Help me decide what I can pay

[Anonymous]

How will you manage when it's time for the third one to go to private school, and tuition hits 3500/month?

[Anonymous]

Anonymous wrote:How will you manage when it's time for the third one to go to private school, and tuition hits 3500/month?

Between tuition and nanny share, we will be paying more than $3500 in childcare this coming year. Tuition for 3 might actually be cheaper. We also expect DHs salary to double in the next few years (from $100K to 200K).

Regarding retirement, we just arent that concerned. Between our pensions and 401Ks, we are confident we will have what we need and dont plan on retiring the moment we have the chance, but rather when we either cant work or no longer need the income. Also, by retirement age, our house will be paid off and tuition will no longer be an issue (college included). So with our major expenses gone, we can live on a lot less than we do now.

Many parochial schools have a vested interest in all children receiving a religious education so the financial aid is there for families who might need a little help, like us who will just need a 10% break, even though our HHI is higher than what might typically be seen for financial aid. Our school tries not to turn anyone away for lack of financial means. Non-religious private schools dont have this same interest and therefore financial aid is a very different process.

Also, our school has a certain amount of money built into the tuition (I am told is is $3-4K) for financial aid, so it may only cost $10K to educate the child, but they charge additional to cover the costs of other kids who cant afford it. Asking for a $1-2K break only means I am giving less to scholarship money, not requiring someone else to pay my way.

Ultimately, DH says we should offer to pay as much as we can and figuring out our savings is on us. I suppose if we experience an emergency that affects our ability to pay, they will work with us at that point.

[Anonymous]

Ah so your retirement strategy is to double your income. Why didn't I think of that? Shit!

[Anonymous]

Anonymous wrote:Ah so your retirement strategy is to double your income. Why didn't I think of that? Shit!

Did you miss the part where I say we are currently saving for retirement at a rate that provides us with what we need?

[Anonymous]

Wow...people are so quick to judge on here.

OP--my children attend a parochial school as well. For our family, it is important that they have a religious based education. The problem on this board is that many people associate the financial aid process with private schools; which as commented above, has a different formula.

Put down on the form what you'd like to pay. Put down what would make you comfortable. Parochial schools do not expect that you will impoverish yourself to attend their schools. Their philosophy and that of those who attend is different then the big privates in this area.

When you get your FA letter, either it will be a number you can live it or it won't. If it's a number you can live with it, sign the enrollment documents and go about life. If it's a number you can't live with, call them up and go meet with the FA office. They are usually really good about finding money to assist families that want to attend.

[Anonymous]

Why don't you ask your financial planner?

This sounds suspiciously trollish. You've got an FP, you're blowing or allocating ~$8300 a month after tax, and have $2200 a month disposable (which you're not putting toward retirement?!?!) and now you're asking about saving an extra $100-$200 a month?!?!

This is stupid.

Yes, put your kids in private school, by all means. I suggest you refinance your home with money out in fact, that way you can also put the down payment on the OBX house you've been eyeing. Of you have an emergency, just use it as a qualified dispursent from your 401k. Put the savings to work in gold, and if you want to diversify, I'd suggest Greek 10yr bonds, as they are currently at about 10%, actually, is do a max cash advance on your credit cards too and put those into Greek 10yrs.

[Anonymous]

Anonymous wrote:Why don't you ask your financial planner?

This sounds suspiciously trollish. You've got an FP, you're blowing or allocating ~$8300 a month after tax, and have $2200 a month disposable (which you're not putting toward retirement?!?!) and now you're asking about saving an extra $100-$200 a month?!?!

This is stupid.

Yes, put your kids in private school, by all means. I suggest you refinance your home with money out in fact, that way you can also put the down payment on the OBX house you've been eyeing. Of you have an emergency, just use it as a qualified dispursent from your 401k. Put the savings to work in gold, and if you want to diversify, I'd suggest Greek 10yr bonds, as they are currently at about 10%, actually, is do a max cash advance on your credit cards too and put those into Greek 10yrs.

Perhaps you think prioritizing your kids education is stupid, but some of us feel differently. Retirement with $10M+ is not everyone's goal. I place more value on my current needs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Whoa, you only have 20,000 in savings, you have three kids, an hhi of 180, and you are paying for private school? What? Send them to public.
How are you going to save for college and retirement??

We save for retirement, its already in our budget. Parochial school is very important to us and we will use the tuition money towards college when they are ready.

NP here. I still don't think this is a sound financial decision (private school).

It isn't. Shes a moron. $100K in some 401K isnt shit. Blowing $25,000 a year because the person teaching them how to add and subtract happens to also believe in the same fairy in the sky is stupid. OP, hope you enjoy being poor when you retire.

you sound like an idiotic product of the public education system.

[Anonymous]

at 180k you should be able to get financial aid if you have large mortgages and debt

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why don't you ask your financial planner?

This sounds suspiciously trollish. You've got an FP, you're blowing or allocating ~$8300 a month after tax, and have $2200 a month disposable (which you're not putting toward retirement?!?!) and now you're asking about saving an extra $100-$200 a month?!?!

This is stupid.

Yes, put your kids in private school, by all means. I suggest you refinance your home with money out in fact, that way you can also put the down payment on the OBX house you've been eyeing. Of you have an emergency, just use it as a qualified dispursent from your 401k. Put the savings to work in gold, and if you want to diversify, I'd suggest Greek 10yr bonds, as they are currently at about 10%, actually, is do a max cash advance on your credit cards too and put those into Greek 10yrs.

Perhaps you think prioritizing your kids education is stupid, but some of us feel differently. Retirement with $10M+ is not everyone's goal. I place more value on my current needs.

Right, because you won't need to spend more on healthcare at age 70 than you are now. Right.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why don't you ask your financial planner?

This sounds suspiciously trollish. You've got an FP, you're blowing or allocating ~$8300 a month after tax, and have $2200 a month disposable (which you're not putting toward retirement?!?!) and now you're asking about saving an extra $100-$200 a month?!?!

This is stupid.

Yes, put your kids in private school, by all means. I suggest you refinance your home with money out in fact, that way you can also put the down payment on the OBX house you've been eyeing. Of you have an emergency, just use it as a qualified dispursent from your 401k. Put the savings to work in gold, and if you want to diversify, I'd suggest Greek 10yr bonds, as they are currently at about 10%, actually, is do a max cash advance on your credit cards too and put those into Greek 10yrs.

Perhaps you think prioritizing your kids education is stupid, but some of us feel differently. Retirement with $10M+ is not everyone's goal. I place more value on my current needs.

Right, because you won't need to spend more on healthcare at age 70 than you are now. Right.

And we will have health insurance, medicare and wont be spending $4-5K a month on mortgage and tuition. We also wont be feeding a family of 5 or paying for activities, kids clothing, commuting costs, etc.