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Matt Becker opened his financial advisory practice, Mom and Dad Money, not long after he and his wife, Casey, had their first son, Aiden, and struggled with all the financial decisions new parents need to make.
“I looked around and I didn’t see a lot of advisors focusing on people in this stage of life,” said Becker, a certified financial planner in Gulf Breeze, Florida.
Adding another member to your family also adds a myriad of new financial considerations and expenses. A middle-class couple can expect to spend more than $230,000 to raise a child, not including college costs. One estimate found that by 2036, four years at a private university will cost around $303,000, up from $167,000 today.
More advisors are helping their clients successfully navigate how to cover their children’s expenses without compromising their own financial security.
“There is so much happening when you’re starting a family,” Becker said. “I think that having good guidance on all of that is really important.”