Starting a Family
Nothing is more exciting than the prospect of starting a family. Nothing is more satisfying than doing it confidently. It’s also a major financial undertaking and a personal commitment like no other. There is no substitute for planning to start your family with confidence and the ability to focus on giving your children everything you’ve got and all that they’ll need.
- How do you merge your finances now that you’re married?
- Do you have strategies in place to ensure that your family is financially protected in emergencies and unforeseen events?
- Are you financially ready to have children?
- Will your current strategy allow for you to maintain your current lifestyle?
Don’t let your fears and uncertainty about how to move forward keep you from taking action. The earlier you start the more your efforts will compound over time. There are critical tasks to handle in this stage of life, so let’s get going.
WORK YOUR FINANCES AS A TEAM
It’s time to get on the same page. Without a plan that understands the Big Picture, decisions get made in a vacuum, working against each other and results in creating a Financial Junk Drawer, a mess of financial products and strategies accumulated through the years. You need order, control and a systematic structure for wealth building. You need a Financial MacroManager coordinating and integrating advice and activity from the many facets of your financial life.
START NOW & PLAN AHEAD
The benefits of getting started right away can’t be overstated because the impact of even an additional year or two yields dramatic dividends in the future. Procrastination and putting things off is the all too common enemy here, so don’t succumb to it. You’ll only add to an ever-larger Financial Junk Drawer and work against wealth creation, rather than for it.
INCREASE YOUR CASH SAVINGS
With a family to provide for, you have a growing need for liquidity in the event of what can’t be anticipated, from family emergencies to job loss. We recommend minimizing debt, especially high-interest debt that’s non-deductible, and keeping up to 50% of your annual income in liquid instruments. In doing so, you’ll be positioned for opportunities as they become available.
CREATING A WILL
Do you not have will? Think again. Depending on what state you live in, you may have what’s called an “intestate will”. Intestate laws give the state the power to determine how your assets are distributed when a will is not present. This simple yet essential step ensures the state won’t determine how your assets are distributed without a will, and that your wishes are followed. And assets are only part of it: who will raise your children, what happens to your business are at stake. You can protect everything with a will coordinated by your MacroManager with all other micro managers such as accountants, bankers, and your lawyer.
MAXIMIZING PROTECTION
The bigger the castle, the bigger the moat. This is simple common sense ensuring that in the event of accident, lawsuit, death or simply you are unable to work, you and your loved ones can maintain your lifestyle. We all want maximum protection. What if we could recapture the cost to acquire this greater protection without any out of pocket cost to you, would you do it? What if we told you that right now, there is a high probability your finances were not optimized, and you are not getting the most out of the money you earn and save.
PROTECT EACH OTHER WITH LIFE INSURANCE
What’s more important: your car or your family? That’s easy. But surprisingly, most people have their automobile fully-insured, but don’t have proper protection for their family. Life insurance is a critical but too often overlooked component of far too many financial plans. Properly purchased and implemented, it can protect, ensure liquidity and provide income as a husband and wife protect each other. From tax-free income to using it as collateral, it is immune to markets providing multi-dimensional benefits and peace of mind.
HAVE THE RIGHT MINDSET
Avoid negativity with a positive prosperity-driven mindset and visualize achieving your goals. Getting married and raising children are one of the most exciting, fun and truly rewarding things that life offers, but it’s also an adventure that will define your lives for the rest of your lives. To enjoy all that your children will do to enrich your lives, plan and prepare to ensure a secure future for all.