HHI for people who send kids to private
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Anonymous
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I don't spend much time in this forum so sorry if this has been covered before. I'm curious about people who send their kids to private (and have to pay for it), how much their HHI is?
I know we can technically afford it, but feel like it might constrain us a bit, and it would help to see what others are doing. Thanks in advance. |
Anonymous
Why would you consider it if there is any chance of constraint. Others opinions or experience don’t relate to your situation here? Odd question. |
Anonymous
Don’t understand the ask. How are you using the information of you don’t know others expenses, etc.? Take the tuition and subtract from your net HHI. If the balance allows for you to cover your other expenses and savings goals, and private school is important for you, then you can swing it. If not, then you can’t. Or is there another underlying reason for this ask? |
Anonymous
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OP again. I've just always been really conservative financially and I grew up with public school, and private school always seemed like something only rich people did. I feel like if I see other people in similar situations who are going for it then it'll normalize it or something. Or, I'll see that most people really are making 1M a year and it'll make me realize we should stick with public.
I don't know if this makes sense. We have an application deadline in 2 days if want to do this and I'm really struggling with the decision on all fronts. Sorta hoping to settle the financial yes/no since that should be more straightforward than the rest of it. |
Anonymous
Why do you want to go private? Why would what others make move your decision? If you analyze your personal finances you can easily find your answer. If you are looking to compare or keep up with the Jones, then maybe you answered the question of why you want to go private already (as most folks there are very good at that) |
Anonymous
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You can't afford private school if you're agonizing over the price.
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Anonymous
| At $300k, you’d be on the very low end. Plenty make $1m or more. |
Anonymous
That’s not my experience. But a LOT of people have grandparents footing the bill. |
Anonymous
| We have a HHI of $700k ish a year and 3 kids. It absolutely constrains us. We don’t have inheritances, grandparents aren’t paying, and despite all the money we make, spending so many after-tax dollars on tuition absolutely stings. |
Anonymous
| Our HHI is $420 with 1 child in private. |
Anonymous
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Our HHi was about 500 when we enrolled one kid in private. And we really wanted private for him so we were actively looking.
Out HHI is more now but that’s when we made the decision. We had one in public ar that time too, but now that kid is im college so this year we had 2 tuitions at same time….(though we have 529 for that). Obviously whether or not it’s worth it will depend on your goals and how much money you have. |
Anonymous
| Rule of thumb is HHI should be 7x tuition from a financial perspective. We have 2 kids in elite private our HHI is slightly more than tuition for 2 kids. I think we are middle of the road HHI at the school. Hope that helps. |
Anonymous
Sorry type HHI is slightly more than 7x total tuition for both kids. |
Anonymous
| It depends on the cost of tuition. We make $250 and comfortably send one child to private, but it’s only $20k |
Anonymous
| We make 900-1.2m. |