Get to Know: Kurt Rupprecht of Northwestern Mutual

Introducing Wealth Management Advisor Kurt Rupprecht

As a new parent, the list of responsibilities, things to consider, and worry about, felt endless. The one thing that I felt lucky that I had done in my early 20s was obtain life insurance (thanks to my good friend, Kurt, who I have known since my first year at UVA). My husband, on the other hand, always had corporate life insurance but didn’t have it personally, so it became a high priority when we were starting a family. After a year of IVF, we were expecting a baby and knew we needed to get our ducks in a row. Thanks to friends that were willing to have the hard conversations (like Kurt), we now feel an extra sense of security. Of course, we hope we never need it but it’s good to have it for worst case scenarios. 

-Caitlin Iseler

Let’s get to know Wealth Management Advisor Kurt Rupprecht through this happyly Q&A:

How did you end up in the DC area and what made you decide to stay to raise your family? 

I was born in San Jose, Costa Rica into a Foreign Service Family and spent the majority of my adolescence residing in Central and South America.  The years when my family and I were living in the United States we were in the Alexandria VA so after completing my undergraduate studies at the University of Virginia I ended up transitioning back to Northern Virginia where I started my professional career with Northwestern Mutual in McLean VA.

What, in your opinion, makes the DC area unique and special for families? 

There are so many cultural and natural amenities within and just outside the beltway.

What are your top 3 favorite family-friendly activities, events, attractions and places in and around the city?

1. Apple/Berry/Pumpkin picking at Homestead Farm in Poolesville MD. 
2. Amazing Farm Fun @Ticonderoga in Chantilly VA.
3. Wings of Fancy Butterfly Exhibit at Brookside Gardens in Wheaton MD.

What's been your most memorable, low budget family vacation? 

A road trip to Lancaster PA where we visited a working Amish Farm and tasted ice-cream that was made on-site, the Railroad Museum of Pennsylvania, National Toy Train Museum and Dutch Wonderland.

Name one thing you wish you knew as a new parent that you learned by accident.

There is really no such thing as too many sprinkles…

How do Northwestern Mutual's corporate values align with your own/your family's?

I’m really proud to be affiliated with a company like Northwestern Mutual, which for the last 160 years has served its clients through all kinds of economic ups and downs. Being a mutual company means Northwestern Mutual is primarily focused on its clients and will continue to be – because the company is owned by its policyowners, not shareholders. Instead of having to worry about short-term demands of shareholders, Northwestern Mutual takes a long term value approach – both in the way the company and its advisors help people and conduct business. My wife, Cameron, and I both know that with parenting the days are long, but the years are short so we are always trying to make decisions and interact with our kids from a team approach where the best way for all of us to go through life is winning, losing and growing together as a team. The “team” aspect of mutuality is definitely something that resonates with our family’s values.

As winter approaches, what do you like to do with your little ones during the cold months - Favorite 3 things?

1. Winter Walk of Lights at Meadowlark Botanical Gardens in Vienna VA.
2. Season’s Greetings Train Display at the US Botanic Garden in Washington DC.
3. Bobby McKey’s Dueling Piano Bar Kid’s Day at National Harbor MD.

Over the next several blog posts Kurt will be introducing us to financial concepts for new families. Let’s get things started in part one of our series “5 Things You Need to Know: Financial Strategies for New Families”

One of the first financial considerations often made when starting a family is making an updated budget based on changes to income and expenses.

According to Kurt Rupprecht's, advisor with Northwestern Mutual- K Street Financial Group, he suggests the 20/60/20 rule (20% save, 60% essential expenses, 20% discretionary expenses). “Setting aside 20 percent for savings might be a challenge. And even if you are able to do that today, it may be more difficult as your family grows. That's true for two reasons: Your income may change. And your monthly expenses will certainly change,” states Kurt.

If you’re thinking about staying home permanently, you may be weighing the financial pros and cons. Can you afford it?

Of course, you'll want to consider the loss of income if you stay home. But on the plus side, you probably won't be spending as much on things like parking, gas and possibly professional clothing expenses. So you've got to think through all of the financial pieces and parts.

If you choose to leave the workforce, you may also be making fewer or no additional contributions to your 401(k) or savings - so you may want to evaluate the longer-term impact to your retirement and overall financial plan.

Kurt points out that “you may have seen the average cost of raising an only child to the age of 18, which today is close to $250,000 . That includes costs for things like food, clothing, child care, education and health care etc. all before they head off to college. Of course, this is an average, but it’s a bit intimidating, isn’t it?” It can be difficult to wrap your head around this figure!

You may find the money you spend on diapers, formula and day care over the first few years will gradually give way to funding health care, food, private schooling and extra-curricular activities. And then, as your child becomes a teen, you may be adding in expenses for electronics and transportation, and potentially sports, which can be very expensive – especially if your child joins an elite or traveling team. So, you can see that your expenses don’t go away, they simply shift over time.

You’re not alone if you’re thinking, "How in the world am I going to make this work?" Or... "How am I going to make it work when I have all these other financial goals like saving for a new house, for this child's education and for my own retirement?" It's not unusual to feel overwhelmed. But you can help alleviate a lot of the anxiety with two things: a solid financial plan and the discipline to stick with it. Connecting with a financial professional such as Kurt Rupprecht and his team can help you start your plan.

To connect with Kurt Rupprecht to start making your financial plan please visit www.kstreetfinancialgroup.com