Fundamental Case Study

Areas of FocusTravis and Mia, both 35, are married with two kids ages 4 and 2. They both work in architecture. Their combined income is $125,000 a year and the cost of living is high in their city. Daycare and preschool are big expenses for them now and they don’t know how much they spend every month. They save in their employer’s retirement plan and they have IRA accounts. They have a 30-year mortgage and Mia’s student loan to pay off. Travis’ family lives 1,000 miles away and they fly at least once a year to visit his family (who gives them $2,000 a year for the kids’ college). They also want to take a family vacation every other year. To help Travis and Mia, their Planner worked with them to prioritize their goals and measure their discretionary income. They developed a gradual plan for building up an emergency fund, increasing their retirement savings, and saving a bit more for college. The Planner helped them learn if they are on track to retire at 65 and also discussed what their resources might be when the kids are ready for college. He gave two referrals to local estate planning attorney’s so they can get a will and power of attorney. Finally, the Planner helped them understand that Mia needed more life insurance and encouraged them to get an Umbrella liability policy and to use a Dependent Care FSA through Mia’s work to get tax benefits for their daycare expenses.  

Areas of focus: phases 1-3 

Income level: typically < $150,000 household income