Financial Planning
First the baby, now crunch the numbers...
There is nothing more exciting in the world than the anticipation of your first child. On the other hand there is not a more tedious and boring topic than financial planning (outside of taxes). However, with the new bundle of joy on the way, it is even more important to get that “financial house” in order. Getting your financial house in order may not be a top priority now, but in a few years it will be very important.
If you have not had your baby yet the process of getting your financial house in order may not be on top of your list. The anticipation of welcoming your child into the world is quite a responsibility. Baby showers, shopping for basinets, cribs, and creating the nursery are all items that must be done before the baby arrives. Once the baby arrives, then things really pick up pace. The first 3 weeks may be a bit bumpy, but it gets easier or should I say you adapt.
Why worry about financial planning when all the above is happening? Before you know it, the baby is a “waddler”, then a “toddler”, has a full set of teeth and by the way your wife is now carrying twins. It happens in a flash! Then the questions will soon follow. Men who have been there know the questions and cringe at the thought of them. Because they are not questions, they are more like demands. You are only led to believe that you have an option, but in reality you have no choice. The “questions” include, but are definitely not limited to:
• Do we need a mini-van?
• Do we need a bigger house?
• Do I look fat in this dress (oops, that is a question for another article)?
• How much do we have saved for the children’s college education? Is Jr. going to attend Harvard or sweep the floors there?
• When can we retire and travel the world?
Joking aside, they are all valid concerns and you’ll have to plan quicker than you realize to ensure you have some solutions. Don’t despair you can do some simple things now that will make planning easier.
I’m sure there are plenty of smart people out, so hopefully they can share some of their thought on this subject.
First of all, it we need to know where we stand now before we can plan for a future. So, take a couple of minutes and just think about your finances.
Posted on Friday, September 21st, 2007 at 10:04 pm.
Filed under Daddy Blog, Before Baby.
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