4.6 • 2.9K Ratings
🗓️ 28 November 2022
⏱️ 60 minutes
🧾️ Download transcript
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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Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
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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0:00.0 | Welcome to the Bigger Pockets Money Podcast where we interviewed Jed Narciso from the investor mama podcast and talk about preparing for a baby. |
0:08.0 | There's no right or wrong decision. It's whatever you're comfortable with because I know a lot of parents who need to work just for their mental health. |
0:17.0 | And like choose to work even though that they're maybe their actual employment may not cover the cost of childcare. |
0:24.0 | And I know parents are like, oh my goodness, I just would love to stay home with my kids. And then so like, you know, I've been climbing the corporate ladder. I've been doing this for so long but I feel weird not bringing in a check. |
0:36.0 | Like don't feel weird for not bringing a check if you want to be home with your kids. And then don't feel bad if you do decide to work because you're not home with your kids. |
0:43.0 | So there's no wrong or right answer. It's just whatever is good for your family. |
0:46.0 | Hello, hello, hello. My name is Mindy Jensen and with me as always is my brand new dad co-host Scott Trench. |
0:52.0 | I don't have any dad jokes about being a new dad. |
0:56.0 | You are unprepared with the dad jokes Scott who is always always Mr. Dad joke dad jokes about dad jokes. That's the one set. |
1:04.0 | Wow. Okay. Well with me as always is my dropping the ball co-host Scott Trench. Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story because we truly believe financial freedom is attainable for everyone. |
1:21.0 | No matter when or where you're starting. I'll bounce back with that ball next time Mindy. |
1:25.0 | That's right. Whether you want to retire early and travel the world go on to make big time investments in assets like real estate, start your own business or start your own family. |
1:32.0 | We'll help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams. |
1:36.0 | Okay. Before we get to the show, let's hear a word from today's show sponsors owning real estate is great until you have to have a attendance, unclog toilets and hunt down late rent checks. |
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