Managing an unexpected cash infusion.

Jon had always lived a modest life. A hard-working middle manager at a small auto manufacturing company, he prided himself on his ability to provide for his young family. Then one crisp, autumn morning, everything changed.

Jon’s uncle, whom he hadn’t seen since before the pandemic, had passed away, leaving Jon as the sole beneficiary of a sizable inheritance. A mix of excitement and anxiety gripped him as he stared at the numbers on the statements. What would he do with this windfall?

Overwhelmed and unsure of his next steps, Jon decided to call his advisor at Ecos Wealth Advisors. He had worked with her for years, relying on her to guide his investments and retirement planning. They met at her office, and together they laid out a plan. First, his advisor suggested he consider taking a step back and not make any quick decisions. It’s tempting to spend or invest quickly, but let’s take the time to think about your goals, before this inheritance.

They began by discussing Jon’s immediate needs. He had always wanted to pay off his mortgage, in case he died prematurely, he would have comforted knowing his wife would be able to live in the same home. His advisor agreed this was a sensible first step. Clearing that debt would provide financial security and peace of mind.

Next, they talked about enhancing his existing emergency fund. With the basics covered, his advisor then guided John through the process of investing the remaining money based on his longer-term goals. Jon also expressed his newfound desire to give back to his extended family’s next generation, similarly to how his uncle did for him. His advisor helped him set up a charitable giving plan, allowing him to give in a way that would also provide tax benefits to his children after he passed.

Finally, they discussed Jon’s retirement. With the inheritance, he had the opportunity to retire earlier than planned. They adjusted his retirement savings strategy, aiming to maximize his contributions, while ensuring he and his family could still enjoy the life they created now.

Over the next few months, Jon felt a sense of relief and excitement as he watched his financial plan come together. He paid off his mortgage, increased his emergency fund, and began seeing the growth of his investments.

Through it all, Ecos Wealth Advisors was there, offering guidance, deeply listening to Jon, and providing reassurance. What had once felt slightly overwhelming had become a transformative experience, thanks to careful planning and the guidance of a trusted advisor.