Can we afford 2 kids?
I’ve asked ChatGPT, Gemini and Claude this question but I got different answers. Here is our situation:
My partner and I are in our mid thirties, we have a 3yo and a second is due soon. We earn a combined income of 250K before tax. We bought our 4 bedroom home for 2.25M in Sydney and we still have about 920K left on the mortgage. We pay about 5.6K per month. We also have about 200K in our offset account.
On the side we have an investment property bought for 550K and there is about 350K left on the loan. The current rental income is enough to cover the repayment so it’s cash neutral.
We eat out quite often and go on holiday abroad once or twice a year. Daycare for our son is not super expensive but I’m worried for the new daycare fees for the baby especially as my partner will be on mat leave earning minimum wage for 6 months.
What is your opinion?