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

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