Cost to Raise Family Up 53% Since 1995; Net Worth Nearly Cut in Half: Strategic Ways Families Can Succeed

Families now spend an average of $222,360 to raise a child from birth to age 17—a 53% increase over the past fifteen years. (1) That’s one person working full-time nearly six years to cover the expenses of raising one child! During the global financial crisis and ensuing recession, median family net worth fell by over 38% from 2007-2010. For many, that’s nearly two decades of savings wiped out in just a few years! These troublesome trends are requiring most of us to rethink our jobs, opportunities, income—and of course, our expenses. But in spite of the rising costs to raise a child, the decline in families’ average net worth and the intense social pressures facing your kids these days, remember this: You still have the same 6,205 days to raise your child from birth to age 17.  How you choose to spend that time as a family makes all the difference in your child’s life. Whether you’re already enjoying activities together as a family—or whether you need to make time in your active schedule—time together develops trust, respect and unity over the years, which contributes enormously to your child’s well being. As a result, any financial limitations your family faces become less inhibiting to your child’s future success. The question is, will you be controlled by a busy schedule resulting from increased financial stress—giving up time with your family during these crucial years you have with them—or will you make it a priority  to spend time together with your children to help them grow in considering others, making good decisions, thinking ahead and becoming self-sufficient? No one has a...