The baby on board is now my #1 obstacle to retiring before 40. I found a baby calculator online and it said the baby will cost $355,906 to raise including college. Seriously? Are you kidding me???? That’s a whole heck of a lot of dough.
I’m not putting much stock in this crazy number though. Why does a kid have to cost so much? We are going to stay put at our 1,000 sq ft, 2 bedroom condo in the city. The kid will just have to deal with it. My family of 5 had one bedroom when I was in grade school and I turned out all right. 😉 We don’t need a 2,500 sq foot house. There is a park right downstairs, playgrounds around the neighborhood, and other children in the building. What else does a kid need?
Anyway, the kid is screwing up my retirement calculation and I don’t really know how to incorporate the baby into the formula. I’m open to suggestions so send me some ideas. I’ll have to add a baby category in my money flowchart. I still have 3 years though, so I can see firsthand how much the baby will really cost and adjust my plan accordingly. I am 100% sure we can raise a good kid without having to spend so much money. Brandon, my college buddy with two little girls, said there is no way I can retire by 40. Is that true? I’ll post my goals and progress this month and you can help judge my prospect.
Parents, are kids preventing you from retiring? How much do the little ankle biters really cost?
Bonus: gratuitous penis on the internet shot below..
Woohoo!!! I’m going to be a dad in 3 months!! I can’t wait.
For 2018, Joe plans to diversify his passive income by investing in US heartland real estate through RealtyShares. He has 3 rental units in Portland and he believes the local market is getting overpriced.
Joe highly recommends Personal Capital for DIY investors. He logs on to Personal Capital almost daily to check his cash flow and net worth. They have many useful tools that will help every investor analyze their portfolio and plan for retirement.