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  • New born Tip

    Hello
    We have a new born baby girl.
    1.We have her in our health plan. Is there anything I can do to give her head start.
    2.When can I start saving for her college etc
    3.Should I get life insurance?
    4. Any other advice please!
    Thank you

  • #2
    1. Immunize her
    2. You can put $150K into a 529 today if you want.
    3. Not no but heck no. https://www.whitecoatinvestor.com/6-...your-children/
    4. Try to get some sleep in between feedings.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

    Comment


    • SLC OB
      SLC OB commented
      Editing a comment
      I read #3 wrong too, at first... but I think WCI would say "Not YES, but HECK YES!" to YOU having life insurance and your spouse having life insurance.... no life insurance needed for the baby. Congrats!

    • Tim
      Tim commented
      Editing a comment
      #3 Both you and your spouse need to review your term life insurance coverage.
      The math for 3 is a lot more complicated.
      #5 Not immediate, but you probably need to begin thinking about estate planning and revising your will and your child’s care and guardianship, just in case.

  • #3
    Originally posted by BEE View Post
    Hello
    We have a new born baby girl.
    1.We have her in our health plan. Is there anything I can do to give her head start.
    2.When can I start saving for her college etc
    3.Should I get life insurance?
    4. Any other advice please!
    Thank you
    0) congrats!
    1) yup you're already doing it
    2) now, 529. superfund if you can afford
    3) if you/spouse die and your family will be hosed financially, yes
    4) enjoy her before she becomes a bratty tween. don't ask me how I know.

    Comment


    • #4
      Ger her a job as a "model" (pictures for clothing, baby products, etc...), & fund her Roth IRA.

      Life insurance depends on your situation. Term only if needed. You're a prime target for whole life...

      Congrats on the tiny one!
      "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

      Comment


      • #5
        Congratulations! When you get her social security card you can do a 529 contribution. Lots of threads on which is best, but I’d look at your state first if it offers a deduction. Hard no on buying life insurance.

        Comment


        • #6
          “We have her in our health plan. Is there anything I can do to give her head start.”
          She doesn’t need a head start. She already tests at 99% of her peers. She will be outstanding at whatever she chooses. Baby girls are special (so are boys). Spend as much time as possible and watch her soar. Try to be modest. It’s hard. She is way ahead, don’t sweat that.

          Comment


          • #7
            Originally posted by BEE View Post
            Hello
            We have a new born baby girl.
            1.We have her in our health plan. Is there anything I can do to give her head start.
            2.When can I start saving for her college etc
            3.Should I get life insurance?
            4. Any other advice please!
            Thank you
            Congratulations!
            1) I couldn't agree more with The White Coat Investor on this one!
            2) Once you get a SSN you can open up a 529
            3) for you yes, For her no
            4)Someone told me about getting a red light bulb to provide low light in the room for overnight awakenings. It is supposed to cause less stimulation and help them go back to sleep as apposed to blasting them with a bright white overhead light or trying to fiddle faddle with leaving the door open a crack. I have no real evidence that it worked but we started it after my first kid and the 3 younger ones did sleep better. I personally think it helped me go back to sleep as well. It is worth a try for how inexpensive it is.

            Comment


            • #8
              In case you haven’t figured it out yet: children are born sick, they just occasionally get better. And enjoy the ride, I just brought my little baby home yesterday and today he’s doing an oral surgery residency. They grow up fast.
              Hal

              Comment


              • #9
                Originally posted by BEE View Post
                Hello
                4. Any other advice please!
                Thank you
                Don't buy too many clothes and toys. They outgrow the clothes and the less the number of toys, the less the clutter and expense.

                Don't be shy about asking for no clothes or toys as gifts but instead money / check for 529 or UTMA plan.

                Front loading the plans always works out with a 18 year start.

                Comment


                • #10
                  You can start a 529 right away for college. Only people who are financially responsible for other people should have Life Insurance. And even then only Term insurance and not whole Life. Since likely no one depends on your daughter's income, do not get her life insurance. Someone will contact you and tell you the opposite. Run.

                  Comment


                  • #11
                    4. Vasectomy.

                    Comment


                    • tylerjw12
                      tylerjw12 commented
                      Editing a comment
                      Or an IUD!

                  • #12
                    We have a new born baby girl.: congrats!!
                    1.We have her in our health plan. Is there anything I can do to give her head start.
                    vaccinations
                    2.When can I start saving for her college etc
                    depends on the rest of your financial plan, but I would say as soon as possible
                    3.Should I get life insurance?
                    for a baby?? no
                    4. Any other advice please!
                    The first year is the hardest. The house will be a mess and that is oaky. You and your partner will be tired and that is okay. If you and your partner both work figure out childcare other than daycare. Lots of sick days ahead. If your partner becomes the SAHP also have some childcare in place. He/she needs a break too. It can be family, it can be the neighbor kid next door that takes her for a walk while your partner sleeps, it can be a professional nanny, whatever you guys can find and are comfortable with spending.

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