How much annual income should you make to raise a family of 3 or 4 kids?

I live in the Metro Detroit area and am just curious what a family of 5 or 6 should make to live comfortably? I'm assuming my wife will also be working since the majority of women work nowadays I just want to live comfortably with 3 to 4 kids and be able to go somewhere on vacation once a year or so. From the

I live in the Metro Detroit area and am just curious what a family of 5 or 6 should make to live comfortably? I'm assuming my wife will also be working since the majority of women work nowadays I just want to live comfortably with 3 to 4 kids and be able to go somewhere on vacation once a year or so. From the looks of things, after graduating with a master's in psychology I'll be making anywhere from 50 to 65k annually. Also, I know most people are going to bring up "saving for their tuitions" so the annual salaries they'll bring up will probably be unreasonably high, but for starters my parents did not save up for my tuition at all and I took financial aid and some loans so I'm doing fine despite the fact that I'll have some debt to pay. But that's life. So as far as my kids, I'll probably save enough to pay a decent amount of their schooling but no promises for the whole shebang, because America is ridiculous with higher education. Any knowledge or experience is appreciated.

Best Answer:

EJ: Consider 14k.year per child, including school supplies, clothes, food, medical through age 26 (thanks to the ACA).

According to a recent report from the USDA, "Expenditures on Children by Families," the average cost of raising a child today is over $245,000 from birth to age 18. That is 13111/year.

Multiply by 4 – at least $50 just to raise the kids, not to mention your own needs, transportation, housing, recreation and other common funds, that are not part of those calculations. However, it does include medical, food, clothing, school supplies for each child, on average.

Personally, it will take as much as you're willing to put toward your child's future success and a little bit more. If you want them to excel, it will take more than if you're willing to barely get by. Many scrape by with much less, it's really up to what you are willing to sacrifice for your family's success.

Other answer:

EJ:
Here's how you figure it out: go look at some houses. Pick one that's a starter house, for after you get married and have a kid. Then pick a second one that will be when you have kids who are around age seven or so, when people get their second house.

Once you do that, go to a mortgage calculator and figure out what it would cost per month to buy that house. Then multiply that by three at a minimum, and four would be better. That's how much you need to make.

Or you can reverse it. You can say that you'll make $50,000 to start and $65,000 in five years. Then divide that by four, and that's what you can afford in monthly payments.

What you might find is that you will have to have a longer commute for the house you want, or that you'll have to have a smaller house, or it might not be in as nice a neighborhood. Or you might marry a woman who makes a lot more than you do. Or you might decide that two kids are enough and you'll look at it again in ten years.

That's how you figure it out.

Amy:
here's how you figure it out: go look at some houses… pick one that's a starter house, for after you get married and have a kid… then pick a second one that shall be when you have kids who are around age seven or so, when people get their second house…

once you do that, go to a mortgage calculator and figure out what it would cost per month to buy that house… then multiply that by three at a minimum, and four would be better… that's how much you need to make…

or you can reverse it… you can say that you'll make $50,000 to start and $65,000 in five years… then divide that by four, and that's what you can afford in monthly payments…

what you might find is that you shall have to have a longer commute for the house you want, or that you'll have to have a smaller house, or it might not be in as nice a neighborhood… or you might marry a woman who makes a lot more than you do… or you might decide that two kids are enough and you'll look at it again in ten years…

that's how you figure it out…

Lupita:
consider 14k…year per child, including school supplies, clothes, food, medical through age 26 (thanks to the aca)…

according to a recent report from the usda, "expenditures on children by families," the average cost of raising a child today is over $245,000 from birth to age 18… that is 13111/year…

multiply by 4 – at least $50 just to raise the kids, not to mention your own needs, transportation, housing, recreation and other common funds, that are not part of those calculations… however, it does include medical, food, clothing, school supplies for each child, on average…

personally, it shall take as much as you're shalling to put toward your child's future success and a little bit more… if you want them to excel, it shall take more than if you're shalling to barely get by… numerous scrape by with much less, it's really up to what you are shalling to sacrifice for your family's success…

Robt:
3 – 4 kids ?
Wife working ?
In the projects. Or
Single family home ?
2 15+ yrs old cash cars ?
Homesteading in Detroit proper?
50k$ will qualify u for food pantries and SEC 8.
Casey Y:
Not nearly enough information to tell here. Good luck hitting those numbers right now in Detroit…
~Missy~:
Comfortably?

Possibly, in Detroit….given you can find a job earning that much in that area. Granted, you don't have a high rent or mortgage.

Judy:
80K or so

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