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 BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Mindy on BiggerPocket Grab Scott’s Book, “Set for Life” Scott Trench’s Step-by-Step Guide to Building Your Perfect, 1-Page Investment Plans Hear James on the “On the Market” Podcast Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Listen to The Real Estate InvestHER Show Join The Real Estate InvestHER Community on Facebook Register for an Upcoming InvestHER Event 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 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices