Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice?

On this Finance Friday, we talk to Patrick, who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate, as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about.

But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies, HELOCs (home equity lines of credit), car loans, and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family!

Show Notes at:
https://www.biggerpockets.com/blog/money-403?utm_source=youtube&utm_medium=description&utm_campaign=none
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Past Episodes Mentioned in Today’s Show:
Money Date: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-157-scott-mindy?utm_source=youtube&utm_medium=description&utm_campaign=none
Become Debt-Free Faster: https://www.biggerpockets.com/blog/money-338?utm_source=youtube&utm_medium=description&utm_campaign=none
Cost of College: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-251-preston?utm_source=youtube&utm_medium=description&utm_campaign=none
Cost of a Master’s Degree: https://www.biggerpockets.com/blog/why-40-of-masters-degrees-arent-worth-it-and-which-are-w-preston-cooper?utm_source=youtube&utm_medium=description&utm_campaign=none
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Should You Pay Down Student Debt or Start Investing?
https://www.biggerpockets.com/blog/pay-student-debt-start-investing?utm_source=youtube&utm_medium=description&utm_campaign=none
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
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Finance Friday: https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode #403

00:00 Intro
00:52 Money Moment
01:25 Income, Expenses, Assets, and Liabilities
04:25 Patrick’s Money Story
06:11 Trading Dual-Income for Family Time
08:30 Student Debt and Side Hustles
13:28 Ditching the Debt
21:35 The Student Loan Dilemma
38:30 The Right Way to Invest in Real Estate
48:01 The TRUE Cost of College