Wealth Accumulators

Johnny and Eve have been in their careers for a little over 10 years now and have been successful within their companies. Both have high-paying jobs and continue to take on leadership roles as they come their way. 

As they try to start a family, they wanted to meet with a financial planner to make sure they had their finances in line. We helped ensure their emergency fund was built up enough in case something came up, especially as they will have new costs for children including healthcare and daycare. As this is their first child, we helped them understand what the impact would be on their monthly cash flows. We also reviewed their health insurance and discovered they were on a high-deductible health plan. We encouraged them to change to a low deductible plan before the child is born, if possible, to save them a large out-of-pocket medical bill related to the child’s birth. We then discussed how much they could expect to pay out of pocket for expenses related to childbirth under both plan options.

We’ve discussed different options they can look at for their extra cash each month once they’ve fully funded a comfortable emergency fund. They are currently maxing out their 401(k)s at work and we looked at what would make the most sense for them between a Traditional IRA, Backdoor Roth IRA, or an HSA account (depending on whether or not they keep their high-deductible healthcare plan). 

Eve’s employer is in the process of being bought out by a larger engineering company. We helped her evaluate her stock options and how to best handle her portfolio when the buyout occurred.

In the near term with starting a family, we will need to look at options for both disability and life insurance to ensure that any dependents would be supported sufficiently if something happened.

More long-term, they would like to move out of their apartment into a home a bit out of the city. Johnny and Eve wanted to know what financially makes sense for a home price to consider with the rest of their goals in mind if they should put in 5%, 10%, or 20% on a down payment, and how to find the best lender and loan for them. 

Johnny and Eve live confidently today while setting themselves up for their ideal future. Through our flexible planning and constant reviews, we’re always tweaking their plan to match their ever chaining life.