Starting a family can bring you a lifetime of joy and pride. It’s also a huge responsibility. This includes raising your family and ensuring their security and protection. Many of these responsibilities concern finances. If you don’t prepare years ahead of time, you may not have access to the funds you need for your family in the future. One thing you can do to help make sure your family is always taken care of in regards to finances is hiring a financial planner. Below are five reasons why this is an excellent idea.
Children Are Expensive
Children aren’t only bundles of joy. They also require a large investment to parent in modern America. According to USA Today, it costs over $233,000 to raise a child to 18 years of age. If you want to be able to afford what raising your children entails, you need to start planning immediately.
College Is Expensive
Most experts today believe that a college education is required for a person to reach a decent lifetime earning potential. While there is the possibility of financial aid, it often rests on the parents to fund their children’s college educations. One-year tuition for a public school for an in-state student is $9,410 on average. There are financial planners online like rmrwealth.com that can help you create investments to pay for your kids’ college education.
You May Want to Buy a Home
Starting a family will eventually lead to trying to find the right amount of space in a nice neighborhood to raise your family. Instead of renting forever, it’s probably a much better idea to eventually settle down and buy a house. A financial planner can help ensure that you are able to make the down payment and pay mortgage payments for the term of the loan.
You Need to Fund Your Retirement
However, all your financial planning shouldn’t concern your children. You also need to plan for the retirement of you and your spouse. You don’t want to be working forever. A financial planner can help you create a significant nest egg that you can retire comfortably on.
You May Want to Start a Family Business
One way certain hard working families try to create something that can be passed on from generation to generation is by starting a family business. If this is the case for your family, you may need financial planning for both your regular family needs and for your family business as well. If you live in New Jersey, for example, you may want to obtain financial benchmarking services in NJ to determine how well your business is performing compared to competitors.
Overall, protecting your family is probably the most important responsibility you will ever have. A big portion of this responsibility is financial in nature. A financial planner can help make sure you have a plan to ensure that your family always has what it needs.