LifeCycle Stage1- Age 30-44

CAREER, HOME & A YOUNG FAMILY

Hi, my name is Carol. I’m 35 years old, married and mother of one, and planning one more child to complete our family.  I currently work from my home office as a professional executive coach. Working from home allows me to live a more balanced life so that I have time to spend with my young child while continuing to grow and learn in my career. My husband and I recently bought a beautiful four-bedroom home in Ottawa.  We find that budgeting our household income of $ 120,000 is challenging. Like many women my age, I wear many hats: mother, wife, successful business owner and Director of a local charity.  What I find a little overwhelming sometimes is the fact that I’m responsible for making the financial decisions in my household.  I’m concerned because I know how important it is to plan for the future...I just don’t have time.

My areas of concern are:

Should I set-up an RESP for my children? Should I save for my retirement through an RRSP?  Is paying down the mortgage quickly the best thing to do? When should my husband and I draw up a will? Is it important to have a Power of Attorney? What about life insurance?  How can I structure my business financials so that I have savings for my next maternity leave?