HHI of private school parents

[Anonymous]

Anonymous wrote:

Anonymous wrote:We make high 6 figures combined and have assets. We have one child (one and done) and are sending them to a TT SS school for K-12. They are currently in a feeder PreK.

We don’t live above our means or own a very fancy large apartment or go on lavish vacations, but we live comfortably. If we had more than one child then we would have to go to public school route.

But for us we strongly believe in private school education and know our child will thrive in this environment, and if they change as they get older, we will reasses.

I don’t think you NEED to be a millionaire to send one child to private school, but yes, you may have to cut back on other luxuries.

How do you know your child is going to a TT SS?

I know because they got in to a TT SS for upcoming school year for K.

[Anonymous]

Not sure but the focus on money would drive me nuts. I really don’t care but they clearly do.

[Anonymous]

Anonymous wrote:Not sure but the focus on money would drive me nuts. I really don’t care but they clearly do.

Who is "they"?

[Anonymous]

The thing that asking about HHI misses is the generational wealth piece. Our HHI is $750k but we also grew up in families with modest incomes only a generation removed from poverty. So our kids attend an excellent public school. No regrets.

[Anonymous]

Anonymous wrote:The thing that asking about HHI misses is the generational wealth piece. Our HHI is $750k but we also grew up in families with modest incomes only a generation removed from poverty. So our kids attend an excellent public school. No regrets.

Yes - income and net worth interact. If you are making $750k a year with high school aged kids but nothing in the bank, that is not nearly the same as making $600k a year with a few million in the bank. If you have money in the bank you can better afford to cash flow private for a few years as you can take a break from saving. Some of those families who might not seem to have particularly high paying jobs might have inherited money, money they made in higher paying jobs earlier in their careers, or whatever else.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The thing that asking about HHI misses is the generational wealth piece. Our HHI is $750k but we also grew up in families with modest incomes only a generation removed from poverty. So our kids attend an excellent public school. No regrets.

Yes - income and net worth interact. If you are making $750k a year with high school aged kids but nothing in the bank, that is not nearly the same as making $600k a year with a few million in the bank. If you have money in the bank you can better afford to cash flow private for a few years as you can take a break from saving. Some of those families who might not seem to have particularly high paying jobs might have inherited money, money they made in higher paying jobs earlier in their careers, or whatever else.

And for a lot of families (more than I would have ever guessed), the grandparents are paying for the schooling.

[Anonymous]

A lot of families in NYC who seem to be living the good life in creative or do-gooder jobs are supported by less glamorous generational wealth. i.e. book editor and nonprofit worker with 2 kids in private but one is the child of the owner 90% of the Burger Kings in the southeast. It’s not just dull finance money, it’s decidedly uncool money, often coming in from red states. I know several families like this.

[Anonymous]

I also know families with creative professions who are on financial aid (they're open about this, it's not that I'm guessing)

Based on what's been publicly shared by some of these schools - their annual FA budgets are able to cover ~75% tuition for about ~20% of the student body

From speaking with our school's admissions head it's clear they are not just looking to stock up a class composed only of children of high-earning professionals.

[Anonymous]

Anonymous wrote:A lot of families in NYC who seem to be living the good life in creative or do-gooder jobs are supported by less glamorous generational wealth. i.e. book editor and nonprofit worker with 2 kids in private but one is the child of the owner 90% of the Burger Kings in the southeast. It’s not just dull finance money, it’s decidedly uncool money, often coming in from red states. I know several families like this.

True, I know of a few people who are from oil families. They work in fashion, arts, etc.

[Anonymous]

Note that the % of kids getting aid figures are greatly inflated by children of faculty who get discounts - schools count this as aid so they can pat themselves on the back and make it seem like they are helping many people. My friend is very rich and his spouse gets an employee discount at the school. They don’t need it. They donate very generously and get the write-off.

[Anonymous]

Anonymous wrote:Note that the % of kids getting aid figures are greatly inflated by children of faculty who get discounts - schools count this as aid so they can pat themselves on the back and make it seem like they are helping many people. My friend is very rich and his spouse gets an employee discount at the school. They don’t need it. They donate very generously and get the write-off.

I’m fine with this - private school pay and benefits are inferior to NYC public schools.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Note that the % of kids getting aid figures are greatly inflated by children of faculty who get discounts - schools count this as aid so they can pat themselves on the back and make it seem like they are helping many people. My friend is very rich and his spouse gets an employee discount at the school. They don’t need it. They donate very generously and get the write-off.

I’m fine with this - private school pay and benefits are inferior to NYC public schools.

I wasn’t saying it is bad - I agree that it is a deserved perk. Just making sure people who see these high percentages realize they are often inflated.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Note that the % of kids getting aid figures are greatly inflated by children of faculty who get discounts - schools count this as aid so they can pat themselves on the back and make it seem like they are helping many people. My friend is very rich and his spouse gets an employee discount at the school. They don’t need it. They donate very generously and get the write-off.

I’m fine with this - private school pay and benefits are inferior to NYC public schools.

I wasn’t saying it is bad - I agree that it is a deserved perk. Just making sure people who see these high percentages realize they are often inflated.

I absolutely agree, you're right. Lots of faculty/staff parents at our school have spouses who make more or are alums of the school/other NYC privates. For the latter, I assume a fair amount have family money. For lower grades, I wouldn't be surprised if over half of FA recipients are faculty/staff kids.