by Travis Mann

My wife, Chelsea, and I are proud first-time parents of our six-month-old newborn, Henry.  We are also both in the finance world.  I am a Financial Planner and Chelsea is a bookkeeper.  Anytime we get to talk about both families and finances we are happy campers, particularly for other parents starting out.

Although many would consider us both financial experts, we were NOT perfect at preparing financially for Henry.   However, I’d like to pass along six simple things we did learn (or should have done better):

1.    Save, Save, Save.

Babies are expensive.  While everyone knows this age-old truth, I would argue that your bundle of joy is the least expensive part of being a parent. 
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by James Richards, Our Guest Contributor about “Money Matters and Family”

A lot of great parenting moments come when you least expect them.  One morning, around 5 am, I was about ¼ awake, unshaven, in my robe, sitting in an armchair waiting for my first sip of coffee to make its way to my brain.  I was not what you might call “game ready”.

Ben, age 6 comes out of his bedroom, jumps in my lap and says “Dad, did you used to smoke?  How come you don’t anymore?”  I did not see that coming!  In the end, adrenaline did its magic and I managed to come up with a coherent answer, but that wasn’t really how I envisioned our first conversation about smoking!

Kids ask for your wisdom at the moment they want it.  They do not give you a memo a week in advance saying please prepare for this topic.  You just have to be ready when they ask.   So how can you possibly be ready all the time? 
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Jeanne Faulkner, Contributing Writer

Just how much does it cost to raise a child these days?  The answer:  It all depends on how you raise them.

According to the US Department of Agriculture, the cost of raising a baby to adulthood has risen by 40 percent in the last ten years.  They estimate that a child born in 2010 will cost a middle-income, dual-career family $226,920 dollars to get them through to 18 years of age. That total does not include college.  On average, you can expect to pay between $8480 and $13,380 (or more) annually for various child-raising expenses.

What do you get for that price? 
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by James Richards, Our Guest Contributor about “Money Matters and Family”

People ask me all the time about teaching kids lessons about the value of money.  I have heard of people opening savings accounts, buying 1 share of Disney stock, paying for grades, and tying allowances to chores.  I think all of these things are fine, but I do believe that there is one core concept lesson that is imperative to get across to our children.  Things they want require effort on their part.  We have all heard about the sense of entitlement that is pervasive with the “millennial generation”.  They believe they deserve things because…well, just because.
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Since our featured article about “Money Matters and Family”, we received inquires about understanding finances and the realities impacting family life.   James Richards was sought after to offer his expertise and share his viewpoint about the relationship of money and family life.

Author of Better is Better, James Richards is a well-known and respected financial advisor, investment advisor and “life coach.”  He specializes in helping clients determine the best way to use their resources to maximize their quality of life – according to their own definition of what is best for them.  His unique approach adds a qualitative dimension to the more traditional quantitative methods of financial planning, and allows clients to create plans that improve their life as well as their finances.

Richards explains that:
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