Today I had my first child with my wife. It was a very magical moment, which cannot be described in words. I am sure most fathers and mothers would agree. My website http://www.civilaccomplishment.com is meant for sharing useful information to those interested in improving their financial situation. There are many factors that can impact your financial situation and not all factors are directly related to money. A new family member can be a significant life changing event, which will impact your financial situation. It is an event that will make you think about your world differently.
Immediately, I am now thinking I am not going to go out and drink too much. I am responsible for another human-being in this world and need to be competent at all times. I am also thinking I need to manage my money without error. I have always been good at managing money, but before if I made an error it would only impact my wife and me. Now we have a child that is solely dependent on us to support him.
Further down the road my son may want to play sports (i.e., ice hockey, baseball, tennis) and these sports can become very expensive. I will need funds to support my son’s desires to play sports. I always think back to my dad when he was young and his family did not have enough money to let him play sports. It makes me a little bit sad to think about. I want my son to have every opportunity possible.
Even further down the road, my son may want to go to college and the cost will only increase as the years go on. I will need to save up roughly $100,000 per child to put them through college. Knowing all of this stuff, what should we be doing now to make sure we are prepared? We should be managing out money the best we can. We need to assure we are making the best career decisions we can because the difference between a good and bad decision could be huge in the long run. I will be thinking about all of these things from this day out. It is my duty as a father and I am excited for the journey ahead.
Category: career, FinancialTags: baseball, difference between a good and bad decision, financial planning, financial savings, first son, hockey, immediately, make sure we are prepared, perspective change, play sports, related to money, sports