If you are planning to have a child, or you just had one, there are some financial preparations that you may find extremely beneficial in the long run:
1. Cash Flow: Create a realistic budget and increase your emergency fund; 2. Estate Planning: Pick your guardians, create a trust, or at least complete the free estate planning templates your state provides; 3. Life Insurance: Now that you have (or are about to have) another person who depends on you, please review your insurance needs. It's a risk management tool, not an investment! 4. Education Planning: Utilize 529 plans and other useful investment vehicles for your child; 5. Tax Breaks: Talk to your advisor and CPA about child and dependent care credits, FSAs, and other tax benefits.
