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Financial Planning for a Family with Professional Backgrounds and Big Goals

Picture of Peyton Hoppes

When it comes to financial planning, every family has a unique story. Recently, I worked with a family that is focused on three key areas: starting investments, paying off debt, and planning for their kids’ future while prioritizing values-based financial stewardship.

Jump-Starting Investments
After years spent serving in the military and pursuing advanced degrees, they feel like they’re getting a later start on investing. With his role as a junior partner internist, paid through a K-1, he now has income stability and a strong motivation to make up for lost time. We’re structuring a diversified investment plan to help them grow their wealth and capitalize on his earning years, giving them a clear path to catch up.

We will be using a Solo 401k that will allow up to $66,000 to be used from his LLC taxed as an S Corp. Only $23,000 will be used as his tax deferred contributions, the rest comes from the LLC itself.

Accelerating Debt Repayment
Paying off debt quickly is a top priority for them. By doing so, they can free up more of their cash flow for investments, family vacations, and other experiences they value. We’re creating a strategic debt-repayment plan that focuses on high-interest accounts first, giving them a clearer financial path as they eliminate debt and boost their future spending flexibility.

Saving for Their Kids and Giving Back
With two young children at home, they’re committed to setting aside funds for their future. Alongside that, they want to prioritize tithing and using their finances to make a positive impact. We’re developing a savings strategy for both college and charitable giving, ensuring they can support their kids’ education and make a difference within their church and community.

In Summary
For this family, financial planning is all about balancing investments, debt management, and values-based savings. By focusing on these key areas, they’re building a future that supports their dreams while staying aligned with their values.