Solo Parenting

A financial lesson plan for single moms and dads on funding education and retirement

note. A savvy entrepreneur, he currently uses money earned from sideline businesses–selling fashion accessories–to fund a personal savings account. Atiya helps with sales and Hailstock is teaching her to invest part of her earnings. He currently plans to open up a Roth IRA in anticipation of receiving additional monies from work. “The insurance industry is sound,” he explains. “During times when the economy is rough, that is when we tend to flourish.” And that translates into a stable income that he can rely on to fund his daughter’s education.

To Do List

  • Earmark money for education so you won’t have to tap into your retirement fund.
  • Stash cash for an emergency fund, covering at least six months of living expenses.
  • Consider an Education IRA.
  • Hold life insurance policy in a living trust to ensure your child receives death benefits.
  • Enlist the help of a state agency such as the Office of Child Support Enforcement (New York residents) to track a deadbeat parent.
  • Talk to a tax consultant to ensure you receive maximum write offs
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