household income of 250K to send kids to private school
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Anonymous
| We make $300 and have 2 in expensive private schools but grandparents pay one tuition. It's sometimes tight due to kids activities, babysitting, braces, and the bus which we pay. We also have therapies for one. We don't travel much due to work and activities. We have enough but we sometimes have to scramble to pull together tuition in June. |
Anonymous
|
There's a lot of factors besides grandparents.
Do you have debt (credit card? car loans?)? Student loans? Do you have a mortgage (and how much is it)? I know people who do it but they tend to be debt-free (or mostly debt-free). |
Anonymous
|
You want to spend half of your take home pay on something you could get for free?
If you feel inclined to be strapped financially at least instead move to an area with better schools. You'll get the money back when you sell your house one day. You never get the money back you spend on private school tuition. |
Anonymous
| Seems like there is agreement. It's not doable. |
Anonymous
| I think a private independent may be do-able for one, but not two. Have you considered a good parochial? As long as you don’t have huge expenses elsewhere (mortgage/student loans), you should be good. |
Anonymous
| How much would you have left over? What ar your other expenses? How much discretionary income do you have? How much do the schools cost that you are considering? |
Anonymous
| I would think at least 400k if not more to send two if you live in the dc area and the schools are at the high end of tuition. |
Anonymous
that's not so pretty either for two kids. $400k gross ($37k) to two 401ks ($5k) to two 529s ($5k) healthcare (175k) to taxes (federal, state/county, Medicare/caid, SS, FICA) = $180k net after taxes and tax shields ($50k) mortgage ($40k) Kid 1 tuition + fees ($40k) Kid 2 tuition + fees ($10k) summer childcare/camps, any sports any season ($10k) groceries, lunches out, some dinners out ($10-20k) to investments ($5k) seasonal clothes/shoes for growing family ($5k) entertainment/vacations/repairs Wiggle room is in your spending habits and childcare options. $40k nanny, $25k au pair, $10k before/after care, grandparent, flex job parent. - private banker accountant |
Anonymous
We are at HHI of 320k, but our private is a little less at 30k. Our budget looks very similar at the moment. I would feel better at an HHI of 500k. |
Anonymous
| $175,000 to taxes! |
Anonymous
+1. We are a little over 400k and no way we'd do private unless it was absolutely necessary. Instead of spending 80k in posttax dollars for private education we invest in private brokerage accounts. It's pathetic to spend 80k a year on something you could have for free when you're not even saving that much annually. I'd need closer to 750k for two private school educations. Because I'd want a nicer home and vacations before paying private school tuition. It's pretty much last on the list of luxuries. |
Anonymous
You thought they actually got to spend all 400K? |
Anonymous
that's what the newspapers and media like the average joe to think those evil richies do with all their ordinary income! |
Anonymous
 I've often fantasized what our income could buy us, sans taxes
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Anonymous
| Depends on tuition. We never planned on private but DD has really thrived in Montessori preschool that has elementary. Tuition is 17k. So we're considering it. DS will start preschool there next year. |