Getting On the Right Financial Track

Staying committed and following through

Challenge:  Strong income, but high expenses, debt, and real estate challenges prevented this couple from getting ahead.

Result:  Sapiat helped them get organized, refinance debt, and got them on track to a work-optional lifestyle.

William and Stephanie knew each other since college.  They were both in their forties with two kids when we met them. At that time, they both earned good incomes, but the money seemed to go out as fast as it came in.

Even when money was earmarked for savings, some new bill seemed to pop up to absorb that cash.  Their mortgage was a big payment, and then when they added on property tax, insurance, and the homeowners’ association, all these expenses took a significant bite out of their earnings.  They also owned a rental unit that had been vacant for several months, causing them a severe cash flow problem.  When they added family expenses, their two car payments and the cost of helping William’s mom out, they didn’t like their current financial trajectory.

When they first came to Sapiat, they first just wanted to stop the bleeding.  They felt like they were treading water financially and it was causing them both too much worry.  They were ready to make a change and wanted to get on the road to a more confident financial life.

William was a good researcher and found Sapiat after learning that they were fee-only fiduciaries.  He had called and made an appointment for a free consultation.

At the initial meeting, it was discovered that the couple did not have much in savings, and had not been regularly contributing to retirement accounts.  However, after discussions, they said they were committed to changing.

Sapiat then got to work and helped them identify and prioritize their goals, as well as gather financial information. An initial strategy was created to place them on solid financial ground within two years and make them financially independent in fifteen. The plan included strategies to save on taxes, refinance all of their debt including student loans, and reign in some of their other day-to-day expenses.

Intense planning followed,  where Sapiat built a complete financial plan and looked at all aspects of their financial life.  With Sapiat’s real estate expertise, we helped them refinance both of their mortgages and come up with a plan to make their rental property cash flow positive again.  We also helped them refinance student debt to a much lower interest rate.

They stayed committed and followed through on all of Sapiat’s advice.

Fast forward to today, William and Stephanie are still clients of Sapiat.  After working with them for eight years, they are on track to achieve financial freedom in three years, ahead of the original schedule.  Now they are in the habit of contributing regularly to all their accounts.  Their financial life is organized and by having expert guidance they have the benefit of objective, professional advice to help avoid financial mistakes.

William and Stephanie were ready to make a change and wanted to get on the road to a more confident financial life.

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