Are People Too Broke To Have Kids?
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Our world is obsessed with acronyms. GOAT, FOMO, YOLO, BOGO, NATO. It's all there. And there's another one making the rounds these days. DINKS. When you're dinking, you can't be donking. That's you. You're donking your dinks. Nope. Not talking about everyone's new favorite fake sport called pickleball. We're talking about people choosing to put off having kids or not having any at all. So what is the reason? Is it because of cost?

sleep, responsibility? Well, in today's video, we're gonna explore all the reasons people aren't having kids and when the right time is financially to start a family. But before we get into baby talk, go out and party one last time with that like and subscribe button. It doesn't cost a penny and you can be in bed by nine. And speaking of partying, share this video with your friends who send you texts after 9:00 PM. Hey, maybe take that notification silence message as a hint, bud.

All right? Trying to get my eight hours in. I need my beauty sleep. Now, in case you missed it, Dink stands for dual income, no kids. And if Dink didn't sound insulting enough, there's a subcategory called DinkWad. Dual income, no kids with a dog. Which was my wife and me before we added another dog and our sweet bundle of human joy. Now we're known as Oink AF. One income, new kid and Frenchies. No. No. No.

Whether you think it's an insulting name or not, dinks are owning it. They're bragging on TikTok about how much sleep they get because they don't have kids or how they can go on date nights to Costco because nothing says romance like $1.50 hot dog burps. You're disgusting. And not only are dinks celebrating their dink status, they are increasing in number. In 2022, 43% of households had no kids, which is a 7% increase over the last decade. And I get it. It kind of looks like a hot mess out there.

One look at the news and you might wonder whether you even want to bring kids into this mad world. But really, the world's always kind of been a hot mess. We just didn't have social media to remind us every three seconds. And if you think social media is evil, it is crazy what they used to do for entertainment. Go watch Gladiator and you'll find out. I mean, you had the Vikings, Genghis Khan, Shaka Khan, Wrath of Khan, Comic-Con. We've gone too far. I draw the line at Comic-Con. Not okay. And yet people kept having kids throughout the ages. Otherwise,

you wouldn't be here. So as you sip your Starbucks Frappa Kappa Phi Sigma Latte and bask in the look of unending adoration from your dog, have some gratitude for being alive because the world is still a beautiful place because you're in it. Love you so much. I think I just threw up in my mouth. Okay, so besides climate change, why are dinks not having kids? Well, in a recent survey, 59% of dinks pointed to finances as their reason.

So I decided to conduct my own research and I asked the dinks on my socials, what is stopping you from having kids? Before we get into the responses, I saw a lot of folks that say they wanted kids but were struggling to have them, like Red who answered, infertility but trying. So if you're not a dink by choice, then I truly, truly hope that your dream of being a parent comes true one day. But for the rest of those people, the ones who are intentionally choosing to not have kids, let's go through the top reasons they gave.

And the top answer on the board had to do with how much kids cost and earning enough money to afford them. Here's what Carrie had to say. Need to be earning a certain amount to afford them to give them a good life. Along with a bazillion others who had something similar to say. Another top reason was not having a house. Here's one response. Cost of housing where we live, average home price is $1.3 million. I don't know where you live. West Coast? East Coast? Canada? Friday.

In a recent survey, 87% of Gen Z and 62% of millennials reported they couldn't afford to buy a house. Now this tracks. People are going, well, I got to accomplish some life goals before I start a family. I need to get a house to fit the baby because babies apparently need a ton of room. So I get it. But also don't let this be the reason that you don't have kids.

Kids can fit in condos and apartments and small homes that you rent, I promise. Next up, Kelly and many others said, "It's the insane cost of childcare!" Now, Kelly's not wrong about this one. This can cost a pretty big chunk of change. The average annual cost of childcare is nearly 17 grand a year for babies and about 15 grand for toddlers. Another top contender,

A bunch of y'all said you're either in debt or paying off debt, like this response. The average American has nearly $24,000 in non-mortgage debt, and that will definitely put a damper on how free you feel to take on another expense or responsibility. Nowhere near the top answers, Chewy said...

Costco, last of the old romantics right there. I don't know what that even means. How is Costco stopping you? I want more. Give me more detail here, Chewy. Let's get back to the real answers. The folks in my Instagram feed aren't the only ones saying that money is a giant hurdle. If you remember, six out of 10 dinks pointed to finances as their main reason. Now, some of them are choosing not to have kids because they love the freedom and lifestyle that goes along with it. And those guys showed up in my Instagram poll too. But others say they're not having kids because it's too expensive.

So just how expensive is having a bambino these days? Well, to be fair, it ain't the days of great-grandpappy Joe when you delivered a baby in the cabin and then put him to work the next day hoeing turnips. Child labor laws are ruining this country. I'm kidding. My great-grandpappy was named Abdul and he farmed camels. Very lucrative back in those days. You seen camel's milk at Whole Foods? $18 a pint. Are you sitting down before I share this next number? These days, it costs on average $3.

$310,000 to raise a child to age 18. The hospital bills from birth are just the beginning. Now your health insurance should cover most of that cost, but then your premiums will go up because you're now covering kids instead of just the adults. Then they've got diapers, baby gear, toys, clothes, and as they grow up, food, food, and more food. So that average number breaks down to over 17,000 a year, over 18 years, and around 1400 bucks a month. Now, obviously it's not going to be divided that evenly across time.

