Alex

Occupation: Business Manager at a top 5 largest public company in the US

Age: 25

Primary Goal : Plan for a career change with a large income increase, open both non-retirement and retirement accounts, cash flow planning, financial planning Alex was extremely successful early on in his career and he even graduated college early and earned a high-level position in the largest private company in the US. He enjoyed the work he did there, but knew it was time for a change to further his career. Alex had a few interviews with top level companies and eventually got an offer from a top five largest public companies in the US.

For the past 5+ years since graduating, his position at his first employer allowed him to live a relatively worry-free daily life and to set some money aside for retirement. Alex sought help from PFG when he received the offer from his now new employer to see if we could help him manage the increase in his income, help him strategize a plan to pay off his student loans and car loan, consolidate his retirement plan and private employer stock, build wealth for the future and save for a down payment on a home.
The plan PFG & Alex put into place helped him in a number of ways:

• Alex and PFG came up with a strategy for the new income that was coming in. We were able to identify how much of his income needed to go towards monthly expenses, establishing an emergency fund, contributing to the appropriate retirement and non-retirement accounts to save for his future retirement and goals, and a plan to set aside money with the intent to put a down payment on a home within a few years once rates settle.
• Worked together and looked through his new employee handbook and made sure the right selection were made, and identified benefits that could be used in the future as Alex starts a family (estate planning offered by his employer at a reduced rate).
• Educated Alex and private and public company stock and the tax implications behind those.
• Developed a plan to pay off his short-term debts within 2 years.

Alex now understands how his finances all work together. He was glad he saved money in other retirement accounts and took advice from his parents, and now he has a tailored plan, unique to his goals and current situation. Alex now understands that financial planning is not a set it and forget it activity and knows his plan will evolve as his life evolves.

Case studies may not be representative of the results of all clients and are not indicative of future performance or success.