Planning for the future of your family

David Roberts, CPA, shares advice for parents on how to plan your family's financial future and the five most important areas to plan for
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Planning for the future of your family

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As a young family, there are some planning things you need to think of. You really need to take a lot of intention to think about these things and many people don't. You don't need to plan -- And plan is a significant word. There are really five main areas that you need to think of as a family. That's, the house you are going to buy; kids, how many kids you are going to have; where they are going to go to school, and college; weddings; and retirement. Those are the five big things because they all affect each other. If you buy the biggest house you can buy, you may not have the money to send them to a private school in the future, if that's your desire. If you are going to have five children, college is going to cost a little more. All of these things are interrelated. You need to think about all five of them, and plan for those five.

David Roberts, CPA, shares advice for parents on how to plan your family's financial future and the five most important areas to plan for

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David Roberts

CPA

David Roberts has five children and lives in Southern California with his wife Cynthia, their dog Lucy, and cat named Cooper. Dave has always singled out being an involved parent as his most important life’s work while managing the job responsibilities of being managing partner of his CPA firm, RBZ, LLP in West Los Angeles.

 

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Transcription: 
As a young family, there are some planning things you need to think of. You really need to take a lot of intention to think about these things and many people don't. You don't need to plan -- And plan is a significant word. There are really five main areas that you need to think of as a family. That's, the house you are going to buy; kids, how many kids you are going to have; where they are going to go to school, and college; weddings; and retirement. Those are the five big things because they all affect each other. If you buy the biggest house you can buy, you may not have the money to send them to a private school in the future, if that's your desire. If you are going to have five children, college is going to cost a little more. All of these things are interrelated. You need to think about all five of them, and plan for those five.