How much do families make in order to afford private school for two children?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lawyer PPs, how many years did it take post-partner to get to the $800k level, and what's the net after the much more significant tax hit you get as a partner? This sort of information is so hard to come by, but as a new mom thinking about whether to push for partner vs stay at the counsel level, it is important data to have. If it would mean doubling my net in a matter of a couple of years, well that could mean any private education we want, early retirement, exposing our child to great travel, etc. Or instead, if I think about a part-time schedule in a couple years at that level of compensation -- well the idea that I could cut my hours by 30-40% without hurting net income is delicious. But anything less dramatic than that seems not worth it (to me, personally -- not judging ANYONE's choices) in terms of the time committment and stress required to make a partner run with a small child.

"vs stay at the counsel level" ... if you were really counsel then you would already have access to the relevant information at your firm. That is, if you really are a lawyer and not just being nosy. You should know profits per partner are different by firm and even within a firm.

Wow, I continue to be floored by the mean-spiritedness and generally high level of suspicion on these boards. Why does everyone have to be so small and petty? Yep I am a counsel, and of course I am quite aware that PPP is different everywhere and there are no guarantees. But no one has handed me a copy of the partnership agreement or explained how junior partners are typically compensated. I've got some general hazy information from conversations with people I'm comfortable with, but thought an anonymous forum might be a nice place for extra data points. The idea that I am posing as a lawyer and being nosy about someone who is anonymous to me is just weird.

[JamaicaMama]

Anonymous wrote: I think to be able to swing it - these people have to have investments that pay them great interest, trust funds AND good jobs with great bonuses!
To live in the district - you have to pay a lot for a house - and private schools seem to be the way to go - so unfortunately you are paying on both ends........
I am curious how they all do it! (As well as drive those expensive SUV's I see in the parking lots!)

I disagree with this statement, you do not need large investment income, trust funds or bid bonues to live in DC and afford private school. What you need is to make sure that your expenses are in line with your income and have good financial planning. Our monthly budget (we include everything) is around 50% of our total take home pay. We really focus on minimizing expenses and saving/investing a lot, that is how we will be able to afford private school - if we decide to go that route.

[Anonymous]

Yes, I agree that it is just plan wierd to accuse people on an anonymous forum of being nosy! That's the whole point, ladies: people can say what they want, ask what they want, and if others are comfortable responding, they will do so. No need to get nasty. As for DH who is a partner at a law firm, I would say that his hours as partner are not significantly longer than they were as a sr. associate....however, his level of stress has increased significantly, now that he has much more responsibility. Also, there is more travel involved - a definite downside, from my point of view.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Lawyer PPs, how many years did it take post-partner to get to the $800k level, and what's the net after the much more significant tax hit you get as a partner? This sort of information is so hard to come by, but as a new mom thinking about whether to push for partner vs stay at the counsel level, it is important data to have. If it would mean doubling my net in a matter of a couple of years, well that could mean any private education we want, early retirement, exposing our child to great travel, etc. Or instead, if I think about a part-time schedule in a couple years at that level of compensation -- well the idea that I could cut my hours by 30-40% without hurting net income is delicious. But anything less dramatic than that seems not worth it (to me, personally -- not judging ANYONE's choices) in terms of the time committment and stress required to make a partner run with a small child.

"vs stay at the counsel level" ... if you were really counsel then you would already have access to the relevant information at your firm. That is, if you really are a lawyer and not just being nosy. You should know profits per partner are different by firm and even within a firm.

You are mean and paranoid.

[Anonymous]

I agree that it is mean and clearly you are envious! But as most lawyers will tell you, there is another tax on the $800,000 a year salary and that is your sanity. They are not just giving it away! Growing up I have had friends whose fathers have literally dropped dead because of the stress, and then that money means nothing. Everything always looks better from the outside, but everyone has their struggles, even wealthy people!

