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72: Financial Checklist for Parents (Current & Future)
Rich Habits Podcast
Financial Planning for Parents
It is important for parents to avoid committing to a long-term financial plan based on anticipated life events as circumstances can change. One should focus on financial flexibility and avoid overcommitting to expensive homes or private schools. Parents should consider the overall cost of raising children including education, larger vehicles, and other expenses. Planning and budgeting are crucial to ensure financial goals are met without relying on credit card debt. Additionally, parents can benefit from tax credits for each child, up to $2,000 per child through age 16, and up to $14,890 for adoption, but these benefits diminish for households earning over $400,000. Consulting with a CPA or accountant about tax credits and financial strategies is recommended to ensure a strategic financial approach to raising children.
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