Posts Tagged ‘Financial Planning’

Planning for the Unexpected: Q&A with Abby Schneiderman, Co-Founder of Everplans

If there is one thing that almost all parents and parents-to-be have in common it is planning and preparing for the next step - whether it’s trying to get pregnant, preparing for the baby & birth, planning that first birthday party, or trying for number 2. But what happens when the unexpected happens?

That’s exactly the question that Abby Schneiderman, Co-Founder of Everplans.com, tried to answer when she she realized that there were many online resources dedicated to the happy events in our lives, such as weddings and pregnancies, but very few dedicated to the unhappy, unexpected events. And so Everplans was formed, the most comprehensive end-to-end resource dedicated to making it easier to plan ahead for your family so they’re taken care of when something unexpected happens, such as sickness or death. Everplans functions as a step-by-step guide for everything from financial and medical planning to spiritual and grief counseling.

NN: Tell us the Everplans story. What was the inspiration behind Company?

AS: I was getting married and using all of the great sites out there (theknot.com, weddingchannel.com) to help me plan. I had been engaged for over two years and then directly after the wedding I went right into planning for the birth of my first child. It dawned on me that there were so many amazing resources for people planning *happy* life events like weddings and babies and I wondered what was out there for people who were dealing with the not-so-happy events, like aging and death. My Co-Founder Adam and I started researching and it seemed liked there was a huge void; we couldn’t find a single company who was trying to offer resources and guidance in a way that seemed created for people like us. We’re both parents of young kids and also have parents in their 60′s and 70′s. We thought: What would happen if we needed help one day? Where would we turn? So we built Everplans.

NN: What is the background of you and your co-founder?

AS: Adam and I are both repeat entrepreneurs. Adam was on the founding team of a company called SixDegrees.com (which was the first social network), and then went on to co-found a company called Fotolog.com — which is the biggest site you’ve never heard of. They were sort of like a precursor to Instagram; people could upload a photo a day. In 2007 they had over 30 million members and were the 15th most trafficked site in the world. I, too, am a tech entrepreneur. Prior to Everplans I co-founded one of the first music social networks which was called Haystack and then went on to work for a tech incubator where I helped other people take their ideas and build them into businesses. But I was always itching to do my next thing. When I met Adam I knew I wanted to build something with him. We felt like we could take our expertise in building big consumer sites and put it towards an area that felt so drastically left behind.

NN: Many find it difficult to plan for the unexpected, what first steps do you recommend so that parents and parents-to-be can ease into planning for future?

AS: It seems overwhelming at first, but when you take a step back and look at the landscape there are only a few things of vital importance.

1. First and foremost, new parents need to name a guardian for their kids, which means creating a Will. It doesn’t have to be fancy but it needs to be official because if something happens to you and you don’t pick a person to care for your kids then the courts will be making the choice for you. As a mom, the thought of someone other than my husband or myself deciding who raises our daughter is infinitely more terrifying than creating a basic Will.

2. Make sure your family is financially taken care of in case something happens. This can be taken care of with Life Insurance. There are two main types of Life Insurance: Term and Permanent. Term covers you over a set amount of time and can be somewhat affordable depending on your age, health and habits. Perm (also known as Whole Life or Universal), never expires but can be a lot more expensive. Many people think they’re covered because they have a policy through their job. But the reality is, your company policy is usually not robust enough.

So even though there are other things you can do to plan ahead, just getting a Will and Life Insurance taken care of will be hugely valuable to your family.

Our goal is to take the mystery and confusion out of this planning, and focus on why you plan in the first place-your family and loved ones-so you actually want to do it.

NN: What type of services and information can people find on Everplans?

AS: In addition to the hundreds of articles, checklists, and guides that we have on everything from how to write a will, to what to wear to a funeral, we offer a planning tool that helps people get their affairs in order. We take you through an assessment, find out what planning you’ve done, and then give you and checklist and personalized recommendations on what you should tackle first. We then allow you to store your documents and plans in your “Everplan”, and share your plan with the people in your life you want to have access (we call those people your “deputies”).

You have complete control over what you share and with whom, so you don’t have to worry about anyone seeing thing you don’t want them to see.

NN: What role has technology played in helping to achieve the Everplans mission?

AS: Everplans relies on a number of things that wouldn’t be possible without the use of technology: the ability for us to create a step-by-step personalized platform custom to each individual, the ability for us to allow them to securely store their information and scanned documents in their Everplan (which is in the cloud), the ability to share these electronic plans with different people, and the ability for us to put all of it in one place. The fact that we can create a simpler, more intuitive way for people to get this planning done is critical, we think, in getting more people the ability to get over the hurdle and DO this planning! And of course, it’s all online, so you can do all of it in the comfort of your own home if you choose to do so.

NN: What advice do you have for people that used Everplans and are ready to take the next step & find legal and medical consultation? Is there a directory or resources you recommend?

AS: The first step is to take our quick assessment and get an overview of what you need to get done. For people who need to get a Will created, and want to do it online, we offer a link to a company called RapidDocs that is offering Everplans customers free wills and legal documents for our launch. But for people who have potentially complicated estates, we recommend you speak with an actual attorney to draft your will or set up trusts. And you should find your estate attorney the same way you’d find a good babysitter: ask your friends, family and other people you trust for recommendations.

To document your healthcare wishes, we have resources for you inside the Everplan where you can create your Advance Directive, which includes your Living Will and naming a Health Care Proxy. These documents are free and available on our site along with state-by-state instructions on what you need to do to make them official. We just want to make sure you remember to add them back into your Everplan after you’ve signed them so that you store them and share them properly.

NN: How did you come up with the name Everplans? What is an Everplan?

