What is the Stash Plan: The financial plan for millennials
Newsflash: you’re not the first (or last) to wonder –
Am I missing chances to be smarter with my money?
Is my savings account the best place my cash?
When can I afford my first home?
Are we on track for retirement?
Will I die poor?
A good financial plan provides answers, enables your lifestyle, and helps prevent you from being your own worst enemy.
Welcome to the breakdown of our bread-and-butter: the financial plan.
This is what we’re known for, what we pride ourselves in, and what we’ve repeatedly seen break the typical mindset of “I’m young, I’ll think about this sh*t later.”
This is the Stash Plan.
The Stash Plan is designed to answer literally all the money questions you ask and the questions you don’t even know to ask. The rest is up to your therapist.
We had one couple arguing mercilessly over whether they could afford both an Uppa Baby Lite AND the Uppa Baby Jogger, or if they had to choose one. (If you don’t know, just ask a friend with a kid).
Without sacrificing any of their other goals, we confidently assured them they could afford both. Rarely does math come with peace of mind, but it does here. The rich spend their money on time. That’s why we’ve boiled the entire planning experience down to 2 meetings – to make things as painless as possible.
Financial plans are for the [soon to be] rich
Before we can define the Stash Plan, it’s worth understanding the origin story. After years of working for (and believing in) Wall Street, our founding team realized the financial services industry was f*cked (read: had some major flaws). And these flaws created a disadvantage for the people who needed financial services most - young professionals. In keeping the wants and needs of young professionals at the forefront, we broke our financial plan into something that has never before been offered to people who have less than $500K to their name.
Affordable
We searched for simplified and modern fee models that were both affordable for young professionals and sustainable for our small, but growing business. Because of how most financial advisors get compensated, they have little to no incentive to work with smaller (read: early investors) clients.
Education-first
Financial advisors are quick to dole out advice but rarely take the time to explain the why behind their decisions about your money. We believe that if you don’t understand the why behind the recommendations, it’s hard to be bought into the larger strategy. We lead with the why.
Timely
The Stash Plan is designed to help young professionals build wealth. With time as their greatest asset, we know that the sooner you get access to advice the more successful you’ll be.
What is the Stash Plan?
In short, it’s an experience. We think it’s the best financial plan out there. But of course we’d say that. So check out what our clients have to say about it.
The Stash Plan is a financial planning experience for young professionals who are making good money and want more to show for it. It’s for individuals who have Googled their way through a few of the basic financial decisions but want a pro to help them take it to the next level. For those who aren’t sure if they’re asking the right questions and want to ensure they aren’t missing any chances to be smarter with their money. For young professionals who want customized advice and guidance that a robo-advisor simply cannot provide.
During the Stash Plan process, you are paired with a dedicated financial advisor who takes a deep dive into your entire financial situation. This way, we get to know exactly where you are right now and help you figure out what you’d like to do in the future.
After we figure out what it is you want to do with your money, we’re going to help you get there.
Complete with total handholding. White-glove service hasn’t ever been available to 20-30somethings before.
So how do you know if you’re ready for a financial plan? You might be surprised to know that not everyone is ready for the Stash Plan.
How is the Stash Plan different from other financial plans?
It's likely you haven't thought about every aspect of your financial life before. Or, if you have, you’re scrambling to find resources you can trust. So we designed the Stash Plan process to help you think through what you may or may not want to do with your money.
Because remember: the sooner you start thinking about your money, the better.
There are a few things the process had to be for us to call it the best first step for young professionals who are making good money.
The plan is:
Customized
HENRYs have different goals, live in different parts of the country and span various life stages – single, married, family planning, sandwich planning, etc. No two Stash Plan experiences are alike.
Comprehensive
We wanted the Stash Plan to encompass more than just your saving, budgeting, and investments. It needed to cover all the ways money touches your life. If you’re ready for it, your planner will address estate planning, taxes, insurance, and more.
Jargon-free
Our meetings wouldn’t be nearly as productive if we spoke at you instead of with you. Some HENRYs know more than others about finances. Our planners meet you where you are.
Conflict-free
To ensure you could get behind our advice and guidance, we choose not to accept kickbacks or commissions from product recommendations. We are fiduciaries throughout the entire planning process.
Educational
Going back to our earlier beef with the industry. We think it’s equally important to shed light on not just what you should do with your money, but the why behind those decisions as well. We teach you along the way.
Actionable
The plan provides you with all the takeaways you expected and more so you can take it and run with it. Coming out of the experience, the information is at your fingertips. What you do with it is up to you.
Who is the Stash Plan right for?
The Stash Plan is for HENRYs only. Why? Because if you get a financial plan before you’re ready, it can be a frustrating experience. It’s important to be in a spot where you’re ready to start asking (and answering) some questions about your life and what you want to get out of it.
However, we don't expect you to have your entire life planned out going into a financial plan. We’re all in the same boat here. We’ve even had financial planners go through the process. It helps to have someone else guide the conversation.
You also need to have some savings to plan with. Otherwise, you're working with a pipe dream – Not a goal. You’re in the right place (this blog) to start building that foundation.
If you’re on the fence about whether or not you are a HENRY [High Earner Not Rich Yet], book a call with a member of our team so we can hear a bit more about your situation, explain the Stash Plan process, and answer any questions you have.
What can I do with my Stash Plan?
Glad you asked. The Stash Plan takes most people about 5-6 weeks to complete. And coming out of the experience, you have two choices:
DIY
The Stash Plan is designed for you to take your strategy and run with it if that’s your thing. It’s a one-and-done, no-strings-attached, complete game plan with everything you need to know to implement the ongoing management of your money if you’d like to take it from here.
Delegate
For some people, delegating is the more accountable way to keep the ball rolling. Or maybe you just don’t want to manage your money yourself, and that’s cool too.
If you liked working with us - you’re welcome to continue. Check out Stash Management for more of the details there. You are not eligible for year-round support and guidance without first completing the Stash Plan. That would be like hopping in the car with no set destination in mind.
Goals-first, remember?
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Stash Wealth Staff Writer
Stash Wealth Staff Writers are knowledgeable about personal finance topics. Their objective is to unravel the complexities of finance trade jargon, products, and services in order to equip HENRYs with a sound understanding of financial matters.