Built for Two: How Single Parents Build Real Wealth on One Income with Pat Hankin, Author of The Field Guide for Single Parents

What do you do when every financial plan you have ever been handed assumes there are two of you?Pat Hankin spent her career in financial services and consulting, then found herself inside an online community of nearly half a million single parents, watching the same questions go unanswered over and over. So she wrote the book nobody had written. She is the author of The Field Guide for Single Parents, and about a quarter of it is money.In this episode, Pat explains why the standard financial independence playbook breaks down in a one-adult household, why head of household is a better bracket than most single parents realize, which three expenses actually move the needle, and the housing decision that has to happen before the dissolution papers are signed. We also get into how to calculate what an hour of your life is genuinely worth, and how to start buying some of it back.Chapters:00:00 - The Single Mother Retirement Gap01:54 - A Tax Code Built for Marriage04:09 - Inside a Half-Million Parent Community05:52 - Know Your Tax Rate First07:23 - The Big Cuts10:31 - Why Single Moms Hold Less Equity12:20 - Fix Housing Before You Sign14:33 - What Your Hour Is Actually Worth18:33 - Small Automatic Savings Still Win20:31 - Ask Your Employer for Help22:52 - Work Optional as a Single Parent28:12 - The Value of an Hour31:36 - Case Study35:13 - Head of Household, Two Ways36:44 - Poverty Rates and Program Limits39:01 - The System Was Built for TwoEscape The Clock Resources:📖 The Book — https://escapetheclock.com/book⬇️ The Planner — https://escapetheclock.com/toolkit🎙️ The Podcast — https://escapetheclock.com/podcast🤝 1:1 Help — https://escapetheclock.com/schedule✉️ Free Weekly Insights — https://escapetheclock.com/subscribeEpisode References & Resources:ℹ️ Single mothers' retirement and home equity gaps - Pew Research (2024) https://www.pewresearch.org/short-reads/2024/11/04/among-unmarried-adults-women-without-children-have-as-much-wealth-as-single-men/ℹ️ Households headed by married couples - Census (2024) https://www.census.gov/newsroom/press-releases/2024/families-living-arrangements.htmlℹ️ Marriage and divorce rates - CDC NCHS https://www.cdc.gov/nchs/fastats/marriage-divorce.htmℹ️ Retirement incentives and wealth gaps - MIT Sloan (2024) https://mitsloan.mit.edu/ideas-made-to-matter/how-retirement-saving-incentives-amplify-wealth-gaps-u-sℹ️ Median family income by type - Census https://www.census.gov/data/tables/time-series/demo/income-poverty/historical-income-families.htmlℹ️ Childcare aid limit, 85% SMI - HHS https://childcareta.acf.hhs.gov/understanding-federal-eligibility-requirementsℹ️ SNAP limit, 130% FPL - CRS https://www.congress.gov/crs-product/R42505ℹ️ LIHEAP limit, 150% FPG - ACF https://liheapch.acf.gov/delivery/eligibility-houseincome.htmConnect with Pat:🌐 Website — https://pathankin.com📘 The Field Guide for Single Parents — https://amzn.to/4g8ltDcSupport the podcast:⭐ Leave a rating & review📣 Share this episode with a single parent who needs it✉️ Join the newsletter at https://escapetheclock.com/subscribeThis information is for educational purposes only and not financial advice. Consult a qualified professional for personalized guidance.#EscapeTheClock #EscapeTheClockPodcast #DanielCRodgers #SingleParents #FinancialIndependence #HeadOfHousehold #WorkOptional #SingleMoms