How to Know if You Can Afford for One Parent to Stay Home

This 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


Workable Wealth Website

Ariel’s e-mail

Instagram