So there I am ... hospital smock, booties, the whole nine. A good friend of mine just popped out a little tyke, and is glowing like a 150-watt bulb. Most joes and jills cry with pride when that happens, but they might cry for another reason when they read this story about how it'll cost over $200,000 to raise a child born in 2007.

You got bottles and diapers. Daycare and football uniforms. Prom and college. That's translates to a pretty hefty tab over the next 18 years. But it can be done. It just takes a plan. That's why it's important to keep on top of your dough.

When you know what has to be done, you can do it. If you need some extra cash for the birthday gifts, cut the budget or pick up a grass-cutting job one weekend. It's hard, but worth it. In the meantime, raise your kids to take care of themselves. The sooner they know how to make money and manage it themselves, the sooner they can punch their ticket to prosperity in life.

When you're working Dave's plan and hit Baby Step 5, start pumping dough into the educational savings account. Throw 166 smackers a month into it, and it'll turn into 126 large by the time little Jimmy is ready for a big-time college. Game, set, match.