How much $ do you make if you send more than 1 kid to private?
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Anonymous
| I'm just wondering what sorts of income levels all of you who pursue private are at, and whether we are just unwilling to stretch, or totally in a different league. How much do you think is needed in income to justify two+ $30k/year tuition bills? Just curious. |
Anonymous
Wide Range of incomes--- depends on what your other big expenses are. If you have the 5K per month mortgage, versus rent for 2K a month; if you take nice vacations, versus not; lease new cars versus not; how often and where you eat out; how much you put aside in 401s, and so on. Other than that, do a search on "HHI" in this forum and you will get to see what this range is. |
Anonymous
| OP- thanks for the "HHI" tip- that should help. (Was trying to search on other key words but not finding anything). |
Anonymous
|
$500k and plan to send 2 kids to private.
If we made less than $300k, we would probably not send our children to private. |
Anonymous
| 3 kids to Catholic, 170k, no daycare |
Anonymous
| We make $250,000 and send 2 to private but a grandparent pays for 1 tuition. |
Anonymous
| About 450 before taxes, two private. Can have some fun, but obviously have had to scale back in some areas |
Anonymous
|
Our income varies year to year because DH can greatly increase his income via commission, or in bad years like the past few, not do nearly as well. I will tell you that, the years we make around under $300,000 it is very, very tight (we have two in private - so approx. $60,000 in tuition and feesb after taxes).
We do have a significant mortgage, but no other major expenses. We do not have expensive car payments or other family members who rely on us. We also rarely take vacations other than to family or friend owned places. Our kids to have a lot of activities that add up (music lessons, sports teams, etc...) but, overall we do not live extravgently or wear expensive clothes or eat out often. We do try to always fully fund out 4012Ks. At $400,000 it is more comfortable to handle the tutition but we still do nothing else extravagent. |
Anonymous
| 160k. Grandparent helps with one, like the pp. Our other expenses are extremely low. |
Anonymous
| The HHI alone will not tell you much, OP. You would have to see both sides of a balance sheet and know cash flow. |
Anonymous
| This is interesting. We make $140K and are considering private, but are a little concerned that we will be the "poor" people there. FWIW we don't consider ourselves poor and are pretty happy with our lot in life, but we don't want out boys to feel like they are the poor kids all the time. |
Anonymous
140 before taxes? that leaves you just over 100 after taxes. The typical private school is about 30+ (not counting summer; with summer maybe about 35+). That leaves you 65-70 for the year. This is less than 6K per month. To cover everything including food, gas, car, mortgage, kid activities, utilities, incidentals. It is doable, but you will probably not save much I guess? |
Anonymous
| 140k family -- i think its up to you if its doable, but i think you may feel like the poor people there, unfortunately. im not saying you shldnt do it, just answering your question |
Anonymous
PS. I just noticed you said "kids". I neglected to mention that you may be candidates for FA as well. |
Anonymous
| $350K for 2 kids. It's easily doable, but we certainly forgo some luxuries we'd otherwise have. |