Private school or not

[Anonymous]

I understand that private school is for families with 800k+ HHI. I know that in ten years children will be mostly attending the same schools and in twenty years most of them will be working at the same places making similar salaries. But both child and I LOVE the school. We are a fed family so making 300s. Market has bumped up our retirement to 1m and brokerage to another 1m. Some 529 that can also be tapped. Home is almost paid off and 2 investment properties. Can we afford 60k tuition and fees for 4 years for one child? Obviously no FA.

[Anonymous]

Anonymous wrote:I understand that private school is for families with 800k+ HHI. I know that in ten years children will be mostly attending the same schools and in twenty years most of them will be working at the same places making similar salaries. But both child and I LOVE the school. We are a fed family so making 300s. Market has bumped up our retirement to 1m and brokerage to another 1m. Some 529 that can also be tapped. Home is almost paid off and 2 investment properties. Can we afford 60k tuition and fees for 4 years for one child? Obviously no FA.

yes

[Anonymous]

Just send to catholic school

[Anonymous]

Of course. Sacrifices can be made to afford it. Starting in K would be a challenge. But 4 years HS? Sure. 800k HHI seems pretty arbitrary.

[Anonymous]

Anonymous wrote:I understand that private school is for families with 800k+ HHI. I know that in ten years children will be mostly attending the same schools and in twenty years most of them will be working at the same places making similar salaries. But both child and I LOVE the school. We are a fed family so making 300s. Market has bumped up our retirement to 1m and brokerage to another 1m. Some 529 that can also be tapped. Home is almost paid off and 2 investment properties. Can we afford 60k tuition and fees for 4 years for one child? Obviously no FA.

Yes, if it is so important to you. How old are you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I understand that private school is for families with 800k+ HHI. I know that in ten years children will be mostly attending the same schools and in twenty years most of them will be working at the same places making similar salaries. But both child and I LOVE the school. We are a fed family so making 300s. Market has bumped up our retirement to 1m and brokerage to another 1m. Some 529 that can also be tapped. Home is almost paid off and 2 investment properties. Can we afford 60k tuition and fees for 4 years for one child? Obviously no FA.

Yes, if it is so important to you. How old are you?

We are 47, 48

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I understand that private school is for families with 800k+ HHI. I know that in ten years children will be mostly attending the same schools and in twenty years most of them will be working at the same places making similar salaries. But both child and I LOVE the school. We are a fed family so making 300s. Market has bumped up our retirement to 1m and brokerage to another 1m. Some 529 that can also be tapped. Home is almost paid off and 2 investment properties. Can we afford 60k tuition and fees for 4 years for one child? Obviously no FA.

Yes, if it is so important to you. How old are you?

We are 47, 48

It's fine, as long as you feel like your college savings are in good shape. Is this only for one kid? Plus you both have pensions and can basically continue to earn your incomes as long as you want to stay in the game. Totally fine.

[Anonymous]

60k per year? Or 60k over 4 years?

We make mid 300s and have one child in a private that costs 40k/year. Kid comes home regularly complaining that other kids and even worse teachers make fun of him for being poor.

60k over four years would probably be a more inclusive school culture but public would still have more socioeconomic diversity.

[Anonymous]

Yes you can afford.
Be prepared for lifestyle creep as your child grows up with and begins to ask for what the 1% "haves" have.... they will be exposed to frequent electronics upgrades, sports, travel, cars, designer everything

[Anonymous]

Yes, but I would whip out a calculator and let the child know how much that money would grow into 30 years from now when they are about to get tired of working.
Also, if they are female (well, males also), they may take parental leave and stay at home for awhile.The money would still grow vs no income while they are at home.
I would do this exercise for math and knowledge alone. As a parent, I would scale back my life, get them into that school, and make up the money up.

[Anonymous]

Anonymous wrote:60k per year? Or 60k over 4 years?

We make mid 300s and have one child in a private that costs 40k/year. Kid comes home regularly complaining that other kids and even worse teachers make fun of him for being poor.

60k over four years would probably be a more inclusive school culture but public would still have more socioeconomic diversity.

60k is per year.

[Anonymous]

You can def make it work if it’s your priority. But are you sure it’s worth the sacrifice? You could do a lot with that money.

[Anonymous]

So, the grass is greener. You think. How do you/your child feel about the present school?

[Anonymous]

We aren’t anywhere near $800K income and make it work for two kids (less than $60K, though, more like $40-$45K each). Is it worth it? Depends on your public school alternative, your finances, what your kid’s needs are, and whether there are cheaper private schools that would offer a similar experience. For me, I think it has been totally worth it for one kid, but the other kid would have done pretty well at public so not sure it was worth the money. But hard to gauge! Good luck! And last thing — I absolutely would not do private if it was at the expense of retirement savings.

[Anonymous]

Anonymous wrote:Yes you can afford.
Be prepared for lifestyle creep as your child grows up with and begins to ask for what the 1% "haves" have.... they will be exposed to frequent electronics upgrades, sports, travel, cars, designer everything

OP is the 1% "haves."