Raising kids can cost a lot.
According to CBS News, like $230,000 a lot.
(Quick note: you can buy over 600,000 condoms for $230,000. Just saying. Weigh your options...)
Interestingly, a new study shows that of the different child age ranges (infant/toddler, elementary/high school, and adult), adult children cost American parents the most money.
Infant/toddler children are the least expensive, with elementary/high school kids costing a bit more, and adult children costing the most. The study revealed that children between 18 and 34 years old cost parents about $500 billion each year! That's twice as much as they contribute to their retirement investments.
"This could make sense to me if you were to treat your kids as an investment. So, if I put $100,000 that I would have put in my retirement into my kid so they can set themselves up to take care of me when I get old, then it makes sense. The reality, however, is that more and more parents assume that if they can set their kids up with a good quality of life, that they will be happier or more successful. But this is short term thinking. Unfortunately, we all have to be broke in order to learn to manage money. We all have to have our heart broken to find love. Failing is the most effective teacher in life lessons. You are better off being there to share your own failures with your adult children than your savings."
To hear more of Justin's take on the cost of raising kids through different periods of their lives and other parenting topics, you can check out all of his stuff at The Dad Podcast
Check out his latest episode with Dr. Jay Sutay as they talk about flu season, teen obesity, and Animal Cracker justice.