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episode 442: Finance Friday: Planning for a Family Costs More Than I Thought…
Knowing how to budget is one thing. Knowing how to budget for a pricey pregnancy and future family is another. So, how do you smoothly go from a couple used to saving thousands of dollars every month to a family with a slew of new costs added to the budget? First, let’s look at what you’re making, what you’re keeping, and what you MUST have on hand to safely raise a family.
We’ll be doing precisely that with today’s guest John. John and his wife make a sizable income and keep a strict budget with modest expenses. They’re saving a serious amount of money every month, but there’s one massive expense that’s about to be added to their budget. John and his wife have to go the surrogacy route for their first two children, and the price tag isn’t cheap.
With a six-figure cost PER successful surrogacy, John wants to know how to balance his budget with his high student loans about to kick back in. He also wants to invest but knows that could put his surrogacy savings at risk. Even if you’re not going the surrogacy route, this episode is CRUCIAL for any new parent—especially those that still want to achieve FI earlier in life!
In This Episode We Cover
Budgeting for your future family and how to make sure your savings stay risk-free
Surrogacy, expensive pregnancies, and unexpected costs you may have to pay
Student loan debt and how to plan for payments once the pause is over
The BEST savings account to stick your money into today
Active investing vs. passive investing and why rental properties aren’t for everyone
And So Much More!
Links from the Show
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Money Moment
Federal Student Loan Forgiveness Update: What Happens Now?
Budgeting for a Baby: The Costs EVERY New Parent Should Expect
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-442
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