Strategic Budgeting for Dual Goals, Secure Future
With a combined income of $450,000 and $2.1 million in retirement accounts, the Johnsons felt financially stretched. Their primary concern revolved around balancing significant college expenses for their three children (ages 8, 12, and 15) with maintaining their retirement savings trajectory. They owned a small, thriving consulting business which they needed to optimize.
Using Golden Door Asset's Business Budget Calculator, the Johnsons identified $35,000 in potential savings across their business expenses, including renegotiated supplier contracts and streamlined marketing spend. This freed-up capital was then strategically allocated between their children's 529 plans and boosting their annual retirement contributions.
The Business Budget Calculator was used to analyze the Johnson's business revenue and expenses over the last 3 years and forecast the upcoming year, providing key insights into areas for cost reduction and efficiency improvements.
$35,000 in newly discovered annual savings directly re-allocated to college funds and retirement.
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