Jerry & Elaine

Age(s): 27 & 26

Occupation: Business Owner & Consultant

Primary Goal: Jerry & Elaine find themselves facing a complex web of financial considerations. They are concerned about selecting the optimal student loan repayment plan, saving for short-term goals such as their wedding and a down payment for a house in the near future, all while making sure they aren’t neglecting their retirement savings. They are keen on seizing the opportunity to indulge in memorable experiences during their 20s before embarking on the journey of starting a family. Adding to the complexity is the fact that Jerry recently left his former employer to start his own business and now both Jerry and Elaine will need to be more dependent on the employee benefits offered by Elaine’s company. Additionally, they would like to do some international traveling while they still have the flexibility, prior to starting a family.

The Challenge

What is the most effective way to balance their short-term goals and their long-term goals? How do Jerry and Elaine have healthy conversations about combining their finances, and more importantly, their values as individuals and as a newly married couple.

They Also Wondered:

When will we be in a financial position to purchase our first home?

How much should we save towards long-term goals like retirement?

Are we taking advantage of all of the benefits that Elaine's employer offers?

How should we invest our 401(k) accounts?

Is life and disability insurance important for someone that doesn’t yet have any children?

How should we invest in our 401(k) accounts, pre-tax or Roth? How do we decide what investment options to choose?

The Approach

The first step for Jerry and Elaine was to meet with John and assess if there was a mutual fit for a working relationship. Once they learned more about each other and how John could address their questions, they began to craft a detailed roadmap to address Jerry and Elaine’s goals

The Results

Jerry & Elaine now had the clarity they were seeking to prioritize their goals and have healthier conversations about money. They were also able to:

Choose a student loan repayment plan that allows them to pay back their student loans, while still working towards their other goals
Understand their current cash flow and create a budget that balances living today and saving for tomorrow
Create an investment strategy that aligns with their financial goals and values
Identify and leverage the benefits being offered by Elaine's employer
Create a savings strategy that will allow them to be in a position to purchase their first home