Broker Check

Young Family

Michael, 34 & Amanda, 35

Michael, 34 & Amanda, 35

Reason for reaching out

Michael works for a National trucking company. Amanda is a Registered Nurse at the local hospital that is known for having fantastic benefits. It is part of a large healthcare network across the country. Michael and Amanda have two beautiful girls, 4 and 1. 

Michael doesn't like to discuss finances. He doesn't think other people should know how much money they make or how much they have. Amanda is stressed because she feels like they will never be able to upgrade to a larger home or afford a decent family vacation. Amanda is also concerned about helping their daughters pay for college.

What we found in our Data & Goals meeting

Michael & Amanda never discuss money. They only look at their bank accounts once in a while. Amanda is the one that pays their bills out of their joint checking account each month. In the data and goals meeting, we found that:

  • They were behind when it came to saving for retirement.
  • Amanda was participating in her company's 401k.
  • Michael was not enrolled in his employer's plan.
  • Their credit card debt payments were going mainly towards interest.
  • Student Loan payments were ending in 6 months.
  • Michael had a group life policy through employer, Amanda did not.


Our Strategies for Michael and Amanda

  • To us, communication is key. We would strive to get Michael and Amanda to open up about finances. We find that clients often inherit their parents' views about money and getting over those traditions can be difficult.
  • We would help Amanda allocate her 401k according to her principals and comfort regarding risk.
  • We could assist Michael in obtaining information on his employer's 401k and get him enrolled in their plan. 
  • To help with the credit card issue, we might research 0% balance transfer credit cards and put a plan in place to do a "balance transfer" to the 0% card, if that's the right option.
  • We would then create a cash flow plan and allocated money to pay off that 0% card within 12 months.
  • Creating a plan for student loan payments to fund two 529 plans for their daughters future education goals could be a good start.
  • We would want to evaluate potential insurance policies to fill in gaps should Michael or Amanda suddenly pass away.
  • We would begin estate planning strategies to ensure their two daughters would be taken care of if they both passed away.


This is a hypothetical example and is not representative of any specific situation.