08/04/2011 12:05 pm ET | Updated Oct 04, 2011

4 Financial Tradeoffs Parents Are Making For Their Families

His son is only two-and-a-half years old, but Myron Lo, the 39-year-old vice president for innovation at ZipRealty, already has at least three plans in place to pay for college in 2025. Between the college savings fund he and his wife set up, a startup side business and, as of last week, an investment in a condominium property, he hopes he will be able to send his son Ryan to the college of his choice.

"Otherwise," Lo nervously jokes, "I think I should get him into a sport like archery or badminton." Of course, college is only one of the many looming expenses of having a child. There are the hospital bills, the diapers and childcare, as well as summer camps and lessons. As every parent knows, children aren't cheap.

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