Statistically people with children make and have more money. People with a lot of money are more likely to have children. They are also more likely to be married. These are facts that can be measured, not my opinions.
This doesn’t answer the question of whether YOU are more or less likely to become wealthy if you have kids. The correlation between people with kids and money, does not mean children cause people to earn more. People who earn more and have more ambition are more likely to want kids. People with above average jobs and large savings accounts are the types of people who want the “normal” life as a spouse and parent. You also need to get picked to have children. Someone needs to want to be your partner. Most kids are born into at least long term relationships if not marriages. People with more money are also usually more attractive. They get picked by partners more often. They date more, get married more, and fuck more.
If you took the same person with the same level of ambition and could somehow test for whether or not kids made them wealthier, the answer would probably be no. Kids are expensive and inhibit your ability to take risks. Without kids you are far more able to take career risks, more cities, travel, work more, etc. You will also be able to save and invest far more money.
Conversely, if you don’t have a family to support, you don’t need to make a lot of money. You can get by on far less, and will. Tons of people don’t take their career seriously until they have to. Once they get married and have kids to provide for, they start to step of their game. They become ambitious and look for ways to grow their incomes. They also take their savings, investing, insurance, taxes and financial planning more seriously. One of the best ways to create positive results is to necessitate them. If people feel like they have to produce, they will; if they feel comfortable, they will stagnate.
So do kids help or hurt YOUR odds of becoming wealthy?
Who knows. But the below factors are probably true.
- Kids are expensive and create a financial obligation
- Big obligations help people rise to the occasion and grow themselves
- If you are focused on building a career and building wealth, you probably will; if you are not, you won’t.
Having kids doesn’t really matter.