Comments on: How Much Does Raising A Child Cost? http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm The Canadian Source For Personal Finance Mon, 15 Mar 2010 03:16:17 -0600 http://wordpress.org/?v=2.9.2 hourly 1 By: daycarehyderabad http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-4002 daycarehyderabad Sat, 06 Mar 2010 09:18:42 +0000 http://canadianfinanceblog.com/?p=1382#comment-4002 If you are a parent at home u will save money instead of child care centers.Thanks fo info If you are a parent at home u will save money instead of child care centers.Thanks fo info

]]> By: Just How Much Does It Cost? « Mommy Musings http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-3696 Just How Much Does It Cost? « Mommy Musings Thu, 18 Feb 2010 16:15:19 +0000 http://canadianfinanceblog.com/?p=1382#comment-3696 [...] How Much Does Raising A Child Cost? [...] [...] How Much Does Raising A Child Cost? [...]

]]> By: Friday Links | The Canadian Finance Blog http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1902 Friday Links | The Canadian Finance Blog Fri, 30 Oct 2009 09:04:43 +0000 http://canadianfinanceblog.com/?p=1382#comment-1902 [...] Little by Little included How Much Does Raising A Child Cost? in this week’s Festival of [...] [...] Little by Little included How Much Does Raising A Child Cost? in this week’s Festival of [...]

]]> By: Tom http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1837 Tom Tue, 27 Oct 2009 16:00:27 +0000 http://canadianfinanceblog.com/?p=1382#comment-1837 sco & Mike, While it's true that having children is not a great choice from a purely financial view, of course that's not the reason we chose to have kids. Once that decision is made, the best we can do is to find a balance between being the best parents we can be and looking to save money and earn income. sco & Mike,
While it’s true that having children is not a great choice from a purely financial view, of course that’s not the reason we chose to have kids. Once that decision is made, the best we can do is to find a balance between being the best parents we can be and looking to save money and earn income.

]]> By: Festival of Frugality #201 – Life Stages & Home Ownership Lesson Edition http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1831 Festival of Frugality #201 – Life Stages & Home Ownership Lesson Edition Tue, 27 Oct 2009 09:02:14 +0000 http://canadianfinanceblog.com/?p=1382#comment-1831 [...] @ Canadian Finance Blog presents How Much Does Raising A Child Cost? | The Canadian Finance Blog posted at The Canadian Finance [...] [...] @ Canadian Finance Blog presents How Much Does Raising A Child Cost? | The Canadian Finance Blog posted at The Canadian Finance [...]

]]> By: sco http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1752 sco Sat, 24 Oct 2009 18:17:51 +0000 http://canadianfinanceblog.com/?p=1382#comment-1752 Mike, I do have a kid (fortunately not a plural for me). That does not stop me from thinking rationally about the costs and the fact that it was not a wise decision from a financial point of view. As you've mentioned, there are other kind of benefits to having children. However, there are benefits in driving a Ferrari or having larger houses or spending 20k/week on vacations, but those benefits don't make those decisions smart ones from a financial (or environmental) point of view. For me it's strange that people who otherwise count pennies, when it comes to children they forget any financial planning or any rational thinking. And I think we should also talk about the heavy cost on environment of bringing yet more humans into this overcrowded world. I think it's not very smart from the point of view of our survivability as a species. This is a cost that almost no one is talking about. Mike, I do have a kid (fortunately not a plural for me). That does not stop me from thinking rationally about the costs and the fact that it was not a wise decision from a financial point of view. As you’ve mentioned, there are other kind of benefits to having children. However, there are benefits in driving a Ferrari or having larger houses or spending 20k/week on vacations, but those benefits don’t make those decisions smart ones from a financial (or environmental) point of view.
For me it’s strange that people who otherwise count pennies, when it comes to children they forget any financial planning or any rational thinking.

And I think we should also talk about the heavy cost on environment of bringing yet more humans into this overcrowded world. I think it’s not very smart from the point of view of our survivability as a species. This is a cost that almost no one is talking about.

