State of the Family
Brittany and I have done a ‘State of the Family’ type meeting for the past 10 years. It started with a question of “Where are we in life?”, “Are we on the right track?”, “Can we afford the vacations this year?” and the most common "Where did all of our money go??"
Now it has grown into a twice a year mandatory review for us to go over our past finances together, and discuss our upcoming expenditures. This way we can visualize the progress we are making and make sure we are intentional about the things most important to us (time off, finances, kids).
We’ve had so much interest in our process that we’ve worked hard to create spreadsheets that are applicable to almost every situation. We have packaged these into an email series that you can use to facilitate discussions with your partner and stay on track with your life goals!
"What gets measured, gets managed"
- Peter Drucker
Outline of Series
Once you place your order you will immediately receive the 1st email in the series, each subsequent email is sent the following day. By doing this, you will better understand each section as they build on one another leading up to the State of the Family finale!
- Basic finances and Budgeting; Spreadsheet attached
- Interview with our Financial Advisor
- Long term planning (Investing, Retirement, 529s, Real Estate investing); Spreadsheet Attached
- State of the Family; Spreadsheet Attached
Basic Finances and Budgeting
Budgeting and basic financial review are the cornerstone for healthy home finances. This email will outline the importance of budgeting and paying off debt (we <3 Dave Ramsey).
The spreadsheet is organized for you to input:
- Cash on hand for bills and emergencies (checking & savings accts)
- Debts (Credit Card, Student Loans, Medical, HELOC and more)
- Asset Equity (Home, Vehicles)
- Monthly Budget
The print out will include a breakdown summary of your finances as well as discussion points customized to your situation to help facilitate a conversation between you and your partner.
Long Term Planning
The long term planning section begins with an interview with our financial advisor. We have collected questions from Instagram, email, facebook and what we have been asked over the years to provide you with an additional perspective on long term goal planning from one of the best in the industry.
Following the interview email, the long term planning email and spreadsheet are designed as the second step in your financial assessment. This spreadsheet covers:
- Regular investment accounts
- Investment Real estate
- IRA / 401k / 403b Planning
- 529 Planning
Additionally, the spreadsheet ends with discussion points that are customized for your specific situation to facilitate a conversation about your long term and retirement planning.
State of the Family
The final email is the culmination of what you have been reviewing with the basic finances and long term planning worksheets. Instead of the deep dive into each section, the State of the Family provides a 7 page printout overview of your finances as well as a section for planning upcoming projects and vacations.