Here’s How Much it Costs to Raise a Child

Couples consider many things when deciding to start a family, but the financial burden of raising a child is not always first on the list. I often hear from clients who are soon to be parents, “We’ll figure it out!” This could be a good strategy in deciding which spouse will handle the 2am feedings, but not the smartest approach to being financially prepared. According to the U.S. Department of Agriculture it costs a whopping $233,610 to raise a child in the United States (birth to 17 years old), and this doesn’t include college education! On average we see the cost of a child around $15,000 per year. Here are a few important questions to ask as you and your spouse plan for the arrival of your little one: How much are healthcare costs for having a baby? How much will childcare cost? How much should we be saving for future college costs? How much are healthcare costs for having ...

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Could E-Sports Earn Your Child A Scholarship?

There has probably been an afternoon or evening where your child was playing Fortnite with their friends and you could hear screams and yells, thinking to yourself, “what in the heck is going on in there?” You’ve probably had to yell once or twice before dinner or bedtime to get off the gaming system, and it’s likely you’ve had a family discussion about how to stop your child from playing the gaming system as much as they do today. WAIT! Maybe it’s time to switch gears and start thinking about how this could provide a FREE RIDE for your child to college! 30 million dollars.  That was the prize money for the Fortnite World Cup that took place at Arthur Ashe Stadium in New York last weekend.   And yes, the stadium they chose to host the finale was actually larger seating-capacity wise than Madison Square Garden.  E-Sports is now a $900 million-dollar industry with nearly 400 million viewers worldwide.   Gamers ...

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Why You WILL tell your child YES

Like many parents, I recently experienced the sadness and euphoria of sending our first child off to college.   As much as you can prepare yourself for that moment, it’s an incredibly bittersweet moment as you pull away from campus and see your child really start to begin life on their own.    These are the beginning moments where they make more decision on their own, handle their day to day affairs, and begin to take over the basic management of their finances. I’ve always considered myself to be a parent who would tell my child like is really is without any of the sugar coating.   It wasn’t long before my children realized my feelings on things including why participation trophies make no sense, why your chores in the house don’t deserve allowance, and that soon they will be responsible for their own financial future.  I am in the financial planning business, so you can imagine that money is a top of ...

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You Only Love Your Child One Quarter Of A Page?

When I came home on Friday, my daughter proudly handed me the new edition of the school yearbook. The new yearbooks are more bright, colorful, and insightful than my Hightstown High School 1987 edition where we barely got in photos of all of the varsity sports teams. Like most yearbooks, photos were displayed of the different classes from seniors to freshmen. Sections showed photos of energetic students displaying school spirit and pictures of the best dressed to the class clown. After all of the normal content, I stumbled on to the next section where parents wrote heartfelt notes to their children along with pictures of the students with their family or even growing up as a baby. What mystified me initially about this section is that some of the graduation notes were on a full blown page while others seem to be shrunk down to one-third or one-quarter of a page. I naively asked my daughter how the school went ...

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