Lucia

Healthcare Medical Director & Single Mom by Choice

Background

After coming to the United States as a child with her parents Lucia dreamed of helping others and becoming a physician after her brother was lost to Epilepsy as a child. She achieved her dream and now serves as the lead Medical Director for Epilepsy research at a large pharmaceutical company.  In this time she never found a life partner at age 38 yet still wanted to have a child.  She felt time was running out.  Lucia decided to pursue being a Single Mom by Choice (SMC) and has just found out she is pregnant.  What an exciting time!  Lucia is feeling a little anxious about getting her finances and affairs in order before the baby arrives.

Goals

  • Develop a new financial plan incorporating her child, plans for the expenses of the larger condo, childcare, etc.
  • Find a trusted financial partner to rely on for advice who ideally understands being a single parent and share ideas.
  • Re-assess risk and insurance needs
  • Revise estate planning aspects
  • Be ready for the baby and feel as prepared as she can

Challenges

  • Lucia has a difficult time trusting people after many boyfriend breakups. She has some close friends, but most are married, and they can’t relate well to the single parent experience she is embarking upon.
  • A college friend in the financial industry is managing a rollover IRA and other investments, but that firm does not focus on the holistic planning and ongoing advice she is looking for. She would like to evaluate comparable offerings.
  • Her family is very close by, involved and can provide some childcare, but is not aware of her level of financial success. Money is not really a topic discussed with her family, but she wants to change that with her child.

Approach

Given this thrilling new journey ROI of Life can walk along side Lucia in developing a new financial plan so she is settled before the baby arrives. With our experience in single parenting while holding down an executive career we are happy to give our best practices to thrive and enjoy it.  Lucia is relieved that we can partner virtually.  A valued career mentor pointed out she was spending over 10+ hours commuting weekly. She is focused on reducing driving times in starting her family.

All scenarios and names mentioned are hypothetical examples and have been created for educational purposes. Any resemblances are co-incidental.
The information presented should not be used as the basis for specific investment advice.