The Cost of Children Times Eight

Katherine Whitehorn said, “The easiest way for your children to learn about money is for you not to have any.”
A modern example is Nadya Suleman, mother of the octuplets born in Bellflower, Cal.
The costs of raising children are high in the U.S. especially in Mich.
To achieve giving birth to eight children at once, a mother must go through in vitro fertilization (IVF). According to the Women’s Health Center of Grand Rapids website, the cost of basic IVF is $7,255.
This fee only covers the transplant of one egg without the cost of medication.
Nadya Suleman said on the “Today” show that she had six embryos implanted.
Adding a typical regimen of fertility medication can raise the total for IVF up to $10,255, which is due on the day of the first ultra-sound.
The Women’s Health Center of Grand Rapids takes cash, credit and money orders according to their website.
Once the children are born, the costs continue.
Karen Papin at the Childtime Learning Center in Westland says that their prices are modest compared to others in the area. The cost of caring for a child is $202 per week.
Eight children would cost $21,632 a year.
Just the cost of daycare would be almost one half of a parent’s annual income if they made an average of $50,000 a year.
That would leave about $25,000 for a years worth of food, clothing and toys for the children; and gas, insurance and rent of mortgages for the parents.
To offset these costs, the parent’s would get money back in taxes.
Shannon David a certified CPA and staff accountant estimates a Mich. tax refund of $28,000 a year for eight children. But this money is not guaranteed.
The parents would have to make an adjusted gross income of more then $28,000 to get this back in their taxes says David.
The costs of children are incredible, especially when there are eight children to take care of at the same time.
Though, according to Whitehorn, those eight children would learn a lot about money.