HHI for people who send kids to private

[Anonymous]

HHI is about 600k. We had one kid in private until last year (about 40k tuition). She is in public now. No difference in education and plenty of money to save.

[Anonymous]

We have a net worth of over 10 million.

[Anonymous]

For DMV, I would say most are 500k into the millions. probably north of 700k. I am sure there are folks lower but that is where I see most people.

[Anonymous]

Our HHI ranges from 600-800K depending on the year. Our oldest child is in Kinder in private and our second child will start the same private in fall 2023. We don't live in DC so the tuition is less (it's about 25K a year instead of 45K). I'd really have to think twice about a 45K a year tuition for two kids unless my public school was really terrible or there was some special need my kid had (or I made a lot more money) even though I really love our private school.

[Anonymous]

Hi, OP again, and thanks to all who responded. This is super helpful. I just spent this morning doing some financial calculations and here is where we are at.

We have a HHI of between 350 to 400K depending on the year. Our main expense is our mortgages, which total about $4500 / month. Our net worth is about 4 million with about 1.2 of that in our houses. We have another 1.2 in cash or the market, and the rest is retirement.

Our parents are still alive and doing well. We don't get any money from them for anything so they're not going to contribute here.

[Anonymous]

Anonymous wrote:We have a HHI income of around 400k. Kids are small and one is in private preschool at the moment, plan to send both to private school within a few years. In our case we’re sending to a Jewish day school, so the HHI is more distributed and it’s less of a rich person thing than it is a cultural one. Hopefully HHI will increase a bit with promotions. Grandparents are well off but not contributing to private school tuition, but will pay for college so that’s one thing less we have to save for. Other posters are right that many people on the “lower” end of HHI have wealthy parents/grandparents that contribute in some way be it with tuition, trust funds, inheritance coming etc.

Interesting. The school we're looking at is a Jewish day school as well.

[Anonymous]

My HHI is around $100K. One kid in a private school. Tuition is around $18K but we pay around $11K.

[Anonymous]

HHI is $260k and tuition is $26k per child in high school.

[Anonymous]

Anonymous wrote:Our decision foe oeibete5foe one of our 2 kids was based on my child's individual needs. He needed in person school and thrives in smaller settings. He is doing excellent in classes that max out with 10 kids.

We make around 750k/yr. However it's variable. We do not feel pinched in the slightest.

Kewl

[Anonymous]

Anonymous wrote:We make 900-1.2m.

We make more and send our kids to public

[Anonymous]

HHI is not the only factor. If you had significant down payment covered by grandparents, college funded by grandparents, and access to the income generated from a trust fund, you can send to private. My SIL sent 4 kids through private with HHI of 150k. Our HHI is 450k and we don't think we can afford it for our 3 kids.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have a HHI income of around 400k. Kids are small and one is in private preschool at the moment, plan to send both to private school within a few years. In our case we’re sending to a Jewish day school, so the HHI is more distributed and it’s less of a rich person thing than it is a cultural one. Hopefully HHI will increase a bit with promotions. Grandparents are well off but not contributing to private school tuition, but will pay for college so that’s one thing less we have to save for. Other posters are right that many people on the “lower” end of HHI have wealthy parents/grandparents that contribute in some way be it with tuition, trust funds, inheritance coming etc.

Interesting. The school we're looking at is a Jewish day school as well.

In that case, financial aid also might be an option. Jewish day schools don’t want cost to be a prohibitive factor in obtaining a Jewish education and environment. What’s considered an objectively high income might still qualify for aid at a Jewish school, especially if you have more than one child enrolled.

[Anonymous]

Anonymous wrote:Our HHI is $200k with one kid in private. We’ve had him there for 10 years, and our HHI was $150k when he started. Does it constrain us? Well yeah - if we weren’t paying $40k for tuition we would use it for a nicer house or nicer vacations. There is always a trade off, unless you are very wealthy. But we value the school more than we value a nice house or vacation, so that is how we spend our money. There are plenty of other people at our school whose incomes are near ours - two income families with a teacher and a pediatrician, or a nurse and a fed, etc. My kid knows we have more money than 99% of the world and 90% of the US, even if we do have less money than many of his classmates. It’s never been an issue.

Our HHI is 250k, but otherwise +1. Makes me think our children are at the same school. We feel very comfortable both with our finances and in the school community.

[Anonymous]

Anonymous wrote:Hi, OP again, and thanks to all who responded. This is super helpful. I just spent this morning doing some financial calculations and here is where we are at.

We have a HHI of between 350 to 400K depending on the year. Our main expense is our mortgages, which total about $4500 / month. Our net worth is about 4 million with about 1.2 of that in our houses. We have another 1.2 in cash or the market, and the rest is retirement.

Our parents are still alive and doing well. We don't get any money from them for anything so they're not going to contribute here.

How many kids do you have? If just one, there will be several families like yours.

If you have 3+, not that many families like yours.

Fwiw, we feel middle of the pack financially at our private. We make high 800s, 4 kids in private. Writing the tuition check is so painful, but more than worth it for us.

[Anonymous]

HHI between $450-$500K but net worth is high. 2 kids in private at about $70K a year between them.