Alex & Ashley (plus 1)
By: Alex Weiss, CFP®
It is with great joy that I can announce that Ashley and I are expecting our first child this coming August. We are filled with lots of emotions and excitement in bringing a child into this world to share our crazy ride together. We have passed along this news to a few people and here are some of the common questions I can help answer for you.
Do you know what you are having?
We are having a baby - not an alien or dog. We won’t learn if it’s a boy or girl until the baby arrives. For us, we chose to wait until delivery day as it is one of the true surprises left in life. While the planner in me wanted to find out, we can still build out the nursery, purchase clothes, and so on without knowing the sex - it will just be neutral, not pink or blue. Fortunately babies grow out of most their clothes in a few months so, we will have plenty of time to customize outfits later. More importantly, the grandmothers and Ashley still have plenty of things to shop for! No matter boy or girl, they will be getting a Tom Brady jersey to watch football with me come Fall.
Are you going to stay in the city?
For the moment, yes. Ashley and I both grew up in suburbs of Boston and would not change a thing about it. Most importantly, with a due date in August, we will not have hit our 2 year-mark on our primary residential sale exclusion. Since we have done a lot of work to the house, we expect to make something on the sale and would like to avoid excessive taxes. We also want to enjoy the city for as long as possible, so the first part of the decision was easy. Who knows what will happen long term.
Have you started savings for college?
The short answer is no. You cannot establish a 529 until you have a social security number for the benefiting individual (which takes a few days anyway). Saving will happen shortly after.
Ashley and I continue to educate ourselves on what to expect, and as most parents know,, you are never truly prepared for the change. Just like all new parents before us, we will do the best we can and remind ourselves that we are not the first people to do this. If you have any tips, tricks, or just want to share a funny story - please email or call me. Having a good laugh is always a great way to brighten up a day.
Until next time…