I am reading an interesting book called “Poverty Proof – 50 ways to train your brain for wealth; by Douglas Krugger.” The author asserts that one of the leading causes of poverty globally is unwed child bearing.
“If you can wait to be married before having children, you will change your wealth trajectory astronomically. You would also do yourself a great favor financially by remaining married while raising children. Naturally you may know single mothers who are well off. It is not impossible to be a wealthy single parent. But it is more difficult. Also the younger you start having children out of wedlock, the harder it is to escape poverty. An unwed teenager with a baby will face greater difficulty than, say, an established, unwed thirty-year-old with a baby”
Studies in the USA show a co-relation between single parenthood and poverty. Single parents are more likely to be poor than their wedded counterparts. The bible says that families that pray together stay together. It may thus be argued that strong stable families are a precursor to wealth accumulation. It may also be argued that polygamy causes or accelerates poverty.
It is possible that the underlying psychological explanation is that of “delayed gratification.” Several studies have shown that people who are able to delay gratification end up more wealthy and successful than their peers. Sticking to one partner and not having kids outside wedlock is a form of delayed gratification.
These issues can be controversial given that polygamy and unwed child bearing are common in our society. However recent social research is beginning to reveal interesting observations about the matter.
So according to Douglas Krugger, if you want to be rich, stick to one partner and don’t have kids before or outside marriage.