{ "media_type": "text", "post_content": "Anyone here with 5 or more kids? How do you manage financially? What if there's only one main breadwinner in the household? Would like a big family but not sure how feasible it can be. Ideally, I would at least like to set each of them up with a college fund by the time they're 18. Any insight would be much appreciated it.", "post_id": "62255caeb354720038757754", "reply_count": 8, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Anyone here with 5 or more kids? How do you manage financially? What if there's only one main breadwinner in the household? Would like a big family but not sure how feasible it can be. Ideally, I would at least like to set each of them up with a college fund by the time they're 18. Any insight would be much appreciated it.

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Only 2 kids but the marginal cost of the second kid is much less than the first. The pure economics make me consider more. Wife doesn't see the world the same way though... 🤷‍♂️

Biggest sacrifice I feel with kids is the limit on my personal time and availability, less financial impact.

Just make the life choice that makes you happy. If you're a financially responsible person you'll make the right decisions along the way.

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5 kids total kids. My wife has 2 and I have 3. My three are triplets and live with their mother. The $3k a month in child support is a killer. Thankfully it's for only 1.5 more years.

Only 2 kids. I am a South Asian Indian currently living in one of the most expensive zip codes in the Bay area with my spouse who earns same as me. We are just able to meet our financial needs.

If I had 5 kids and 1 income then I would move the MCOL (Dallas or Atlanta or Phoenix) or LCOL (Tampa Bay) assuming that I get a job there.

Salary and NW should be able to support the following at the very least.

1. Able to pay mortgage for a house that is in a good school district and where each child has a personal room. So, you may have to narrow down your suburb choices to meet this requirement.
2. Send them to a public university at the very least and cover tuition and board. I do not want them laden with debt when the graduate.
3. Have enough investments for my wife and I to retire comfortably.

The goal is to provide your 5 kids with experiences, opportunities and pathways to succeed.

In the Bay area, we cannot meet this requirement for more than 2 kids.

Are you South Indian Asian or South Asian Indian . The later term.. I am not able to understand.

If you live in an area with good public schools, the most expensive years (other than college) are the ones before they can start public school full time. We shell out close to $6k per month to send our 3 kids to Montessori preschool, which is more than our mortgage and property taxes combined. When they were infants it was $2400 per month for one kid. These costs are obviously defrayed if one parent stays home, but there will likely still be some costs involved to have them in preschool for at least a year or two to help with socialization and school-readiness. There are other costs involved in having a family that big… more groceries, have to drive a bigger car, etc. but the incremental cost definitely goes down with each kid because you already have most of the “stuff” you need.

Have 5 kids all under 15 years old. I am the only wage earner because it's cheaper for my SO to stay at home.tahn pay for full time day care, nannies, etc. I also work from home full time and help out where I can.

We live in a MCOL suburb bordering on rural area, so the costs are relatively cheap. Bought our current house about six years ago, so the mortgage is on the low side. We have a 4 yo van and a 12 yo sedan that are all paid off and in good working condition.

Sure there are things we'd like to do but can't afford all the time. We still take a couple of nice vacations a year, and do lots of activities around where we live. We're not flying cross country with seven people, but still see the sights around us as long as it's in driving distance.

We don't splurge on unnecessary things like $3000 washer and.dryer, or high end clothing for the kids. We live within our means, pay off any credit card debt every month, and save enough to send the kids to state college, and still have over six months of financial cushion.

It's doable if you try, and you don't have to sacrifice a lot.

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