None of us likes to think about death. But it happens, even to young people. What happens to your loved ones after your death (whenever that may be) depends on what you do today with your money: spend a few hundred dollars on an upgrade to a perfectly fine smartphone, or put a portion of that into life insurance to protect your family.
If you were to die, would your family remember that phone? Or that they didn’t have to move from your home, your neighborhood or school? You have a choice. How do you want to be remembered?
My wife and I had our first child in May. The moment they let us take our beautiful daughter home from the hospital without a nurse to guide us was when we realized the newfound responsibility that a child brings!
For the past nine years working as an advisor, I have been helping others plan for many of the important events in their lives, including marriage, children, retirement and leaving a legacy for their family. As I enter a new stage myself, I thought I would share some of the financial steps I took to help secure the financial future of my family.
One of the many reasons Americans do not have life insurance is they believe that they won’t qualify, or that if they do qualify, the price will be too expensive. This is not always the case. Many people are able to find affordable coverage despite having common health conditions. Life insurance companies will determine rates […]
Do you know how much it takes to raise a child these days?
Are you sitting down?
That would be almost a quarter of a million dollars.
It cost $245,000 to raise a child born in 2013 until they hit 18, according to the U.S. Dept. of Agriculture.
This is not about a luxury upbringing. This is no Kardashian-esque baby outfitted in cashmere onesies. This is not about a privileged college education, because these numbers do not include the cost of college. That’s extra. Add on about $14,000 a year of public and $41,000 for private college.
This number, $245,000, is a place to live, food, clothes, health care—the basics.
Both working and stay-at-home moms need protection because what they do for their families is so valuable. While a stay-at-home mom isn’t compensated for her work, if something were to happen to her, it would be expensive to replace all those things she does—from childcare to home care to ensuring the family gets where they need to go when they have to be there.
The difference between the two is that a working mother also contributes an income, which may be critical to the family financially. That means she needs to think about replacing that income when considering how much life insurance coverage she may need.