CalCPA Financial Empowerment Podcast

Baby expenses aren’t tiny. One study found the average hospital delivery costs about $3,500 and can soar to more than $8,000 with post-partum healthcare and associated costs. Then there’re such costs as furnishing a nursery, diapers and clothing. You’ll need a car seat for the child and maybe even a new car. The U.S. Department of Agriculture estimates that the average cost of rearing a child born in 2015 to a middle-class family through his or her 17th year is more than $230,000, and we haven’t even included college costs. Children cost a lot of money, not to mention time. And many of those costs new parents often don’t anticipate as we learn from CalCPA member Dan Morris, CPA.http://www.calcpa.org/public-resources/financial-literacy/financial-empowermentFollow CalCPA on Twitter @Cal_CPA Find CalCPA on Facebook calcpa.org/facebook

The average lifespan of an American male is about 79 years while an American woman has a lifespan of about 81 years. And that’s average. Many people will live until they’re 90 years of age or more. While some of the elderly will be in good health during those years; some will not. Regardless, there likely will come a time when their adult children, if they are alive, will confront the issue of taking care of their parents. That can be a difficult assignment, so it is a good idea for adult children and their parents to talk about such things as power of attorney and funeral wishes as early as possible. Rob Seltzer, a CPA and personal financial specialist, knows firsthand about the subject.http://www.calcpa.org/public-resources/financial-literacy/financial-empowermentFollow CalCPA on Twitter @Cal_CPA Find CalCPA on Facebook calcpa.org/facebook

College expenses, like everything else, continue to rise. A 2018 survey by the College Board found that the average cost of tuition, fees, room and board for a year at a public university is about $21,370 while it’s $48,510 at a private nonprofit school. Students also incur additional costs, such as transportation, clothing and books. Yet, students and parents can find ways to either reduce costs or acquire more funds to cover expenditures, as CPA and personal financial specialist Larry Pon advises.http://www.calcpa.org/public-resources/financial-literacy/financial-empowermentFollow CalCPA on Twitter @Cal_CPA Find CalCPA on Facebook calcpa.org/facebook