Why do people think you have to spend so much on your kids?

[Anonymous]

We have 2 kids, we live in a 3 br townhouse in an exurb that has a 1400/mo mortgage, we send them to public school and we only save $2000 per year per kid for their college while having a 400k HHI. Rec soccer, cheap city summer camps. I don’t believe that you are morally obligated to financially strain yourself just to give your kids what society thinks is the ideal life. Our kids are very happy and don’t feel like they’re deprived from what I can tell.

[Anonymous]

Cool story, bro.

[Anonymous]

My kids don’t want to do rec soccer. They want to dance, do gymnastics, ride horses, take piano lessons, and play volleyball. They don’t want to go to cheap summer camp - they want to go to performing arts camps and travel camps, and tennis camps, etc.

I’m glad that your children are happy. My children have different interests. More expensive interests.

[Anonymous]

Well, some of us don’t have $400k HHI and other responsibilities so you “cheap” lifestyle would be a financial strain. I give my kids the best life I can because I want to. I do still value my own preferences and needs (retirement savings come first then college savings in my budgeting) but I like indulging the things they want to do even if it means not indulging something I want. It makes them happy which makes me happy which works it well for all of us.

[Anonymous]

Honest question meant without snark - what is 2k/year saved going to do for them? Are you planning on funding the rest of their college education? They won’t get aid with parents who have a 400k HHI, right?

[Anonymous]

Anonymous wrote:Honest question meant without snark - what is 2k/year saved going to do for them? Are you planning on funding the rest of their college education? They won’t get aid with parents who have a 400k HHI, right?

I expect them to pay their way through school/get loans/community college the first 2 years. Once they can work I’ll encourage them to get jobs to help save for their college education. I’ll also discourage them from majoring in a field with poor earning prospects.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Honest question meant without snark - what is 2k/year saved going to do for them? Are you planning on funding the rest of their college education? They won’t get aid with parents who have a 400k HHI, right?

I expect them to pay their way through school/get loans/community college the first 2 years. Once they can work I’ll encourage them to get jobs to help save for their college education. I’ll also discourage them from majoring in a field with poor earning prospects.

Wow, you suck. You do realize that your kids are going to see your income & assets when you fill out the FAFSA? Do you have any idea how much college costs (even instate ones like VT & GMU)?

I hope your kids use their leverage against you when they’re adults.

[Anonymous]

Anonymous wrote:We have 2 kids, we live in a 3 br townhouse in an exurb that has a 1400/mo mortgage, we send them to public school and we only save $2000 per year per kid for their college while having a 400k HHI. Rec soccer, cheap city summer camps. I don’t believe that you are morally obligated to financially strain yourself just to give your kids what society thinks is the ideal life. Our kids are very happy and don’t feel like they’re deprived from what I can tell.

Are you an immigrant?

[Anonymous]

Anonymous wrote:We have 2 kids, we live in a 3 br townhouse in an exurb that has a 1400/mo mortgage, we send them to public school and we only save $2000 per year per kid for their college while having a 400k HHI. Rec soccer, cheap city summer camps. I don’t believe that you are morally obligated to financially strain yourself just to give your kids what society thinks is the ideal life. Our kids are very happy and don’t feel like they’re deprived from what I can tell.

You aren’t spending as much as you could & should be on real estate. Housing is a valuable investment; nobody would lend you $1M to invest in the stock market or in anything else.

[Anonymous]

YAWN

[Anonymous]

Anonymous wrote:We have 2 kids, we live in a 3 br townhouse in an exurb that has a 1400/mo mortgage, we send them to public school and we only save $2000 per year per kid for their college while having a 400k HHI. Rec soccer, cheap city summer camps. I don’t believe that you are morally obligated to financially strain yourself just to give your kids what society thinks is the ideal life. Our kids are very happy and don’t feel like they’re deprived from what I can tell.

A traditional undergraduate student can only take out up to $27,000 TOTAL (not per year, total) in federal student loans in their own name without needing a co-signer. That’s it.

So, unless you are willing to take out Parent Plus Loans, $2K/year for college isn’t enough. Your kids won’t get a dime of need-based financial aid from any college, given your income.

[Anonymous]

Living a small life is nothing to brag about. What are you planning to do with all the money you're accumulating? Swim in a vault of gold coins like Scrooge McDuck?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Honest question meant without snark - what is 2k/year saved going to do for them? Are you planning on funding the rest of their college education? They won’t get aid with parents who have a 400k HHI, right?

I expect them to pay their way through school/get loans/community college the first 2 years. Once they can work I’ll encourage them to get jobs to help save for their college education. I’ll also discourage them from majoring in a field with poor earning prospects.

This is an excellent plan in the year 1999 when you went to college.

[Anonymous]

Anonymous wrote:We have 2 kids, we live in a 3 br townhouse in an exurb that has a 1400/mo mortgage, we send them to public school and we only save $2000 per year per kid for their college while having a 400k HHI. Rec soccer, cheap city summer camps. I don’t believe that you are morally obligated to financially strain yourself just to give your kids what society thinks is the ideal life. Our kids are very happy and don’t feel like they’re deprived from what I can tell.

Because people want their kids to be competitive in life, and that is achieved through spending on education, enrichment and real estate accumulation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Honest question meant without snark - what is 2k/year saved going to do for them? Are you planning on funding the rest of their college education? They won’t get aid with parents who have a 400k HHI, right?

I expect them to pay their way through school/get loans/community college the first 2 years. Once they can work I’ll encourage them to get jobs to help save for their college education. I’ll also discourage them from majoring in a field with poor earning prospects.

Wow, you suck. You do realize that your kids are going to see your income & assets when you fill out the FAFSA? Do you have any idea how much college costs (even instate ones like VT & GMU)?

I hope your kids use their leverage against you when they’re adults.

+1 if your kids have any common sense they’ll want nothing to do with you once they’re out of the house. People like you disgust me….why even bother having kids when you clearly only care about yourself.