After a quick survey of our smart and educated parent friends, we found that financial planning often falls by the wayside as we become parents and get bogged down in the day-to-day of childcare, school, and activities. Taking care of finances can be confusing and overwhelming, and we all want to avoid thinking about wills and future planning. However, if you are an expectant parent or parent of young children, it’s necessary to identify your financial goals.
The first step is to find advisors we can speak to comfortably and build a genuine relationship with and that led us to Greg Breitman (firstname.lastname@example.org) and Evan Pollack (email@example.com) at Strategies For Wealth in downtown NYC.
They kindly shared their top 3 Financial Tips for our Kidz Central Station parents.
1) Get Organized by meeting with a Financial Planner
No matter your financial situation, organization is paramount! Time is understandably limited with a young family or baby on the way so meeting with a trusted financial planner to get organized is an efficient way to check this off the to-do-list. Additionally, use your adviser as an accountability partner because putting off this crucial step until things calm down is a common and costly mistake. Getting organized with your adviser leads to the creation of a successful plan that starts with protecting the family with wills, trusts and life insurance.
2) Get a Will and other Legal Documents
This is the the most common essential protection piece people put off. Getting a will is not as time consuming as one would think. To get a jump start, determine who you would want to take care of your child if you were not around. Everything else is secondary. Will’s should be updated/reviewed roughly every 5 years or when there is a new life event. Having a properly constructed will saves surviving friends and family from additional stress. Additional documents needed include a living will, power of attorney and health care proxy. Trusts are an essential planning tool as well if needed.
3) Get Life Insurance
Life insurance implementation is one of the most important decisions a family can make. It is uncomfortable to talk about however is too essential to overlook or push off. Too often do families make mistakes with the appropriate amounts and types due to hasty decisions, misinformation and a lack of proper education leading to unimaginable financial consequences. Consulting your trusted adviser with this decision will help you figure out what is best for your family to cushion the blow of an unexpected loss of income. Life insurance premiums are based on your age and your health. It is one of those items where when you actually want it, is typically the toughest to get.
Meet our Financial Advisors
Greg Breitman, Evan Pollack and Dan Paikin have a combined 22 years of financial planning experience. Their expertise is around helping families that have or are expecting children. Their belief and approach to helping young families is to address items in order of priority, 1) getting organized 2) getting protected and 3) building a foundation of a plan that’s proven to work.
Specifically, they help parents address 6 main areas:
- Lawsuit Protection
- Life Insurance
- Income Protection
- Savings & Investment Strategies
- College Planning