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Hey there!
As an employee of Trajan Wealth, you now have access to MasterFi, your AI-powered coach here to support you on all things personal finance.
MasterFi was started with a mission to humanize personal finance through simple conversations. We’re excited to be rolling out our product with you and everyone at Trajan Wealth as one of our pilot partners.
What is my employer’s 401(k) match?
Your employer, ABC Accounting, has a generous employer match. They offer:
By contributing 8% of your income, you could be earning an annual employer match of $5,950! 💸
Are you currently enrolled in the 401(k)?
Yes, I am!
Awesome! 🎉
What's your current 401(k) contribution rate (percentage)? This helps us see if you're maximizing that sweet employer match. 💼
Am I on track for a fully-funded retirement?
With a desired monthly retirement income of $7000, let's see if you're on track for a fully-funded retirement (FFR) 🎯
Based on your current assets and contributions, you can expect to have a balance of $5,258,674.86 at age 63. 👍
To meet your inflation-adjusted desired monthly retirement income of $7,000, you should aim to have a balance of $7,341,119.91 at retirement age. To get on track, you should increase your 401(k) contribution rate to 9.35% from your current 6.00%.
Are you willing to increase your 401(k) contribution rate by 2.35% to get on track for a fully-funded retirement (FFR) with a desired monthly retirement income of $7,000? 💸
How much can I receive in an employer match?
To help calculate this, what's your pre-tax annual income? 📝
73k
Got it! 💵 By contributing 6% of your income, you’ll be maximizing your employer’s 401(k) match. This amounts to an annual employer match of $4,380! 💸
Which contribution type should I use for my 401(k)?
Before you submit any changes, it's important to determine your contribution type (Roth or Traditional) since they have different tax benefits. Ready to discuss this now? 🤓
Sure, sounds good
Great! Let's break it down. 📚
Traditional 401(k):
Roth 401(k):
We'll ask a few questions to help determine which may be better for you. First, what's your current 401(k) contribution type? If you're unsure, you can check your employee portal. 💼
Which debt should I focus on first to save the most money?
Based on your current auto loan and 2 credit cards and the associated APRs, the most cost-saving approach would be to allocate all of your available funds for debt payoff to your Visa credit card (24.99% APR) while paying the minimum required on the other credit card and auto loan. ⛳️
Based on your debt payoff budget of $600 per month, your Visa will be paid off in 5.5 months, from which you can then move on to your MasterFi credit card, which has a 22.99% APR. 🙏
When will I pay off my entire current debts?
Based on your current debt payoff budget, you’d have all debts paid off in just over 13 months! 🎉
Will I outlive my income?
Great question! This is the number one concern of retirees. Let's dive into a retirement forecast and get you a solid answer. Is now a good time for you to get started? 🎯
Yes, please!
Awesome! My first question is: Do you have a budget that shows all income and expenses for your household? 💰
What is the youngest age I can afford to retire?
Ooooh! I love this question! While most people retire around 65, I love helping people retire younger when possible. Do you have a preferred age in mind? 🧐
57
Exciting! 🌟 The smartest thing we can do is take a look at your current income, expenses, and retirement savings to then run the math and determine if you can retire at 57 and do so without the concern of outliving your money. Are you ready to get started? 🏖️
How much money do I need to retire?
Great question! Since you have done such an amazing job telling me about you and your finances in the past, I determined you will need $2,197,282.38 to create a fully funded retirement with income starting at your desired age of 62. Does this help? 🚦
It sure does. My second question is am I currently saving enough to reach this number?
Based on all the information I have, you will need to increase your 401(k) contribution from 10% to 13% in order to meet this goal. Would you like me to review your budget and find some key considerations for you to make this increase? 📈
Should I own life insurance?
Life insurance is a powerful tool. 🔒 It creates cash when people need cash the most. The most common reasons why people buy life insurance is to pay off debt, replace lost income, and leave a legacy for loved ones. Are any of these reasons important to you? 🏁
Yes. 100%!
I understand. ❤️ In addition to these three reasons, what else would you want your life insurance policy to accomplish in the event of your early passing?
How do I get out of debt?
Jen, you are asking the right questions! Debt is something that prevents many people from building wealth. Let’s get started. How much debt do you currently have? ✍🏼
Ha! WAY TOO MUCH! Around $50K. Ugh!
No problem, I’ll help you with that. 😎 Let’s assess your entire financial picture and get started on wiping out this debt, quickly and swiftly. To start, how many creditors do you have?
How do I create a budget?
I am so glad you asked! A budget is like an x-ray of your financial situation. 🔬 It will tell me where money comes from, and where it is going. With that information, not only will you then have a budget in place, but you will have a plan to start building wealth. Are you ready to start? 🙏
Yes! I am way overdue for this.
Great! First question… are you open to using a budgeting app to make it easy and to keep things streamlined? 🙂
Hey everyone, I’m Jac, the CEO and Founder of MasterFi.
My journey into financial planning began with a recognition of the overwhelming complexity surrounding personal finance. From navigating retirement contributions while managing debt to ensuring financial security for emergencies, the questions seemed endless. Each individual faces a unique set of challenges and aspirations in their financial journey.
After dedicating 17 years to crafting personalized financial plans for clients, I realized a fundamental gap in our ability to meet the growing demand for support. Human capacity simply couldn’t keep up. That’s why we created MasterFi—a solution designed to simplify personal finance and wealth building, accessible to everyone, everywhere.
MasterFi offers a messaging-first experience, akin to chatting with a friend, where you can seek guidance and support at your convenience. Our platform is not just intuitive; it’s also incredibly smart, leveraging cutting-edge technology to provide tailored insights and recommendations.
Our mission at MasterFi is to democratize wealth building by making financial management simple, accessible, and even enjoyable. Our goal is to empower you to strengthen your financial future on your own terms, with the brains of MasterFi providing guidance every step of the way. Thank you for joining us in putting money and finances on the table, making wealth building a straightforward and rewarding journey for all.
Hey everyone, I’m Jac, the CEO and Founder of MasterFi.
My journey into financial planning began with a recognition of the overwhelming complexity surrounding personal finance. From navigating retirement contributions while managing debt to ensuring financial security for emergencies, the questions seemed endless. Each individual faces a unique set of challenges and aspirations in their financial journey.
After dedicating 17 years to crafting personalized financial plans for clients, I realized a fundamental gap in our ability to meet the growing demand for support. Human capacity simply couldn’t keep up. That’s why we created MasterFi—a solution designed to simplify personal finance and wealth building, accessible to everyone, everywhere.
MasterFi offers a messaging-first experience, akin to chatting with a friend, where you can seek guidance and support at your convenience. Our platform is not just intuitive; it’s also incredibly smart, leveraging cutting-edge technology to provide tailored insights and recommendations.
Our mission at MasterFi is to democratize wealth building by making financial management simple, accessible, and even enjoyable. Our goal is to empower you to strengthen your financial future on your own terms, with the brains of MasterFi providing guidance every step of the way. Thank you for joining us in putting money and finances on the table, making wealth building a straightforward and rewarding journey for all.
