this post was submitted on 06 Nov 2023
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We stopped after one kid. Saved a lot of money. Friends all have 3-4 and are always broke. We have plenty of capital to enjoy life, vacation, and live a modest life.
My SO wants like 4 kids and I want 0. I think 1 will suffice because I also don't want to be poor. I have a lot of expensive wants that I'd like to obtain before the country implodes.
You know yourself better than I do but, is kids really something you want to compromise on? My high-school sweetheart of 11 years said she wanted a kid and was pushing hard for it and I know I wanted exactly 0 kids. I decided to end the relationship since it would be the best for the both of us. Some things people shouldn't compromise on, you can't just get rid of a kid if you don't want it and putting a kid through divorce is damaging.
One kid costs about $10K a year, mostly daycare or after school care. Usually a couple can afford that and still be okay. The return on investment is pretty big since the kid provides you with lots of opportunities being a childless couple does not. Now having four, that's a ticket to broke town.
$10k is low end, and wonβt even cover paying for 4 years of a state college. In state most places is pushing $35-40k/yr including room and board. Out of state is closer to $60k/yr. If you make enough not to get any financial assistance, Ivys in big cities are going for close to 6 figures once you pay for stupid-expensive rent. Even in a good growth fund, $10k/year starting at birth may not even fund a BS degree.
Now, ongoing maintenance on multiples gets cheaper in quantity, you just have to steer them towards the trades so their college costs disappear. Or hope they get full ride scholarships with housing allowances.