Dominic and Hannah Burke yearned for the open road. A conversation about the couple’s goals led their financial advisors to create a detailed plan for before, during, and after their dream trip.
We all have dreams, right? Some are bigger and more complex than others. No matter the size, all dreams require planning. Of course, some need more planning and time than others.
Financial advisors help their clients achieve all kinds of dreams, such as paying for college or renovating a home. Whenever a client meets a goal of theirs, no matter how small, that’s a job well done.
When Dominic and Hannah first met with an advisor, their primary goal was to travel the countryside for an extended period. Camping and hiking are their hobbies, and this was their dream. They had already sketched out a plan to quit their jobs and explore the National Parks and western Canada for a year and a half. Plus, they had bought a beautifully renovated Airstream.
A Financial Plan, a Camper, and a Dream
They had the camper, the plan, and the desire to make the dream come true. They also had questions. The couple wondered if they could make it work, and if they could, when. When would they be financially secure enough to quit their jobs and head out on the road? How much should they have in savings before they take off?
Those aren’t questions to answer on the back of a napkin or a simple Excel spreadsheet — they need a deeper dive. A team of advisors took Dominic and Hannah through a robust financial planning process. After analyzing the couple’s financial situation, their advisors explained how much they’d need for their trip and expenses back home. Their team also described what they’d need to earn and save after their trip to keep them on track for retirement.
For instance, an analysis demonstrated that each additional year the Burkes earn their current salaries increases their living standard by $7k annually. It also shows they need to continue working until age 67 to maintain their standard of living. The team’s thorough analysis gives the Burkes the information they need to jump into the Airstream and the future without a worry in the world.
They plan to set out this year — after their advisors helped to bring their vision to life.
The article listed above summarizes a hypothetical scenario developed to illustrate the kind of people we help and the problems we solve.