Growing Firefighter Family

Brad & Maddie
Case Study #1
Age:
35 & 32
Primary Goal:

Develop a purposeful plan to reduce financial stress from "not knowing" and ensure they are on track for retirement and education funding. 

FInancial Size-up:

Brad and Maddie have always been "too busy" to sit down and discuss their money goals.

 

Brad recently made Lieutenant and Maddie just became a supervisor in the Emergency Department. 

Together they are earning about $145,000/year, yet they always wonder where it all went. 

Between Maddie's student loans, a couple of credit cards, two car payments, home mortgage, and the rest of life's expenses; it almost feels impossible to get ahead. 

The thought of planning for retirement and their kid's college (Age 4 and 2), while juggling everything else life is throwing at them, is overwhelming.

 

Brad's heard too many salty firemen say, "I wish I would have started saving earlier." They know they are earning enough to build wealth, now they just need a plan to get on track.   

Goals:
  • Become debt-free.

  • Establish an emergency fund.

  • Create a savings plan for retirement.

  • Create a savings plan for college funding.

Action Plan:

Brad and Maddie weren't sure where to start, which is why they decided to reach out to a financial planner. 

A comprehensive plan was created to meet all their needs:

  • A spending and cash flow plan that decreased unnecessary expenses and increased excess cash flow.

  • A debt payoff plan that saved thousands in interest payments.

  • An emergency fund analysis to show how much they'd need to maintain their lifestyle if unable to work and a plan to save for it. 

  • A tax-efficient investment strategy to reach their retirement goal. 

  • Reduced investment costs. 

  • Improved asset allocation to better align with their goals.

  • A college funding strategy that reduced their state income tax liability.

 

Creating a financial plan gave them clarity on where they were heading and motivated them to take action on their financial goals. 

 

Brad and Maddie no longer wonder where all their money went. They are telling it where to go and are using it as a tool to build the life they want.   

Note: The above case study is hypothetical and does not involve an actual client of Forward Focus Financial Planning. None of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Forward Focus Financial Planning is engaged to provide financial planning and investment advisory services.

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Forward Focus Financial Planning, LLC is a Registered Investment Advisor in the state of Georgia.

(470) 228-0519 |matthew@forwardfocusfp.com |Clarkesville, GA 

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