#71: From Diapers to Diplomas: Strategic Financial Planning for Families

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In this episode of Blue Chip NOW!, Daniel Dusina, CFA, is joined by Adam Larkin, CFP®, and Dan Seder, CFA, CMT, CFP® for an in-depth discussion on the real costs of raising a child and the best financial strategies for securing their future. Kicking off with market commentary on the most recently announced tariffs and their ripple effects, the conversation quickly transitions into the practical, personal, and long-term considerations of new parents. Daniel shares insights from meticulously tracking his baby’s expenses over nine months, providing real, actionable figures that many new parents can relate to. 

The core of the discussion focuses on various investment vehicles including 529 plans, UTMA accounts, Roth IRAs, and even brokerage options, with detailed breakdowns of their pros, cons, tax implications, and strategic uses. Whether you’re a new parent, a grandparent, or just someone looking to better understand education savings tools, this episode is a comprehensive guide to making informed financial decisions that will benefit your family for years to come. 

Individual views and opinions expressed in the podcast, article, or other media included herein may not necessarily reflect the views and opinions of Blue Chip Partners, LLC. This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for individualized financial, tax, legal or accounting advice. You should consult your own professional financial, tax, legal, accounting, or equivalent advisers prior to making any investment decision. All investments involve a degree of risk, including the risk of loss. Past performance is not indicative of future results. 

Quotes:  

"The first thing I googled when I had come to the realization that my wife was pregnant—How much does a child cost?" - Daniel Dusina 

“The costs ramp up dramatically once your children become more active.” - Dan Seder   

“[One] thing to consider is whether or not you want to be saving for education at all, or if you prefer to save for other items. Maybe you want to eventually help your child put a downpayment on a house or to fund their own wedding.” - Adam Larkin 

Links: 

Daniel Dusina: https://www.linkedin.com/in/ddusina/  

Dan Seder: https://www.linkedin.com/in/daniel-seder/  

Adam Larkin: https://www.linkedin.com/in/adam-larkin-cfp%C2%AE-704779101/  

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00:00:00 — Hosts set the tone and welcome guest Adam Larkin for a finance-meets-family discussion. 

00:01:13 — How tariff talk is rattling markets and influencing interest rate trends, with tensions between Trump and Apple as a case study in political market disruption. 

00:05:42 — Why these financial issues are critical for parents and grandparents to understand, and how having a baby reshapes financial priorities overnight. 

00:06:41 — A real-life breakdown of baby-related expenses, backed by nine months of tracking, with other costs to think about moving forward—babysitters, travel, extracurriculars. 

00:11:32 — Blue Chip Partners ad break. 

00:12:25 — Shift to long-term saving and investing for kids’ futures, exploring different family goals and why there is no one-size-fits-all answer, including discussion about college versus using funds other ways. 

00:16:22 — Everything you need to know about 529s—how they work and who they’re for. 

00:19:45 — What to do if you save too much in a 529 and how Roth IRAs come into play. 

00:22:13 — A quick comparison of two popular education-focused accounts, including UTMA accounts. 

00:25:38 — Other choices for saving: brokerage accounts, joint accounts with a child, and Roth IRAs for minors—plus why income eligibility matters. 

00:29:09 — Using brokerage accounts to build early investing habits. 

00:32:40 — A look at the changing landscape of education—college, trade school, or something else—and how to prepare financially.