Hello all! Andy Hill here … We have a new guest post from Logan Allec from Money Done Right. Logan is a CPA, real estate investor, and full-time personal finance blogger. His article below shares how his life changed when he became a father. I can definitely relate! I hope you enjoy!
There’s no question that having a baby changed my life. I just wasn’t quite prepared for the impact it would have on my finances.
I was definitely prepared for all the expenses of having a newborn. However, I also found myself adjusting my long-term financial goals in a way I hadn’t expected.
If you’re a new parent — or are about to become one — you might find yourself thinking about new financial goals that probably weren’t on your mind before. You might also realize you have a different mindset when it comes to money.
Everyone’s experience is different, but here’s how the birth of my son changed my own financial goals.
As our parents get older, their money problems can sometimes become our problems if we don’t plan ahead. And if we’re raising our children at the same time, there’s a reason they’re calling us the “sandwich generation”.
Today on the show, I have invited Cameron Huddleston to talk to us about how we can have that money talk with our parents and why we need to do it right away.
As a parent, I’ve always heard that it’s important to have your estate in order. You know … your trust and your will. But since I’ve never felt like I own an “estate”, I haven’t quite gotten everything in order per se.
I invited Cody Barbo and Patrick Hicks from Trust & Will to talk to us about the importance of a trust when it comes to protecting our family wealth and legacy. We also discuss the differences between a will and a trust.
Last month, I threw down a challenge to start living on a monthly budget. This wealth-building habit gives a purpose to every dollar you earn so your money doesn’t go wandering off. That is the essence of a zero-based budget. Every dollar gets a job whether it is for spending, saving, giving or investing.
If you’re married, it is super helpful to have a monthly get together to discuss your family budget. Discussions around where you’re spending money, things you’re saving up for and, most importantly, what are your long-term dreams for your marriage and your family.