In the day-to-day hustle of parenting, thinking long-term, especially regarding finances, is often challenging. With studies showing an estimated cost of over $300,000 to raise a child from birth to age 18 (excluding college expenses), addressing your monetary matters becomes utterly crucial before you embark on parenting. Today, Jesse sits down with Andy Hill to discuss combining finances with a spouse, preparing financially for a family, and setting your children up with the right money habits and mindset.
Key Takeaways:
The cost of raising a child - childcare, medical, baby supplies, and other miscellaneous expenses
The importance of pre-baby financial planning
Financial Preparation - building an emergency fund and suggestive steps like paying off debts, focusing on retirement, and the necessity of considering life and health insurance
Tax Benefit - child tax credit, dependent care credit, and tax-advantaged college saving accounts
Saving tips - buying secondhand baby items through Facebook Marketplace, consignment sales, etc
Estate Planning - an estate plan after having kids and considering special needs planning if applicable
Timestamps:
(00:00:02) - Intro
(00:00:49) - Review of the week
(00:01:31) - 12 financial topics for new parents
(00:01:54) - Children are expensive
(00:03:56) - Life insurance matters
(00:05:12) - Property and auto insurance
(00:05:17) - Childcare costs
(00:06:57) - Education costs
(00:08:59) - Estate planning
(00:10:49) - Children and taxes
(00:12:52) - Topics that change with kids
(00:13:48) - Budgeting
(00:15:34) - Debt management
(00:17:59) - Roth IRAs for kids
(00:20:13) - Generational wealth
(00:20:29) - Kids are expensive but worth it
(00:21:18) - Andy Hill background
(00:22:27) - Money languages
(00:28:12) - When to combine finances
(00:30:54) - Autonomy with money
(00:32:21) - Preventing financial fights
(00:37:18) - Tracking goals and expenses
(00:39:20) - Focusing on the journey
(00:42:33) - Planning for kid expenses
(00:46:10) - Teaching money lessons
(00:48:22) - Make My Kid a Millionaire course
(00:50:29) - Where to find Andy
(00:50:38) - Outro
More of Andy:
🌐 Website: https://marriagekidsandmoney.com/
🎙️ Podcast: https://marriagekidsandmoney.com/podcast-archive/
Mentions:
Best Interest: New Parents: https://bestinterest.blog/12-financial-planning-topics-for-new-parents/
Best Interest: 529 Plans: https://bestinterest.blog/529-plans/
Make My Kid a Millionaire Course: https://makemykidamillionaire.com/sa/
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog
Contact me at jesse@bestinterest.blog
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.
