So as many my know my wife and I are expecting our first child (we want five, by the way). We were coming back from dinner and were talking about college, Latter-day Saint missions, cars, weddings, etc. We wanted to do the numbers and see exactly how much these kids would cost us and here is what we came up with:
NOTE: I did what I called the "WORST CASE SCENARIO", meaning this is what I would love to be able to provide for ALL my kids. So some may look at this and laugh, saying, "Wishful thinking!" Again, "WORST CASE SCENARIO" if I could provide everything they need when they "come of age."
A SINGLE HALL BOY
First Car - $2,000
Mission - $15,000 (two years + suits + passports + etc.)
College - $50,000 ($12,500/year for four years)
Wedding - $1,500
Total - $68,500
Now we included a "wedding fund" for a boy because we still have to buy stuff for The Groom's Dinner, tuxedos, etc. so we wanted to prepare ahead.
A SINGLE HALL GIRL
First Car - $2,000
Mission - $15,000 (If she decides to go on one : two years + dresses + passports + etc.)
College - $50,000 ($12,500/year for four years)
Wedding - $5,000 (Anything more she is paying!)
Total - $72,000
IF we had FIVE BOYS and NO GIRLS: $342,500
IF we had FIVE GIRLS and NO BOYS: $360,000
Let me say one thing: THESE KIDS ARE GOING TO BE SPOILED IF I CAN AFFORD THAT MUCH! THAT IS A DANG NICE HOUSE! THEY BETTER EARN IT!
Am I going to give handouts to my kids? Nope, not at all. They are going to work, help pay for their missions, cars, etc. Do I want to be able to help them out? I sure do.
WOW! $343k to $3460?!?! Wow! They better be worth it in the end! Well... I know they are. :D
And as my wife just said, "You'd better get a pretty dang good job." Well, I'm working on that as well. :D
