August & James: First-time parents
August and James just celebrated their 5yr wedding anniversary and welcomed their first child into the world over the past year. Congratulations to them! Because of his hard work ethic, and the way he gets along with his colleagues, management thinks really highly of James. That has allowed August to leave her corporate job and start her own cake-making small business before they had their first child. Now they're thinking about having a second so that their first child can have a sibling.
Between managing a small business, working 40+ hours, social engagements, spending time with their little one, and spending time with each other, August and James came to the conclusion that it might be worth it to hire a financial planner.
They figured it would save them time and stress from having to consider all the important financial moves their life now required, and use that time to grow August's business and spend time together.
The first thing we tackled was to help August and James be protected from any unexpected events. While James was provided enough life and long-term disability insurance through his employer, August was not protected should anything happen to her. We also helped them execute their first Estate Plan so that their child would be taken care of all the way through adulthood should something happen to them.
With those key areas taken care of, we helped them think through these questions on their minds:
Should they purchase their first home, or should they continue to rent?
How would adding an extra member to the family impact their finances?
How much and when should they start saving for their kid's college?
How should they approach investing their excess cash flow?
How much can they afford to pay for day care and pre-K?
How can August maximize saving for her own retirement?
By delegating the financial aspects of their lives to us, August and James were able to focus on being the best parents that they could be while building their careers.