John and Marcus (age 38 and 41) are married, have just adopted a child (Abigail) and have moved into a larger home. Until now they never felt like they needed a written plan but with the recent addition to their family, they realize they need professional advice on developing their FULL financial plan.
John works as a successful self employed web designer and Marcus has been working with a company for the last 12 years that offers both benefits and a pension. They have some investments with their current bank but they don’t really understand what they have.
John and Marcus’ concerns
Where do we start? What have we missed? What should we know?
- What’s the best way to accomplish our goals which include:
- Paying off the mortgage before we retire
- Putting money aside for our daughters education
- Plan our retirement
- Solutions for John and Marcus
After a detailed analysis of their current investments, benefits and income we provided the following solutions:
- Tailored investments to a more appropriate and diversified portfolio. This minimized risk, provided creditor protection for John’s business and will help maximize future returns.
- Established the “Head Start” program for Abigail. This is helping save for her post-secondary education, plan for future insurance and income needs, plan for unexpected events and establish a plan that will grow with her.
- Reviewed John’s current business with John’s accountant and suggested alternative retirement savings strategy. This strategy offers significant tax savings and provides for future estate planning needs.
- Developed an emergency plan to protect their family and John’s business.
- Created cash flow strategy that allows John and Marcus to save for the future while still being able to enjoy their lives today.