Background
Jerrod and Sonya are expecting their third child at the end of this year. Sonya’s father recently passed away in March and left $100,000 to Sonya that he hoped to go towards his grandchildren’s education some day. Having never dealt with a windfall this large, Jerrod and Sonya aren’t quite sure where to put this money for the next 15+ years. Both Jerrod and Sonya believe they could figure out how to manage their finances if they put their mind to it, but they quite simply don’t have the time with full-time work and raising three children.
Results
Jerrod and Sonya’s team at Advisor helped them explore their options for managing this recent windfall. After considering Jerrod’s medical school loans, their dreams of a vacation home, and education plans for the kids, they decided to refinance the private student loans and double Jerrod’s current monthly payment. They spread the rest between a high-yield savings account and 529 accounts for their children. This financial plan assured them they were honoring Sonya’s father’s wishes — while also doing what’s best for their family’s long-term financial health.
