Jan is a top female attorney in her late thirties. Her husband John is a real estate developer who is approaching his 40th birthday. Both enjoy substantial incomes. But, each work over 60 hours a week. As a result, they feel tired and frazzled.
On top of that, Jan and John are expecting their first child. They know they have to slow down, but wonder how they can afford to do so. Meanwhile, their former financial advisor has constructed a high-risk, high-reward portfolio that is fully invested in stocks. This means the couple will feel every dip and bounce in the market, adding to their stress.
To start, we would execute our Dodds Wealth Lifeboat Drill with Jan and John, and restructure their portfolio for a more balanced blend to reduce risk and volatility for their circumstances.*
Additionally, Dodds Wealth would also, in this example, show them how to decrease the debt level of Tom’s real estate business – which could potentially enable them to work towards their financial goals. Essentially, we feel that less risk and less debt will likely result in greater confidence.
We would expect that with sound planning, Jan would be able to reduce her work hours considerably,and enjoy more time at home than originally expected with her child. We would also expect that John would be able to get away from his business more often, and take on the responsibilities of being a new parent. Plus, his business could be debt-free.