How much do you spend on private school and what is your HHI?

[Anonymous]

I just want to know what people are doing to bring in HHI of 2 million! Our HHI is about 400 and two kids in private school - paying about 80k total for both.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:go!

Annoying. Esp when OP doesn’t report the info herself.

OP here. We are considering private school for our rising sixth grader but are not sure if it is worth it. Our HHI is 375k, and tuition would be around 50k. We have a pretty low mortgage payment (3500)- got it at low rates and before prices skyrocketed, and no other debt. No family support.

One kid on $375k HHI with a $3500 mortgage? Unless you are wildly irresponsible with spending you can afford full pay.

[Anonymous]

I save for retirement
Take nice vacations
Send 1 kid to private since K (in 10th now) $50k annual now that they're in HS, Elementary was $40k
Save for college

$500k HHI

[Anonymous]

Anonymous wrote:Wow. There are a lot of very generous grandparents. My parents are quite comfortable and we have a good relationship with them, but I can't imagine them ever paying for our kids' tuition.

I grew up with a very frugal estate planning lawyer father who valued nice education. He tries to pass down money to us when we need it vs when they’re dead and school is a way to do that. But we don’t get the money if he isn’t paying it for school.

[Anonymous]

Annual salary $60,000

Spend $25,000 on tuition

And we are doing just fine!

[Anonymous]

How do the schools structure $$ for top athletes if they come from well off families?
I don't want to come off as a crazy parent but expect the schools should be willing to compete some.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:go!

Annoying. Esp when OP doesn’t report the info herself.

OP here. We are considering private school for our rising sixth grader but are not sure if it is worth it. Our HHI is 375k, and tuition would be around 50k. We have a pretty low mortgage payment (3500)- got it at low rates and before prices skyrocketed, and no other debt. No family support.

One kid on $375k HHI with a $3500 mortgage? Unless you are wildly irresponsible with spending you can afford full pay.

This is roughly our income but two kids for almost 100k. We make it work but it gets somewhat tight. Completely worth it because it is our daughters’ future. few things are more important to us. Our local public school has become a nightmare.

[Anonymous]

Anonymous wrote:HHI $250k, we pay $0 - grandparents pay for the two kids, roughly the equivalent of $100k a year. Obviously we could never afford this ourselves.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI $250k, we pay $0 - grandparents pay for the two kids, roughly the equivalent of $100k a year. Obviously we could never afford this ourselves.

Just curious: why is this your setup? You don’t feel uncomfortable taking that kind of money from family?

Not the previous poster but in most families with generational wealth this is a tradition. Not something that parents are asking for. For several generations the grandparents have paid for private school for all of their grandchildren. Everyone in the family has grown up with this structure and it’s “normal” so there’s no uncomfortable asking and no guilt. In fact, older generations feel obligated to pay it forward bc they received the gift of private education when they were younger.

[Anonymous]

We spend about $18k after receiving academic scholarship. HHI past five years averages about $325k

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI $250k, we pay $0 - grandparents pay for the two kids, roughly the equivalent of $100k a year. Obviously we could never afford this ourselves.

Just curious: why is this your setup? You don’t feel uncomfortable taking that kind of money from family?

Not the previous poster but in most families with generational wealth this is a tradition. Not something that parents are asking for. For several generations the grandparents have paid for private school for all of their grandchildren. Everyone in the family has grown up with this structure and it’s “normal” so there’s no uncomfortable asking and no guilt. In fact, older generations feel obligated to pay it forward bc they received the gift of private education when they were younger.

My parents are nit Americans and gave my sibling and I real estate once we graduated college. The don’t pay for my kids’ school, but without their real estate (that we rent), we could not afford paying for school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI $250k, we pay $0 - grandparents pay for the two kids, roughly the equivalent of $100k a year. Obviously we could never afford this ourselves.

Just curious: why is this your setup? You don’t feel uncomfortable taking that kind of money from family?

Not the previous poster but in most families with generational wealth this is a tradition. Not something that parents are asking for. For several generations the grandparents have paid for private school for all of their grandchildren. Everyone in the family has grown up with this structure and it’s “normal” so there’s no uncomfortable asking and no guilt. In fact, older generations feel obligated to pay it forward bc they received the gift of private education when they were younger.

This. Same situation for us. People really seem to get bent out of shape about this on DCUM though, it's weird.

[Anonymous]

Anonymous wrote:Wow. There are a lot of very generous grandparents. My parents are quite comfortable and we have a good relationship with them, but I can't imagine them ever paying for our kids' tuition.

You have to realize that a lot of people are part of the first generation in the US who are not expected to do as well (financially) as their parents. Before this, the trend has strongly been each generation being better off than the last, and that’s changing. Where grandparents are in a stronger financial situation than their adult children, some are able and choosing to help.

[Anonymous]

$3750K, 35K for private school (tuition, books, sports, travel). No mortgage and no family help. We don't feel overwhelmed and feel private high school is totally worth every penny.

[Anonymous]

Anonymous wrote:$3750K, 35K for private school (tuition, books, sports, travel). No mortgage and no family help. We don't feel overwhelmed and feel private high school is totally worth every penny.

I'd hope not on nearly 4M HHI.