HIP Monthly Round Up {June 2017}

There are so many awesome bloggers and people sharing their lives and ideas around the world. I try to curate the articles and posts others write that would pertain to the target reader here.

Parents, high income earners and those that fall in both category will benefit from the articles listed in the HIP Monthly Round Up. I try to find content that is relevant to raising our kids, helping our kids with finance and helping their parents make responsible financial decisions.

 

The Round Up

This is an article from last year but still applicable to parents facing college expenses today. Justin from RootOfGood tells us how he plans to pay for college in early retirement. Did I mention he has three kids?

 


Ted Jenkins at Your Smart Money Moves is telling us how to get our college graduates out of the house. I’m not to this stage yet with our own kids but if you have college age kids, have you talked to them about their plans after graduation? He provides some actionable tips to get the ball rollings.


 

For my friends in the politically blue states, The Financial Buff breaks down what could happen HIP Monthly Round Up {June 2017}under the new Trump tax plan. If you know how our next tax plan is going to shake out, let me know because I’d like your top stock picks for this year. If things go similar to the current outlines, it turns out the tax increases for losing property and state tax deductions isn’t too bad. Find out more in High Income In Blue State Under the Trump Tax Plan.


 

If you aren’t making frequent trips to your local library with your kids, you’re missing out on a ton of knowledge and entertainment for free. Mrs. AdventureRich is showing us how she entertains herself and her family with the awesome resources in her local library and online. Check our her Love Affair with her Local Library.


 

The Center for Financial Services Innovation sponsored a contest earlier this week to promote financial health with the hashtag #FinHealthMatters. The goal is to get financial topics in the discussion circle of all of us, especially families. Several bloggers took to the web and published articles that pertained to improving the financial health of families. Amy at LifeZemplified gave us a great round up of some of the prominent bloggers and their takes on #FinHealthMatters. You can read my post The Oxygen Mask Theory of Financial Parenting and check out Amy’s article Health Matters Edition.


 

I’ll finish this month’s round up with a couple of my fellow anesthesiologists. With their blogs, they explore areas for increasing income and how to handle the income when you are ready to start using it in retirement.

Passive Income MD is a big proponent of what else but passive income. His article How Many Streams of Income Should You Have? breaks down the different types of passive income and how they can help you achieve financial freedom.


 

There will come a time when our diligent saving pays off and we need to live off the nest egg. The Physician on Fire is closer to retirement than most of the docs I know. He’s already financially independent.  Now he spells out his Drawdown Plan in Early Retirement to give us a glimpse of how he plans to use all his investments once he drops the 9 to 5.


10 Studies

Raise your hand if you know everything about parenting. 

Hmm. Not seeing any hands raised, nor my own. 

I read my share of parenting advice articles and studies, but I always take them with a grain of salt. I hope you do that too when you read my work. This blog is mainly about the financial side of parenting for high income earners.  I try to stick to the financial side of parenting but I know I drift over to the psychological side from time to time. I don’t mean to imply that I have it all figured out. 

My goal is to tell you what has worked well for us, but every parent is different and every kid is different. There isn’t a perfect way to raise every kid. 

Personally, I think my kids are pretty awesome but everyone has their faults. It’s always a learning process. 

I stumbled upon an interesting post that grouped 10 different studies that every parent should know. The studies are from four or more years ago but still applicable today. I want to go through the take-home message of each study and see how they apply to my own kids and parenting style. Let’s look at the high points. 

Parents are Happier Than Nonparents

I don’t know if I would have bought this before having kids but I have to agree with this statement. Something changed in me when I held my son in my arms for the first time. It was like my life had more purpose. I had a purpose before but now I had another opportunity to make a difference in the world. Parenting might not be for everyone, but I can confidently say I’m happier now than before having kids.

Putting Your Child First is Worth it 

This study stated that the more care and attention you give others, the more happiness you feel. This was extrapolated to caring for children. I can see this going to extremes. The study wasn’t saying to spoil your kids but if I gave my kids everything they wanted because I was “putting them first” they would quickly become unbearable. I would tell parents that putting your child first within reason is worth it.

Helicopter Parenting May Be Depressing 

The study found the children had higher rates of depression if parents were hovering too closely. I understand the need to protect your kids but I’ve always thought my job was to get my kids ready to be productive members of society. That is gonna take some growth and pushing them to step out of their comfort zones. I agree with the study. Kids want to grow up and we should give them autonomy and encourage them to solve their own problems constructively. 

Avoid Strict Discipline

When the study talks about strict discipline, it refers to name calling and swearing. The few times I’ve stooped this low, it achieved nothing but damaging the relationship between my kids and I. My best discipline moments have been when I sit my kids down and we discuss their wrongdoing and the reason for punishment. I agree with this statement wholeheartedly. 

