What Does It Take To Be a Millionaire?

Case Study

Learn how the The ARQ Wealth Millionaires Club™ helped this busy professional couple get on track to a financially secure, work-optional future.

With two successful careers, our clients, a 38-year old electrical engineer and a 36-year old manager of a local software technology firm had strong incomes.  Yet, it seemed their money flowed out as fast as it came in.

Between the kids’ activities, health care and family vacations, they found it difficult to make much progress.  Also they had been using a broker to watch their investments, but never felt too comfortable.  He didn’t seem to contact them unless they called him, and they wondered what was going to happen to their tech-heavy investments if there was another 2008 style shock.

While the specific number was not important, this couple wanted to get to the point where they felt financially secure.  It was their goal to have a ‘work-optional’ lifestyle in their 50s and 60s so they could shift to part time or consulting work.

He had just become a partner at the firm when they got in touch with us.  They wanted to make sure they were taking full advantage of their employee benefits to save for the future.

Between their 401K accounts and other savings accounts, they had accumulated roughly $225,000.  While she contributes to her 401K each month, she was also putting as much of her income toward future college costs, but just in normal savings accounts.

When we started working together, we had a long meeting to discuss their dreams and goals.  Then we worked with them to gather data and get it on our automated platform.

We worked with the couple to get their investments transitioned over to a diversified, balanced portfolio that would help them achieve their goals.  We completed a financial plan that gave them specific action steps they needed to take to stay on track.  We helped them open 529 accounts for both kids to provide a tax-advantaged method of college funding. We also worked with them to roll over some old retirement accounts from previous employers into a consolidated IRA using low-fee ETFs.

End Result

Today, the couple is well on their way to their goal of financial independence.  They reached and surpassed their millionaire status, and now are even more motivated to increase their savings rate and move toward financial independence.

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