Financial Planning Crucial for Changing Family Landscape

As more and more women enter the CPA and accounting profession and take the higher-paying jobs based on talent and expertise, there will no doubt be a rash of husbands who will trade their boardroom and glamour lunch for the playroom and a warm milk bottle.

These "stay-at-home" dads are becoming more prevalent everyday, yet financial advisors warn that fathers who make a transition to staying home while the spouse works should adequatly plan, if he is able to, for this new environment.

The rules really aren't very different from those that most of us still use when a wife stays home to raise the children while the husband goes to work, yet experts say these rules often are overlooked when roles reverse.

The IRA is the most crucial financial tool because it encourages long-term financial planning. Another part of the mix is adequate life insurance.

Also recommended for peace-of-mind are separate savings and checking accounts so that the man feels independent from the power of a working wife, as well as protection in the event of divorce.

Voice of the Editor

Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
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