Preparing Your Finances When You’re Expecting

Having a baby will change your life in significant ways, and this includes financially. Not only will you have increased costs for things like diapers and childcare, but you’ll also have new financial planning considerations, too.

In this five-part series, we’ll walk through these considerations and provide a roadmap to follow as you financially prepare to add a new bundle of joy to your family.

Today, we’ll begin by discussing one of the cornerstones of financial planning: your estate documents.

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grandfather and grandson

The Birth of a Grandchild: 529 plans and Trusts

Congratulations! The arrival of a grandchild is an exciting time. All of the soft snuggles, tiny shoes, first coos and crawls, AND you get to give them back to their parents after a nice happy visit. The arrival of the next generation is also a good time to plan for your (and their future). In this article, we will go over different ways to gift, save, and set aside for your grandchildren.

The first step will be deciding what type of financial assistance you would like to provide for your grandchildren.

Start by answering these questions:

  • Do you want to help save for their education?
  • Or would you prefer to set up a trust that they can access down the line?
  • How much would you like to give a year?
  • Will it exceed gift tax return limits?

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boy singing into microphone

The Lovely Language of Legal Tender

“What we have here is a failure to communicate.”

-From the movie, “Cool Hand Luke.”

In the movie “Cool Hand Luke, pre-salad dressing, philanthropist, Paul Newman played the character of a prisoner in a chain gang. Because he was sullen, unruly, and unable to change his ways, he was berated by the prison “Captain” for disobeying his orders. I love the above quote because it is worthy of expression from both a spiritual and financial perspective. Although money and spirituality may not appear to be closely associated with each other, they are inordinately glued to the choices many couples make when discussing important financial issues. Most couples in close relationships have not achieved the skills necessary to listen empathically; to the words one partner is saying and reading between the lines as to what is not being said. These small misperceptions can be an impediment to communicating more effectively.

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woman in skirt

Hemline Index

“The future’s uncertain but the end is always near.”

Jim Morrison, the Doors, “Roadhouse Blues”.

Many investors are losing valuable sleep listening to the misguided, canary-in-the-coal-mine commentators expounding on an imminent stock market crash due to a future recession (the “R” word). Paradoxically, if too many investors believe the same thing, as fate would have it, the “R” might just become a self-filling prophecy! On the other hand, the Wall Street axiom “a bull market climbs a wall of worry” may also suggest that too much negative investor sentiment may have the opposite effect and the market will continue to rise. It may make more sense to refrain from prognostications. The great investor Warren Buffett said, “Short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children." -- 1992 Berkshire Hathaway Chairman's Letter.

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The Little Things We Do Really Matter

It’s the little things you begin with that matter most! The wisdom found in the Tao Te Ching says the long thousand- mile journey begins under one’s feet by taking small steps! If you are hiking and climbing a mountain you take one little step at a time. It is unrealistic to think you can physically run to the top.

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Become a Financial Superhero

With all the hype about the latest Avengers movie, it got me thinking about how we all can become superheroes in our every day lives. You may already be a superhero to your spouse, to your kids, but how can we become financial superheroes? Fidelity did a study a number of years ago. They looked at all of their accounts and they wanted to find out which accounts performed the best: what were the investments? How often did the account trade? How many “tweaks” did the account holder perform over this given time period? What Fidelity found out was very surprising. The clients whose accounts performed the best were the clients who forgot they had an account at Fidelity. 

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Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.
Information provided in this blog is for educational purposes only and is not intended to be, and you should not consider anything to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with own financial advisors, accountants, or attorneys regarding your individual circumstances as needed. No advice may be rendered by Arcadia unless a client service agreement is in place. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.

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