Marriage, Kids and Money | Andy Hill - E66

Marriage, Kids and Money | Andy Hill - E66

Author: Jesse Cramer October 25, 2023 Duration: 51:09
Personal Finance for Long-Term Investors
BusinessEducationInvestingSelf Improvement

In the day-to-day hustle of parenting, thinking long-term, especially regarding finances, is often challenging. With studies showing an estimated cost of over $300,000 to raise a child from birth to age 18 (excluding college expenses), addressing your monetary matters becomes utterly crucial before you embark on parenting. Today, Jesse sits down with Andy Hill to discuss combining finances with a spouse, preparing financially for a family, and setting your children up with the right money habits and mindset.

 

Key Takeaways:

  • The cost of raising a child - childcare, medical, baby supplies, and other miscellaneous expenses

  • The importance of pre-baby financial planning

  • Financial Preparation - building an emergency fund and suggestive steps like paying off debts, focusing on retirement, and the necessity of considering life and health insurance

  • Tax Benefit - child tax credit, dependent care credit, and tax-advantaged college saving accounts

  • Saving tips - buying secondhand baby items through Facebook Marketplace, consignment sales, etc

  • Estate Planning - an estate plan after having kids and considering special needs planning if applicable

 

Timestamps:

(00:00:02) - Intro

(00:00:49) - Review of the week

(00:01:31) - 12 financial topics for new parents

(00:01:54) - Children are expensive

(00:03:56) - Life insurance matters 

(00:05:12) - Property and auto insurance

(00:05:17) - Childcare costs

(00:06:57) - Education costs

(00:08:59) - Estate planning

(00:10:49) - Children and taxes

(00:12:52) - Topics that change with kids

(00:13:48) - Budgeting

(00:15:34) - Debt management

(00:17:59) - Roth IRAs for kids

(00:20:13) - Generational wealth

(00:20:29) - Kids are expensive but worth it

(00:21:18) - Andy Hill background

(00:22:27) - Money languages

(00:28:12) - When to combine finances

(00:30:54) - Autonomy with money

(00:32:21) - Preventing financial fights  

(00:37:18) - Tracking goals and expenses

(00:39:20) - Focusing on the journey

(00:42:33) - Planning for kid expenses  

(00:46:10) - Teaching money lessons  

(00:48:22) - Make My Kid a Millionaire course

(00:50:29) - Where to find Andy

(00:50:38) - Outro

 

More of Andy:

🌐 Website: https://marriagekidsandmoney.com/

🎙️ Podcast: https://marriagekidsandmoney.com/podcast-archive/

 

Mentions:

Best Interest: New Parents: https://bestinterest.blog/12-financial-planning-topics-for-new-parents/

Best Interest: 529 Plans: https://bestinterest.blog/529-plans/

Make My Kid a Millionaire Course: https://makemykidamillionaire.com/sa/

 

More of The Best Interest:

Check out the Best Interest Blog at bestinterest.blog

Contact me at jesse@bestinterest.blog

 

The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.


Navigating the world of money can feel overwhelming, with a constant stream of conflicting tips and trendy, quick-fix schemes. Personal Finance for Long-Term Investors-The Best Interest cuts through that noise. Host Jesse Cramer brings a unique perspective to the conversation, transitioning from his background as an aerospace engineer to his work as a fiduciary financial advisor. This podcast is built on the principle that genuine wealth isn't built overnight through speculation, but through consistent, well-reasoned decisions made over decades. Each episode delves into the mechanics and mindset required for that journey, exploring topics like retirement planning, intelligent investing, and the behavioral aspects of managing money. You'll find discussions that go beyond surface-level advice, examining the "why" behind proven strategies and how to apply them to your own life. The tone is conversational and grounded, avoiding financial jargon in favor of clear explanations. It’s a resource for anyone tired of the hype and seeking a sustainable path forward. By focusing on evidence-based ideas and patient execution, this podcast aims to provide listeners with the tools and confidence to build a secure financial future on their own terms. Tune in for a thoughtful, long-term approach to personal finance that prioritizes your best interest.
Author: Language: English Episodes: 100

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