Takeaways from Your Money and Your Man: Part 3

From Michelle Singletary’s Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich

Part 3: Then Comes The Baby Carriage

  1. If you’re having a baby, spend less time in the baby store and more time attending to some important financial decisions.
  2. If you want people to know how to care if you become incapacitated, get a living will. If you care about leaving your family in peace after you’ve been put to rest, get a will.
  3. Start saving for college while your child is in diapers.
  4. If you can’t save for college and retirement, then put your retirement first. Your child can borrow to retire.
  5. The best time to start teaching your children about money is when they are young and impressed with what you know. And whether you realize it or not, you are teaching your children about money every day, for better or worse.
  6. What children crave can’t be satisfied with a trip to the mall. It can’t be bought. It’s your presence, not the presents, that is important.
  7. Don’t be lured by the three Ps–price, prestige, and pedigree–into paying for a brand-name college when less expensive schools are just as good.
  8. Don’t saddle your child with unmanageable debt.
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