Josh Chamberlain 11/13/18 Josh Chamberlain 11/13/18

Why Thanksgiving is My Favorite Holiday

Thanksgiving is a major operation!! Much like financial planning, you better have a plan if you want to enjoy reaching your goals.

Thanksgiving is almost here! It’s my favorite holiday and features all my favorite things: Cooking, family, relaxing, wine, blazing fires, card games, pies, football and kids running and playing! No gift giving expectations, the weather allows plenty of outside time, and it’s a time to recognize the meaning that your friends and family bring to your life. Thanksgiving! I love every minute of it.

A big added bonus, for me, is that our family tradition is to host. My family comes in from Lake Ocononee and Rome, GA. My in-laws come in from Florida and Connecticut. And I savor the 3 or 4 days of the year that we are all together.

Did I mention that I love to cook and I’m head chef for ~20 people during our Thanksgiving visit? Yes, I cook 3-4 days for 20 people and I still have time to enjoy and savor the time with my family. What’s my secret? Planning. Yes, It’s all about creating a plan that fits our family’s needs, then following through with some hard work, while enjoying the process.

Josh Chamberlain’s Thanksgiving Plan

Saturday/Sunday

Finalize the menu for the week
Grocery shop at the YDFM
Buy beer, wine and bourbon

Monday

Audrey (my mother-in-law and sous chef) and I check for missing ingredients
Make another run to the farmers market
Start the pie dough
Drink wine and relax

Tuesday

Brine turkey
Make pies
Cook black eyed peas
Drink wine

Wednesday

Bake mac & cheese
Cook greens
Bake potatoes
Roast brussel sprouts
Audrey and I each make a soup for our yearly “Soup Off” (she normally wins)
Attend neighbors pre-Thanksgiving party

Thursday

Fry turkey
Prime rib
Roast Carrots
Bake rolls
Make the gravy
Make Salad
Savor the feast
Watch football
Drink wine

The kids love to help make whipped cream.

Friday

Enjoy Leftovers
Family hike
Family pictures with Cathy Davis

Saturday

The weekend is only just beginning!!

It’s a plan with lots of room for a wonderful week with family and friends.

*Does anyone see the parallels to financial planning? If you want to talk turkey, contact me.

Happy Thanksgiving to you and your family!

Josh Chamberlain 10/17/18 Josh Chamberlain 10/17/18

Financial Checklist for Expectant Parents

Becoming a parent is one of life's biggest joys and responsibilities.

Congratulations! You are having a baby!

Becoming a parent is one of life's biggest joys and responsibilities. Once you find out you are having a baby, life quickly becomes very busy with preparations and planning for your little one. Your calendar will become full with everything from scheduling medical tests to signing up for childbirth classes and picking out a car seat.

Preparation you can’t afford to avoid!

A topic that many expectant parents are reluctant to discuss with their close family, friends, professionals or even each other, is money! How in God’s name are you going to pay for another person to live in your house and eat your black olives and 12 month old Manchego?

The Cost of Having a Baby

The average child, in 2018, will cost, out of pocket, ~$3,500 to deliver … and they are not even home yet. And the cost of raising a child from birth to 18 years is somewhere in the neighborhood of $350,000! If you enjoy splurging on your kid, taking vacations, weekend trips, nice clothes and going out to eat, it can quickly add up to $700,000. Now, take a deep breath. By implementing a plan, there won’t be any need to stress over baby related finances.

Pre-Pregnancy Planning

If you can, get started when you decide to start a family.

Assess Your Car.

Is it safe, dependable and can it accommodate a baby? A baby doesn’t require a SUV or a minivan, a decent sized sedan will do. Every 3 years, my wife and I take turns getting a car. I like to drive them to ~160,000 miles. When “baby making” enters the family discussion, the next car purchased should take baby into consideration. (We bought a Subaru Outback 2 years before our first son was born).

Assess Your Living Situation.

Get into a housing situation that is not likely to change for 3 to 5 years. If you are renting, get something big enough to accommodate your growing family. If you have a house, make sure the location is family-friendly. If you don’t have a garage or car port, think about how you are going to feel dragging a car seat through a cold rain storm.

Have Fun with your Partner.

You may think that things are not going to change for y’all. THEY WILL. You won’t be going out for late night dinners. You won’t be catching a last minute flight down to Miami. You won’t be tailgating with your college friends on Saturday’s— or at least not very often. So enjoy your baby-free freedom while you still can. Jenn and I hit Costa Rica, Belize and Hawaii in the two years leading up to becoming parents.

Save.

I recommend $20,000. But do what you can, while having fun.

First Trimester

Mom-to-be may be experiencing some morning sickness and be worn out from her pregnancy, but you should still prioritize:

Start a budget for the coming 40 weeks. Plan on a weekly/monthly schedule, how you will draw down and distribute your cash.
Get a will drawn up by a trusted estate lawyer.
Complete any house projects (non-baby related), that you’ve been putting off.
Review your health insurance. It will be important to have a doctor in network, at a hospital you trust and close by. Reviewing your health coverage will give you an idea of your out of pocket costs. Also, you may determine after reviewing your coverage from a parent perspective, you may want to change providers or plan at your next open enrollment.

Second Trimester

By now, you should know if you are having a boy or girl — or maybe you’re keeping it a surprise. Either way, you can start nesting in earnest!

Set up the nursery. Buy the bed, changing table, nursing chair, paint the walls and decorate.
Determine your maternity and paternity leave. And then talk to your boss or Human Resources. If you work at a small business, the quicker they know what is coming, the better they can prepare.
Review your company’s paid leave benefits. If that’s not an option, look into Short Term Disability benefits. Short Term Disability can cover you for a percentage of your compensation. If you are a dad, take a long hard look at paternity leave. The difference in women’s and men’s pay in the work force these days is actually statistically related to “moms” -v- men. Women with no kids, earn just as much as men. A key to potentially solving this, is having dad take paternity leave. It is a complicated topic, but worth consideration.
Borrow and bargain shop. This is something I wish I did with my first son. We wanted all new, the latest and greatest for our little one. We spent a lot and didn’t realize how quickly the first year goes by and how quickly he would grow out of things. Reach out to your network of friends, family and Facebook and see who has baby gear they're willing to sell or give to you. Cribs, changing stations, strollers and clothes for you and baby are great items to borrow.
Set up baby registry. Make sure and ask for all of the things that you really want and/or need. Check out the online lists like Amazon’s Baby Registry. It offers almost everything, and is convenient and easy for family and friends that don’t live close by. Be thoughtful about compiling your list. And also be cognizant of the size of the shower, when setting your wish list.
Explore Child Care. Will one parent stay home? If not, tour day care facilities and/or interview nannies and ask friends for recommendations.

Third Trimester

Finalize Child Care. Make sure day care applications are complete and starting dates are set or get a commitment from your nanny.
Stock pile baby supplies. Be savvy, get to know prices and buy diapers, wipes, food, clothes when they go on sale.
Pack your Hospital Bag: At 36 or 37 weeks, pack your hospital bag and install your baby’s car seat, just in case you go into labor early. Here’s a great list of what to pack.
Schedule a newborn photoshoot (with an affordable photographer). You’ll treasure those photos forever. **Yes, that is my son in the top pic. Isn’t he cute?
FOCUS ON BABY!!

How a Financial Planner Can Help

Becoming a parent is both exhilarating and overwhelming. You want to provide your baby with a safe, secure and loving home. Having a sound financial plan can help you provide that security for your family: