Welcome back to Don’t Retire… Graduate!: the podcast that invites you to rethink what retirement really means.
In our Diary of a Financial Advisor segment, I, Eric Brotman, interview financial advisors about their professional journeys and their dedication to aiding others in their financial success. Today, we are lucky enough to be joined by BFG’s own Cody Niedermeier before he begins his paternity leave.
In this episode, Cody and I explore the various considerations involved in planning for a family from the perspective of a financial advisor. Cody opens up about his own journey, sharing that he and his wife are expecting their first child. We discuss the practical changes needed in the home and adjustments to the family budget, emphasizing the costly nature of raising children. Cody provides insights into how his professional life has equipped him to tackle personal financial planning for his growing family. We also touch on the importance of life insurance, estate planning, and the possible choices between public and private schooling. Cody reflects on how being a financial advisor has prepared him for fatherhood and anticipates how fatherhood will, in turn, deepen his connection with clients.
5 Key Takeaways:
Early Conversations and Planning: Cody stresses the importance of early and honest discussions about family planning even during the dating phase. Knowing each other’s desires about having children can shape the future and pinpoint readiness for starting a family.
Financial Preparation and Adjustments: Financial planning for a new baby involves reassessments of budgets, exploring the costs of daycare, making necessary home adjustments, and ramping up that emergency fund. Cody shares the humorous reality of exceeding budget plans with frequent trips to places like Target.
Healthcare, Childcare, and Education: Conversations around adjusting work schedules, weighing daycare options, and considering the pros and cons of public versus private education are crucial. Cody highlights the life-changing expenses associated with raising a child and how to plan for them effectively.
Importance of Life Insurance and Estate Planning: Essential aspects of family planning include ensuring there is adequate life insurance and that estate documents are in order. Cody notes how these steps, though centered around dire scenarios, are fundamental in securing the family’s future.
Balancing Professional and Personal Life: Cody articulates how being a financial advisor has uniquely equipped him to plan for his family and posits that becoming a parent will help him relate even more profoundly with his clients. He emphasizes the need for drawing upon available resources, supporting his wife, and maintaining a balance between professional and personal demands.
Cody’s journey is a testament to the power of early planning and the perpetual balancing act of professional and personal life. Don’t forget to subscribe and share this episode with anyone who might benefit from Cody’s valuable insights.
Remember, if you have any topics or ideas you’d like us to discuss in a future episode of “Don’t Retire… Graduate!”, please reach out on social media. Stay tuned for our next episode, and until then, don’t retire… graduate!
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