Whalen Financial Planning

Adding a new child to your family also adds expenses. Fortunately, there are ways to reduce those expenses and plan for the future. Please see the article listed below, which was written by Annie Nova for CNBC and contains tips from several financial experts, including myself, to help new parents navigate the financial side of expanding their family.

Here’s some advice financial advisors offer to new parents A middle-class couple can expect to spend more than $230,000 to raise a child, and that doesn't even include college costs. More advisors are helping their clients successfully navigate how to cover their children's expenses without compromising their own financial security.

At some point, many of us will either need to help a parent manage their finances or will need help ourselves. The article linked to below which contains quotes from Patrick Whalen as well as other financial experts has information on how to start this important financial planning conversation.

How to Help Your Parents With Their Finances Amid Coronavirus As coronavirus restrictions in the U.S. go into their third month and many elderly continuing to stay inside, some may be asking their adult children to help with financial chores. Here’s a guide on how to respond.

Blended families have additional challenges when it comes to inheritance. With good planning, inheritance issues can be greatly minimized. The article below from U.S. News and World Report written by Geoff Williams and containing quotes from Patrick Whalen, provides important considerations and helpful suggestions.

6 Money Matters to Consider When You're Remarrying Factor in your children's inheritance and estate planning before you remarry.

It's becoming easier to withdraw money from your 401(k), which likely isn't a good thing. The article below from CNBC is written by Alicia Adamczyk and contains quotes from Patrick Whalen.

It's about to get easier to withdraw money from your 401(k)—but you should be careful The government is making it easier for investors facing an economic hardship to borrow money from their 401(k)s. But financial experts urge savers to be cautious before do so.

Reasons You Need Good Credit in Retirement

Article featuring Patrick Whalen

Why You Need Good Credit in Retirement Here’s how bad credit will cost you money and opportunities during retirement.

When is it smart not to pay off your mortgage?

See the article below featuring Patrick Whalen.

https://www.moneytalksnews.com/reasons-not-to-pay-off-your-mortgage-early/2/

7 Times When You’re Smart Not to Pay Off a Mortgage Early You can save money — or even build wealth — by taking your time paying down your mortgage in these situations.

Tips For Couples To Manage Their 401(k) Plans
Article in Forbes featuring Patrick Whalen

Tips For Couples To Manage Their 401(k) Plans Why experts advise couples to make 401(k) decisions together