2. because the financial planning for children will run into needing to save for retirement more dramatically if you have children later (think: kids going to college when you're 50) I'm not sure he's right about the whole more degrees and more expensive thing.
Agreed that 3 4 6 come from a position of entitlement - being born in an era where those things existed (possibly at the expense of future generations prosperity).
If you have the knowledge to judge financial advisers, you don't need one. If you don't have that ability, you won't be able to tell whether they're any good until XX years down the track, upon which point you'll probably judge them on your returns. And even then, there's a good chance you'll just make a judgement based on random chance/survivorship bias.
Add to that, that the physical and mental strain which having children will put on you is better absorbed at a young, but not too young age (if you actually take care of the children, as opposed to offloading the work on your SO).
I (on purpose) started having children at under 30, which is quite uncommon among the university-educated here in Germany. And indeed, I'm glad I did it.
It is certain that I left money and career opportunities on the table. Nonetheless, I retained some "free time" due to the fact that I could sustain the strain of sleeping less and working more. I am quite sceptical that I'd be able to pull it off once I'm going on 40.
Also, having children earlier leaves you more time to "bounce back". Want to go on that six week trip overseas? Better wait until the children are in their late teens. But will you then be 50 or 60?
College, in North America, is something that you "have to have" (according to popular thought) and is for-profit, so there's incentive to increase the cost. The costs have catastrophically ballooned just since I went and I'm in my 30s. While I don't think those costs can continue to increase indefinitely, they're certainly bound to rise further.
keep in mind though that if the advice is being doled out to, say a 20-something, then the period in question is +10 (to get to a 30-something +20 or so to get the kid to college) or a net +30 years from now. I think it's certainly possible higher education bubble will pop before 30 years are up.
Agreed that 3 4 6 come from a position of entitlement - being born in an era where those things existed (possibly at the expense of future generations prosperity).
If you have the knowledge to judge financial advisers, you don't need one. If you don't have that ability, you won't be able to tell whether they're any good until XX years down the track, upon which point you'll probably judge them on your returns. And even then, there's a good chance you'll just make a judgement based on random chance/survivorship bias.
Love this.