Birth of a Child or Grandchild

Growing Your Family Tree

How to budget and save for college when there’s a new baby in the family

Welcoming a new family member is a high point of your personal life. But you must plan ahead to ensure it is also a high point financially.

Do you have a financial planner? Do you have a roadmap for your success?

Developing a Financial Roadmap

First, determine the vision that you want your life to take. With the help of a Certified Financial Planner®, identify any possible risks or roadblocks to reaching it.

  • Insurance. Re-examine your existing policies and consider obtaining new coverage, especially life insurance.
  • Education Fund. Consider whether establishing an education fund is appropriate, and determine the most advantageous method.

Updating Your Financial Roadmap

As your family grows, you may need to adjust your goals. Update your financial roadmap, redirecting resources and making adjustments as necessary, to ensure your plan is not derailed. You owe it to your new family member – and to yourself – to establish a financial legacy. Don’t let a lack of planning affect your loved one’s future.

Lowe Wealth Advisors is a team of family-focused financial planners who are prepared to prioritize your legacy for the benefit of your loved ones.

To learn more about how to financially plan for other life pivot points, click the links below:

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