Building Wealth

Client Objective:

This young professional duo has crafted an exciting career path that yields a substantial income but has yet to swim in the pool of affluence (i.e., HENRYs - high earners but not rich yet). Their ambitious dream is to retire in their mid-fifties, embracing a lifestyle without pinching pennies or downgrading their quality of life. In addition, they have mapped out a pre-retirement plan that includes funding their children’s private school education, purchasing an investment property, and travelling internationally with their children yearly. The couple had some lingering academic debt (who doesn’t at this stage?) and a jumbo loan on their primary home. They wanted to simplify their financial life by paying down and consolidating their debt while formulating a strategy to accomplish their goals.

Our Solution:

Financial Planning

The first step was understanding their retirement aspirations and developing a map to lead them to their destination. Our guidance enlightened them on the monthly contributions necessary for their retirement dreams to come to fruition. The husband’s income included substantial bonuses twice a year, leading to the suggestion that they live off of their combined regular salaries while also minimizing their debt. The semi-annual rewards were allocated to bolster their brokerage account and cover travel and educational expenses. We introduced the "financial buckets” concept so the client could distinguish between daily expenditures and savings. By exhibiting the potential retirement age relative to the annual savings, we enabled them to strategize their financial goals – yearly spending on travel, education, and general living expenses, versus an early retirement – for an ideal lifestyle balance.


Tax Efficiency

Considering their substantial taxable income, we inspired both partners to optimize their 401(k) contributions. Additionally, we recommended opening a Donor Advised Fund for a tax-savvy approach to their philanthropy.


Wealth Protection

We conducted a holistic examination of their disability, life, and umbrella insurance policies to ensure that unexpected life events would not affect their financial objectives.

 

Education Planning

We engaged in a thoughtful conversation regarding Florida prepaid and traditional 529 plans, providing insights to help them identify the best alternative to meet their educational savings goals.

Client profiles are hypothetical and presented for illustrative purposes only. Ullmann Wealth Partners does not know whether its clients approve or disapprove of its services.

Client Stories Summary

Read profiles of some of the types of clients we serve and the ways we helped them achieve overall financial health.

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Professional Couple

We help professionals plan for their future by creating a customized wealth management plan that will help remove anxiety and allow them to meet their goals.

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