The cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars. But is this figure accurate? Could kids actually cost far less than this, or does a few hundred thousand barely even scratch the service? What should new parents know before they bring home their first bundle of joy, and is financial independence even worth pursuing while raising a kid, let alone a few?
We brought in the Investor Mama, Jen Narciso, who is not only raising kids but also chasing financial independenceand running her own podcast. Jen speaks to mothers all around the world who not only want the best for their children's futures but their finances as well. And, as someone raising two young children, she knows how much kids truly costbetween the car seats, formula, dance classes, doctors' bills, and everything in between.
And, with Scott as a new dad, he’s got some serious questions to ask about how he can best raise his own daughter on a budget without sacrificing any quality of life in the process. Jen talks through the surprise expenses that most new parents overlook, how to save money on some of the most expensive items you need, the cost of child care and how to make it affordable, and whether to invest for your child’s future or your future retirement!
In This Episode We Cover
The average annual cost of raising a child and why it’s not what you’d expect
Common child care costs and innovative ways to significantly lower your spending
Surprise expenses you should prepare for and why you always need an emergency fund
Money tips for new parents and how to sleep soundly even if you’re not financially free yet
Roth IRA investing for your child and how to fast-track them to financial freedom even earlier
Medical costs of having a child from delivery to regular doctors visits
And So Much More!
Links from the Show
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Check Out Mindy’s 2022 Live Spending Tracker and Budget
Toysrus
InvestorMama Podcast
4 Ways Real Estate Can Help Offset the Staggering Cost of Having Kids
Taxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths
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