Private school or not

[Anonymous]

Anonymous wrote: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.

Agree with that last part! Please, please do not prioritize high school over retirement.

[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.

WHAT

[Anonymous]

We have no college saving and make less than you and send our kid to Christian private. It’s worth it to us for the small class sizes and caring teachers.

[Anonymous]

Yes of course you can with only one kid. Few would bat an eye at a family with two kids paying similar costs for 8 years of private college tuition for both at that HHI, especially with great job security and dual pensions forthcoming.

[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.

this- We are a two fed family (one SES and one FDIC) and we were definitely the poor family (according to our kid). One kid in private and one in public and they have very different perspectives of our finances.

[Anonymous]

$200K HHI and tuition is about $35K a year. We decided education is our top priority, so we make it work.

[Anonymous]

Anonymous wrote:

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."

No. You’re Clueless. OP is in the 3%. The 1% has another level of money. There is a difference between flying to Cabo for vacation and flying to Cabo on a private jet. There is a difference between getting one Cartier watch and getting a Cartier every Christmas.

[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

Well technically, "Yes you can" but you will need to tighten the financial belt. And IMO, that 60K (240K total) could be better used for college or your retirement.

[Anonymous]

Anonymous wrote:

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."

But their kid will be in classes with the 0.5%. For them to spend 60K/year they will need to tighten the belt. There will be plenty of kids at school who go to Europe for Xmas, Mexico/Caribbean for Spring break, and another trip to Europe over the summer. There will be kids with the latest, greatest electronics, fancy sports cars, and designer everything. The OP most likely will not be able to afford any of that. So they will have to constantly deal with their kids being exposed to it and wanting it. Definately something to think about---who do you want your kid hanging with during the HS years?

[Anonymous]

Anonymous wrote:We have no college saving and make less than you and send our kid to Christian private. It’s worth it to us for the small class sizes and caring teachers.

Just curious, what do you plan to do for college? And how "much less" do you make? If you make more than $200K, your kid will likely not get any FA. I personally wouldn't do private in ES/MS/HS until I was saving for college (at least in-state) as long as my public choices were decent (ie maybe I'm not sending my kids to DC public schools)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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."

No. You’re Clueless. OP is in the 3%. The 1% has another level of money. There is a difference between flying to Cabo for vacation and flying to Cabo on a private jet. There is a difference between getting one Cartier watch and getting a Cartier every Christmas.

Oh my.

[Anonymous]

Not all private schools cost that much. I'm a single parent making $88k and my DS went to 7 yrs of private school. Shop around.

[Anonymous]

Yes

[Anonymous]

I would make sure the 529 is in very good shape. If you end up in private school, wouldn't the kid be expected to excel beyond that? That would mean your 529 need excel beyond that too.

[Anonymous]

You have to consider how much it will derail your retirement and college funding goals. For one child for four years you can swing it, but be very mindful of your 401k and long term planning.