Rate race exit for those with families?

[WattleIdo]

Having this debate with my partner now, daughter turning four and we are debating weather I become stay at home dad/return to study etc, trading off income and opportunities and what that will mean....

Socioeconomic status, often defined in terms of occupation, parental education and family income, is also known to bring about consequences for child wellbeing. ....

In short- don't be broke, and try not to get stressed!

Yes. And get an education. That's the real defining feature.

tobe - sounds like a great plan. I know what you're saying. You never said anything about not being frugal. You see time as the most valuable resource.

 

[allsuccess]

I also believe that the kids need to see value of money. One way to show that is to make them see you work for it (either for yourself or someone else). I always try to make that point whenever I can.

My aim is to do the best I can for the kids, which requires money (well, in most cases). This means, my "financial freedom" goal will get pushed a bit further. I'm ok with that. As much as I want to be positive, there is a chance that kids may not end up the "money appreciating adults" that I want them to be. At least I can say I tried.

 

[BayView]

Think carefully. Majority of the people you know, do their offspring end up a lot different to them? Do they have totally different values to what they were brought up with?

I've ended up a lot different to my parents.

Not because I didn't love them, but because I saw how their life was a life of less....no financial knowledge or specialised skill.

We were happy enough, but they never ever had a fair-dinkum holiday away anywhere while I was growing up...one car, not enough week at the end of the money, etc

My wife and I have never been 6 figure earners like most folks here, but we have done ok through becoming skilled professionally (nurse and ex-Golf Pro) which allowed us a slightly better than average income, and a bit of financial education, a bit of investing instead of spending, etc.

Whether kids end up as business owners or PAYE folks, or CEO's, etc, they need to learn the value of work for monetary reward first...they can make their own choices about how their money comes in later on.

I have no intention of ever pushing my kids into a career, but they will always be encouraged to get a part-time job, and I will work pretty hard at making sure they get a decent financial education and good money management habits.

 

[D.T.]

Think carefully. Majority of the people you know, do their offspring end up a lot different to them? Do they have totally different values to what they were brought up with?

Most people I know (friends, relatives etc) are very different from their parents, myself included.

 

[Of The Vultures]

What are you guys talking about? Showing the children that they have to work for someone else to make money is important? Thats exactly what I dont want my kids to grow up thinking.

I want them to realise there are loads of ways to live.

^This. Couldn't agree more.

My kids will see Mum and Dad go on a balloon flight. They have also seen us have meetings with accountants, estate agents etc. They have seen us paint rental houses, deal with tenats mess, go to Vcat etc etc.

Yes. Mine will also help! The 6 year old already has some painting experience and knows the difference between us owning a house and our tenants being renters. Well, as much as a 6 year old can anyway.

I have no intention of ever pushing my kids into a career, but they will always be encouraged to get a part-time job, and I will work pretty hard at making sure they get a decent financial education and good money management habits.

Same here. They'll be free to choose what they want to do, I see my role to open their eyes to possibilities so they know there are options out there besides PAYG.