Financial Planning 2016
If you think that Financial Planning is only for the wealthy, think again. If your vision of Financial Planning is having someone invest your assets for you and send you charts each quarter showing you how the market is doing, then look at these top questions PlumTree Financial worked on this week with our clients:
I’m finally making some money – what is the best way to pay down my student loans?
Student loans can feel overwhelming – the numbers are large and the payments eat into your food and rent budget. I have worked with this client for years to fit these payments into her daily spending and saving. With a new job and fiance, she was ready to double down on this issue so that she and her new beau could save for a beautiful wedding. With 8 different loans from 3 different providers at 7 different interest rates, we developed a plan for this client that included accelerating payments on some of the loans, refinancing others, AND, using bonus money to pay off still others. Her plan – which has now become “their plan” – also includes stashing money away for their nuptials in about a year.
We were traveling to our favorite spot and found the vacation home of our dreams, can we afford it, how much should we put down, where should we fund it from?
I’m so happy to be on these journeys with clients. This client had asked me last year how much they could afford on a vacation home. It seemed like a distant dream at that time, and they thought the number I gave them was too low for a home they would really want to get away to in the vacation spot they loved. But, armed with the right information, they found a home for sale quite by accident and needed to know how to pull the trigger.
Purchasing a home is always an involved process – especially when the home is 500 miles away. We had several phone calls, emails and a meeting to review mortgage quotes, determine the most tax-efficient and least disruptive way to fund the down payment and worked out some goals around renting the property and the tax implications involved. They go to closing in a few weeks.
I need someone to manage my money, I’m very busy at my job. I don’t ask you to learn my job, so don’t ask me to learn yours – do all of my investment management for me.
Of course! We are a full service, comprehensive Financial Planning company and we can manage your assets for you, if that is what you are looking for. But, once this client came in and we were actually able to discuss his family’s entire financial portfolio we determined that there were some holes in his estate plan that needed immediate attention, and, with a baby on the way we recommended a level of term insurance for him and his wife that would protect their family and the wealth they had worked so hard for.
While PlumTree does not sell insurance or write wills and trusts, we are able to provide the information you need to have an educated discussion with the appropriate professional. If you’d like, we’ll attend that meeting with you, or review any paperwork or quotes you are provided. Our goal is to be the “quarterback” of your financial plan, being sure that all of the parts work together with a certain synergy to keep you on the path that leads you to financial independence.
While this client prefers to remain pretty hands-off regarding his finances, we always have healthy discussions when he and his wife come into the office. That’s the only real way to be sure that we are delivering what he and his family need to reach their financial goals.
Financial planning is about everyday financial decisions, our goal is to get you comfortable with those decisions. Does any of this sound like you? If you have questions about how to reach your financial goals, call us today.