The screams of pain and anguish come every few minutes. Breathe. Focus on the breathing. Fully effaced and dilated 10 centimeters. Time to push. Another scream of pain and anguish. The head is out. One more push and we have a new baby.
It’s the baby’s turn to scream. That means she’s breathing.
They clean her up, then wrap her up.
She takes my breath away.
Ralph Bender here for Enduring Wealth Advisors®
It is estimated that the cost of raising a newborn to age 17 is now about $300,000[ https://www.wsj.com/podcasts/your-money-matters/cost-of-raising-kids-swells-to-300000/281539ea-8c9c-4c4a-b3c2-56d31f39a4a3?mod=Searchresults_pos2&page=1]. That doesn’t include the cost of college or private schooling if that’s in the plans.
And while we’re all looking at the rising costs of food and transportation, those costs are just a token amount of the cost of kids.
The biggest single component of this expense is housing.
Starting a family usually requires adequate living spaces, which often means moving from a rented apartment into a house, or at least a larger apartment for urbanites. And while renting may be suitable for some, buying the next home is usually the better financial move.
This means having the down payment for the house to make the financing work. And it means having the rest of the budget in line for making the payments and qualifying for the loan.
Gone are the days of fogging a mirror to qualify for a loan to buy a $400,000 home.
The second biggest expense is childcare.
Who is going to raise the baby, especially through the preschool years? That’s pretty much a full-time job if done correctly.
Innumerable solutions are possible, ranging from hiring a nanny, taking them to preschool, or relying on family.
To keep from screaming in pain and anguish about these costs, give us a call!
Gotta run!
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