Pros & Cons of Being a DINK
On this Queer Money, we talked about money moves to make when you’re a DINK. If you can’t or don’t want to have children, how should you prepare for retirement and long-term care in your later years?
Queer Money Sponsors
- Michael Dubrow is the Principal & Chief Business Development Officer of Estalea, a private equity firm in California, and a co-founder of MoneyTips.
- Justin Simon is the Chief Social Strategist & Influencer Marketing at Evolve!, Inc. Justin specializes in social media and digital marketing executive with a strong background in sports, entertainment, lifestyle, finance and gaming.
DINK Show Notes
- Before having kids, consider the kind of life you want. What are you willing to sacrifice?
- Having kids affords a couple to keep more income and less restrictive budgets. Kids provide a different level of enjoyment and experiences.
- The average cost of raising a child in 2013 to 18 was $245,340: http://www.usda.gov/wps/portal/usda/usdahome?contentidonly=true&contentid=2014/08/0179.xml
- The same study found in 1960, the cost of raising a child was $25,000. In today’s dollars, that’s $198,560. Raising a child increased 25% above inflation. The cost of childhood healthcare doubled.
- MoneyTips surveyed parents to find out whether boys or girls were more expensive to raise. They found that it was cheaper to raise girls before puberty and then cheaper to raise boys after puberty.
- According to the Human Rights Campaign, the cost of the average gay domestic adoption ranges between $5,000 to $40,000.
- Surrogacy can cost the couple between $70,000 to over $150,000 per child.
- Don’t have children for other people.
- There are other contributions childless couples can make because they don’t have kids.
- Not having kids will likely cause you to pay more in taxes.
- Having kids also tends to make couples more cautious about money.
- Creating wills and trusts for those without children may pose a challenge.
Figure out what you want in life and decide if kids will augment or hinder that. While financial consequences should be a factor, relying on your kids to take care of you may not work out.