How We Help People in their 20’s with their financial plans.

When you’re in your 20s, it’s both the most impactful years for your financial future and the lowest earning, simultaneously. You’re just getting started understanding your career, how to create a budget, how to invest, how to save, and how to make your goals happen. What makes it hard is, that you’re not making much money at all and you likely have a ton of student loan debt.

How we help:

1. Budgeting: We’ll help you to understand how to budget appropriately given your savings goals, future earning potential, and current circumstances.
2. Student Loan Planning: We’ll help you to understand how best to approach your student loans. This might mean enrolling you in a government program to get them forgiven or finding a high-paying job that qualifies for Public Student Loan Forgiveness.
3. Compensation Analysis and optimization: We’ll help you negotiate your first job offer and find the right recruiters to help get you an interview.
4. Insurance and Employee Benefits Optimization: Insurance and employee benefits can get complicated. We’ll help you wade through the complexities and make sure you’re getting the most out of the benefits your employer provides.
5. Investment Management and Growing Your Savings: We’ll help you to grow your savings as fast as prudently possible. We’ll help you to understand how best to invest your 401k assets and any other investments outside of it. As investment experts and non-commissioned fiduciaries, you can depend on us to help you ensure your assets are invested appropriately given your goals at each step of the way.

Since we’re not cheap, this isn’t appropriate for every single person in their 20s. Most of our clients in their 20s have at least 50k saved outside of their 401k for us to manage for them in exchange for this support.

How We Help People in their 30’s with their financial plans.

By the time you reach your 30’s, most people aim to:

• Become recognized as an established professional
• Get Married
• Buy a house
• Have kid(s)
• Potentially change careers

This can add a lot of complexity to your financial life. Why?

• Financial Planning For New Couples: Combining finances with your new spouse is emotional but necessary. Your goals, expenses, challenges, and financial obstacles are now shared. You’re no longer two single, financially independent individuals. Without getting on the same page about your finances, you’ll have a harder time reaching your goals. If this sounds like you, we can help.
• Home Purchase Planning: Homes these days are expensive and figuring out which one fits in the budget is even more complicated. What makes it even harder is, that finding the right mortgage, realtor, homeowners insurance, inspector, location and home for your family all gets incredibly complicated. Make the wrong decision and it could literally ruin your finances over the next decade. We can help you make sure that the home you buy makes sense and doesn’t get in the way of your financial goals.
• Financial Planning For New Children: Having a child these days is more expensive than ever. It’s not exactly uncommon in the first 5 years to spend over 100k on your child (if not more). Add on saving for college, buying their first car, sending them to sports camps and and and… having a child gets expensive. Your financial planning team at Progress Wealth Management can make sure you don’t miss a single tax deduction, planning opportunity, or important step to make these all more affordable.
• Financial Planning Considering a Career Change: So, you want to change careers and you’ve got a family, bills, and a lifestyle you’ve got to be able to afford to keep your loved ones happy and healthy but you can’t imagine working in your field even one more year. That’s okay! We’ve talked to people in your shoes before and can help you make sure you choose the right profession, get proper introductions and update your resume to make the transition easy and smooth.
• Investment Management and Growing Your Savings: We’ll help you to grow your savings as fast as prudently possible. We’ll help you to understand how best to invest your 401k assets and any other investments outside of it. As investment experts and non-commissioned fiduciaries, you can depend on us to help you ensure your assets are invested appropriately given your goals at each step of the way.

How We Help People in their 40s with their financial plans.

By the time you’re in your 40s, your earnings are probably higher than they’ve ever been but your life is also more complicated.

• You and your spouses are likely in higher-stress careers which can impact your home life, your sleep, and your happiness.
• You’ve become a tenured professional in your field and you’re not positive if you’re paid exactly what you’re worth but you think you might be able to get more, elsewhere.
• Your kids might be in their early- mid-teens, college is on the horizon and you’re worried about their futures.
• Your parent’s health is worse than ever and you’re worried about their future as well.

Your 40s are stressful years, to say the least. Here’s what we can do to help.

• Compensation Analysis and Optimization: Ensuring you’re getting paid what you’re worth. If you’re a tenured professional, it’s important to ensure the raises you receive each year aren’t in line with the cost of living but the market value for your labor. If the market value of your labor grew by 10% and you only got a 3% raise, you got a pay cut compared to comparable professionals. We’ll reevaluate the market value of your labor every year to ensure you’re getting what you’re worth.

• Financial Planning For New Entrepreneurs: many highly skilled people decide to pursue starting a business in their 40s. We’d help you to understand how to find the appropriate mentor, how to think about the legal structure (LLC, S Corp, etc), ensure your taxes are filed correctly and that you have an objective 3rd party entrepreneur to talk through your challenges with.

