If a new child has entered your life, you are no doubt full of joy today and hopes for the future. And you can help make that future a brighter one for your child and your family by taking some important financial steps.
For example, you may want to start saving for college right away. Given the consistently rising costs of higher education, the earlier you start your savings and investment plans, the better off you will likely be.
And if you haven’t already purchased life insurance, now is the time to consider it.
You’ll also want to work with your legal advisor to create an estate plan, which might include drafting a will and naming a guardian for your child in case you’re no longer around.
One more suggestion: Don’t ignore your own needs. In particular, keep investing for your own retirement through an IRA, 401(k) and other vehicles. After all, by achieving your own financial independence, you’ll help free your child from possibly having to help support you later in life – and that freedom is one of the best gifts you can give.
If you have any questions please contact me at 980-859-2549 or by e-mail at Brandon.Monette@edwardjones.com
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.