Dad to be in 6 months, in NYC. Would love any advice on how i can best use this time to prepare across all dimensions but especially when it comes to financials. Thank you!

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The money will come.

What will matter when the grip leaves your hand is how you loved and mentored that kid to be the best person they can be.

But also: Roth IRA, 529, dependent HSA, and claim them as an employee

Congratulations 🎊🍾🎉

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Healthcare FSA and dependent HSA are two sep things. I have both.

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I’ll add term life insurance to the list if you don’t already have it. If you do already have a policy, decide if you need an additional policy to increase coverage.

Congrats!

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Already good here and levered up a bit for both myself and my wife. Appreciate it! :)

Congrats! When the baby first comes, remember you will need to support the mother as well. Indeed, the baby is kinda attacked to the mother for the first few months (known as 4th trimester) so you’ll need to be a domestic goddess to give her time to recover from birth and to keep the household going.

You can’t really prepare for how it will feel. Love like you cannot imagine.

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Absolutely. Love and support your wife extra post partum. It’s a physical and emotional recovery. Do as many household chores as you can.

Open up a 529 in the New York plan, then put in 10K annually (assuming you’re married and can afford it), and take the state tax deduction!

Also, for childcare, established places are gonna be hella expensive - like we’re talking in the $3000 per month range, maybe *slightly* less outside of Manhattan. To avoid paying such a major chunk of change, try to find a licensed home daycare option in your neighborhood using a local mommy group on social media, wonderschool.com, or word of mouth. We spent $1600 per month on our first, and will be spending $1400 on number two. Obviously when you start thinking about twos programs or private preschool down the road, your ability to pay that little does away, so start saving now (including by using the aforementioned home daycare options)

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