So You Are Thinking of Having a Child!
The September 2009 issue of Investment Advisor portrayed how much it costs to raise a child. The report from the Department of Agriculture child-rearing study will take your breath away.
A two-parent, middle income family (with income from $56,870 to $98,470) can expect to spend $221,190 ($291,570 inflated) to raise a child born in 2008 for the next 17 years. This amounts to $11,610 to $13,380 per year based on the child’s age.
The USDA states that a family with income over $98,470 can expect to spend $366,660 raising a child for 17 years. This does not include any private school or college costs.
You can see the full report and online calculator at www.cnpp.usda.gov.
And don’t you love it when your children say to you … “what have you done for me?”