Case Study: Financially struggling to build wealth

Financially Struggling To Building Wealth

10 years ago, a couple owned a business and rental properties generating over $1M in income. However, there reserves were non-existent. They knew they made good money but didn’t understand why they felt broke. They wanted to having a better handling on their finances and take strategic actions to build savings be pay off debt. They owned 3 properties which included their primary residence and had 4 vehicles including a high luxury auto. They had a few stock Investment and retirement accounts from when they were employed.

Outcome:
  • We completed the bookkeeping on their business and personal accounts. By doing so we could see where they spent the money and now track it in real time.
  • Reprioritized their financial goals and eliminated unproductive activity that weren't aligned to their new goals
  • Set up person debt elimination plan after participating in psychological and mental counseling focused on money and self awareness.
  • Introduced new investing methods to increase asset and investment portfolio.
  • Divested their retirement accounts due to underperformance over time.
  • Implemented tax saving strategies to reduce their business taxes.
  • Referred them to certain financial advisors to properly set up insurance and long term care coverage.

Since implementing these actions and habits, they have accumulated a net worth of $9M and only have good debt.

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