So Money with Farnoosh Torabi: Episode 1843 Summary

Title: New Rules for Stay-at-Home Parents with Janice Torres (Encore)
Release Date: June 23, 2025
Host: Farnoosh Torabi
Guest: Janice Torres, Author of Financially Lit and Host of Yo Quiero de Niro Podcast

Introduction

In Episode 1843 of So Money with Farnoosh Torabi, host Farnoosh Torabi reconnects with financial guru Janice Torres. This encore episode delves into Janice's transformative year, exploring her journey through financial independence, motherhood, and redefining traditional family roles.

Janice's Recent Milestones

Janice Torres shares a whirlwind of personal and professional achievements since her last appearance:

• Book Launch: Released Financially Lit, which received significant acclaim and resonated deeply with her audience.
• Book Tour: Traveled across the country while secretly navigating pregnancy ([05:23]).
• Motherhood: Welcomed her first child, balancing new parental responsibilities with her career.
• Engagement and Home Purchase: Became engaged and purchased a new home, marking significant personal growth.

Notable Quote:
"I went on my book tour while secretly pregnant... it's the most exhausting thing I've ever had to do, but we survived." ([05:23])

Financial Independence and Parenthood

Janice discusses how achieving financial independence has been pivotal in her transition to parenthood. She emphasizes that financial security allows her to structure her life around her family's needs rather than the other way around.

Notable Quote:
"Financial independence is not out of your reach... we're rewriting the narrative and showing what is possible." ([07:09])

Arranging the Stay-at-Home Parent Role

A significant portion of the conversation centers on Janice's decision to have her fiancé, Ray, become the stay-at-home parent. This unconventional arrangement is meticulously integrated into her business, ensuring both partners' financial stability.

The Arrangement

• Role Integration: Ray is brought into Janice's business as a digital marketing specialist, utilizing his expertise in YouTube content creation ([13:00]).
• Compensation: Paid as a contractor, replacing his previous salary.
• Benefits: Ray receives healthcare through the marketplace, contributes to a Roth IRA, and builds investment accounts with funds from the business.
• Tax Advantages: Janice leverages tax deductions by paying Ray for his role in the business.

Notable Quote:
"Having the privilege of having him here at home while also helping to support and grow the business, it's like a win for everybody." ([14:31])

Financial Agreements and Prenups

Janice delves into the importance of prenups, especially in non-traditional family structures. She discusses how prenups serve as an insurance policy to protect both partners' financial interests in the event of a divorce.

Key Points

• Ownership and Credit: The house is in Janice's name to preserve Ray's credit for future real estate investments.
• Prenup Terms: Agreed upon lump sum payments based on the length of marriage, rather than ongoing alimony, to provide both partners with financial security.
• Mutual Protection: Prenups are designed to protect both parties, acknowledging the shift in traditional roles and responsibilities.

Notable Quote:
"A prenup is meant to protect both people... it's like an insurance policy." ([25:42])

Maternity Leave and Income Streams

Planning for maternity leave was a strategic extension of Janice's focus on passive income. She outlines her methods for ensuring financial stability during her time away from active business operations.

Strategies Implemented

• Passive Income: Income from her food blog, Delish Lights, which earned $35,000 between November and December 2024, was earmarked for maternity leave.
• Baby Sinking Fund: Set aside specific funds to cover anticipated expenses.
• Community Support: Leveraged support from her community and fellow mompreneurs for practical assistance and financial gifts.
• Short-Term Disability: Advised securing short-term disability plans before pregnancy due to eligibility constraints.

Notable Quote:
"My food blog earned $35,000... that money got set aside to cover my maternity leave." ([29:33])

Challenges: The High Cost of Childbirth

Janice openly discusses the staggering costs associated with childbirth in the United States, highlighting the financial strain it can place on new parents.

Financial Breakdown

• C-Section Costs: $97,000 before insurance.
• Infant Care: An additional $23,000 for postnatal care.
• Out-of-Pocket Expenses: Despite insurance negotiations, Janice faced $5,000 in out-of-pocket costs.

Notable Quote:
"My bill for a C-section was $97,000 before insurance, and my daughter had a separate $23,000 bill." ([34:07])

Advice for Prospective Parents

Janice offers pragmatic advice for individuals contemplating parenthood amidst financial uncertainties:

• Financial Planning: Emphasizes the importance of multiple income streams and saving diligently.
• Community Reliance: Encourages leaning on community support systems, such as family, friends, or mom swaps, to alleviate childcare costs.
• Therapeutic Support: Suggests therapy to address financial anxieties and past financial trauma related to parenthood.

Notable Quote:
"Relying on your community is going to be the thing that makes it possible." ([32:12])

Societal Shifts and Normalizing Financial Conversations

Janice advocates for broader societal changes to normalize non-traditional family roles and open financial discussions within relationships.

Key Points

• Generational Shift: Observes a rise in women-led businesses and financial progress among women, signaling changing societal norms.
• Empowerment: Calls for empowering women to advocate for themselves financially and in relationships.
• Role Models: Highlights the responsibility of individuals to set examples and lead conversations about financial independence and equitable partnerships.

Notable Quote:
"It's going to take more conversations like this... to normalize these conversations." ([26:52])

Conclusion

The episode wraps up with Farnoosh congratulating Janice on her numerous achievements and highlighting the importance of her insights for listeners balancing career, family, and financial security.

Notable Quote:
"Jeniece Torres, always so fun and inspiring to catch up with you. I hope we get to hang out in person." ([35:37])

Takeaways

• Financial Independence: Critical for creating flexible and supportive family dynamics.
• Non-Traditional Roles: Feasibly integrated through strategic financial planning and business arrangements.
• Prenups: Essential tools for protecting both partners in modern relationships.
• Community Support: Vital for mitigating the high costs of parenthood.
• Societal Change: Necessary to embrace and normalize diverse family and financial structures.

This episode serves as a comprehensive guide for individuals and couples seeking to navigate the complex interplay between financial independence and family responsibilities, offering both personal anecdotes and actionable advice.