I was on my way to work this morning and heard a figure quoted on the radio that intrigued me. I verified it online with the Department of Agriculture’s figures and suddenly came face-to-face with the reason why being a millionaire has eluded me in my life, so far.
It costs approximately $500,000 to raise a child from birth to age 17. That is, of course, if they attend a public college or university. If you send them to a private institution, you’ll have to pony up a little more. And certainly don’t forget the cost of providing the “wedding of their dreams” if that child happens to be a female.
If you’re interested in learning more about what it may cost you to raise a child these days, here’s a cool calculator to help you figure this out.
So, next time my financial planner asks me why I haven’t invested more in my retirement plan, my answer will be “I did. My 6 kids are going to take care of me!” 🙂