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What to Expect When You're Expecting: The Finance Edition

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Adam Tau, co-founder of the MillerTau Financial Group in New York City, detail the intricate financial planning that occurs when planning or deciding to have a baby, and why it's important that you have a plan in place.

Published in: Economy & Finance
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What to Expect When You're Expecting: The Finance Edition

  1. 1. WHAT TO EXPECT WHEN YOU'RE EXPECTING Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB | 1895 Walt Whitman Road Melville, NY 11747 | 631.420.4242. The Finance Edition Adam Tau
  2. 2. PREPARING FOR A BABY Many consider having a baby to be one of life’s most precious journeys. While it might feel strange to let a 3rd party in on the decision-making process, having a financial advisor as part of this decision can open doors for your growing family that you didn’t know existed.
  3. 3. ENSURE THAT YOUR FAMILY IS INSURED Financial protection is a topic about which many seek advice for from their financial advisors. Your medical insurance will obviously play an important role in the prenatal care and delivery of your baby, but knowing what your insurance covers, and what the possible impending hospital costs can add up to is important. Purchasing life insurance if you don’t already have any through work or personal means will also be essential. Your financial advisor will be able to ultimately advise you towards savings plans or better coverage.
  4. 4. PLAN ON SAVING FOR RISING EDUCATION COSTS Saving for college is a worry that many seasoned and new parents share. However, there are many strategies a financial advisor can discuss with you to ensure that you are contributing at least a small amount of money over time to college funds. Remember to use time to your advantage; college may seem like a long way off for a newborn, but starting early is in your best interest.  In fact, the compounding interest you can earn from having savings in the right accounts will only get larger as time goes on.
  5. 5. HOW TO HANDLE AN EMERGENCY Life will happen, and many new parents will tell you that while they know this, the unpredictability of life’s events is even scarier when you have a child. Save yourself the pain and anxiety later by saving up for an emergency now. Unexpected life events are an area where financial advisors can really help a growing family. Most people know the fundamental elements of saving, but having a financial advisor to guide you in setting aside an appropriate amount of accessible and secure emergency funds will give you peace of mind that you are prepared for whatever life throws at you.
  6. 6. MAKE ROOM FOR BABY IN YOUR BUDGET This entire list will not be possible if you don’t make room for your baby in your budget. There are dozens of life-hacks that can save you cash here and there that will add up in your favor in the long run! Things like looking for hand-me-downs instead of new clothes and waiting to buy bottles in bulk until you know what your child likes are common tips for new parents, but making room in your budget now will allow you to focus on your beautiful child when they arrive and not on adjusting expenses.
  7. 7. CHOOSE THE RIGHT ADVISOR FOR YOU Choosing to contact a financial advisor is an important first step after deciding to have a baby. While help is always available through friends and family, a financial advisor can educate you on a wide range of financial strategies so you can make an informed decision on what is best for your own family. 
  8. 8. FOR MORE FINANCIAL ADVISING TIPS, PLEASE VISIT ADAMTAU.COM Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB | 1895 Walt Whitman Road Melville, NY 11747 | 631.420.4242.

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