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So the general rule of thumb is a kid costs ~$250k to raise, but it typically does not include hidden costs such as surprise medical bills, legal bills (teenagers are dumb ), etc.
The true cost of having a kid should also include moving to a nice, safe suburb with good schools, which inevitably results in higher mortgage payments. Don't forget about daycare, summer camp, sports equipment, family vacations, and a ton of other expenses. And of course there's the ever rising costs of college/university.
From a financial point of view, anyone regret having kids?
So the general rule of thumb is a kid costs ~$250k to raise, but it typically does not include hidden costs such as surprise medical bills, legal bills (teenagers are dumb ), etc.
The true cost of having a kid should also include moving to a nice, safe suburb with good schools, which inevitably results in higher mortgage payments. Don't forget about summer camp, sports equipment, and family vacations. And of course there's the ever rising costs of college/university.
From a financial point of view, anyone regret having kids?
Would my bank account be fatter if I didn't have kids? Probably. Do I regret one penny I spent on raising them? No.
I don't regret having kids but if you look at it purely as an expense, it's HUUUUUUUUUUUUUGE!
The biggest expense for many couples is foregone income, e.g. if your wife was making $60K per year and she becomes a SAHM after you have kids and she never returns to work full time, that cost could be well over $1M.
The second biggie is the balloon payment due at age 18 called college.
No regret here. Kids are a drain on finances, but in some ways, they are why we strive harder to have more money and have nicer things. We probably would not have visited or lived many of the places and done the things we've done without kids. They've enriched us. We might have just settled otherwise.
The true cost of having a kid should also include moving to a nice, safe suburb with good schools, which inevitably results in higher mortgage payments. Don't forget about daycare, summer camp, sports equipment, family vacations, and a ton of other expenses. And of course there's the ever rising costs of college/university.
None of the things you list here are requirements. They are choices, all of which can be done cheaply if not completely cut out. If these costs are causing you to regret having kids then I would reassess the spending first.
Porsche, vacation in Fiji, four-star lunches, "dress to impress" wardrobe and other irrelevant consumer status builders - $250,000
Our daughter - the smart, exuberant, kind, loving center of our family universe - priceless
Yep. We have several friends who are childfree and they spent their money on things other than kids. It's not like all childfree people save that $250,000. Some may, but from my experience they just spend it in different ways.
So the general rule of thumb is a kid costs ~$250k to raise, but it typically does not include hidden costs such as surprise medical bills, legal bills (teenagers are dumb ), etc.
The true cost of having a kid should also include moving to a nice, safe suburb with good schools, which inevitably results in higher mortgage payments. Don't forget about daycare, summer camp, sports equipment, family vacations, and a ton of other expenses. And of course there's the ever rising costs of college/university.
From a financial point of view, anyone regret having kids?
The bolded section is true. I was thinking about the "cost of kids" the other day and I came to the conclusion that try as we might to put a price tag on them ($250k, etc) you really can't get an accurate figure because, for most parents, having children affects every single aspect of your life. Every decision becomes about the collective family. Being a parent becomes a huge part of who you are.
Every dollar we earn, spend or save is affected by decisions we make as a family. Career choices, housing choices, where we vacation, where we shop, what we eat. All inextricably linked to our being a family.
Generally speaking, someone who structures their life around their passion is not likely to regret the money they spent in pursuit of that passion. For example, someone who loves to travel, and spends a great deal of time and money traveling: they might choose a career conducive to travel, and a home accessible to an airport. They also might spending money on travel books, language classes, different cuisine than usual, in preparation for their travels. Their socializing may be travel-interest based. They may also spend more on travel insurance. If any "equipment" is needed, they won't hesitate to buy what they need. They won't have a lot to show for it, but they will have lived in pursuit of their passion.
What I'm trying to say is that it's not a simple mathematical formula.
There are several childless couples in my neighborhood that have dogs. These dogs become surrogate kids and the couples spend (what I judge to be) a tremendous amount of time and expense on them. In one situation the woman can't have children due to (non-reproductive) medical issues... she's the probably the most dedicated dog (there are 3 of them) owner I've ever seen. It's sad actually, she and her husband talk about kids frequently on facebook groups and it's rather clear that they would have picked a different course of events if it had been possible.
For many people having a child is the supreme goal or accomplishment in life. If there was anything to spend a fortune on, it's giving that process it's full weight in finance as it has in personal value.
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), etc. 
