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Anthropologist Wanda Minge estimates that a moderate income family with less than $20,000 after taxes will have to spend $195,000 to rear a child from birth through four years of college, allowing for 10% annual inflation but no extras such as piano lessons or orthodontics.
The chart is based on money invested either before or after taxes in an account such as a 401k, SEP, TSA, or even a non-employment-related annuity, all of which allow investment earnings to compound tax free.
But still, his parents—two schoolteachers in Sayabec—had to come up with twenty thousand a year after taxes to keep him afloat in Montreal.