Sometimes a client will need help with tackling debt liabilities.
While debt can be overwhelming, it is important to get organized and figure out what debt needs to be paid, when it needs to be paid and how to pay it off. Our clients, Jack and Janie, who are in their 40s, came to First & Main Financial looking for help on how to start eliminating their debt, but also in meeting their financial needs throughout retirement. With young children and living in the expensive Bay Area, some people may think there is no way to get ahead of it all, but a financial plan can offer a road map to meeting your goals.
As we do with all of our clients, we went through a detailed data gathering process. We then analyzed the information and produced a base case scenario, showing Jack and Janie’s current financial situation. We assessed their types of debt, which ranged from high interest credit cards to student loans. They also had IRS and state tax liabilities that needed to be addressed. Using this information, we created a sample debt service plan and suggested what cash resources be used first. In addition to reviewing their debt, we also helped them assess their budget. While not always a fun task, it is important for couples to have a clear picture of income versus basic living expenses.
We also created multiple “What If” scenarios, such as what their financial future would look like with different projected salaries, different retirement ages, a home purchase (upgrading at different price points), increasing their retirement contributions, and different approaches to investing their current assets. These “What if” scenarios helped assess the overall impact of changes to their financial plan and the options available to them.
Most importantly, we helped Jack and Janie organize their finances such that they put a plan in place to pay off their debt, get back on track to funding retirement, contribute to a college fund and lastly, purchasing house. We also reviewed their current insurance, 401(k) investments and estate plan. As with Jack and Janie, First & Main Financial provides clients with quality and individual attention as well as complimentary guidance on existing 401(K) money. We also offer our clients a tiered fee schedule for asset management which is considered a good deal compared to the industry averages and starting rates usually charged by other firms.
If you are looking for some financial guidance, whether it’s for a one time financial plan or continuing advice on your investments, we invite you to meet with the First & Main Financial advisors for a free consultation. We would be more than happy to sit down with you, assess your current financial situation, and review with you our services to help you navigate your own financial future.