Case Study #3

NEWLY EMPLOYED FIRST-GENERATION IMMIGRANT

Diana is age 27 (hypothetical client*). She is a first-generation American born to immigrant parents from South America.

She has a large extended family still living in South America. She wants to visit regularly and spend more time with them. It’s part of her journey to rediscover her roots.

Diana recently graduated from UT (University of Austin, Texas) with a master’s degree, and she is excited to have landed her first job.

Her employer offers some wonderful benefits, but Diana needs help choosing which benefits will be most useful to her and how to get them set up. 

Additionally, Diana has a small amount of student loan debt.  Most of her education was paid for through the generosity of her hard-working parents.

Diana realizes and appreciates that her parents prioritized saving for her college education, which left them with no savings for their retirement.

They worked hard to help Diana achieve her goal of obtaining her master’s degree and now she wants to begin helping them financially as they approach retirement age.  

Her new employer allows for remote work, so she feels confident exploring travel opportunities in the future before putting down roots and purchasing her first home. She is excited to share the travels with her parents who have not travelled much.

DIANA’S CONCERNS AND CHALLENGES

  • Taking advantage of all the benefits the company is offering.
  • A spending plan that allows her to pay off her student debt, assist her parents financially, travel to connect with family, and eventually save for a deposit on a home.  
  • How to start saving for retirement and how to prioritize this?
  • What issues to consider if she starts working remotely.

ELGON’S FINANCIAL PLANNING SOLUTION

Through a series of Elgon’s discovery meetings, advisor Jane Mepham helped Diana define what her financial freedom vision could look like and how the implementation of her plan would match that vision and benefit her life.

  • Jane carefully reviewed Diana’s company benefits and helped to educate her on the different aspects available like Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA).
  • She developed a tax-efficient investment strategy for Diana using retirement accounts that allow her to systematically increase contributions as other goals are met and cash flow improves. 
  • Diana’s plan is based on her values, passions, and dreams.  It includes provisions for her to pay down debt, start investing, fund goals like helping her parents, saving for travel, and developing a nest egg to be used as a deposit on her first home.
  • Diana has personalized access to her wealth dashboard so she can see her financial life plan in one place. The dashboard includes a snapshot of her various saving and investment accounts and the student loan debt she is quickly paying down. She is excited to see her growing net worth.

Diana has a new sense of confidence, knowing she has a great financial foundation going forward.  She is delighted at having an accountability partner for all her money matters.

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*DISCLOSURE STATEMENT 

The above success stories are based on hypothetical clients. The information is provided for general information and illustration purposes only. Your use of the information is at your sole risk. Elgon Financial Advisors and advisor Jane Mepham do not give direct tax or legal advice. Referrals to other professionals like CPA’s, Estate Planning and Immigration Attorneys are available upon request. Investment advice is provided on assets held in the U.S. exclusively.

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