How to Know if You Can Afford for One Parent to Stay Home
Release Date: 02/10/2020
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info_outlineThis week I sat down again with Ariel Ward, CFP® to talk about how to know if you can afford for one parent to stay home.
Ariel Ward, CFP® joined Workable Wealth in 2018 as a Financial Planner and in March of this year, made the move to Abacus Wealth Partners with me as a Financial Planner. She and I work closely together on our clients. She has 11 years of experience in the field of personal financial services and in helping clients develop financial clarity. She is passionate about helping professionals understand their financial lives and make better decisions with their money. Ariel is married to a pilot and spends as much time as possible exploring the US with her husband and 2 children. She enjoys working with clients in the aviation industry to make the most of their employee benefits and map out a plan for personal financial strength. She is a member of NAPFA, the XY Planning Network and the Financial Planners Association.
Ariel works virtually out of Charlotte, NC. She enjoys North Carolina’s mountains, beaches and everything in between. In her free time you can catch her walking to one of Charlotte’s excellent breweries, playing Scrabble or building Lego houses with her kids.
HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:
- How to financially navigate having one parent stay at home with the kids
- The significance of knowing what your family expenses are
- A few things people tend to forget when looking at monthly expenses
- Expenses that might go away with one spouse at home
- The budgets we establish for our clients when one person stays home
- Why you should discuss how long the spouse will stay at home before returning to the workforce, if ever
- Ideas for the working parent to increase income or flexibility
- Options for the stay-at-home parent to still bring in an income
- What to consider when it comes to employee benefits for the parent staying at home
- How staying at home might change what you need for disability or life insurance
- Changes that could take place with your investments by having one parent stay home
- The conversations we have with clients when considering one parent staying at home
- The most important question to consider when making the change
- A couple of red flags we’ve seen when looking at cash flow
- The unique story Brian and I have about having one parent stay home
- The agreement Ariel worked out with her employer to allow her to stay at home
- What happens when the at-home parent is trying to do too much
GET SOCIAL WITH ARIEL AND LET HER KNOW YOU HEARD ABOUT HER HERE