The Cost to Raise a Prodigy

Elaine Underwood  Aug 04, 2009 9:30 am

The Cost to Raise a Prodigy
 
Is it worth the time and untold thousands? Three families tell all.
 

 
Raising a gifted child, one who is pursuing a talent to championship or professional levels, is not cheap.

Classes. Coaches. Competition entry fees. Transportation. Equipment. It adds up quickly, and supporting such a child’s passion typically comes at a cost – a parent taking on extra work, switching to a more lucrative career or forgoing vacations and funding of the 529.

If spare funds are not in the picture, consider tennis stars Venus and Serena Williams. Their father got his girls into a game associated with the country club set by coaching them himself at the public courts in Compton, CA.

It already costs a lot to raise a child. If you are part of a two-parent family earning more than $70,200 a year, the United States Department of Agriculture estimates it’ll cost precisely $269,520 to raise one child through age 17 -- no word on whether that includes a Wii (NTDOY), several dozen Barbies (MAT), the inevitable iPod (AAPL), and a BlackBerry (RIMM) or 2.

And then comes college.

Are the additional thousands of dollars and hours required to develop a gifted child's interests worth it?

If joy is the return that parents gain on their investments, it stands to reason that seeing your child excel and bloom by developing a particular expertise is worth the additional financial strain.

Three parents I spoke with shared the pride, joy and expenditures of seeing their children achieve their dreams. Here are their stories.
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Comments (8) See All Comments »
08-04-2009, 7:59 pm
Hi Amy

Take a breath, lego is just a bit of sibling rivalry in my view no big deal and your gentle reminders being that gentle are right on the money in my view. May not even be required and when your daughter is ready she will let you k
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08-04-2009, 9:39 pm
This article struck home with me. We have been incredibly fortunate that the tens of thousands of dollars spent to support two boys from the time they first picked up their golf clubs at age 3 paid off in a big way. They are now 20 and 22 and each ha
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08-05-2009, 6:41 am
Pete -

Again, I appreciate your thoughts. I do agree that there can be positive effects of the discipline outlast the activity in question.

On the other hand, I'm getting the feeling that my questions about the mindse
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08-05-2009, 6:51 am
"Certainly we did it for the love of them and that is the only correct reason to spend the kind of money required, because if the reason the money is being spent is in anticipation of getting a scholarship 99 out of 100 families will be disappo
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08-05-2009, 4:47 pm
Hi Amy,

You are right inner passion is the perfect solution. But exposure to a broad range of activities is important in my book. If the kids have a gift helping them in all areas is also perfect in my book. But if you are going to the t
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