Actually, I don't use statistics of this nature because they are so general that they aren't applicable to most people. In fact, I read an article just last week suggesting that the number is more than twice what is usually accepted (around one million dollars). The reason is that one major factor is left out - forgone earnings. Let's face it, if I didn't have children, I would be more inclined to work longer hours and my wife probably would have chosen a career path rather than be a "worker bee" as she calls it. Over our working years and factoring in interest, that would amount to over one million dollars.

Some of the factors used to develop this number are expenses associated with childbirth, housing, food, clothing, gifts, vacations, education, medical, etc. Then you must consider the interest that money would have earned if invested. You also have to consider what area of the country you live in. Obviously, there could be a wide variety of expenses depending on all the factors.

And let's not kid ourselves about expenses stopping at age 18. I just met with two clients who have two daughters, one married last year and one getting married next year. They hope to get away cheaply at $15,000 per wedding. If you choose to help them at least partially with college, who knows what school they will choose and how much tuition will be in 18 years. Then there is my brother-in-law who is 37 and still living at home.

My brother owns his own business and has a net worth five times mine. I own a business also, but the real difference is that he has no children and has never been married. We had a heart-to-heart last week, and as he approaches forty, he wonders whether he made the right decision. I told him that if I had never had children I would not have missed them. However, I have absolutely no regrets, because they fill a place in your heart that you will never know exists otherwise.