A Financial Planning Illustration with Seth Streeter on Coastal Business Report | Mission Wealth

okay welcome back to our show we talk a lot about financial planning on the show and today we’ve decided to put a real face to money concerns and use one very real set of circumstances to help you at home begin your personal finance planning process now Seth streer has been on before he’s with Mission Wealth Management in Santa Barbara and Cindy White is next to him a local business owner who’s now seriously considering her financial future welcome to the two of Youk you now you’ll get your chance to speak a little bit later Seth because first we’ll talk to Cindy uh but when someone comes to you this is how they do it they they basically say here’s where I’m at here is what scares the heck out of me MoneyWise and then you begin to sort of put the pieces together exactly it’s just an honest dialogue and a time for Discovery from for both sides to really figure out the best steps to go forward all right so Cindy you’re just like uh me okay you’re just a regular person tell me a little bit about your business well I’m a massage therapist and I have been for uh full-time for 15 years and I moved down from the Bay Area

to Santa Barbara for 15 years by myself started up the practice and I actually do quite well I’m a successful massage therapist love what I do and it it actually um I’ve enjoyed a very nice lifestyle live in a resort town Santa Barbara it’s beautiful and um made pretty decent income and been able to go on uh vacations and whatnot and about mid

savings didn’t have anything to show for this apparently wonderful life right you you were living a high life and but then all of a sudden reality began to set in that maybe you should put eggs in a certain part of your basket so that your future will be financially solvid right exactly and so what I did is I went into real estate so part of the bubble that broke is waiting for some husband and he’d be the provider of a house and um so into my 36th 37th year I said look let’s just not wait for that to happen and what was the exciting news is I could very rapidly get something that I never thought I could and then I was waiting for somebody else to achieve for me so I bought a condo in Carpenteria uh two years ago uh the equity is just screaming in this town so rapidly that the very next year I bought another condo in Ventura so I have two pieces of property okay then I was feeling all right I got some ass assets I’m resting on my Laurels feeling really good and then now I’m 40 years old and another uh bubble of denial burst and I realized look I I have a very very lopsided portfolio I don’t really have much of

anything else right so I went to Seth with Mission wealth management because he has a very holistic program and I really wanted the rest of the big Financial picture to be set in motion for me all right so your your first step was acquiring a little bit of property uh and but now you you want to take it to the next level right now you mentioned denial uh what what else do you think gets People Like Us hesitant about doing this I there’s also to me personally a little bit of an intimidation Factor uh because a lot of this is stuff I just I mean I’m not trained to know and and and know really really well right well that makes sense and for me um living in Santa Barbara California leing even living in the United States I I have the illusion or maybe it’s the truth that we’re living in the top 2% of the wealthiest in the entire world and life is good so that was the reason why I was in denial that um gosh do I really need to be really aggressive to or maybe it felt greedy to me to start making a whole lot of money and being excited about that but really it’s not about that it’s about um

setting in motion an entire retirement plan and the the life insurance and college fund and things that yeah it was very intimidating but all I needed was a formula and Mission wealth management put together a very realistic formula because I still am just 40 and I do have many years to create that for me and so now I’m pieing together the rest of plan and I’m really excited about it all right so you’re a very young 40 do you wish you had done this a little earlier uh maybe done it 10 years ago started thinking this way and mapping out a financial map I really wish that I had a savings plan and and a kind of a it’s a it’s a whole thought process instead of living for immediate gratification or acquisition of things you know nice things nice cars I really wish that I had the thinking that hey success is also uh how much you’re going to save for your life and and and how fast and how or how slow is the only thing I’m doing now towards that and that’s that’s the new goal for me it’s more exciting to create this financial plan that makes me feel safe than it is just to spend all my paycheck every month right okay

