How to Have Kids and Still Retire on Time презентация

urban, Midwest setting will pay extra, per year, once they have a child.

Here’s What The Experts Say…

a four-year, in-state, public university will run $72,000
New grand-total = $358,000

Don’t Forget About College

is some form of gas guzzler: an SUV, minivan, or pick-up truck.
Apparently, the addition of a child adds $2,200 in transportation costs per year—probably a combination of a bigger car and more driving.

Major Expense #1: Transportation

as your only car before having a child. A Prius can very comfortably fit a family of four!
Live close to work to make this more practical. Commuting is ridiculously expensive!
Bike more as a family for short-term trips: it costs nothing, is environmentally healthy, a great family activity, and encourages a healthy lifestyle.

The KISS Solution to Transportation

(2,400 in a year) and that’s the only increase associated with having a child. With your 50 mpg hybrid and $4.00 gas, that’s roughly $200 per year.

One-Year Transportation Savings=$2,000

New Total Cost Over 22 Years=$334,000

*7% of cost shaved off so far

Overall Savings?

rural areas of some states, it can be as little as $3,500 per month. In urban centers in the Northeast, it can run as much as $19,000 per year.
The USDA lumps child care and education (private school tuition) into one, and over 18 years, the average family pays $3,800 per year.

Major Expense #2: Child Care/Education

the first couple of years.
If that’s not possible, move near grandparents or other family members (aka free babysitters).
Send your kids to the local public school. As a former teacher, I can tell you that parents are every bit—if not more—influential as the specific school your child attends in their future academic success

The KISS Solution to Child care/Education

the little ones, and send your child to the local public school.

One-Year Health Savings: $3,800

New Total Cost Over 22 Years: $266,000

*26% shaved off so far

Overall Savings?

university, the average cost for tuition, room and board currently runs $18,000 per year.
Over four years, that comes to $72,000.

Major Expense #3: College

have your child take care of their general education needs while attending community college, living at home, and working in their off time.

Then, transfer those credits to your in-state four-year institution, and have your child use the money they earned the previous two years on room and board.

The KISS Solution to College Costs

years, while tuition at the four-year university will be a total of $17,000 for the last two years.

Total College Savings: $49,000

New Total Cost Over 22 Years: $160,000

*39% shaved off so far

Overall Savings?

on taxes with an extra dependency exemption
There are also tax credits for child care, but we’ll look past that now.

Kiss those dinners out with expensive alcohol tabs good-bye.
The average married couple with kids under 6 spends $200 less per year at restaurants than they did before they had kids. Keep that habit up as time goes on!

But Wait, There’s More

your savings—including the tax break—would look like this:

One-Year Savings: $1,200

New Total Cost over 22 Years: $195,000

Overall Savings?

tons in both transportation and child care costs.
Send your kids to public schools.
In this case, we eliminated 46% of potential costs associated with having kids.
That being said, everyone’s situation is unique, and won’t necessarily mimic these numbers.

Key Takeaways

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