Cara
Age, 28
The Goal:
Cara wants to buy a house in the next few years + repay her student loans more quickly.
She knows that the decisions she makes now will affect her enjoyment of life, and ultimately her ability to build wealth. She’s willing to pay for help and guidance.
Her Challenge:
Cara is entering the time of life where there are a lot of decisions to make. Unfortunately, most financial advisors won’t talk to Cara unless she has $500k in savings already. She felt pretty much left on her own to figure it out.
Her Circumstances:
When Cara contacted us, we all knew it was *a fit*. Cara is committed to her future. Beckett has the expertise, personal touch, and digital savvy to help her – and we do not have minimum investment requirements.
Cara started her work career as a financial analyst in the business banking division of a regional bank. Recently promoted for the second time, she is now a Relationship Manager earning an impressive six-figure salary.
Despite her love for travel, going out with friends, and date nights with her boyfriend, Cara has always been prudent and saves a large portion of her earnings.
Other than knowing that saving is important, Cara knows little about what she should be doing.
· Should she consolidate her student loans?
· Should she buy or lease her car?
· Does it make sense to buy a house? Or continue renting?
· Is she getting the most out of her employee benefits?
Even though Cara works in financial services and is clearly both smart and successful, she doesn’t have the time or the outside perspective to figure out all the nuances on her own.
The Design:
Our first meeting was to get to know Cara and her situation. Taking a holistic approach, we worked with her to clarify her values and establish goals, as well as identify her needs.
We then developed a method for Cara to frame her choices, creating a process that cuts through the uncertainties surrounding decisions. To address her immediate questions, we focused on the following:
· Consolidated her cash flow and structured a budget to match her lifestyle as well as her savings goals.
· Reviewed the financial aspects of buying a home; the short and long-term implications to her lifestyle; the unseen obligations that come with owning real estate; and, the differences between home ownership and investment.
· Developed strategies to optimize her debt and improve her credit score.
· Summarized the employee benefits available to her and explained the effects on the rest of her financial situation.
· Created *Why This Matters to Cara* video briefs as education memos for our in-person meetings.
We helped Cara set up an investment account that we manage through a model portfolio, selected to best match her risk profile. To help her stay on track to meet her goals, Cara auto-deposits money from each paycheck. For every bonus and every raise, she committed to investing at least twelve percent.
The Results:
Cara has the peace of mind of knowing she has an expert in her corner: a team to help her make strategic decisions and to guide her on the *what and why* behind her choices.
The solutions we developed helped her in many ways:
· She has a handle on her cash flow.
· She knows how to maximize her credit score.
· She understands the financial and non-financial implications when she decides to buy a house (and knows she will call us for help).
· She has a game plan to repay her student loans.
· She pays a reasonable monthly fee for expert, personalized advice.
Cara took action to jumpstart her life. She has a career she loves, travels, and goes out with friends. She is confident in her future because she has a plan, and she understands the *What and Why*.
Importantly, Cara knows we are watching out for her, monitoring her financial future, and offering advice and encouragement along the way.
