First Child - Planning for Future

[Scottyboy]

$55,555 per year per child until they are 18 seems a touch high!

That’s 1million divided by 18 years.

If it costs you $4629 per month to raise a child until the age of 18, it sounds like you guys had one hell of a good time!

Try having twins

 

[dtrkyman]

I have no kids, however my sisters and i often talk about all the crap we got over the years, if we would have only got half of it and the rest was even just put in a checking account that would have been a nice head start on a retirement!

The fact you are pre planning is a huge win!

 

[simplepeddler]

Love them unconditionally. If they come home in love with a frog, love the frog.
Give them money conditionally.
Don't fall into the trap that society has set that in order to "love" someone, you have to buy them a ton of crap and/or pay for everything for them.

My love for my children always came without conditions.

My money? Yes, it has conditions.

 

[74Bronco]

Just made our first withdrawl from the 529 plan we started 18 1/2 years ago. Sure was nice. And super easy.
Depends on what you think of sports, but I would put them in gymnastics as soon as you can, and swimming. Boy or girl.
I would do one team sport and one individual sport. Even if its just through grade or middle school. Both can be replaced with academic or musical interests, but I would try for one individual and one team orientated. A lot of the parent BS disapears in individual accomplishments. And the kid knows its all on their shoulders.
Let them fail. quote I heard once that seems appropriate,
"Too many parents want to prepare the road of life for their children rather than preparing their children for the road of life." Rod Zeeb Beeting the Midas Curse

Good luck, its a hell of a ride. And you will be pulling out of that 529 way to soon. And telling your kid not to give up on his major due to 1 class. smh

 

[loadsandlattes]

Try having twins

LoL. Can confirm, twins are expensive. I've got 15 month old twin daughters, but instead of going the daycare route we hired a nanny. She comes M-F and works around ~30 hours/week. She costs us about $2K a month, which is honestly probably a steal with all things considered. It's nice not having to drop them off and pick them up everyday.

 

[Blacktocomm]

We just had our first kid a year ago - and with my entire year of parenting experience I consider myself a pro.

We had our kid "older" (in my 30's) and it has highlighted to me how I want to be in good shape for my kid. For all the hiking with him in a backpack and runs in the running stroller and there is so much picking up and carrying and bending in odd positions.

It has helped me to get back in shape so I can be more active with him and less worn out by the end of the day.

 

[texasaggie09]

We have 529 accounts for both our children and have since they were born (5 and 8 now). We don’t contribute a ton but we do contribute monthly and it does grow slowly but surely.

 

[Rich M]

Yes - at a younger age, a term $500K or $1 mil policy will be dirt cheap. And you can lock in the rate for 20-30 years. It won't replace you but will sure as anything help wife and family get their feet under them.

For the kids - everyone wants to save em from destitution. Teach them by example how to respect others, work hard, save, invest, and plan for their own future. That will be a better gift than giving them $1 million for them to squander away if they lack fiscal responsibility.