NEXT
NEXT WEEKEND. >> A LITTLE BIT COOLER.
>>> TIME TO TALK ABOUT MONEY.
OUR FINANCIAL EXPERT IS HERE,
DADS ARE GOING THROUGH, OPENING
THEIR PRESENTS WERE FATHER'S
DAY, BUT PEOPLE DON'T THINK
ABOUT THE FINANCIAL IMPACT OF
BECOMING A DAD.
EVEN A NEW DAD WOULD KNOW THIS,
IT COSTS SOME MONEY.
>> JUST A LITTLE BIT.
[ LAUGHTER ] BECOMING A FATHER,
THE GREATEST GIFT IN THE WORLD,
WITH THAT, COMES A LOT OF
RESPONSIBILITY.
RESPONSIBILITY. THREE THINGS THAT I WOULD THINK
ABOUT AS A NEW FATHER, WHEN WE
FIRST HAD OUR CHILD, I'VE GOT A
3-YEAR-OLD, MAKE SURE YOU'RE
SAVING MONEY, I DON'T CARE IF
IT IS $100 PER MONTH, MAKE SURE
YOU'RE SAVING MONEY, THESE NEXT
TWO AREAS ARE NOT ALWAYS THE
MOST PLEASANT THINGS TO THINK
ABOUT, WHEN YOU HAVE A CHILD,
NOW YOU HAVE RESPONSIBILITY,
THE SECOND ONE IS LIFE
INSURANCE.
INSURANCE. MAKE SURE THAT YOU HAVE LIFE
INSURANCE TO REPLACE YOUR
INCOME, PAY OFF YOUR KIDS
COLLEGE, MORTGAGE, THINK ABOUT
THOSE THINGS, THE RIGHT
AMOUNTS, AND A WILL, NAME A
GUARDIAN FOR YOUR KIDS, IN CASE
SOMETHING HAPPENS, THAT'S THREE
IMPORTANT THINGS.
IMPORTANT THINGS. >> I THINK SO MANY PEOPLE DON'T
THINK ABOUT THAT, YOU REALLY
SHOULD.
SHOULD.
SHOULD. IT IS HARD TO THINK ABOUT END-
OF-LIFE, BUT THAT'S SOMETHING
YOU HAVE TO THINK ABOUT.
>> SHE FOUND OUT SHE WAS
PREGNANT A COUPLE OF YEARS AGO,
TAKING ON 99.9% OF IT.
SO WHEN WE DID THAT, WE TOOK
CARE OF THOSE THINGS BEFORE WE
HAD OUR DAUGHTER, WE KNEW ONCE
WE HAD HER, WE WEREN'T GOING TO
SLEEP, TOO BUSY, ALL OVER THE
PLACE, MAKE SURE YOU TAKE CARE
OF THOSE THINGS, I WOULD TRY TO
DO IT DURING THAT TIME OF
PREGNANCY.
PREGNANCY. >> WHAT WOULD YOU SAY IS THE
MOST EXPENSIVE FINANCIAL ASPECT
FOR A NEW PARENT, A NEW FATHER
COMING UP, WE'VE GOT COLLEGE
SAVINGS, MY DAD IS PAYING FOR 2
WEDDINGS, HE IS HURTING, MY
SISTER IS ENGAGED.>> MAKE SURE
THAT YOU HAVE BOYS AND KIDS
THAT DON'T WANT TO GO TO
COLLEGE.
COLLEGE.
COLLEGE. [ LAUGHTER ] NO, TOTALLY
KIDDING.
KIDDING.
KIDDING. >> MY PARENTS DID IT RIGHT.
>> COLLEGE AND WEDDINGS, THE
AVERAGE WEDDING IN COLORADO IS
A LITTLE OVER $30,000.
THE AVERAGE COLLEGE COST,
$30,000 A YEAR, OUTRAGEOUS,
THINGS I WOULD THINK ABOUT,
INDICATION WITH YOUR KIDS, YOUR
KIDS MAY EXPECT, MOM AND DAD
CAN MAYBE COVER THE COSTS, OR
HELP A LOT, AND YOU MAY OR MAY
NOT BE ABLE TO, COMMUNICATION
IS KEY.
IS KEY.
IS KEY. TALKING ABOUT HOW MUCH YOU CAN
HELP OR CAN'T, AND HOW THAT
IMPACTS YOU, AND ALONG THE
LINES, EDUCATE YOUR KIDS ABOUT
MONEY, AND FINANCE, WHAT IS A
401(K), A MORTGAGE, IF YOU GO
TO THIS COLLEGE, HOW ARE YOU
GOING TO PAY OFF THOSE LOANS.
COMMUNICATION IS A KEY.
BUT WHEN YOU'RE HELPING THE
KIDS OUT THERE, MAKE SURE THE,
THIS IS A BIG MISTAKE THAT
PARENTS MAKE, AS YOU'RE HELPING
KIDS, AS YOU DO THAT, IT
DOESN'T IMPACT YOUR RETIREMENT
IN A BIG, NEGATIVE WAY, BECAUSE
YOUR KIDS ARE GOING TO BE FINE,
MAKE SURE YOU DON'T MAKE A BIG
MISTAKE.
MISTAKE.
MISTAKE. >> AND MAKE SURE THAT THEY
UNDERSTAND YOU ARE HELPING
THEM.
THEM.
THEM. I
THEM. I AM HELPING YOU, BUT YOU NEED
TO LEARN THAT YOURSELF.
>> WE ARE SACRIFICING, BUT WE
ARE NOT A ATM.
IF I HOPE YOU WITH $20,000 HERE,
THIS IS NOT NOW, THIS $20,000
OVER MY LIFETIME, $100,000 I AM
GIVING UP FOR RETIREMENT.
HAVE THAT COMMUNICATION WITH
YOUR KIDS.
YOUR KIDS. >> AND IMPORTANT TO TALK ABOUT
TRADITIONS, A LOT OF PARENTS
PAY FOR THIS AND THAT, SO
TRADITIONAL, NOWADAYS, MAYBE
THAT DOESN'T HAPPEN, HAVE THAT
OPEN COMMUNICATION.
OPEN COMMUNICATION. I'M NOT GOING TO PAY FOR YOUR
WHOLE WEDDING, I MIGHT PAY FOR
A LITTLE BIT, SOMETHING LIKE
THAT.
THAT.
THAT. >>
THAT. >> COMMUNICATION IS A HUGE
PIECE, AT THE END OF THE DAY,
YOU AS A PARENT, HAVE SAVED ALL
THESE YEARS, RAISE THE KIDS,
ALL THIS RESPONSIBILITY,
RETIREMENT COMES AROUND, YOU
DESERVE A GREAT RETIREMENT,
ALLOWS YOU TO TRAVEL, HAVE FUN
WITH YOUR SPOUSE, SPENDING TIME
WITH YOUR GRANDKIDS, BUILD THE
MEMORIES WITH FRIENDS AND
FAMILY, YOU DESERVE A GREAT
RETIREMENT, THE KEY IS HAVING A
PLAN, NOT JUST A STACK OF
STATEMENTS, BUT A PLAN, YOU
HAVE TO COMMUNICATE WITH YOUR
KIDS, ON THE SAME