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Third Meeting with a CFP® – Goal Setting and Budgeting

Jay Zigmont
January 23, 2023
Anna (from We’re Not Kidding) and her husband, Grant agreed to have their financial planning process recorded and shared. Get a rare look behind the scenes of what it is like to work with a CFP® professional.  This is the third session we held, the first one is here, and the second one here.

In this session, we dive deeper into their goals and refining their budget.  The first month of budgeting is always a bit of a challenge, and Anna and Grant started budgeting over the holiday.

A bit of background to this video…  After the last session, Anna and Grant had a bit of homework to do.  That homework included things like selling a car, and seeing if they can get rid of PMI (Private Mortgage Insurance).

For couples where one person works from home, downsizing to one car can save a considerable amount.

You pay PMI when your mortgage is more than 80% of your home’s value.  If your home price has gone up, such as for Anna and Grant, you may be able to get a new appraisal and get rid of the PMI (saving money).

Their goals for 2023 are like many others: to get out of debt and have a fully funded emergency fund of 6 months of expenses.

 

A disclaimer to the above video: Anna and Grant have agreed to have their financial planning sessions recorded and shared. They are not being paid for this session or paying for financial planning with me. If you are watching this session, remember that the advice I am giving to Anna and Grant is for them only, and should be considered education or entertainment for your purposes.

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