Reply to What kind of income do you need to put 3+ kids in top privates from k-12?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people who do this likely make $1 million and up.  But there are exceptions. We make $425k and have grandparents that pay for 3 kids.  If we were paying ourselves we would need to make $200k more than our current income so $625k.  We could easily pay for 3 within an income of $625k. The issue being that most people don't want to pay this large a percentage of their income on school, even if that income it's quite large.  
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The thing is that a lot of people who have grandparents help with tuition also have gotten other help from parents (help with down payment, no student loans) so in truth they would have to have more than just enough extra income to cover tuition if their parents had few resources. of the people I know with 3+ kids in private with $40K+ tuition, most have some family help with tuition. Those that don't make closer to $1 million (these are people I know from work so I have a good sense of their incomes) and they did not start private until after elementary. My family makes $650K and I would not feel comfortable paying three Big Three tuitions - even though I currently save enough to cover that tuition each year in non-retirement savings. But I want to have a big base of savings in case of a layoff -- something I wouldn't worry about so much if we had family to fall back on.[/quote]

In some cases, yes.  In our case, no.  We have the $425K income and this (3 tuitions) is the first money we have ever accepted from our parents.  Not that it's not significant but they have not helped us in other ways.  We both had merit scholarships to college (back in the day when that was easier).  
So we would definitely just need to make $625K to maintain our exact lifestyle (which is really quite a good one) and send 3 kids to a Big3 school.

However, most people with incomes of $500K and up bank on (literally) saving a large chunk of that income.  Case in post a previous poster who makes $650K and SAVES (outside of retirement) enough for 3 tuitions each year but does not feel like he can (or wish to) spend it on private school. 
So the whole "can you afford the tuition" is all relative.  To many high earners, "affording" it doesn't mean they can't "afford it".  It means, they might have to decrease their savings which they do not want to do (fair enough). 
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