Anyone else spending $7000 oer month (or more) on tuition from earned income?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why would you do that? Why not move to a decent school district and put that money in a house? At least the house has some resale value.

Your kids don't need a perfect education. They need a good enough education.

Bingo!

Do you know what a nice house you could get in an excellent school district with a great commute for less than $7000/month?

OP here. We do live in a pretty good school district (in Bethesda) and have pretty decent commutes downtown. (We sent our kids to public for elementary). We are planning to go private just for grades 6 to 12.

Our house is small and nothing great. I definitely wish we could have a bigger and nicer house. Since we are doing private school now, we don't dare spend any more than the $2000 per month we are currently paying on our mortgage.

I am hoping to hear from any more posters who make monthly tuition payments out of earned income, rather than from investments or bonuses etc.

[Anonymous]

Agree, where are the parents who pay out of earned income?
Fwiw, we are in upper elementary and with us there are 10 I would say that mostly pay out of pocket.

[Anonymous]

Anonymous wrote:Agree, where are the parents who pay out of earned income?
Fwiw, we are in upper elementary and with us there are 10 I would say that mostly pay out of pocket.

In a class of 16

[Anonymous]

I already raised my hand, OP, for paying out of earned income. It is what it is.

[Anonymous]

This will be us.

I have 2 kids with some learning disabilities that are not being properly addressed in public school.

We will be paying out of earned income with a household income similar to the OP. The private tuition for both kids will cost us nearly $80,000.

We are currently planning on selling our house and moving into a condo or townhouse and will no longer be putting money into the 529. Hopefully our health will continue to be good and we can retire a little later too. I have an 11 year old car that I'm hoping will last a couple more years.

We will still live a good life, just much more restrained and not as we expected or would prefer given our income. It is what it is though and it could always be worse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What's you're current mortgage? I have to think that if you added it to 7k you'd be able to get a house in pretty much any excellent school district in the area and then be able to fund your retirement properly (5% isn't properly).

Mortgage is $2100. We love our house and neighborhood and would never move. There are other factors outside the public school.

I would rather work an extra 10 years and be able to give me kids their current school than save more for retirement now. We have met with a financial planner. We wont be able to retire extravagantly but we will be just fine, especially with our house paid off. We are relatively young (started having kids in our late 20s, done by 35.) Last kid will be out of college by 57 and we can easily work 10 more years at that point if we need to.

I think you've answered this question yourself. Sounds like it's worth it to you.

[Anonymous]

Have you considered a less expensive independent school? They are out there. They may not have the reputation of the "Big 3" but the educational experience could be just as rewarding. And at half the cost (or in some cases less) you could send both to independent school for as much as you pay for one currently. Just a thought.

[Anonymous]

NP here. I agree. I can't imagine paying $7000 per month in tuition, if your take-home is $13,000 per month. Instead, just invest it for your kids' future, and give them a down payment on a house someday.

[Anonymous]

IMHO, no amount of money makes up for this https://www.washingtonpost.com/news/answer-sheet/wp/2016/06/08/teacher-my-son-broke-my-heart-when-he-said-nobody-in-his-class-notices-him-then-he-asked-if-i-ignore-my-students/

[Anonymous]

Yes, it sounds absurd to me. Your HHI is high enough to move to a good school district. I'd rather spend the money on real estate (which is generally a good investment in this area) than blow it on tuition, especially since I don't want my kids' peers to only be rich, entitled assholes.

[Anonymous]

Seems absolutely crazy. DH and I probably each spent $7k yearly on our state school college tuitions and we both came out pretty well.

[Anonymous]

Enough with the move to a good school district - she said she lives in Bethesda.

OP - what school are you zoned for and what are your reasons for not sending your children to your local middle school and high school?

[Anonymous]

We are paying more than $7000/month for our 2 kids in private school. We both work hard. No bonuses or investment income or family money. We pay monthly and there isn't much left after the tuition payments and necessities, but we are both on the same page that it is worth it to us. Gross income is about $350k.

[Anonymous]

Anonymous wrote:We are paying more than $7000/month for our 2 kids in private school. We both work hard. No bonuses or investment income or family money. We pay monthly and there isn't much left after the tuition payments and necessities, but we are both on the same page that it is worth it to us. Gross income is about $350k.[/quot

OP here. Sounds like we're in a similar situation. Thanks for posting. We really like the private schools our kids attend, and hope to be able to continue to send them through 12th grade. (We both have pretty stable jobs, but of course anything can happen.)

[Anonymous]

Anonymous wrote:We have had one child in independent school for a few years (starting in middle school), and our second child will start independent school in the fall for 6th grade. (We have been in MCPS for elementary.)

As of June 5th, we went from paying $4000 per month in tuition to paying $7000 per month in tuition. I knew it was coming, but it is such a large amount. Our total net income per month is $13,000 (HHI of approximately $380,000 with both DH and I working full time.)

I sense a lot of people pay tuition from investment income, and perhaps not out of salaries.

Does it seem a bit absurd to pay $7000 per month for two kids to attend 6th and 8th grades?

(BTW, I know that these tuition amounts are for 10 months of the year, and not all 12 months)

Yes we pay that amount from salary. It's a lot but we think worth it overall.