Financing Family - Building a Legacy That Lasts

In this episode of Escape The Clock, we’re diving into the financial realities of raising a family and how to do it with intention. From diapers to diplomas, the costs can be staggering, but with the right strategies, they don’t have to derail your financial independence goals.

I’ll walk you through the key phases of family financial planning. From estimating the cost of raising a child to securing your family’s future through insurance, college savings, and estate planning. Whether you're already a parent or planning ahead, this episode will give you a roadmap to support your loved ones while staying on track toward your own dreams.

If you want to raise a strong family and build a strong financial future, this episode is your blueprint.

Key Talking Points:

• The real cost of raising a child – How it’s grown to over $286,000 (not including college), and how to budget for the different life stages.
• Financial priorities shift with children – Why your saving, spending, and risk tolerance may all need to evolve.
• Emergency funds, estate, and insurance – How to protect your family with the right coverage and cash reserves.
• College savings strategies – 529 plans, gifting options, and using compounding interest to your advantage.
• Legacy planning – Wills, trusts, and guardianship planning to protect your kids and your assets.
• Who’s paying for college these days? – A look at the data and what it means for your own family game plan.
• Balancing support and independence – Helping your kids without sacrificing your own financial future.
• Teaching your kids about money – Practical ideas to raise financially literate children.

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Thank you for listening!

Please note: This information is for educational purposes only and not financial advice. Consult a qualified professional for personalized guidance.