so now there are a lot of people out there whether you’re in the third 20s 30s 40s 50s or 60s no matter what age you are really this is a you’ve heard cind situation maybe there is a little bit of similarity in your situation so when we come back we’ll actually hear from Seth and begin to tackle how you can in fact make some of these realities come true as we head toward your future so stay tuned we’ll be right back okay welcome back to our show we heard about Cindy White’s uh Financial dreams and now SRE with Mission wealth management we’ll begin to tackle some of what Cindy was talking about step number one though she’s got to had the desire to finally put her foot down and make some changes projections for the future right absolutely and we’re really fortunate with Cindy in that she came to us ready ready to gain awareness about her financial situation and ready to really look toward her future as to other steps she could take to improve her financial situation all right so popping that denial bubble getting realistic all right so now you’re in the position to kind of come up with concrete ways like

steps that I can look at and execute for her to achieve her financial goals exactly all right so what are some of the things that you did for her specifically sure well with Cindy we started off really trying to uncover her Current financial situation and so as she said she had a couple properties that she had acquired she had some debt also uh we took a look at her cash flow situation and came up with some realistic scenarios looking forward if she is going to have a child in the future and really we start with going through and creating a balance sheet for her where we were able to look at all of her assets and liabilities and help her kind of think strategically how she needs to break her estate between her working assets those which will help support her financial Independence and her personal use assets like her residence and her car and her personal property and her checking account got it and then from there we were able to help her look more strategically within the working assets and say hey how can we build that more effectively than we are today okay so she me mentioned her condo

and carp inv Ventura should she should she hold on to those well we actually talked about that and we talked about some immediate steps of refinancing some of those properties and we’re looking now at actually taking one of those properties and earmarking it as a personal use item a property that she’ll convert eventually into her residence with her husband to be and then the other property we’re thinking of as a working asset that we’ve kind of looked at the market and we’re determining to keep that for 2 to 3 years and then possibly sell it at that time okay now you mentioned some of her debt should she become more aggressive in slimming that debt down absolutely in fact that’s priority number one for us is setting up a very aggressive campaign to get that debt just eliminated and so Cindy is very motivated to tackle that debt and that’s really step number one before we do aggressive savings it’s going to be aggressive debt reduction and now I know all the specific speciic numbers the exact amount that I do every month month in and I didn’t have all those let me guess it’s more than the minimum that

you said get on your statement right right yeah because we it’s so easy to pay that minimum but bottom line is you’re going to have this revolving did for for a long time so I think another stuff that really helped Cindy was not just looking at her situation today but then doing Financial projections into the future so we let her know uh based on her goals of being able to achieve retirement at age 65 exactly what she has to save to be able to accomplish that goal right uh we talked about funding a child’s college education and exactly what it will take to do that uh as well as buying a future home and and purchasing a boat and some other fun items as well so you’re engaged now I am okay and so children are definitely in the in in the near future and in being 40 and a half they in the near future in the near future it was very strategic next year will be right so even though it’s a future projection it becomes a very big reality in her current program and approach exactly inad of being a worri it’s not anymore now it’s it’s all factored in MH now we’ve talked about things like updating her will and

reviewing her life insurance and talking about what her income generation might be if she’s not able to work the hour she was working before so we actually take that into the plan and help her feel more comfortable around that reality that hopefully is in the near future and you mentioned your lifestyle uh you had a very nice lifestyle there was a fear among some of us that were’re going to have to give that up completely absolutely it was just that was another illusion I’ve never felt like I’ve had to sacrifice when I was aggressively saving for this real estate it it never was that was the fear that oh I you know I need all my entertainment and all the money but uh NOP it hasn’t well that’s good well you have a smile on your face and that’s a I got a good guy in my uh my court here well the the bottom line is I think what people at home I’d like for them to take with them is the fact that no matter what your personal situation is just get real about it and uh and deal with it now because the future is actually right around the corner cers with Mission wealth management 882 2360 is the number and

Mission wealth.com is the website Mission wealth.com and good luck to you on your business and uh which is called Santa Barbara Santa Barbara medical massage medical massage and good luck on the wedding and the kids of thank you so much all right that’s going to do it for this edition of the coastal Business Report we’re on the every