe 4... And Retirement.
Our plan for the Morel's is going to be as simple as possible so that they can focus on raising their new baby and, since they're not sure about whether or not Sarah wants to return to work or how many children they want, we'll be sure to provide them with as many contingencies as possible. We would:
Open up an appropriate college savings account for their baby on the way
Help set savings goals both pre and post birth that will allow them to maintain the life they want
Invest their current savings in a manner allowing for flexibility with future expenses
This is not actual advice for an actual client but,
Sean and Lisa's oldest son just graduated college! They're excited to see what's next for him but, with two more children in high school already, they're worried about balancing their children's educations with staying on track for their own retirement.
Cover half of each of their children's college tuition
All while saving enough money to stay on track for retirement
Take an extended family vacation with all three children each summer
Move into a smaller house once their third child has left for college
We want the Larkins to be able to enjoy this exciting time in their family, so we'll try and create as simple of a plan as possible for them. Some of the bigger steps would be:
Help set savings goals that will allow them to maintain the life they want
Model the impact that downsizing will have on their general finances and savings needs
Moving the money that they have saved for their children's educations into tax-advantaged accounts
This is not actual advice for an actual client but,
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Our primary focus with Laura is ensuring that she has the information that she needs to advocate for her kids and herself through out the divorce process.
Make sure that her children's educations are taken care of
Take an extended family vacation each year to visit her parents in Florida
Be able to afford any necessary extra support for her kids
All on top of saving for retirement
While our ability to help with divorce proceedings is limited, we can at least help Laura understand how the terms will impact her family's financial life. Our first steps with Laura would be:
Model the day to day financials of any changes in divorce terms
Ensure that any savings for her children's educations is in a tax advantaged account
Develop a saving plan aligned with her new financial circumstances
This is not actual advice for an actual client but,