053: Planning For Young Families

Absolute Trust Talk

When it comes to planning for a young family, whether it is financial or estate planning, it’s never too early to get started. Typically, young families share the same concerns and characteristics. It can be hard to navigate all the tools, information, and strategies that are out there. Many may put planning off or choose a route, not knowing if it’s best for them.

In today’s episode of Absolute Trust Talk, we sit down with Michael Strohl, CFP(R) from Open Advisors, who is an expert in working with young families. You don’t need to have a large investment portfolio to get started, but you do need smart financial advice and know-how when prioritizing. Spoiler alert: it may not be what you think. No matter what stage of planning you are in, Michael’s advice will help get you started down the right path or shift the focus of where it might need to be. Tune in now and share this episode with your friends.

Big Three from Episode #053:

1. Get life insurance.
2. Make sure your money is going into as many different buckets as possible, purposefully as you cycle through life.
3. Besides your 401k, are you doing any systematic investing?

Time-stamped Show Notes:

3:05 – Michael works with a variety of clients but has a specialty with young families in the tech sector. Here he discusses some of the common characteristics he sees when working with these families.

5:43 – Michael discusses how he gets started with a client who’s struggling with financial planning.

6:44 – This is how a young family should prioritize when it comes to financial planning.

9:13 – Often, people leave money on the table or don’t funnel it into the right places to meet their goals – here’s how you may be getting it wrong.

11:30 – How do you get your money in the right place to meet goals?

18:40 – If someone just had a baby, what should they do?

20:42 – How much life insurance should someone have?

22:12 – To sum things up, Michael covers how to prioritize saving in different places.

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