I very recently found out I am having a child. My first. What can I do to prepare and plan for this life event?

Well first off, congratulations. There's honestly not a lot to prepare for. The best thing to do honestly is enjoy your sleep for as long as you can. Your wife may be debating whether she wants to breast feed or bottle feed. What I will tell you is be open to both. My wife wanted to breast feed, but she didn't produce enough to sustain our children, so we did both.

Also... be prepared to lose some family and friends. Having a baby is a joyous occasion, but it also makes people weird. You have to establish ground rules that you and your wife have your child's best interests in mind. People will try to overstep your boundaries. I have seriously had people try and move in with me because "I won't know what to do when the baby is crying at night". I've also had people try and dictate when I am and am not allowed to hold my child. Follow your gut instincts.

Otherwise, just do the standard baby prepping stuff. They don't move around a lot to start off, but once they start moving, you have to be careful with the location of items.

Anyways, I don't want you to think I'm trying to spread negativity. Just take a deep breath and be there for your wife when she needs you. Congratulations once again!!!

Finances , Finances, communication, and a financial advisor. Life is going to get a little more difficult, a lot more responsibility - a child is a life changing event, your party days are are over. Congratulations and may you and yours have a long and happy life together

Prepare yourself mentally to do a lot of the things around the house that your wife usually does. Maybe by the time the baby arrives, you will be acceptably good at it.
When you wife is further along, it will be necessary. Once the baby arrives, she'll be tired all of the time (you both will) and will need all the help she can get.
It really does take teamwork.
Good luck!
Being a daddy is the best job ever.