Middle Aged Family Economically Devastated by the 2008 Economy

Perhaps the most frequent question we field at our office is, “How much money must we have for you to work with us?” This is a valid question given the nature of many investment firms. As a financial planning firm, Heritage Investors does not require a specific account value or net worth for us to engage in a working relationship. What we do require is the dedication and drive to achieve your goals.

This client is one we all know too well. Life was moving along just fine for our couple with 4 teenagers; then 2008 happened! The couple did everything in their power to make it through the tough economic time which our country experienced. The real-estate bubble and the stock market meltdown along with a week economy lead them into high debt and eroded assets.

Our clients wanted to be out of debt and begin the rebuilding phase of their lives. However, the bill collectors and various decisions that were needed made it difficult for them to forge a clear path to freedom. Even still, they had the burning desire to eradicate debt and rebuild their wealth. The CERTIFIED FINANCIAL PLANNERS™ of Heritage Investors, started the financial planning process by discussing their financial goals, any concerns, and performing a comprehensive, thorough analysis of existing finances. Important topics included:

Protection Planning:

• Recommended and helped them secure the proper life, disability, and other protection products and canceled the ‘luxury’ insurances for greater cash flow

Debt Reduction:

• Designed an aggressive budget which minimized living expenses and released more discretionary cash to debt payments.
• Developed a debt elimination plan to minimize the amount of time on debt eradication of all liabilities except the mortgage.
• Created an accountability plan using various software and monthly meetings for encouragement and tracking.

Accumulation Planning:

• Saved a small emergency fund in record time to shield from life’s uncertainties.