The Situation

This client came to Murphy & Sylvest with significant student loan debt, three young children, and a husband who was facing illness resulting in an unplanned period of unemployment. They needed a financial plan that would guide them through this difficult period with the end goals of being debt free, paying for their children’s education, and financial independence.

Actions/Steps

Murphy & Sylvest created a comprehensive financial plan, based upon previous experience helping other young professionals; the focus was on lowering the family’s debt while also preparing for the future. Actions performed included:

• Creating a clear, concise picture of their total assets, liabilities, income and expenses with a customized asset spreadsheet and spending plan
• Prioritizing which debt to pay first, with the focus on reducing high interest rate debt
• Building an emergency fund to help cover the husband’s period of unemployment while also preparing for future financial emergencies
• Starting education funds for the three children’s college education
• Working with the client to advise on large expenditures, including a new house

Summary/Results

Before coming to Murphy & Sylvest, the client was facing an uncertain future with mounting financial debt. Now, 15 years later, the client is financially independent, ahead of their original goal and debt-free with enough money saved to fully fund all three children’s undergraduate college education. They have also saved enough to relocate while still maintaining their current standard of living before and during retirement. They followed our counsel, stayed disciplined and achieved their financial goals.

No results are guaranteed, but if you are in a similar situation or seeking guidance, please contact Murphy & Sylvest and we will work with you to help you achieve your financial goals.