Monday, September 11, 2017

The Cost of a Child




The government recently calculated the cost of raising child from birth to 18 and came up with $160,140 for a middle income family. Talk about sticker shock. That doesn't even touch college tuition. For those with kids, that figure leads to wild fantasies about all the things we could have bought, all the places we could have traveled, all the money we could have banked if not for (insert child's name here). For others, that number might confirm the decision to remain childless.

But $160,140 isn't so bad if you break it down. It translates into $8,896.66 a year, $741.38 a month, or $171.08 a week. That's a mere $24.44 a day. Just over a dollar an hour. Still you might think the best financial advice says don't have children if you want to be rich. It's just the opposite.