From a planner's side of the desk, it's important to start at the beginning. Financial planners and clients typically mutually define a client's personal and financial goals, needs and priorities. The next step is what financial planners call data gathering: Financial planners will obtain all the quantitative information and documents about a client before any recommendation is made and/or implemented.
- Ethan and Isabella are each in their mid-20s.
- Isabella and Ethan share their financial obligations.
- Isabella is looking for full-time work. She is currently working part-time, three days per week. Her monthly income totals about $800.
- Ethan manages an auto body shop, and his income provides a majority of their financial support. His monthly income totals about $2,300.
- Isabella currently does not have health insurance. Ethan has health insurance through his employer. Isabella’s son, Scott, has health insurance through the armed forces, based on his biological father’s active duty status.
- Isabella receives $489 per month in child support payments.
- Ethan and Isabella have reported monthly expenses that total about $2,050 per month.
- Neither Ethan nor Isabella have any life insurance in place.
- Ethan has a private disability income policy, though details are sketchy about the policy.
- Isabella and Ethan rent their home. They do not have renter’s coverage on their personal property.
- Ethan and Isabella have three cars. Isabella’s vehicle is fully insured, Ethan’s two vehicles have liability coverage.
