Adam Tau, co-founder of the MillerTau Financial Group in New York City, detail the intricate financial planning that occurs when planning or deciding to have a baby, and why it's important that you have a plan in place.

1. WHAT TO EXPECT WHEN
YOU'RE EXPECTING
Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB | 1895 Walt Whitman Road
Melville, NY 11747 | 631.420.4242.
The Finance Edition
Adam Tau

2. PREPARING FOR A BABY
Many consider having a baby to be one of life’s most precious journeys. While it
might feel strange to let a 3rd party in on the decision-making process, having a
financial advisor as part of this decision can open doors for your growing family that
you didn’t know existed.

3. ENSURE THAT YOUR FAMILY
IS INSURED
Financial protection is a topic about which many seek advice for from their financial
advisors. Your medical insurance will obviously play an important role in the prenatal
care and delivery of your baby, but knowing what your insurance covers, and what
the possible impending hospital costs can add up to is important.
Purchasing life insurance if you don’t already have any through work or personal
means will also be essential. Your financial advisor will be able to ultimately advise
you towards savings plans or better coverage.

4. PLAN ON SAVING FOR
RISING EDUCATION COSTS
Saving for college is a worry that many seasoned and new parents share. However,
there are many strategies a financial advisor can discuss with you to ensure that you
are contributing at least a small amount of money over time to college funds.
Remember to use time to your advantage; college may seem like a long way off for a
newborn, but starting early is in your best interest. In fact, the compounding interest
you can earn from having savings in the right accounts will only get larger as time
goes on.

5. HOW TO HANDLE AN EMERGENCY
Life will happen, and many new parents will tell you that while they know this, the
unpredictability of life’s events is even scarier when you have a child. Save yourself
the pain and anxiety later by saving up for an emergency now.
Unexpected life events are an area where financial advisors can really help a growing
family. Most people know the fundamental elements of saving, but having a financial
advisor to guide you in setting aside an appropriate amount of accessible and secure
emergency funds will give you peace of mind that you are prepared for whatever life
throws at you.

6. MAKE ROOM FOR BABY IN
YOUR BUDGET
This entire list will not be possible if you don’t make room for your baby in your
budget. There are dozens of life-hacks that can save you cash here and there that will
add up in your favor in the long run!
Things like looking for hand-me-downs instead of new clothes and waiting to buy
bottles in bulk until you know what your child likes are common tips for new parents,
but making room in your budget now will allow you to focus on your beautiful child
when they arrive and not on adjusting expenses.

7. CHOOSE THE RIGHT ADVISOR
FOR YOU
Choosing to contact a financial advisor is an important first step after deciding to
have a baby. While help is always available through friends and family, a financial
advisor can educate you on a wide range of financial strategies so you can make an
informed decision on what is best for your own family.

8. FOR MORE FINANCIAL ADVISING TIPS, PLEASE VISIT
ADAMTAU.COM
Securities offered through North Ridge Securities Corp. | Members, FINRA/SIPC/MSRB | 1895 Walt Whitman Road
Melville, NY 11747 | 631.420.4242.