Aug 12th, 2008
Im gonna be a dad!
That’s right, we’re having a baby boy! I am a lucky guy. A few years ago I had a rough patch of life when I got laid off… Little did I know that the next portion of life would be so rewarding. I met the most amazing woman who I now get to marry, got a great job and now the latest development; I get to be the father of a baby boy. I pretty much get choked up just thinking about it, I cant wait for the first time I get to see him.
It seems like it was just yesterday that I was the kid looking up to my dad. I remember nothing was ever a huge problem as long as dad was around. Now its my turn to be the protector and guide and Ill be honest: its damn scary. That being said Ill try to stick to some financial talk here. I made a checklist of financial things that need to be done before/after the baby is born that aren’t related to buying things…Ill write more on that a different time.
1) Get the baby’s Social Security Card
2) Get the baby’s Canadian Social Insurance Card (since I am a Canadian citizen, he gets to be one too)
3) Adjust insurance to cover baby
4) Adjust budget for coming baby expenses
5) Check for government benefits/tax credits
6) Adjust my life insurance policy
7) Do a complete re-read of our company insurance policy so I can understand exactly what is covered with dependents and expenses once they are added.
8] Possibly start a 529 Educational savings plan
Feel free to add any that you think of…
- 8 Comments
- Life
Congratulations! As I said yesterday, it sounds like you’ll be an awesome dad!
I have one to add:
9) Have baby shower to get lots of free baby stuff!
Thanks Tom, I appreciate it
There is indeed a baby shower happening for Lauren. I was thinking its a good thing women throw baby showers, imagine if us men did.
Presents would include:
Baby’s first toolset
Baby beer bottle pacifier
Baby sporting goods
Baby cigar chew toy
Once again, congrats!
529’s are currently great for tax benefits….but tax code tends to change with political winds. Have you considered a standard MMA or savings? $25/week x 52 weeks x 18 years = $23,400. This doesn’t include interest (which is painfully taxable), but persistance and solidarity might win this game.
Congrats, you’re gonna be an awesome father.
Congratulations again, Jesse. Glad to have a partner in the pf sphere in the same shoes.
Only thing I would add is that we’ll need to draw up a Will, right?
Congrats!!! Now you gotta start saving for that college fund the second he is out! Hahah. Great blog and great post. I just started a month ago and am totally engulfed in the blogosphere! Keep it up!
Congratulations, that’s wonderful news! Definitely draw up a will! I was just thinking about how that should be on the hospital checklist the other day.