BiggerPockets Money21 Apr 2023

403: Finance Friday: Stay at Home with Kids or Work to Hit FI Faster?

Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice?

On this Finance Friday, we talk to Patrick, who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate, as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about.

But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies, HELOCs (home equity lines of credit), car loans, and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family!

In This Episode We Cover

Student loan debt and what you MUST do to become debt-free

Whole life insurance policies and whether they’re worth the high monthly premiums

The true cost of college and what to know BEFORE you finance your degree

Rental property headaches and when real estate investing may NOT be the right move

Ditching dual income to become a stay-at-home parent and who is in the position to do so

Reaching financial freedom as a new parent and the sacrifices you MUST make to retire early

And So Much More!

Links from the Show

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Money Moment

The Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a Couple

Finance Friday: How to Become Debt-Free 20 Years Faster Than You Thought

Is College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”

Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston Cooper

Should You Pay Down Student Debt or Start Investing?

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-403

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