Liz and I heard all the horror stories from 30-somethings that had trying to get pregnant recently – “If you want a family, you might want to start trying soon. It took us 2 years to get pregnant.” Others told us it would probably take a solid 6 months. Well, they were all dead wrong. It it took approximately 2 minutes…. Baby #1 is on the way!! Liz and I are very excited, but have so much to do and think about before the baby arrives in May! Here’s the running list so far.
1) Finish Painting the House
We’ve been working our tails off for the past 6-7 weekends on our house painting project. We’re upgrading our home from a dingy tan to a summery blonde beauty (light yellow). So far, we’ve nearly completed 3 sides of the house and are about to tackle the 4th. As with most projects, we’ve discovered that this is taking WAYYY LONGER than we thought it would, but the results so far are pretty awesome. Our house is going to look amazing once it’s all said and done. More updates to come on this!
We currently use our living room for relaxing, socializing, and occasionally playing the piano – the TV does not reside here. Since we only had two of us and three bedrooms, we set up one of the rooms as the “hotel room”. In this room is a guest bed, dresser, night stand, a couch, and a TV – everything you’d see in a typical hotel room.
Well, it now makes a little more sense to transform this “hotel room” into the baby’s room. Liz still has a few clothes that will need to migrate over to the master bedroom, much of the furniture will need to come out (including the TV), and we’ll need to find a crib, a changing table, a rocking chair, and probably a futon (for those upcoming sleepless nights with the baby).
3) Transforming the Basement into Livable Space
As of right now, the basement is basically a place to throw stuff we’re not using. Liz has a few boxes down there, I have some tools scattered about from the window installation project, and there is a weight bench that probably has a few layers of dust on it by now (I work out at the local gym instead). In the next few months, we’ll be working to move the couch and TV (from the hotel room) down there, and maybe even make a baby play area as well. This work will make our house about 250 square feet bigger without all that much effort (and probably zero dollars!).
When Liz and I got married, we figured that we’d work for a few more years, bank some money, buy a couple of rental properties, and then have a baby. Well, since it took us a microsecond to get pregnant, this sequence of events has shifted a little bit. We really don’t have enough money to buy two rental properties at the moment, but I do believe that we can at least buy one (which will hopefully supplement the unknown baby expense that’s coming our way).
On Monday, Liz and I are going to take a look at the following properties:
- A 4 bedroom, 2 bath house that’s listed for just $85,000 – potential rent income of $950 a month
- A 3 bedroom, 1 bath foreclosure for $99,975 – potential rent income of $950 a month
- A 3 bedroom, 1 bath house on a large lot for $99,900 – potential rent income of $1,050 a month
Hopefully we can find a diamond in the rough, fix it up this winter, and start renting it out before the baby arrives!
5) Make Out a Will
Since Liz and I have worked hard to become debt free and to save up our cash, we’ve developed a surprising amount of assets. And, now that we have a baby on the way, that’s all the more reason to think about some ‘what-if’s’ and make out a will. Thankfully, this doesn’t have to cost us thousands of dollars either. We can just head to our local library (or their website) and print off the forms ourselves. For it to be official, we’d just need to find a notary and we’ll be all set! This will definitely be a top priority to get done before that baby comes.
When I think of being a father, I realize that I have some new-found responsibilities. If anything should happen to me, I want to make sure Liz and baby are taken care of without her having to work 80 hours a week to make ends meet. This means we’ll both need some life insurance. Luckily, my work provides a life insurance policy that covers 1.75x my current salary. As for Liz though, we should really get some life insurance because without her around, we’d have additional costs of daycare, nanny services, and probably a bunch of counseling sessions so I don’t go crazy!
In addition to life insurance, also have to figure out our medical insurance. I will likely put the whole family under my plan through work, but which should I chose? The standard plan or the consumer driven (high deductible) plan? As you may have guessed, I did the math and discovered that the consumer driven plan is actually the better deal (mainly because of the HSA money we receive each year). So, I’ll have to put this on the calendar to get done in May.
Well, there’s plenty to do – that’s for sure! Sounds like Liz and I will have ourselves a busy winter. Keep us both in your prayers – we’ll provide updates on the baby and the house projects as we get them!
Is there anything I missed? What else should go on this list? Stock up on diapers maybe? 😉
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.