At what age do kids get expensive?
 

I have an 11 month old son and I'm doing some financial planning. Just some insight from some experienced parents.

Private school or pubic school?

How expensive depends on how you teach your children. Teaching them to use what they have wisely (money, clothes, toys) early on prevents them from being a big financial drain later on. For starters, don't buy them too many toys. The teenage years get real expensive (from middle-school on) since he'll probably need new clothes every year due to growth. That, plus a growing appetite. Oh, and then college is a big hit (needless to say).

The day after conception.

Somewhere between 25 and thirty years old when they begin make some serious bad decisions like drug addiction, commiting crimes and going to jail. Making bad financial decisions and thru the mess they won't listen to reason. And....there you are haveing to bail their stupid behinds out. Trust me it can be expensive. :rolleyes:

+1

Private School from Pre-School to High School. I've placed 10K in his college fund which I'm investing in some aggressive stocks over the next 17 years.

I've got that covered especially in the dangerous years from 13-16 where the influence of friends and trends can get out of hand.

He'll have two choices on his future transportation options. One will be a super cool muscle car that we will work on together weekends and the other will be the uglyest car I can find at the time. If he is a good kid he will be getting the nice car for his 16th birthday...If he is a slacker he will get the dented up POS with the 8-track player with a hanger for an antenna.

That should take care of that...Or at least I hope. Really its a win-win for me...If he is good and deserves the muscle car I'm happy. If he turns out to be a slacker I get the muscle car and a nice fat college fund for my later years.

How bad can that be?

We're at about 18K per kid from K to 6th grade and 22K from 7th through 12th. Yup, it's expensive, but you're setting them up for the highest probability for success. It's worth it to us.

You forgot something, when he is 18 and goes to college. He needs a BMW X3 of about $40K. Now thats expensive. :doh:

Anyway, kids get real expensive as soon as they start middle school. Because in elementary school, they tend to follow your rules nicely. But as soon as they go to middle school, things will get kind of out of hand of what they demand based on what their friends have. For example, I bought 2 iPods and 2 Cellphones in 6 months ($1K total) because the last one dated as my daugter said.