Daniel & Avery Williams - The Young Family

Background

Daniel and Avery met in college at Colorado Christian University. They got married shortly after graduation and now have 4 children (ages 9, 7, 4, and 2). Daniel works as a marketing manager and Avery works PRN as a nurse.

The Problem

As young parents, Daniel and Avery feel torn between several different financial priorities and are constantly faced with financial decisions. Should they prioritize saving for college or investing for retirement? Can they afford to take the family on a vacation without sacrificing long-term goals? Do they need life insurance and if so what kind and how much? They’ve been told they should have an estate plan, but is it really necessary? 

Since they don’t have a clear plan in place, how do they know if they’re making the right decisions?

In addition to the multitude of priorities and questions, it often feels like there’s not enough dollars to do everything. Kids are expensive! Between health insurance, clothes, school supplies, groceries, and activities for the kids, they feel stretched thin in spite of earning a reasonable income.

As a result, Daniel and Avery feel like they are “spinning their tires” financially: they aren’t sure if they’re making the right decisions or progressing towards their goals.

The Solution

After getting to know Daniel and Avery, their CKA© walked them through each area of their finances educating them and offering recommendations. Their CKA© also helped them to set long-term goals and create a personal plan to accomplish them. This included creating a budget that reflected their desire to create memories as a family, but also helped them stay on track towards their goals.

They also optimized their retirement savings, set up college funds for their kids, created an estate plan, and purchased the right amount of life insurance (without getting sold expensive products they don’t need!).

‍The Results

Now that they understand their finances, have a plan in place and a budget to follow, their finances are simpler. They make spending decisions easily and feel confident knowing they are on track for their long-term goals. 

Instead of spending time figuring out finances, working with a CKA© has freed up time and mental space to focus on each other and raising their kids.

*Disclaimer: All scenarios are entirely hypothetical and the individuals/families described are not real clients of Peak Financial Management. Nothing in these case studies should be construed as a guarantee of results/outcomes of, or satisfaction with services provided by Peak Financial Management.