If you’re an old-timer, you probably remember that song,

“How Much Is That Doggy In the Window?”

Well, you don’t need to just “hope” that doggy’s for sale. Rover and everything involved with keeping him healthy, happy, and a beloved part of the family has become a massive industry here in the US… with no signs of this trend ending anytime soon.

Chalk it up to demographics.

According to a report by the Institute for Family Studies, the generation born between 1980 and 2000 (Millennials) have forsaken a walk down the aisle and marriage for building families of the 4-legged kind.

Even though they only make up 25% of the population, US Millennials care for 35% of the pets – making them #1 in that category.

But don’t forget their parents… empty nesters whose Millennial children have hit the road are becoming pet-owners in greater numbers than ever before as well. By 2016, over 41% of Baby Boomers over 70 had fur-babies in their families!

And when it comes to dollars invested, the price of the “doggy in the window” is only the beginning.  The average annual investment for a dog is $1285, while a cat not far behind at $915. In fact, a shocking stat from USA Today is that Millennials expect to spend more on their dog’s health over its lifetime than they will on their own.

In the US, spending on pets has climbed 4.6% per year over the past decade – and there’s really no end in sight…. Because after all, you’re going to take care of EVERY member of your family as best you can.

A dog or a cat today represents more than a pet – they’re an investment in a relationship that will hopefully last many happy years.

And just as your pet should get regular health checkups, your financial plan and portfolio needs the same. Give us a call at 513-563-PLAN (7526) or book online and we’ll work together to make sure your plan is flexible to respond to opportunities, yet wise enough to stay safe and secure.

Regards,
Dan Cuprill, CFP®