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Financial Planning Can Save You Money

I am very transparent about how I charge the people I work with. You can find my services and how much I charge on my Services page if you’re interested.


I do this for a few reasons:

  1. It allows the people I work with to continually determine whether the value I provide is worth the cost.

  2. It’s something that not a lot of other advisors do, so it differentiates me.

  3. I’m VERY confident in the value I provide.


Despite my confidence in my services, the value can get difficult to communicate to people, so I figured I’d give some examples of how I’ve provided quantifiable value since I started my firm.


Life Insurance:

Life insurance isn’t really something that people seek out; it’s often sold instead. And despite good intentions, sometimes the person selling the insurance doesn’t gather enough information to provide a good recommendation (or they were told that their product is best for everyone - which is never true).


Example 1:

The individual had the right amount of insurance, but the wrong kind. We went through the process to replace it, resulting in monthly savings of about $150 and access to over $20,000 that was in the policy. 


Example 2: 

A couple had the wrong type of insurance, and they didn’t have enough of it. We were able to triple their coverage, AND save them around $300/month.


In both of these situations, we switched from cash value insurance to term insurance, but it’s important to understand that term insurance isn’t always the answer - sometimes it does make sense to pay up for more expensive cash value insurance, and sometimes it doesn’t make sense to cancel old policies, even if there’s cash stuck inside.


Taxes and Debt:

Often, two different pieces of planning go hand in hand. That’s why it’s important to work with someone who reviews your entire financial situation for opportunities.


Example 1: 

One spouse in a couple has significant student debt and works for an employer that’s eligible for Public Service Loan Forgiveness. By switching their filing status, we were able to enroll her in the SAVE repayment plan using only her income, which will lower her payments by around $300/month.


Example 2:

This individual had used a real estate property for business purposes, but no longer needed it. Instead of selling and taking a tax hit on the entire gain, they elected to defer some of the proceeds into a Delaware Statutory Trust (DST), which deferred the taxes, saving them over $50,000 this year.


Conclusion:

These are just examples of a few of the ways I’ve provided quantifiable value to the people I work with. Everyone’s situation is different, so the way that the value shows up is different for everyone - that’s why you want to work with someone who not only understands the rules of the game, but also understands what’s unique about your life and the opportunities available to you. 

 

As always, keep in mind that you don't have to go it alone. I’m Austin Preece, a financial planner in Eau Claire, Wisconsin, and I work virtually with people across the US. Check out my website to see what it's like to work with me and reach out if you have any questions.


If you found this post helpful, help spread the word! Share with friends and family that you think may benefit as well. But remember, this is solely for educational purposes - it's not advice.

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