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Get Ready for Baby!

6 Financial Tips for Parents

By Joe Cooke, CPA, MT, JD

In either a will or a living trust, some provision should be made for guardianship of the children, especially in case both parents die at the same time. Although that kind of event is not common, it does happen. If you don't use a will or living trust to stipulate who will take custody of your children, the courts will decide in an often drawn-out process.

Consult a competent attorney and make sure you understand all the issues related to wills and trusts. The point is, have one or the other to protect your surviving spouse and children.

There is no such thing as job security anymore. Both Kiyosaki and Allen recommend establishing multiple streams of income in order to ensure financial stability. Besides investing in income-producing assets, consider starting your own business.

This may sound ridiculous to someone about to have a baby, but it is all in your attitude. Either you always have an excuse for why the time is not right, or you just do it and make it work regardless of what else life is offering you.

For anyone just starting out in business, Kiyosaki recommends network marketing for several reasons: building business skills, training, support and its part-time nature. There are many good network marketing companies, but it pays to shop wisely. Look for a company that offers excellent training, has a wide variety of high-demand, cutting-edge products that do not compete with general consumer items found in stores and is focused on retailing rather than recruiting. Any business venture, whether it be a franchise, independent or network business, should be evaluated carefully.

Want to see more?

• Improve Your Financial Situation: 10 Steps to Make a Difference
• Money Management Shortcuts: 5 Steps to Help Busy Parents Stay on Top of
• A Balancing Act: Money Management Tips for One-income Families
• 10 Quick Money-Saving Tips: Basic Ideas to Make a Dent in Anyone's Budget
• Talk about it!

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