High income, big questions, and getting off on the right foot.
Zachary and Jasmine, age 30, Chicago, IL
Zachary is a consulting engineer.
Jasmine is a strategy consultant at McKinsey.
Their combined family income is $325,000.
Savings and checking balances: $25,000
401(k) and Roth IRA balances: $60,000
Owe $175,000 in student loan debt.
Challenge: How do we lay a strong foundation for our family’s financial future?
Zachary and Jasmine are unsure if they will always want to be a two-income household once they start their family. But they know they want the opportunity to make the best decision for themselves and not have their choices dictated for them because of finances.
Solution: Miner Wealth Management bridges the gap between possibility and reality.
A friendly discussion with Matt Miner, CFP®, helped Zachary and Jasmine realize they could immediately address a few areas that would better align their money with their family’s values and future financial goals.
After working with Matt to compile the necessary documents, he reviewed the couple's spending habits, individual financial personalities, insurance, and benefit options. Matt also talked with the couple about career-planning conversations he encouraged them to have with their managers.
Working together, Matt, Zachary, and Jasmine implemented the anti-budget strategy and turned saving money month-by-month into a game. They built their debt-elimination strategy, immediately reducing what they owed, and planned to destroy their student debt in three or four years. They also optimized their choice of health insurance plans and their contributions to their 401(k)s and Health Savings Accounts (“HSAs”) to get the most out of their employee benefits and reduced their tax withholdings.
Their personalized financial plan allows them to:
Decrease their spending and taxes.
Significantly increase their income.
Optimize their employee benefits.
Mash the accelerator on paying off their debt.
Get a big headstart on saving for a house down payment.
Results: Simple steps today will lay the right foundation for building tomorrow’s dreams.
By taking these actions, Zachary and Jasmine saved about $6,000 on taxes and another $2,500 on their annual health insurance premiums. With reduced taxes and a more efficient monthly spending plan, they began directing $2000 per month to their house-down-payment fund. The career planning conversations with their bosses went well, and Zachary and Jasmine expect to add about $50,000 to their combined income next year.
Zachary and Jasmine came to Miner Wealth Management for help with their money, but they also gained:
A partner to guide them through all their future financial decisions– from career changes to buying a home.
Improved communication and reduced friction around money and spending.
Opportunity to create a future for their family that aligns with their priorities
Agency to make their current hopes and dreams their future reality.
Contact us to schedule a free consultation to learn how Miner Wealth Management can help you lay the right foundation for building your family’s wealth.
