Prioritizing Work-Life Balance Through Financial Planning

Matthew and Billie Porter own a sixth-generation family potato farm in Maine. With family at the heart of their business, spending quality time together is what makes life fulfilling for the Porters. This is why they made a change to prioritize work-life balance with the help of financial planning.

“Making the decision to go into farming was probably one of the hardest decisions I made in my life,” Matthew said. “Talking with my grandfather, who I farmed with in my early years, the one thing he told me was it’s a great way of life and it’s a great way to raise a family.”

For years the Porters grappled with the work-life balance of raising their three children, running the farm, and supporting Billie’s career in healthcare. With increasing professional demands, it became difficult to maximize family time with their kids. To preserve the quality time they cherish, Matthew saw an opportunity for Billie to join the family business full-time.

Taking a leap of faith to focus on family

This transition was not without its challenges. Billie’s decision to leave her profession and a steady income to take on a larger role at the farm meant a significant financial shift. Risk management was a big priority.

As Matthew puts it, “In the early years of me growing up on a farm, I learned fast that one mistake, one weather event, one of something can set you back for the entire year. And that was something I really took a hard look at – how do we minimize risk?”

To help navigate the added financial pressure, the Porters reached out to Bryan Thompson, CEO and owner of Thompson Financial Group. The Porters needed to prioritize work-life balance with a new financial strategy that would protect the farm’s assets, support Billie’s career transition and help them manage risk. As part of that strategy, Bryan recommended life insurance and disability income insurance from Ameritas.

Bryan understood the weight of their concerns. He developed a financial strategy that minimized risks to their business and personal finances. The plan allowed Billie to work as the farm’s administrative director and focus on raising their children.

“You can create a financial strategy, and you can turn it on and say let’s go, but then life happens,” Bryan said. “Things change and sometimes you just gotta start over, and that’s what we did. In this case we needed to do more protection for them from a life insurance standpoint and disability income protection.”

Adapting to life’s changes

The Porters’ financial strategy is dynamic, evolving as life changes, and it relies on Thompson Financial Group’s continual support.

“Our financial strategy is not static,” Matthew explained. “We are changing it every year and need partners to help us make those changes. That’s why we have people like Bryan available to help us.”

Bryan was able to offer the Porters financial products to help protect their future. Ameritas is proud to be part of the Porter family’s journey in fulfilling life.

Disclosures:

The Porter Family is a client of Bryan Thompson and Ameritas Advisory Services, LLC (AAS). The Porter Family did not receive compensation for their participation or comments. As a client of Bryan Thompson and AAS, a conflict of interest exists which may result in the incentive to provide a higher level of service.

Bryan Thompson offers products and services using the following business names: Thompson Financial Group – insurance and financial services | Ameritas Investment Company, LLC (AIC), Member FINRA/SIPC – securities and investments | Ameritas Advisory Services, LLC (AAS) – investment advisory services. AIC and AAS are not affiliated with Thompson Financial Group or any other entity mentioned herein.

This material should not be construed as personal or professional investment advice. Past performance may not be indicative of future results. Investment recommendations will vary by client and may not be appropriate for everyone. Different types of investments involve varying degrees of risk, including the potential loss of principal. It should not be assumed that future performance of any specific investment or investment strategy recommended or undertaken by AIC or AAS will be profitable. Neither diversification, portfolio construction, or ongoing management provide a guarantee against loss of principal or any measure of expressed or implied investment return.

Life insurance and annuity products are issued through Ameritas Life Insurance Corp., except New York where they are issued through Ameritas Life Insurance Corp. of New York. Product availability and features vary by state. Guarantees are backed by the financial strength and claims-paying ability of the issuing company.