Sunday, March 04, 2007

The Million-Dollar Kid

An article from the WSJ about how much wealthy families are spending on their kids:
With the debate about the country's wealth gap heating up again, pampered kids provide some of the most dramatic examples, from toddlers in $800 strollers to 10-year-olds with cellphones. But for many families, drawing the line between attentive parenting and extravagance is a tough call; even parents who are relatively strapped will go to great lengths for their children. And though millions can't afford the government's child-cost estimate, there is no question that many others are spending far more without viewing it as extreme.
The Million-Dollar Kid
Government figures put the total cost of raising a child at $279,000, but some increasingly common expenses can send the number soaring over $1 million. Where you fall on the kid-spending spectrum.
March 3, 2007; Page P1

The government says families in the top-third income bracket will spend $279,450 to raise a child born in 2005 through age 17 -- or about $16,000 a year. The government clearly hasn't been to some kids' birthday parties lately.

 Subscribe in a reader