Did your kids ruin you chances of financial success ?

Money is not everything, but it's right up there with health and family.
One area does not necessarily have to be sacrificed for another.
However, I wonder what impact having kids early in your life has on ones risk levels and future financial success.

I've always had the attitude of building a solid and secure foundation prior to starting a family, first things first...
We did this and had our first child in our early 30's, now we can provide her great opportunities in life.
Theres never been any financial pressure or worry about risk for any financial endeavors since then because a good base was set up.
Comparing to a few sets of friends at the same time we were all starting, they all had multiple kids in their mid 20's, and, 2 of those 3 couples had multiple properties.
Fast forward 10-15 years, those properties are gone and they are living week to week as far as I know. In fact, I believe the properties went around the top of the last Sydney boom and it was all downhill from there due to the pressure of extra responsibility of kids.

Obviously, some people will have it all, and some will do it at a young age, but generally something will have to be sacrificed somewhere in this life.

Does anybody else have a similar story or situation?

 

I think everyone makes some sort of sacrifice to get further in life.

I probably did the complete opposite of you

Bought first IP at 23, first child at 24, PPOR at 27, second IP at 31, second child at 31, third child at 33, many IPs from 36 (2011) onwards

Sacrifices: sold my car to buy first IP, went back to work pretty early after first child, no holidays, crap rental then crap PPOR etc etc

We started living more of a life after #3 was born.

Are kids expensive? Sure but they don't have to be over the top expensive. My kids have 1-2 after school activities and the rest of the time have a 70s kid life

Did kids change our risk profile? Maybe a little - probably onto the riskier side. We knew that kids need little to be happy so went hard whilst they were young and enjoy the simple things in life.

 

money is up there with health and family?

 

Are kids really worth having?

Do you really, truly get that much joy from kids that you can't get from holidays without em, going to the supermarket on your own, going to the gym when you want, watching a movie that doesn't involve fury creatures making weird sounds. Not wiping poo from carpet and wall explosions, getting yeld at and abused through hormonal teenage years.

If you had your time again would you still have them?

 

I don't know if I can answer that, I haven't been through the hormonal teenage years with my two yet (although I have wiped poo from the carpet lol).
Sure there are perks to not having them, yes I'd love to go on extended bushwalks which is not really possible with little ones BUT... the little one is sleeping now and he looks so angelic I could almost spring for a third

almost.

 

It depends who you ask really.
There's plenty who would put money well ahead of health and family.
Then there are others who will say money is not important to them, even though they are still required to work for an income...

 

PS if anything kids probably propelled us to be more driven. So I can thank my 3 angelic terrors for making us work harder to achieve more. Just don't tell them that ok?

 

I love this.

I have a couple of g/friends who wanted children but unfortunately did not happen for them.

I tell them..... you don't know what you don't know, you can have a great life with or without children, its your choice.

My children have become my friends, love them to bits but of course with this comes sacrifices, the highs and lows.

I think if couples want to pursue their passion whether that be travel, investing etc. then just do it, life is way too short to have regrets, also remember there is technology out there these days, I think 15K to freeze eggs.... something to perhaps think about.

MTR

 

My wife sent me a message bout an hour ago mentioning she had a dream that we had a boy. Time to buy protection

 

You sound really anti family. Not to pry but did you have a difficult upbringing?

Being able to do what I want when I want was good when I was younger. At the moment life is difficult for us with a new born and toddler but this will pass eventually then we will have lots of free time and a family to enjoy too.

 

Yes. They are. And you will never understand until you have them.

 

Glock?

 

aren't you the maternal one

 

My children are the best success I have.

Family is my number one value. I live my big fat Greek wedding. I'm in the kitchen doing something and turn around and my uncle is standing there because he had to drop off a box of grapes. Then my brother walks out of my son's room where they had been watching net flicks for the past 2 hours I didn't even know he was there but can hear the laughing.

My mum and mother in law walk in later with seedlings of spinach to go and plant outside. Cousins drop in for coffee continuously.

I come home from work after several inspections not knowing what on earth to make for dinner, I find that my dad had been there, all laundry is done, kitchen clean and there is a meal ready on the table.

Greeks really do live in each other's pockets, there is no privacy and they have keys to come and go in your house. It can get annoying, but family is the best thing ever and I would never have it any other way. My kids have been bought up being close to uncles, grandparents, cousins. It will continue like that for them

 

All good. Upbringing was fine, love my parents as their awesome. My bro is an idiot but ok these days as I don't see him often.

I'm at that stage where I'm not sure I want them. I feel like all the good(love, fuzzy feelings) you get from kids don't out weight the sacrifices you have to make to have them.

When I was younger I was all for it, nearing 40, thinking maybe not

 

I hear this all the time from mums at work, but I've had so many mums tell me, if they had their time again, they wouldn't have them

 

The older you get the less appealing it becomes I can totally understand that. I had my first at 32 and I think that was even a bit old. I see guys in their 50's pushing prams. Fack that.

 

Lol no sane mum would say yep l would do it again....but they would.

 

I have 3 kids. I had my first child at 25, no IPs and a modest 2 bed PPOR. Having kids definitely put off our investment journey but my kids haven't missed out. They've all been on 5 international trips, visited the snow many times and get a yearly beach holiday in January. They do music, sport and creative arts and have an abundance of opportunities available to them. All their needs are met, as well as a few wants.

Had we waited to start our family we'd most likely be better off financially, but we aren't in a bad financial place anyway. It certainly hasn't 'ruined' us, or meant our kids have missed out. It just means it might take us a bit longer to reach the goalpost.

 

When you already have them then I don't think you'd want to trade them.

Many of my family members said something of the like like "you said you don't want them. Just have one, you'll think differently after you have one." Maybe. But what if you still don't want to have children even after they popped out? What are you going to do then?

Having kids do make a lot of things more difficult, though I don't think (don't quote me, I don't have kids) it should ruin anyone's chances of success if that's what they want to achieve.