Critical Thinking Required
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Critical Thinking Required
Financial Planning For New Parents (and Parents-To-Be)
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LBW Wealth Management
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Season 3
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Episode 27
If you are planning to have a child, or you just had one, there are some financial preparations that you may find extremely beneficial in the long run:
1. Cash Flow: Create a realistic budget and increase your emergency fund;
2. Estate Planning: Pick your guardians, create a trust, or at least complete the free estate planning templates your state provides;
3. Life Insurance: Now that you have (or are about to have) another person who depends on you, please review your insurance needs. It's a risk management tool, not an investment!
4. Education Planning: Utilize 529 plans and other useful investment vehicles for your child;
5. Tax Breaks: Talk to your advisor and CPA about child and dependent care credits, FSAs, and other tax benefits.