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Money and Finances
Reply to "How do people afford kids?"
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[quote=Anonymous]I agree that selling the house is silly. Please don't listen to PPs who bought in 1996 and are sitting smugly with $1400 mortgages. It is costly to sell a home, in terms of transaction costs, and you probably have the lowest mortgage rate we will see in a generation. For me, the difference is purely in savings. We don't save anymore beyond retirement (17% of total income). We had a substantial savings before our kid. But now, we budget down to the dollar. We don't have $2K of "leftover" money anymore. And that's fine. Kids never stop being costly, but despite what people on here will try to tell you, the financial intensity is truly concentrated before they are school age. You will get raises over time and your kids will go to school. Besides, if you can pay for daycare out of current income, you can eventually pay for college out of current income.[/quote]
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