Can the Smiths ensure that their goals are within financial reach? This DLD Financial Planning case study features a family of four Vancouverites with dreams to buying a second home in Whistler. They also wonder what their retirement will look like.
The Smiths are a family of four Vancouverites. Ryan (41) and Rachel Smith (39) have been married for fifteen years and have two children: Lauren (11) and Curtis (13).
Ryan manages a business he inherited from his father two years ago (R&R Import/Export) while Rachel has her hands full as a stay-at-home mom.
At the breakfast table, Rachel and Ryan often chat about how they can better provide for their children. One of their dreams is to be able to buy a second home in Whistler, a frequent winter vacation destination and where they originally met. They also wonder what their retirement will look like.
They’ve worked with brokers and their bank to purchase various financial products. However, they don’t have a master roadmap to align their current financial strategies and ensure that their goals and dreams are within financial reach.
Total net worth
The Smiths have a total net worth of $1,150,086.
The Smiths have an annual cash surplus of $15,558. This includes monthly payments for their combined $650,000 in mortgages.
Financial future based on their current situation
Ryan and Rachel will be mortgage-free by the end of 2032 and have a total net-worth of $3,210,654.
» click to view net worth projections and cash flow details
Ryan and Rachel were tired of high-pressure financial brokers who each only saw a small slice of the financial picture. They sought someone who could bring cohesion to their separate financial programs and better utilize their annual surplus of $15,558. A trusted friend referred them to the DLD financial team.
Using The Strategic Planning Approach™ (DLD Financial’s comprehensive planning formula), the DLD team made these recommendations to streamline the Smith’s financial situation.
» click to view detailed financial recommendations
With the DLD team’s recommendations, Ryan and Rachel will see increases in their annual cash flow surplus and net-worth at retirement.
*All projections based on end-of-year figures.
A few weeks after working with the DLD team, breakfast table conversation at the Smith house was very different. Ryan and Rachel knew their financial future was in trusted hands. Their life goals and dreams were on their way to becoming reality. As Rachel watched Lauren and Curtis playing in the yard, she imagined them building snowmen on the lawn of their future Whistler home.
Due to our commitment to client confidentiality, we couldn’t provide a real-life example. Each client is unique. This illustrative case study is based on typical financial situations we manage. Contact us to learn more about what your financial recommendations might be, or to hear what real DLD clients have to say, read our testimonials.