Don and Patricia have enjoyed an upscale lifestyle built on more than two decades of hard work. Both successful professionals, the couple lived in a beautiful home, sent their two teens to private schools and went on regular family vacations. But their secure life suddenly became uncertain when Don was unexpectedly let go from his senior role.

The couple relied on dual incomes to support their family. Although Don received a generous severance package covering 18 months, the family faced the challenge of possibly having to live on Patricia’s income alone if Don didn’t find a job within the next year-and-a-half. Feeling overwhelmed, they turned to Rubach Wealth for guidance.

Here’s how Rubach Wealth helped Don and Patricia regain their footing.

A financial review for clarity. The Rubach Wealth team began with a comprehensive financial review that analyzed the family’s assets and expenses, and projected income from Don’s severance. Based on this review, Don and Patricia learned that they had enough assets to meet their immediate financial needs. But the Rubach Wealth team also advised them they needed to make some adjustments to maintain long-term stability.

Trimmed-down expenses. The review identified several opportunities to reduce unnecessary expenses. By canceling unused subscriptions, downsizing gym memberships and rethinking discretionary spending, the family found it was possible to save an additional $4,500 per month – money they could redirect towards essential expenses and savings.

Maximizing the severance pay. Don’s severance package gave the couple the ability to pay up to 20 per cent of the outstanding balance on their mortgage without penalty. At Rubach Wealth’s urging, Don and Patricia took advantage of this option, significantly lowering their monthly housing costs. The remaining severance funds went to their investment accounts and RRSPs, ensuring that their savings continued to grow even during this challenging time.

Managing the emotional impact. The Rubach Wealth team organized a family meeting to address concerns and provide reassurance. Don and Patricia also sought support for their children, who were grappling with the stress of lifestyle changes. Together, the family discussed their priorities, including maintaining their children’s private school education. Rubach Wealth recommended negotiating a payment plan with the school, which allowed the children to stay enrolled while easing financial pressure.

Career transition planning. Rubach Wealth connected Don with a career transition specialist who helped him update his résumé and explore new professional opportunities. Don subsequently engaged a headhunter to help him identify and pursue roles beyond his previous industry, broadening his career prospects.

From uncertainty to confidence

Thanks to careful planning and ongoing support from the Rubach Wealth team, Don and Patricia transitioned from a period of uncertainty to one of financial stability. They developed a clearer understanding of their finances, adjusted their lifestyle without sacrificing their core values and put a plan in place to navigate the months ahead. With their immediate needs covered and a strategy for the future, the family regained confidence in their financial future.

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