Legal Disclosure: Tony Robbins is the Chief of Investor Psychology at Creative Planning, Inc., an SEC Registered Investment Advisor (RIA) with wealth managers serving all 50 states. Mr. Robbins receives compensation for serving in this capacity based on increased business derived by Creative Planning from his services. Accordingly, Mr. Robbins has a financial incentive to refer investors to Creative Planning.
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Get instant accessHaving a baby is a huge life change. Your priorities, your perspective, and your path shift in wonderful, and often unexpected ways. And while we do our best to prepare ourselves for the transition into parenthood, it is easy to underestimate the true costs of having children.
According to the U.S. Department of Agriculture, to raise a child born in 2013 to the age of 18, it will cost a middle-income couple just over $245,000. That’s up $4,260 or almost 2% from the year before.
The estimate, released in the USDA’s annual report, Expenditures on Children by Families, is based on expenses related to housing, food, transportation, clothing, health care, education, child care, personal care items and entertainment, yet does not include any birth-related costs, opportunity costs, or big-ticket items like the cost of college.
