Tag Archives: expectant parents

3 Best Financial Tips for Parents of Young Children

Financial TipsAfter 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 (greg_breitman@strategiesforwealth.com) and Evan Pollack (evan_pollack@strategiesforwealth.comat Strategies For Wealth in downtown NYC. 

They kindly shared their top 3 Financial Tips for our Kidz Central Station parents.

Finance Advice

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

Finance Advice

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:

  • Wills/Trusts
  • Lawsuit Protection
  • Life Insurance
  • Income Protection
  • Savings & Investment Strategies
  • College Planning

For more information and to learn more about organizing your own finances, PLEASE CONTACT:

Greg (212) 701-2529 or Evan (212) 701-2571

3 (Baby) Steps to Help Expectant Fathers Become Confident Dads

The adjustment to parenthood can be a stressful period of transition for new parents, especially for dads. Fostering a sense of readiness for fatherhood can be challenging in the maternal-centric world of visits to healthcare providers, online advertising, and marketing. While a woman’s changes in physical appearance during pregnancy signals a transition to motherhood, a man’s transition to fatherhood is not as visible. A woman’s body allows her to physically and emotionally bond with her baby from the onset of pregnancy. But, although dads cannot physically experience pregnancy, the expectant father experiences profound changes nevertheless. It’s very easy for an expectant father to feel sidelined when he enters the realm of pregnancy and birth. Connecting with his baby requires him to take steps to feel close to the baby before birth. Unlike generations long ago, fathers today are eager to take part in pregnancy, childbirth, and childrearing. Research reinforces the benefits of a father’s early involvement in fostering happy and healthy children. As expectant fathers take their first steps along the unique journey of attaining fatherhood, expectant mothers should affirm their emerging roles, encourage them to participate, and praise them for their involvement.

Affirmation.  An expectant father’s needs are unique and equally important as an expectant mother’s. Talk to him. Ask him his thoughts and feelings on becoming a father. Help him to manage his emotions by making him feel valued and heard. Having open and honest conversations will facilitate his ability to find balance in his emerging nurturer-provider role and lead to greater confidence as a father. Knowing he can talk to you about being a dad is a great stress reliever and reduces anxiety and/or fears. Conversations will also help an expectant mother and father find balance as new parents.

Encouragement. Expectant fathers may struggle with finding stability in the unfamiliar world of pregnancy and childbirth. The fear of not knowing what to do or what to expect can limit his connection with baby. He may not instinctually know what to do or how, but every opportunity he takes to be involved is an investment in your family. Encourage his participation in all things baby. Whether taking a baby care class, going shopping for the nursery, or attending a doctor’s appointment, every step he takes to be involved will help him to feel included and closer to baby.

Praise. Shifting societal roles have freed men to be active participants in nurturing their children. No longer seen as sole providers, fathers are able to dust off the cobwebs and reignite their nurturing skills. As traditional views of what it means to be a father fade away, men are defining their new identities as involved fathers. Fathers’ unique ways of nurturing through play are essential to developing healthy children and families. Praise every effort your partner takes to connect with his baby. Whether it is changing a diaper, soothing the baby, or playing with the baby, praise him! Praise is a great reward and confidence builder.

Take these three easy steps and support his journey to fatherhood as you journey along motherhood. Make them a part of every day and soon you will be the parents you always knew you could be!

NYULMC-2011_2CP_RGB_300dpiFrom the Real Experts at NYU Langone Medical Center:

Gladys Vallespir Ellett, RN, MA, LCCE, CLC, is the Coordinator for Parent Education at NYU Langone Medical Center and oversees all prenatal and postnatal education programs for new and expectant parents. She also teaches prepared childbirth, cesarean delivery courses to expectant couples and is the group facilitator for the New Moms Group at NYU Langone. She is a Lamaze Certified Childbirth Educator and Certified Lactation Counselor and currently serves as chair of Continuing Education for Lamaze International. She is a graduate of NYU College of Nursing and holds a master’s degree in education from The American University. As current doctoral student at the NYU College of Nursing, her research interest focuses on supporting new and expectant families, specifically fathers.

To register for Daddy Bootcamp Classes at NYU Langone Medical Center click here!