The rising cost of raising a child
The Wall Street Journal ran an article earlier this month entitled “The Million Dollar Kid“. It details the extra costs associated with raising a child today, including not only more expensive preschools but also supplemental classes to develop the well-rounded child. While I cannot identify with the profiled parents’ $1k birthday parties or $16K trips to Belize, I do see the need and advantage that comes with extra educational opportunities. When one examines the benefits of extracurricular activities to a child’s future, it’s hard to resist paying $600/semester for private violin lessons (although, for now, we do), especially when early aptitude in music could lead to a hefty scholarship down the line.
I sit here looking at the debt load I’m about to incur during law school and wonder how we’ll ever be able to help Pumpkinhead with college costs (if we actually do). My parents told me I was on my own at 18 and that I’d appreciate it more if I did it alone. As a result, I was ineligible for subsidized aid because schools consider your parents income whether they are willing to help or not. In terms of planning for Pumpkinhead’s future, we are doing a few things. We opened a 529 account for him shortly after he was born and contribute the minimum monthly $50 faithfully (hey, it’s something!). We also chose to move away from our hip, fun urban life in Washington, DC to a state with fantastic public universities and a town with a high-ranked public school system (and we have outrageous property taxes to show for it!) Hopefully college costs will stop rising at such an insane pace and society will recognize that kids need to be kids, not just over-scheduled stress cases fighting tooth and nail for success and opportunities.
