The two likely prioritized financial goals of someone who has just had a baby are:
-
Increasing life insurance to cover mortgage, debts, healthcare, and education - This is important to ensure that the family is financially secure in case of an unexpected event.
-
Saving for college for their children - Many new parents start thinking about their children's education and the costs associated with it early on.
Maximizing retirement savings and long-term care insurance are also important, but typically, new parents might prioritize immediate family needs and child education over these longer-term goals. Downsizing is less common as a primary goal immediately after having a baby.
1 answer