| Nope, he'd be nouveau riche or a parvenu. 2 million a year is not "upper middle class" even in DC. |
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Wow. You are completely out of touch. Please tell me where your children go to school. |
I don't think the lawyer above has asked for or received any FA for his/her DC. 2nd above poster has poor reading comprehension and/or a knee jerk intellect( or lack thereof) What some people on this forum don't seem to GET is that Private schools do not give FA to be nice or even for purposes of social equity. Private schools give FA to maintain two things that they need: non-profit tax status AND a rigorous academic environment.There simply are not enough rich and really smart kids. Put whatever kind of social spin on it they want and try to get families to contribute to the FA fund to preserve their endowment all they can, it is in the end a business decision to give FA . I challenge the above poster: find a poor AND dumb kid in your DC's class, and double check that neither parent is an alum or a high profile family ( fame or money)or have a parent who teaches at or works at the school in some capacity. What you are decrying: the poor dumb kids on a full FA grant, ruining your DC's pristine school will not be found among your DC's class. |
Well, not at my DC's Big 3 school. DC has been there for a long time and I know most of her cohort very well by now. Yes, there are some kids of average intellect, but for the most part they are the children of Board members. Every child has to offer something of interest to the school. Perhaps you have never taken the time to get to know the family you are making assumptions about ? Perhaps that AA family that you assume is getting FA is headed by a parent who went to the school as a child and on to Juliard from there. Maybe some other kid who ticks you off has a famous father and you just don't know it because you tend to make friends only through your social set. It is also possible that you are at one of the far less selective schools. From the way you whine about donating to the FA fund, like a classless boar, all of the above may be the case. |
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| Does the IRS regularly review non-profit books or does the IRS just randomly audit? |
| Can a school pretend to be diverse by just showing that it has minority teachers and students ( non-power positions) or does the IRS look to see racial diversity on the Board of Trustees as well ?( decision makers) |
fancy way of saying you are buying a more expensive peer group A peer group where the kids get dunk on shampagne instead of beer Either way, reminded me of the way the people used to justify segragation in the south |
annual income: 1.8 Million annual Debt: mortgage: 150,000 tuition( 3 kids in pre-k, 1st and 3rd grade: 110,000/yearly student loans debt( self and wife): 600,000 total ( ? yearly) long term care for parents( both husband and wife's):: 200,000/yearly taxes: ?? 200,000 / year malpractice insurance: 300,000/year 2 car payments: 50,000/year savings for kids college: 75,000/year Not exactly rich, huh.Get the picture ? |
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Upper Class:
Net Worth: 550 million: Real Estate: 120 million ( one private island and 6 homes on 5 continents Dividend wealth: 22 million yearly Profession: None Occupation: sits on 20 Boards Fully funds 6 trusts last genration who worked: 4 generations ago |
| Why give out any FA if the Big 3 schools can fill their Pre-K and K class with qualified applicants (99+ % WPPSI, Full Pay)? |
| You're all nuts, especially the lady/gentleman above who doesn't want her kids mixing with lower classes. I can't believe people like they exist anymore in the age group young enough to have school aged kids. |
| I'm not arguing that the old money person isn't upper class. And if you want to make a distinction between old money and new money, then fine, make it and call 2 million a year lawyer (whom I believe you just changed into a doctor making 1.8 million, but whatever) nouveau riche. But to call a person who is spending 110K (more than the HHI for over 85% of the US) a year on tuition alone "middle" anything is ludicrous. DC or not. Top 1% of earners has a lower boundary around 400K a year, so your example person is only in the "middle" of the top 1%. Even by the extremely broad definition Gilbert gives to upper middle class your person doesn't fit. For all the complaints about FA recipient entitlement, there sure seems to be a lot of class entitlement from posters in the upper strata of earners that is equally offensive. |
Yes, rich. The fact that someone chooses to spend huge amounts of their money on luxuries, like $30,000 preschool, and an insane mortgage, and cars that must cost a fortune (most people's cars cost less than $25,000, how can you spend $25,000 per car on just a payment? What on earth do you drive) doesn't make them not rich. After all those expenses above you have like $600,000 a year. Many middle class families live on a quarter that, without housing, and cars, and college savings, and school already covered. |