Impossible to be rich being a parent?

Question

I want to be wealthy, at the same time I want to have children.

Answer 1

The Rich get richer, the Poor get children. Forget about being wealthy until the kids are grown and ot of the house. Even then there can still be times when they need money. Kids are a lifetime committment.

Answer 2

Life is all about choices. If you choose to be wealthy and have kids then you will make it happen. Children do not need all this crap that sooooo many parents think they need. Children want a mom and dad.... Yes it is that simple ! Basically your health insurance will go up due to a child and your grocery bill will rise slightly due to food and diapers etc... But in the end you are the reason you either will or will not have money.

I choose to have money and taught my child HOW to choose as well. He is now 20 and has more than most 50 years olds and he contributes to his own IRA as well. HE is making choices so when he does settle down, he will not have to change his standard of living.

Good luck and remember if you want it YOU can have it ! ONLY YOU can make that choice!

Happy Thursday !

: )

Answer 3

You get out of life what you put into it. If your goal is to be wealthy then you will simply formulate that plan and put it into action. The key to wealth is to spend less than you earn. You won't be wealthy if you buy designer clothes for yourself and your children, buy luxury cars, spoil the kids to compensate for things that you missed out on in your childhood, etc. You have to prioritize where your money goes. Set goals. Reach goals. Teach your kids the value of money. You can do it. Others have. Being a millionaire is more of a mindset than anything. It is a conscious effort you have to make. Start today to formulate a savings plan for your future and live on what's left. If you fall short, either decrease expenses or increase income. You have to nurture your money as you would (or will) nurture your kids. Suze Orman says, "people first, then money, then things."

Answer 4

The two goals are not necessarily exclusionary. I will admit that children do consume a great deal of resources especially at college age and especially if they are female. They just have to be well planned for and they might postpone your plans for being rich for a few years. Of course that assumes that you do not have an insatiable appatite for having children.

Answer 5

For me, I made sure I fulfill my wealth goals before I even had any children. That allowed me to achieve my goals and retire within just 5 years at an age of 28.

Answer 6

First career, then kids.
Well you should not be motivated by money, that sucks.

Answer 7

depends on what kind of wealth you want