The duties of parenthood change from generation to generation. In the 2020s, the priorities are about keeping children safe and maintaining a financially stable life for the entire family.
What other responsibilities do moms and dads put at the top of their lists? For those who have college-age teens, the main concern is helping cover the expenses associated with attending school.
Working men and women also want to create a safety net for their families in the event of accidents or early death. That’s why they are careful about acquiring enough life insurance, building a solid retirement account, and advancing their careers.
At the end of the day, most fathers and mothers entertain the dream of becoming grandparents and spending time with their children’s children. Here are details about the top parental priorities.
Keep Kids Safe
The world is a dangerous place. Mothers and fathers place a high priority on maintaining a safe play environment for their daughters and sons, especially those under the age of 10.
Fortunately, when talking to your family about safety, there are numerous community-based programs as well as local law enforcement protocols that assist with the essential task of keeping potential wrong doers at bay.
Nowadays, it’s common practice for families to keep close tabs on where boys and girls are playing at all times of the day. Some families install video surveillance systems in yards and around the perimeter of their homes as a precaution.
Help with College Expenses
Most moms and dads want to do whatever they can to assist teens with the upcoming expenses of a college education. For homeowners, the obvious choice is a HELOC to pay for college costs that can add up fast.
Home equity lines of credit can cover some or all the price of tuition, fees, and other school-related expenses.
It’s worth remembering that very few working adults have enough money in savings accounts or college funds to pay for even a single year of higher education.
However, those who own homes have a built-in advantage because they can borrow against the equity. The line of credit concept is useful, too, as it allows for flexibility in borrowing without forcing borrowers to commit to a fixed amount up front.
Carry Enough Life Insurance
There’s only one effective way to find out if you have enough life insurance. That’s to sit down with an independent agent and crunch the numbers.
The most relevant pieces of information are your income, age, potential future earnings, financial needs for retirement, general health status, number of children, current financial needs, and preferred benefit amounts.
While it is possible to have too much life insurance, it’s far more common for working people to be underinsured. Explore the various types of policies, like term, fixed premium, return of premium, variable, universal, guaranteed issue, and others.
Ask any parent what they most look forward to, and the most common response will not be surprising: they want grandchildren.
It’s a basic human instinct for adults who already have sons or daughters of their own. The urge is probably hardwired into the DNA because older adults seem to revel in spending time with grandkids.
That bond between child and grandparent is a special one. It is not only satisfying for the oldsters but for kids as well. Most adults have fond childhood memories of grandparents.
Build a Secure Career
Busy moms and dads usually have one thing in the back of their minds as they go about each workday. The focus for millions of responsible adults who have children is to build a solid career, one that includes financial and personal stability.
In most cases, an ordinary job is not enough to guarantee the safety, security, and long-term happiness that parents want. Many struggle to find the ideal position only after experimenting with several opportunities that don’t fulfill their need.
Eventually, they land on the path that suits their experience, income needs, and personal preferences. Don’t neglect to take additional training or start your own company to build the ideal career.