Forbes Magazine recently highlighted some shocking numbers. According to the USDA,
A child born in 2012 will cost his parents $241,080 in 2012 dollars, on average [in the first 17 years of life]… And children of higher-earning families drain the bank account more: Families earning more than $105,000 annually can expect to spend $399,780 per child.
That works out to about $14,000 a year on the low end. Now that, as author Laura Shin points out, is a big investment—especially when kids used to be contributors to the household economy, not drains on it. Today, NYU professor Dalton Conley calls on research from colleague Viviana Zelizer who says “kids are emotionally priceless and economically worthless.” And yet, “We think of them as our most important life project.”
In a hard economy in a country with high inequality, parental investment in children is truly important, Conley goes on. “We know… that investments at home in time, energy and from birth and before are what actually develop kids that are successful in terms of this knowledge economy.” And those successful kids will get into better schools, have better jobs, and maybe even be able to support their parents into old age. But how do can parents get the best return on this investment?
That question, Shin writes, is at least partially answered with Conley’s new book Parentology: Everything You Wanted to Know about the Science of Raising Children But Were Too Exhausted to Ask. Along with Conley, she goes on to boil down the how-to for investing in your child to ten easy (well, depending on means, time, and commitment) steps. Be sure to click on over for all the good stuff on number, timing, names, parental work decisions, public v. private school, bribes, ADD, and whether to “stay together for the kids.” In the meantime, Shin concludes, “The most important guideline is to make your actions speak louder than you words.” Parenting the Warren Buffett way!
*Edited to better contextualize the USDA’s numbers and why parents’ investment might have an ROI at all (someone’s got to foot the bill for all those Golden Years we’ve heard so much about… particularly if we blew all our cash on soccer lessons). Another reader points out that it’s worth looking at all the sociology on how to maximize returns by minimizing investment (that is, not having children at all).