I love to help people have more confidence in their future and it is my mission to provide the highest quality advice and service possible to my clients. To accomplish this, I limit myself to having 100 active clients or less that I have a fiduciary responsibility to at all times.
One way I hope to provide value to good people is to periodically write a client success story. So that no matter what is troubling you today, you can see there is light at the end of the tunnel, and it is possible to improve your financial future.
After I gave a retirement planning presentation to a group a few years ago. A 35-year-old doctor from the group reached out to me afterwards and basically said, “I am maxing out my 401k, HSA, and IRA, now what?” So, we scheduled a meeting to discuss their current planning and determine if it might make sense for us to work together. In that meeting I found out a few key pieces of information about this person that would impact their planning. They were motivated to be a good steward of their money so they could help others, they wanted to travel, and they wanted to retire as early as possible so they could go on mission trips and volunteer to help those in need across the world.
This was great news and a problem at the same time. It was great news because this was obviously an incredible human that cares about others that I would enjoy working with. But the problem was, like many people, their life aspirations and current savings strategies did not align and were not working together. They were maxing out their 401k, IRA, and HSA. Which is an impressive display of discipline and saving for their future. However, the problem is their primary goals in life were to help others, travel, and retire as soon as possible which means they would need access to their money and liquidity before they are 59.5 years old. Unfortunately, their max contributions to their 401k and IRA would not be completely liquid without penalty or taxes until they were 59.5. Plus, they had no current medical issues or expenses so even though their HSA savings would be valuable in the future, they were not overly impactful when it came to achieving their shorter-term goals. Therefore, a majority of their current savings were not going to help them achieve their goals and they did not have any strategies in place to help them achieve their goals.
They decided they wanted to work together so we got to work reviewing savings strategies and options for them to consider that would help them achieve their goals by growing their wealth while staying liquid or accessible when they wanted. Since that time, they continued saving into their 401k, IRA, and HSA while also adding two additional tools to their strategy that will grow, balance their exposure to the market, and stay accessible for them to use to help others, travel, and retire as soon as possible rather than waiting until they are 59.5 years old. Plus, they also completed their estate planning, and we continue to meet once or twice a year to maintain and update their planning.
Money does not buy happiness. However, when used correctly and with discipline, it can be an amazing tool to help us build the lives we dream of and have more confidence in our futures. Thank you for taking the time to read, watch, or listen to this story. I hope it brought you value, and I wish you the best of luck on your financial journey.

Thank you and I hope you have a wonderful day,

Drew Erickson

P.S. There are few better feelings in the world than getting to give hard working people the green light to retire the way they want to, and I am grateful every day that I get to make a living helping other people achieve their financial and personal goals. Keep in mind the clients do the work and deserve the credit. I just provided the resources and guidance along the way.

Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. Please reach out if you have questions or would like to discuss any of the details mentioned in this client’s story. Out of respect to the clients, I kept names and specific details out of this story while leaving enough information to hopefully provide value. This story would not have been written without the consent of my clients about whom it is written. And as always, everything my clients do with me is confidential at all times and is not shared with any of my other clients or people I know without their consent.
#MoneyNotMath #money #retirement #RetirementPlanning #EmptyNesters #Integrity #Learning #Generosity #Relationships #Legacy #Gratitude #Investing #Investor

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I am Maxing out my 401k, Now What?

I’ve been working at my current company for a few years now, and I recently made the decision to start maxing out my 401k contributions. It wasn’t an easy decision, as it meant tightening my budget in other areas, but I knew that the long-term benefits would far outweigh any short-term sacrifices.

Now that I’m contributing the maximum amount to my 401k, I’ve been thinking about what my next steps should be. I reached out to Money Not Math, a financial advisory firm, to get some guidance on how to best utilize my additional savings and ensure that my hard-earned money is working as efficiently as possible.

After a thorough consultation, my financial advisor at Money Not Math helped me create a comprehensive investment strategy that aligns with my long-term goals. We discussed diversifying my portfolio, considering tax-efficient investment strategies, and exploring other retirement savings options beyond my 401k.

One of the key aspects that my advisor emphasized was the importance of diversification. By spreading my investments across different asset classes, such as stocks, bonds, and real estate, I can minimize risk and optimize potential returns. This approach aligns with my risk tolerance and long-term financial objectives, providing me with peace of mind knowing that my savings are working for me in a balanced and thoughtful manner.

In addition to diversification, we also explored tax-efficient investment strategies to maximize my after-tax returns. We discussed the benefits of investing in tax-advantaged accounts, such as Roth IRAs, as well as utilizing tax-efficient investment vehicles within my taxable accounts. By strategically positioning my investments to minimize tax liabilities, I can keep more of my investment earnings and ultimately grow my wealth more effectively over time.

Furthermore, my advisor introduced me to other retirement savings options beyond my 401k, such as Health Savings Accounts (HSAs) and Individual Retirement Accounts (IRAs). By taking advantage of these additional savings vehicles, I can further maximize my retirement savings and potentially benefit from tax savings and other advantages that these accounts offer.

Overall, working with Money Not Math has been a game-changer for me. They’ve provided me with a tailored financial plan that takes into account my unique circumstances and helps me make the most of my financial resources. With their guidance, I feel confident that I’m on the right track to achieving my long-term financial goals and securing a comfortable retirement.

If you find yourself in a similar situation, I highly recommend reaching out to a reputable financial advisory firm like Money Not Math. They have the expertise and experience to help you make the most of your savings and create a solid financial plan that aligns with your individual goals and aspirations. Don’t wait until it’s too late – start maximizing your savings potential today!