The Situation
- Both 39 years old, married with two young children
- Combined annual income of approximately $450K
- Maintained separate checking and investment accounts with no coordinated investment strategy
- One spouse was a significant saver while the other prioritized spending on travel, home improvements, and experiences
- $900K mortgage on their primary residence
- $180K remaining in student loans between both spouses
- Multiple retirement accounts from previous employers that had never been consolidated
- $250K held in cash across several bank accounts
- Contributing to college savings accounts but had never determined an appropriate funding target
- Different views on when they could afford to retire
- No comprehensive estate plan or coordinated insurance strategy
Our Approach
- Created a complete household balance sheet combining assets, liabilities, income, and cash flow
- Established shared financial priorities and separated short-term spending goals from long-term wealth-building goals
- Developed a coordinated investment strategy across both spouses' accounts
- Determined an appropriate cash reserve and put excess cash to work based on their goals and time horizon
- Evaluated student loan repayment versus investment opportunities
- Consolidated and optimized retirement accounts from previous employers
- Built financial planning projections around retirement, education funding, home expenses, and lifestyle goals
- Established a regular financial review process to keep both partners engaged and accountable
Collaborating with Specialists
- Worked with their CPA to coordinate tax planning, retirement contributions, and investment decisions
- Introduced them to an estate planning attorney to establish wills, trusts, powers of attorney, and updated beneficiary designations
- Coordinated with an insurance specialist to review life, disability, and umbrella liability coverage
- Helped the couple evaluate their employee benefits to ensure they were making the most of available opportunities
Significant Results
- Created a shared understanding of where they stood financially and where they wanted to go
- Replaced separate financial decisions with a coordinated household strategy
- Increased confidence around spending, saving, investing, and major purchases
- Put excess cash to work while maintaining an appropriate emergency reserve
- Established a clear framework for retirement and college funding decisions
- Reduced financial friction by giving both partners a structured way to discuss money and make decisions
- Built a cohesive team of advisors around the couple's financial life
- Gave both spouses greater confidence that they were working toward the same future together