Emerging affluent: PERSONA EXAMPLE

Chris & Jenny Miller

Chris and Jenny are married with one child and another due any day now. Chris is a lawyer at a large law firm in town and Jenny is a sales professional at a publicly traded company. Chris isn’t sure if he will stay at the firm and become a partner or become an in-house counsel to one of the firm’s clients.  Jenny struggles with whether to stay at home or continue working – she would like the option to stay at home. They have a lot more excess cash coming in these days and wonder if they should be doing something smarter with their money.

The Miller’s Concerns:

  • How much income should we be saving for retirement?
  • We’d like to pay for college but how do we know how much to save and where to invest?
  • We’re worried about what would happen to the other spouse and kids if one of us died prematurely
  • A relative mentioned we should have an estate plan. Do we really need one now? 
  • We’re paying a lot of tax on our income – is there a way to pay less?

How Moneta can help in this hypothetical situation:

If this were a real scenario, the Millers would sit down with the Duff Team and lay out their concerns. We would create a financial action plan that laid out how much the Millers should be saving for retirement, even though that was a long way off. For college, the Millers would learn what savings vehicles offer the best tax benefits and how much to save in order to pay for a private college they had in mind. They would then have automated monthly savings amounts deducted from their checking accounts to their various savings accounts. Our team would explain how to protect the other spouse with term life insurance and how much is appropriate for their lifestyle. We would explain how the estate planning process works and what documents were necessary for their current needs. Finally, our team would discover a variety of ways to lower their yearly tax bill. 

As a result, the Millers would have more time to spend with their family. They would meet with our team frequently to discuss how their plan is changing as their goals evolve and their family and income grow.

Examples contained herein are for illustrative purposes only based on generic assumptions; individual experiences with the Team, and results, will vary.  This is not an offer to sell or buy securities, nor does it represent any specific recommendation.  You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. Past performance is not indicative of future returns.

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