$350k for 1 child?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

$350k for 1 child?

Postby smurf » Thu Jun 17, 2010 10:37 pm

an article in a magazine suggested that it cost a parent $350k to raise a child. including university education. it even said that if a couple both working and earn total $10k a mth, would have to work for about 15 yrs in order to save such amount.
Do you agree?
Last edited by smurf on Thu Jun 17, 2010 11:08 pm, edited 1 time in total.

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Postby girlmum » Thu Jun 17, 2010 11:01 pm

$350K for 1 child. :!: :!: :!: Wah piang! Pok kai already! I have 2 kids.... $700k :!: :!: :!: :!: :!: :!: No more retail therapy/facial..... :cry:

$700k later not filial.. die die :stupid: :stupid:

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Postby autumn82 » Thu Jun 17, 2010 11:05 pm

I think if we gonna calculate their expenses since antenatal care... the amount would be more than 350k!! zzz :lol: :lol: :lol:

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Re: $350k for 1 child?

Postby tree nymph » Thu Jun 17, 2010 11:18 pm

smurf wrote:an article in a magazine suggested that it cost a parent $350k to raise a child. including university education. it even said that if a couple both working and earn total $10k a mth, would have to work for about 15 yrs in order to save such amount.
Do you agree?


i think quite true...

:cry: :cry: :cry:

no wonder money always not enough!!

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Re: $350k for 1 child?

Postby markfch » Fri Jun 18, 2010 12:26 am

smurf wrote:an article in a magazine suggested that it cost a parent $350k to raise a child. including university education. it even said that if a couple both working and earn total $10k a mth, would have to work for about 15 yrs in order to save such amount.
Do you agree?


Is that why my SIL refused to have kids? Is that why my other SIL refused to get married?

But having said that, I recently read this book called '100 Inspiring Rafflesians'. In it, I found out that quite a few of our trailblazers came from very poor families. These families definitely couldn't afford $35K per kid, let alone $350K. So we don't nec need to spend $350K for our kids to be successful. But being the kiasuparents that we are, I guess we won't mind spending this amt if we can afford it.
Last edited by markfch on Fri Jun 18, 2010 12:35 am, edited 2 times in total.
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Re: $350k for 1 child?

Postby ChiefKiasu » Fri Jun 18, 2010 12:26 am

smurf wrote:an article in a magazine suggested that it cost a parent $350k to raise a child. including university education. it even said that if a couple both working and earn total $10k a mth, would have to work for about 15 yrs in order to save such amount.
Do you agree?


Actually, I think $350K is a gross underestimate.

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Re: $350k for 1 child?

Postby MOE Hater » Fri Jun 18, 2010 8:11 am

ChiefKiasu wrote:
smurf wrote:an article in a magazine suggested that it cost a parent $350k to raise a child. including university education. it even said that if a couple both working and earn total $10k a mth, would have to work for about 15 yrs in order to save such amount.
Do you agree?


Actually, I think $350K is a gross underestimate.


Agree.
There are lot of implications here
1. Its 350K when - as of when the child is 21 years or when the child is born? if it is 21 years later then surely it is an underestimate.

2. Are these the just the expenses- like do you include child care /maid, so if the mum stays home and looks after is a monetary value put to it too? If the parents teach instead of sending to tutions/enrichment - is that added too.

This corporate way of monetizing every thing often doesnt represent reality. :roll:
Like- some would be paid to put in their to give advice on some isues.
At KSP we get it for free. The catch is no gaurentees here.
Aiyo, going OT here

And yes- kids are worth a million bucks , so there :P
And dont forget to plan retirement :(

From,
this idiot's mom
Last edited by MOE Hater on Mon Jun 21, 2010 7:53 am, edited 1 time in total.

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Re: $350k for 1 child?

Postby dolphinsiah » Fri Jun 18, 2010 8:39 am

smurf wrote:an article in a magazine suggested that it cost a parent $350k to raise a child. including university education. it even said that if a couple both working and earn total $10k a mth, would have to work for about 15 yrs in order to save such amount.
Do you agree?


Yes...I totally agree...I have 2 kids ....which I always said I have 2 -4 rm HDB to support...
:?:

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Postby smurf » Fri Jun 18, 2010 8:40 am

I think the amount is a reasonable amount starting from when a child is born. until the child reached 21 yo or after he/she completed UNI education?? :?

350k would include maternity fee, medical fee, school fee, food, toys, enrichment, etc.

these would be in reasonable amount I guess?? meaning, the enrichment or school should be ok kind, not excessively cheap or super expensive kind, toys should be reasonable quantity??

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Re: $350k for 1 child?

Postby hquek » Fri Jun 18, 2010 9:06 am

dolphinsiah wrote:
smurf wrote:an article in a magazine suggested that it cost a parent $350k to raise a child. including university education. it even said that if a couple both working and earn total $10k a mth, would have to work for about 15 yrs in order to save such amount.
Do you agree?


Yes...I totally agree...I have 2 kids ....which I always said I have 2 -4 rm HDB to support...
:?:


Sorrie, nowadays 350K cannot buy 4 room flat - in some cases not even those 30 yr old ones. :!:

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