Want to grow your family without wrecking your finances?

In this episode of *Everyday Money Heroes*, host **Nik Johnson** breaks down one of the most overlooked parts of financial independence—**family planning**. Whether you’re planning for your first child or expanding your family, this video will show you how to make intentional financial decisions that protect your long-term goals and keep you on track toward **financial freedom**.Family planning isn’t just about deciding *when* to have kids—it’s about being strategic with your **budget, debt, and income** before taking that step. Nik reveals eye-opening data from **Northwestern Mutual** showing that it costs an average of **$320,000 to raise a child from birth to 18**, and that child care alone can cost over **$1,400 per month** for infants. By understanding these costs early, families can **avoid financial stress** and make better choices about when and how to expand their households.Nik also dives into the often-overlooked topic of **child support**, explaining how average payments can impact financial goals and why being intentional in relationships and planning is key. He shares actionable strategies for **reducing child care costs**—including **dependent care flexible spending accounts (DCFSA)**, **nanny shares**, **staggered work schedules**, and **family-based support systems**. These methods can help parents stay financially stable while still providing quality care for their children.The message throughout the video is clear: **intentionality leads to independence.** Financial independence isn’t just about investing in a 401(k) or paying off debt—it’s about making every decision, including family-related ones, with purpose and foresight. As Nik emphasizes, “We don’t want life to just happen to us; we want to plan for it.”By the end of this episode, viewers will understand:* How to **budget for children** while pursuing financial independence* Why **timing** matters when expanding your family* Real-world examples of **how to reduce child care expenses*** The importance of **being intentional** in every part of your financial journeyNik concludes by encouraging families to have open conversations about their financial priorities and share their own child care strategies in the comments. His personal stories and practical advice make this a must-watch for anyone balancing **family growth and financial freedom**.

In the world of **Financial Independence, Retire Early (FIRE)**, achieving a major **retirement goal** requires clear numbers, a consistent strategy, and the powerful magic of **long-term investing**. We start with a core assumption of a **9% annual return**—a historically realistic figure for **stock market** index fund investors—and a starting balance of zero. We then solve for the essential question: **"How much to invest every month?"** to reach our $\$1.5$ million target. You'll see precisely how much capital you need to save in the first **20 years** (the "accumulation phase") to allow for a passive **10-year growth phase** where contributions stop, but your money keeps growing exponentially. This is the secret to a successful **30-year financial plan**.Here's what you'll learn in this essential personal finance video:**The #1 Investing Principle for FIRE:** Why the initial 20 years of **consistent monthly investment** are the most critical, and how they set the foundation for your final **\$1.5 million** goal.

Future Value of Money Explained:** A simple explanation of the financial formula used to determine the exact future value needed at the 20-year mark.Calculating the "Magic Number":** We reveal the required **monthly investment** amount you need to be transferring into your brokerage account or tax-advantaged accounts (like a Roth IRA or 401k) to stay on track for your goal.Annual vs. Monthly Compounding:** A crucial comparison of how compounding frequency (annual vs. monthly) impacts your required contribution, and why you should always aim for monthly compounding if possible.The 4% Rule & Passive Income:** How a $\$1.5$ million portfolio translates into reliable **passive income** for your retirement using the famous 4\% safe withdrawal rate.This isn't just theory; it's a practical, actionable roadmap for your **financial freedom** journey. Stop guessing and start knowing exactly what it takes to build substantial wealth. By mastering this **financial literacy** calculation, you gain control over your future and accelerate your path to **early retirement planning**.Don't forget to **Like** this video if you found the calculation helpful and **Subscribe** to the channel for more concrete **budgeting tips**, **wealth building**, and **personal finance** strategies!**Let me know in the comments below:** What is YOUR personal FIRE number, and what annual return are you assuming in your plan?

This is not just another video about saving money. It's a deep dive into the powerful and often misunderstood mindset shift that separates those who struggle financially from those who achieve true financial freedom. In this special episode of the "Everyday Money Heroes" podcast, host Nik Johnson sits down with Shaun Morgan from the "Teacher Money Show" to uncover the key differences between being cheap and being truly frugal.Too many people are stuck in a cycle of being "cheap," sacrificing quality of life, relationships, and long-term value in a desperate attempt to save a few dollars. But what if there was a better way? What if you could be intentional with your spending, aligning every dollar with your values and long-term goals? This is the core of frugality. This video will show you how to embrace a frugal mindset, build lasting wealth, and accelerate your journey to financial independence and early retirement.**What You'll Learn in This Episode:*** **The Crucial Distinction:** Discover the core difference between being cheap (saving money at all costs) and being frugal (being intentional with spending to maximize long-term value).* **A "Luxury Mindset" Reality Check:** Understand how modern consumerism and the desire for "more" can sabotage your financial goals.* **Family Financial Alignment:** Learn practical strategies for communicating about money with your spouse and kids, including Sean's brilliant "awesome stuff" framework.* **The Frugal Path to Freedom:** See why frugality isn't a sacrifice, but the single most important habit for creating the financial gap needed to pay off debt, save for a home, and fund your retirement.* **Your First Step to Financial Freedom:** Get the number one action item you can take *right now* to begin your journey to a more intentional and prosperous financial life.This conversation is packed with actionable advice and eye-opening insights. It’s a must-watch for anyone on the path to financial independence, whether you’re just starting your journey or are well on your way. You'll leave this video with a clear understanding of why your mindset matters more than your income when it comes to building wealth.Don't just watch passively. Engage with the community and share your thoughts. Do you consider yourself cheap or frugal? What's the best money-saving tip you've ever learned? Let us know in the comments below!If you found this video helpful, please give it a thumbs up and subscribe to the channel for more interviews, strategies, and tips on personal finance, side hustles, and achieving financial independence. Share this video with a friend who needs a mindset shift!**Episode Chapters:**0:00 - The Difference Between Cheap and Frugal: Why it Matters1:43 - The Core Definition of Frugality vs. Cheapness2:30 - Breaking Free from a "Luxury Mindset"2:40 - How to Talk About Money with Your Spouse & Family2:50 - The "Awesome Stuff" Framework for Kids3:20 - Frugality and the Journey to Financial Independence3:40 - The Single Best First Step to Take Today**About the Hosts:*** **Nik Johnson:** Host of the "Everyday Money Heroes" podcast, dedicated to sharing stories and strategies for building a better financial future.* **Shaun Morgan:** Host of the "Teacher Money Show," a podcast and community focused on helping educators achieve financial freedom and retirement.**More Resources:*** Check out the Teacher Money Show for more great content.www.youtube.com/@teachermoneyshow **Relevant Hashtags:**#firemovement #personalfinance #budgetingtips #frugality #financialfreedom #earlyretirement #moneymindset #investingforbeginners #savemoney #debtfree