Meghann

Age: 24
Marital Status: Single, No dependents

 

Goals:

• Plan to pay off student loan debt.
• Budget for savings, travel, and first home.
• Start investing in a retirement plan at work.
• Figure out how much she can donate to environmental organizations.

Situation:

Meghann is a pediatric resident at the U, earning a limited income for the next few years as she finishes her education. She likes adventure traveling and volunteering with a local eco-tourism organization. She wants to create a plan that will last through her residency that puts her in a good position to save and give back now while paying off her debts in the right way and having enough to buy her first home once she graduates.

Challenges:

• Limited time to manage her own finances.
• No plan to follow to accomplish her goals.
• Other firms won’t talk to her because she doesn’t have enough investable assets to hit their minimum.

How Rising Financial helped Meghann:

Using the limited residency membership plan, we started by organizing Meghann’s finances and built a plan that reflected her goals and values that would last her the next 3 years of residency. This plan included a few key elements:

• A cash flow and budget plan that set aside dollars for vacation, a house fund, and even some to spend today (and feel good about it!).
• An emergency savings account.
• A student loan debt forgiveness and paydown plan to save interest over time.
• An investment plan that is large enough to qualify for her employer matching program, focused on investments that Meghann feels great about.
• A review of taxes and strategies that she can implement now to save her real dollars over her lifetime.

We’ll meet with Meghann once a year during her residency to help her stay on track, then once she graduates and enters the workforce, we can modify her plan as her income and net worth grows.

 

Sound like you? Schedule a Free Consultation!

 

 

*Please Note: The above Case Study is hypothetical and does not involve actual Rising Financial clients. Case Studies illustrate the hypothetical experience of a fictitious client based on a scenario that an actual client might experience. These Case Studies are designed to generally illustrate how we may provide our services to our clients. Keeping in mind that no two clients, situations, or experiences are exactly alike, the Case Studies are not to be construed as an endorsement of Rising Financial by any of its past or current clients, nor any assurance that Rising Financial may be able to help any client achieve the same satisfactory results. To the contrary, none of the Case Studies should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results or satisfaction if Rising Financial is engaged, or continues to be engaged, to provide financial planning and investment management services.