Reply to Can two fed govt job family afford to send two kids to elite private school?

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[quote=Anonymous][quote=Anonymous]We live outside DC, but I would love some help trying to figure out if we can afford (or if it is wise to pay)[b] $60K/year to send our two kids to an elite private school. DH and I both work, and our combined income is 300K[/b] (with limited increases in the future --I'm a fed; he's a prof). Our 15-year mortgage (in a school district with poor public schools) is $3K and the other expenses are fairly normal (old cars so no car payments, no cable TV, but we have cell phones and "typical" family expenses, such as dance lessons, the occasional meal out, grocery, utilites, etc.). We have around 100K in savings, and about 150K in retirement/401K accounts, and we are in our late 30s. (No family money or inherited money in the picture).
 
It seems like we can technically afford the $60k per year (total to send 2 kids to elite private school), and have a bit left over for trips/music lessons/etc.
 
I would love to hear from some parents who have been down this road. What is the financial reality of living with this budget?
 
NOTE: Our alternatives are to (1) send kids to fairly strong Catholic schools or (2) attempt to sell our house (probably at a loss) and move to a TINY house/duplex in a super affluent area with excellent public schools. Both kids are seemingly bright/average/not genius-types and don't have any special needs that we know of. The kids are only 2 and 4, but we are planning now and I don't have the sense of the financial reality of actually committing to this path on our income.

Your gross is $300k and have $100k in savings. $60k/year is a lot of money but you certainly CAN afford it if you choose to. In fact, I'd guess that your financial profile would be pretty typical at many of the better private schools around the Washington area.

Some folks, especially those in other parts of the country, will be shocked to know that, despite your upper class income, you don't have two Mercedes Benz cars in the driveway and vacations on The Continent every year. Don't worry about it and enjoy the choices you have.

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