YFP 253: YFP Planning Case Study #1: Growing a Family, Paying Off Student Loans, and Buying a House
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YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP\\xae, RLP\\xae is joined by YFP Planning Lead Planners, Kelly Reddy-Heffner, CFP\\xae, CSLP\\xae, CDFA\\xae, and Robert Lopez, CFP\\xae to walk you through a financial planning case study on growing a family, paying off student loans, and buying a house.
Key Points From This Episode
- Introducing YFP Lead Planners, Kelly Reddy-Heffner and Robert Lopez.\\xa0
- Describing the fictitious family of today\\u2019s case study: Jason and Lauren Jones.
- The Joneses\\u2019 earnings, expenses, and debt.
- Their goals and concerns.
- How their cash position fits in the context of their goals and debt.
- The question of whether or not to go the PSLF route.
- The tendency to get caught up emotionally without considering the mathematics.
- How the Joneses should tackle the wealth-protection aspect of their financial planning.
- Speculation of whether a whole life policy is necessary.
- The benefits of having one joint credit card per family.
- What the Joneses should consider with regards to the mortgage conversation.
- The power of financial planning.
- The wealth-building opportunities for the Joneses\\u2019 emergency fund.
- The ideal amount to put aside as an emergency fund.
- Investment options and recommendations.
- How to approach college education funds.
- The future prospects of a supplemental income for the Joneses.
Links Mentioned in Today\\u2019s Episode
- YFP Planning: Financial Planning for Pharmacists
- Schedule a free Discovery Call with YFP Planning
- Case Study #1 Summary Sheet
- Insuring Income: Get Quotes and Apply for Term Life and Disability Insurance
- YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven
- Your Financial Pharmacist Disclaimer and Disclosures