Dominic and Hannah Burke yearned for the open road. A conversation about the couple’s goals led their Sensible Financial advisors to create a financial 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.
We help each one of our 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, I feel satisfied.
When Dominic and Hannah first came to Sensible Financial a few years ago, they told us 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 just before coming to Sensible Financial.
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? Dominic asked, “When will we be financially secure enough to quit our jobs and head out on the road?” Hannah asked, “How much should we have in savings before we take off?”
We can’t answer these questions using the back of a napkin or a simple Excel spreadsheet. We need to take a deeper dive. A team of advisors took Dominic and Hannah through our full 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 Sensible team also described what they’d need to earn and save after their trip to keep them on track for retirement. For instance, the Sensible 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.
Their original plan was to hit the road in 2020. COVID-19 changed that. They plan to set out this year. We wish them well. They recently thanked us for helping to make their trip possible. At Sensible Financial, our specialty is helping bring our clients’ visions to life.
The article listed above summarizes a hypothetical scenario developed to illustrate the kind of people we help and the problems we solve.