This past month an article was released by the Brookings Institution (and thus several news agencies) focusing on the cost to raise a child in 2020. They estimated that by the time that child finished high school at 17 years or age, you will have spent over 300000 dollars on them. That's a lot of money!
However, the topic of money and how much you spend on your kids is not as simple as this estimate suggests. This estimate would have you spending about 18000 a year on them. I know physicians that spend more than that on private schools alone.
When we look at the cost of raising our children, it is important to understand where our money goes and WHY we spend that money in the first place.
Listen in this week as I discuss my thoughts on the numbers above and how it applies very differently to physicians than it does to the general population.
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