Kevin O’Leary: This Is How Much It Costs To Raise A Child

Kids are expensive. Kevin O’Leary gives his favorite savings tip. » Subscribe to CNBC Make It.: It’s no secret that having children is a big financial undertaking — even mega-rich financier and star or ABC’s “Shark Tank” Kevin O’Leary says so. “Of course it’s wonderful to have a family, and I endorse the idea forever,” O’Leary tells CNBC Make It. “It’s wonderful to have children grow up with you, watch them age, become part of a family. It’s fantastic. But they’re not free. They’re very expensive.” Indeed, according to the most recent available data from the U.S. Department of Agriculture, it can cost around $233,610 to raise a child from birth through age 17, CNBC Make It previously reported. However, that figure can vary greatly, and higher-income families can expect to spend around $372,210 while lower income-families spend around $174,690. O’Leary, who believes the cost of having kids is more likely to be about $700,000 overa