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Your Financial Pharmacist

Apr 28, 2022

YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP®, RLP® is joined by YFP Planning Lead Planners, Kelly Reddy-Heffner, CFP®, CSLP®, CDFA®, and Robert Lopez, CFP® to walk you through a financial planning case study on growing a family, paying off student loans, and buying a house.

Key Points From This Episode

  • Introducing YFP Lead Planners, Kelly Reddy-Heffner and Robert Lopez. 
  • Describing the fictitious family of today’s case study: Jason and Lauren Jones.
  • The Joneses’ earnings, expenses, and debt.
  • Their goals and concerns.
  • How their cash position fits in the context of their goals and debt.
  • The question of whether or not to go the PSLF route.
  • The tendency to get caught up emotionally without considering the mathematics.
  • How the Joneses should tackle the wealth-protection aspect of their financial planning.
  • Speculation of whether a whole life policy is necessary.
  • The benefits of having one joint credit card per family.
  • What the Joneses should consider with regards to the mortgage conversation.
  • The power of financial planning.
  • The wealth-building opportunities for the Joneses’ emergency fund.
  • The ideal amount to put aside as an emergency fund.
  • Investment options and recommendations.
  • How to approach college education funds.
  • The future prospects of a supplemental income for the Joneses.

Links Mentioned in Today’s Episode