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Just found out that we're pregnant!
11-04-2010, 05:56 AM
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#1
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Dryer sheet aficionado
Join Date: May 2010
Posts: 38
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Just found out that we're pregnant!
Not a shock b/c we were trying but reality is now starting to set in. My thoughts have begun to shift towards the financial side of this and what we need to be doing to get ready for our "little gift".
We have a fully funded emergency fund, saving to the max in our Roth IRAs and our insurance is in the amounts they should be. Is there anything I'm leaving out? This will be our first child and I feel a little lost on where to start.
Any advice would be greatly appreciated...retirement @ 55 is still our goal.
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11-04-2010, 06:01 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Posts: 2,487
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Congratulations! Enjoy the little bundle of joy! They truly are a gift.
R
__________________
Find Joy in the Journey...
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11-04-2010, 06:05 AM
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#3
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Confused about dryer sheets
Join Date: Nov 2010
Posts: 1
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congrats!! maybe you can keep aside a little something every month for ur new one...that will help a long way few years down the line..all the best!!
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11-04-2010, 06:40 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Point of order: she is pregnant, not both of you (unless your physiology is highly unusual).
Do you have sufficient life insurance? Both of you should be insured even if she does not plan on generating an income in the future. Long term disability?
Congrats, but be prepared for significant stress on your marriage.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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11-04-2010, 06:50 AM
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#5
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Dryer sheet aficionado
Join Date: May 2010
Posts: 38
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 Quote:
Originally Posted by brewer12345
Point of order: she is pregnant, not both of you (unless your physiology is highly unusual).
Do you have sufficient life insurance? Both of you should be insured even if she does not plan on generating an income in the future. Long term disability?
Congrats, but be prepared for significant stress on your marriage.
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Thanks for the clarification...btw, I don't like using the phrase "we're pregnant" but I chose to this time. 
We both are insured sufficiently on both life and long term disability.
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11-04-2010, 07:23 AM
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#6
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Congratulations !
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11-04-2010, 07:44 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Consider college savings. Our state gives a decent tax deduction for contributions in a 529 plan up to $5000 a year.
Otherwise, enjoy the next 18 years!
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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11-04-2010, 08:39 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Jul 2010
Location: Chicago
Posts: 1,008
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Congratulations! There's always starting a college fund, 529, coverdell, prepaid plans if you have extra money for them. Also, start hitting the baby food/diapers/supplies websites. You can sign up for all kinds of freebies and coupons. You won't believe the money you can save by doing this.
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11-04-2010, 08:41 AM
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#9
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by kfindley79
Thanks for the clarification...btw, I don't like using the phrase "we're pregnant" but I chose to this time.
We both are insured sufficiently on both life and long term disability. |
Congrats! A word of caution in theses identity theft days, I would not put my REAL NAME on this or any other forum, if your signature is your real name, just trying to be helpful.............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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11-04-2010, 08:47 AM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Heh. I always thought it was "WE are expecting; SHE is pregnant."
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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11-04-2010, 08:51 AM
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#11
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Dryer sheet aficionado
Join Date: May 2010
Posts: 38
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Quote:
Originally Posted by FinanceDude
Congrats! A word of caution in theses identity theft days, I would not put my REAL NAME on this or any other forum, if your signature is your real name, just trying to be helpful.............
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Good advice...done.
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11-04-2010, 08:57 AM
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#12
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Recycles dryer sheets
Join Date: Apr 2010
Posts: 270
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Quote:
Originally Posted by ziggy29
Heh. I always thought it was "WE are expecting; SHE is pregnant."
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+1
After all, she didn't get pregnant by herself!
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11-04-2010, 09:04 AM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by Nova
+1
After all, she didn't get pregnant by herself!
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Nope, but she is the only one who is pregnant, as some women delight in reminding men.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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11-04-2010, 09:07 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Duesseldorf, Germany
Posts: 1,202
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Congratulations! Enjoy!
Encourage grandparents not to express their love to the baby by giving stuff but to start regular but small investments in a low cost fund for it.
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11-04-2010, 09:10 AM
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#15
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by Nova
+1
After all, she didn't get pregnant by herself!
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Actually, with modern science, that is not entirely true.......... 
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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11-04-2010, 09:44 AM
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#16
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Full time employment: Posting here.
Join Date: Jun 2004
Location: Calgary
Posts: 805
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Congratulations!
Speaking as someone who's had two kids, some questions to consider:
-college/university; will you pay for this or do you expect junior to foot the bill?
-will your wife be returning to work or will she be a SAM in which case you'll have to live off of one income? If she does return to work, have you factored in the cost of daycare? If she does want to be a SAM, start living off of one income now so that you can adjust your budget accordingly.
-there's no reason why you still can't retire at 55; although some will argue that kids tend to derail early retirement plans. Kids are only as expensive as you make them IMO. 
Enjoy the ride..... 
__________________
I can only be nice to one person today! Today is not your day...tomorrow doesn't look good either.
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11-04-2010, 09:46 AM
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#17
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Recycles dryer sheets
Join Date: Sep 2008
Posts: 60
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Congratulations! What great news. Our first child was born in August of this year. He is 11 weeks old now and really coming into his own personality wise.
In response to your question, I would take this opportunity to remind you of your estate plan. We are in the process of setting up our new estate plan which includes new responsibilities. We need to select potential guardians and (in our case) someone to handle the financial decisions in case we are not here. We are working with an estate planning attorney for our specific needs.
This effort has made for some interesting communication between my wife and me. What values are important to us that we would have others instill in our young child should we not be around? How would we like our child to grow up financially (lots of perks, or leave them something to work for)?
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11-04-2010, 09:56 AM
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#18
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Dryer sheet aficionado
Join Date: May 2010
Posts: 38
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Quote:
Originally Posted by Calgary_Girl
Congratulations!
Speaking as someone who's had two kids, some questions to consider:
-college/university; will you pay for this or do you expect junior to foot the bill?
-will your wife be returning to work or will she be a SAM in which case you'll have to live off of one income? If she does return to work, have you factored in the cost of daycare? If she does want to be a SAM, start living off of one income now so that you can adjust your budget accordingly.
-there's no reason why you still can't retire at 55; although some will argue that kids tend to derail early retirement plans. Kids are only as expensive as you make them IMO.
Enjoy the ride..... |
Thanks for response. We will try our best to enjoy what God has given blessed us with.
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11-04-2010, 09:58 AM
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#19
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Dryer sheet aficionado
Join Date: May 2010
Posts: 38
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Quote:
Originally Posted by Uncle Drew
Congratulations! What great news. Our first child was born in August of this year. He is 11 weeks old now and really coming into his own personality wise.
In response to your question, I would take this opportunity to remind you of your estate plan. We are in the process of setting up our new estate plan which includes new responsibilities. We need to select potential guardians and (in our case) someone to handle the financial decisions in case we are not here. We are working with an estate planning attorney for our specific needs.
This effort has made for some interesting communication between my wife and me. What values are important to us that we would have others instill in our young child should we not be around? How would we like our child to grow up financially (lots of perks, or leave them something to work for)?
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Good suggestion about the estate planning. This is something we will discuss further with our financial planner. On to the next step in our "planning". Thanks.
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11-04-2010, 09:59 AM
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#20
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Dryer sheet aficionado
Join Date: May 2010
Posts: 38
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Quote:
Originally Posted by brewer12345
Nope, but she is the only one who is pregnant, as some women delight in reminding men.
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Fortunately, my wife is so thankful for this gift that she is not one of the ones you described.
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