The Lane Family
Case Study #3
Top 3 Goals:
- Move to a new home
- Pay for the birth of their child
- Get finances ready for life with children
The Lane family has been married less than a year and is expecting their first child. They are trying to understand the expenses associated with childbirth and are moving to a new home before the baby is born. They are also trying to decide how to update their insurance and sell some investments to pay for their new home.
Why the Lane family decided to get help from Intrepid Eagle Finance
Lanes have had a year of firsts and are feeling overwhelmed. They were planning on their first child soon, but not this soon.
The young family wanted to make sure they got some of these important milestones right.
They had questions like:
- How do we prepare and pay for the birth of a new child?
- Are there some investments that are better to sell than others for a house downpayment?
- How can we protect our child in case something happens to us?
- Can we afford for Mom to stay home with the baby?
- Is tithing still a possibility after we have children?
"And though a man might prevail against one who is alone, two will withstand him—a threefold cord is not quickly broken." Ecclesiastes 4:12 ESV
The Path Taken
The first step for the Lane family was to get a handle on what was important. This was an exciting but stressful time.
Sometimes, we get so focused what we’re doing we forget why we’re doing it.
Once we went through an exercise to understand their family’s unique values and how those values influenced financial decisions, we got started on a plan. The plan for the Lane family was built just for them to balance their values with family goals.
Where they are today
The Lanes were able to sell some investments to cover their home downpayment with much less capital gains taxes than they would have otherwise incurred.
Some other highlights include:
- Knew exactly what to expect would and would not be covered by their medical insurance when they welcomed their baby.
- Made a strategy for protecting their new child with a plan that ensures care in the event something happens to one or both parents.
- The family has a new budget that will allow Mom to stay home and the family to keep giving at church at part of their monthly routine.
Today, the Lanes (All three of them) are in their new home. The family has confidence that their financial life is supporting their priorities and values.
They’re also now saving for retirement and college, for the first, time while still maintaining their commitment to giving at their church.
The family’s financial plan is reviewed regularly. Most importantly, the young and growing family has a plan for baby number two and confidence the next family expansion will integrate with their finances.
Please Note: This case study is a hypothetical illustration and does not describe an actual Intrepid Eagle Finance client. No part of this case study should be construed by a current or prospective client as a guarantee of results, including, but not limited to investment performance. This illustration is educational in nature and should not be interpreted as advice for anyone's specific financial situation.