Securing Your Family's Future: Prioritizing Financial Security for New Parents

Honest Money

On this week's episode, Warren Ingram answers your questions around financial priorities for new parents. A new mom seeks advice on choosing between buying a retirement annuity (RA), life cover, or medical aid, tune in and learn about risk management protection, insurance and more.
Takeaways

• Prioritize risk management and protection before focusing on long-term savings.
• Get medical aid first to cover potential medical costs for yourself and your baby.
• Shop around and compare quotes from different providers for medical aid and insurance.
• Consider life and disability insurance to protect your child in the event of your death or inability to work.
• Once insurance is in place, consider long-term retirement savings options like a retirement annuity and tax-free savings account.
• Ask friends and family to contribute to a tax-free savings account for your child as a gift.

Get more insight on how Prescient Investment Management can help you: https://bit.ly/3VGGDxQ
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Kapitel

1. Financial Planning for New Parents (00:00:00)

2. Investing in Your Child's Future (00:06:55)