Examples of the Kinds of Experiences My Clients Might Have

These stories are composites based on real people. Results cannot be generalized and I cannot guarantee that you (or anyone else) will achieve similar outcomes.

Tom, a police officer in a medium-sized city, and his wife Mary feel frustrated because they don’t have enough money each month. Tom feels Mary spends “extravagantly” on hair, nails, clothes and shoes. But Mary says Tom spends a lot more on “expensive hunting and fishing trips with the boys.” Since they make all purchases on credit cards, they are saddled with debt repayments every month.

Tom wants to begin saving for retirement. Mary, who is still paying off her own college loans, wants to begin saving for their children’s college education.

What I Would Do: My first step involves creating discretionary spending accounts for each partner. A review of insurance policies turns up an unnecessary life insurance policy but reveals a need for more home and auto coverage.

Result: Insurance restructuring creates some cash flow that can be used to save for their children’s education. With discretionary spending accounts, vacations and “fun” purchases get paid in cash. The couple now saves $2-5000 a year in interest and unnecessary insurance premiums.

Ralph owns a small business doing home remodeling and handyman work. He has earned a reputation for delivering quality work, so he's always busy -- too busy. He's never home. Ralph desperately wants to coach Little League baseball with his two young sons, but he feels cannot afford the time.

Ralph's wife Jennifer keeps the books for Ralph's business. She hates accounting and feels overwhelmed by tracking Ralph's expenses. Tax time creates a traumatic time in Ralph's household as they always seem to owe more than they can spare easily.

What I Would Do: My first step involves reviewing the family tax returns for the past two years. We find many legal deductions they never claimed. During our interviews, Jennifer told me she sells cosmetics. She carefully reports the income but does not realize she can take legitimate business deductions. After I prepare amended tax returns, Ralph and Jennifer get several thousand dollars from the IRS.

I also help Ralph and Jennifer implement a simple record keeping system so her tax forms practically fill themselves out. I helped them implement a record keeping system and helped jennifer find a very simple way to keep track of the records. We also agreed to set aside a monthly sum so the end-of-year tax bill no longer shocks their financial system.

Result: Ralph works fewer hours yet the family gets the same (or higher) disposable income. Ralph now coaches his kids' team to the State championship.

Gina received a large divorce settlement but was terrified she would lose everything if she made a wrong move. Her husband had been the family money manager. She knew she would be an easy target for a dishonest advisor.

Gina enjoys a successful professional career. She holds an MBA but realizes she needs help managing her money.

She gets lots of conflicting advice. One friend encourages her to spend her entire settlement on buying a home. Others say to keep renting till she's ready to marry again, several years from now.

What I Would Do: Like many clients, Gina was paying far more taxes than necessary. She needed to set up retirement accounts. She could purchase a home, with a down payment on the house that would diversify her assets.

Result: Gina now pays considerably less in taxes, so she increased her cash flow. She now has a trusted advisor to call any time she needs advice regarding her money.

If these are the kind or results you are looking for, call (805) 722-2942 to set up an appointment for a free consultation.

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