Business Owners

Client: Sonia

Age: 52

Occupation: Business Partner

Income: $200,000

Questions she’s asking:

  • What is an appropriate emergency fund for my circumstances?

  • What level of savings would support a sustainable retirement?

  • How can I allocate my bonus towards education, vacation, and other goals?

Goals:

  • Setting up education funds for her child

  • Building an emergency fund

  • Backfilling savings after funding business and children

Results:

  1. Moved the emergency fund to a high-yield savings account and invested the remaining cash balance.

  2. Based on discussions, a priority list was created for allocating the bonus payments when they occur.

  3. 529 accounts were open and funded.

  4. Helped the company implement a 401(k) plan to allow for tax advantaged retirement savings.