COA 4131 1st Edition Lecture 12 Outline of Last Lecture I Steps in Buying Home II Property Taxes III Selling a Home IV Consumer Mortgage Information V Transportation and Vehicles Outline of Current Lecture I Cost of childbirth II Children Young Adult Taxes Current Lecture A Cost of childbirth a Costs of having children i Healthcare 1 Because of high cost of childbirth health insurance is a necessity 2 Some employers have been cutting back on coverage a What is covered b Copayment or deductible c Number of days in hospital d Pediatric newborn care in hospital ii Adopting 1 National Council for Adoption 2 Most parents adopt children though agencies a Kids from foreign countries and U S born special needs children are of high interest to prospective parents iii Raising 1 6 500 10 000 for vaginal delivery 2 Add 5 000 6 000 for C section iv Childcare 1 First year of child s life 9 000 14 000 2 From birth to 18 years old middle income parents will spend nearly 300 000 and upper income parents will spend 430 000 a Don t include college 3 Housing is the biggest chunk of total cost B Children Young Adults Taxes a Tax breaks i Kiddie tax 1 Tax filed by parents for the investment income of children under age 14 b Allowances i Children spending ii On chores and grades or set amount each week iii Depends on parents iv When to start 1 Depends on child s interest and maturity v Teens earn over 100 billion a year and spend it on clothing food and entertainment c Parents and school i Teach by example ii Set up stocks with kids 1 Something they are interested in a McDonald s Disney Apple ect iii Taking kids along shopping or at the bank iv Parents should expect kids to make purchasing mistakes v Some allowance or birthday money should be spent on what the kid wants
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