Case Study: Michael

Michael is a fake name, and some specific details have been changed for privacy, but this article is based on an actual client of ours, and their journey through our process.

Introductory Overview

When Michael reached out to Dominion Wealth Strategists, he wasn’t in crisis. His IT career was stable, bills were current, and the family lived within their means. Yet there was an unease he couldn’t quite shake. He was carrying some debt that drained monthly cash flow, had some savings, but not enough to withstand a true emergency, and no defined plan for building wealth or preparing a legacy.

Like every client who sits down with us, Michael didn’t just want “better numbers”, he wanted clarity and direction anchored in biblical stewardship. He wanted to fulfill his responsibilities as a husband and father by providing for his household today and establishing something lasting for tomorrow.

In our Introductory Overview—the first step of our process—we laid out what he could expect, who we are, what we do, and how we operate. He had a lot of questions, we had a lot of answers. This stage is about listening, understanding his convictions, and making sure our services match his needs. If there’s alignment, we move forward to the Data Collection phase. Michael left this first conversation knowing this would not be about a series of product pitches. It would be about building his household economy in a way that reflected his calling and long-term vision.

Data Collection – Building the Full Picture

The next step in our process was a Financial Follow-Up Meeting. For Michael, this session served a single purpose: data collection. No recommendations, and no action steps yet. The goal was to gather every piece of financial information so we could build an accurate and comprehensive household profile before offering any formal guidance.

Using our structured intake process, we mapped out the core components of his financial life:

Income

• Net monthly income: ~$7,900 from his IT role.

• No secondary income streams, though future opportunities were discussed.

  
  

Expenses

• Total monthly expenses: ~$7,300 (broken down over 31 line items)

• Discretionary income after expenses: roughly $600/month.

  
  

Assets

• $330,000 house

• Nothing in a formal savings account

• No annuities, pensions, or 529 plans

• ~$1000 in an Emergency Fund.

• No retirement accounts

Debt

• ~ $250K Mortgage at 2.7%

• ~$8300 vehicle loan at 9.8%

  
  

Life Insurance

• $1M in 30 year term through USAA on Michael

• $500K in 30 year term through USAA on his wife

  
  

Investments

• No intentional investment plan beyond default workplace retirement allocations.

  
  

As always, we didn’t simply record numbers, we examined the habits, decisions, and circumstances behind them. A $1900/month grocery bill for a household of 7 is high, at least according to the national average of $200-$250 per person per month, so I flagged it and a few other line items for further research and discussion.

By the end of this meeting, Michael and his wife had clarity they hadn’t experienced before. The “we need to do better” feeling now had measurable shape and scale. With this foundation in place, we could move to the analysis phase with complete and accurate data, ensuring the recommendations would be grounded in reality, not general estimates or feelings.

Analysis – Turning Numbers into a Plan

This is the part Michael did not see. Mostly because it is a lot of boring math, product comparisons and research. Over a few hours, I built out some recommendations for him and his family.

The Financial Consultation

At the end of the Data Collection meeting, we scheduled the Financial Consultation, the stage where the conversation shifts from fact-gathering to strategy. This is where we lay out a step-by-step plan, explaining the reasoning behind each recommendation so the client understands not only what to do, but why.

For Michael and his wife, the plan addressed six key areas:

Income Optimization

• An energy audit of their household to see why their electricity bill was averaging $400/mth (expected savings of $200/mth)

• Their grocery spending was also higher than average, so we suggested buying rice in bulk, getting a chest freezer and buying half a cow from a local butcher when they have the savings to do so, among a few other things. (expected savings of $500/mth)

• Their dining out budget was only $35/mth. I actually recommended increasing this (as they can) to account for much needed date nights. (expected savings of -$100/mth)

• They were tithing based on gross income to their own detriment, so we had a conversation about that, but I left it in his hands with no official recommendation as I am not his pastor and have no place binding his conscience on this issue. (expected savings of $600/mth) I was able to show them a path forward that could increase their discretionary income as much as $1200/mth if they chose to implement my recommendations.

  
  

Emergency Preparation

• Fill up their checking so they would have one month's worth of expenses plus a small buffer on the first of each month. In their case this target was $8,000.

• Bolster their savings at the same bank to $4,000 for unexpected and potentially immediate expenses.

• Build up their emergency fund in a High-Yield Savings account to three month's worth of income rounded up. This was $25,000 for Michael.

For Michael, since his only debt besides his mortgage was relatively small and the interest rate was only slightly above what I like to see, I formally recommended that he take care of his emergency preparation before allocating any of his discretionary income toward additional payments on his debts. Given his new potential discretionary income, he should be able to achieve this in ideal circumstances in under 18 months.

