Planning for Parenthood: Financial Advising and Family Planning with Cody Niedermeier

Welcome back to Don’t Retire… Graduate! In today’s Diary of a Financial Advisor entry, we’re shining a light on one of life’s biggest transitions: preparing—personally and financially—for starting a family. I’m thrilled to be joined by Cody Niedermeier, who brings both professional and personal insights to the table. Not only has Cody been a trusted advisor to countless families over the past six years, but he’s also about to embark on his own journey into parenthood with his wife, Erika. In this candid and heartfelt conversation, Cody and I dove into what it really means to prepare for a growing family. We talked through how those early conversations with your partner set expectations and frame your future together, including important discussions about whether to have children, timing, and navigating shared dreams. As Cody prepares to welcome his first child, we unpacked all that goes into getting ready—from budgeting and nursery setups to making those often-daunting decisions about daycare, changing work schedules, and exploring school options. And because both Cody and I see parenting through the lens of financial planning, we addressed how being in this field shapes your preparedness for the unknown, the necessity of bolstering your emergency fund, reviewing insurance and estate plans, and leaning on professional help—even as an advisor yourself. Beyond the numbers, we delved into the real-life side of parenthood: the flood of unsolicited advice, the emotional weight of new responsibilities, the importance of boundaries with extended family, and the evolving dynamic between partners. Cody shared how this chapter is already making him a more empathetic advisor, ready to relate to his clients in even deeper ways. Here are 5 key takeaways from our conversation with Cody Niedermeier:

1. Start the Conversation Early: Cody emphasized the value of discussing family planning with your partner from the start—making sure both parties are on the same page about having children, lifestyle goals, and their shared vision for the future.
2. Financial Readiness is Ongoing: From daycare costs and household changes to adjusting work schedules, preparing financially for a family requires both planning and flexibility—plus an understanding that it might always cost more than expected.
3. Don’t Neglect the “What Ifs”: Expanding your emergency fund, reviewing insurance coverage, and updating estate documents are crucial steps every family should take when expecting a child, no matter how uncomfortable those conversations might be.
4. Leverage Your Network and Professional Resources: Even as financial professionals, Cody and I both agree on the benefits of seeking advice, collaborating with colleagues, and not hesitating to consult other advisors when preparing for major life changes.
5. Being Present Matters Most: As Cody put it so well, his ultimate career and personal goal is to be a present father who supports and loves his family—and that’s at the heart of both sound financial planning and a fulfilling life.

Join us for this open and inspiring discussion as Cody and I explore what it means to plan, adjust, and grow—both as a professional and a parent. If you’re considering starting a family or simply want to ensure your financial house is in order for life’s next big step, this episode is for you. Don’t forget to subscribe, leave us a rating, and share the show with friends and family who are looking to better their own financial journeys. Stay tuned for our next diary entry, and remember: Don’t retire… graduate! Learn more about Cody here! [embed]https://youtu.be/QW8gy8DrceM?si=ZbEnRL4RGVXYs9wm[/embed]