Parenting: Navigating the Existential Crisis After Meeting Financial Obligations
After publishing my post, “When To Stop Contributing To A 529 Plan,” I felt a sense of emptiness. For years, I had been trying to find a logical way to decide when to stop saving for my children’s college education. When I finally figured out the answer to my financial obligation, I lost some purpose.
Parenting is one of the toughest jobs, and as financial responsibilities to our children are gradually met, a sense of emptiness can creep in. The nagging question of “What’s next for me to do?” looms large. In this blog, we will explore the different financial obligations parents have for their children and strategies to deal with the existential crisis that may follow.
A Parent’s Financial Obligations To Their Children
Being a parent comes with a myriad of financial responsibilities, each essential in creating a stable and nurturing environment for our children. From owning a stable home to fully funding a college education, parents must navigate through these obligations thoughtfully. Let’s delve into some of the key financial responsibilities parents have:
1) Rent or own a stable home where a family can stay for years
Routine and stability are crucial for children’s development, making owning a stable home a top priority for parents.
As a financially responsible parent, your goal is to achieve the highest house-to-car ratio possible—30 or higher is recommended. This way, you maximize your capital towards a potentially appreciating asset while minimizing capital towards a guaranteed depreciating asset.
2) Buy one rental property for each child (stretch goal for parents)
Investing in rental properties for each child can provide long-term benefits, acting as affordable housing and income sources for them.
3) Save up enough in a 529 plan to fully pay for college education
College education is a significant expense, and saving in a 529 plan can alleviate the financial burden on your children, ensuring they have access to quality education.
4) Own a safe and reliable car that’s paid off
Owning a car is essential for families, and having a safe and reliable vehicle is imperative for ensuring the safety of your loved ones.
5) Earn or save up enough to pay for vacations and summer activities
Family vacations and summer activities are an integral part of creating lasting memories with your children, requiring financial planning and preparation.
6) Locking down an affordable life insurance policy
Protecting your family’s financial future with a life insurance policy is crucial, providing peace of mind in the event of unforeseen circumstances.
7) Getting your estate in order with a revocable living trust
Estate planning is essential to ensure a smooth transfer of assets and provide clear instructions for your loved ones in the future.
8) Spend as much time with your kids before they leave home
One of the most important obligations is to cherish the time spent with your children, building bonds and imparting wisdom before they embark on their own journeys.
The End Of My Parental Financial Obligations Is Nearing
As a parent, the realization that my financial obligations are nearing completion brings a mix of relief and apprehension. With only two remaining obligations, I am preparing to transition into a new phase of parenting.
Feels Bad Knowing We’ll Never Get Our Special Time Back
The impending change in my daughter’s schedule evokes mixed emotions, highlighting the fleeting nature of time spent with our children. This impending transition forces me to reflect on the importance of cherishing every moment and adapting to new phases in parenting.
Perhaps The Most Important Parental Obligation Remaining
Amidst the financial responsibilities, the most crucial obligation remains ensuring our own well-being for the sake of our children. By staying healthy and active, we increase our chances of being present for our children in the long run.
Tips To Deal With Your Parental Existential Crisis
Transitioning through an existential crisis as a parent can be challenging, but with the right mindset and strategies, it can also be a period of growth and self-discovery. Here are some tips to navigate this phase:
- Redefine your purpose
- Invest in personal development
- Explore mentorship opportunities
- Set new goals
- Practice mindfulness and gratitude
- Redefine your role as a parent
- Plan for the future
This transition is an opportunity for growth and redefinition. By embracing change and focusing on personal growth, parents can navigate through the existential crisis and continue to thrive in their roles as caregivers and mentors.
Reader Questions and Suggestions
What are some other financial obligations parents have to their children? How did you overcome the hollow feeling inside once your kids started going to school full-time?
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