263. Natasha "Childcare Costs as High as Your Mortgage?!"
Happy Friday Future Rich Fam! In today's episode, CFP Barbara Ginty interviews the fabulous Natasha!
In this episode, Barbara and Natasha discuss the financial implications of parenthood, focusing on essential baby planning. Here are the takeaways from this episode...
- Planning for a baby involves significant financial changes.
- Budgeting for new expenses should start before the baby arrives.
- Childcare costs can be as high as a mortgage payment.
- Start researching childcare options early due to waitlists.
- Having a separate bank account for baby expenses can help manage costs.
- Estate planning is crucial for new parents.
- Life insurance is essential to ensure financial security for the child.
- 529 plans offer flexible saving options for education.
- Using tools like BabyList can simplify the baby registry process.
- It's important to have a healthcare proxy in place before giving birth.
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