Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
It can be very challenging to build wealth while you are trying to raise your family. It is not an easy task save when you are tempted to spend on things or activities that will make your life more comfortable or convenient. This is a struggle for a lot of parents who are forced to put aside their retirement savings in favor of their children. Most of them postpone saving for their own retirement just so they can give a more luxurious life for their kids. While there is nothing wrong with putting the welfare of your kids before yours, it is not always the smart thing to do. It is very important to keep building your wealth despite the various expenses that your family needs. But what exactly will it cost you to raise a family in the US? According to the data from MarketWatch.com, you need between $50,000 to $100,000 a year to finance a 4-family household (2-parent, 2-child). This was according to the report from the Economic Policy Institute. The amount you will spend will rely on where you choose to live in the US. If you want to live in an expensive place like New York, then you have to be prepared to pay more for your family. For the average American household, it may be tough to build wealth if you need to spend $50,000 a year to make your family live a decent and comfortable life. But truthfully, it is not impossible. And in reality, it is something that a lot of families should start working on immediately. According to the data from a Wall Street Journalarticle, a lot of households got a boost in their net worth because of the rising home equity in 2015. Apparently, US household reached $86.6 trillion just as 2015 was ending. This meant a $1.6 trillion increase from the third quarter. Obviously, the main reason for the increase is the higher value of real estate and the consistent and continuous mortgage payments of borrowers. This gave home equities a boost. As you can see, it is possible to build wealth while you are spending for your family. You just have to come up with a realistic plan to make it happen.