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Valuetainment

The Childcare Crisis - Why Parents Are Going Broke Raising Their Kids

Valuetainment

Valuetainment Episodes

Business

4.81.7K Ratings

🗓️ 22 February 2024

⏱️ 18 minutes

🧾️ Download transcript

Summary

Patrick Bet-David explains the crisis of childcare affordability in America and the shocking number of families impacted. Go to our sponsor https://betterhelp.com/valuetainment for 10% off your first month of therapy with BetterHelp and get matched with a therapist who will listen and help. Purchase one (1) new Future Looks Bright T-Shirt & one (1) Future Looks Bright Hat and you could win a signed baseball from Trevor Bauer or a signed boxing glove from Ryan Garcia: https://bit.ly/3SOzA66 Connect one-on-one with the right expert to get the answers you need with Minnect: https://bit.ly/3MC9IXE Purchase Patrick's new book "Choose Your Enemies Wisely": https://bit.ly/41bTtGD Register to win a Valuetainment Boss Set (valued at over $350): https://bit.ly/41PrSLW Get best-in-class business advice with Bet-David Consulting: https://bit.ly/40oUafz Visit VT.com for the latest news and insights from the world of politics, business and entertainment: https://bit.ly/472R3Mz Visit Valuetainment University for the best courses online for entrepreneurs: https://bit.ly/47gKVA0 Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! SUBSCRIBE TO: @VALUETAINMENT @vtsoscast @ValuetainmentComedy @bizdocpodcast @theunusualsuspectspodcast Want to be clear on your next 5 business moves? https://bit.ly/3Qzrj3m Join the channel to get exclusive access to perks: https://bit.ly/3Q9rSQL Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Transcript

Click on a timestamp to play from that location

0:16.6

There's a child care epidemic going on and for those of you guys that have kids under the age of five you know exactly what this is with infants and those of me that want to have kids today is going to be the podcast you're going to want to pay attention to here's what happened when COVID took place one of the industries that no one talks about or even looks at the numbers got destroyed. Why?

0:17.4

Because everybody was forced to stay home and work from home.

0:20.8

And child care and babysitters are like wait a minute I went to school

0:23.7

for this you don't need me anymore the numbers decline not as if this is a very

0:27.5

high profit margin industry their margins are 1% and wait till you see how many of

0:32.0

them never came back after COVID.

0:33.6

I got a bunch of data here.

0:35.0

I got one study I want to read you before I get into everything else.

0:37.6

Families are making major sacrifices to afford quality care.

0:41.2

Number one, working multiple jobs, 28% of them. Number two, reducing

0:45.6

hours at work, 27% of them so they can spend time with the kids. Number three, moving closer

0:50.0

to family, 25%. Going into debt debt 19% leaving the workforce 17% some of the data here is

0:57.5

absolutely staggering and if you're a parent you're going to say I agree with all of it we're

1:01.8

going to talk about all this stuff here today.

1:03.6

Okay so if you get value out of this video, give it a thumbs up and

1:14.3

subscribe to the channel. So between 2020 and 2022, 16,000 child care

1:19.9

programs nationwide clothes, not 16,000 child care employees. Programs

1:25.8

16,000 during those two years of COVID closed and a 9% of decline in licensed

1:32.4

providers.

1:33.2

Meanwhile, while that is taking place 51% of Americans, living communities classified

1:39.0

as child care deserts, and 31.7% of U children under the age of five cannot access a

1:45.9

child care slot. I'm going to show you a map that's going to show you where it's

...

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