Brian and Michael, both 34, live with their two cats in central Connecticut. Michael works as a project coordinator for a state behavioral health agency serving young people and has a side job as an advocate and disability leadership coordinator.\u00a0Brian is a quality assurance manager for a state-run hospital. The couple\u2019s been together since 2013 and looks forward to celebrating their 10-year anniversary in November. While Brian and Michael have achieved a lot, they feel as though their debt and lack of home ownership is holding them back. They\u2019d like our advice on how to unlock this next level of adulting and, crucially, how to be permanently debt-free.<\/p>\n
What\u2019s a Reader Case Study?<\/h3>\n
Case Studies address financial and life dilemmas that readers of Frugalwoods send in requesting advice. Then, we (that\u2019d be me and YOU, dear reader) read through their situation and provide advice, encouragement, insight and feedback in the comments section.<\/p>\n
For an example, check out\u00a0the last case study<\/a>.\u00a0<\/strong>Case Studies are updated by participants (at the end of the post) several months after the Case is featured. Visit\u00a0this page<\/a>\u00a0<\/strong>for links to all updated Case Studies.<\/p>\n Money is terrifying for a lot of people and many of us don\u2019t know where to start.<\/p>\n That\u2019s where I come in.<\/strong><\/p>\n I demystify personal finance and break it down into manageable steps. <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n how to confidently manage your money on your own<\/p>\n<\/div>\n <\/span><\/div>\n<\/div>\n<\/div>\n I help people figure out how to make their money enable them to live the life they want.<\/strong><\/p>\n For people who are financially savvy and want a second opinion on their money trajectory.<\/p>\n<\/div>\n<\/div>\n For folks who need a complete financial plan & analysis of their financial future. No prior money experience required!<\/p>\n<\/div>\n<\/div>\n For folks with complex financial situations, including more than one rental property and\/or a small business.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Book a free 15-minute call with me to discuss.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Reader Case Studies highlight a diverse range of financial situations, ages, ethnicities, locations, goals, careers, incomes, family compositions and more!<\/p>\n The Case Study series began in 2016 and, to date, there\u2019ve been\u00a0103 Case Studies<\/a><\/strong>.\u00a0I\u2019ve featured folks with annual incomes ranging from $17k to $200k+ and net worths ranging from -$300k to $2.9M+.<\/p>\n I\u2019ve featured single, married, partnered, divorced, child-filled and child-free households. I\u2019ve featured gay, straight, queer, bisexual and polyamorous people. I\u2019ve featured women, non-binary folks and men. I\u2019ve featured transgender and cisgender people. I\u2019ve had cat people and dog people. I\u2019ve featured folks from the US, Australia, Canada, England, South Africa, Spain, Finland, the Netherlands, Germany and France. I\u2019ve featured people with PhDs and people with high school diplomas. I\u2019ve featured people in their early 20\u2019s and people in their late 60\u2019s. I\u2019ve featured folks who live on farms and folks who live in New York City.<\/p>\n I probably don\u2019t need to say the following because you all are the kindest, most polite commenters on the internet, but please note that Frugalwoods is a judgement-free zone where we endeavor to help one another, not condemn.<\/p>\n There\u2019s no room for rudeness here.\u00a0<\/strong>The goal is to create a supportive environment where we all acknowledge we\u2019re human, we\u2019re flawed, but we choose to be here together, workshopping our money and our lives with positive, proactive suggestions and ideas.<\/p>\n And a disclaimer that I am not a trained financial professional and I encourage people not to make serious financial decisions based solely on what one person on the internet advises.\u00a0<\/strong><\/p>\n I encourage everyone to do their own research to determine the best course of action for their finances. I am not a financial advisor and I am not your financial advisor.<\/p>\n With that I\u2019ll let Michael, today\u2019s Case Study subject, take it from here!<\/p>\n Hi, Frugalwoods!\u00a0 I\u2019m Michael, my partner is Brian and we\u2019re both 34. We have two kittens and live in central Connecticut. I work as a project coordinator for a state behavioral health agency that serves young people, and my side job is as an advocate and disability leadership coordinator. I am passionate about my work since I\u2019m a brain injury survivor and have had mental health challenges.\u00a0Brian works as a quality assurance manager for a state-run hospital. We\u2019ve been together since 2013 and will celebrate our 10-year anniversary this November.<\/p>\n Michael and Brian\u2019s Hobbies<\/strong><\/p>\n I love books (both reading and collecting) and enjoy cooking and reading about food, drawing, watching tv and movies, and the occasional video game. When he isn\u2019t enjoying quiet time at home with us, Brian enjoys spending time outdoors running, hiking, gardening, attending community events and traveling.\u00a0 He is also a lifelong learner and advocate who enjoys watching documentaries, attending webinars, visiting museums and then sharing the information he learns with others.\u00a0 <\/p>\n Originally from the Boston area, Brian comes from a large Irish Catholic family and spends many weekends traveling to spend time with them.\u00a0 After struggling through his secondary and undergraduate studies, Brian is eager to achieve academic success in a potential future graduate degree program.\u00a0 <\/p>\n Some of our major goals include owning a home, getting married, starting a business, achieving athletic success and leaving a lasting legacy.<\/strong><\/p>\n A lot happened this past year and we feel like we\u2019re just now making it to the other side. We had two major life events:<\/p>\n We went from enjoying a cozy, 600 sq ft studio apartment (at $945\/month) to navigating the 2022\/2023 rental market. We spent 3.5 months scrambling to find a new place to live, packing up our lives and uprooting ourselves from what had been our happy home for the past eight years\u2013all while caring for two new kittens with tummy trouble\u2013it was a lot!