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No, It Doesn’t Cost $389,000 to Raise a Child
You’re just bad at math
As a former math major, I’m always shocked at how bad Americans are at math and context.
My most recent pet peeve is parroting the “it takes $389,000 to raise a child” myth.
That’s like believing a car costs $48,401.
You probably know people who spent more than that. And, you definitely know people who spent less.
Estimates are useful when looking at the big picture. They’re darn near useless when thinking about your life.
What matters is your specific situation, not the average situation of people nothing like you.
Maybe you will spend close to $400,000 on raising your kid, maybe not.
If you’re rich, boarding schools will cost way more than that.
If you’re frugal, or Asian (like my parents), you’ll spend a lot less.
Regardless of your situation, do your own thinking. Don’t just parrot someone else’s bad math.