Promote Regular Bedtimes

I have to admit that we aren’t dictators when it comes to bedtime. We have a rough time frame when the kids are expected to be in bed, but then we have the freedom for them to sleep a little longer and start the school day a little later. I don’t know if I totally buy this one. Supposedly the children had lower math and reading scores if they didn’t have a regular bedtime. This study looked at  3 thru 7-year-olds. I would think there are so many other factors that affect math and reading scores.  It’s likely that parents who don’t care enough to make their kids go to sleep before 2 am probably aren’t reading with them and encouraging school work either. 

Do Chores Together


Ding, Ding, Ding. I totally agree with this one. If the kids see Mom and I work, they are much more likely to be out there helping or completing the task they were given with contentment. Their attitudes are much improved when I get out to the garage and help them clean it up or the boys get to work with me in the front flowerbeds. 

 

Limit Infant TV Viewing

I kinda have to laugh at this one because it seemed like common sense. The study said a child over two years old who watches more than two hours of TV a day had decreased vocabulary skills at age five. That seems like two hours too much a day to me. Again, I would think a parent using the TV to babysit is less likely to be active in other areas of their children’s lives. We try to make watching a show or movie a treat. We only have one TV so it is usually a family affair and we have to compromise on the movie or show being watched. 

Exercise Boosts Kids’ Academic Performance

This has to be true. My wife can attest that sometimes the kids will be working hard on a school project and hit a road block. She sends them outside to skate or jump on the trampoline or swim. They come back invigorated and ready to work. I’ve often gone for a run when the blog posts just aren’t coming as quickly as I would like. Writing seems to come easier after some exercise. 

Intense Mothering is Dangerous

This goes back to what I said in “putting your child first within reason is worth it.” Mothers who think women are better parents than men and children are sacred tend to be more depressed and less satisfied with life. If your kids are like mine, trying to climb up and jump off of things that could kill them, I could see a very stressed out smothering mom being less satisfied with life. 

Siblings are Different

The same two parents raise ( in our case) five different kids in the same house, yet the children’s personalities are so different. How can this be? The study says that the kids have different relationships with each parent, different school experiences and relationships with friends. All these little differences account for some pretty drastic personality variances. I’ve definitely seen that with my own kids. 

All in all, these studies had some good points and agreed with what I’ve experienced over the last 15 years. It was nice to get some confirmation and pointers for the future. 



So what do you think about the studies? Do you disagree with any or all of them? Thanks for reading, commenting and sharing your experiences during the month of June and before. It’s been another great month! 

 

Tom @ HIP

Tom
Tom is a doctor, husband and father of five with a passion for parenting and finance. When he isn't skateboarding, riding BMX, or jumping on the trampoline with his kids, he is reading and writing about personal finance. He helps high income parents educate and mentor their kids to become financially, emotionally, and intellectually self sufficient.

12 Responses to “HIP Monthly Round Up {June 2017}

  • Hi Tom- Happy July!

    I really like your posts about parenting (if you haven’t figured it out already… I did NOT raise my hand to the question “who knows everything about parenting?”!) Your posts are a great mix of studies and personal experience, which is very helpful as Mr. Adventure Rich and I begin to navigate parenting a toddler 🙂

    And thank you for including us in your post 🙂 I’m glad you liked the Library article!

    Have a great weekend with your family!

    • Y’all are doing a great job with your writing. I’ve enjoyed several of your articles. Keep up the great work!

      Tom @ HIP

  • Nice round up. We are doing our best to follow most of these rules. Minimize tv time, maximize bed routine. Take a breath. Repeat tomorrow. It is pretty amazing to raise a human child (way more fun then a dog child and we have done that before too).

    Thanks for compiling this set of articles in one spot!

    • The payoff on the dog child raising is not the same. 🙂 Thanks for stopping by DDD. Glad to help.

      Tom @ HIP

  • Great round up. Enjoyed the monthly format. Few articles I missed this month that you covered so thank you for posting!

  • Great round up and some really important insights in the studies you found. I’ve found explaining parenting to non-parents so difficult. Being a parent always sounds so terrible, yet the inherent contradiction is it’s also the best thing in the world. It’s not surprising that parents are happier than non-parents, but you probably wouldn’t know it if you listened to both groups recount their day. Great stuff as usual.

    • Thank you kindly MSF. Charles Dickens could of been referring to parenting when he wrote,
      “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.”

      You hit the nail on the head about the contradictions of parenting. Thanks for stopping by.

      Tom @ HIP

  • Nice round up. Very helpful parenting tips. Parenting is a skill in itself but it is different for everyone. Takes time to adjust to that change in your life by having kids but it is all well worth it. Thanks for sharing.

    • I like the idea of looking at parenting as a skill since with most skills we can improve and find innovative ways to enhance the skill. I try to have that mentality and I think it helps.

      Tom @ HIP

  • I know for our family that we really try to limit the screen time for my son. For the most part he plays and reads book although he loves music so we’ll play some songs on youtube for him every once in awhile as he prefers that to the radio. So we’re definitely not perfect 🙂

    • We all do the best we can. I think the screen time problem happens when we use it as a baby sitter. We try to make the screen time a treat and a family time. That has worked well for us.

      Tom @ HIP

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