the financial help thread

[68BabyBlue]

Last numbers I saw, it cost over $300,000 for a median income household to raise a child to adulthood. Early lesson I was taught in law school, was counsel clients to take every possible step to avoid divorce, devastating financial consequences for all but the seriously wealthy. Wasn't surprised when I looked at a chart comparing wealth accumulation among different demographics. Married couples with no kids do the best, they gain the advantages of pooling housing expenses. Investing the money not spent on kids provides an easy ride to the finish line. I managed to put a kid through college, and maintain a car collection, by staying married, and working longer than I wanted to. I was also flexible in my career, working jobs most college grads would never consider. Things can and do go south for most people at some point. I was able to avoid unemployment by being flexible.

 

[68BabyBlue]

Damn
I just noticed it's a 13 year old thread

But timely as ever.

 

[Hey-O]

Last numbers I saw, it cost over $300,000 for a median income household to raise a child to adulthood. Early lesson I was taught in law school, was counsel clients to take every possible step to avoid divorce, devastating financial consequences for all but the seriously wealthy. Wasn't surprised when I looked at a chart comparing wealth accumulation among different demographics. Married couples with no kids do the best, they gain the advantages of pooling housing expenses. Investing the money not spent on kids provides an easy ride to the finish line. I managed to put a kid through college, and maintain a car collection, by staying married, and working longer than I wanted to. I was also flexible in my career, working jobs most college grads would never consider. Things can and do go south for most people at some point. I was able to avoid unemployment by being flexible.

Wealth is just a number, family is a real thing and divorce, I got lucky. I started my portfolio because of my obligation to my kids and the rest was ours. Kids were part of my investment plan and if they're taken care of first, life for all of us would be easier later. If everyone looked at saving like a hobby, the same way they look at these cars, partying, or all the BS that some of which is only there for a fleeting moment, life would be great. I know people that have no kids and spend like there's no tomorrow, after all it's only the two of them. If done right, saving can become fun if you're goal orientated. What does fun mean, looking down the road to an easier life when we start to break down and can go home and be done with it. I think a mandatory class in school for true hard core economics is way overdue. I know people that went to a bankruptcy hearings with the wife wearing well over 25 thousand in jewelry and 65 thousand in credit card debt, a dear friend and a fool. My simple mind was full of hard work and worry. The bottom line is this, you can work your a** of at the beginning of the game or enjoy working till you fall over, pick your poison.

My kids cost me close to 300 thousand in education alone. The best investment I ever made, I have no fears of them not succeeding now, a major load off my back. I read years ago and it's very true, if it came in a bottle, everyone would have it............. Adam, well written and thanks for sharing.

 

[Cranky]

you should know...

sorry Dale, I had to...

Who is Dale?

 

[68BabyBlue]

In 1993 I gained a valuable practical lesson in the balancing act between income and expenses. I was offered a promotion from middle management to a senior position at my employer's corporate headquarters, requiring a move from PA to the Chicago area. My wife agreed, under one condition - she was going to remain in State College for a year, quit her job, and finish her masters degree, which she had been pursuing part time for two years. I agreed, rented a one room apartment in Indiana while the family remained behind. The 55% raise I gained from the promotion was immediately swallowed up by the cost of maintaining two households, and the loss of one of our dual incomes. The move paid off in the long run, but that year was our worst cash flow situation in 47 years of marriage. Our extreme frugality in prior years made it possible to get through it.

 

[RJ Squirrel]

Dont marry a woman you met in a bar. Or better yet dont go to bars.