When “Enough” Isn’t Enough: Why Many Parents Undershoot Their Financial Plans
Hi there, Chad Onufrechuk here from Cascade Wealth. Happy Halloween, I couldn’t resist putting in a picture from last year!
In my over 20 years in the financial services world, and as someone who built my firm around helping ambitious parents, I’ve seen a recurring pattern. Many families aim for “just enough”. Just enough to cover tuition, just enough to retire, just enough to feel safe. The problem is, in a world of surprises, changing tax laws, rising health care costs, and unplanned career pivots, “just enough” often falls short.
Today I want to walk you through why I believe you should aim beyond “just enough,” and how doing so improves your family’s odds for a better future financial outcome.
1. The Hidden Risks You’re Not Pricing In
When framing a financial plan, it’s tempting to lean on the “expected” path:
Family income rising steadily
Kids’ education costs increasing at “normal” inflation
Predicable increases in health care costs and no major family health surprise
Average market returns and sequence of returns risk
As we all know, life rarely proceeds on that straight, expected line. Disruptions will happen. Career breaks, unexpected healthcare needs, or even extended support needs for elderly parents or adult children staying in the nest for longer than anticipated. If your plan doesn’t anticipate sufficient buffer room, small deviations can erode your financial goals fast.
For example: what if your child continues past undergraduate education? What if college inflation is higher than assumed? What if you want to help your kids with a down payment on a home? These add up quickly. That’s why in my planning process, I encourage clients to build in “slack” or a “margin of safety” so that inevitable surprises don’t derail everything.
2. Stretch Goals, Even If Missed, Are Still Worth Striving For
Remember the quote, “Shoot for the moon, even if you miss, you'll land among the stars" (Norman Vincent Peale). When your goal is merely “adequate,” you tend to shy away from pursuing potential upside. But stretch goals change the mindset. They lead you to ask different questions:
Could we live in a slightly more expensive (or different) area to access better schools or opportunities?
Should we invest in business ownership, side gigs, or continuing education?
Might we structure our saving and investing in a way that’s more aggressive, more intentional, because there’s more upside to capture?
I’m not advocating for reckless risk. But when you shoot for a target beyond minimal sufficiency, you force a conversation about tradeoffs, priorities, and opportunity. That’s where breakthroughs happen.
3. The Power of Time, Don’t Underestimate It
One advantage many parents miss is time. The earlier you build “extra capacity,” the more opportunity compounding gives you. Even modest additional savings now can translate into a lot more flexibility down the road.
I often tell clients, don’t wait to be “ready.” The point of putting extra aside, even when it seems small, is to preserve options. It also builds up that savings muscle. The cost of being underfunded 10 or 15 years from now is far greater than the effort of saving a bit more today.
4. How I Work with Clients to Go Beyond “Just Enough”
At Cascade Wealth Planning, I take a process-driven approach. We start with where you are today. We factor your income, your debts, your goals, and then we model both your base plan and a “stretch plan.”
The base plan answers: “What is minimally viable?”
The stretch plan answers: “What is possible if we push, adapt, and stay disciplined?”
Throughout that work, I help clients:
Identify and reprioritize expenses
Construct tax-efficient savings and investment strategies
Build in contingency buffers
Reevaluate assumptions regularly (because life changes)
That stretch layer is often where clients find they can fund that extra legacy gift, provide a safety cushion, or allow themselves more freedom to pursue passion projects if opportunities arise.
5. What You Should Do Next
If you’re reading this and thinking: “Yes, I can relate to that. I worry that my plan is not built for possible setbacks,” here’s how to move forward:
a) Run a “stress test.” Take your current plan and ask: what happens if returns are 20% lower than expected? What if education inflation is 25% higher? Would you still be okay?
b) Model different scenarios. Sketch one or two meaningful upgrades you’d love to pursue (bigger house, earlier retirement, funding a foundation). See what it takes to get there.
c) Prioritize optionality. As much as possible, build flexibility into your plan, whether that’s in savings, in asset allocation, or in future income sources.
d) Revisit regularly. Life changes with new jobs, active kids, and changing interests. Your plan should evolve. I encourage clients to revisit their assumptions at least annually (and more often when big changes occur).
If you’re a parent who wants more than “just enough”, who wants to explore what’s possible, not just what’s safe, I’d love to talk. Let’s build a plan with room to grow, to adapt, and to make well informed decisions.
You can schedule a call with me via my website. Life’s too full of uncertainty to settle for “just enough.” Let’s aim higher.
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