Would you send your kids private on these HHI/Net worth figs?
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Anonymous
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We have recently moved to the US from UK so need some advice. We have a HHi of 400k but a net worth of about $3m. Our income is forecast to be fairly stable. We have two small kids in preschool and a part time nanny. Monthly expenses are as follows:
Rent: 4000 Nanny : 1400 preschool: 850 Other expenses: 4000 - 5000 per month Our net take home is about 17k and dont do a 401k at the moment so save about 6-7k per month. Next year we will sign up for the 401k so our take home will go down to 16k, but 401k savings will be about 1800 per month. We live in alexandria at the moment in a poor school area and our choices are to move to mclean/bethesda and go public or go private in Alexandria. Private will cost about 40k p.a for both the children. We love Old town where we currently live. We will not have a nanny once the kids are in school so will save that but our child related expenses will almost double from 2k to 3.5k and that will come out of savings. What do people on this forum think - are we being too conservative? At some point, we will buy a house here (maybe about the 1mm mark and it will be mortgage free so will save on the rent money). |
Anonymous
| Plenty of great public schools around here. Save your money. |
Anonymous
| Public school and great college and graduate school fund for the child. |
Anonymous
You can afford private, but i agree with this. We have the same income and same net worth and our two kids do public. |
Anonymous
| No I wouldn't. Would have to make double that amount to even consider it. |
Anonymous
| Yes. |
Anonymous
You need to make $800k to spend $40k on your children?? Really? |
Anonymous
Selfish |
Anonymous
| OP our HHI is slightly above yours with again slightly higher net worth. (450k and app $5m). We comfortably afford private school for 3 kids. Depends on your priorities. For us, a top notch education for our kids is of paramount importance. We have several fiends with similar incomes who send their kids to good to middling publics. YMMV. |
Anonymous
| Stay in VA. Go public. Go public university. Keep funds in reserve for grad school or your own retirement. |
Anonymous
| We have a lower HHI and lower new worth and comfortably send our kids to private. We think it's well worth it and consider it money well-spent. |
Anonymous
I guess you don't value a good education. |
Anonymous
Not the PP, but I do make double the OP, AND value a good education, which is why I send my child to one of the best MCPS schools. I also had a child in private school.. They both got/are getting excellent educations. One was better suited for private school, one for public school. |
Anonymous
| This thread is confusing the heck out of me. Like the OP, my family has a HHI of 400k, but our net worth is only about $1 million. I thought we were definitely in a range where we could send our daughter to private school. Am I wrong about that? |
Anonymous
No. You can do it. People are being crazy. |