Comments on: Parenting Teaches Lessons About Financial Security

By: MVP

MVP — Sun, 22 Jul 2007 19:09:59 +0000

I can’t emphasize enough the importance of having an emergency fund of at least $1,000 in the bank for EVERY individual or family. I’m amazed at the number of people who don’t have this safety net (yes, I was one of those people not too long ago). But since we started keeping one, it’s saved us from despair several times, and has allowed us to keep our chins up when life kicks our butts. Life WILL kick your butt at some point – be ready for it.

By: Brip Blap

Brip Blap — Sun, 22 Jul 2007 14:15:33 +0000

One more important foundation of your child’s security is making a will. I say this even though “make a will” has been sitting on top of my to-do list since my son was born more than a year ago. Go over to My Two Dollars and read his post “It Takes The Devastating To Remind Me Of What Is Important” to realize why every parent needs a will – every parent, not just the ‘breadwinner’.

No parent wants to think about this, but protecting your children when you’re not around to protect them is an important part of life – like Miguel said, life insurance is critical, too.

It’s really not a fun subject to consider as a parent, particularly because you ALWAYS want to be there to catch them before they get a boo-boo. But you won’t – someday they will be on their own. Hopefully later rather than sooner, but it will happen.

By: Colleen

Colleen — Sun, 22 Jul 2007 07:33:09 +0000

Great advice. Despite other financial set backs (spending too much!) we have always made health insurance, car insurance, home insurance, term life insurance and mortgage payments our priorities when it comes to our money. We have been fortunate enough to have never been without any of these, and have had to use the health insurance (four kids) and car insurance (five drivers) enough times that we would have been ruined with them.

By: Miguel

Miguel — Sun, 22 Jul 2007 06:19:27 +0000

Trent you left one big out out –Life insurance. Not to sound like a commercial but, a few weeks ago I had the same thought you did. My daughter is about the same age as your son, 20 months old, and I will always do my best to provide security for her and my wife. Part of my strategy involves having life insurance. Right now my family’s biggest asset is my earning potential. If I die early they miss out on years, and years of income coming in. So my policy is a good way to make sure they are taken care of even if I am not here.

By: Bellen

Bellen — Sun, 22 Jul 2007 03:28:48 +0000

This is terrific advice for those just entering the workforce, those newly married, those who are new parents, parents of college bound, those anticipating retirement, and those retired. Gee, I guess it’s just plain good advice for everyone, no matter what phase of life they are in. Thanks for the reminder.