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Once you become a parent, suddenly you have a lot more responsibility and some of that is financial. The cost of raising a family seems prohibitive these days, but if you have a financial planner to help you make the most of your income, it will not seem as high.
Financial planning is something that many people don’t understand and hence, don’t attempt. Even those that understand finances don’t always plan their own for the best, because few people can know everything about mortgages, tax, superannuation, investments and so on. It takes someone who is an expert financial advisor to devise the right plan for you.
Don’t accept a generic plan as it won’t take into account your specific goals and circumstances. The best financial plan is one that is made just for you. It should not only take into account your present needs, but look to the future. You may want your children to attend private schools and top universities so that their education is one that will take them in the life direction they choose.
But you also have to provide for eventualities such as sickness and death, since no one can know ahead of time when bad things might happen to them. Providing for your family in a possible scenario when you are no longer there to do it in person will ensure your plans for them are still possible. Estate plans and Wills are all part of this provision, but they are not the only part, so it is important to have good financial advice for the present as well as the future.
Making the most of your assets and income may take several experts; an accountant, a lawyer and a financial planner. The planner can work with the others as together they implement the plan that has been drawn up with your agreement. This will free up your time to devote to your career and your family.
While it is important to ensure your finances are in good health, your children need other things from you as well. They need your attention most of all, as no relationship can be successful without devoting a lot of time to it. Working 18 hours a day may pay off financially, but it won’t pay off emotionally for your children, who will have to do without the presence of their father or mother, something they really need to be emotionally healthy.
In fact, even if you have little money, giving your children time and attention will ensure they grow up emotionally healthy, happy and able to do many things with their lives. Many people have done this over their lifetime and found the ability to overcome the obstacles to improving their own finances and lifestyle, all because their parents taught them how.
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