Episode 236: Financial Planning for People without Kids with Dr. Jay Zigmont CFP®

Women's Money Wisdom

Discover the unique financial landscape of child-free living with Dr. Jay Zigmont, a CERTIFIED FINANCIAL PLANNER® and founder of Child Free Wealth. Together with Melissa Joy, CFP®, CDFA®, they unpack the nuanced financial strategies tailored for those who choose not to have children. From rethinking the legacy you leave behind to understanding long-term care planning without relying on the next generation, Dr. Zigmont offers profound insights that challenge conventional financial wisdom.

Explore the complexities of long-term care insurance and the critical timing for acquiring coverage, especially for child-free individuals. They delve into the cost implications, the necessity of standalone plans, and the crucial role of early planning in supporting aging parents without jeopardizing your own financial stability. Dr. Zigmont sheds light on Medicaid’s limitations and the importance of setting boundaries to avoid financial strain.

In a world increasingly leaning towards living child-free, they discuss the multifaceted reasons behind this choice, including financial, political, and environmental considerations. Embrace the growing trend and learn how to navigate life and financial planning without children. Featuring insights from Dr. Zigmont’s book, "The Child Free Guide to Life and Money,” they emphasize the importance of recognizing and respecting diverse family structures.

Listen and Learn:

• How child-free individuals need to plan for end-of-life expenses, such as long-term care insurance, as they may not have children to rely on for support.
• Why estate planning is crucial for child-free individuals to ensure their wishes are carried out and to designate someone to make decisions on their behalf.
• The reason why child-free individuals have the advantage of being able to optimize their spending and make life decisions without the financial constraints of raising children

Resources:

• Learn more about Jay on his Website
• Connect with Jay on LinkedIn
• Buy his books on Amazon

Links are being provided for information purposes only. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

Kapitler

1. Episode 236: Financial Planning for People without Kids with Dr. Jay Zigmont CFP® (00:00:00)

2. Financial Planning for Child-Free Individuals (00:00:01)

3. Planning for Long-Term Care and Estate (00:11:49)

4. Embracing Child-Free Life (00:24:34)

5. Embracing Family Diversity (00:29:34)