Name: Mark - $155,400 per year Age 39, Occupation: Attorney
Name: Cynthia - $110,000 per year Age 30, Occupation: Nurse Practitioner
Current Net Worth: $312,296
Mark and Cynthia have been together for five years and married for three.
Mark works for a successful Law Firm downtown and has been contributing the maximum in his 401(k) since he was hired at the firm. His current balance is $172,296. Mark is a saver and avoids debt. He received scholarships for undergrad and worked his way through law school. His parents were careless with money and he does not want to have a future like his parents. He is a first generation college graduate. Mark wants to establish his own firm one day.
Cynthia went back to school to become a Nurse Practitioner and graduated recently. She has about $50,000 in school loans and $5,000 in car debt. Cynthia has a desire to go to medical school one day. She has always been a high-achiever. Cynthia is a spender. She grew up in a upper middle- class family where money was never discussed. She started saving in her 401k when she got married to Mark. Her 401k balance is $6,700.
They have a two year-old child and a new home valued at $250,000. Mark has investments in a brokerage account totaling $140,000. Most of it was inherited from a family member. He has not had time to focus on the investment selection. They have not begun saving toward their child's college education yet. They are considering having one more child. They handle their money separately. They rarely talk about money it makes them argue.
*These are fictional characters and hypothetical scenarios. Please note that individual situations can vary and some strategies may not be suitable for all investors. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.
Mark wants to be able to continue saving the maximum in his 401(k), buy real estate, travel twice annually for vacations and get rid of Cynthia's debt. He also does not want Cynthia to go to medical school unless it's paid for. Cynthia does not care if medical school is paid for by scholarships or by loans and feels they are doing pretty well. They both want to thrive financially and increase their net worth. Mark would like for them to combine their money and give Cynthia an allowance. Cynthia is against this. Both are extremely busy with work, taking care of their child and going to the gym. They agreed that working with a Financial Advisor who does financial planning was a good idea.
Dual-Career couples are extremely busy, whether they are Baby-boomers, Generation X or Millennials. The biggest problems most have concerning money is the failure to communicate, not operating as a team and financial disorganization. Couples should make a priority to discuss their money at least 1-2 hours per week.
If you are serious about planning for your future, we will help you on your journey to Plan, Accumulate, Grow, and Preserve your wealth for the next generation. We'll partner with you as your personal CFO to help you make sound financial decisions in your life and manage your wealth.
As an independent firm, we’ll provide unbiased and objective advice for you. We will create a Financial Plan unique to you. As you move through life investing consistently by paying yourself first, we help you determine how to accumulate the additional wealth you need to live the life you want. Our SIX STEP Lighthouse Financial Planning Process begins with a thorough look at your current financial state and where you would like to be by the time you retire.
We can provide ongoing monitoring of your investments of your employer retirement plan, our wealth management or any brokerage firm outside our investment management. We can take on clients just for Financial Planning Services only.
We can provide financial advisory consultation and create a unique financial partnership to busy dual- income career families. We encourage and empower you to pursue your financial goals and accumulate wealth. We will discuss strategies to handle wealth management for your family. We are here for you to help with your financial affairs while you live the life you want. Your cares are our cares.