Comments on: Having a Newborn – Getting Down to Business http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm Building Wealth through Saving and Investing Sat, 21 Nov 2009 03:00:37 -0500 http://wordpress.org/?v=abc hourly 1 By: komodo dragon http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-39324 komodo dragon Sat, 14 Jun 2008 19:25:58 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-39324 yes, newborns will hamper the finances quite a bit .... yes, newborns will hamper the finances quite a bit ….

]]> By: paulette http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-38484 paulette Sun, 08 Jun 2008 05:02:07 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-38484 Congratulations to your newborn child. Congratulations to your newborn child.

]]> By: AndyS http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31520 AndyS Thu, 17 Apr 2008 02:39:56 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31520 Thanks - great information. I can relate as I have a 2yr old and wish I had the above checklist beforehand! Congrats on making the FT best finance blogs list as well. Thanks – great information. I can relate as I have a 2yr old and wish I had the above checklist beforehand!

Congrats on making the FT best finance blogs list as well.

]]> By: Rachel @ Master Your Card http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31439 Rachel @ Master Your Card Wed, 16 Apr 2008 15:18:07 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31439 They say that a child costs about $200,000 until they are 18!! Wow it doesn't bear thinking about does it - especially as I have twins! They say that a child costs about $200,000 until they are 18!! Wow it doesn’t bear thinking about does it – especially as I have twins!

]]> By: Victor http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31426 Victor Wed, 16 Apr 2008 13:10:59 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31426 Congrats! Congrats!

]]> By: Telly http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31422 Telly Wed, 16 Apr 2008 12:21:45 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31422 Hey...I didn't know you were already a new dad! Congrats to Mr. & Mrs. FT! :) Hey…I didn’t know you were already a new dad! Congrats to Mr. & Mrs. FT! :)

]]> By: Sarlock http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31381 Sarlock Wed, 16 Apr 2008 02:09:44 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31381 Congrats on joining the club :) In Alberta, it took me only 8 weeks after my daughter's birth to have the birth certificate in my hand, SIN applied for and received and have her RESP all set up and deposited in to. She was born on Oct 31 and I had it done before the end of the year in order to take advantage of the first year's RESP cap. I went with Royal Bank for the RESPs. We went the reusable diaper route... cost us about $300 for diapers in total which has last us 2 1/2 years (and will be free for our next child when he/she arrives since the diapers are still in great condition). I am hoping my daughter learns to use the potty real soon so that I don't have to buy the large size of reusable diaper...she barely fits in the mediums now! Congrats on joining the club :)

In Alberta, it took me only 8 weeks after my daughter’s birth to have the birth certificate in my hand, SIN applied for and received and have her RESP all set up and deposited in to. She was born on Oct 31 and I had it done before the end of the year in order to take advantage of the first year’s RESP cap. I went with Royal Bank for the RESPs.

We went the reusable diaper route… cost us about $300 for diapers in total which has last us 2 1/2 years (and will be free for our next child when he/she arrives since the diapers are still in great condition). I am hoping my daughter learns to use the potty real soon so that I don’t have to buy the large size of reusable diaper…she barely fits in the mediums now!

]]> By: Al http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31347 Al Tue, 15 Apr 2008 17:11:50 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31347 Congratulations on joining the daddy club. I got a two'fer on my first try. Talk about busy... The wife and I are buying diapers at costco, which seems to be relatively inexpensive. Occassionally they have sales, so we stock up big time. RESPs. We had an RESP seller call to set up an appointment. I can't remember the name, but my wife booked it. The info provided was complicated, but all good if you could believe the salesperson. When I asked tougher questions, she seemed to get a little confused. It suggested to me that she didn't fully understand what she was selling and was following a sales script. I dug into the printed material after she left, and it looked like a pretty major rip off. They took a hefty commission off the top BEFORE the govt match. Their trick was that if you drop out of their plan they return the principal and keep any earnings to distribute to other plan holders as "scholarships". In other words, you only win if other people bail. It was also disguised as an NPO, but it was controlled by a for-profit sales company. Bottom line, be careful when shopping for RESPs. Congratulations on joining the daddy club. I got a two’fer on my first try. Talk about busy…

The wife and I are buying diapers at costco, which seems to be relatively inexpensive. Occassionally they have sales, so we stock up big time.

RESPs. We had an RESP seller call to set up an appointment. I can’t remember the name, but my wife booked it. The info provided was complicated, but all good if you could believe the salesperson. When I asked tougher questions, she seemed to get a little confused. It suggested to me that she didn’t fully understand what she was selling and was following a sales script.

I dug into the printed material after she left, and it looked like a pretty major rip off. They took a hefty commission off the top BEFORE the govt match. Their trick was that if you drop out of their plan they return the principal and keep any earnings to distribute to other plan holders as “scholarships”. In other words, you only win if other people bail. It was also disguised as an NPO, but it was controlled by a for-profit sales company.

Bottom line, be careful when shopping for RESPs.

