Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is your income after a 401k contribution, and if so how much?

And how much emergency fund do you have?

And are any of your kids in paid child care or private school?[/quote]

OP again - yes, income is after 401k contributions (we each contribute 5%, and get a 5% match), and DW is a fed who will qualify for a pension.
We are done with paid child care, kids are in public school,[b] and will attend in-state public college[/b].[/quote]

do they know this? [/quote]
They can tell their children that they will pay for the equivalent of in-state public college.  Kids can then make the decision if they would like to pay for / take loans out for any remaining tuition as a result of making a different choice.  I have a similar agreement with my children.  [/quote]

I bet you haven’t had to cross that bridge yet. It’s not that easy. It’s not that simple.[/quote]

I don't understand this comment. I have two children who are in college right now, and one who is a junior in hs in the college search process. We told them all when they started looking at colleges - we will contribute $35k per year toward your college education (which is a little more than what our state flagship costs)...if you want to go to a college that costs more than that, scholarships and/or loans. Then they selected colleges to apply to based on that criteria. One ended up at UMD, and one is at a midwestern private college (loyola in Chicago) on a merit scholarship that brought the cost down to $37k per year. It was very simple -- what am I missing? [/quote]

We have a different philosophy. Student loans are a huge drag and one of the main reasons this generation cannot buy a house, so we saved enough to launch our kids debt free. It's my responsibility as a parent to pay for education. All my Asian mom friends also pay for the children's med or dental school, too. [/quote]

Not everyone can afford to save and not everyone values saving.  However, they shouldn't allow these high student loans and if you choose to take them, stop complaining as you made that choice.[/quote]

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