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Money Guy Show

How to Financially Prepare for Having a Baby

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 6 November 2024

⏱️ 29 minutes

🧾️ Download transcript

Summary

"​​​​My wife and I are expecting a baby in March next year. She makes a significant part of our income and will be on maternity leave for about 3 months. What is the best way for us to prepare financially?"

We'll walk you through that question and more in today's Q&A episode!

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Transcript

Click on a timestamp to play from that location

0:00.0

Okay, next up we have a question from Luis.

0:10.2

He says, my wife and I are expecting a baby in March of next year, which is so exciting.

0:15.4

Congratulations.

0:15.6

Congratulations.

0:16.7

She makes a significant part of our income and will be on maternity leave for about three months.

0:21.4

What is the best way for us to prepare financially?

0:25.3

And we do have a new resource about this.

0:28.2

First of all, I want you all to speak to it.

0:29.9

But as they do that or after they answer, head to moneyguide.com slash resources.

0:34.5

And make sure you grab our new child checklist resource because it has some categories

0:39.8

just for you to think through like cash flow, insurance, taxes, long-term planning,

0:44.5

things that maybe you should think about and have a conversation about as a couple as you're

0:49.3

thinking about having a new baby. So with that said, what do you guys have to say to Luis? Well, by the way, is this

0:55.8

something we should let Rebe even give some insight on? I mean, I'm talking about an expert in-house.

1:01.0

Maybe you should start this one off as you think about maybe being a few months away from having a baby show up.

1:07.5

They're trying to get me to tell everybody that I'm having a baby soon, which is probably good

1:11.6

because I'm going to disappear fairly soon.

1:13.4

Is that not public news?

1:14.2

Huh?

1:14.5

I don't think she said it on the shows.

1:15.8

I don't care.

1:16.5

I don't care, but I just haven't said anything about it yet.

...

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