How much does it cost to raise a kid? Well, according to the USDA it’s $233,610 USD through age 17. And this doesn’t even include college costs! That study was done back in 2015, so when you adjust it for inflation, that figure suddenly balloons to $310,768.71!
That number scared the crap out of me almost as much as my childhood trauma and made me swear off having kids for nearly a decade. But knowing that a significant chunk of that cost is childcare, which you no longer need to pay if you’re FI, made me realize the financial advantage of waiting to have kids when you no longer need a job. Which is probably why when I asked other FIRE bloggers about their child rearing costs they didn’t think it was nearly as bad as the USDA number predicted.
Speculating and doing are two different things though, and now that Little MatchStick has turned 1, I have a full year of child rearing expenses
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