Young family

You get home from work, your wife is tired, and the baby just spilled spaghetti all over the carpet. Your older child got suspended from school for cutting his friend’s hair. After dinner, you can barely think straight. Who has the time and energy to make critical decisions about their financial life?

Raising the next generation and working to support them is already a tall order. How can you make sure you are on the right track financially when you already have your hands full?

Right now, you are at one of the most difficult stages of your life. Your peak earning years are usually a decade or more away, and diapers aren’t cheap – neither is that house and white picket fence. Having a baby can cost $9,000 per year. Navigating your family life requires careful budgeting and risk management. You have to save, pay the mortgage, buy insurance, invest for retirement, and hopefully have enough left over to take your family to a sporting event or another fun activity.

At this stage of life, it can be easy to justify avoiding insurance and investing for the future. After all, you are young; retirement is for old people. However, insurance is cheaper the younger you are, and the earlier you start investing, the more compounding returns can work in your favor.

Time is truly golden, and the golden years of retirement can only be reached by investing in the time you have now.