Kids' sports have become notoriously expensive, competitive, and time-consuming. What is driving this? We first hear from our listeners. And we got so many more responses than we’ll read here.
Let’s first talk about what makes sports great:
- Health and Fitness
- Teamwork
- Practicing and growing a skill
- Potentially finding and developing expertise
- Learning to win and lose gracefully
But not everyone is having this wholesome experience. Many families can’t afford to participate, and those who can sometimes find themselves in such a competitive environment that it becomes stressful.
What to remember about the cost of kids' sports:
- This is an industry that leverages your desire to support your child.
- It can create a narrative that to be successful your child must participate in a certain way. And that way has high costs.
- Equipment can be expensive; like everything, the quality only matters to a certain degree.
- Traveling can exponentially increase your participation costs and take up a tremendous amount of time.
What can you do about it?
- Remember that this isn’t just money; it’s time for you and your child. So there is an opportunity cost. Make sure you have enough time to fulfill other needs in your life.
- Let your kid try things out. Push them to explore, but don’t push them too hard if they don’t enjoy it.
- If possible, lean towards less expensive and accessible sports with many kids. High demand usually creates more competition, which lowers costs.
- Consider forgetting the idea that your kid is getting a college scholarship. They are limited even at the highest level.
- Remember that you’re the parent, and ultimately you decide. So help your kids make informed decisions. Create trade-offs for them with time and money.
Top 3 takeaways:
- Sports are an amazing way for kids to stay healthy and develop important life skills.
- Pay-for-play sports are an industry like any other, so scrutinize what you’re being sold.
- Whether or not your kid is good at sports doesn’t make you a better or worse parent.
Show References:
---
Follow friends on FIRE
Leave us a voicemail or text us: 404-981-3370
eMail us at: friendsonfiremm@gmail.com
Visit our website: www.friendsonfire.org
---
Other Links
Maggie’s Blog: Mostly Minimal Life
Mike’s Book: Your New Relationship with Money