The Doctor’s Bill: The Aquatic CEO
For an audio version of this post, please click on the speaker icon (top left).
Welcome to this episode of The Doctor’s Bill (Can You Afford It?).
Wonder if you should buy that big ticket item or not?
Well here’s your chance to have a wealth management expert, Johanna Fox Turner, of Fox & Company Wealth Management analyze your overall finances and make a final verdict on whether or not you can indeed swing for the fences and splurge on yourself or whether you should just walk away.
[Johanna and I have no current financial relationship]
Disclaimer: This is not meant to be a substitute for paid professional advice but only meant to serve as a suggestion/guideline.
The following are the details from our submission form:
What Is Your Time frame?
How do you plan on paying for this item/experience?
Cash (from savings)
On A Happiness Scale of 1-10 (10 Being Happiest), rate what this item/experience will do for you A) Short Term and B) Long Term:
Short Term: 8
Long Term: 6 (empty nest in 4 years)
Any Children (If so please provide ages)?
3 (17, 16, 14)
How Many Years Till Planned Retirement?
What is your total household income?
State Income Tax (if Any)
What is your % Annual Savings Rate? (savings/gross income)
Estimated Annual Living Expenses (Current):
Estimated/Desired Annual Living Expenses (In Retirement):
Market Value of Primary Home [For Renter =$ 0]
Additional Real Estate Holdings Equity (Market Value-Debt):
Current Liquid Asset Value (Savings, Checking, Etc.):
Retirement Assets (401k/IRA/HSA):
Brokerage Account (Taxable):
$5k (just started and contributing monthly)
Miscellaneous Asset Value (Please elaborate):
$70k (10k cars, 40k collectibles, 5k boat, 5k PM, 10k misc)
Student Loan Balance:
Unfunded Future College Costs & Years Left Till Needed:
$10k for my 17 year old. My 16 and 14 year olds are set.
Other Unfunded Goals and Years Remaining (Today’s Dollars):
Any other pertinent information not addressed?
Based on where we currently live we will only have about 4 months per year of enjoyable boating/lake time.
Will withdraw from Roth’s (current value $645k), if necessary for living expenses.
Not sure where will live in retirement (depends on where the kids end up; Colorado is a strong possibility)
- This is the reason for the long-term happiness factor of only 6.
Don’t have a list of exciting things to do after retirement (are homebodies).
In addition, Johanna calculated additional projected final amounts added between now and retirement based on information exchanged through follow-up emails: Retirement Accounts $187k, Brokerage $120k, Cash $82k.
So does this captain of the hospital get the go ahead to be captain of the ship?
Or by overextending his finances, does this CEO jump the financial shark?
Click on the Doctor’s Bill Image and find out the verdict:
After you see the verdict please come back to this page and comment whether you agree or not with the decision (and no cheating by looking at comments first!)
If you would like to submit your own Doctor’s Bill request please fill out the submission form.
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
NOTE: The website XRAYVSN contains affiliate links and thus receives compensation whenever a purchase through these links is made (at no further cost to you). As an Amazon Associate I earn from qualifying purchases. Although these proceeds help keep this site going they do not have any bearing on the reviews of any products I endorse which are from my own honest experiences. Thank you- XRAYVSN