If you're not planning to have kids, you can rethink 'the whole foundation' of your financial plan. (via CNBCMakeIt)
It's tough to pin down exactly how many Americans don't have children and don't plan to have any.
"Most, if not all, financial rules of thumb assume you have kids," says Jay Zigmont, a certified financial planner and author of "Portraits of Childfree Wealth." Take the possibility of kids out of the equation, and "the whole foundation of your financial plan changes."Much of the advice that crops up in long-term financial planning revolves around building something to pass on to the next generation, Zigmont says.
Here are three strategies Zigmont, who specializes in advising childfree clients, says childfree people can employ, even though they deviate from the standard advice.Zigmont deals with clients who have been stuck in a rigid system of delaying financial gratification. "I tell them, 'Look, you're going to die with millions in the bank, and that's a failure,'" he says., it stands for financial independence, live early.
That doesn't mean that you can forget about saving altogether — you still want to be financially stable for your entire life. But for many people, shifting the focus away from your post-65 years can mean living a more fulfilling life now.But what about saving as much as possible for retirement? "If that's not the goal, let's live a better life now.
Every family would answer that question differently, but from a financial planning perspective, the answer is likely, "I'll take care of myself," whether you have children or not.
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