When I was a kid, my mother would say "Go outside and throw a ball around". Now days, kids have so many activities. When did kids get so busy? As an example, my son is in Karate, Greek School, Chess Club, Drama Club and if he had his way, he would be in Cub Scouts and Basketball. Of course, someone has to take them to all these activities. Time issues aside all of these activities cost money. My parents spent less than $20 on that ball and glove; and the tree I used to throw the ball at, was Free.
When we first started Karate, I thought my son would phase out of it. But after 2 ½ years, I realized that my son was fully hooked on the activity and we were in it for the long haul. So it got me to thinking about the cost. See unlike traditional seasonal sports that last 8-10 weeks, Karate is year round. That means a monthly fee. Of course every time they get to the end of a cycle (8-10 weeks), they have a graduation to move up in belt rank; and of course there is a fee. Once you move past the basic course, you start sparing; and of course you have to buy the protective gear. And then it is recommended that you attend some tournaments to compete against other schools and other styles; and guess what, you have to pay to be in the tournament.
I've learned that the average time it takes to achieve a Black Belt rank is 7 years (we won't talk about the fact that it does not end at Black Belt). After doing some calculations, I've come to the realization that it will cost my son about $14,000 to get to Black Belt status.
The SmartMoneyMoves lesson I learned was not to assume that my son would get bored with the activity after a few months. How much do your kids activities cost?
Written by: Van Pappas CFP®
Vice President and Private CFO™, oXYGen Financial, Inc.
Request a FREE consultation: www.oxygenfinancial.net
If you would like to receive more information on making smart money moves for your future, be sure to contact us today!
Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS. NFPAS does not provide tax or legal advice. This site is published for residents of the United States only. Registered Representatives and Investment Advisor Representatives of NFP Advisor Services, LLC (NFPAS) may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact NFPAS Compliance Department at 512-697-6000. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. NFP Advisor Services, LLC makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is NFP Advisor Services, LLC liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.
