How can middle class families send their kids to good private school (middle and high)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP asked how those of us with $150HHI and pay full freight make it work: its the housing. We live outside the city in a truly working class 'burn where you can buy a small 3 bedroom house for $230,000. Since you are sending the kid to a private school you don't need the neighborhood school to be good, so houses are cheap. Due to our income there is no formula for a fabulous house, fabulous school, and happy commute. So we took the fabulous school and good-enough house and a good-enough commute.

Which DC suburbs are truly working class?

Many in Prince Georges county. Some in the east half of Montgomery County. Ever been to Langley Park? Some in far south Fairfax County along Route 1. Pockets of Alexandria.

In the exurbs, which I don't think the PP is talking about, there are tons of working class enclaves. Tons. The next ring of counties including Spotsylvania, Warrenton, Hagerstown, Prince William, Calvert, Charles, etc etc etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.

Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.

My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.

Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.

That is has been numerous separate threads in the Money and Finances forum. Long and Short, we have been trying for years. My wife and I can't seem to do it. My view is my car payments are $1940 (both leased). Most people on two cars would spend 1,000 to 1,200. Why not give yourself a little happiness. Especially, when you are a millionaire (being sarcastic because we know 1.4 million is chump change in DC). The view is with the private schools also comes certain keeping up with the joness. Cars, Vacations. Mom pays for the majority of those as well because they are for grand kids. My concern is when the music stops and my mother can't work, there is no way to keep up with vacations and private school. I have talked to financial advisers, therapists, nothing seems to work. I have scaled back my eating out every night. That is benefiting the wallet and the waist.

Guess I don't get it, but I'm paying full freight at a private and drive what some would consider a "nanny car" that is 8 years old. I am proud we can pay and not worry about being dependent on FA, particularly since I benefitted from that as a college student. It is not fun to be on FA. You need to find other outlets for joy and fun.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.

Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.

My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.

Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.

That is has been numerous separate threads in the Money and Finances forum. Long and Short, we have been trying for years. My wife and I can't seem to do it. My view is my car payments are $1940 (both leased). Most people on two cars would spend 1,000 to 1,200. Why not give yourself a little happiness. Especially, when you are a millionaire (being sarcastic because we know 1.4 million is chump change in DC). The view is with the private schools also comes certain keeping up with the joness. Cars, Vacations. Mom pays for the majority of those as well because they are for grand kids. My concern is when the music stops and my mother can't work, there is no way to keep up with vacations and private school. I have talked to financial advisers, therapists, nothing seems to work. I have scaled back my eating out every night. That is benefiting the wallet and the waist.

Well, your problem is equating happiness with luxury goods (i.e., leasing SUVs) and the inability to avoid peer pressure than finances. Why think that leasing SUVs is more important than sending your kids to private school. You also seem to think that private school means keeping up with the Jones. That's not true. You have to be secure in who you are. Our HHI is in the low seven figures, and we drive a Prius and a Honda minivan. We take vacations to see family, but they are not luxurious. (Although, when the kids are in late elementary/early middle school, we probably will start taking trips overseas when we feel they will benefit from the experience.) We have a house that is worth under $1M, in an upper NW neighborhood.

What values do you want to pass onto your kids? I want our kids to understand that they are already very, very fortunate to have the lives that they have, and that fancy cars and fancy vacations really don't make someone a better--or a happier--person. It's a fine line to walk, but I think that you know when you've crossed the line.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.

Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.

My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.

Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.

That is has been numerous separate threads in the Money and Finances forum. Long and Short, we have been trying for years. My wife and I can't seem to do it. My view is my car payments are $1940 (both leased). Most people on two cars would spend 1,000 to 1,200. Why not give yourself a little happiness. Especially, when you are a millionaire (being sarcastic because we know 1.4 million is chump change in DC). The view is with the private schools also comes certain keeping up with the joness. Cars, Vacations. Mom pays for the majority of those as well because they are for grand kids. My concern is when the music stops and my mother can't work, there is no way to keep up with vacations and private school. I have talked to financial advisers, therapists, nothing seems to work. I have scaled back my eating out every night. That is benefiting the wallet and the waist.

Just fyi...you have to list car payments on the financial aid forms. $1940/month is an eye sore when it could be 1/3 of that or nothing at all. You also have family help already. I think you're going to be viewed as having disposable income that can be used for tuition.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Most people with your income and multiple children at private schools have a lot of family $$$ help.

Correct. I make 250K flat all in. Wife stays at home. I have 3 kids at a cheaper K to 8 school. My mother who is a doctor pays. My father is dead. We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.

My net worth is 1.4 Million but not really liquid to burn through savings. We drive two expensive German SUVs. Have credit card debt. Eat out. Live above our means.

Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.

That is has been numerous separate threads in the Money and Finances forum. Long and Short, we have been trying for years. My wife and I can't seem to do it. My view is my car payments are $1940 (both leased). Most people on two cars would spend 1,000 to 1,200. Why not give yourself a little happiness. Especially, when you are a millionaire (being sarcastic because we know 1.4 million is chump change in DC). The view is with the private schools also comes certain keeping up with the joness. Cars, Vacations. Mom pays for the majority of those as well because they are for grand kids. My concern is when the music stops and my mother can't work, there is no way to keep up with vacations and private school. I have talked to financial advisers, therapists, nothing seems to work. I have scaled back my eating out every night. That is benefiting the wallet and the waist.

Well, your problem is equating happiness with luxury goods (i.e., leasing SUVs) and the inability to avoid peer pressure than finances. Why think that leasing SUVs is more important than sending your kids to private school. You also seem to think that private school means keeping up with the Jones. That's not true. You have to be secure in who you are. Our HHI is in the low seven figures, and we drive a Prius and a Honda minivan. We take vacations to see family, but they are not luxurious. (Although, when the kids are in late elementary/early middle school, we probably will start taking trips overseas when we feel they will benefit from the experience.) We have a house that is worth under $1M, in an upper NW neighborhood.

What values do you want to pass onto your kids? I want our kids to understand that they are already very, very fortunate to have the lives that they have, and that fancy cars and fancy vacations really don't make someone a better--or a happier--person. It's a fine line to walk, but I think that you know when you've crossed the line.

+1