Success Stories
Discover how Crafted Financial Planning has transformed the financial futures of individuals just like you. From planning for an early retirement to navigating the nuances of equity compensation, our clients' stories are a testament to the power of customized strategies and genuine partnerships.
Case Client: Dr. Rishi Patel
Age: 35
Occupation: Physician
Primary Goals: Get a financial plan in place to pay off student loan debt faster and eventually buy a home
The Situation
Dr. Rishi Patel, a 35-year-old physician, moved to the U.S. to pursue his medical career. As a first-generation immigrant, he felt a responsibility to provide financial support to his family back home. However, his significant student loan debt was a heavy burden. Despite his high income, Dr. Patel struggled to balance supporting his family while paying down debt and building a stable financial future.
The Approach
Recognizing the need for expert guidance, Dr. Patel partnered with our team to create a comprehensive plan. Together, we developed strategies to restructure his debt and increase tax savings using employer sponsored plans, allowing him to purchase a home and increase retirement savings while continuing to support his family.
The Results
Working with Jordan, Dr. Patel was able to:
- Reduce Student Loan Payments: Refinancing Dr. Patel’s student loans to an Income-Driven Repayment Plan significantly lowered his monthly payments. He’s now also eligible for loan forgiveness after making the required payments.
- Leverage Tax Benefits: Establishing an Individual 401(k) Profit-Sharing Plan and a Defined Benefit Plan increased the amount of deductible retirement contributions Dr. Patel could make annually. Not only do these increased deductions reduce his taxable income, but by lowering his Adjusted Gross Income (AGI), they also decrease his income-driven student loan payments.
- Optimize Saving Strategy: The increase in cash flow allowed Dr. Patel to save more money towards purchasing a home and dramatically increase his retirement savings without sacrificing financial support to his family.
- Protect Current Wealth: Knowing Dr. Patel’s profession carries a higher risk of litigation, we used ERISA-qualified plans and reviewed his insurance to protect his rapidly growing assets from potential creditors.
Dr. Patel now enjoys financial clarity and peace of mind, knowing he’s efficiently managing his student loan debt and on track for a home purchase. Most importantly, he can maintain his family commitments without sacrificing his financial future.
Note:
The above case studies are hypothetical and do not involve actual Crafted Financial Planning clients. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Crafted Financial Planning is engaged to provide financial advisory services.
