| Baby-Proofing Your Finances Before You Sign Up for Lamaze, or Buy that First Irresistible Outfit, Plan to Financially Protect Your Family By Suze
Orman Most of us know that few decisions in life carry more responsibility than the decision to become a parent. That's why I
find
it so odd how many parents-to-be completely drop the ball when it comes to understanding what they need to do to
financially
protect themselves and their new child.
Oh sure, you take the Lamaze class, and buy the right crib, to say nothing of dropping a few hundred bucks for the
hippest
stroller. And let's not get me started on the money spent on baby clothes that have a shelf life of a New York minute. How
retailers must love to see expectant parents (and grandparents) coming through the door!
But for all that retail preparation, it is amazing how new parents rarely pay much mind to securing financial safety for
their child. The closets may be full of cute clothes and the nanny may be hired, but I guarantee you very few
soon-to-be-parents have put an equal amount of time into figuring out what they need to do to "childproof" their financial
future against an unexpected accident.
Listen up. All the stuff you can buy at the mall is secondary. If you have a child, are about to have a child, or are
simply
considering having a child, here's what you really need to get ASAP: life insurance, disability insurance, a will and living
revocable trust, and a durable power of attorney for health care.
And my advice is to take care of this well before you have a child. Who the heck has time to deal with anything but
diapers
and feedings once the baby arrives?
Don't Let the Kind of Life Insurance You Buy Kill You
When you become a parent you are making an irrevocable pledge to take care of that child in every way possible. So
you need to make sure that no matter what happens to you, your child will be financially okay. By that I mean that
your spouse or partner, or a guardian, would have the resources to raise your child if something happened to you. more...
Article also contains: - How Much and for How Long?
- Are You Worth More Dead than Alive?
- A Few Words of Caution
- Disability Insurance
Why a Will Is Not Enough
I know, I know - you hate thinking about all this. You most likely are thinking "Suze, I am about to have a
baby (or already have a very young child) and you want to talk about death? Please!" Well, while I admit I may
not be the best person to bring to a baby shower, these are duties you have to face as a parent. more...
Article also contains: - A Revocable Trust Could Be a Must
- Unleash the Power
- Talk Ain't Cheap
Suze Orman has been called “a force in the world of personal finance”
and a “one-woman financial advice powerhouse” by USA Today. She is the author
of four consecutive New York Times bestsellers, including The Road to Wealth.
Suze Orman, a
Certified Financial Planner Professional®,
directed the Suze Orman Financial Group from 1987-1997, served
as
Vice President of Investments for Prudential Bache Securities from
1983-87, and from 1980-83, was an Account Executive at Merrill Lynch.
Watch Suze every Saturday night on CNBC.
Check www.suzeorman.com
for TV listings.
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