Are we too wealthy for financial aid for 3 kids?

[Anonymous]

They also look at your 401K and any potential investments you have made.

[Anonymous]

The 401K thing is interesting to me (we're not there yet, have a preschooler).

Let's say you have $100K in your 401K; do you need to withdraw some of that every year to contribute to tuition? If so, is that one of the tax-favorable conditions that's allowed (where you don't get as penalized for pre-65 withdrawal)?

[Anonymous]

Anonymous wrote:Seriously, I hope a PP's comment that the OP would get some financial aid is not true. I would rescind my pledge to my school now if that was the case. Like others have said, I'd like to be home with my kids too. I don't get paid enough to hire a FT time nanny or even a PT sitter. So please get over yourself. Get a job, send your kids to public, or dip into your equity. I have about $100k of equity in my house. I am not paying for any part of your ride!

Wow. Bitter bitter bitter working mom.

[Anonymous]

And she has every right to be so, given the circumstances.

[Anonymous]

Anonymous wrote:And she has every right to be so, given the circumstances.

Well, something's fishy. She has enough money to send her child to private school and also donate money to the school - but she doesn't have enough money to hire a part-time babysitter? Hmmmm....

She's pretty angry about SOMETHING though!

[Anonymous]

Anonymous wrote:

Anonymous wrote:And she has every right to be so, given the circumstances.

Well, something's fishy. She has enough money to send her child to private school and also donate money to the school - but she doesn't have enough money to hire a part-time babysitter? Hmmmm....

She's pretty angry about SOMETHING though!

I think she has an appropriate level of indignation. PP pays tuition for her kid and prioritizes scholarships for others enough that she does after-care, nanny-share, or some other relatively low-cost option for her child. And then... the OP with a fully paid off $1M home, does not work for pay outside of the home, and wants some of the PP's contributions to go to her as financial aid. I understand the anger. I would feel it too!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And she has every right to be so, given the circumstances.

Well, something's fishy. She has enough money to send her child to private school and also donate money to the school - but she doesn't have enough money to hire a part-time babysitter? Hmmmm....

She's pretty angry about SOMETHING though!

I think she has an appropriate level of indignation. PP pays tuition for her kid and prioritizes scholarships for others enough that she does after-care, nanny-share, or some other relatively low-cost option for her child. And then... the OP with a fully paid off $1M home, does not work for pay outside of the home, and wants some of the PP's contributions to go to her as financial aid. I understand the anger. I would feel it too!

cosign

[Anonymous]

The other interesting thing is that she says if she worked it would cover tuition and nannies. So, tuition for three kids at $90K, nanny at about $50K (once you factor in taxes, worker's comp, etc.), that's net pay of over $140K. So this person also has huge earnings potential - probably $250K to $300K gross. She probably made the choice to give up her job years ago to stay home despite the hubby's lesser earnings but hasn't quite grasped the lifestyle shift it requires.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And she has every right to be so, given the circumstances.

Well, something's fishy. She has enough money to send her child to private school and also donate money to the school - but she doesn't have enough money to hire a part-time babysitter? Hmmmm....

She's pretty angry about SOMETHING though!

I think she has an appropriate level of indignation. PP pays tuition for her kid and prioritizes scholarships for others enough that she does after-care, nanny-share, or some other relatively low-cost option for her child. And then... the OP with a fully paid off $1M home, does not work for pay outside of the home, and wants some of the PP's contributions to go to her as financial aid. I understand the anger. I would feel it too!

cosign

Another cosigner

[Anonymous]

Typical DCUM thread. Bunch of angry people who use some "low-cost" daycare situations for their children and then try to make up for it by sending them to a private school and being angry at SAHMs.

[Anonymous]

Is it always this hard for you to think straight? Or are you just having a bad day?

[Anonymous]

Typical DCUM thread. Someone makes generalizations about daycare versus SAHM and then doesn't understand why others would be indignant that the OP wants to slope financial aid of those who made different choices earlier in life.

[Anonymous]

Not just earlier in life--the discussion is really about choices OP--or any parent--can make right now.

[Anonymous]

How did you get the 1 mil house. Was it with the current income? Maybe you could rent it and live somewhere else and use the rent for tuition?

[Anonymous]

Will someone with knowledge please answer my 401K question?

(Also, FWIW, we have a house worth about $1.4M that is nearly paid off. We intentionally maintain a small mortgage for tax purposes, which our accountant said made good financial sense due to our income structure, tax bracket, etc. We are NOT wealthy. We just bought at a good time).

(point being, it's not necessarily remarkable or fishy that a DC area family owns or nearly owns a $1M home outright.)