Those who have children at privates, what is your HHI and net worth?

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI gross $125k-$200k, depending on the year. Family of 5 on a single federal salary. We don't own a home, but we also don't pay rent or utilities. 1 kid in private first grade at a small, not-well-known school. Tuition+fees ~$8,000. Supplies, uniforms, and the twice daily commute are around $2,000 for this year. It's ridiculously cheap compared to almost any other private school in the area. But given that we just barely paid off our own student loans, inflation is out of control, and we have very aggressive financial goals in other areas, we still feel it in an admittedly minor way. But private school is also one of those aggressive financial priorities. Our kid (all of them, actually) is HFA, extremely sensitive, and is thriving in the current school. Watching the blossoming development and the pure love and devotion of all the staff and teachers has just been phenomenal the past couple years. It's the best money we've ever spent on this kid. I can't imagine at this point that we will ever go public, but who knows. Paying for all 3 to do their entire careers in private schools will be an enormous stretch, particularly in the MS/HS years. We get no help from any family. Kids have extremely modest 529s for school and college but given current market conditions that's not a huge help either.

So you’re going to say you found an $8k/year school with a transformative impact on your kid and then not tell us what school it is? Please let us know!

I’m a different poster, so I certainly can’t name that school. What I can say is I believe that can happen. I have my DD in an $9K parochial school and I am over the moon about how great the overall experience is. Her teachers are dedicated and on top of everything. I’m a teacher myself and I feel very comfortable with the level of academic rigor she is receiving.

To answer the thread’s questions: 2 in private schools ($30K total) on a $200K income

[Anonymous]

Anonymous wrote:My great great grandchildren will never have to work.

Until the masses come for them. And they will eventually.

[Anonymous]

Anonymous wrote:

Anonymous wrote:HHI is $1-1.6/year. Our DCs are in lower school (elementary) and I think we may be on the higher end income wise. Different story in upper school based on the parents I've talked to there.

We are about 3 mill HHI. 2 kids in private with 100k tuition.

In lower school, we felt on upper end of parent income. Lots of doctor/lawyer families. Big law partners earned a ton and you had your wealthy CEO/Business types earning way more than us. In the upper school, we feel about “average”. We know of many families who earn more than us who have bigger homes, second homes, millions in the bank. But we know other families make way less. So I would say 3 mil HHI in our current school puts us in the upper 25 percent of our school.

This is crazy. But explains why we feel so poor!

[Anonymous]

$450-500k income. PG County home worth $500k bought for half that. Both still paying our student loans. Three kids in small private total $30k. Both from poverty backgrounds and first to go to college so no wealthy grandparents helping. We drive 10 yr+ old cars.

[Anonymous]

We have a HHI of about $250k, and little assets besides retirement accounts, a very used car, and our house which is worth more than when we bought it but we still have a mortgage to pay. Would it be reasonable for us to expect to be considered for financial aid at a progressive private high school?

[Anonymous]

Anonymous wrote:We have a HHI of about $250k, and little assets besides retirement accounts, a very used car, and our house which is worth more than when we bought it but we still have a mortgage to pay. Would it be reasonable for us to expect to be considered for financial aid at a progressive private high school?

Typo: HHI is around $200k

[Anonymous]

We are both overeducated public servants. HHI is $300K and we are paying for two kids, $70K/year. We have managed to save enough in 529 to hopefully pay less during the college years. Crossing fingers.

[Anonymous]

I just wanted to comment that I appreciate the willingness to share financials. It's very enlightening! We were in private for K-3 paying 8-16K at <100K household income, similar COL to DMV, no wealth, no family help and we found it really tough. We went to public school, improved our income to 130K and paid off debt, but the idea of going back to private rather than saving for college / retirement would put us right back into the "fix the car or pay for dental care" days. It would be great if we could double or triple our income or inherit a few mil - until then it's public for us. Great to see how other people do it and I salute the poster who is helping their friend as well as all the high achievers.

[Anonymous]

500k joint income which includes bonus
1 child at $50k private school tuition and other 2 kids go public school. This one tuition cost is still stressful for us and we do fine.

[Anonymous]

Anonymous wrote:We are both overeducated public servants. HHI is $300K and we are paying for two kids, $70K/year. We have managed to save enough in 529 to hopefully pay less during the college years. Crossing fingers.

How is this possible? Is your house paid off or something?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are both overeducated public servants. HHI is $300K and we are paying for two kids, $70K/year. We have managed to save enough in 529 to hopefully pay less during the college years. Crossing fingers.

How is this possible? Is your house paid off or something?

Was wondering the same thing. That tuition is like half of your take home especially if you have health insurance premiums and contribute to your 401ks.

[Anonymous]

Anonymous wrote:$550 K, net worth about $2 million, don’t need to save much for retirement as we will be receiving inheritance from my parents and DH’s parents totaling in excess of $20 million.

Why aren’t the grandparents paying now?

[Anonymous]

I know lots of people in private who make under $200k. Grandparents pay tuition.

[Anonymous]

330K, one kid at a 50K private. Our house has been paid off for a long time - we brought when homes in this area were much cheaper, and I then inherited around 50K from my grandmother (from the sale of her house), which I used to pay the rest off.

[Anonymous]

Anonymous wrote:I know lots of people in private who make under $200k. Grandparents pay tuition.

People on DCUM always say this, but I don’t know one person who openly admits that grandparents pay tuition.