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Financial Planning is a Mother with Karen Holloway, Financial Advisor
Manage episode 397020953 series 3515234
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Financial Planning is a Mother. If you’re like us, you were taught only the basics of financial management. But there are so many tools and resources available to us that can truly set us up to achieve financial health and protect our future.
In episode 10 of ___ Is a Mother, we are joined by Karen Holloway to discuss the financial elements every family should have in place and lay out the options that are available to you so you can start making strategic financial decisions that align with your goals. Be sure to grab a notebook because Karen drops some incredible knowledge in this episode.
This episode is sponsored by Northwestern Mutual. They believe in doing the right thing, and to them, the right thing is making sure their clients won’t have to worry about their finances. Northwestern Mutual recommends financial strategies based on each client’s life and priorities, designed to help them reach their unique goals. For more information, please visit www.karenholloway.nm.com
Some of the talking points we go over in this episode include:
- Breaking down the four buckets of financial planning.
- The difference between whole and term life insurance and how to decide which may be right for you.
- Education savings funds available to you and the pros and cons of each option.
- How to approach asking family and friends to invest in your child’s future instead of buying physical presents for life events.
- A unique way for entrepreneurs to kickstart their child’s financial future with a Roth IRA.
- How Traditional and Roth IRAs (Individual Retirement Accounts) stack up against other investment funds.
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LINKS MENTIONED IN THIS EPISODE:
Chapters
1. Financial Planning is a Mother (00:00:00)
2. The importance of financial planning to make sure your family is taken care of in the event of worst-case scenario. (00:03:40)
3. Parents prioritize safeguarding their families, often starting with life insurance, to ensure financial security in worst-case scenarios. (00:08:12)
4. The different type of life insurance you should choose depending on your financial goals. (00:12:36)
5. The difference between whole and term life insurance. (00:16:43)
6. Breaking down the 4 buckets of strategy for managing investments, starting with life insurance. (00:20:57)
7. The pros and cons of pre-paid college savings funds. (00:28:02)
8. As an alternative to pre-paid college funds, the benefits of considering a 529 fund instead. (00:33:00)
9. How to approach family and friends with the idea of contributing to your child’s future instead of purchasing new toys for every life event. (00:42:37)
10. A unique idea for entrepreneurs to add their child to the payroll so that they can begin investing in a Roth IRA at an early age. (00:47:32)
11. The difference between a Traditional and Roth IRA, with the main difference surrounding when you pay taxes. (00:51:57)
12. The pros and cons of paying taxes now versus later, highlighting the potential benefits of contributing to a Roth IRA or 401(k) despite higher income limits. (00:56:10)
13. The importance of working with a financial advisor that you trust. (01:00:09)
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