How Many Years will You have to Work
According to US Government Census data, the median household income in the United States if around $57,000 annually. That means every penny earned for 4 years must go towards raising 1 child. And what if you have 2 or 3?
If it takes 18 years to “raise a child” (yes, we know it can take far longer than that, don’t we?) and you have 3 children, you will be working for 12 years just to raise them. That gives you 6 years to take care of everything else…retirement, emergencies, house, car and so on.
That’s a bit daunting, isn’t it?
And what if you don’t fall in the that “median,” which most people don’t. The majority of households are below that, even far below that.
Where there is a Will, there is a Way
When I considered adopting my twins a few years back, the cost alone was the biggest deterrent. Adoption became an option when they were 14 years old.
All I could think about was the cost of teenage boy’s driving. Cars, insurance, INSURANCE!
In the end, my heart won and I just determined I would figure it out. And I have.
They are now on the cusp of 20. They have helped pay their phone bills, their insurance bills, their car usage and maintenance costs.
One of them totaled a car, and one of them bought a “new to him” car that died pretty quickly. But we have worked it out.
It wasn’t always easy. And there were certainly arguments, and “phone blackouts” to prove a point, but they are both well educated on money and debt.
Sea Cadet will finish his EMT program at the local community college debt free. And as of yet, has not gotten a credit car; although, he is an authorized user on my single card for emergencies.
Don’t let the numbers scare you. And don’t be afraid to think outside the box. That’s kind of the point of this site, isn’t it?!
There are plenty of ways to cut back. Bartering has made a HUGE difference in our lives. We have barted for activity fees. Don’t be afraid to ask for a discount.
I always tell my kids, the worst someone can say is “No.” So what? Just ask. You may get what you want. And even if you don’t, you won’t be left wondering “what if?”
I’m looking forward to sharing more way that we have made it work. That we have cut back on the “expense of raising a child.”