Tools and Techniques

higher interest rates hurt your personal financesRaising a child is expensive. From the day a baby is born until the day they turn 18, a typical family will spend about $310,605 — or about $17,000 a year, according to a recent Brookings Institution analysis of data from the U.S. Agriculture Department.1 If you’re planning to start a family (or already have), there are a number of smart financial moves to consider.

  • If you haven’t already created a will and thought about contingency plans for your child or children (guardianship), consider doing it now. Other steps to take could include setting up power of attorney and health care directives.
  • In addition, after any big change in your life, it’s a good idea to check the beneficiaries named on your financial accounts (e.g., brokerage, non-retirement, IRA, 401k, and 403b) and insurance. That can help ensure that they are up-to-date and reflect your current wishes.
  • And finally, it’s never too early to explore 529 college savings plans – which offer flexibility, tax advantages and long-term growth potential. Recent changes to the tax code add more flexibility and planning options for 529 than ever!

Book a free consultation today to learn more.


1 “What Does it Cost to Raise a Child?” (The Washington Post, October 13, 2022).

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

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©2023 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.

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