\u00a0\u00a0<\/p>\n Back in August 2022, our life looked totally different\u2013our plan at that time was to move into a house when we were ready, along with our cat Rex.\u00a0\u00a0We were forecasting an ability to re-enter the housing market in late 2023 prior to our unplanned veterinary and moving expenses.\u00a0\u00a0<\/p>\n Our Debt<\/strong><\/p>\n Brian paid off all of his student loans a few years ago (a total of $58,000 ) and has been promoted in his job. He made career changes from corporate to private non-profit and most recently to the public sector (with the state). While he was initially\u00a0resistant to applying, Brian now acknowledges that had it not been for my encouragement to apply for his current state job, he\u2019d be earning significantly less, would not have such generous benefits (i.e. healthcare for life and a pension) and our standard of living would not be as comfortable.\u00a0<\/p>\n While he currently has no student loan debt, Brian has significant consumer debt and minimal liquid savings.\u00a0 His long term investments are underfunded and not as diverse as he would like, which poses the risk of not having adequate retirement income when we are of retirement age. This is especially concerning to us given the precarious status of Social Security in the current political climate.\u00a0 Brain also views not owning real estate as a vulnerability in the current housing\/rental market.<\/p>\n Brian wants to be able to take advantage of the opportunity to \u201cbuy low\u201d and is concerned about not being in a financial position to do so when the housing market turns.\u00a0 Brian\u2019s consumer spending is exorbitant; that coupled with his lack of savings makes him fear that he will not be able to achieve his life goals or provide for our family as we get older, given that he may not have time to make up for previous financial mistakes and irresponsible spending.\u00a0Brian feels that professional help is needed to ensure our individual and shared goals are achievable and don\u2019t become dreams forever deferred.<\/p>\n I have wonderful bosses and leadership at my current jobs, but am feeling called to pursue opportunities on my own as well. I want to devote time going forward to explore how I can use my interests and skills in meaningful and enriching ways, such as through organizing, cooking, coaching, etc.<\/p>\n Our Hobbies<\/strong><\/p>\n Now that the move is over, Brian has been enjoying running in his free time.\u00a0 Our new space allows us to have a home library\/media room with surround sound, which is great for enjoying TV and movies together.\u00a0 The home office also provides us space to each do quiet work on the computer together.<\/p>\n Our Home<\/strong><\/p>\n We live comfortably in a luxurious two-bedroom, two-bathroom apartment in a refurbished mill.\u00a0 While we\u2019d prefer to live somewhere more rural, our apartment looks out over a quiet private parking lot to a forested river parcel, which provides additional privacy.\u00a0 The building has remarkable industrial architecture that we enjoy in our apartment, including oversized windows and ledges, 12 ft ceilings, exposed wood boards and support beams, various bolts, pulleys and other industrial devices from when this was a working mill.\u00a0 While we loved our former space, our new space gives us room to breathe and provides (almost) adequate space for our large collection of personal belongings (we prefer to call them treasures).\u00a0 <\/p>\n The new space also provides me with a real home office (I was previously relegated to a small corner desk in our studio apartment) as well as a dining room\/bar, library\/media room, galley kitchen and separate bedroom.\u00a0 Previously all of these (aside from the one bathroom) were in the same room. While not as cozy, this home feels more formal and age-appropriate.\u00a0 The building is quiet with respectful neighbors, there\u2019s a donut shop across the street, I can see the hospital I work at from the parking lot and we\u2019re right off the highway, so hitting the road for a day trip or to travel to see family is a synch.<\/p>\n Michael \u2013 feeling shame at my financial situation.<\/strong> I was briefly debt-free after years of being in debt, then spent a fair amount with the apartment move and so many things up in the air. Thankfully, it isn\u2019t catastrophic but I wish I\u2019d made different choices. Also, being at home so much is like endless chocolate cake \u2013 great at first, but can be isolating! I need to build in more walks outside.<\/p>\n Brian \u2013 feeling shame at my financial situation.<\/strong> I feel way behind my peers and family members \u2013 financially, professionally, academically, athletically, socially. I don\u2019t like that I lack a clear plan on how to manage my money effectively.\u00a0I know I\u2019m not saving enough.\u00a0I also feel like I lack the financial discipline to accomplish basic signifiers of adulthood. I feel as though I am a source of disappointment to my family. Also, I dislike not having our own land \u2013 I want to have a garden and some earth to call my own.<\/p>\n 2. Lifestyle:<\/strong><\/p>\n 3. Career<\/strong>:<\/p>\n\n
Need Help With Your Money? Book a Financial Consultation With Liz!<\/h2>\n
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The Goal Of Reader Case Studies<\/h3>\n
Reader Case Study Guidelines<\/h3>\n
Michael\u2019s Story<\/h3>\n
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<\/a>What feels most pressing right now? What brings you to submit a Case Study?<\/h3>\n
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<\/a>What\u2019s the best part of your current lifestyle\/routine?<\/h3>\n
What\u2019s the worst part of your current lifestyle\/routine?<\/h3>\n
Where Brian and Michael Want to be in Ten Years:<\/h3>\n
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Brian and Michael\u2019s Finances<\/h3>\n
Income<\/h3>\n
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