Betsey needed financial guidance for both of her personae. Her advisers were introduced first to Betsey, a female dynamo heading the Web development group at Sapient, an e-services consulting company, and then to Betsey's male after ego, Murray Hill, who also has a thriving career--but this one on the drag king cabaret circuit.

Two years ago, Murray ran for mayor of New York City and received 334 write-in votes. Now Murray is throwing his hat into the ring of New York's Senate race. Betsey estimates that she spent over $10,000 financing Murray's last campaign. Fortunately, she can support Murray's political aspirations through her day job. After several promotions, she now has Web developers across the United States and overseas reporting to her. In addition to making "a nice income," Betsey has been paid bonuses with shares in her company's stock, which have performed with the same volatility and gusto as the rest of the technology market.

The mission of Betsey's planners is to sort through the financial affairs of this duo and create one comprehensive plan. The short-term goals are distilled down to: (1) finance Murray's Senate campaign, (2) pay off Betsey's student debt, and (3) start investing her income. In the long term, Betsey is looking to: (1) save enough to support a career switch into show business, (2) move from a Brooklyn rental to a Manhattan condo, and (3) save for both of their retirements.

Betsey must first diversify her assets. Since 100 percent of her holdings are in the stock of one company and her income depends on the fate of that same company, Betsey agrees that it makes sense to move some of her eggs to different baskets. Murray chimes in like a true politician, "I have always supported diversity--in people, baskets, and investments." ¹

Murray is mature enough to consider another financial strategy--incorporation. Since Murray has a nominal income from his cabaret work and regular expenses for costumes, karaoke music, and campaign materials, he should be operated as a business. Considering various other factors, a limited liability corporation (LLC) is the wisest option. The profit or loss from Murray's career would flow through to Betsey's tax return. In addition, her investments and assets would be protected from any lawsuits that Murray might cause!

Hatch describes her job as "helping people realize fabulous lives." In this case, Betsey got two for the price of one.