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New Parents Corner

Be a "Thrivalist!"

Life is busy. And life as a parent with a family is extremely busy. Making difficult decisions when you’re running on three hours of sleep with a work deadline right around the corner just isn’t easy. As an experienced family financial planner and parent, I know how it all goes, life is very full.

That’s why it can be so hard balancing all of the financial responsibilities that come along with raising a family.

Family Financial Planning

Life insurance. College savings (for the kids). Student debt (yours). Retirement. Day care. Regular savings. Mortgage. Reducing incomes? The list goes on. And this doesn’t even count all of the other obligations you need to keep track of as a parent. You know, like buying enough diapers and remembering where to pick the kids up.

Where are you supposed to start saving? How are you supposed to hit your long-term financial goals while also living the life you work so hard for in the short-term?

Don’t worry! You are not alone in asking those questions. And you’re certainly not alone if you haven’t been thinking about them too much, either. Family financial planning strategies are something that many young families are constantly re-evaluating.

Even as a family financial planner & general financial advisor, I struggled with how to plan my family’s finances properly when my family first started to grow. Fortunately, I was able to take my experience and apply it to my own life.

Our hope is to keep those financial worries off of your family’s plate. Through my own experience, and through the experiences of other families I work with every day, I’ve found that what “works” as a family financial planner, and I’ve learned that it’s going to be different for every family. Because every family has different goals.

My mission here at Thrive Wealth Strategies is to make sure that YOU know how to take the next step and build a better financial future for you and your family.

I hope you’ll join me!

Case Study

New Parents

Sam (33) and Diane (30) live in a one-bedroom condo in Beacon Hill. Since they purchased it for $550k, it’s increased in value to $775k. The married couple is expecting their first child in five months. They wonder if they can hit their retirement goals — and if both parents can continue to work — if they decide to stay in Beacon Hill.

  • Household income: $323,000
  • Checking account: $12k
  • Savings accounts: $71k
  • Retirement: $335k
  • Life insurance: $300k group term

  • Where do we stand financially?
  • Can we afford to live on one income? How long can Diane be home with the baby (or potentially down the line, babies?)
  • How much can we afford to spend on a larger place?
  • What expenses should we budget for over the next few months? Years?
  • How would our finances look in Beacon Hill, Brookline or Lexington?
  • Do we have enough life insurance?

  • Create scenarios:
    • Buying in Brookline or Newburyport, or staying in Beacon Hill (3BR, 1,300 sq ft. in each)
    • Diane returning to work in two years or five years
  • Create 1 page financial document showing:
    • Net worth of $780k ($420k in investments)
    • Monthly cash flow positive $1,130
    • Start saving $500/month toward college expenses

  • Purchase 3BR condo in Brookline for $1.25M
  • Cash flow positive $2,450 after agreed upon changes
  • Confident Diane can stay home with baby for three years before starting some consulting work
  • Increased life insurance to $1.2M and $450k
  • On track to retire at 60, no longer stressed about finances
  • Focusing on reading baby name books!

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Our Process

1
Give Us a Call

We’ll start things off by scheduling some time to talk over the phone. This will give us a chance to learn more about your concerns and answer your questions. By the end of the call, we should both have a good feeling if we are a good fit to work together.

2
Get Organized

We’ll gather your financial details. This step involves gathering everything in one place. And don’t worry. At this stage, we’ll also empower you to set up a system to keep your finances organized in the future.

3
Get Started

We’ll match this information with your financial goals to create an in-depth analysis. This will include a customized financial planning checklist as well as an Investment Policy Statement. When you are comfortable moving forward, we can work together to put your plan into action.

4
Track & Adjust

Moving forward, we’ll continuously monitor your investment performance and reevaluate and readjust your financial plan as needed to stay on track with your evolving needs and goals.

Ways to Get Started

New Parents Package
$1,200+$100/month*/month

ALL CUSTOM SERVICES, PLUS EMPHASIS ON:

  • Five-year plan: Detailed 5-year cash flow analysis
  • Retirement check-in: Are you on track?
  • Stress tests: The “what if’s”
  • Insurance gap analysis: Life and disability insurance assessment
  • Estate planning basics: Will, power of attorney, trust accounts
  • College savings plans

 

*Monthly planning fee waived once advisory assets reach $150,000

 

Investment Review

$500 - Available to DIY and DIWM subscribers (included with DIFM package)

An in-depth review of your current portfolio of investments, based on my proprietary Thrive Method, a program I’ve developed over decades of experience. You’ll receive a custom-generated list of suggestions, actions, and strategies to help maximize your investment and asset allocation. The review features a calculated risk analysis, current cost analysis, and investment performance analysis.

CFP Review

$750 - Available to DIY subscribers (included in other packages)

A one-page financial plan that not only contains information about your current situation but also provides insights to help guide future-focused strategies and decisions. Imagine taking tens if not hundreds of pages of financial data and distilling it into an actionable doctrine - this is the Thrive Certified Financial Planner Review.

Single Issue Plan

$250 Each - Available to DIY subscribers (included in other packages)

We create a customized, concise, and easily accessible plan to address a specific issue you’re concerned with and outline how to approach it. Some examples include college planning, pension options, retirement readiness, early retirement healthcare, social security, and many more!