I can’t afford this, right?

[Anonymous]

2 working parents, 550k, 3 kids, piti $4500, $15k in other spending a month, 3 kids, $100k in 529’s for each kid, $2.5 in retirement, 41 yo.

Tuition for private school would be $60k for one child in 6th grade. Other two are in public but may not be able to stay in public.

It just feels insane to pay for private school. Am in mcps. Kid is super smart and just got accepted.

[Anonymous]

It's your money. Personally I think you're nuts though.

[Anonymous]

Of course you can.

[Anonymous]

We have one kid and are using stocks and cashflow for college. All other facts similar. I would not do it for one kid, also MCPS but a "good" school and a good experience.

[Anonymous]

With an AHI of 550k with all of that money saved for college and retirement, you can afford private school tuition of 180k per year for all of your kids. You can add, and figure this out, pretty easily.

If you have other reservations, that are not financial, which you certainly could, that's another thing altogether, and could contribute to it being "insane" for your family. But you didn't ask about that.

[Anonymous]

Does the $15k include insurance, utilities, savings for new cars/vacations? Or is that your credit card bill every month? (No judgement. We have three kids and our credit card bill is consistently $12k or so)

[Anonymous]

Anonymous wrote:With an AHI of 550k with all of that money saved for college and retirement, you can afford private school tuition of 180k per year for all of your kids. You can add, and figure this out, pretty easily.

If you have other reservations, that are not financial, which you certainly could, that's another thing altogether, and could contribute to it being "insane" for your family. But you didn't ask about that.

It's 180k after taxes. So it's really 240. It's close to half OP's income, and ultimately will cost millions. It's an insane amount of money when you're living in a good public school district.

[Anonymous]

No don’t do it. It won’t appreciably change your child’s future and that is too much money to throw away on something you can get for free.

[Anonymous]

Anonymous wrote:With an AHI of 550k with all of that money saved for college and retirement, you can afford private school tuition of 180k per year for all of your kids. You can add, and figure this out, pretty easily.

If you have other reservations, that are not financial, which you certainly could, that's another thing altogether, and could contribute to it being "insane" for your family. But you didn't ask about that.

This is spot on

[Anonymous]

Very similar facts here. 2 working parents. 3 kids. Slightly higher income, slightly lower spend.

No. You cannot afford it.

It will adversely affect your lifestyle, college savings, and retirement. Also, you have not provided a compelling reason for why your child needs to go the private route. If they are not being challenged then, supplement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:With an AHI of 550k with all of that money saved for college and retirement, you can afford private school tuition of 180k per year for all of your kids. You can add, and figure this out, pretty easily.

If you have other reservations, that are not financial, which you certainly could, that's another thing altogether, and could contribute to it being "insane" for your family. But you didn't ask about that.

It's 180k after taxes. So it's really 240. It's close to half OP's income, and ultimately will cost millions. It's an insane amount of money when you're living in a good public school district.

[phone]. OP can pay for infinite tutors, specialty camps, trips, etc etc … or throw it away on private school tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:With an AHI of 550k with all of that money saved for college and retirement, you can afford private school tuition of 180k per year for all of your kids. You can add, and figure this out, pretty easily.

If you have other reservations, that are not financial, which you certainly could, that's another thing altogether, and could contribute to it being "insane" for your family. But you didn't ask about that.

This is spot on

No I am sorry. Paying half you income for private just because you think your kids are too good for public is a stupid stupid thing to do.

[Anonymous]

Anonymous wrote:2 working parents, 550k, 3 kids, piti $4500, $15k in other spending a month, 3 kids, $100k in 529’s for each kid, $2.5 in retirement, 41 yo.

Tuition for private school would be $60k for one child in 6th grade. Other two are in public but may not be able to stay in public.

It just feels insane to pay for private school. Am in mcps. Kid is super smart and just got accepted.

What is your take home?

[Anonymous]

I’m surprised you blow through almost 20k a month. With 15k of that being outside of mortgage. Perhaps get a handle on that and then consider private.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With an AHI of 550k with all of that money saved for college and retirement, you can afford private school tuition of 180k per year for all of your kids. You can add, and figure this out, pretty easily.

If you have other reservations, that are not financial, which you certainly could, that's another thing altogether, and could contribute to it being "insane" for your family. But you didn't ask about that.

This is spot on

No I am sorry. Paying half you income for private just because you think your kids are too good for public is a stupid stupid thing to do.

Exactly. I don't know what people expect to get out of paying all that money for private. Do you really think it's going to have a dramatic impact on your kids' futures? It isn't. They're already on third base because their parents make 550k and live in MoCo. They're gonna be fine, and all you're doing is making some school some money while throwing your property taxes away on good schools you won't use. You're also complicating your own future. Sure, you're doing fine financially and on the road to a well-funded retirement, but you ain't retiring early, you ain't setting yourself up for a job switch that pays less if you ever become disenchanted, and you're not positioning yourself to help you kids out with important stuff when they get older -- houses, etc. And for what? So you can impress your family and friends?