Any parent can tell you that raising children is expensive. But that term takes on an entirely new dimension when you have a child with special needs.
All parents complain about the costs of feeding, clothing, and educating their children. Many have the additional costs associated with daycare. But when it comes to special needs children, the costs often skyrocket to extreme levels. While all parents have typical expenses, special needs households have added expenses which often include:
- Continuous and ongoing out-of-pocket medical and therapeutic costs
- Expenses incurred to purchase, operate, and maintain specialized equipment
- Special-Ed services or tuition costs that school districts refuse to cover
- Specialized educational or life-skills training programs often not covered by school districts or insurance
- Legal fees incurred when it’s necessary to sue for services
- Home modifications to accommodate physical accessibility
- Specialized home care, day care, or nursing care
Very often, household incomes cannot accommodate these exorbitant expenditures and household budgets are busting at the seams. What’s a family to do?
Sometimes government aid can help close the financial gap. Other times, grandparents or other family members contribute. However, the one critical tool often overlooked is a sound financial plan.
Financial Planning involves more than just investing. As a Certified Mortgage Planning Specialist®, I believe that a sound financial plan should be uniquely structured to suit your needs. It should integrate all of your financial instruments (including investments, insurance, real estate, mortgages, and budget) so they’re working together to take full advantage of all allowable tax deductions, thereby freeing up cash flow, and helping you achieve your financial goals. A mortgage is a financial instrument that should help you liberate cash flow and build wealth. It should NOT be viewed simply as a monthly check that drains your checking account. Unfortunately, many people succumb to the advertising hype put forth by banks simply wishing to sell you a mortgage. It’s not until years later that many people realize their mistake.
As the father of three daughters, two with special needs, I am intimately familiar with the challenges faced by special needs households. And as a Certified Mortgage Planning Specialist®, I practice what I preach.
If you’re experiencing cash flow issues due to special needs expenses, there might be other solutions available. I’d be happy to consult with you and offer some possible options to free up cash flow. Coordinating with your CPA and trusted financial advisor, together we can implement a plan to cover your expenses and hopefully make life a little bit easier.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.