What constitutes enough money for private school

[Anonymous]

Anonymous wrote:OP Here- Actually right now we don't have a high mortgage, we live in a two bedroom condo in DC. But, we would really like a house. We are looking in the $800-$900K range, which would put our mortgage somewhere between $600 and $750K, which runs somewhere between $5K and $6K a month. Add on student loans at $1.5K a month and two car payments totaling $750K a month and it starts to add up. Plus we will still need a nanny for any hypothetical second child, what's that run$3.5K a month? That doesn't leave a lot left over for additional savings. I would like to retire early so maybe that's where the money is going... I would hate to stop saving an additional 4K a month... Flame away.

OP, I am not sure why you are begging to get flamed, but your numbers do not add up:

Assuming a 50% total tax rate your monthly income at $500K a year would be aprox $21,000
less mortgage ($6,000) - this estimate seems a bit high, are you not planning to put down 20% or more?
less student loans ($1,500)
Car payment ($750)
less nanny ($3,500) (which is not a sure thing since there is not guarantee that there will be a second child)
Current savings (4,000)

That leaves you with $6,000 a month. I mean, there is a lot of room here.

BTW, I am starting to suspect that this post is a hoax, no adult can be this clueless.

[Anonymous]

wow the OP is right - you make more you spend more. i think 500K is ALOT of money but many people would think the same of our 200K. doesn't any daycare cost at least 20K?

[Anonymous]

Anonymous wrote:OP Here- I would like to retire early so maybe that's where the money is going... I would hate to stop saving an additional 4K a month... Flame away.

If you can contribute the max to a 401K AND sock away $4K a month in cash, you CAN afford private school. I think the question is more do you WANT to.

[Anonymous]

Anonymous wrote:wow the OP is right - you make more you spend more. i think 500K is ALOT of money but many people would think the same of our 200K. doesn't any daycare cost at least 20K?

500K! 200K!

Yes, reading through DCUM always makes me feel very poor.