Wealth of Confidence, LLC
Owner, Financial Planner
Breanna Reish, CFP® graduated with a Bachelor of Science in business administration with a concentration in Financial Planning from California State University, San Bernardino. While in school Breanna interned with a local independent planning firm in order to gain experience working with local families. After her internship, Breanna went on to work with a planning and tax preparation firm. There she gained a lot of tax knowledge that has, in turn, helped her clients with tax planning. Breanna sat for and passed the CFP® exam in 2015. She decided to gain more experience working locally where she could focus solely on perfecting her planning experience for clients. In 2017 Breanna decided it was time to pursue her dream of creating a comforting experience for women and planning for those that really want a great comprehensive experience.
Breanna was born and raised in sunny southern California. She is married to Zac, a landscape contractor, and has two crazy kids named Journey and Dayton. When Breanna is not working with clients she is driving her children to tennis, swim lessons, leading her daughter’s girl scout troop, or helping with her husband’s off-road races. As a family they love to camp, take weekend trips to Mexico and consume as many street tacos as humanly possible.
Breanna believes in and tries to help others live the best life possible. This means finding balance, letting go of what can not be changed, believing in oneself, having a positive attitude and spending time with and on the things that truly matter.
BS, Business Administration, Financial Planning Concentratio, California State University San Bernardino
Wealth of Confidence, LLC is a Registered Investment Advisor in the state of California
Without knowing more I like your term and save the difference idea. That way you have some insurance to cover the mortgage need but your control the accumulation aspect. $1 million seems overkill if the sole purpose is to cover the mortgage. $500,000 is more like it.
In regards to where you save it, that is all dependent on what else you have going on. If you do not have an emergency fund, you will need to start there. If you have any other debt then you should pay that off. Cash flow and 529 are not on the table. If you are not hitting your long time savings goal then you do not want to spend it. Since you have no children a 529 does not make sense at all.
Congratulations on your home purchase.
I know you came here with tax reduction as your first question. My question is what kind of repayment plan are you using for your student loans? Does Public Service Loan Forgiveness play into your financial strategy at this time?
I really don’t love giving tax advice online without seeing the entire picture. I personally look at all benefits employees are taking or not taking, along with taxes, and other goals.
Do you have plans to buy or rent, etc?
When student loans are part of the equation I highly recommend speaking to a professional that does this day in and day out. Seek out a fee-only planner for this case. I’m part of a network called XY Planning and this is the type of case that we work with on a regular basis. Some of us have starter plans to help you get your foot in the door without minimum investment requirements that other firms might charge.
I know this comes off as a biased answer but it I highly recommend it. The money paid now can save you a lot in the long run.
As you mentioned there are different approaches. I personally use values based planning in my practice. Once core values are established then everything is built upon that. Of course there is all the technical that comes along with planning but identifying core values and aligning a plan with those creates a higher probability of success.
Here is a safe link to questions to ask a planner when interviewing them:
You also mentioned fee-based, I am personally biased toward fee-only planning. You can find fee-only planners using the NAPFA website.
If you ever want to speak to a fee-only planner my doors our open. Best wishes to you.
Breanna Reish, CFP®
This is not one simple answer. First we need to know what you do for a living? What kind of repayment plan you were on? When you took the loans? The student loan world is complex. I’m not trying to gather business with answer but please feel free to reach out to me and I can get myself or one of the other planners in XY Planning group on the case. Spending a little can save you big time.
I wish you the best of luck!!
I personally love love love being and financial planner. I've been in the industry for 9 years now. It's not easy starting out but if you have the right people behind you, and you have the passion, then you can do it.
A few things I recommend:
1) Consider fee-only planning
2) Hop onto Facebook and join the XY planning radio VIP page. Great people over there
3) Start listening to and reading all ting Michael Kitces and Bob Veres. Great insight and information.
4) Don't obsess over returns. Some people will shoot me for this but oh well. Anyone can push for returns. Comprehensive planners do so much more than battle for the best returns, good luck winning all the time. There is so much more to this than returns. A good amount of planners, including me, don't base their businesses on that at all.
Reach out if you have questions, I am happy to help! Hello@wealthofconfidence.com