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Tim has managed all of his family’s finances up to this point. He and
Melissa is very excited at the prospect of retiring, but is uncertain
his wife make a decent living with their combined incomes and never
regarding their ability to do so since they have spent a lot of their
saw the value in keeping a budget. Tim has made all their
money towards their children’s college education. Melissa and her
investment decisions over the years primarily investing in growth
husband have never maintained a budget since they have had
stocks and commodities. Tim wants to take advantage of their
dual incomes, however, they want to continue living the same
combined salaries and put some of their cash flow towards “big-
comfortable lifestyle through retirement. Melissa wants to retire
ticket” projects like home renovations and purchasing a boat that
when her husband does. She looks forward to finding volunteer
they can enjoy during retirement. Ideally, Tim would like to retire
opportunities and spending more time with her family.
soon and maintain the lifestyle that he and his wife enjoy now.
TIM & MELISSA’S CURRENT RISK TOLERANCE?
52 79
WHAT IS IMPORTANT TO TIM & MELISSA?
Being able to
retire early
Maintaining the
same lifestyle
TIM & MELISSA’S CURRENT BUDGET
✔ Essentials: $72,100
✔ Discretionary: $38,000
TOTAL: $110,100
✔ Essentials: $60,000
✔ Discretionary: $25,000
TOTAL: $85,000
Shortfall: -$27,700
TIM & MELISSA’S ASSETS
Non-Investment Assets
✔ Primary Residence: $570,000
Investment Assets
✔ Tim’s Retirement Accounts: $707,000
✔ Melissa’s Retirement Accounts: $133,000
✔ Joint/Individual Accounts: $220,000
✔ Precious Metals: $416,000
1. Lack of budgeting.
2. No diversification of assets.
Goal Strategy
We strongly advised them to work with each other to eliminate unnecessary big
Minimizing big-ticket purchases like home improvements and boats. With the residual cash flow, we
recommended that they save that money and put it aside for purchases they want
purchases to budget for down the road.
Given their situation, we worked with them to develop a budget and a system that
allows them to monitor their spending and keep each other accountable. Ideally,
Creating a budget our goal in helping Tim and Melissa create their own budget was to allow them to
form more realistic spending habits before entering retirement.
Diversifying their We encouraged Tim and Melissa to reallocate their investments to include higher
exposure to income producing assets to help with producing cash flow throughout
investment portfolio retirement.
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