Early in Career Case Study

Amy and Steve are both young physicians.  Like many couples in their mid 30s, they owned a home and had recently started a family.  It wasn't that many years ago that their biggest concerns were college and medical school. 

During medical school, they started amassing a considerable amount of debt and had difficulty saving. As their incomes rose dramatically after residency, Amy and Steve soon realized that they did not have a plan in place to manage their debt, save for their children's college educations, and set money aside for their own retirement, among other things. They couldn't decide how to prioritize these different interests or where to start. Between careers, family commitments, and social activities, they continually put off what seemed to be a daunting and arduous task: organizing their future.

Finally, based on a referral from a trusted friend, they contacted a McKinley Carter advisor about their financial situation.

The Solution

During their first meeting, Amy and Steve began by reviewing their goals and objectives with their advisor. It soon became clear that they needed a comprehensive plan to effectively manage their total financial situation.

Once Amy and Steve's financial goals were finalized in a second meeting, their advisor began to formulate a plan to prioritize their goals and come to an agreement on actionable steps that could be taken over the coming years. In this particular instance, it was decided that emphasis should be placed on building cash reserves for emergencies, followed by implementing a savings strategy for their future and their children's college funding. Because the interest cost of their current debt was low, it made the most sense to make regular payments and not be concerned about paying the loans off early. 

With the recommendations from the McKinley Carter advisor, Amy and Steve were able to implement a plan they could follow successfully by basing their planning decisions on mutual goals and the financial interests of their family. Throughout the next year, their advisor stayed in regular contact with them to ensure the appropriate steps were being taken and to keep them on track. Once the initial steps had been taken, Amy and Steve were able to focus their energies on their family and careers, comfortable in the knowledge that their financial plan was in place and being managed full-time by trusted professionals.