I posted this on another thread and thought it would be appropriate here:
Recently, after hearing the authors (mother & daughter) interviewed on NPR, I read the book
The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke. Here's an excerpt:
"Our research eventually unearthed one stunning fact. The families in the worst financial trouble are not the usual suspects. They are not the very young, tempted by the freedom of their first credit cards. They are not the elderly, trapped by failing bodies and declining savings accounts. And they are not a random assortment of Americans who lack the self-control to keep their spending in check. Rather, the people who consistently rank in the worst financial trouble are united by one surprising characteristic. They are parents with children at home. Having a child is now the single best predictor that a woman will end up in financial collapse."
click
--> here <-- to read online excerpt.
I have to admit, when I first read this I was pretty shocked. With the overabundance of financial advice floating around out there, you'd think that someone whould share this fact: that children are the #1 detriment to your financial future.
I'm not saying people should stop having kids; I'm saying people should be fully aware of the enormity of the financial strain they're going to bear.
More from
The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke:
"A family with children is now 75 percent more likely to be late on credit card payments than a family with no children. The number of car repossessions has doubled in just five years. Home foreclosures have more than tripled in less than 25 years, and families with children are now more likely than anyone else to lose the roof over their heads."
Simply stated, having children is one of the worst financial moves you could ever make. You're essentially committing to variable monthly payments for a duration of at least 18 years (and possibly more if they go to college). In addition, having children also usually prevents one or both parent(s) from furthering their careers as the responsibilities of parenting can prevent parents from dedicating the same amount of time towards career-advancement as their single colleagues.
Well, I've ranted enough. Stay tuned to future post where I address the "time sink" aspect of children. I have to admit, the time-loss associated with children scares me more than the financial doom. After putting in grueling hours at the hospital I want to come home to "
my time," i.e. I wan't to enjoy my limited free-time. For my wife and me, that means going out to dinner with my wife on a Tuesday, enjoying a few cocktails after work with friends, going to the gym, taking night classes, traveling...all the stuff most couples with children can't do.
Perhaps it boils down to a fundamental difference in your paradigm: DINKs view life as a journey of
self fulfillment, hence wanting to use free time to pursue other interests, e.g. master a classical guitar piece, run a marathon, learn a new language, go back to school and earn another degree, etc, etc. Also, some parents seem to almost brag about the sacrfices of parenting, proudly wearing their parent-status as a badge of courage. Well, sorry...but I've sacrificed enough in other areas of my life...I don't feel this overwhelming urge to add more sacrifice and hardship to my life.
The DINK lifestyle is the way to go for us. Although many people would label DINKS as selfish, the word
"selfish" is defined as "concerned excessively or exclusively with oneself : seeking or concentrating on one's own advantage, pleasure, or well-being without regard for others."
That last phrase, "without regard for others," is what excludes DINKS from that definition, as there are no "others" in the family to exclude. The true definition of "selfish" appropriately describes couples (or individuals) who
although they don't have sufficient time or money to be effective parents, still have children anyway, in order to fulfill some inner desire to have children.
In fact, having children is explicitly a selfish act, as the yet-to-be-born child is certainly not requesting to be born...no, but rather people have children in order to fulfill
their desires for children.
Sorry for the book...I have lots of opinions on this subject