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Costs of raising kids

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  • TheGipper
    replied
    To me the # is acadamic. Kids are what it's all about. Trumps any race to retirement, FIRE or otherwise in my book.

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  • VagabondMD
    replied




    Costs are high. Currently spending $3k/mo on childcare (both of us are physicians). Then add diapers, food, clothing, some fun camps/sports and it all adds up quick.
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    There was a time when the children were younger (like your children) that I thought to myself, "Wow, this is really expensive, but the cost of kids should start to decline soon."

    It never did. It only became more expensive! You dump one expense (like diapers) and add other expenses to take the place.

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  • resident_1
    replied
    Costs are high. Currently spending $3k/mo on childcare (both of us are physicians). Then add diapers, food, clothing, some fun camps/sports and it all adds up quick.

    Leave a comment:


  • Hatton
    replied
    Being an Ob in my former life I found it interesting that some patients told me they were only having one child so they could do everything for it.  Other people just seemed to be oblivious to the costs.  Many people like babies and just keep having them

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  • jfoxcpacfp
    replied




    I always find these numbers interesting but I’m sure there’s a wide variation even within the same socioeconomic classes. E.g. choosing between private vs public schools and colleges alone could potentially make a difference of $100k easily.
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    I agree with you. Many of the variables in the cost of raising kids are choices. Vagabond MD made the right choice, and fortunately he (she?) could afford to do so, but his situation is not the norm. I also wonder how these projected costs are calculated, i.e. if you would have bought the same size home whether you have 2 or 3 kids, is it reasonable to allocate a % of the home to the cost of raising the child? Do your children have to have the latest and greatest or do you buy clothing on your neighborhood Facebook swap-sites? Do you expect your teenager to work and buy her own car or do they get a new Benz for graduation? How about if they work and buy their own clothes? (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?

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  • jfoxcpacfp
    replied




    I always find these numbers interesting but I’m sure there’s a wide variation even within the same socioeconomic classes. E.g. choosing between private vs public schools and colleges alone could potentially make a difference of $100k easily.
    Click to expand...


    I agree with you. Many of the variables in the cost of raising kids are choices. Vagabond MD made the right choice, and fortunately he (she?) could afford to do so, but his situation is not the norm. I also wonder how these projected costs are calculated, i.e. if you would have bought the same size home whether you have 2 or 3 kids, is it reasonable to allocate a % of the home to the cost of raising the child? Do your children have to have the latest and greatest or do you buy clothing on your neighborhood Facebook swap-sites? Do you expect your teenager to work and buy her own car or do they get a new Benz for graduation? How about if they work and buy their own clothes? (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?

    Leave a comment:


  • VagabondMD
    replied




    I always find these numbers interesting but I’m sure there’s a wide variation even within the same socioeconomic classes. E.g. choosing between private vs public schools and colleges alone could potentially make a difference of $100k easily.
    Click to expand...


    $100,000? LOL! This is what I mean by people underestimating the cost of raising children.

    My son had some learning issues, and we thought he would be a better fit for a private school. We were right.

    Total cost (tuition only) K-12: $200,000 give or take a few bucks, which does not include capital campaigns, annual giving, books, sports, etc. We live in the Midwest; the cost is much higher in New York, Boston, SF, etc.

    College not included in that number. The difference between Your State U. and Fancy Private College can approach $200,000, too.

    $100,000?  

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  • jhwkr542
    replied
    I always find these numbers interesting but I'm sure there's a wide variation even within the same socioeconomic classes. E.g. choosing between private vs public schools and colleges alone could potentially make a difference of $100k easily.

    Leave a comment:


  • VagabondMD
    replied
    You are reading my mind.  

    I was engaged in an offline conversation with another member of this forum, a younger member than me, about the costs of raising children. As I look back, I think that without my children, currently ages 14 and 17, my net worth would easily be 50% greater. They cost considerable time and money, and I do not regret a single moment or dollar.

    The warning is to those who are fresh out of training and think that they can work for ten or so years and retire by age 40 (or whatever) while starting and raising a family. In my opinion, these plans are extremely unrealistic as everyone I know underestimates the costs of having and raising children. These MMM fantasies of having your child home schooled and play stick ball with friends in playgrounds after school and on weekends is just not how it plays out today, especially for physicians and their families.

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  • Hatton
    started a topic Costs of raising kids

    Costs of raising kids

    intersting stat in the WSJ this morning. 2013 cost of raising a child to 18 broken down by income.  Low income $176k.  Middle $245k.  High $407k.  I had seen the 245k figure before but not the 407k.  Frightening really.
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