How much does raising a child really cost?
Kids are expensive. In fact, raising a child to age 18 can cost between $200,000 and $350,000- and that doesn’t even include additional expenses like extracurricular activities and private schooling. From small expenses like school supplies to larger costs like college and sports, everything adds up quickly. In this episode of Couchside Conversations, Modearn™ Advisors Kevin Rex and Patrice Bening discuss ways to prepare for these expenses, mitigate some costs and protect your family’s financial future. Here are some key takeaways from their discussion: • Couples should discuss childcare early on and if one of them will stay home with the children, if there are local family members who would be willing to help, and if hiring a nanny makes sense for their situation. • Sharing resources like clothing and sporting equipment with family and friends can help mitigate some costs. Patrice says relying on her “village” and community was crucial to raising her children, as her friends helped with carpooling, rides, and hand-me-downs. • Even after your child turns 18, you may still support them financially in certain aspects. Especially in our modern economy, many kids move back in with their parents after college or ask for help when planning their wedding, buying a home, etc. • They stress the importance of life insurance and estate planning to protect your family’s future in case something happens to you or your partner/co-parent. • No matter how much you plan, there are always unexpected costs and challenges in raising children. Therefore, it is important to stay flexible, have a substantial savings/emergency account, and keep intentional and honest financial discourse going with your partner. TIMESTAMPS 0:00 intro 00:35 What expenses surprised you? 4:48 Having conversations with your children about discretionary spending 5:46 How expensive is it to raise a child to age 18? 7:58 How to best prepare for costs and unexpected events 9:10 Life insurance and estate planning 10:34 Relying on your village 12:49 This or That? SUBSCRIBE YouTube: / @modearnbymorton FOLLOW Instagram: / modearn_by_morton VISIT our website to learn more about us: https://www.mortonwealth.com ABOUT US Let us introduce ourselves! We are Modearn™, a platform that provides proactive and creative financial advice for the next generation of earners out there. Because the truth is, you shouldn’t have to wait until you’ve already accumulated your wealth to get solid financial advice. Besides, research has shown the younger you start to invest and plan for your future, the more successful you will be in the long run. That’s why we created Modearn™, an offering powered by Morton Wealth that will remind you of a concierge doctor, but with planning and advice sprinkled in throughout the year. We will be there when you need us. SCHEDULE an introductory call with a Modearn™ advisor: https://www.mortonwealth.com/services... #finance #personalfinance #financialplanning #family #parentingtips
