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It will also bring new expenses andfinancial responsibilityfor years to come.
The couple explained that they have a combined $3,073,000 million in assets.
However, despite having accumulated so many assets, theyre mostly illiquid with only $27,000 in savings.
This is certainly concerning since the cost of having a child today is greater than ever.
To add, the cost of having a baby consumes about 27% of the average familys income.
Here was his best advice for the soon-to-be parents.
Also here are six tax benefits for new parents.
Youll need a significant amount of liquid cash to afford your assets.
So, it becomes important to reevaluate your finances before having a child.
Whats the maximum amount of time off youre allotted?
What percentage of pay does your company offer during the leave period?
Communicate With Your Significant Other
As they say, communication is key.
This is true not only in the workplace but more importantly in your relationships.
If you have financial concerns, speak up and have thoughtful conversations with your partner.
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