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Being an only child can be either good or bad, depending on how you perceive it and how you are brought up by your parents.
The advantages could be that you get the undivided love and attention of your parents. ~
Obviously, being an only child means that your parents have only you to spend the money on and not have to share it among other siblings.
As an only child, you may also be spared the complications arising out of having an overbearing, unhelpful, competitive sibling.
(~) Not having an older sibling to help you every step of the way may in that sense be beneficial and make you capable of looking after yourself earlier in life.
(~) When you parents are no longer around, not having a sibling to talk about things with or look up to for any kind of help or support can be quite a disadvantage.
When your parents get older, being an only child, you would have to shoulder the responsibility of taking care of your parents.
As an only child, you may also face an immense pressure put on you by your parents.
As an only child, you would also be watched with an eagle eye by your parents.
This may be quite suffocating and stressful for you.