[Anonymous]

Anonymous wrote:I agree that it is mean and clearly you are envious! But as most lawyers will tell you, there is another tax on the $800,000 a year salary and that is your sanity. They are not just giving it away! Growing up I have had friends whose fathers have literally dropped dead because of the stress, and then that money means nothing. Everything always looks better from the outside, but everyone has their struggles, even wealthy people!

yes they do and they will have to answer to their children some day when they ask "where were you during my childhood?" keep you 800 and i'll love and cherish each moment i have with my children, as well as my husband. he only works 40 hours a week purposely so we can have a lot of family time. it makes a difference. these people that make 800 are working insane hours and are not around to enjoy their wives or children. they think a few fancy vacations a year can make up for that time missed but it can not. i have so many friends that grew up in these type of households and they have the most volatile strange relationships with their parents. there is "something" missing there for sure ie: bond.

[Anonymous]

It is really unfortunate that this discussion has had to devolve into a "holier than thou" recitation of why it sucks to make a lot of money. Just because we have a very good income (yes, in the 800K range) does not mean that we lack a bond with our children. That is really a ridiculous and insulting assumption to make. In fact, my DH is one of the most caring, loving, devoted fathers of any man I have ever met.
Its also incorrect to think that my husband works crazy hours...he don't. (40-50 hrs/week typically). And our vacations, believe it or not, are not particularly fancy. I wish people could just stoppicking on each other, appreciate what they have, and not feel a need to criticize others unjustly.

So what do we choose to spend our $$ on? Aging parents and their medical care.

[Anonymous]

I am the 13:59 poster and I was not trying to turn this discussion into a holier than thous recitation. I was just trying to point out that people should not hold it against someone who makes 800,000! And some lawyers do have to work crazy hours to make that kind of money- my husband was one of them. Having lived on both sides of this I was trying to let other people know that no matter what your income, family is hard and their are struggles. Not trying to be nasty...

[Anonymous]

I am pretty sure 16:13 was responding to 16:00, not 13:59. It was 16:00 that made gross, sweeping generalizations and inferences that were clearly designed to criticize choices of others that were different than her own (which are all clearly right and perfect, in her view).

[Anonymous]

Yes, agreed. Hate to burst some bubbles, but sometimes when you are the boss or the head of an organization, you work less than you did when you were in the middle levels. We are in the 800K income bracket and I stay at home, have wonderful time with my children, a devoted husband and we are very happy. Sure we have our hard times and stressful times but doesn't everyone? It's a stereotype to say that high income people work all the time and don't spend time with family or have good values. That's as silly as saying poor people are lazy. Or that all middle class people have good values. Class warfare appears to be alive and well on this board. Go Obama!

[Anonymous]

Holy Cow. Are DH and I the only 250k family looking at private schools? We were feeling pretty ok until I saw this...

[Anonymous]

No, 10:56, we're with you - in the $250T range and wondering if we could manage private schools if we have a second child.

[Anonymous]

If it makes you feel any better, we are in the 175k range and are doing it without financial aid.

[Anonymous]

I am with you. We make $225K and have twins. We keep running the numbers every which way and I am just not sure we can swing private school without some assistance and I think we make too much to get any.

[Anonymous]

Anonymous wrote:If it makes you feel any better, we are in the 175k range and are doing it without financial aid.

If it makes ALL of you feel better we make a measly 125k combined and do it with 4k financial aid/year for 1 child. We also work great hours (8-4 for dh, 9-5 for me), never miss a conference, never miss a field trip, never miss family dinner. We also live in a small house, have 1 used car that was paid for in cash, don't have cable, have the cheapo cell phones and go to the library for books and movies. We also get to go on 1 great vacation (overseas) per year and 1 shorter domestic vacation per year. We go out to eat once or twice/week and shop at Whole Foods. We live in an apartment. We've made our priorities education and experiences, instead of house and car.

It's possible, though not easy. We also save for retirement and college. There's no way we could afford another child at this point.