Anthony
Case Study - Age 42
Mid-Career Professional
Meet Anthony, a successful mid-career professional who has worked hard to provide for his family. With a spouse and two children, Anthony knows that he needs to be diligent in saving for the future. He wants to make sure he has enough money to cover his children's college education, childcare expenses, retirement, and any unexpected emergencies that may arise.
Despite his financial acumen, Anthony is feeling overwhelmed and uncertain about how to manage his finances for the long term. He is unsure if he has saved enough money to cover all of his family's needs, and he worries that he may be missing out on important opportunities for growth.
Anthony knows that he needs help to navigate the complex world of finance and create a financial plan that meets his family's unique needs. He is looking for a trusted financial advisor who can help him optimize his investments, reduce his tax burden, and plan for a secure and prosperous future.
He has concerns:
Saving enough for children's college education
Covering the costs of childcare expenses
Ensuring retirement savings are on track
Managing debt and reducing it if possible
Creating an emergency fund for unexpected expenses
Providing adequate life and disability insurance coverage
Balancing current lifestyle expenses with future financial goals
Managing taxes and maximizing deductions
Creating a plan for future financial milestones such as home ownership or starting a business
Navigating the complexities of employee benefits and compensation packages
That’s where we come in.
Establish clear financial goals: Identify short-term and long-term goals, including college savings, retirement, and emergency funds. This helps to create a clear picture of the financial roadmap and makes it easier to prioritize financial decisions.
Create a budget and track expenses: A budget helps to keep track of income and expenses and ensures that expenses are within the budget. Tracking expenses helps to identify where money is being spent unnecessarily and where cuts can be made.
Maximize retirement contributions: Anthony’s retirement portfolio is evaluated, and he is encouraged to contribute to his retirement accounts, securing tax-advantaged savings for the future.
Invest in a 529 plan for college savings: A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. Investing in a 529 plan early can help to accumulate more savings and grow tax-free.
Protect his family with insurance: Anthony considers purchasing life insurance and disability insurance to protect his families from unexpected events. Life insurance can provide financial security for loved ones if he passes away, while disability insurance can replace lost income due to an illness or injury.
Review and optimize investment portfolio: review his investment portfolio periodically to ensure that it is aligned with his financial goals and risk tolerance. They should also consider working with a financial advisor to optimize their portfolio.
Plan for estate and legacy: Anthony works through estate planning to ensure that his assets are distributed according to his wishes. He creates a will and a trust, if necessary, to provide for his loved ones in case of unexpected events.
Anthony reached out to Long Planning. His financial advisor worked with him to create a personalized financial plan that takes into account his unique goals, risk tolerance, and time horizon. John feels confident that he is receiving competent, unbiased and objective advice.
With the help of a trusted financial advisor, Anthony can rest easy knowing that he is taking the right steps to secure his family's financial future.*
Case Study 3 - Mid-Career
Why Long Planning
What you get:
Fee-only Fiduciary: We are legally bound to act in your best interest, providing you with unbiased and objective financial guidance
Specialized Approach: We specialize in working with tax-sensitive retirees, successful professionals, business owners, and work-optional clients.
Tax Optimization: We provide strategies to help you minimize your taxes over your lifetime, not just in a single year.
What you don’t:
Commission-based influence: We are only compensated by our clients, not banks or third parties.
Stale Advice: We take the time to understand your unique financial situation and create a personalized financial plan that meets your specific needs.
High-Pressure tactics: We will partner with you to help grow and preserve your wealth for a lifetime, not just for today.
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*Note: The above case study is hypothetical and does not involve a real long planning client. No portion of the content above should be construed as a guarantee of the same experience or level of results if Long Planning is engaged to provide investment advisory services.