]]> By: FrugalTrader http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31317 FrugalTrader Tue, 15 Apr 2008 15:43:29 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31317 ABC, I will slap together something and post it soon. ABC, I will slap together something and post it soon.

]]> By: abcstocks http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31316 abcstocks Tue, 15 Apr 2008 15:40:19 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31316 Hi MDJ, I would appreciate if you share your plan with RESP for new born. How you going to set up and which funds you going to invest ? Thanks a lot in advance. Hi MDJ,

I would appreciate if you share your plan with RESP for new born. How you going to set up and which funds you going to invest ? Thanks a lot in advance.

]]> By: Geoff http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31311 Geoff Tue, 15 Apr 2008 14:43:57 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31311 Sweet, thanks FT ! Sweet, thanks FT !

]]> By: FrugalTrader http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31305 FrugalTrader Tue, 15 Apr 2008 14:04:32 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31305 Geoff, there was some discussion of it here: http://www.milliondollarjourney.com/reader-comment-newborn-baby-expenses.htm Geoff, there was some discussion of it here:
http://www.milliondollarjourney.com/reader-comment-newborn-baby-expenses.htm

]]> By: Geoff http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31304 Geoff Tue, 15 Apr 2008 14:01:03 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31304 Have you done the research into disposable versus cloth? If my memory serves me right - cloth is way better for the pocketbook... Have you done the research into disposable versus cloth?

If my memory serves me right – cloth is way better for the pocketbook…

]]> By: Four Pillars http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31295 Four Pillars Tue, 15 Apr 2008 12:50:36 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31295 One week for the birth certificate? Wow, in Ontario it takes about three months. One week for the birth certificate? Wow, in Ontario it takes about three months.

]]> By: Chief Family Officer http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31292 Chief Family Officer Tue, 15 Apr 2008 12:46:39 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31292 Thanks, FT. I realize that LA County is huge, but wow, what a difference in the wait! Thanks, FT. I realize that LA County is huge, but wow, what a difference in the wait!

]]> By: FrugalTrader http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31291 FrugalTrader Tue, 15 Apr 2008 12:38:35 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31291 Hey CFO, thanks for the kind words. Around here, you can get the birth certificate approximately 1 week after birth! :) Hey CFO, thanks for the kind words. Around here, you can get the birth certificate approximately 1 week after birth! :)

]]> By: Chief Family Officer http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31289 Chief Family Officer Tue, 15 Apr 2008 12:36:20 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31289 I'm not sure if I ever congratulated you so ... Congratulations! And yes, you'll go through an unbelievable number of diapers. Don't forget to sign up with the manufacturers to receive coupons in the mail. Out of curiosity, how long does it take to get a birth certificate? Here in Los Angeles County, we have to wait until four months after the birth before we can request it. I’m not sure if I ever congratulated you so … Congratulations!

And yes, you’ll go through an unbelievable number of diapers. Don’t forget to sign up with the manufacturers to receive coupons in the mail.

Out of curiosity, how long does it take to get a birth certificate? Here in Los Angeles County, we have to wait until four months after the birth before we can request it.

]]> By: Four Pillars http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31287 Four Pillars Tue, 15 Apr 2008 12:27:21 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31287 No biggie - the basic steps are sort of similar regardless of the province/terr. Bottom line is that you have to go to your provincial gov't website and research the procedure there. No biggie – the basic steps are sort of similar regardless of the province/terr.

Bottom line is that you have to go to your provincial gov’t website and research the procedure there.

]]> By: FrugalTrader http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31285 FrugalTrader Tue, 15 Apr 2008 12:21:41 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31285 Mike's, I stand corrected! Sorry about that, I have always thought that MCP was a national thing, but it is in fact a NL thing. My post is inadvertently tilted towards the NL population. Mike’s, I stand corrected! Sorry about that, I have always thought that MCP was a national thing, but it is in fact a NL thing. My post is inadvertently tilted towards the NL population.

]]> By: Four Pillars http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm/comment-page-1#comment-31284 Four Pillars Tue, 15 Apr 2008 12:15:48 +0000 http://www.milliondollarjourney.com/having-a-newborn-getting-down-to-business.htm#comment-31284 I don't think the MCP is country-wide. It appears to be the medical care plan number for NF. In Ontario it's called the "OHIP" number. Birth certificate procedures are different for different provinces. Here in Ontario, we had to mail the "statement of live birth", which we got from our doctor, to city hall. I have a post written for getting a passport for an infant which covers some of these procedures. Of course, it will only be useful for a segment of the population since the rules are different depending on where you live. Canada is very efficient - NOT! Mike I don’t think the MCP is country-wide. It appears to be the medical care plan number for NF. In Ontario it’s called the “OHIP” number.

Birth certificate procedures are different for different provinces. Here in Ontario, we had to mail the “statement of live birth”, which we got from our doctor, to city hall.

I have a post written for getting a passport for an infant which covers some of these procedures. Of course, it will only be useful for a segment of the population since the rules are different depending on where you live.

Canada is very efficient – NOT!

Mike

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