YFP 253: YFP Planning Case Study #1: Growing a Family, Paying Off Student Loans, and Buying a House

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

• YFP Planning: Financial Planning for Pharmacists
• Schedule a free Discovery Call with YFP Planning
• Case Study #1 Summary Sheet
• Insuring Income: Get Quotes and Apply for Term Life and Disability Insurance
• YFP 248: How 3 Pharmacists Had $700,000 of Student Loans Forgiven
• Your Financial Pharmacist Disclaimer and Disclosures