Near Retirement
Paul & Susan, 58 & 54.
Primary goal: reduce taxes, create a reliable income stream in retirement, and assist with the succession plan of Paul’s dentistry practice.
The Challenge:
Paul and Susan are two years away from retiring together and accomplishing all of their dreams they have for their golden years!
They both were smart with their money and utilized Paul’s high income wisely, allowing them to build a sizable portfolio.
The challenge? They weren’t sure how to protect it all during retirement and were nervous about how the succession of Paul’s dentistry practice would affect their finances. Plus, they wanted to make sure they had enough money to leave a lasting legacy to their children and donate to the local animal shelter Susan loved to volunteer at.
And on top of all that, Paul knew that working with a financial advisor was the smart thing to do, but was nervous after being constantly sold to in his last advisor relationship over 10 years ago.
Ross Hunt's Solution:
Paul was referred to Ross & Mary through a friend and vetted them online before setting up an initial call. Paul was pleased to find that Ross is a Certified Financial Planner®.
A comprehensive plan was put together to pursue all of their needs:
- An income distribution plan that would allow them to work towards maintaining their standard of living
- Utilization of tax-efficient charitable giving strategies that included both their family and local animal shelter
- A business succession plan that minimized his portion of the business debt and allowed him to take home more of his hard earned dollars.
- Reduction of tax liabilities
Inheritor
Lauren, age 20.
Primary goal: put her finances on autopilot so she can feel good about her future, but also prioritize her busy social life in college.
The Challenge:
While away at college, Lauren’s parents gave her a call and let her know that Grandpa Elliot passed away and had left her a sizeable inheritance.
While saddened to hear the news, she was also excited to see such a large amount of money in her account…and think of all the fun things she could do with it.
Mom and dad had other plans. They wanted Lauren to talk to their financial advisor and create a plan for her money to grow over time – reluctantly she agreed, although she didn’t see the value in a financial advisor and thought she could get better advice from the internet.
Ross Hunt's Solution:
Lauren, her parents, and Ross Hunt set up a video call to discuss her financial situation. Lauren instantly felt an authentic connection with Ross as they:
- Validated her desires for the money
- Provided a new perspective about being smart with money and guided her through the basics of financial literacy.
- Offered an online solution that would allow her to be in charge, but have access to the team when needed.
Lauren decided to take advantage of the Guided Wealth Portfolio strategy and created a plan that built confidence in her future, and put the parents at ease.
- Allocated a certain spending amount for her to use.
- Created an investment portfolio that can potentially grow with her over time
- And set some money aside to help pay off her student loans.
High-Earning Healthcare Worker
Michael, age 37.
Primary goal: maximize his high income, plan for a family, and invest for retirement.
The Challenge:
Michael has been a Physician's Assistant for several years now, and loves his job. He makes great money and is able to enjoy life every chance he gets with his wife.
Recently, Michael's coworker bought a house in their area and left him wondering "how did they do that?" After talking with his coworker, Michael realized that his financial literacy was lacking.
He knew he needed a change if he wanted to achieve some of his bigger life goals, but wasn't sure what to do, since he wasn't raised with a good understanding of money.
Ross Hunt's Solution:
Michael researched some financial planners in the area and selected the first one that popped up on Google.
During their first meeting, Ross helped Michael get a plan together that did several things:
- Understand his current financial situation and a breakdown of where his money was going.
- Get an idea of how much he would need to comfortably afford some of the goals he had.
- Show him the value of how an advisor could help keep him on track and break bad money habits.
Michael was sold. Ross even sent over some additional resources for building Michael's financial literacy and assured him that he would be there to answer any questions and help keep him accountable to his goals.
Get help, today