Weekend Reading – The costs to raise children
Welcome to a new Weekend Reading edition, related to the costs to raise children.
First up, a reminder about some key posts on this site:
It’s been a tough time for dividend stocks of late. Would I consider changing my approach? Should you?
And…with many dividend stocks taking a beating in recent weeks, you might be wondering if you should really have 100% of your portfolio in stocks. I’ll come back to that point later on…
Weekend Reading – The costs to raise children
What are the costs to raise children?
And, it depends of course…
A new report out tried to narrow down exactly how much it costs to have a family in Canada, including the extra money it takes to get by if they decide to live at home after high school.
According to recently released data from our Statistics Canada, raising two kids could cost middle-income parents more than $500,000.
Beyond a personal and emotional commitment, raising children is also a huge financial commitment.
From the report:
“Over the past 40 years, Canada has seen an increase in the proportion of young adults living with at least one parent, results from the 2017 General Social Survey showed that 90% of young adults aged 18 to 19 years and 68% of those aged 20 to 24 years were living with a parent (Statistics Canada, 2019). Few studies on the cost of raising children have included estimates for the costs of adult children living in the household.”
Do you find these numbers staggering? For parents out there, are these costs inline with your reality?
Based on many reports I’ve read over the years, young adults are overwhelmingly deciding not to have children partly as a result of the high cost of living. This is certainly a shift from previous generations. Younger generations that are still deciding to have children are also delaying childbearing due to the time (and costs) associated with getting on decent financial ground in their 20s and 30s as a prerequisite.
Some of my personal thoughts on this are: life, childbearing or not, is becoming increasingly complex such that so many things are vying for our time and attention – it’s becoming increasingly harder for folks to navigate their lives, moreso than the past. While some technological advances have been great, such advances may not yield simplicity and satisfaction in our lives – there are just too many things to track of and be mindful of.
As I age, and go through life, including watching my own family age, I’ve gravitated to becoming more mindful about how, when and where I spend my time and energy. Life can absolutely feel complicated and overwhelming. But it’s important to me more than ever that I know how, when and where to press the pause button, scale-down, scale-back and simplify.
More Weekend Reading…
A reminder about this great, free, event! I’m looking forward to participating in this live, free, webinar next week on Thursday, October 12 with other investors along with my partners at TD Direct Investing.
When? Thursday, October 12, 2023 @ 6 pm ET
What? Three ways to build wealth with dividend investing
In this webinar, I join Adrian Starinieri from Passive Income Investing, and Henry Mah from Your Ever Growing Income to discuss the potential benefits of dividend investing as a way to build wealth compared to other investing strategies. I will share what works for me/us as a hybrid investor and how it likely differs from both Adrian and Henry.
When it comes to houses and cars, seems so true:
I’m convinced that housing is the only publicly acceptable way to advertise your wealth.
Tell someone you have a $5M brokerage account and you’re a jerk, but show someone your $5M home and no one bats an eye.
— Nick Maggiulli (@dollarsanddata) October 6, 2023
Our GG doesn’t have any issue spending money. According to this report, Canada’s Governor General and Rideau Hall have racked up a six-figure dry cleaning tab in recent years, according to records obtained by the Canadian Taxpayers Federation. They did the math on this:
“It’s enough money to dry clean 13,831 blouses, 6,204 dresses or 3,918 duvets, according to the prices at Majestic Cleaners in Ottawa.”
Some financial experts continue to share that dividends and distributions are irrelevant. Debate on as you wish! Other experts believe this instead: Dividend-Payers: The Volvo of Equities.
If you don’t have 100% of your portfolio in stocks, whether you own dividend stocks or ETFs or other assets in between you might need to rebalance your portfolio now and then – here are some tips for that.
And…for Canadians who want more answers to questions on dividends, ETFs, total returns, mortgages, interest rates, RESPs, RRSPs, TFSAs, investing, retiring, earning more, and saving more well they should head on over to register for the Summit – for FREE!
Yes, the 2023 Canadian Financial Summit is coming soon!
Yup, it’s that time of the year… back to school now, back to fall routines, and for me: back to the Canadian Financial Summit for another year!
Once again, I’m honoured to share the virtual stage with 35+ Canadian experts for this Summit.
This virtual Summit continues to cut through the fog and noise of confusing financial jargon to help build your confidence needed to seize control of your personal finances. Each speaker has their own expertise to share. With their actionable words of wisdom, all speakers are here to support your money management and wealth-building progress in one spot!
Here is what you can expect this year:
- How to plan your own retirement at any age
- The Pension Paradox: Lump Sum vs Cash for Life
- How to save money on taxes by optimizing your RRSP to RRIF transition
- Plan your personalized combination of a DIY portfolio alongside an annuity for a customized stream of retirement asset growth + monthly income.
- How to maximize the new FHSA (First Time Home Savings Account)
- How to adjust for high interest rates in your portfolio and day-to-day life
- How to efficiently transition your investing nest egg to a steady stream of retirement income
- What Canadian real estate investments looks like in 2023
- How to deal with inflation on your bills and in your investment portfolio
- The best Canadian personal finance books of all time!
- When to take your OAS and CPP
- Travel for free with Canada’s loyalty rewards programs
Together, the entire panel of speakers have authored more than 100 personal finance books, hosted 600+ podcast episodes, written 20,000+ blog posts and newspaper columns, and have been featured in thousands of media articles and interviews from every news and financial publication in Canada.
How to Check Out The Canadian Financial Summit
In order to reserve your tickets, click this link and check out my talk!
When the Summit starts, you’ll be sent an email each day with the link to the sessions that go LIVE for the next 48 hours.
That’s it. There’s no paperwork. No need to put in payment information that you have to cancel later. No worries.
This year’s Summit kicks off with a webinar on October 18th and once again, is absolutely FREE to view for that weekend.
If you want to check out the videos after the free window has passed (and get access to a whole smorgasbord of bonus resources and video sessions) then you’ll want to sign up for the low-cost All Access Pass.
A reminder not to miss out on the Early Bird Pricing, as the price jumps up as the Summit begins so register early…
How Do You Sign Up?
Again, click here and sign up and the folks at the Summit will get you ready to roll.
P.S. A BIG thanks to all of you who have shared this event with your friends and family since I’ve been doing my own Summit talk some six+ years ago!
Last but not least before the weekend, some tiny but very important thoughts from Farnam Street as you consider some thanks and gratitude this Canadian Thanksgiving weekend. Things you control:
The food you eat.
How kind you are.
How reflective you are.
How thoughtful you are.
The type of friend you are.
The information you consume.
The people you surround yourself with.”
Save, Invest, Prosper!
As always, check my Deals page – partnerships and discounts to help you make the most out of your money – some of them you can’t find anywhere else!
Check out my partnerships with:
- Dividend Stocks Rock
- 5i Research
- and more!
As always, you can also consider hiring me for some low-cost financial projections services – anytime.
Just reach out.
Have a great Canadian Thanksgiving Weekend!