Financial Planning for Parents in Uncertain Times

Financial Planning for Parents in Uncertain Times

 
 
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On this episode of The Savvy Parent Podcast, we’re joined by Eric Dostal, VP of Wealthspire and financial advisor. He joins our host Shannon McNulty, NY lawyer, to discuss financial planning for parents during these unprecedented times. In his role as a financial advisor, he helps families get their finances organized and get their plans under control, and he shares his expertise with us. 

Financial Planning is Personal

Eric shares his thoughts on the importance of understanding what goals you’re targeting so that your financial plans can help you get there. Each family’s circumstances and goals are unique and this needs to be considered when creating your plans as well as when and how you adjust. Though every parent’s situation is unique, Eric gives great insight into how to make decisions when it comes to your finances. 

Start With an Emergency Fund

No matter what your circumstances, when we can’t predict what’s to come, Eric talks to us about the importance of having an emergency fund. He shares thoughts on how much you want to have, and recommends you get started on that now. Eric also shares about his role as an advisor and the fiduciary level of responsibility he has with his clients, so if you’re ready to work with a financial planner, you can understand what qualifications to look for. 

Resources mentioned

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About the Author

Shannon McNulty

Shannon McNulty is the founder of The Savvy Parents Group and a lawyer in New York City who provides legal planning for parents with young children. Shannon received her J.D. from Georgetown University Law Center and her LL.M. in Taxation from NYU School of Law. She has also earned her CERTIFIED FINANCIAL PLANNER(TM) designation. You can learn more about Shannon and her firm at www.mcnulty-law.com.