Being a parent is costly. And that’s just the money.
This week, Fatherly Podcast host Joshua David Stein and co-host Postell Pringle go looking for peace of mind about their families financial futures. Spoiler alert: They don’t get any. Instead, they get schooled by Brookings Institute economist Richard Reeves, author of Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, about the ways in which income inequality and the calcifying American class system are making it harder and hard for most parents to put their children on the path the long term financial success. It’s depressing, sure, but the truth is better than the persistent lies about the unique American phenomenon of upward mobility. Getting up and staying up isn’t as easy as it used to be.
Shaken, our fearless and fiscally challenged hosts seek out some more practical advice from
financial coach Jacquette Timmons, author of Financial Intimacy: How to Create a Healthy Relationship With Your Money and Your Mate. Timmons isn’t just an expert on cash. She’s an expert on talking about it and thinking about it long term in the context of the things that matter: you know, people. Her insight? Money is a way for people to express their priorities and very few people use it wisely in that regard. Her advice? A little bit of introspection goes a long way when it comes to spending.
When it comes to the economics of raising a family in America, it’s not all bad news. It’s just mostly bad news.