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Costs of raising kids

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  • #16
    I wonder if they factored in the lost of income from each parent, who instead of generating more revenue from working, now devotes that human capital towards their kids.  I think it is well known and widely documented that women who chose to forgo childbearing have higher income and upward movement of career than those who don't.

    What do you guys think?  Did having children change your career trajectory? Do you think there are opportunity cost to having kids? What would you have done differently?  I would be curious to know what the financially savvy minds of WCI forum think.

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    • #17
      I don't have kids but I do not know how you can make the same/more with children. Unless you take no time off.

      Throw in a complicated pregnancy (hyperemesis, bed rest) and you lose even more. Also, priorities change when you have a family ( I hope).

       

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      • #18




        Click to expand…


        (Or was I the only mean mom who expected that of her children?) And if you have family coverage health insurance, does it really cost extra for the 2nd child?
        Click to expand...


        You are not the only mean mom.  We gave them $$100 each for Fall and spring.  Anything else they needed to earn.  (we have six kids - we discovered Cable too late  :O) ).  They also have to buy their own car, although over the years we have had an extra that we have let them drive for a while.

        And these days, medical doesn't cost extra until after the 3rd child.  Adult children under 25 are separate, I believe.

        Although like most parents, I can not imagine a day without any of my kids, I sure would not recommend trying to raise 6.

        cd :O)
        Yet those who wait for the LORD Will gain new strength; They will mount up with wings like eagles, They will run and not get tired, They will walk and not become weary. -- Isaiah 40:31

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        • #19
          I have been learning this the hard way for the past few years... :?

          2 kids, 6 and 3 years old.  first, diapers, and baby food and when you finish these... then you get 12K/year daycare, etc... or now soccer, baseball, or even music classes... although, on the other hand. is totally worth it! 

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          • #20
            For those that like source literature: http://www.cnpp.usda.gov/sites/default/files/expenditures_on_children_by_families/crc2013.pdf

            USDA has been publishing this annually since the 1960s.

            Interesting that the big change was cost of childcare (now 18%, was 8% in the 80s).

             

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            • #21
              I should also add, I think most high income groups don't think that you "stop" raising a child after age 18. Even if you're not paying for your child's college, certainly you are going to help out with any number of living and leisure expenses until they can land on their feet.

               

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              • #22
                Just doing a check on the notification system. Pay no attention.
                Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                • #23
                  test test
                  Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                  • #24
                    Test test

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                    • #25
                      I've got 2 kids and a third on the way.  There are times when my current two are driving me insane and I can't recommend anyone have ANY children.  Then the 2-year old does something that just blows me away, like using a toy hammer to put a ton of holes into the wall of the house we just moved into a few days prior, and that just reinforces my thought that the third one will be the death of me.  

                      Having kids is an emotional decision, not a financial one, but finances should not be overlooked in the decisions.  Anyone in the ED/pediatric setting has met families with tons of kids where the parents have significant financial struggles in addition to other struggles, and you wonder how they are raising 4, 5, or 6 kids with little money and no education when I (as the physician) know how overwhelming it can be to just have 2.

                      Everyone needs to be financially prepared to deal with the kids they do plan to have, even physicians with higher incomes.  Sometimes just having one kid may be the right answer, and sometimes people with 5 kids and less money handle the workload better than people with a lot of money and 1 or 2 kids.
                      An alt-brown look at medicine, money, faith, & family
                      www.RogueDadMD.com

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