Is It Worth Having Kids | Financially
I come from a 3rd world country, where people that broke have 10 kids and raise them healthy and fine, and each genation does better and better, usually. But here in america some articles on the internet say, that just in the first year, you’ll spend 20-50k and over the lifetime it’ll be like 200k.
Just use common sense and ask yourself, how many people do you know that had a baby and don’t even have $10,000 stashed. So in this video, we’ll run the numbers and run too, because this is a subject that I’m interested in.
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Fun Fact:
New Parents are labeled as Price incentives buyers by retailers.
Because if you are super exited about your first baby, you go crazy and buy everything you see at target without looking at the prices and using common sense
Buying a pair of shoes for $20 for the next 3 hours that it’ll take for them to outgrow it and they can’t even walk, is so stupid.
Not just that:
But anythign that sounds like a safety things and a most have and the best, you sually want it
But it doesn’t mean its necessary
Big Dollar Expenses (average compared to my Life)
Giving birth is usually covered by insurance if you don’t have insurance.
A lot of states make it easier for pregnant women to get insurance.
But having a baby and having no insurance is risky business obviously.
Ongoing Cost like:
Pediatrician Covered
Ongoing Expenses
First: Breast Feed or Formula ( life or Death )
Breastfeeding is cheaper and you can buy a pump $500 or one for $21 on amazon
And if you opt for formula you can expect to spend about $150 a month on it or moreeee
But if you cant afford it then just breast feed ( that what my mom did )
Second:
bassinet, bottles, clothes, and a carrier
there are extremes to all these things, and there is also a really good used market for all things too ( because baby are only babies for such a short while )
so a lot of these you could buy used and wash ( not so popular to say but true )
tip: Don’t spent $400 on a baby carrier, or $80 on glass bottles, don’t be an idiot
Third: Optional:
Child Care
Life Insurance
What happens after Year 3 when the baby isnt really on that milk stuff any more
The truth is, the light bill wont change that much
Neither will the water bill
And when you buy food, you just buy a little more
The problem is:
A lot of people shop like dummies, they don’t know how to cook meals and how to plan them
They just buy brand made cereal and a bunch of sugar
And a lot of people think that just because it says organic, and its expensive that its good
My advice:
Watch videos on YouTube, and learn about meal planning for a family
Overall the life of the kids it’ll cost some money but its nowhere near what people are saying on the internet
Ps. Use common sense, don’t have 10 kids, if you area already broke and struggling, but don’t think that because you don’t have a bunch of money you cant have a family
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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