And this is the cost not even including college.
In addition to all of the expenses of raising a child, adopting a child within the U.S. can cost anywhere from $15,000 to $40,000, and international adoptions can cost as much as $50,000, the Child Welfare Information Gateway, a dividion of the U.S. Department of Health and Human Services told usatoday.com.
“Everyone needs a plan, whether you have $100 million or $150 in your bank account,” Brown Brother Harriman’s Penta told usatoday.com. “Take a 50,000-foot view before you have these people in your life who have personalities and needs.”
The cost of children based on projected inflation is estimated to increase by an average of 2.2 percent per year.
Cintia Feliz contributed to this article.