Today’s Smart Money Question:
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Here Are Just A Handful Of Things You’ll Learn:
How should you prepare financially for a child? We recently spoke with a woman who had a child and wanted some help prioritizing her finances and investment strategy.
She and her husband will likely be relocating in a few years and may change jobs. My first question was if they are taking advantage of some of the benefits their company is offering now.
For example, do you have group life insurance through the company? It’s probably inexpensive. Can you have disability insurance? Make sure you take advantage of those benefits if they’re available from your employer. You can also purchase them yourself.
The cheapest life insurance you can get is term insurance. Get it while you’re young and it’s not expensive. Then you own it personally. Make sure your household needs and expenses are covered, especially with kids.
Disability insurance is especially important because there is a higher probability of becoming disabled and not being able to work and make the income you used to. Purchasing this when you are young is extremely inexpensive.
Not many talk about this, but disability insurance is something that needs to be prioritized. If you jump from jump to job, you don’t have to worry about insurability. You never know when you might not be insurable.
You also need to be budgeting for your retirement investments, especially if you work for a firm where there is a company match within the company-sponsored retirement plan. That’s free money. Take it.
Listen to the full episode or use the timestamps below to jump to a specific section.
4:06 – Babies and finances
5:57 – Take advantage of benefits
8:23 – Disability insurance
10:42 – Budget for retirement investment
13:26 – Good debt and bad debt
“Disability insurance, in my opinion, is something that needs to be prioritized.“
-Matt Hausman
Additional Podcast Episodes:
- 15 Money Resolutions for 2022
- The Fear of Spending Money in Retirement
- Tough Questions About Family Finances
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
