Financial Tips for Expecting Parents (Ep. 28)
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Did you know the average cost of raising a child to age 18 in Canada is nearly $250,000? And that doesn’t even factor in the cost of university education! Is your financial plan ready for those expenses?
John and Alex Soutsos tackle the comprehensive financial planning required when starting a family. They delve into the essential expenses and preparations necessary for welcoming a child, ensuring you’re financially ready for this significant life event. From childcare costs to changing careers, this episode provides invaluable insights and practical advice to set you on the path to financial security and happiness.
John and Alex discuss:
- Understanding the full scope of costs associated with having children
- The importance of planning your finances around maternity leave
- Weighing the benefits of RESPs vs. informal trusts for saving
- The role of life insurance for new parents
- And more
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