By Joe Palumbo III
However, these figures can be misleading to families because the survey ends at age 17. Anyone who has children in this income bracket will attest to the fact that a whole new world of expenses begins at that age. Countless college students are supported in part or full by their parents. That averages out to another $20,000 to $150,000 for a four-year education. Further, the study does not take into account certain unforeseen expenses, like medical bills. Finally, when one parent stays home to care for and raise their children, or takes a lesser paying job to be close to home, that is money out of our pockets and a cost attributed to raising our children.Here are some helpful tips. If you have been paying your mortgage for some time and aren't looking to move, consider refinancing your home at a better rate. The interest on debt of up to $100,000 secured by equity in your home is tax deductible; it doesn't matter what you use the money for. Also, challenge that ugly property tax bill if it seems a bit high. Estimates conclude that as many as half of American homeowners pay more in property taxes than they actually have to.So how's business with regard to the costs of raising children today? With my wife and I expecting the arrival of our own little Joe Palumbo IV any day now, I can personally sympathize with as to how much money our little slugger will cost over his lifetime. Of course, the first time I hold him in my arms will be one of the greatest moments God has blessed me with. Children are absolutely priceless, but raising them in today's financial climate is probably the most expensive thing we will ever have to do. But in the end we all know it is the best money spent.Joseph J. Palumbo III is a managing partner for the Palco Group. The Palco Group deals in asset management, real estate, sales training and business consultation. Palumbo can be reached at 718-461-8317, or at palcogroup@aol.com.
