Do you really need combined income of $11,400 to raise a child? - Seedly
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Anonymous

Asked on 13 Oct 2020

Do you really need combined income of $11,400 to raise a child?

I chanced upon seedly's blog article of $11,400 Is the Combined Income You Need Before Having Your First Child!

What do you think?

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financialdignity

Level 4. Prodigy

Answered on 25 Oct 2020

I think you need more. The child did not ask to be brought into this world and if people decide to have children, they should be prepared to support the child financially as much as possible such that the potential of the child can be fully realized or at least maximised.

Lower income families tend to produce underachieving children. This is a reality we have to accept. Of course there are always outliers but that is as good as asking people to quit their jobs and be the next bill gates.

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We would go extinct based on those numbers.

That number does not reflect the median income in Singapore. And honestly, I've seen plenty who managed to raise multiple children with much less on a single income scenario.

Their answer? They are ruthlessly disciplined about money.

It is not a "need", it is a "want".

It is a disturbing trend that a natural "right" to have kids "needs" to be correlated with your income. The tendency to have "perfection" is very geared towards a scarcity mindset. An abundant one will strive to do more and look for opportunities.

Here's what I've learned over the years. If you have a child because you love kids, no matter what your income, you will make do with what you have. If you have insufficient money, you will hustle to provide. i.e. More over-time or a side gig. A higher-income does not mean that your child's life would turn out better. Values from upbringing are more important than the money you have in your bank account.

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financialdignity

25 Oct 2020

This makes people feel warm and fuzzy and full of hope. But when reality hits and the newborn is faced with the task of swimming upstream from birth, then is it fair to the child?
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There could be non-essential expenses included in the article. Extract the essential expense items from the article and do a more realistic calculation.

There are also many other ways to save up. For instance, my mother toilet-trained me early and that saved up a lot. You make up with effort what you can't afford.

Lastly, children can be taught to appreciate and practise frugality and even work towards financial independence when they are slightly older (e.g. working part-time after exams to save up money for higher education).

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Shane

Level 2. Rookie

Answered on 25 Oct 2020

I agree. If you see children as a hinderance to your aspiring and budding career, then they will be exactly that. I agree with Aaron that your values around children do matter. The financial amount needed to raise a child is not measured in dollars but love for that child.

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financialdignity

27 Oct 2020

When you go and buy food for your child, u pay in dollars not love. The financial question cannot be ignored no matter how much love you have
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