Financial Planning for Academics
What if all you really want from life is to be happy? And what if you could be happier – much happier – in just a few months?
Remember when you finished your Ph.D. and had to make a choice between a research oriented institution and a teaching school? The decision to hire a financial planner is similar. There are many financial advisors to choose from and it is important to find the one that “fits just right”. But how do you pick the right one? I believe that your planner should be a person who understands your lifestyle and the person who knows the pressures you are going through, at times better than your friends and family do. I am what I call an applied academic. I am a college professor and I work virtually with people whose life revolves around academia: professors, lecturers, administrators and supporting staff, mostly in their 30s to 50s.
Whether you are a humanities professor or the associate dean of student conduct, there is a very good chance that one day, you will need to choose between different 403(b) investments, buy a house, or fund that dream that you have been postponing for the last 10 years. My belief is that financial planning is not a checklist of ratios that puts you in a box. Financial planning is getting to the point of living the life that makes you happy regardless of tenure, grant seeking pressures, or the journal publications you need to get this year.
This service is similar to the comprehensive plan but is designed specifically for academics and the issues they face.
(1) An initial 1-2 hour virtual video session in which we will go over your goals and dreams. If you are in the Los Angeles, we can also meet in person. Together, we will figure out where you are right now and where you would like to be in the future. If we can’t figure it all out in the first session, we will have follow up conversations until we get “there”.
(2) Unlimited email support for a year.
(3) A comprehensive financial plan delivered about a month later (see details under comprehensive plan service).
(4) An executive summary with a step-by-step action plan broken into categories: immediate, in a few months, and in a few years. The categories will vary based on your individual circumstances and I simply call it the “To Do” list.
(5) Follow up calls every 6 months to re-assess your plan and many any needed adjustments for the first year. If your situation changes between our scheduled calls, we will meet as needed. For example, if you find out you are expecting a baby, get a new job, or are going through a divorce, we will meet as soon as possible to change the plan accordingly
The cost includes an upfront fee ranging from $2,000 to $5,000, depending on complexity, and an ongoing monthly fee of $200-$300 if you decide to continue ongoing work. During our initial free call, once I understand your situation and your needs, I will be able to give you an exact cost.