• Financial Planning For a 2nd marriage – If you get a divorce and get remarried, we’ll help you to understand how to prepare financially to combine your finances or if you come into a relationship with different financial positions, whether you should consider a prenup, postnup, or the like. We aren’t attorneys so we won’t recommend any legal documents but we can guide you along the way and ensure you hire the proper attorneys to help provide you with the appropriate legal advice.

• Supporting elderly parents – Given inflation, the cost of housing, and the skyrocketing cost of retirement communities; supporting your parents at this age is more common than ever. We’ll help you to understand how you can help them without risking them losing government benefits like Medicaid.
• Investment Management and Growing Your Savings: We’ll help you to grow your savings as fast as prudently possible. We’ll help you to understand how best to invest your 401k assets and any other investments outside of it. As investment experts and non-commissioned fiduciaries, you can depend on us to help you ensure your assets are invested appropriately given your goals at each step of the way.

How We Help People in their 50’s with their financial plans.

By the time you’re in your 50s, you’ve overcome a lot of challenges in life and you’re likely now feeling like retirement would be so nice. You just want a break but you’re probably not there, yet. Some of the next challenges you might have include:

• Your kids could be going off to college.
• Your company could start offering you a large sum of equity compensation every year and the tax burden of making a mistake and the cost of foregoing the benefit now is substantial.
• Your tax bill is enormous and higher than ever. You know that it’s likely that you’re overpaying but don’t know what you’re doing wrong.
• You just want to retire as soon as possible because again, you’re tired.

If that sound like you, we can help.

• College Savings Planning –If you’re sending your kids off to college, we’ll help you evaluate the affordability of paying it out of pocket vs. getting loans or a mixture of the two. If loans make sense, we’ll help you get the most government subsidized loans that you’re able to give your income and evaluate all the options you have to pay for college including HELOCs, Home Equity Loans, 401k Loans, private student loans, and the viability that your child could get scholarships.
• Sell Business – if you’re a business owner and are ready to separate yourself from the business, we can help. We’ll help you to value the company you’ve built, find a broker and get it listed. If you’re in a partnership or own a c-corp, we’ll help you find the appropriate attorney to help you with the legal side of this transaction.
• Tax Optimization – We have our own tax expert that’s available to our clients to help them prepare their current tax returns and ensure their future tax filings are efficient and leverage all federal and state-based planning opportunities.
• Retirement Planning – if you’re tired and are ready to retire, we’ll create an aggressive plan for you to retire as soon as possible. This might include changing your current lifestyle, your goals for retirement, and your investment strategy but we’ll help you get there as soon as reasonably possible.
• Investment Management and Growing Your Savings: We’ll help you to grow your savings as fast as prudently possible. We’ll help you to understand how best to invest your 401k assets and any other investments outside of it. As investment experts and non-commissioned fiduciaries, you can depend on us to help you ensure your assets are invested appropriately given your goals at each step of the way.

How We Help People in their 60’s with their financial plans.

Congratulations! You’ve made it to retirement (or are just about to retire). You’ve overcome a lot in life and you’re done worrying about money, right? Unfortunately, that’s not correct.

Some of the challenges include:

• Medicare enrollment gets incredibly complicated. Medicare isn’t free and it doesn’t cover much so most people have to pick out the proper policies to ensure that all the coverage you need isn’t just affordable but prudent. We’ll help you to understand when to file for Medicare and how to make sure healthcare is affordable and covers what you need it to.
• Social Security – Choosing when to file for social security is incredibly complicated as well because there are a lot of “maybe’s” and “sometimes” that play a role in your decision. We’ll help you to choose the optimal filing date so you get the most out of social security given the assumptions we make about your life expectancy, the stock market your need for income.
• Retirement Income Planning – Generating sufficient income to support for your future retirement is hard because we don’t know exactly what your future holds. I say this jokingly but in reality, if we could tell the future it’d be much easier to plan. We’ll help you evaluate annuities, investing in the stock and bond market, and all other alternatives so you know that your retirement is as affordable as we can make it and conservative as well.
• Tax Planning – There are a lot of tax problems and IRS-related issues that can impact your retirement plan negatively. We’ll help you get a handle on your tax circumstances in retirement and ensure you’re making effective use of all state and federal tax advantages available.
• Investment Management and Growing Your Savings: We’ll help you to grow your savings as fast as prudently possible. We’ll help you to understand how best to invest your 401k assets and any other investments outside of it. As investment experts and non-commissioned fiduciaries, you can depend on us to help you ensure your assets are invested appropriately given your goals at each step of the way.