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 Itpreviously 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 overall, has two children: Savannah, 25, and Trevor, 22. He recalls when he had his first child how surprised he was, in particular, at just the cost of children's clothing.