Financial freedom vs. family time. If done correctly, you can have both; but living the best of both worlds is impossible without sacrifice. For new parents, switching from a dual-income household to a single full-time income overnight can be a hard burden to bear. With less money comes lower retirement accounts, a longer time horizon to being debt-free, and financial freedom pushed years, or even decades, away. So, is being a stay-at-home parent worth the financial sacrifice?On this Finance Friday, we talk to Patrick, who recently became a new dad (woohoo!). His wife has taken on the full-time job of being a stay-at-home mom, but with a massive amount of debt hanging over their heads, Patrick is debating whether or not returning to dual income is the right move to make. Not only is this choice a financial one, it’s also an extremely personal debate, as many parents would far rather spend their time with their kids than bring home a bigger paycheck. And while we can’t tell Patrick what to do next, Mindy and Scott can offer the financial options he and his wife NEED to know about.But we’re not just talking about student loan debt in this episode. We also get into whole life insurance policies, HELOCs (home equity lines of credit), car loans, and whether or not buying rental properties is the right move for a new parent. You may be in Patrick’s position soon (if not already), and this topic is one you CANNOT afford to miss if you’re building wealth while raising a family!In This Episode We CoverStudent loan debt and what you MUST do to become debt-free Whole life insurance policies and whether they’re worth the high monthly premiumsThe true cost of college and what to know BEFORE you finance your degreeRental property headaches and when real estate investing may NOT be the right moveDitching dual income to become a stay-at-home parent and who is in the position to do soReaching financial freedom as a new parent and the sacrifices you MUST make to retire earlyAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEScott's InstagramMindy on BiggerPocketsGrab Scott’s Book, “Set for Life”Listen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsMoney MomentThe Money Date: What You Should (And Definitely Should Not) Do to Align Your Finances as a CoupleFinance Friday: How to Become Debt-Free 20 Years Faster Than You ThoughtIs College Worth the Cost? This 30,000 Variable Study Says “Sometimes…”Why 40% of Master’s Degrees Aren’t Worth It (and Which Are) w/Preston CooperShould You Pay Down Student Debt or Start Investing?Click here to check the full show notes: https://www.biggerpockets.com/blog/money-403Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Let us know! Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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