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Families

Families

Some of our clients come to us upon marriage or starting families.

Bryn and Chris approached us a few months after receiving the exciting news that they were expecting their first child. She was considering moving to a part-time position, or staying at home for a few years to focus on their growing family. However, they were concerned about the impact such a decision would have on their other goals, such as saving for college and protecting themselves financially in case of an emergency. They were also anxious to move from their small one-bedroom to a larger home in a nearby suburb.

Our Approach

With the all joys of parenthood come new concerns. Understanding this, we assisted the young couple in first getting a solid grasp of their current financial situation and then prioritizing their goals for the future. We helped Bryn and Chris create an updated budget for her different employment scenarios, and showed how their after-tax income would be affected in each. Using different assumptions for home values, property taxes, and schooling costs, we illustrated the financial implications of different housing options on both their cash flow and net worth. After incorporating other goals such as college funding, the purchase of life insurance and other estate planning needs, we helped Bryn and Chris come up with a plan that made sense for them and their expanding family.

Benefits of Working With Clarity

The advice we provided Bryn and Chris allowed them to:

  • Create a flexible yet detailed budget based on their family’s changing situation
  • Understand the type of home they could afford to purchase and maintain over time
  • Purchase appropriate, cost-effective life and disability insurance policies to protect the family’s well-being in the event of an untimely death or illness
  • Open the 529 plan with the most tax benefits and lowest costs, with a long-term plan of how to meet college expenses
  • Discuss appropriate estate planning needs with an attorney, including drafting wills and updating beneficiary information on their retirement accounts
Bryn and Chris are not actual clients but a composite of many we have worked with. They are used for illustrative purposes only.

Contact Us

Clarity Investments + Planning LLC
118 North Bedford Road, Suite 100
Mount Kisco, NY 10549

NYC Meeting Space:
60 East 42nd Street
New York, NY 10165

212-730-7029 phone
914-293-1015 fax

aclearwaters@clarityinv.com

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