]]> By: Mike http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1745 Mike Sat, 24 Oct 2009 03:36:46 +0000 http://canadianfinanceblog.com/?p=1382#comment-1745 sco, you sound like you don't have kids. Kids are not a financial vehicle, they are a life choice, at least for me and my wife. We make choices around them that are not always the best financially, because we feel they are the best for our family's quality of life. For example, my wife is a stay at home mom, by choice. Sure, we'd have more money and more flexibility if we were both working, but we can't stand the idea of a daycare effectively raising our children for us. Not the best financial decision, but easily the best decision for us. sco, you sound like you don’t have kids.

Kids are not a financial vehicle, they are a life choice, at least for me and my wife. We make choices around them that are not always the best financially, because we feel they are the best for our family’s quality of life. For example, my wife is a stay at home mom, by choice. Sure, we’d have more money and more flexibility if we were both working, but we can’t stand the idea of a daycare effectively raising our children for us. Not the best financial decision, but easily the best decision for us.

]]> By: Vince http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1741 Vince Fri, 23 Oct 2009 20:40:13 +0000 http://canadianfinanceblog.com/?p=1382#comment-1741 It is useful, thanks! It is useful, thanks!

]]> By: sco http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1737 sco Fri, 23 Oct 2009 18:51:26 +0000 http://canadianfinanceblog.com/?p=1382#comment-1737 The cost presented is only a partial cost. It does not contain the cost of income lost (at least one parent usually stays at home at least one year) and the cost of education (even if the parents don't directly pay the tuition they are probably paying or contributing to other expenses for their over 18 years old children). Also not included is the cost of having to live in a larger house. Probably the minimal total cost is somewhere around $300k. However, that's just one aspect of the issue. Usually children are had when people are young in their 20s and 30s. From a money management perspective that is a very bad decision. If the money spent to raise a child would be invested at 8-10%, then the future value 20, 30 or 40 years later would be much higher. For example the future value of 18 15k payments at 10% is almost 700k. That is the real cost for one children: 700k in 18 years. So basically a couple could presumably retire after 18 years without any additional savings if they would not have a child. From a financial point of view, the best thing to do (if one still wants children despite all the negatives) is to delay that until after financial freedom is gained (probably till around 40). in this way, the couple could actually enjoy having and raising the children instead of having the government doing that for them. The cost presented is only a partial cost. It does not contain the cost of income lost (at least one parent usually stays at home at least one year) and the cost of education (even if the parents don’t directly pay the tuition they are probably paying or contributing to other expenses for their over 18 years old children).
Also not included is the cost of having to live in a larger house.
Probably the minimal total cost is somewhere around $300k.
However, that’s just one aspect of the issue. Usually children are had when people are young in their 20s and 30s. From a money management perspective that is a very bad decision. If the money spent to raise a child would be invested at 8-10%, then the future value 20, 30 or 40 years later would be much higher. For example the future value of 18 15k payments at 10% is almost 700k. That is the real cost for one children: 700k in 18 years. So basically a couple could presumably retire after 18 years without any additional savings if they would not have a child.
From a financial point of view, the best thing to do (if one still wants children despite all the negatives) is to delay that until after financial freedom is gained (probably till around 40). in this way, the couple could actually enjoy having and raising the children instead of having the government doing that for them.

]]> By: Prime – 0.25% for MDJ Readers and Weekend Links | Million Dollar Journey http://canadianfinanceblog.com/2009/10/13/how-much-does-raising-a-child-cost.htm/comment-page-1#comment-1723 Prime – 0.25% for MDJ Readers and Weekend Links | Million Dollar Journey Fri, 23 Oct 2009 10:30:36 +0000 http://canadianfinanceblog.com/?p=1382#comment-1723 [...] How Much Does Raising A Child Cost? @ Canadian Finance Blog [...] [...] How Much Does Raising A Child Cost? @ Canadian Finance Blog [...]

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