What is a DINK Lifestyle?

DINK: Dual Income No Kids Lifestyle

       The dual income, no children (DINK) lifestyle, is the envy of many adult people with children. The DINK couple is depicted in the media as lucky ones, taking part in journeys to exotic lands while holding hands as the sun sets, and adorning themselves with the latest, highly-priced fashions.

But maybe not all sunshine and roses, as it seems. Couples with children naturally think that DINK couples are selfish, by not having children, they will lose one of the best joys in life. Some of these emotions may stem from envy; others are sincere.

Regardless of the situation and your assumption of the DINK couple, their lifestyle can look very appealing. Madison Avenue has done an excellent job, with a marketing campaign aimed specifically at them, proposing such tempting objects as romantic cruises, luxurious automobiles, designer clothing, and expensive jewelry.

So, what’s the actual story of the DINK lifestyle? Is it as true as it looks? You can look at the pros and cons, and see if they are as glamorous as a couple living their life without children.

What Does Dink Life Mean?

"Dual income, no kids" (DINK) is a slang phrase, for families where there are 2 incomes and no children. According to Investopedia.com, couples dwelling in a DINK household, often have extra disposable revenue, because they do not have the added expenses that come with children. They also often spend less per individual on housing than singles, because of their potential to share kitchens, bathrooms, and living rooms.

For related insight, distinguish DINK from DEWK, a residential setting in which both partners work and raise children.

Why are More Couples Selecting the DINK Life?

One of the primary motives couples select to wait or forgo having children is the cost. When the Great Recession hit in 2008, many Millennials had just graduated from university or were starting their careers.

The recession made it tough to get jobs and begin investing for the future. Gen Xers misplaced 45% of their wealth throughout this time. On top of getting better from the recession, almost 1/2 of Millenials and a 1/3 of Gen Xers have a significant quantity of student loan debt.

These factors have made it challenging for younger people to achieve financial milestones and begin families. Some couples choose to wait a few years, before having children after they get married, for non-financial reasons. They select to use their time as a young couple, to travel, make life plans, and experience an independent lifestyle.

Focus on Wealth Creation

With a double income and no children, you have an amazing opportunity to create wealth. The key to developing wealth is investing, and the earlier you begin, the greater time your cash has to grow.

Before committing to any type of investment plan, you need to recognize precisely how much you have on hand to make investments and how much risk you’re inclined to take. 

For example, Are you interested in selling your shares once the market goes down? or would you be willing to hold on and play the lengthy game? Couples with larger incomes can usually have the funds to take greater risks with their investments.

The most important factor to do is to keep a different portfolio. A regular diversified portfolio is a combination of stocks, commodities, and fixed income. These different assets react differently to the equal economic event, so when the value of one asset decreases, the value of the other increases. This is your great defense against a financial crisis.

Once you have in place a long-term financial savings and investment plan that fits your risk tolerance, look at opportunities for investing any lump sum quantities you both receive, such as bonuses, tax rebates, or an inheritance. Also, ensure you are making the most of tax-free financial savings and investments.

To help find such opportunities, it’s great to communicate with a financial adviser. They can work with you, to specify the most tax-advantageous financial savings, and investments plans, for your situation, and calculate correctly, how much you can invest to build your wealth, without negatively impacting your DINK lifestyle.

Conclusion

Because children can be expensive to raise, DINK is often thought of as having more disposable income because they do not have children. However, this is not normally true, as other factors influence the wealth of DINKs, such as having low-paying jobs or living in a high-income area.

Overall, people currently seem to be busier and swept via the role of industrial life. This is one of the many reasons why couples with the DINK lifestyle have risen to become a widespread trend in many developed nations. This lifestyle brings advantages and disadvantages for the DINK couple, as well as the society. It is stated that every family is a cell of society; thus, a childless family is not a whole family and it is just like two mates living with each other. So, to build a prosperous society, a good family with children is the best answer.