How New Parents Can Avoid Money Mistakes | Andy Hill - E84

Jesse begins today's episode with two reflections. First, he talks about the rarity and preciousness of gathering all your loved ones in one place. While money is important, it is ultimately a means to gain the freedom to spend time with those you care about. In his second reflection, Jesse recounts the story of his parents' neighbors' house catching fire, highlighting the importance of risk management and preparedness, such as having smoke detectors and emergency plans. This underscores the idea of using money wisely to enhance life’s quality and maximize meaningful experiences with loved ones.

Today's guest, Andy Hill, is the founder of Marriage Kids and Money, an award-winning YouTube channel, blog, and podcast that offers actionable advice for family financial independence. As Jesse and his wife raise their first infant child, Andy provides invaluable insights on the importance of emergency funds, baby items, healthcare, life insurance, and more. He delves into the essentials of family financial planning, enabling us to enjoy more time with the people we care about most.

If you’re thinking about what matters most in life and how smart financial planning can help you get there, then this is the episode for you.

 

Key Takeaways:

• Money matters because of the freedom it allows.

• How to prepare for crises.

• The cost of childbirth, diapers, and a whole lot of other things.

• How to deal with financial stress as a family.

• Preparing your family financially for the worst.

• Simple tips and tricks for new parents.

 

Key Timestamps:

(02:28) Jesse’s Monologue: The Value of Time with Loved Ones

(07:45) A Financial Cautionary Tale: House Fire

(19:45) Introducing Andy Hill: Family Finance Expert

(20:29) Preparing for the Costs of Childbirth

(24:42) Real Estate Considerations for Growing Families

(27:37) Emotional Impact of Financial Decisions

(29:45) Navigating Parenthood, Career Choices, and Savings

(38:59) Practical Tips for New Parents

(44:25) Life Insurance and Estate Planning for New Parents

(52:31) Conclusion and Resources

 

Key Topics Discussed:

The Best Interest, Jesse Cramer, Rochester New York financial planning, financial stress, emotional attention, family financial advisor, family finances, marriage kids and money, Andy Hill, estate planning, the finances of children

 

Mentions:

Website: https://marriagekidsandmoney.com/ 

LinkedIn: https://www.linkedin.com/in/andyhillmkm/ 

Mentions: 

https://bestinterest.blog/you-just-go/

https://bestinterest.blog/house-fire/ 

https://bestinterest.blog/foxes/) 

https://open.spotify.com/episode/0JVTRYN8HBrgTI4EhVZglk?si=26185de5a5704a06

https://open.spotify.com/episode/1ox7hbv5uhG3bHsIzf2Cfk?si=8da95ab3e144443a 

https://waitbutwhy.com/2015/12/the-tail-end.html 

 

More of The Best Interest:

Check out the Best Interest Blog at bestinterest.blog

Contact me at jesse@bestinterest.blog

 

The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.