Financial Planning Case… Millennials: Find $5,000 To Save For Their Future – It’s Legit!

Financial Planning Case… Millennials: Find $5,000 To Save For Their Future – It’s Legit!

IPS Success Tips... Financial Planning Case... Help people to find more money to save for their future!

Here is a financial planning case from David Szeremet where he found over $5,000 to help his client to save more money for their future. When you take the time to do a good, full fact-find as David did, you will find the money people are spending in the wrong places. When you help people to find the money to Live Debt Free And Truly Wealthy, they will be your client for life. And the best part is when you take the time to really help people save more money for their future, you will feel really good about yourself and your career. (And you will make a lot more money.)

Financial Planning Case 2017

David Szeremet, October 19, 2017

I recently consulted on a financial planning case (2017) involving a 28-year-old pharmaceutical sales rep. She is doing well, earning six figures. Recently married, she is considering the purchase of a cash value life insurance policy for income protection ($1 million death benefit), so she can accumulate a rainy day fund (potentially $250,000 by age 55). The annual premium is $5,000.

However, I was surprised to find out she cannot afford the premium. She makes a good living, is healthy, lives in an affordable area, has no student loans, and drives a Honda Accord. But she appears to be living well within her means. So Something did not compute.

Financial Planning Case 2017

Here’s what we were missing. A classic millennial, accordingly she values being socially connected, informed, and meeting up with her (large) social network. Her phone gets a workout with Evites, tweets, posts, and rally texts. Then on average, she goes out three nights a week, consumes a great deal of media content, and is an avid reader.

It’s all good. However, an analysis of her monthly budget revealed a continuous outflow of unnecessary fees, up-charges, and nickel-dime expenditures.

We identified seven financial fixes to free up at least $5,000 on this financial planning case. The fixes will not impact her lifestyle (other than simplifying it).

  1. Cut the cord. Yes, she has cable TV. On average, cable runs $105 a month (source: Fortune magazine). It’s only getting worse because the cable TV inflation rate is up to EIGHT times the consumer inflation rate (source: Leichtman Research Group). It’s a racket. Other than live sports, I can’t remember the last time I looked forward to watching anything on cable TV.* Face it, cable TV is for suckers and procrastinators. While I’m not asking anyone to revert to rabbit ears (comment if you do not understand)… There are dozens of affordable internet-based options saving you at least $50 a month (that’s $600 annually – the miracle of math!)
  2. Ditch the crumb scraper. Go ahead and eat out – I’m fine with it. However, you can save a boatload of cash by following one simple rule: never eat at a tablecloth restaurant.** Over three months, I surveyed the Cincinnati area. My taste buds enjoyed it. Dinner at tablecloth restaurants, not counting booze, averaged $50 a meal (appetizer, entrée, and dessert). For “naked table” joints, it’s $25 on average. Skip the tablecloth once a week for a year and you will save $1,300. It’s real!
  3. Buy a growler. Craft breweries are printing money – one pint at a time. I love visiting local breweries and based on the number of millennials I see, they do too. A typical pint runs $7 ($6 plus $1 tip). “Bankruptcy by a thousand pints” is a serious risk. Instead, once a week, buy a four-pint growler for $16 ($14 plus a $2 tip). And like M&M’s, growlers make friends! One growler per week saves you $624 a year. Drink (financially) responsibly.
  4. Stay put. Nightclub cover charges are wallet killers. Consider a modest $5 cover charge. If you pay one cover charge instead of three, then you save $10. Do this just once a week and save yourself $520 over a year. You do not have to be a party chaser to have a good time. Hook up with your crew at a pre-designated locale and stay there – even if Skylar shows up and proclaims that DJ Skin-E-Jeenz is working his MacBook over at Club Elev8.
  5. Become a card-carrying member… Pick up a library card. Your local library can score nearly every book, eBook, movie, or ‘zine. You simply need to organize your priorities and be willing to wait a few days – don’t worry, the words will still be there when your book arrives. If you borrow only one book a week (@ $20 per book on Amazon), it’s $1,040 annually ($260 @$5 each for eBooks).
  6. Ironic/vintage t-shirt limit: 1. Nobody loves an ironic t-shirt more than a millennial. But today’s satirical t-shirt is tomorrow’s oil rig. Ask any Gen Xer who coveted a Spuds MacKenzie or Where’s The Beef? shirt. The same goes for that “vintage” t-shirt depicting your school’s old-time logo. You have my permission to own one, but honestly, it’s one too many if you plan on dating. Take a pass on ten of these $35 shirts (they are so overpriced) and save $350.
  7. Live to ride – ride to save. Skip one Uber/Lyft a week. Just one. Most metropolitan areas have bike share programs with well-maintained bikes ready for you 24/7/365. And it’s good for you! I live in Cincinnati and we have a thriving bike-share program. I’m confident your area does too (or will soon). An annual bike-share license runs $100, or less. At an average fare of $15, skipping Uber/Lyft once a week saves you a net of $680 annually.***

So there you have it. In the financial planning case over $5,000**** in “found money” and your life is simplified.

Notes… on this financial planning case!

*Cable TV reached its nadir in 2017. Sports talk “game shows.” Political rant panels. Endless loops of home-flipping reruns. State Fair fried food close-ups. “Dump-and-stir” cooking shows. Bigfoot vs. Goat Boy. Hitler’s Secret Vacation Home. Anything on the Weather Channel. Planet of the Apes marathons. Are we really this bored?

**Unless someone else is paying.

***So I’m not being a tightwad. I’m only asking you to add one bike ride a week (twice a week during good weather if you live in a city that experiences winter). Because we need exercise – let’s kill two birds with one stone.

****And I didn’t admonish you to clip coupons, become an Uber driver, live in your parent’s basement, join loyalty programs, enter drug trials, or “stop going to Starbucks” – because those tips are played out.’


Financial Planning… Your Case!

We all spend money in the wrong places. Let me ask you did you spend $20 dollars last week that you could have saved? How about the week before that? And the week before that? We all do! Is what you spent that money on more important than your saving to buy a home? Saving money for your retirement? Saving money for your children’s college education? Or getting the training you need to increase your sales income? Saving just $20 per week is $1,040 per year.

How much money did you spend last week going out for breakfast, lunch, or dinner? If you just skipped going out for one of those meals per week much money would you save per week – per year?

Are the other places you could cut back on… cable, cell phone, etc?

It is not hard to come up with $20 or more per week? Consider, if you saved just $1,040 per year in 40 years @5% you would have $125,631.77!

How much money have you saved so far in your life for your future? When do you think you should make some changes?


When will you decide to help your clients find the money to save for their future?

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We will show you how to find and attract your best life insurance and annuity leads/prospects. So you will set great sales appointments. Then we will show you how to help middle-income families see and want to solve their immediate money problems. We will also show you how you can help middle-income families find the money so that they can take action right now to save for their future! Then we will show you the best ways for you to present your solutions to your clients and prospects to close 9 out of 10 insurance sales. So that you will earn $250K, or more this year selling life insurance and annuities like the legends.

It is the best-specialized life insurance marketing and sales system and training for insurance agents and advisors to learn how to help middle-income families find more money to save for their future!

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You will also get the best insurance marketing, sales training, and support you need to use all the HOT Sales Concepts… Wealth In Motion, Infinite Banking. Missed Fortune, Circle Of Wealth, Wealth Beyond Wall Street, Tax-Free Retirement, and more… Because they are part of our Trusted Advisor Success Program. Now you can help middle-income families – not just the wealthy!

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When Will You Read Our Full-Length Book? So You Learn How To Really Help Families Save Money To Save For Their Future!

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