What percentage of your net income goes to tuition?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
| We've been paying tuition for 4y and I feel like we are drowning. Right now tuition takes up 25% of our net (but mortgage is only 19% - hello tiny house.) |
Anonymous
|
I am curious about this too. We are not yet paying tuition, but if we opt for private, we'll be paying almost the same ratio of our net.
If we have a second child, well .... I'm always curious if other families do the same thing, or if we'd be in the definite minority. |
Anonymous
| We have been paying several tuitions for the past seven years and it has been 25% to 35%. We are almost down to one tuition and that will be about 10%-15% of net. Way more manageable. |
Anonymous
|
Is net just after taxes, or after retirement savings?
|
Anonymous
|
If we did private for 3 who are currently in preschool, it would be about 40% of net.
Housing is currently 10% of net |
Anonymous
| About 20% of net (net being just post taxes) for one kid. |
Anonymous
| 13% net. Small school, low tuition, one kid. |
Anonymous
| 30% but I pay the tuition, full pay. Spouse pays the mortgage. |
Anonymous
Yes, but you probably do not pay anywhere close to the percentage of your income in taxes that other posters do. |
Anonymous
| 3 kids, 37% of take-home pay. Mortgage is 25% of take-home. Ouch. |
Anonymous
huh? how do you know our income or taxes? I didn't mention how many kids we have in private school - just the percentage we are paying out. |
Anonymous
It is elementary my dear Watson. If your private school tuition (25%) plus your mortgage (19%) take up a combined 44% of your net income, and that mortgage obligation only pays for as you put it a "tiny house", then even assuming that you pay full private school tuition for three or four children (which I assume that you do not have, thus the aforementioned "tiny house"), you would be nowhere close to paying the more than 50+% combined federal and state income tax rates that some posters are. |
Anonymous
| Tuition for our DS is about 19% of net (after taxes and retirement too). |
Anonymous
Drive by commenting (I am not OP): 1. Does this matter, since we are discussing NET pay? 2. Just because you threw it out there: if people with high incomes are losing half their income in taxes, and yet it is "elementary" that they all own Giant Awesome Houses, then the tax must not be so damaging after all. Right? It's a little hard to plead poverty while taking a few laps around your backyard pool, no? 3. I don't contest that most people do trade "up" in home value as disposable income increases. But not all. I currently live in a bitty house, but even if my income tripled tomorrow, I'd keep the small house and spend it on other things. Just sayin'. |
Anonymous
|
I think 18:42 is smarter than 16:12.
|