michl_baumi I am mistaken. It is more like $2 million if you had a child in 2024.
Including interest for all payments, the total cost of raising a child would significantly increase the final figure. We can assume the money spent on raising a child could be invested or saved, and use the compound interest formula to estimate the potential value lost over time.
Here's how we could break it down:
1. Cost of Raising a Child (No College)
  Average cost: $310,000 over 18 years.
 Assuming you could invest this money gradually at an average interest rate of 5%, the future value of these costs after 18 years would be much higher.
Let’s calculate the future value of spending $310,000 over 18 years at a 5% interest rate.
2. Private School
  Let's assume the cost of private school averages $15,000 per year for 12 years (elementary through high school).
 Total private school costs = $180,000.
 The same interest calculation applies.
3. College Costs
  Assuming college costs $224,760 over 4 years, and that you could invest this money before it is spent, this also compounds at a 5% interest rate.
I'll calculate these three components with interest for you.
Including a 5% average interest rate compounded monthly, the total future value of the costs associated with raising a child over 18 years would be approximately:
  General child-rearing costs: $761,052.61
  Private school costs: $441,901.52
  College costs: $551,787.69
The total future value, accounting for interest, would be approximately $1,754,741.82. This represents the opportunity cost of not investing the money spent on raising a child, private school, and college over 18 years. ​
That doesn't include toys, trips, birthdays, school excursions, movies, amusement parks. Should I continue?
 
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