12 Days of Giving: Day #7 - Lessons from a Child-Of-Immigrants Power Couple
Welcome to Day #7 of our inspiring "12 Days of Giving" series! Today, we're diving into the story of a remarkable couple who worked with Lei Deng, a skilled financial planner dedicated to empowering children of immigrants, small business owners, and those looking to strengthen their emotional relationship with money. Discover more about Lei's approach and services on her website Savor Financial and follow her journey on LinkedIn, Twitter, and Instagram.
The Couple's Story
Lei's clients, a mid-career, young family living in the Pacific Northwest, exemplify the transformative power of financial planning. The wife, a successful professional in a startup, and the husband, a first-generation wealth builder with a general contracting business, came from diverse financial backgrounds. This interracial couple's journey mirrors Lei's own experiences, making their connection deep and empathetic.
Finding Lei Deng
Interestingly, their path to Lei was likely through a referral from another financial planner, demonstrating the power of niche specialization. Lei's focus on serving children of immigrants and service-based business owners resonated deeply with this couple, leading to a perfect match.
The Power of Organization
The couple's primary need? Organization. They sought clarity in their chaotic financial life, from budgeting to retirement planning. Lei's empathetic approach, coupled with her expertise in financial organization, provided them with much-needed guidance.
Beyond Numbers: The Emotional Aspect
Lei emphasizes the importance of understanding a client's emotional and behavioral relationship with money. For this couple, acknowledging the impact of their childhood experiences on their financial decisions was crucial. This understanding allowed Lei to offer not just financial advice but emotional reassurance and support.
A Focus on Values and Goals
Lei's planning process is deeply rooted in understanding her clients' values and goals. This approach led to significant decisions, like opting out of an S-corp for the husband's business, to align better with their objectives and values, particularly prioritizing retirement savings.
The Planner-Client Relationship: A Lifelong Journey
Lei underscores the importance of a long-term relationship with her clients, where open communication and trust are paramount. The ongoing dialogue allows for continuous adjustment and reevaluation of financial plans, ensuring they always align with the clients' evolving lives.
Lei's Financial Advice: Start with Budgeting
For those seeking to gain control of their financial life, Lei's advice is straightforward – start with budgeting. Understanding where your money goes is the first step toward financial empowerment. She encourages everyone to use budgeting tools like YNAB, Mint, or Monarch Money to gain clarity and make informed financial decisions.
Conclusion
Lei Deng's story with this couple showcases the profound impact a dedicated financial planner can have on individuals' lives. It's not just about numbers; it's about understanding, empathy, and aligning financial strategies with personal values and goals.
For more insightful stories and expert financial guidance, tune into Lei's appearance on Spotify, Apple Podcasts, and YouTube.