SMS 192 – The Cost of Having Kids

3. Successful individuals engage in family planning.

Engaging in family planning is the third of twenty-five things that successful people do. In this 25-part series, we’re spinning our original inspiration “5 Things Poor People Do That the Rich Don’t Do” into something more constructive, positive, and inspirational to guide our future actions and decisions.

In this episode we discuss:

  • The importance of creating a family legacy or following a previously established family legacy
  • Busting child raising cost myths: 
    • You can let life just happen to you 
    • “How” is not as important as the “why” – the necessity of supporting and providing for your children quickly becomes the mother of invention 
    • Ensure you are doing things for your children versus doing things because of your children 
    • The reality behind waiting until you can afford to have children 
    • Putting a cost around raising children (note: Canadian research shows that this cost ranges between $10k – $15k per year) 
  • The cost considerations of having children: 
    • Daycare versus a stay at home parent 
    • Accommodations 
    • Transportation 
    • Food and hygiene 
    • Education and life experiences 
    • Miscellaneous – thinking about things beyond yourself (such as life insurance)

The content within this episode was also guided by a listener write-in from a new parent, who posed great questions that we address:

  • What changes should we be making prior to becoming a parent, and what should stay the same?
  • What’s a rough outline of changes in expenses as children grow up?
  • What hidden or surprise expenses should we be planning for that we might not have thought of yet? 
  • What are some realizations or discoveries as a new parent?

Do you have feedback that relates to any of the ideas featured below from a past episode or an episode to come? Connect with us through email at livelifesimple365@gmail.com or through our Contact Submission Form.

25 Things Poor People Do That the Rich Don’t Do – Positive: 25 Things Successful People Do

1. They don’t understand the game – Positive: They understand basic economics 

2. Lack of a Value System – Positive: They have a well-developed value system 

3. No Birth Control – Positive: They engage in family planning

4. Flawed Priorities – Positive: They have clear priorities 

5. Lack of Effective Time Management – Positive: They have effective time management 

6. They lack motivation – Positive: They are motivated

7. They don’t work for money – Positive: They understand the difference between work and job

8. Lack of Strategic Investment – Positive: They are Strategic with Investment

9.  Running without a Budget – Positive: They prioritize budgeting 

10. They rely on will power – Positive: They understand discipline

11. Lack of Self Development – Positive: They embrace continuous improvement

12. Not Taking Calculated Risk – Positive: They understand risk reward trade off

13. Always Playing the Blame Game – Positive: They own their actions

14. Bad Saving Culture – Positive: Saving is a way of life

15. Nonchalant Attitude towards their Health – Positive: They prioritize their health 

16. Keeping the Wrong Company – Positive: Surround themselves with quality people

17. They Watch Too Much Television – Positive: Understand the value of down time

18. Turn Pursue Opportunities – Positive: See opportunities where others don’t

19. They Don’t Bank on Wishes and Luck – Positive: Understand that Good fortune is usually earned

20. Giving Room for Pessimism – Positive: They are Critical Thinkers

21. Lack of Vision – Positive: They have vision to see what could be

22. Lack of Focus – Positive: Can Prioritize Effectively

23. They give up too quickly – Positive: They understand passion is pushing through the hard parts 

24. They are Master Procrastinator – Positive: They do what they can when they can

25. They are afraid of change – Positive: They Understand Change Equals Growth 

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