• Once you have kids it is time to start thinking about their futures. I’m not strictly talking about financial matters either. While saving for their college education is obviously important there are other things you should think about first. Heaven forbid that something should happen to you or your spouse. However, when it comes to caring for our kids being prepared for the absolute worst case scenario is necessary. I’m talking about choosing guardians for your child, or children. Who will care for them in the unlikely event that you are no longer around. Ideally these would be people that the child knows and is comfortable with.

    Most parents I know go with family, aunts and uncles of the kids. Sometimes family is just not an option, perhaps they aren’t able to care for your kids financially, or their lifestyle just isn’t conducive to children. It is important to think about these aspects when choosing your guardians. Do they have similar belief systems as you? Parenting styles similar? It is a huge responsibility, and shouldn’t be taken lightly. Be sure to talk to anyone you consider to ensure that they are comfortable with the responsibility.

    Once you have established who will take care of your kids it’s good to think about life insurance. Talking to a financial counselor can answer all of your questions about the types of insurance you need, as well as how much you will need. A good rule of thumb is ten times your annual income. This may not work for everyone, so be sure to find someone you trust to talk through all the details. These are of course things that will most likely not come to pass, but your kids will thank you if you take the time to think through all the possibilities.