Liability Management

• After achieving a fully funded emergency fund, I recommended he apply his $1800/month surplus to the highest-interest debt first while continuing to make minimum payments on his mortgage.

• With current minimum payments, he will only owe $5,800 on his vehicle loan by the time his emergency fund is fully funded, and if he applies his entire discretionary income toward his debt at that point, he will have it fully paid off in less than 4 months.

• Since his mortgage rate is so low, I did not recommend he make any additional payments toward it.

Risk Reduction

• Either supplement existing life insurance coverage with a $500,000 term life policy for Michael and $250,000 for his wife (approx. $60/month combined), or replace current coverage with two new policies of $1.5M for Michael and $750K for his wife. At the time of the writing of this article, they have not make a decision of which option they would prefer.

• We set a meeting with our health insurance referral partner David Hemm to discuss potentially cheaper health insurance options.

• We also set a meeting with our tax referral partner David Schultz to discuss some potential tax savings.

  
  

Wealth Building

• Once Michael's debt is paid off, he wants to start his own business. That will likely be where a sizable portion of his discretionary income is deployed for quite a few years.

• Long-term goal: Diversification with the primary wealth building vehicle being his own business. We discussed start-up challenges, scaling, and exit strategies.

  
  

Legacy Planning

• We had Michael and his wife get a will at freewill.com

• Once their net worth is over $25K and they have an extra $2500 beyond their emergency fund, we will revisit additional legacy planning documents like a trust, financial POA, and healthcare directive.

  
  

Implementation Roadmap

Short-Term (0–6 Months) – Build Margin and Secure the Base

• Income Optimization:

  • Complete an at-home energy audit and schedule any needed efficiency upgrades.

  • Implement grocery savings strategy: bulk staples, chest freezer, and local butcher sourcing as funds allow.

  • Adjust dining out budget to $120/month to allow for intentional date nights.

  • Consider tithing adjustments in light of personal convictions and household needs.

  • Target outcome: free up to $1,200/month in additional discretionary income.

    
    

• Emergency Preparation:

  • Fund checking to $8,000 so that one month’s expenses plus a buffer are available on the first of each month.

  • Increase savings at the same bank to $4,000 for immediate-access needs.

    
    

• Risk Reduction:

  • Decide on term life insurance approach—either supplementing current coverage or replacing with higher-value policies.

  • Schedule consultations with health insurance referral partner and tax referral partner.

    
    

Mid-Term (6–18 Months) – Fully Fund Emergency Reserves

• Continue grocery, utility, and budget adjustments to maintain ~$1,800/month surplus.

• Fund high-yield emergency account to $25,000 (three months of income, rounded up).

• Maintain minimum payments on mortgage and vehicle loan during this phase.

• By the time the emergency fund is complete, vehicle loan balance should be about $5,800.

  
  

Transitional Phase (18–22 Months) – Eliminate Remaining Consumer Debt

• Apply full $1,800/month surplus to vehicle loan.

• Projected payoff timeline: under 4 months.

• Maintain mortgage payments at current schedule due to low interest rate.

  
  

Long-Term (Post–Debt Freedom) – Build, Diversify, and Protect

• Wealth Building: Begin preparations for launching Michael’s business.

  • Allocate significant portion of discretionary income toward start-up and early-stage growth.

  • Keep long-term diversification in view, with the business as the primary wealth-building vehicle.

    
    

• Legacy Planning:

  • Already in place: Wills completed via freewill.com.

  • Once net worth exceeds $25K and there is $2,500 beyond the emergency fund, add a trust, financial POA, and healthcare directive.

    
    

Ongoing – Review and Adjust

• Michael and I text regularly as life rarely goes perfectly according to plan, and questions come up.

• Annual review of spending categories, insurance needs, and business progress.

• Adjust retirement, tax, and legacy strategies as income and net worth grow.

  
  

The Takeaway – Why Our Process Works

Michael’s journey illustrates the power of following a structured, principled process. By moving deliberately through our three main meetings, he and his wife gained not just a plan, but the confidence that comes from knowing every decision was grounded in both sound financial practice and biblical stewardship.

Even with a narrow surplus, they discovered that intentionality, discipline, and clear priorities could transform their household economy. They now have a plan to eliminate debt, protect their income, build reserves, invest for the future, and leave a legacy.

At Dominion: Wealth Strategists, this is the goal for every client: to order the household economy so that it serves its God-given mission, strengthens the family, and increases capacity for Kingdom work.

Ready to See What Your Plan Could Look Like?

Michael’s story is just one example of how a clear, biblical approach to money can transform a household economy. Your situation is unique, and so is the plan we would create for you.

Schedule your Introductory Overview today and take the first step toward clarity, confidence, and long-term stewardship.