AS: It was really hard! Ultimately we picked a name that felt like it conveyed that we were a company that would help you do this kind of planning. And we thought it wasn’t super cheesy like the rest of the names we were considering. :)

Abby Schneiderman is a repeat entrepreneur who loves finding ways to use technology to make people’s lives better. Prior to co-founding Everplans, Abby was a Principal at Tipping Point Partners, a NYC start-up incubator, where she was part of the team that launched several businesses, including AppOrchard, an iOS consultancy for the enterprise, and Cookstr, a recipe-driven nutritional technology company. In 2004, Abby co-founded Haystack Media, one of the first music social networks.

Save on Baby’s First-Year Gear

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Article & Photo Courtesy of Well Rounded NY

Well Rounded NY’s new personal finance contributor, Jennifer Saranow Schultz, gives us 7 ways to cut costs in Year One.

As 2014 kicks off, many urban parents have one major New Year’s resolution: cut spending. In fact, according to a recent survey from UrbanSitter, a site that helps city parents find babysitters, “spend less, save more” is officially one of mom and dads’ top New Year’s resolutions.

This is hardly a shock considering that living in the city isn’t cheap, especially when you add a new baby into the mix. According to the book Baby Bargains, baby gear (from cribs to clothes to car seats) for the first year alone can run at least $7,000 on average.

The good news, however, is that there are seven simple strategies new and soon-to-be parents can do to cut down the costs of raising a baby from birth to age one, so there’s at least some disposable income leftover to enjoy all that city life has to offer. And perhaps even save.

Pick your gear wisely.

1.) Skip waste-of-money baby products. Consult baby store sample baby registries and the amount of baby gear you need can seem overwhelming. The truth is, however, that you don’t really need many of the items on such lists. Wipe warmers, fancy baby thermometers, crib bedding sets and bottle sterilizers are just some of the gear items on my waste-of-money list.

2.) Register for the basics. As I’ve mentioned before, I’m a big fan of registering for the basics and for the items that you really need (like a car seat and stroller), so you’ll get baby gifts that you’ll actually use. On my baby registry, for instance, I included strollers, car seats and necessities like diapers, baby shampoo, diaper rash cream and basic white onesies.

3.) Buy the right gear the first time. Take the time to research and figure out the particular gear (from car seats to strollers to baby carriers) that will work best for your particular lifestyle, so you’re not wasting money on replacement items. For instance, if you take taxis a lot, the car seat you’ll want to get is different from the ones that would work best if you only drive or walk around the city.

Meanwhile, for those looking to cut costs, the right gear is often that which has the longest useful life and can have other purposes down the road. This is why I say go for an Exersaucer rather than a jumperoo, swaddle blankets that can work as crib rail guards, high chairs that are more like booster seats, and strollers that double as nighttime bassinets.

So where to can you do this kind of research? Good starting points include the book Baby Bargains, basically the Consumer Reports of baby gear; and sites like WeeSpring , Well Rounded NY (obviously) and (shameless plug alert) Hint Mama.

Rely on your network.

4.) Say “yes” to a baby shower. As John Schmoll recently suggested on U.S. News’ My Money blog, if friends or family ask if they can throw you a shower, say “yes” without any hesitation. You’ll need all the financial help you can get amassing the necessary baby gear.

5.) Take – and ask for – hand me downs. If you’re lucky enough to have experienced parents as relatives or friends, don’t be bashful about saying “yes” if they offer to let you borrow – or even keep – their used baby gear. In addition, don’t be ashamed to outright ask if they have anything to lend (when it comes to baby gear, the shameless person wins the saving money game). The experienced parents you know probably don’t have room to store all their gear at their place (small or nonexistent city storage spaces anyone) or don’t plan on using it again.

To be sure, you’ll want to avoid accepting hand-me-down cribs or car seats unless you know their exact history and are sure they’re still safe to use (this is why I prefer hand-me-downs from people I know rather than buying such gear used from strangers). You’ll also want to look over any hand-me-down toys or clothes to make sure they are in good, and age-appropriate, condition (stay tuned for more on what’s okay – and not okay – to accept, and buy, used in a future post).

Don’t pay full price when you don’t have to.

6.) Local moms groups are your friend. Moms groups (like the Golden Gate Mothers Group in San Francisco, where I live, and Park Slope Parents in Brooklyn) offer members discounts at various gear vendors.

7.) Clip your coupons. Always search online for discount codes before you make any big purchase, and if you’re going to make most of your purchases at certain stores, don’t forget to join the loyalty clubs. Finally, take advantage of big retail sale events like Cyber Monday.

What are your tricks for cutting down the costs of baby gear?

Image source.

This article is by Jennifer Sarandon Schultz courtesy of Well Rounded NY. Conceived with love by former magazine editors Jessica Pallay and Kaity Velez, Well Rounded NY aims to be the singular pregnancy resource for city-savvy moms-to-be. Through reviews, profiles, expert Q&As, local guides and more, Well Rounded curates the New York City pregnancy and helps its readers come to terms – and term! – with pregnancy in the city.

Jennifer Saranow Schultz (aka Hint Mama and our new resident personal finance contributor) is a writer based in San Francisco, where she lives with her toddler and husband. She’s the founder of HintMama.com, a new blog where she’s reporting the best hints she comes across for making parenting easier and cheaper.Before entering the corporate world two years ago, she was the lead writer for The New York Times “Bucks” personal finance blog from 2009 to 2011. Previously, she spent seven years as a reporter at The Wall Street Journal, and she has written for other publications including The Daily Beast, Marie Claire and Living on the Cheap. You can find her daily hints at HintMama.com, and she can be followed on Twitter at @HintMama and on Facebook at Facebook.com/HintMama.