Having a baby or adopting a child is perhaps the most rewarding undertaking of our lives. We nurture our children, worry about them, love them,
and protect them. We want them to grow up in a stable world, one in which they are safe and financially secure. Achieving this can be a challenge —
even before you start paying for a college education. Take steps to protect your child's financial well-being, and your own, by doing the following:
Start building a college fund now. College costs are expected to keep rising, but you have years to save and invest.
Revise your will, making sure to update your beneficiaries and name a legal guardian for your child.
Update your budget to account for new costs, such as diapers and childcare, and to be sure you have adequate savings for emergencies.
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Think about your life insurance for yourself and your spouse. If you die while your children are still young, the insurance proceeds can replace
your income and help them — and your spouse — meet their dreams and achieve their goals.
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Consider disability insurance. If you become disabled and cannot work, disability insurance can pay benefits so you can continue meeting your
financial obligations.
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Consider life insurance on your child. Some life insurance policies accumulate cash values that can be borrowed to cover, for example,
education expenses or a down payment on a first home.