I don’t want my child to grow up poor , it’ll affect both our mental health. What are your minimum todos before having children? Money wise , life wise , experience wise?
The only thing I don’t want my children to end up in is in this rat race which I’m in.
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99.99% of babies that have ever been born, were born into this world with parents that hadn’t saved up at least 100k.
You don’t need 100k for a kid off the bat. Do have good financial habits, teach them to have them, and contribute to a 529 from the day theyre born
No?
My parents didn’t and we weren’t poor… Tf
I would think decent communication with the child’s mom would be more important. The difference between parents that have a good relationship and 100k of inheritance is huge and in favor of the former.
Millions of couple around the world get kids without that amount saved up. Why would you be so different?
Don’t find stupid excuses for not getting kids. A habit of using bad excuses with effect mental health much more than not being wealthy
No. I would recommend 1 billion in savings at a minimum
People figure it out with way less
Kids cost $25k a year. You need this cash flow to have one. That is it. And you do drastically reduce your other expenses b/c you are doing less discretionary activities.
Please do not restrict yourself to the joy you want over the numbers in the boxes of your portfolio.
Yes. Many children get raised on way less. If you wait “until x” you’ll likely never have a kid
It’s a very good start.
In today’s currency, it costs anywhere from $310k – $375k to raise a kid to 18 years old.
What a kid is going to enjoy the most is a stable home with caring parents in a safe area to grow up with the same friends.
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“Save up $100k” is a teenager way to think about money (no offense).
You need a decent job, health insurance, a home in a decent neighborhood, and people who can take care of the baby (you, spouse, grandparents, daycare, etc.). You *don’t* need $100,000 sitting in a bank account. That’s not how middle-class money works.
If you don’t want to be a father, that’s fine. You don’t need to have reasons.
I have one kid. There are a lot of factors in what you’re asking. Unfortunately even if you have 100K in the bank or in assets it doesn’t mean you’re prepared for all the expenses that are coming long term.
I would say you have to be “ready” on a whole bunch of other levels first. In terms of money, I think income is more important than a number in the bank. I would rather have $20K in the bank but be making $80K/yr than have $100K in the bank but be making $30K/yr.
Most of your income is going to housing and staples, like food, clothing etc. You’re going to do that anyways, (or are you waiting to save 100K before you do that?) and each child only adds marginally more in cost (the real resource they ‘take’ from you is time) and may ultimately bring returns, over the long run.
Most of the children in the world were brought into it to help the family farm/business/estate…
No. And it’s also okay to not want children.
We had plenty of “minimum to-dos” that weren’t met and we have two kids and don’t struggle.