There may be no blessing on earth greater than a new child. Ask parents from all over, and they will tell you about how much they love their son or daughter and how important their children are to them.
It’s because of this love that parents put extraordinary effort into raising their children. Parenting is an incredible journey, with the ultimate goal to guide their children into people who will be resilient, successful and independent adults.
Becoming a new parent shifts your life’s perspective priorities. It changes commitments of time and money.
According to NerdWallet, the cost of raising a new baby can range from $21,000 to $52,000 in the first year.
As years go by, and as more and more needs arise, these costs will only grow. Food, clothing, healthcare, entertainment, and all sorts of expenses you might not even have considered at first will factor into your spending habits. To make matters worse, inflation continually makes the world a more and more expensive place.
Parents afford these expenses, they understand that paying these costs contribute to a greater calling, that of providing for their future. It’s this sense of duty that also ensures that they take sufficient time to consider what they will need in the future.
Many parents want to help their sons and daughters go to college or help set them up to be better prepared for the costs of their own lives. Unfortunately, as time goes by, this becomes harder and harder.
In the last 10 years, the cost of a college education grew 25 percent.
According to a report from CNBC, the average cost of an education from a private institution was $38,720, and an education from a public institution cost $16,460 during the 2008–2009 school year. Just last year, these yearly costs had grown to $48,510 and $21,370 respectively.
This gives some unsettling food for thought for new and expecting parents. While their more immediate thoughts are probably to focus on their baby’s current concerns, they probably also have their eyes on goals for the long term. Many parents are probably thinking of what they can do to set funds aside to grow for their children.
If a new parent bought gold in 2001, they would have seen it grow from around $285/oz. to over $1,500/oz. by the time their child started college last fall.
New parents (or grandparents) will often look for something they can bestow upon their children when they become adults, whether it be for education, to help buy a home or car, or just to pay for life’s expenses in general. When thinking of these things, always try to keep your mind open to possibilities that might help your children in the future—such as gold.
The post Preparing for the Costs of Tomorrow appeared first on U.S. Money Reserve.
