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Thank you for tuning into another episode of the Mind of a Millionaire podcast where we study the habits, routines, and choices of millionaires.
This week, Blair is taking on a bit of a debated topic to many. That is: should you quit your job to stay home with young kids when faced with the costs of childcare? First, we’d like to offer a disclaimer. This is solely focused on families who are contemplating giving up their job to save on the cost of childcare. We are by no means telling you to give up family time for your job. We are just discussing the opportunity cost associated with leaving the workforce.
With that said, we hope you enjoy, and we would love to hear your thoughts! Find us on Twitter or Facebook for personal finance tips and Denver Wealth Management updates.
The Bradens are expecting! [0:39]
When it comes to childcare, does one of the parents need to quit working to save on childcare costs? [1:42]
Loss of potential wage increases [4:29]
Loss of contributions to retirement and company matches (if offered) [4:41]
Loss of Social Security credits [5:08]
Loss of potential promotions [5:57]
Getting into the numbers (Source: Center for American Progresshttp://interactives.americanprogress.org/childcarecosts/) [6:31]
Building your base [8:51]
“Time IN the market, not timING the market” [9:29]
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
No strategy assures success or protects against loss.
This is a hypothetical example and your results may vary.
The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal financial issues.