Marriage, Kids and Money | Andy Hill - E66

In the day-to-day hustle of parenting, thinking long-term, especially regarding finances, is often challenging. With studies showing an estimated cost of over $300,000 to raise a child from birth to age 18 (excluding college expenses), addressing your monetary matters becomes utterly crucial before you embark on parenting. Today, Jesse sits down with Andy Hill to discuss combining finances with a spouse, preparing financially for a family, and setting your children up with the right money habits and mindset.   Key Takeaways: The cost of raising a child - childcare, medical, baby supplies, and other miscellaneous expenses The importance of pre-baby financial planning Financial Preparation - building an emergency fund and suggestive steps like paying off debts, focusing on retirement, and the necessity of considering life and health insurance Tax Benefit - child tax credit, dependent care credit, and tax-advantaged college saving accounts Saving tips - buying secondhand baby items through Facebook Marketplace, consignment sales, etc Estate Planning - an estate plan after having kids and considering special needs planning if applicable   Timestamps: (00:00:02) - Intro (00:00:49) - Review of the week (00:01:31) - 12 financial topics for new parents (00:01:54) - Children are expensive (00:03:56) - Life insurance matters  (00:05:12) - Property and auto insurance (00:05:17) - Childcare costs (00:06:57) - Education costs (00:08:59) - Estate planning (00:10:49) - Children and taxes (00:12:52) - Topics that change with kids (00:13:48) - Budgeting (00:15:34) - Debt management (00:17:59) - Roth IRAs for kids (00:20:13) - Generational wealth (00:20:29) - Kids are expensive but worth it (00:21:18) - Andy Hill background (00:22:27) - Money languages (00:28:12) - When to combine finances (00:30:54) - Autonomy with money (00:32:21) - Preventing financial fights   (00:37:18) - Tracking goals and expenses (00:39:20) - Focusing on the journey (00:42:33) - Planning for kid expenses   (00:46:10) - Teaching money lessons   (00:48:22) - Make My Kid a Millionaire course (00:50:29) - Where to find Andy (00:50:38) - Outro   More of Andy: 🌐 Website: https://marriagekidsandmoney.com/ 🎙️ Podcast: https://marriagekidsandmoney.com/podcast-archive/   Mentions: Best Interest: New Parents: https://bestinterest.blog/12-financial-planning-topics-for-new-parents/ Best Interest: 529 Plans: https://bestinterest.blog/529-plans/ Make My Kid a Millionaire Course: https://makemykidamillionaire.com/sa/   More of The Best Interest: Check out the Best Interest Blog at bestinterest.blog Contact me at jesse@bestinterest.blog   The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Om Podcasten

Why is personal finance so complicated? The internet is flooded with personal finance “experts” sharing short-sighted, error-prone advice. But long-term financial success requires thoughtful, patient, and well-researched strategies. Hosted by Jesse Cramer, a former aerospace engineer turned fiduciary financial advisor in Rochester, NY, Personal Finance for Long-Term Investors simplifies complex financial topics. With relatable stories, in-depth research, and practical tips, Jesse helps you master financial planning for families, make smart decisions about tax-efficient investing, and build strategies for retirement planning and beyond. Formerly known as The Best Interest Podcast, and inspired by Jesse’s award-nominated blog The Best Interest, this podcast is your trusted resource for comprehensive financial planning and smart investing. Whether you're looking for optimal investment allocations, retirement planning advice, or generational wealth transfer ideas, this show makes personal finance approachable, enjoyable, and actionable. A richer tomorrow starts with learning today. Invest in your knowledge with Personal Finance for Long-Term Investors.