This chapter asserts that "building wealth is part of a satisfying life" that is built on a balance between

(a) a personal life that reflects your values and goals and

(b) financial decisions that direct your spending. Reflect on this statement and Table 18.1 to describe your plans for having children.

Table 18.1

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TABLE 18,1 What You Can Do with Just Some of the Money if You Decided to Pass on Parenthood Some of What You Spent on Your Child How You Might Have Spent That Money on Yourself Age Expense Cost Expense Cost 0 Average cost of delivery $6,400 7-day safari for two in Kenya $6,400 1 An au pair (live-in nanny) $30,000 New 2012 MINI John Cooper Works $30,000 3 Montessori preschool $4,000 Set of Ping G2 golf clubs $4,000 5 The "must-have" toy: the (very rare) 1959 Blond $1,800 Mint copy of Beatles "Butcher Block" cover to $1,800 Ponytail Barbie Yesterday and Today signed by all the Beatles 7 After-school program for the gifted $3,564 2 box seat season tickets to the $3,564 Baltimore Orioles 8-9 Private school $19,770 A 2012 Volkswagen Jetta Sportwagen $19,770 10 Violin and lessons (3 times per week) $4,150 Membership in a health club with personal trainer (3 times per week) $4,150 11 Self-defense lessons (3 times per week) after $3,750 being beaten up when going to violin lessons after school One more year of a personal trainer (3 times per week) $3,750 12 Therapy to improve self-esteem (once a week) $5,000 Another year of personal training plus a week in Cancun (to show off) $5,000 13 Clothes from Abercrombie & Fitch (to help with self-image) $5,500 Samsung 55" class, 240 Hz, 3D, LED-LCD $5,500 HDTV and home theater with home theater surround sound 14 Transportation to and from community $299 Apple iPhone 4 in white with 32 GB $299 sentencing for using fake ID 15 Bill from Mystic Tattoos $239 Navy SEALs watch from the Sharper Image catalog $239 16 Laser tattoo removal $2,796 Executive massage chair from Sharper Image $2,796 and 3 nights at the Plaza Hotel 16 Increased automobile insurance premiums $1,345 Orvis 2-day fly-fishing course and basic gear $1,345 16.5 Increase in auto insurance after two tickets and one accident (including lawyer fees) $2,250 Bose Lifestyle V25 home theater system $2,250 17 SAT prep course $600 CD-stereo system for your car $600 Total (not including college) $93,202 Total (not including college savings) $93,202 Now add in 5 years of college for your child or a Mercedes-Benz CL-Class CL63 AMG at $154,580 for you!