Not only will your kids not tell you this (obviously, the title is sarcastic, they’re too young to know), your local church will not tell you, either. Sitting in church hearing pastors tell their congregation to keep popping out kids, with no regard to the financial ramifications, is pretty irresponsible, in my opinion.
A couple excerpts:
Couples thinking about starting a family might want to boost their saving goals. The cost of raising a child from birth to age 17 is higher than the price of the average American home: Middle-income parents spend over $241,000 to raise a child, according to a study released last month by the U.S. Department of Agriculture’s Center for Nutrition Policy and Promotion. The median price of a home, in contrast, currently stands at $203,500. And statistics show that, unsurprisingly, the more a family earns, the more they spend on their kids.
People who have kids experience more depression than child-free adults, according to a 2005 report by researchers at Vanderbilt University and Florida State University. Using data collected by the University of Wisconsin’s National Survey of Families and Households, the study concluded that parenthood isn’t associated with enhanced mental health. In fact, the happiest people are likely to be married, earn between $50,000 and $70,000 and have no kids, according to a separate analysis of decades of economic and psychological research by Daniel Gilbert, a professor of psychology at Harvard University. “When it comes to parenting and mental health,” says Isabel Sawhill, senior fellow at the Brookings Institution, a nonprofit think tank in Washington, D.C. “It’s a bit of a mixed picture.”