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Episode 2664:
Logan Allec shares how becoming a parent radically reshaped his financial mindset - from early retirement dreams to prioritizing his child’s future. His story highlights the emotional and practical shifts that come with parenthood, including relaxing personal savings goals, focusing on time over money, and investing early in his child’s education and financial literacy.
Read along with the original article(s) here: https://marriagekidsandmoney.com/having-a-baby-changed-financial-goals
Quotes to ponder:
"Money is still important, of course, but spending time with my family is now my top priority."
"I’m no longer worried about hitting a specific savings target at the end of each month, and I’ve relaxed my budget significantly since my child was born."
"You don’t need to worry about a new baby’s retirement fund for a while, but you can get their financial life off to a great start by helping them create a Roth IRA as soon as possible."
Episode references:
529 College Savings Plan Overview: https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan
Roth IRA: https://www.irs.gov/retirement-plans/roth-iras
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