New Parent Checklist

The birth of a first child is a time for celebration and planning. This checklist is designed  with a goal to assist the new family with strategies for financial protection as well as help in securing the child’s future. This list becomes an integral part of the overall financial plan.

Financial Plan

  • Cash flow and budget analysis
  • Short term and long-term goals
  • Emergency fund
  • Clarify values and financial decision-making
  • Savings strategy
  • College planning/529 plan
  • Childcare

Review of Outstanding Debt

  • Student loans
  • Credit cards
  • Auto loans
  • Mortgage

Portfolio Review

  • Investment strategies
  • Asset allocation
  • Risk tolerance
  • Time horizon
  • Diversification
  • Contributions
  • ESG

Insurance Review

  • Life
  • Auto, umbrella, homeowners/rental
  • Medical/Dental
  • HSA and FSA
  • Disability

Estate Plan

  • Wills/Trusts
  • Guardianship
  • Power of attorney
  • Health care directive