Life changes rapidly when you have a baby. One minute you’re crying with tears of joy and the next you’re crying because work, parenthood and life have suddenly become very complicated.
How do we keep living our current lifestyle now that we’re parents?
And how are we going to manage the costs of daycare, diapers and formula?
What if I want to stay at home instead of going back to work?
I’ve invited someone on the show today who faced a lot of these challenging questions as a young mother and now she’s helping other parents figure them out as well.
Chelsea Brennan is an ex-hedge fund investor, turned full-time blogger at Smart Money Mamas. After years of working on Wall Street. She made a major life change to choose family, passion, and a positive impact on the world over money.
Her story has been featured in major media outlets like Business Insider, Penny Hoarder and Forbes. Chelsea lives in Connecticut with her husband, two boys, a puppy named Stitches and 14 crazy chickens.
As our parents get older, their money problems can sometimes become our problems if we don’t plan ahead. And if we’re raising our children at the same time, there’s a reason they’re calling us the “sandwich generation”.
Today on the show, I have invited Cameron Huddleston to talk to us about how we can have that money talk with our parents and why we need to do it right away.
What would it feel like to never make a mortgage payment ever again?
For our Mortgage Freedom series, we’re interviewing Colin Murphy who eliminated his mortgage in less than five years. Colin is a father, a husband, and a Chicago native. He’s going to let us peek inside and see how he made this monumental feat happen.
Our question of the month comes from Joe from South Dakota:
Like you, I have a young family (wife + 2 young kids), a house, and a blessed life. However, I do have a mountain of student debt (~200,000) that I have accumulated through a doctorate in Chiropractic that creates considerable stress in our little world.
On one fine summer day in 2011, I was zipping around on my new moped headed to the local Rite Aid. I had an incredibly important purchase I was about to make.
After breezing through the sliding doors, I headed straight back to the pharmacy area. I was beaming. I was grinning ear-to-ear. Given my excited state, the pharmacist probably thought I was a virgin looking to score my first Trojans. Nope. I was after something much more important.
We all have individual passions in our lives. Sometimes our interests don’t always gel with our spouse’s interests.
You might be really into brewing beer as a hobby, but your wife … not so much. She prefers photography. It’s all good though. Both of you respect each other, you do your own thing and you’re happy.
When it comes to our finances in marriage, that can be a whole different story. This is an area where teamwork, collaboration and partnership is required to be truly successful. Going off and “doing your own thing” when your money, future and retirement are at stake can be a recipe for disaster.
It seems the more we earn, the more we spend. There is always something new to buy, a service we want or an upgrade that is an absolute must-have. We see our neighbor’s new boat. Now, something inside of us “needs” that new boat too! And even if our income isn’t enough to buy it, well that doesn’t stop most of us. We’ll just borrow, put it on credit and go into massive debt trying to maintain a lifestyle that we simply can’t afford.
What if you broke free from this rat race of life? What would your life be like if you started spending less than you earned? How about if you were able to completely eliminate debt from your life?