All in Financial Planning

The Cost of Raising Kids

The Cost of Raising Kids

Eric Maldonado, CFP®, MBA
Cash Flow Planning, Financial Planning, Life Planning

It's no secret that kids cost money.

But how much do they really set you back?

For the average American parent, raising a child comes with a price tag of at least $12,980 every year. By the age of 17, that’s well over $230,000—and that’s before college costs come into play. High-earning families spent even more—over $370,000 according to the research. 1

Of course, child-rearing costs vary from family to family, and it’s far more expensive to raise kids in some high-cost-of-living states, like Oregon and New York.2

Plus, kids don’t magically stop costing you money once they turn 18. College, rent, insurance, and helping out adult children can all add up.

Check out our newsletter here for more on the cost of raising kids.

Your COVID-19 Action Plan for Uncertainty (3-minute watch)

Your COVID-19 Action Plan for Uncertainty (3-minute watch)

Eric Maldonado, CFP®, MBA
COVID19, Financial Planning

COVID-19 is raging through America and there’s no doubt that we’re in for a tough time.

The weeks and months to come are going to be hard for all of us.

What actions can we take to protect ourselves when things look so uncertain? How can we build resiliency?

I made a short video showing three key actions you can take to help protect yourself and use this crisis to grow stronger.

CARES Act and What's in it for me?

CARES Act and What's in it for me?

Eric Maldonado, CFP®, MBA
Business Owners, Charitable Giving, Financial Planning, Economic Update

What’s inside the $2 trillion CARES Act? What’s in it for me?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is designed to provide relief for individuals and businesses who have been hurt by the outbreak. I won’t try to include all 800+ pages in this email, but here are a few key provisions that you should know about:(1)

One-time cash payment. Taxpayers are eligible for a one-time direct deposit of up to $1,200 per adult ($2,400 per couple) plus $500 per child under age 16. Amounts are reduced for those who make more than $75,000 ($150,000 if married). If you have filed your 2019 taxes already, the IRS will use that income to calculate your payment; if not, they’ll use your 2018 tax filing.

Thinking About Financial Goals

Thinking About Financial Goals

Eric Maldonado, CFP®, MBA
Financial Planning, Goal Setting

This is meant to be a helpful infographic to jog your mind of financial goal categories one could set goals within. Sometimes it’s difficult to get the ball rolling mentally, especially if long-term financial goal setting isn’t your cup of tea. Which, let’s be honest, who is setting aside their Friday nights writing down their long-term financial goals? Almost no-one.

What is #FeeOnly Financial Planning?

What is #FeeOnly Financial Planning?

Eric Maldonado, CFP®, MBA
Financial Planning

Article Source: https://www.napfa.org/financial-planning/what-is-fee-only-advising

The way in which your financial planner is compensated can make all the difference in the recommendations they make for you. That’s because some advisors work under a standard that requires only that their recommendations be suitable to your particular situation. Other planners work under a fiduciary standard that requires advisors to consider what is in their client’s best interest. You may be wondering why your advisor would make a recommendation that is not in your best interest. That’s where the issue of compensation comes into play.

Writing Your Own Financial Plan, Part 2 — Goal Setting

Writing Your Own Financial Plan, Part 2 — Goal Setting

Eric Maldonado, CFP®, MBA
Financial Planning

The second part of this three part series, is around the topic of: GOALS.

For some people this gets you really excited, and the prospect of writing goals, and thinking about the future and setting goals is a motivating and energizing experience. That’s wonderful, run with it and use this skill for setting goals to better your financial life. For many, however, the idea of goal setting is daunting or just plain dull. For some the very word “goal” causes you to feel anxious or maybe you just don’t believe in goal setting and it hard to think with any real clarity about the future.

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