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Questions about your employee benefit?

As a Certified Financial Planner, what questions would you ask your client?

  • Male, 30 yrs. old married w/one child (age 3) sole wage earner Have 3 competing job offers (software engineer) 1. For Dell in Austin salary: $150,000 401(K): maximum employee match 2. For HP in San Francisco salary: $175,000 401(K): match 3% of empl. contributions 3. City of San Angelo salary: $125,000 401(K): 7% employee w/2 to 1 match by employer; 51/2% annually; vest in 5 years Def'd benefit plan Husbands parents are wealthy In their 70's He is the only child. Now, what questions would you ask your client based on the info. I have given you? What advice or options would you give? Do you see any problems with the info. I have given you?

  • Answer:

    Is he your bf ? looking at your financial options?! California cost of living is too expensive. Texas is affordable!

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The most important question is, "Where do you and your spouse want to live?" If that is a toss up, what is the price of real estate and other living costs in each? What are the other employment opportunities in each area, for software engineers, in case this job disappears after you take it? What are the investment choices in each 401K? A CFP could run the numbers to estimate which job would produce the most money, but that alone should not govern the decision.

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