Many people did not anticipate that this pandemic would have such a huge impact on us. We feel extremely fortunate that many families have been referred and reached out to us, as their finances have been affected in many different ways. Luckily, we’ve been able to help them by providing some financial relief, which reduces their stress level at this time of such great uncertainty. Government programs are able to reach many families but sometimes that just isn’t enough.
One couple we helped recently are in their mid 40’s. They both are working full time and since the Covid-19 lockdown, they have both been working from home. They’ve also been helping their two children with their school work. Before Covid-19 they were just getting by financially and didn’t have much money left over at the end of the month. Now with the extended Covid-19 situation, this family desperately needed some financial help and guidance. Luckily, they were referred to us.
At the Blackmore Levy group, we sit down with families and individuals and gather all their financial information – the good, the bad and the ugly. With this lovely family we were able to save them $2,000/month by custom designing their personalized blue print. And together, we were able to build their Financial House the right way
Financial Relief Plan for Couple in their 40’s
Case of the Week for Financial Relief
Our clients are in their mid 40’s. Paul has been a self-employed commissioned sales representative for the last 9 years and Jane has a salaried position as a customer service supervisor.
Home Value: $920,000 – Oakville Property
This was their financial situation:
| Debts | Balance | Monthly Payment | Interest |
| Current Mortgage | $435,000 | $2,357.00 | 4.29% |
| Car Loan | $ 18,700 | $ 469.00 | 7.9% |
| Car Loan | $10,400 | $ 318.00 | 7.9% |
| Line of Credit | $14,220 | $ 285.00 | 6.0% |
| Credit Card | $ 5,320 | $ 200.00 | 19.9% |
| Credit Card | $4,010 | $ 160.00 | 19.9% |
| Credit Card | $9,100 | $ 364.00 | 19.9% |
| Line of Credit | $16,650 | $ 330.00 | 6.0% |
Total Monthly Payments = $4,486.00
New Financial Relief Plan
The first thing we noticed is that this lovely family really needed financial help to first, reduce their debt and secondly, to reduce their stress levels during this difficult time. We arranged a new first mortgage with a lender that specializes in self-employed individuals. Mortgages for self-employed individuals have a different set of rules and as this article points out, an independent mortgage broker like Blackmore Levy Group can help find lenders that best suit particular situations. With the new mortgage in place we paid off all their outstanding debt and consolidated it into one lower monthly payment, which finally gave them some breathing room. This is much better than using their retirement assets.
NEW Monthly Payment of $2,485.00 = NEW Monthly Savings of $2001.00
Their New Plan outlines exactly what to do with the monthly savings, to put them in a better financial situation for their future. This is what we implemented:
- Life Insurance – so their family and business is fully protected
- Will and POA’s – made sure they had them and that they were current
- Set up an Emergency Fund
- Set up monthly contributions to their Saving & Retirement Plans.
- Accelerated the New Mortgage, to pay it off years sooner, saving them over $68,850.00 in interest
At Blackmore Levy Group, together, we custom design and build or re-build your Financial House the right way. If you would like to receive a FREE Financial check up, please contact us or call us at 1.888.520.6520. Let us help you smile again.
