You are going to spend a lot of money on your kids. All of us parents do.
But 99.9% of parents spend 99.9% of it UNWISELY.
First of all, they spend it at the END of their kids' childhoods, i.e. college tuition, when it's not possible to drastically change their life trajectories.
Recently I was talking to a lawyer, a father of 4 young children....
I reminded him that he was on the hook for 4 college tuitions in about 15 years and the bill for them would total $1.2 million.
And that would represent $1.2 million of net income. He and his wife (though she wasn't working, yet) would have to generate $2 million of gross income just to buy those antiquated if not totally useless pieces of paper (college diplomas).
Not only was the best time to plant a tree 20 years ago...
It was also a much better time to buy stocks, bonds, real estate....artwork, precious metals, web domains, etc.
By no means am I saying that TODAY one should invest in stocks, bonds, real estate....artwork, precious metals, web domains, etc. - not unless prices drop precipitously.
I just want to steer you away from investing in the the missed opportunities of the past.
There was a time when collecting, saving, and preserving baseball cards was a savvy thing to do. Of course, once everyone realized how valuable the cards had become....a whole mess of people started accumulating and preserving them in plastic. So many people started that the gig was over.
The cards I accumulated way back in 1990 are actually worth significantly less today then they were 27 years ago!
College has always been expensive. But now it's priced at gouging levels because demand has exploded as everyone has become convinced that it's an automatic and mandatory path to prosperity.
Did you know that colleges are the only "businesses" that can legally charge customers (you) more based solely on how much money you have?
Imagine you went to a restaurant and they said they were going to charge you triple the normal price for your meal....simply because you drove up in a BMW or were wearing nice clothes.
This is called PRICE DISCRIMINATION, a well-understood economic tactic to maximize profits. Of course, I cover it in my videos.
If you have an able-bodied parent who is "at-home", the student loan companies will force them to get a Job. I know one such mother who had to get a job bagging groceries so that she could qualify for a student loan (for her kid to just about flunk out of UMass, too).
If you have built up any home equity....they will even force you to extract it to help pay for college!