Some years will cost less, and some years might cost more. Like when your middle schooler is going through shoe sizes like candy and needs braces. That year's going to be a tough one. But you get the idea. It's a lot. $1,400 a month. That's rent for some people. And if you've got student loans, credit card debt, and a car payment you're also dealing with, and then you double your rent by adding kid expenses, that, yeah, I get it. That's bad. I can't.

I can't do this anymore, man. But does this mean it's a good move to put off having kids or never have them strictly because of money? Well, I'm going to answer that and share from my own experience. But before I get to those nuggets of wisdom, I've got a nugget for you on how to make more money in your sleep. Here's what it takes. You've got to get a high-yield savings account like the one offered by online bank Laurel Road. They're one of the sponsors of today's episode, and with their account, you can get a great interest rate, 5.15% APY right now, so you're literally...

making money while you sleep. And if you're a dink, enjoy that sleep while you can. You see this? You see these right here? You'll never get them back. No amount of eye cream will restore your youth. There's a ton of other great perks too. There's no minimum balance, no monthly maintenance fees, and your deposits are FDIC insured.

So it's time your money started making money. Go to laurelroad.com/george or click the link in the description to get started. And if you're looking for ways to cut down costs, maybe to afford a baby, attack a money goal, or just buy more wholesale hot dogs, look no further than your cell phone bill, because I can almost guarantee you're paying too much. And that's where my friends at Tello come in. They are committed to helping you save on your phone plan. They offer more data for prices as low as five bucks or just 25 bucks for unlimited everything.

not to mention flexible plans and no contracts. My family uses Tello and we have absolutely loved it. So go to tello.com slash George and get five bucks off the unlimited plan during your first month of service. That's tello.com slash George or click the link in the description. All right, back to the question. Should you make a decision to put off having kids or never have them just because of finances? No.

So I guess we're done here. That's the short answer. It's OK to plan when you want to have a kid, but don't let money be the reason you're not having kids. You can't have a baby and not go broke. And listen to old dad George here. OK, I've been a dad for a whole 12 months now. And yes, I know that's one year. But as a parent, life is now calculated in months because we're extra. And here's my take on the whole kids and money. Old dad George wisdom number one, be intentional.

When my wife and I first thought about starting a family, we asked some wild questions like, what would it look like if we went into parenthood with no debt? No car payments, no student loan, not even a mortgage payment. And we decided we liked what that would look like and we worked our tails off to make that a reality. Now, I'm not saying you got to pay off your house or even your consumer debt before you have a kid. The point is, think about what you want your life to look like and feel like now.

set some intense goals and work toward them. And that could look like paying off debt and making more money or mastering the art of Taekwondo for reasons I'll never understand. - Go! - Old dad George wisdom number two, fill up your emergency fund. You will have more peace of mind and less stress going into parenthood if you have a fully funded emergency fund before you become parents. But also the beauty of having a bunch of savings in the bank really applies to any phase of life.

And if you're following the Ramsey plan that I teach on this channel, you pause this plan when you've got a baby on the way. And I call that stork mode. So you make minimum payments on any debts you have and stash as much as you can in savings before baby's here. And when baby and mom are home safe and healthy, you can resume the plan with aggressive debt payoff. But here's the thing. It can be hard to save money if you're not on a budget. So make that a priority. And all this is, it's an intentional spending plan. You list out your income, your expenses,

You track the expenses to make sure that you have margin at the end to throw toward your goals. It's that simple. And if you want to check out a great budgeting app, EveryDollarIsTheOne, I'll drop a link in the show notes below. Old Dad George wisdom number three, don't waste your time before kids.

Now, we waited five years before having a kid. That wasn't super intentional, and we didn't just focus on building more wealth and paying off the house. We also enjoyed that time. So if you're a dink, enjoy it by all means. Having kids is great, and I love being a dad, and I wouldn't trade it for the world. But take advantage of this time. Work on your relationship. Travel if it's in the budget. Hit up the club, Sam's or Costco, whatever floats your boat. Just soak it up, but don't just waste it watching Netflix, okay? That'll still exist five years from now. Old dad George wisdom number four,

Having a kid forces you to be more selfless with your money. Before we had our baby, the Amazon boxes that showed up at our door were mostly for me, myself,

and my hair. Now they're full of stuff, giraffes, diapers, and disposable placemats to use when we go out on date night. And by the way, she's a great third wheel and she doesn't have a choice. But really, how did this make me more selfless? Well, I'm just less focused on myself. I'm willing to sacrifice more and make sure that my baby has what she needs instead of thinking about what I need. And truthfully, I don't need much. I've spent a whole lot less than myself and my life is so much richer and more joyful without more stuff.

Old Dad George wisdom number five, ignore the stats and the news and the in-laws. Whether your family and friends want you to have kids or think you should wait to have kids, they aren't you. They don't get a vote. My friend Dr. John Deloney says, when you're a grownup and you're married, there are only two people who get a vote in your marriage, you and your spouse. Ain't nobody else invited. So you get to decide what you want your family, your money, and your life to look like. So there's my encouragement. Do not wait to have a kid if you want to have a kid.

And don't let money be the reason. You will figure it out, you will sacrifice, and you will have no more joy in your life than bringing that baby into the world and looking in its eyes. Nothing else will matter. And I mean that from the bottom of my heart. So if you enjoyed this video, watch this next one to find out all the things I wish I knew before having kids. I'll also drop a link in the description below. Thanks for watching. We'll see you next time.