Good Financial Reads: Posts for Parents (Part Two)

posts for parents (part two)

Custodial Accounts: Non Tax Advantaged Savings Account

by Michelle Smalenberger, Financial Design Studio

Today we are discussing custodial accounts.  Maybe you’re trying to plan for your child’s future and all the options you look at help you cover college expenses but you just want to save for their future, not only college. You understand that there are tax benefits to saving in college savings accounts, but you want flexibility for how the funds will be used.

[Watch the Video]

 

The Motherhood Penalty

by Philip Weiss, Apprise Wealth Management

The motherhood penalty refers to the career penalty women face after having a child. It can affect wages, the ability to get hired, workplace evaluations, and promotions.

Across both time and countries, on average, women earn less than men. According to this article, if you look across the world, you won’t find a country where men and women receive equal pay. This leads to the two primary questions this blog will address.

[Read the Full Article]

 

Three Things to Consider Before Hiring a Nanny

by Jessica Kirwin, Kirwin Financial

A year ago, my husband and I were thinking about hiring a nanny for our newborn. Of course, there are the more familiar things to consider when hiring a nanny: references, background check, experience and credentials, and overall personality fit. But I didn’t realize how complicated it could get if you employ a nanny until I started researching. There are three things I suggest discussing with your partner before deciding to hire a nanny: Taxes, Nanny Payroll Service, and Workers’ Compensation Insurance. Now, I realize these are not exciting topics. But you want to make sure you’re addressing these things before you hire a nanny. It’s important to be on the same page and to ensure that the costs are covered in your budget.

[Read the Full Article]

 

What You Need to Save Before Having a Baby Might Be the Wrong Question

by Eric Roberge, Beyond Your Hammock

Most of my clients are in their 30s and 40s, and many of them are either starting families or adding to them.

Many of these soon-to-be parents ask me, “how much do we need to save before having a baby? What should we have in the bank before we start thinking about having kids?”

[Read the Full Article]

 

A Trust Fund for Kids: Does Your Family Need One?

by Eric Roberge, Beyond Your Hammock

For most people, the phrase “trust fund baby” does not come with positive associations.

It’s a description that conjures images of spoiled children that may grow up to be dilettantes as adults; of people that seem divorced from the reality of working for a living or being financially responsible for their own futures.

[Read the Full Article]

 

For more advice on finances when you have children, be sure to check out:

Good Financial Reads: Posts for Parents (Part One)


Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Good Financial Reads: Equity Compensation Edition Good Financial Reads: Equity Compensation Edition
Build an Emergency Fund: 5 Questions to Consider As You Save Build an Emergency Fund: 5 Questions to Consider As You Save
Good Financial Reads: Advice for Investing in the Current Market Good Financial Reads: Advice for Investing in the Current Market
Financial Habits for Building Wealth Financial Habits for Building Wealth
Good Financial Reads: Current Events and Trends: June 2022 Good Financial Reads: Current Events and Trends: June 2022

Subscribe to Email Updates